Document:

EX-4.2

 Exhibit 4.2 

VTEX 
 (the Company)

  
  

STOCK OPTION PLAN 
  

WARNING 
 THE TAKING OR SENDING BY
ANY PERSON OF AN ORIGINAL OF THIS DOCUMENT INTO THE CAYMAN ISLANDS MAY GIVE RISE TO THE IMPOSITION OF CAYMAN ISLANDS STAMP DUTY 

	1.	 INTRODUCTION 

  

	1.1	 The purpose of this stock option plan (the Plan) is to advance the growth and development of the
Company by affording an opportunity to certain executives, directors or employees of the Group Member or to certain contractors or service providers of the Group Member (Eligible Persons) to purchase Shares and to provide incentives
for them to put forth maximum efforts for the success of the Company’s business. 

  

	1.2	 The Company hereby adopts the Plan for the benefit of Eligible Persons in accordance with the following terms
and conditions. 

  

	1.3	 All capitalised terms have the respective definitions given to such terms in paragraph 14 hereof.

  

	2.	 SHARES SUBJECT TO THE INCENTIVE PLAN 

 

	2.1	 If any Option granted under this Plan is terminated or expires for any reason whatsoever, in whole or in part,
the Shares (or remaining Shares) subject to that particular Option shall again be available for grant under this Plan. 

  

	2.2	 If any Share issued pursuant to this Plan (including pursuant to any Option) is repurchased, redeemed or
surrendered that Share shall be available for issue under this Plan. 

  

	3.	 ADMINISTRATION OF THE INCENTIVE PLAN 

 

	3.1	 This Plan shall be administered by the Directors who may, from time to time, issue orders or adopt resolutions,
not inconsistent with the provisions of the Plan, to interpret the provisions and supervise the administration of the Plan. All determinations shall be by resolution of the Directors in accordance with the Articles. 

 

	3.2	 Notwithstanding the above, the Directors shall not make any decision, without the prior consent of the
Optionee, in respect of the rights and obligations already awarded to the Optionee in relation to the vested Options pursuant to paragraph 8 below. 

  

	3.3	 All decisions made by the Directors in selecting Optionees, establishing the number of Shares and terms
applicable to each Option, and in construing the provisions of this Plan shall be final, conclusive and binding on all persons, including the Company, shareholders, Optionees, and purchasers of Shares pursuant to this Plan. 

 

	3.4	 No Director shall be liable for any action or determination made in good faith with respect to the Plan or an
Option granted hereunder. 

  

	4.	 SELECTION OF PERSONS TO RECEIVE OPTIONS 

 

	4.1	 All Eligible Persons shall be eligible to be considered to receive Options pursuant to this Plan. In
determining which Eligible Persons shall be offered Options, as well as the terms thereof, the Directors shall evaluate, among other things: 

  

	 	(a)	 the duties and responsibilities of Eligible Persons; 

	 	(b)	 their past and prospective contributions to the success of a Group Member; 

 

	 	(c)	 the extent to which they are performing and will continue to perform services for the benefit of a Group
Member; and/or 

  

	 	(d)	 such other factors as the Directors deem relevant. 

 

	5.	 OPTION AGREEMENT 

 

	5.1	 Subject to the provisions of this Plan, each Option granted to an Optionee shall be set forth in an Option
Agreement upon such terms and conditions as the Directors determine, including a vesting schedule. Each such Option Agreement shall incorporate the provisions of this Plan by reference. The date of the grant of an Option is the date specified in the
Option Agreement. Any Option Agreement shall clearly identify such Options. 

  

	5.2	 Each Option shall be subject to the condition that prior to the issue of any Share thereunder the proposed
holder of such Share shall first (i) adhere to the Shareholders’ Agreement, or other agreement as the Directors may determine; and, as applicable, (ii) grant the Initial Minority Shareholders’ Power of Attorney.

  

	6.	 OPTION PRICES 

 

	6.1	 The exercise price for an Option (and any Option premium, if not nil) and the price of Shares shall be such as
the Directors may, at their sole discretion, determine. The exercise price for an Option granted to a U.S. taxpayer shall be no less than 100% of the fair market value of a Share as of the date the Option is granted. 

 

	7.	 EXERCISE OF OPTION 

 

	7.1	 Except as otherwise provided herein, the Directors, in their sole discretion, may limit an Option by
restricting its exercise in whole or in part to specified vesting periods or until specified conditions have occurred. The vesting periods and any restrictions will be set forth in the Option Agreement. 

 

	7.2	 An Option shall be exercisable only during the term of the Option as long as the original Optionee is in
“Continuous Employment” with the Group Member, subject to the provisions of Section 7.2.1, below. 

 7.2.1.
Any vested Option held by the Optionee or by its Affiliates will remain exercisable for a period of 30 days from the date of termination of the Optionee’s Continuous Employment with the Group Member, subject to the terms and conditions of this
Plan and the Option Agreement, except as provided for in Section 7.2.1.1. 
 7.2.1.1. In the event the Optionee is dismissed by the
Group Member with cause (or equivalent term as defined by the relevant labor or employment laws governing the relationship between the Company and the relevant Optionee), any vested and not exercised Option held by the Optionee or by its Affiliates
will immediately lapse and no longer be exercisable by the Optionee. 

	7.3	 The periods set forth in this paragraph 7 may be modified by the Directors on a case-by-case basis as set forth in the relevant Option Agreement. 

  

	7.4	 Subject to the provisions of any particular Option, including any provisions relating to vesting of an Option,
an Optionee may exercise an Option, in whole or in part, by written notice to the Company stating in such written notice the number of Shares such Optionee elects to purchase under the Option. Upon receipt of such written notice, the Company shall
provide the Optionee with that information required by the applicable securities laws, and the Shares shall be issued to the Optionee within at least 30 days after the receipt of such written notice, unless otherwise mutually agreed between the
Company and the Optionee. 

  

	7.5	 If, after receipt of such information and prior to the issue of the Shares, the Optionee desires to withdraw
such notice of exercise, the Optionee may withdraw such notice of exercise by notifying the Company, in writing. In no event may an Option be exercised after the expiration of its term (nor in respect of Shares prior to their respective vesting date
under the relevant Option). An Optionee is under no obligation to exercise an Option or any part thereof. 

  

	7.6	 The exercise of any Option shall be contingent upon receipt by the Company of cash or certified bank check to
its order in an amount equal to the full option price of the Shares being purchased. 

  

	7.7	 Provided the Optionee has delivered proper notice of exercise and full payment of the option price, the
Directors shall undertake and follow all necessary procedures to make prompt delivery of the number of Shares which the Optionee elects to purchase at the time specified in such notice. Such delivery, however, may be postponed at the sole discretion
of the Directors to enable the Company or relevant Group Member to comply with any applicable procedures, regulations or listing requirements of any governmental agency, stock exchange or regulatory authority. 

 

	7.8	 As a condition to the issuance of Shares, the Company and/or Group Member may require such additional payments
from the Optionee as may be required to allow the Company to withhold any income taxes which the Company deems necessary to insure the Company that it can comply with any applicable tax withholding requirements. 

 

	8.	 TRANSFERABILITY OF OPTIONS 

 

	8.1	 Except for a Permitted Transfer or as otherwise provided in the respective Option Agreement, an Option granted
to an Optionee may be exercised only during such original Optionee’s lifetime by such Optionee only and are non-transferable. 

 

	8.2	 In the event of the death of an Optionee: 

 

	 	(a)	 all outstanding non-vested Options shall terminate immediately;

	 	(b)	 those entitled to administer the estate of the deceased Optionee according to the laws of the jurisdiction
where the deceased Optionee died domiciled (Personal Representative) shall have the right to exercise the vested Options on behalf of the estate within 30 days from the grant of representation for the estate of the deceased Optionee as
described in (i) below, provided that prior to the issue of any Share thereunder the Personal Representative shall first: 

  

	 	(i)	 produce either a grant of representation of the estate of the deceased Optionee from the Grand Court of the
Cayman Islands or a grant of representation of the estate of the deceased Optionee from the Court in the jurisdiction where he or she died domiciled, resealed by the Grand Court of the Cayman Islands in the event that the deceased Optionee was not
domiciled in the Cayman Islands; 

  

	 	(ii)	 procure that the estate adheres to the Shareholders’ Agreement, or other agreement as the Directors may
determine; and 

  

	 	(iii)	 grant the Initial Minority Shareholders’ Power of Attorney, as applicable pursuant to the
Shareholders’ Agreement. 

  

	8.3	 If, following the issue of the Shares to the Personal Representative in accordance with clause 8.2 above, the
Personal Representative intends to distribute the Shares to a beneficiary of the estate in accordance with devolution of the estate of the deceased Optionee (Beneficiary), then the provisions of the Shareholders Agreement with respect
to the transfer of Shares shall apply, and the Beneficiary shall: 

  

	 	(a)	 (i) adhere to the Shareholders’ Agreement, or other agreement as the Directors may determine; and

  

	 	(b)	 (ii) grant the Initial Minority Shareholders’ Power of Attorney, as applicable pursuant to the
Shareholders’ Agreement. 

  

	8.4	 If the Personal Representative does not: 

 

	 	(a)	 obtain a grant of probate for the estate of the deceased Optionee within 12 months from the death of that
Optionee; 

  

	 	(b)	 exercise the vested Options within the 30-day period referred to in
clause 8.2 above; or 

  

	 	(c)	 does not execute the Shareholders’ Agreement and/or, as applicable pursuant to the Shareholders’
Agreement, grant the Initial Minority Shareholders’ Power of Attorney within such term, 

 the Options will lapse and
the Personal Representative will not be entitled to become a shareholder of the Company. 
  

	8.5	 An Option may not be sold, exchanged, assigned, pledged, encumbered, hypothecated or otherwise transferred,
except in the event of a Permitted Transfer. 

  

	8.6	 No Option or any right thereunder shall be subject to execution, attachment or similar process by any creditors
of the Optionee. Upon any attempted assignment, transfer (other than a Permitted Transfer), pledge, hypothecation or other encumbrance of any Option contrary to the provisions hereof, such Option and all rights thereunder shall immediately terminate
and shall be null and void with respect to the transferee or assignee. 

	9.	 COMPLIANCE WITH THE SECURITIES LAWS 

 

	9.1	 If at any time the Directors determine, in their sole discretion, that the listing, registration or
qualification of the Shares subject to the Option upon any securities exchange or under any applicable securities laws, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection
with, the issuance or purchase of Shares thereunder, then the Option may not be exercised in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained (and the same shall have been
free of any conditions not acceptable to the Directors). 

  

	9.2	 The Shares acquired by an Optionee pursuant to the exercise of an Option may only be transferred in accordance
with the Articles of the Company, the terms of this Plan, and the terms of the Shareholders’ Agreement or any agreement that Optionee may be a party to with the Company. 

 

	9.3	 In order to enforce the restrictions imposed upon Shares, the Company shall make appropriate notation in its
records or, if applicable, shall issue an appropriate transfer instruction to the Company’s registrar. In addition, the Company may cause a legend or legends to be placed on any certificates representing Shares issued pursuant to this Plan,
which legend or legends shall make appropriate reference to this Plan, the Articles, the Shareholders’ Agreement, the relevant Option Agreement or such matters as the Directors may determine. 

 

	10.	 CHANGES IN CAPITAL STRUCTURE OF COMPANY 

 

	10.1	 In the event of a change in capital structure of the Company, the number of Shares covered by the Options and
the price per Share shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from the splitting or consolidation of Shares, or the payment of a share dividend, or effected in any other manner without
receipt of additional or further consideration by the Company as the Directors may deem appropriate. The Company shall give notice of any adjustment to Optionee. 

 

	11.	 REORGANIZATION, DISSOLUTION OR LIQUIDATION 

 

	11.1	 In the event of the dissolution or liquidation of the Company, or any merger or combination in which the
Company is not a surviving corporation, or the Company transfers substantially all of its assets or property to another corporation, or in the event of a reorganization of the Company (the Event), all outstanding non-vested Options at the time of the approval of such Event shall thereupon terminate immediately. If the Options have been vested at the time of approval by the shareholder of the Event, the Optionee shall have
the right to exercise the vested Options within 30 days from such approval. 

  

	12.	 AMENDMENT AND TERMINATION 

 

	12.1	 The Directors may, in their sole discretion, amend or terminate this Plan at any time provided, however, that
any such amendment or termination shall not materially and adversely affect the rights, in the sole and absolute discretion and assessment of the Directors, of Optionees who were granted Options prior thereto, except for: 

 

	 	(a)	 Non-vested Options at the time of termination of this Plan shall
thereupon terminate immediately; and 

	 	(b)	 All Options which have vested on or prior to the termination date shall remain vested and exercisable within a 90-day period from the termination date. 

  

	13.	 CONFIDENTIALITY 

 

	13.1	 Each Optionee agrees to treat and maintain the provisions of this Plan as confidential and shall not, except as
contemplated by this Plan or as otherwise required by any applicable law, order or regulation to which the Optionee and/or the Company is subject or with the prior written consent of the Directors, either before or after the termination of this
Plan, disclose any such information to any person (other than a Director, any officer, legal counsel, auditor or accountant of the Company or the Optionee’s own legal or financial advisers) not authorised by the Company to receive the same.

  

	14.	 DEFINITIONS AND INTERPRETATION 

 

	14.1	 Definitions: In this Plan, unless the context otherwise requires, the following words shall have the
following meanings: 

  

			
	Articles	  	means the articles of association of the Company as adopted on June 25, 2018, as amended and restated from time to time.
		
	 Company
	  	means VTEX with its registered office at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands.
		
	 Continuous Employment
	  	means, as applicable, either service as:
		
		  	(i) an employee and the absence of any interruption or termination of employment (or termination of a consulting contract) by; or
		
		  	(ii) a director, consultant and other service provider in the absence of any interruption or termination to the provision of such services to,
		
		  	any Group Member which now exists or hereafter is organized or acquired by the Company or becomes a Group Member. For the avoidance of doubt, transition from status as an employee to status as another service provider or from that
of another service provider to employee (or among different types of other service provider) shall not constitute a break in service as long as the service is otherwise continuous.
		
	Controlling Shareholders	  	shall be Mariano Gomide de Faria, Geraldo do Carmo Thomaz Junior, Imbetiba Fund Inc. and/or their Permitted Transferees.
		
	Directors	  	means the directors of the Company from time to time.
		
	Group Member	  	means the Company and its direct or indirect subsidiaries and affiliates or any successor thereof.

			
	Initial Minority Shareholders’ Power of Attorney	  	means the instrument entered into by and between all of the Initial Minority Shareholders (as defined in the Shareholders’ Agreement) and the Controlling Shareholders, whereby each Initial Minority Shareholder grants the
Controlling Shareholders full rights and powers necessary to enable Controlling Shareholders to vote any and all Shares held by such Initial Minority Shareholder at the general shareholders’ meetings of the Company.
		
	Option	  	means any unexercised and unexpired Option issued under this Plan, or any portion thereof remaining unexercised and unexpired to purchase Shares pursuant to this Plan.
		
	Option Agreement	  	means a written agreement by and between the Company and an Optionee setting forth the terms and conditions of one or more Options granted by the Company to such Optionee.
		
	Optionee	  	means any Eligible Person who is granted an Option as provided in this Plan.
		
	Permitted Transfer	  	means the assignment of an Option or of any right thereunder by the Optionee to any company wholly-owned by the Optionee and/or one or more of the Optionee’s “family members” (as defined in Rule 701 of the U.S.
Securities Act of 1933) (Affiliate), provided that (a) the relevant Affiliate agrees in advance in writing to all the terms of the respective Option Agreement executed by the Optionee and assumes all the obligations of the
assigning Optionee, (b) the assigning Optionee remains jointly and severally liable and (c) the Options are transferred back to the transferring Optionee prior to the Affiliate ceasing to be an Affiliate of such Optionee.
		
	Plan	  	means this document, as amended, supplemented or reinstated from time to time.
		
	Shareholders’ Agreement	  	means the Amended and Restated Shareholders’ Agreement of the Company executed on November 08, 2019, by and among the Company and the shareholders of the Company, as may be amended or restated from time to time.
		
	Shares	  	means the ordinary shares of the Company of a par value of US$0.01 each with the rights provided for such ordinary shares in the Articles.
		
	VTEX Brazil	  	means Companhia Brasileira de Tecnologia para e-Commerce, a Company’s subsidiary incorporated under the laws of Brazil whose registered office is in the City of São Paulo, State of
São Paulo, at

			
		  	Avenida Brigadeiro Faria Lima, n° 4440, 10th Floor, Itaim Bibi, CEP 04538-132, enrolled with the CNPJ/ MF under No.05.314.972001- 74.
		
	VTEX Brazil Stock Option Plan	  	means the Stock Option Plan of VTEX Brazil (“Plano de Opção de Compra de Ações de Emissão da Companhia Brasileira de Tecnologia para
e-Commerce”), as amended and restated by resolution of the Shareholders’ Meeting of VTEX Brazil held on August 07, 2017, entirely replaced by this Plan pursuant to the resolution of the
Board of Directors’ Meeting of VTEX Brazil held on October 18, 2019.
		
	VTEX Brazil Option Agreement	  	means each option agreement executed by VTEX Brazil and an Optionee with respect to its respective options granted pursuant to VTEX Brazil Stock Option Plan, entirely replaced by the Option Agreement.

  

	14.2	 Interpretation: In this Plan: 

 

	 	(a)	 the singular includes the plural and vice versa and the male gender includes the feminine and neuter genders;

  

	 	(b)	 clause headings are for convenience only and shall not affect the interpretation of this Plan;

  

	 	(c)	 references to persons shall include individuals, bodies corporate, unincorporated associations and partnerships
and their respective successors and assigns; 

  

	 	(d)	 references to this Plan shall include any variation or replacement hereof; and 

 

	 	(e)	 references to any statute, ordinance, code or other law includes regulations and other instruments under it and
consolidations, amendments, re-enactments or replacement of any of them. 

  

	15.	 MISCELLANEOUS 

 

	15.1	 Notices: All notices and elections by an Optionee shall be in writing and delivered in person or by mail
to the Company at the principal office of the Company. 

  

	15.2	 Employment: Nothing in the Plan or in any Option granted hereunder shall confer upon any Eligible Person
(a) the right to continue in the employ of the Company; or (b) the right to any Option unless and until awarded in accordance with the terms hereof. 

 

	15.3	 Choice of Law and Jurisdiction: This Plan shall be construed in accordance with, and governed by, the
laws of the Cayman Islands, and any dispute arising out of this Plan shall be submitted to the exclusive jurisdiction of the courts of the Cayman Islands. 

  

	15.4	 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the
Company, any right, remedy, power or privilege hereunder or under the other Option Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

	15.5	 Entire Agreement. This Plan together with the respective Option Agreement supersede any and all other
prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter hereof, including VTEX Brazil Stock Option Plan and VTEX Brazil Option Agreement, and constitute the sole and only agreements
between the parties with respect to the said subject matter. 

 AMENDED AND RESTATED SUB-PLAN FOR US RESIDENTS

 This Amended and Restated Sub-Plan for US Residents (the “US Sub-Plan”) to the VTEX Stock Option Plan (the “Plan”) will apply only to Options granted under the Plan to persons who are residents of the United States (the “US”).
Capitalized terms contained herein will have the same meanings given to them in the Plan, unless otherwise provided in this US Sub-Plan. Notwithstanding any provisions contained in the Plan to the contrary,
and including to the extent required by Section 25102(o) of the California Corporations Code and the regulations promulgated thereunder with respect to residents of the State of California, the following terms will apply to all Options granted
to residents of the US until such time as the Directors amend or terminate this US Sub-Plan or the Directors otherwise provide. This US Sub-Plan shall be deemed a part
of the Plan and may be amended or terminated by the Directors in accordance with Section 12 of the Plan. 
 1. Types of Options.
Options granted under this US Sub-Plan may include Nonstatutory Options as well as ISOs intended to qualify under Section 422 of the Code. The Option Agreement shall specify whether the Option is an ISO
or a Nonstatutory Option. 
 2. Eligibility. All Eligible Persons who are residents of the US shall be eligible to be considered to
receive Options under this US Sub-Plan. However, only Employees are eligible to receive ISOs under this US Sub-Plan, if so employed on the date of grant of such ISO.
Eligibility for the grant of an Option and actual participation in the Plan and this US Sub-Plan shall be determined by the Directors in their sole discretion. 

3. Shares Subject to the Plan. As of June , 2021, the aggregate maximum number of Shares reserved for issuance (whether upon exercise
of Options, or otherwise granted, under the Plan (including this US Sub-Plan)) is                     , all
of which may be issued upon the exercise of ISOs and as such number may be adjusted in accordance with the Plan. 
 4. Ten-Percent Shareholders. A person who owns more than 10% of the total combined voting power of all classes of outstanding shares of the Company, its Parent or any of its Subsidiaries shall not be eligible for
the grant of an ISO unless (i) the exercise price is at least 110% of the Fair Market Value of a Share on the date of grant and (ii) such ISO by its terms is not exercisable after the expiration of five years from the date of grant. For
purposes of this Section 4, in determining stock ownership, the attribution rules of Section 424(d) of the Code shall be applied. 

5. Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the date of grant) of
Shares with respect to which ISOs are exercisable for the first time by an Employee during any calendar year under the Plan and/or any other share option plan of the Company, any Subsidiary or any Parent, exceeds $100,000, such ISOs shall be treated
as Nonstatutory Options. For purposes of this Section 5, ISOs will be taken 

 
into account in the order in which they were granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted, and calculations
will be performed in accordance with Section 422 of the Code and the treasury regulations promulgated thereunder. In addition, if an Employee does not remain employed by the Company, any Subsidiary or any Parent at all times from the time an
ISO is granted until three months prior to the date of exercise thereof (or such other period as required by Section 422 of the Code), such ISO shall be treated as a Nonstatutory Option. Should any provision of this US Sub-Plan not be necessary in order for Options to qualify as ISOs, or should any additional provisions be required, the Directors may amend this US Sub-Plan accordingly,
without the necessity of obtaining the approval of the Company’s shareholders, unless required by applicable law. 
 6. Exercise
Price. Each Option Agreement shall specify the exercise price applicable to the Option, which exercise price shall be determined by the Directors. The exercise price of an Option granted under this US
Sub-Plan shall not be less than 100% of the Fair Market Value of a Share on the date the Option is granted, and in the case of an ISO a higher percentage may be required by Section 4. The preceding
sentence shall not apply to an ISO granted pursuant to an assumption of, or substitution for, another incentive stock option in a manner that complies with Section 424(a) of the Code. 

7. Option Term. The Option Agreement shall specify the term of the Option. The term of an Option shall not exceed ten (10) years
from the date of grant, and in the case of an ISO a shorter term may be required by Section 4. Subject to the foregoing, the Directors may determine the term of an Option. 

8. Exercisability of Options. Section 7.2.1 of the Plan is hereby amended as follows: Except as provided in Section 7.2.1.1
and subject to any longer period permitted under Section 8.2, any vested Option held by the Optionee or by its Affiliates when the Optionee’s Continuous Employment terminates will remain exercisable for a period of (a) 6 months from the
date of termination of the Optionee’s Continuous Employment with the Group Member if the termination was caused by the Optionee’s death or Disability or (b) 30 days from the date of the termination of the Optionee’s Continuous
Employment with the Group Member if the termination was not the result of the Optionee’s death or Disability, but in no event later than the expiration date of the Option. These periods may be increased, but not decreased, by the Directors on a
case-by-case basis pursuant to Section 7.3. For this purpose, “Disability” shall mean that the Optionee is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than 12 months. 

9. Transferability of Options. Notwithstanding anything to the contrary in Section 8 of the Plan, an ISO may be exercised during
the lifetime of the Optionee only by the Optionee or the Optionee’s guardian or legal representative. Subject to any further restrictions in the Plan or an Option Agreement, an Option shall be nontransferable by the Optionee other than by will
or the laws of descent and distribution. Notwithstanding the foregoing, the Directors, in their discretion and to the extent consistent with the Plan, may permit the transfer of a Nonstatutory Option as permitted by Rule 701 of the U.S. Securities
Act of 1933, as amended. 

 Notwithstanding anything to the contrary in Section 8.2 of the Plan, a deceased Optionee’s
personal representative shall have the right to exercise the vested Options of such Optionee pursuant to Section 8.2(b) of the Plan for a period of no less than 6 months from the date of such Optionee’s death. 

10. Withholding Taxes. As a condition to the exercise of an Option, the Optionee shall make such arrangements as the Company may
require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise. The Optionee shall also make such arrangements as the Company may require for the satisfaction of any
federal, state, local or foreign withholding tax obligations that may arise in connection with the disposition of Shares acquired by exercising an Option. 

11. Changes in Capital Structure of Company. Subject to any further adjustments as provided in Section 10.1 of the Plan, the
number of Shares subject to an Option and the exercise price per share thereof shall be proportionately adjusted in the event of a share split, reverse share split, share dividend, recapitalization, combination, reclassification or other
distribution of the Company’s equity securities without the receipt of consideration by the Company, of or on the Company’s class or series of securities underlying the Option. 

12. Shareholder Approval; Amendments. 

(a) Shareholders of the Company must approve the Plan by the later of (i) within 12 months before or after the Plan is adopted by the
Directors and (ii) prior to or within 12 months of the grant of an Option under the Plan to a resident of the State of California. 

(b) This US Sub-Plan shall become effective on the date of its adoption by the Directors. No ISOs may
be issued under this US Sub-Plan unless this US Sub-Plan is approved by the Company’s shareholders within 12 months of its adoption by the Directors. If any Options
are issued as ISOs prior to approval of the Company’s shareholders and the Company’s shareholders fail to approve this US Sub-Plan and such terms as are required under Section 422 of the Code
within 12 months of its adoption by the Directors, then any ISOs granted under this US Sub-Plan shall be deemed to be Nonstatutory Options and no additional ISOs shall be granted under this US Sub-Plan. Any amendment of this US Sub-Plan shall be subject to the approval of the Company’s shareholders if it (i) increases the number of Shares available for
issuance upon the exercise of ISOs under Section 2.1 of the Plan and Section 3 of this US Sub-Plan or (ii) materially changes the class of persons who are eligible for the grant of ISOs. 

13. Term. No Option may be granted to a resident of the US more than ten years after the earlier of the date of adoption of the Plan
and the date the Plan is approved by the Company’s shareholders. 
 14. Definitions. 

(a) “Code” means the United States Internal Revenue Code of 1986, as amended. 

(b) “Employee” means any individual who is a common-law employee of the Company or a
Parent or Subsidiary. 

 (c) “Fair Market Value” means the fair market value of a Share, as
determined by the Directors in good faith and in accordance with applicable law. Such determination shall be conclusive and binding on all persons. 

(d) “ISO” means an Option that qualifies as an incentive stock option as described in Section 422(b) of the Code.
Notwithstanding its designation as an ISO, an Option that does not qualify as an ISO under applicable law shall be treated for all purposes as a Nonstatutory Option. 

(e) “Nonstatutory Option” means an option that does not qualify as an incentive stock option as described in Sections 422(b)
or 423(b) of the Code. 
 (f) “Parent” means any entity (other than the Company) in an unbroken chain of entities ending
with the Company, if each of the entities other than the Company owns shares possessing 50% or more of the total combined voting power of all shares in one of the other entities in such chain. An entity that attains the status of a Parent on a date
after the adoption of this US Sub-Plan shall be considered a Parent commencing as of such date. 

(g) “Subsidiary” means any entity (other than the Company) in an unbroken chain of entities beginning with the Company, if
each of the entities other than the last entity in the unbroken chain owns shares possessing 50% or more of the total combined voting power of all shares in one of the other entities in such chain. An entity that attains the status of a Subsidiary
on a date after the adoption of this US Sub-Plan shall be considered a Subsidiary commencing as of such date. 

15. Section 409A. Although the Company does not guarantee to an Optionee any particular tax treatment of Options, Options will be
designed and operated in such a manner that is intended to be exempt from the application, or in compliance with the requirements, of Section 409A of the Code. Each Option granted under the Plan, this US
Sub-Plan and the applicable Option Agreement is intended to comply with (or be exempt from) the requirements of Section 409A of the Code and any ambiguities or ambiguous terms herein will be construed and
interpreted in accordance with such intent. Notwithstanding anything to the contrary in the Plan, this US Sub-Plan or any Option Agreement, in no event whatsoever shall the Company be liable for any additional
tax, interest or penalties that may be imposed on the Optionee by Section 409A of the Code or for any damages for failing to comply with Section 409A of the Code. 

 This Agreement is effective as of [date] 

VTEX an exempted company incorporated in the Cayman Islands with its registered office at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands (the Company). 

and 
 [Name] [enrolled with the Brazilian Taxpayer
Registry (“CPF/MF”) n. [number] / [bearer of the passport n. [number] (the Optionee). 
 WHEREAS 

 

	(A)	 The primary purpose of the Plan (as defined below) is to advance the growth and development of the Company by
affording an opportunity to Eligible Persons to purchase Shares and the Directors have established and adopted the Plan. 

  

	(B)	 The Optionee, being an Eligible Person, qualifies for consideration to participate in and to be granted options
to purchase the Shares (as defined therein) pursuant to the Plan. 

  

	(C)	 Pursuant to the Plan, the Company wishes to grant to the Optionee certain options in respect of Shares, on the
terms set out in this Agreement and subject to the rules of the Plan, and the Optionee wishes to accept such options. 

  

	(D)	 This Agreement is intended to constitute part of the Plan for the purposes of the Articles and all the terms of
the Plan are incorporated herein by reference. 

 NOW IT IS HEREBY AGREED AS FOLLOWS 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1.	 Definitions 

In this Agreement, a term defined in the Plan has, unless otherwise defined herein, the same meaning in this Agreement and the following words
shall have the following meanings: 
  

			
	Agreement	  	this agreement, as amended, supplemented or reinstated from time to time.
		
	Exercise Notice	  	means a notice addressed to the Company in the form contained in Schedule 2 hereof.
		
	Exercise Price	  	means the price to be paid for each Share by the Optionee when exercising any Option as specified in clause 3.2 of this Agreement.
		
	Option	  	means an option (vested or unvested) granted to the Optionee to, pursuant to the terms and conditions of this Agreement, purchase the Shares at the Exercise Price on a Vesting Date.
		
	Party	  	each of the Company and the Optionee as defined in this Agreement and each of their permitted successors and assigns.

			
		
	Plan	  	means the stock option plan dated December 09, 2019 governing the provision of Options or rights of an Eligible Person to hold an interest in the Shares, as the same may be amended, supplemented or reinstated from time to
time.
		
	Schedule	  	any schedule to this Agreement, as agreed between the Parties from time to time.
		
	Term	  	has the meaning assigned to that term in clause 10.
		
	Vesting Date	  	means the vesting date of each Option (and pursuant to which such Option becomes exercisable in accordance with the terms of the Plan and this Agreement) as set forth in respect of each Option in Schedule 1 of this
Agreement.

  

	1.2.	 Interpretation 

In this Agreement: 
  

	 	(a)	 the singular includes the plural and vice versa and the male gender includes the feminine and neuter genders;

  

	 	(b)	 clause headings are for convenience only and shall not affect the interpretation of this Agreement;

  

	 	(c)	 references to Schedules are to Schedules of this Agreement; 

 

	 	(d)	 references to persons shall include individuals, bodies corporate, unincorporated associations and partnerships
and their respective successors and assigns; 

  

	 	(e)	 references to this Agreement shall include any variation or replacement hereof; 

 

	 	(f)	 capitalised terms not otherwise defined in this Agreement shall have the meanings assigned to such terms in the
Plan; and 

  

	 	(g)	 references to any statute, ordinance, code or other law includes regulations and other instruments under it and
consolidations, amendments, re-enactments or replacement of any of them. 

  

	2.	 STOCK OPTION PLAN 

 

	2.1.	 This Agreement constitutes part of the Plan for the purposes of the Articles and the Parties hereby agree that
all the terms of the Plan are deemed to be incorporated herein. The Optionee hereby confirms that it has received a copy of the Plan. Additional copies of the Plan are available for inspection by the Optionee upon request. 

 

	2.2.	 The Plan is administered by the Directors of the Company whose construction and interpretation of the terms and
provisions thereof and hereof shall be final and conclusive on all Parties. The Directors, in their sole discretion, shall have the authority to interpret and correct the provisions of this Agreement and any Options granted hereunder.

	3.	 GRANT OF OPTION AND EXERCISE PRICE 

 

	3.1.	 Subject to the conditions on exercise specified in clause 8 hereof and to the terms and conditions set forth in
the Plan and elsewhere in this Agreement, the Company hereby grants to the Optionee the Options, which are the right and option to subscribe for and purchase, at the Exercise Price, during the period commencing on the relevant Vesting Date up to and
including the last day of the Term, up to the aggregate of the number of Shares as set forth in Schedule 1 opposite each such relevant Vesting Date. 

  

	3.2.	 Subject to the terms of the Plan and this Agreement, each Option shall give the holder thereof the right to
acquire the Shares at the exercise price per share set out in Schedule 1 (the Exercise Price). 

  

	3.3.	 For the avoidance of doubt, the Optionee acknowledges and agrees that, by executing this Agreement and
receiving the Option, any right, title or interest that the Optionee may have had in VTEX Brazil or the VTEX Brazil Stock Option Plan (as those terms are defined in the Plan) are extinguished and terminated in full, VTEX Brazil shall be released
from any liability or obligation which may have arisen under the VTEX Brazil Stock Option Plan, and the Optionee shall have no further rights or claim against either the Company or VTEX Brazil under or in relation to the VTEX Brazil Stock Option
Plan. 

  

	4.	 EXERCISE OF OPTIONS 

The Options may be exercised in accordance with this Agreement. Prior to the lapse or cancellation of an Option in accordance with this
Agreement and / or the Plan and subject to clause 6 below, the Optionee may exercise any Option or Options, only during the period commencing on the Vesting Date of each such Option set forth in Schedule 1 hereof up to and including the last day of
the Term. In no event may any unexercised Option be exercised prior to the respective Vesting Date for such Option or after the expiration of the Term. 
  

	5.	 METHOD OF EXERCISE 

 

	5.1.	 The Optionee may exercise an Option, in whole or in part, by submitting an Exercise Notice to the Company on or
after each Vesting Date and otherwise in accordance with paragraph 8 of the Plan and satisfying the further conditions specified in clause 8 hereof. The Optionee is under no obligation to exercise any Option or Options. 

 

	5.2.	 In the event of a partial exercise of the Option, the Optionee will retain the right to exercise the remaining
of the Option in accordance with the Plan and this Agreement, during the Term. 

  

	6.	 LAPSE / CANCELLATION OF OPTIONS 

 

	6.1.	 Subject to paragraph 8.3 of the Plan, an Option shall be exercisable by the Optionee or by its Affiliates only
on or after the relevant Vesting Date of such Option and during the Term, as long as the original Optionee is in “Continuous Employment” with the Group Member, subject to the provisions of Section 6.3, below. 

 

	6.2.	 There shall be no further exercise of any vested but unexercised Option after the expiry of the Term and any
unvested or vested but unexercised Option shall lapse and shall be cancelled on the day following the expiry of the Term. 

	6.3.	 Any vested Option held by the Optionee or by its Affiliates will remain exercisable for a period of 30 days
from the date of termination of the Optionee’s Continuous Employment with the Group Member, subject to the terms and conditions of this Agreement, except as provided for in Section 6.3.1. 

 

	6.3.1.	 In the event the Optionee is dismissed by the Group Member with cause (or equivalent term as defined by the
relevant labor or employment laws governing the relationship between the Company and the relevant Optionee), any vested and not exercised Option held by the Optionee or by its Affiliates will immediately lapse and no longer be exercisable by the
Optionee. 

  

	7.	 TRANSFER OF CONTROL 

 

	7.1.	 In the event of a Transfer of Control of the Company (as defined in the Shareholder’s Agreement), (i) any
Options vested but not exercised may be exercised within 15 days from notification by the Company to the Optionee of the Transfer of Control (the Transfer of Control Notification), subject to clause 8 of this Agreement (New
Exercise Period) (ii) the Vesting Date of unvested Options will be automatically accelerated to the date of the Transfer of Control Notification, and the number of unvested Options which shall be accelerated will be calculated based on
the percentage of the amount of Shares to be transferred by the selling Shareholder in relation to the total amount of Shares owned by such selling Shareholder. The portion of unvested Options which Vesting Date is accelerated pursuant to item
(ii) will incorporate the vested Options, for the purposes of this Section 7. 

  

	7.2.	 During the New Exercise Period, as per Section 7.1. above, the Optionee may serve the Exercise Notice as
established in this Agreement, informing the number of Shares that he/she/it wishes to transfer, provided that in this case (a) the payment of the Exercise Price will be due on the date of the Transfer of Control; and (b) the portion of
the vested Options that have not been timely exercised and the unvested Options shall lapse; 

  

	7.3.	 The Directors have the right to accelerate the awarding or exercisability of an Option when the Company is
initiating an initial public offering (IPO) and/or a new round of financing of the Company or a Transfer of Control occurs. The Shares issued pursuant to the Transfer of Control Notification shall be subject to the Tag-Along in Case of Transfer Control provision in Section 8.7 of the Shareholder’s Agreement. 

  

	7.4.	 If the Transfer of Control is not consummated within the timeframe informed in the Transfer of Control
Notification all acts performed under this Clause 7, as well as the resulting effects, shall be deemed to have no effect (including, but not limiting, any acceleration of the Vesting Date or of the exercise period). 

 

	7.5.	 Notwithstanding the provisions contained in this Clause, the selling shareholder(s) in such proposed Transfer
of Control transaction shall not be liable before the Optionee or any other person if the Transfer of Control is not, for any reason, consummated. 

	8.	 CONDITIONS ON EXERCISE OF OPTIONS AND DELIVERY OF SHARES 

 

	8.1.	 The Company will not be obliged to deliver any Shares pursuant to this Agreement, or to remove any restrictions
from Shares previously delivered under this Agreement, until: 

  

	 	(a)	 the Optionee has, contemporaneously with the delivery of an Exercise Notice, executed and delivered to the
Company a deed of adherence to the Shareholders’ Agreement in the form attached at Schedule 3 to this Agreement and, as applicable, the Initial Minority Shareholders’ Power of Attorney in the form attached as a schedule to the Shareholders
Agreement or in such form as the Directors may reasonably require; 

  

	 	(b)	 the Optionee has submitted an Exercise Notice to the Company in respect of the vested Options being exercised
in the form contained in Schedule 2 hereof; 

  

	 	(c)	 receipt by the Company of cash or certified bank cheque to its order in settlement of the aggregate Exercise
Price of any Options being exercised; 

  

	 	(d)	 all conditions of any Option have been met or waived or removed to the satisfaction of the Company;

  

	 	(e)	 in the opinion of the Company’s counsel, all other legal matters in connection with the issuance and
delivery of such Shares have been satisfied, including any applicable securities and other laws and any applicable stock exchange or stock market rules and regulations; and 

 

	 	(f)	 the Optionee has executed and delivered to the Company such representations, information, documents and / or
agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules, or regulations. 

  

	8.2.	 As a condition to the issuance of Shares, the Company may require such additional payments from the Optionee as
may be required to allow the Company to withhold any income taxes which the Company deems necessary to ensure that the Company can comply with any applicable tax withholding requirements. 

 

	8.3.	 If applicable under the memorandum and articles of association of the Company, a share certificate shall be
issued and delivered to the Optionee or such other person, at such address as the Optionee may specify, after such Shares have been registered in the Optionee’s name. 

 

	9.	 CONFIDENTIALITY 

The Optionee agrees to treat and maintain the provisions of this Agreement as confidential and shall not, except as contemplated by this
Agreement or as otherwise required by any applicable law, order or regulation to which the Optionee and/or the Company is subject or with the prior written consent of the Company, either before or after the termination of this Agreement, disclose
any such information to any person (other than a Director, any officer, legal counsel, auditor or accountant of the Company or the Optionee’s own legal or financial advisers) not authorised by the Company to receive the same. 

	10.	 TERM AND TERMINATION 

This Agreement shall be effective and binding as from the date hereof and shall remain in force and binding for 7 (seven) years counted from
the date hereof (Term), subject to earlier termination, lapse, cancellation or acceleration as provided in this Agreement. 
  

	11.	 GENERAL 

  

	11.1.	 Inconsistency: the Company’s Plan constitutes part of this Agreement and all the terms of the Plan
are deemed to be incorporated herein. Where any terms of this Agreement are inconsistent with the Plan, the Parties hereby agree that the Plan shall prevail. 

  

	11.2.	 Amendments and Waivers: no provisions of this Agreement may be waived, amended or modified in any manner
except by a written agreement properly authorised and executed by both Parties hereto provided however that the Directors may waive, amend or modify (a) any or all of the provisions of the Plan in their absolute discretion and (b) this
Agreement in a manner that is beneficial to the Optionee without the consent of the Optionee. 

  

	11.3.	 Choice of Law/Submission to Jurisdiction: this Agreement shall be construed in accordance with,
and governed by, the laws of the Cayman Islands and any dispute arising out of this Agreement shall be submitted to the exclusive jurisdiction of the courts of the Cayman Islands. 

 

	11.4.	 Entire Agreement: this Agreement, together with the Plan, constitutes the entire agreement between the
Parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written. 

  

	11.5.	 Counterparts: this Agreement, including any Schedule hereto, may be executed in one or more counterparts
(including facsimile versions) each of which shall be deemed an original agreement, but all of which together constitute one and the same instrument. 

  

	11.6.	 Severability: if a provision of this Agreement is or becomes illegal, invalid or unenforceable in any
jurisdiction, that shall not affect: 

  

	 	(a)	 the validity or enforceability in that jurisdiction of any other provision of this Agreement; or

  

	 	(b)	 the validity or enforceability in other jurisdictions of that or any other provision of this Agreement.

  

	11.7.	 Assignment: this Agreement shall be binding upon and shall inure to the benefit of the Parties and each
of their permitted respective successors and (subject as hereinafter provided) assigns and references in this Agreement to any of them shall be construed accordingly. Subject to the terms herein: 

 

	 	(a)	 the Optionee may not assign or transfer all or any part of its rights and/or obligations under this Agreement,
except for any Permitted Transfer pursuant to the terms and conditions of this Agreement and the Plan; and 

  

	 	(b)	 the Company may, without the consent of the Optionee, assign or transfer all or any part of its rights or
obligations under this Agreement to any assignee or transferee. 

 IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be executed the day and year
first above written. 
  

	
	VTEX
	
	Signed
	
	  

	Name
	
	Director / Authorised signatory
	
	OPTIONEE
	
	[NAME]
	
	Signed
	
	  

 SCHEDULE 1 

Options 
 Options granted to [name]
(the Optionee) under the Stock Option Plan dated December 09, 2019 pursuant to the Option Agreement dated [date] (the Agreement) 

Capitalized terms have the meanings assigned to each term in the Agreement. The Optionee has been granted options to purchase Shares as follows: 

 

			
	Aggregate number of Shares subject of these Options:	  	[number] shares in the Company (Shares)
		
	Exercise Price per Share:	  	US$[    ]

 Subject to the terms of the Agreement, the following numbers of Options will vest and become exercisable on the following
Vesting Dates: 
  

				                                   
            				                                   
            	
	 Vesting Date
	  	Number of Options vesting 
/
capable of being exercised from
the Vesting Date	 	  	Exercise Price per Share:	 
	 [●]
	  	 	[●	] 	  	US$	[●	] 
	 [●]
	  	 	[●	] 	  	US$	[●	] 
	 [●]
	  	 	[●	] 	  	US$	[●	] 
	 [●]
	  	 	[●	] 	  	US$	[●	] 
		  	  
	  
	 	  	  
	  
	 
	 Total:
	  	 	[●	] 	  			
		  	  
	  
	 	  	  
	  
	 

 SCHEDULE 2 

Exercise Notice 
 VTEX (the
Company) 
 [Date] 
 I, [name], refer
to an option agreement dated [date] entered into between myself and the Company (the Agreement). Capitalized terms have the meanings assigned to such terms in the Agreement. 

Pursuant to the terms of that Agreement, I hereby: 
  

	1.	 elect to exercise my Options in respect of [number] Shares in the Company at the Exercise Price of US$ [amount]
per Share and hereby submit payment of US$[amount] for the Exercise Price of the Options in respect of the following Vesting Date(s): [Insert relevant Vesting Date(s)]; 

 

	2.	 request that the Shares to be issued upon such exercise be delivered to the address below marked for the
attention of [name] on, [insert date being 30 days or more after the date of the notice]; 

	3.	 confirm that I am acquiring such Shares for investment purposes only; 

 

	4.	 understand the Shares are subject to various transfer and other restrictions as more particularly described in
the Shareholders’ Agreement and hereby acknowledge that the Directors may decline any future transfer of the Shares; 

  

	5.	 attach hereto an executed copy of a deed of adherence to the terms of the Shareholders’ Agreement; [Note:
item 5 applicable only to those Optionees who have not adhered to the SHA and are not shareholders of the Company yet] 

  

	6.	 acknowledge, and by signing below agree, to the restrictions imposed on the Shares and the rights and
obligations under the Agreement, the Plan, the Shareholders’ Agreement and the Articles of the Company and otherwise; 

  

	7.	 acknowledge that I have received and had access to such information as I consider necessary or appropriate for
deciding whether to invest in the Shares and that I had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the Shares; and 

 

	8.	 I am aware that my investment in the Company is a speculative investment that has limited liquidity and is
subject to the risk of complete loss. I am able, without impairing my financial condition, to hold the Shares for an indefinite period and to suffer a complete loss of my investment in the Shares. 

 

			
	Name:	 	
		
	Signature:	 	
		
	Address:	 	

 SCHEDULE 3 

Adoption Agreement 
 This adoption
agreement (“Adoption Agreement”) relating to VTEX, an exempted company with limited liability incorporated and existing in accordance with the laws of the Cayman Islands, with its registered office at 4th Floor,
Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands, herein represented by its director (the “Company”) is made and entered into on [DATE], by
and among (i) [    ] (the New Shareholder) and the Company, for itself and on behalf of and as attorney for each of the Shareholders. 

WHEREAS, the Company and the Shareholders have entered into an Amended and Restated Shareholders Agreement relating to the Company, dated
November 08, 2019 (as amended or restated from time to time, the “Shareholders Agreement”); 
 WHEREAS,
in accordance with the terms of an option agreement entered into between the New Shareholder and the Company dated [                    ]
(“Option Agreement”), the Company granted to the New Shareholder the right and option to participate in the Company’s stock option plan, including granting certain options to purchase ordinary shares in the Company
(“Shares”), subject to certain conditions and vesting requirements, and otherwise on the terms and conditions stated therein; 

WHEREAS, the New Shareholder has, or otherwise now wishes to exercise its rights under the Option Agreement and be issued Shares. 

WHEREAS, it is a condition precedent to the issuance of any Shares to the New Shareholder in accordance with clause 8.1 (a) of the
Option Agreement that the New Shareholder enters into this Adoption Agreement and thereby covenants and agrees to accede to and become party to the Shareholders’ Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and certain other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.1.	 Acknowledgment. The New Shareholder confirms that it has been supplied with a copy of the Shareholders
Agreement and the New Shareholder acknowledges that the New Shareholder is acquiring the Shares, for one of the following reasons (check the appropriate box): 

 

	 	•	 	 as an Affiliate transferee of Shares from a Shareholder, Permitted Transferee of an Investor, or as a transferee
by operation of law (i.e, as a result of death or succession of a Shareholder, as the case may be) in such party’s capacity as a “Controlling Shareholder” or “Minority Shareholder” bound by the Shareholders Agreement; or

  

	 	•	 	 as a transferee of Shares from a Controlling Shareholder or a Minority Shareholder, in accordance with Sections
8.3, 8.4, 8.5 or 8.6 of the 

	 	•	 	 Shareholders Agreement, as applicable, in such party’s capacity as a “Controlling Shareholder” or
“Minority Shareholder” bound by the Shareholders Agreement, and after such transfer, New Shareholder shall be considered a “Minority Shareholder”, as applicable, and a “Shareholder” for all purposes of the Shareholders
Agreement; or 

  

	 	•	 	 as a new party in accordance with Section 8.11.2 of the Shareholders Agreement, in which case New
Shareholder will be an “Additional Minority Shareholder” and a “Shareholder” for all purposes of the Shareholders Agreement. 

  

	 	1.2.	 Agreement. New Shareholder (a) acknowledges that it has received a copy of, and understands the
terms of the Shareholders Agreement, (b) agrees that the Shares acquired by New Shareholder shall be bound by and subject to the terms of the Shareholders Agreement, including Section 15 of the Shareholders Agreement, and (c) hereby
adopts the Shareholders Agreement, and covenants to the Company and the Shareholders to adhere to and be bound by all the duties, burdens and obligations under the Shareholder Agreement, with the same force and effect as if New Shareholder were
originally a Party thereto. 

  

	 	1.3.	 Initial Minority Shareholder’s Power of Attorney. If New Shareholder is an “Initial Minority
Shareholder”, New Shareholder further agrees to appoint and grant a power of attorney, in the form set forth as Exhibit B in the Shareholders Agreement, to the Controlling Shareholders as a condition to the effectiveness of this Adoption
Agreement. Such Initial Minority Shareholder confirms, for the benefit of each Controlling Shareholder that the Initial Minority Shareholders’ Power of Attorney herein contained secures a performance obligation and is coupled with an interest
and shall be (and shall be deemed to be) irrevocable until such time as the Shareholders Agreement terminates pursuant to its terms or is amended to remove such Power of Attorney in accordance with the provisions of the Shareholders Agreement.

  

	 	1.4.	 Definitions. Words and expressions used in this agreement shall, unless the context expressly requires
otherwise, have the meaning given to them in the Shareholders Agreement. 

  

	 	1.5.	 Notice. Any notice required or permitted by the Shareholders Agreement shall be given to New Shareholder
at the address listed beside New Shareholder’s signature below. 

  

	 	1.6.	 Counterparts. This Adoption Agreement may be executed by electronic signature and in two (2) or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument. Counterparts may be delivered by facsimile, electronic mail (including pdf or any electronic signature
complying with applicable law, e.g., www.docusign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

			
	Signed as a deed by
	[OPTIONEE /COVENANTOR NAME]
	In the presence of:

  

	
	  

	New Shareholder

  

			
	Witness signature	 	  

		
	Witness name	 	  

  

			
	Signed as a deed by
	VTEX acting by:
	
	  

	Authorised signatory
	
	Signed as a deed by
	VTEX
	as attorney for and on behalf of each of the [    ](as defined in the Shareholder’s Agreement) pursuant to an irrevocable power of attorney contained within the shareholder’s agreement dated
[date] acting by:
	
	  

	Authorised signatoryDocument

Exhibit 4.2
EXECUTION VERSION

TRIUMPH BANCORP, INC.

THIRD SUPPLEMENTAL INDENTURE
dated as of August 26, 2021

to the Indenture
dated as of September 30, 2016

3.500% Fixed-to-Floating Rate Subordinated Notes due 2031

Wells Fargo Bank, National Association, as Trustee
THIRD SUPPLEMENTAL INDENTURE
THIS THIRD SUPPLEMENTAL INDENTURE (“Third Supplemental Indenture”), dated as of August 26, 2021 is between Triumph Bancorp, Inc., a Texas corporation (the “Company”), and Wells Fargo Bank, National Association, a national banking association organized under the laws of the United States (“Wells Fargo Bank”), not in its individual capacity but solely as trustee (“Trustee”).
RECITALS
WHEREAS, the Company and the Trustee have executed and delivered an Indenture, dated as of September 30, 2016 (the “Base Indenture” and as supplemented by this Third Supplemental Indenture and further supplemented from time to time, 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 Seventy Million Dollars ($70,000,000) aggregate principal amount of a new series of Securities of the Company designated as its 3.500% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”) have been authorized by resolutions adopted by the Board of Directors of the Company, the Finance Committee of the Board of Directors of the Company, and the Chief Executive Officer and Chief Financial Officer of the Company;
WHEREAS, the Company desires to issue and sell Seventy Million Dollars ($70,000,000) aggregate principal amount of the Notes as of the date hereof;
WHEREAS, 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 Second Supplemental Indenture; and
WHEREAS, the Company has requested that the Trustee execute and deliver this Second 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 I
SCOPE OF THIRD SUPPLEMENTAL INDENTURE
Section I.01Scope.  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 this 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 II
DEFINITIONS
Section II.01Definitions and Other Provisions of General Application.  For all purposes of this Second 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;
(b)the provisions of general application stated in Sections 102 through 115 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;
(c)Section 101 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:
“Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.
“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark; provided that if (a) the Company cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Company, as of the Benchmark Replacement Date:
(1)the sum of (a) Compounded SOFR and (b) the Benchmark Replacement Adjustment;
(2)the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;
(3)the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or
(4)the sum of: (a) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current 
    - 2 -

Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.
“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Company 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; or
(3)the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement 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 use of the Benchmark Replacement exists, in such other manner as the Company 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 purposes of 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, (i) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or 
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(iii) 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.
“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in the City of New York or any place of payment are authorized or obligated by law, regulation or executive order to close.
“Calculation Agent” means the Company or the agent appointed by the Company, in its sole discretion, prior to the commencement of the Floating Rate Period (which may include the Company or any of its Affiliates) to act in accordance with the Indenture, and which appointment may be restricted to just determining Three-Month Term SOFR prior to a Benchmark Transition Event or be restricted to just determining a particular Benchmark Replacement after a Benchmark Transition Event.
“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company 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 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 giving due consideration to any industry-accepted market practice for U.S. dollar-denominated floating rate notes at such time.
For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment and the spread of 286 basis points per annum.
“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.
“Exchange Securities” has the meaning provided in the Registration Rights Agreement. 
“Federal Reserve” has the meaning provided in the definition of “Tier 2 Capital Event.”
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“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 Interest Period” has the meaning provided in Section 3.02(e)(ii).
“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).
“Interest Payment Date” has the meaning provided in Section 3.02(e)(ii).
“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.
“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.
“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 August 26. 2021.
“Maturity Date” has the meaning provided in Section 3.02(d).
“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 Company 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 after giving effect to the Benchmark Replacement Conforming Changes.
“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of the Issue Date among the Company and the other parties party thereto. 
“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.
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“SOFR” means the daily Secured Overnight Financing Rate provided 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.
“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 change) in, the laws or any regulations of the United States or any political subdivision or taxing authority, or (b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which change or amendment becomes effective or which pronouncement or decision is announced on or after the date of the issuance of the Notes, there is more than an insubstantial risk that the interest payable on the Notes is not, or within 90 days of receipt of such opinion of tax counsel, will not be, deductible by the Company, in whole or in part, for U.S. federal income tax purposes.
“TBK Bank” shall mean TBK Bank, SSB, a Texas state savings bank.
“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 Interest Period, as determined by the Company after giving effect to the Three-Month Term SOFR Conventions.
“Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company 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).
“Tier 2 Capital Event” shall mean the 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 (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any rules, guidelines or policies of an applicable regulatory authority for the Company or (b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Notes, the Notes do not constitute, or within 90 days of the date of such opinion will not constitute, Tier 2 capital (or its equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) (or any successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the Company that would preclude the Notes from being included as Tier 2 capital.
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
(d)Section 101 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:
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“Senior Debt” means 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 for money borrowed, whether any such indebtedness exists as of the date of the Indenture or is created, incurred, assumed or guaranteed after such date: (i) any debt (a) for money borrowed by the Company, or (b) evidenced by a bond, note, debenture, or similar instrument (including purchase money obligations) given in connection with the acquisition of any business, property or assets, whether by purchase, merger, consolidation or otherwise, but shall not include any account payable or other obligation created or assumed in the ordinary course of business in connection with the obtaining of materials or services, or (c) which is a direct or indirect obligation which arises as a result of banker’s acceptances or bank letters of credit issued to secure obligations of the Company, or to secure the payment of revenue bonds issued for the benefit of the Company whether contingent or otherwise; (ii) the obligation of the Company as lessee under any lease of property which is reflected on the Company’s balance sheet as a capitalized lease; (iii) obligations to general and trade creditors; (iv) an obligation arising from direct credit substitutes; (v) any obligation associated with derivative products such as interest and foreign exchange rate contracts, commodity contracts and similar arrangements; (vi) all obligations of the type referred to in the foregoing of other Persons 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 accounting principles generally accepted in the United States; and (vii) any deferral, amendment, renewal, extension, supplement or refunding of any liability of the kind described in any of the foregoing.  Senior Debt excludes: (w) 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; (x) 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; (y) any indebtedness to a subsidiary of the Company; and (z) the Notes.  Notwithstanding the foregoing, and for the avoidance of doubt, if the Federal Reserve (or other competent regulatory agency or authority) 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 will have the meaning as described in that rule or interpretation.
Article III
FORM AND TERMS OF THE NOTES
Section III.01Form and Dating.
(a)The Notes shall be substantially in the form of Exhibit A or Exhibit B attached hereto. The Notes shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, Chief Financial Officer, its President, one of its Executive Vice Presidents, one of its Senior Vice Presidents, one of its Vice Presidents or its Treasurer, attested by its Secretary or one of its Assistant Secretaries. 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 (other than, with respect to (x) any Additional Notes, changes contemplated by Section 3.02(b) and (y) any Exchange Securities, changes related to legends, transfer restrictions, CUSIP/ISIN numbers and other changes customary for notes registered pursuant to the Securities Act) 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.
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(c)The parties to this Third Supplemental Indenture acknowledge and agree that Notes issued hereunder may settle via the Deposit or Withdrawal at Custodian system at DTC. In order to process such settlements the Trustee or Security Registrar will require each of the Holders to deliver to it certain information required by DTC’s applicable procedures including the beneficial owner’s depositary participant name and number, the applicable CUSIP number and the principal amount that such Holder holds and the parties further acknowledge that same day settlement is subject to timing cutoffs determined by DTC. The Trustee shall have no liability for the failure of a Holder to submit or timely submit such information to the Trustee or Security Registrar.
Section III.02Terms 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 “Triumph Bancorp, Inc. 3.500% Fixed-to-Floating Rate Subordinated Notes due 2031”.
(b)Principal Amount.  The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture, as amended hereby, shall be Seventy Million Dollars ($70,000,000) 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 (the “Additional Notes”) ranking equally with the Notes (including any Exchange Securities) and with identical terms in all respects (or in all respects except for the offering price, the payment of interest accruing prior to the issue date of such Additional Notes or except for the first payment of interest following the issue date of such Additional Notes) in order that such Additional Notes may be consolidated and form a single series with the Notes (including any Exchange Securities) and have the same terms as to status, redemption or otherwise as the Notes (including any Exchange Securities); 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.
(c)Person to Whom Interest is Payable.  Interest payable on each Note, and punctually paid or duly provided for, on any Interest Payment Date (as defined herein) will be paid to the Person in whose name such Note is registered at the close of business on the 15th day of the month immediately preceding the applicable Interest Payment Date, whether or not such day is a Business Day. Any such interest which is payable, but is 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 such Note is registered at the close of business on a special record date for the payment of 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 307 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 amount of the Notes shall be payable on September 1, 2031 (the “Maturity Date”).
(e)Interest.
(i)The Notes will bear interest at a fixed rate of 3.500% per annum from, and including, the Issue Date to, but excluding, September 1, 2026 (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 March 1 and September 1 of each year, (each such 
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date a “Fixed Rate Interest Payment Date”) with the first such Fixed Rate Interest Payment Date being March 1, 2022 and the last such Fixed Rate Interest Payment Date being September 1, 2026 or earlier Redemption Date. The interest payable on each Note during the Fixed Rate Period will be paid to the Person in whose name such Note is registered at the close of business on the fifteenth day of the month immediately preceding the applicable Fixed Rate Interest Payment Date (each such date, a “Fixed Rate Regular Record Date”), whether or not such day is a Business Day.
(ii)The Notes will bear a floating per annum interest rate from, and including, September 1, 2026 to, but excluding, the Maturity Date or any earlier Redemption Date that occurs subsequent to September 1, 2026 (the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest rate for any Floating Interest Period will be equal to the then-current Benchmark plus 286 basis points. During the Floating Rate Period, interest on the Notes will be payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year (each such date, a “Floating Rate Interest Payment Date”, and together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”), with the first such Floating Rate Interest Payment Date being December 1, 2026 and the last such Floating Rate Interest Payment Date being the Maturity Date or any earlier Redemption Date that occurs subsequent to September 1, 2026; and the term “Floating Interest Period” when used in reference to a point in time occurring during the Floating Rate Period, shall mean the period commencing on the applicable Floating Rate Interest Payment Date (or, in the case of the initial Floating Interest Period, commencing on September 1, 2026) to, but excluding, the next succeeding Floating Rate Interest Payment Date (and, in the case of the last such Floating Interest Period, from, and including, the Floating Rate Interest Payment Date immediately preceding the Maturity Date or the Redemption Date to, but excluding, such Maturity Date or earlier Redemption Date).  The initial Floating Interest Period applicable to the Notes is from, and including, September 1, 2026 to, but excluding, December 1, 2026.  The interest payable on each Note during the Floating Rate Period will be paid to the Person in whose name such Note is registered at the close of business on the fifteenth day of the month immediately preceding the applicable Floating Rate Interest Payment Date (each such date, a “Floating Rate Regular Record Date”), whether or not such day is a Business Day.  Notwithstanding the foregoing, if the Benchmark is less than zero, then the Benchmark shall be deemed to be zero.
(iii)The 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, September 1, 2026. The 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 on the basis of the actual number of days elapsed. If a Fixed Rate Interest Payment Date or the Maturity Date for the Notes falls on a day that is not a Business Day, the interest payable on such Interest Payment Date or the payment of principal and interest on the Maturity Date will be paid on the next succeeding Business Day, but the payments made on such dates will be treated as being made on the date that the payment was first due and the Holders of the Notes will not be entitled to any further interest or other payments. If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, then such Floating Rate Interest Payment Date will be postponed to the next succeeding Business Day, unless such day falls in the next succeeding calendar month, in which case such Floating Rate Interest Payment Date will be accelerated to the 
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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 Calculation Agent will calculate the Benchmark in respect of each applicable Floating Interest Period. The calculation of the Benchmark for each applicable Floating Interest Period by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent’s calculation of the amount of any interest payable during the Floating Rate Period will be maintained on file at the Calculation Agent’s principal offices.
(v)Effect of Benchmark Transition Event.
(1)If the Company determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Notes during the applicable Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates.
(2)In connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Holders or any other party.
(3)The Company is expressly authorized to make certain determinations, decisions and elections under the terms of the Indenture and the Notes, including with respect to the use of any Benchmark Replacement during the Floating Rate Period and under this Section 3.02(e)(v). Any determination, decision or election that may be made by the Company pursuant to the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection, and any Three-Month Term SOFR Conventions and Benchmark Replacement Conforming Changes, will be conclusive and binding on the Holders of the Notes, the Calculation Agent and the Trustee absent manifest error, may be made in the Company’s sole discretion, and, notwithstanding anything to the contrary herein relating to the Notes, shall become effective without consent from any other party.
(4)For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest that will be payable for each Floating Interest Period on the Notes will be an annual rate equal to the sum of the Benchmark Replacement plus 286 basis points
(vi)Any Calculation Agent appointed by the Company shall have all the rights, protections and indemnities afforded to the Trustee under the Base Indenture and hereunder. Any Calculation Agent may be removed by the Company at any time. For the avoidance of 
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doubt, if at any time there is no Calculation Agent appointed by the Company, then the Company shall be the Calculation Agent, unless and until a successor Calculation Agent is appointed by the Company. The Company may appoint any of its Affiliates to be the Calculation Agent. The role of  Calculation Agent for the purpose of determining a particular Benchmark after a Benchmark Transition Event, are separate and distinct from any other roles hereunder, including without limitation the roles of Trustee and of the Calculation Agent for determining Three-Month Term SOFR prior to a Benchmark Transition Event. As of the date of this Third Supplemental Indenture, Wells Fargo Bank will only be the  Calculation Agent for the purpose of determining a particular Benchmark after a Benchmark Transition Event, if in its sole discretion it agrees in writing to such appointment.
(vii)The Company shall notify the Trustee and any Calculation Agent in writing (i) following its determination of the occurrence of the Benchmark Transition Event or the Benchmark Replacement Date, and (ii) of any Benchmark Replacements or Benchmark Replacement Conforming Changes.
(viii)If a Benchmark Replacement Event and its related Benchmark Replacement Date have occurred and, for any reason, the Calculation Agent has not been notified of the Benchmark Replacement at least two (2) Business Days prior to the next applicable Floating Rate Interest Payment Date, then for purposes of next Floating Rate Interest Payment Date and each Floating Rate Interest Payment Date thereafter until the Company has notified the Calculation Agent of the Benchmark Replacement, the Notes will bear interest at a fixed rate equal to the interest rate set for the interest payment made on the last Floating-Rate Interest Payment Date prior to such Benchmark Replacement Event; provided that, from and after the first Floating Rate Interest Payment Date that is more than two (2) Business Days after the Company has notified the Calculation Agent of the Benchmark Replacement in accordance with Section 3.02(e)(vii), the Benchmark Replacement shall apply.
(ix)Neither the Trustee, Paying Agent nor Calculation Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of the Benchmark, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, or (iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing.
(x)Neither the Trustee, Paying Agent, nor Calculation Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Third Supplemental Indenture as a result of the unavailability of SOFR (or other applicable Benchmark) and absence of a designated replacement Benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties.
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(xi)In the event that SOFR (or other applicable Benchmark) is not available on any determination date, then unless the Calculation Agent is notified of a Replacement Benchmark in accordance with the provisions of the Indenture within two (2) Business Days, the Calculation Agent shall use the interest rate in effect for the immediately prior interest period.
(xii)If the Calculation Agent at any time or times determines in its reasonable judgment that guidance is needed to perform its duties, or if it is required to decide between alternative courses of action, the Calculation Agent may (but is not obligated to) reasonably request guidance in the form or written instructions (or, in its sole discretion, oral instruction followed by written confirmation) from the Company, on which the Calculation Agent shall be entitled to rely without liability. The Calculation Agent shall be entitled to refrain from action pending receipt of such instruction.
(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 in Dollars 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, as applicable. A Global Note with respect to the Notes shall be exchangeable for physical securities of such series only if:
(i)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 registered as a clearing agency under the Exchange Act is not appointed by the Company within 90 days of the date the Company is so notified in writing;
(ii)The Company, in its sole discretion, determines not to have any of the Notes represented by one or more registered Global Notes (as defined in Exhibit A attached hereto), and executes and delivers to the Trustee a Company Order to the effect that such Global Notes shall be so exchangeable (and the Trustee consents thereto); or
(iii)an Event of Default has occurred and is continuing and the beneficial owners representing a majority in principal amount of the Notes represented by such Global Notes advise DTC to cease acting as a depository for such Global Notes.
(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 September 1, 2026, but not prior thereto, and on any Interest Payment Date thereafter subject to obtaining the prior approval of the Federal Reserve to the extent such approval is 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 from time to time, 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. In the case of Notes represented by a Global Note, any partial redemption will be made in accordance with DTC’s applicable procedures among all of the Holders of the Notes and will be reflected in the records of the Trustee or its nominee as a decrease in the principal amount of such Global Note. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state that it is a 
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partial redemption and the portion of the principal amount thereof to be redeemed. 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. The provisions of Article Eleven of the Base Indenture (as amended herein) shall apply to any redemption of the Notes pursuant to this Section 3.02, except that Section 1104 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting the following sentence immediately before the last sentence of Section 1104:
“Notwithstanding the foregoing, any redemption may, at the option of the Company, be subject to the satisfaction of one or more conditions precedent. In addition, if such redemption or notice of redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time (including more than 60 days after the date the notice of redemption was delivered (or delivered electronically if the Notes are held by any depository)) as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice of redemption may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the Redemption Date, or by the Redemption Date as so delayed, or such notice of redemption may be rescinded at any time in the Company’s discretion if in the good faith judgment of the Company any or all of such conditions will not be satisfied or waived.”
(h)Sinking Fund.  There shall be no sinking fund for the Notes.
(i)Denomination.  The Notes and any beneficial interest in the Notes shall be in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof.
(j)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.
(k)Acceleration.  There is no right of acceleration in the case of a default in the payment of principal of or interest or Additional Amounts on the Notes or in the Company’s nonperformance of any other obligation under the Notes or the Indenture. Acceleration shall only occur in the circumstances further described under the Indenture, as amended hereby in Section 3.02(o).
(l)Stated Maturity.  The principal of the Notes shall be payable on September 1, 2031 subject to acceleration as provided under the Indenture.
(m)Forms of Notes. The Notes shall be issued as Registered Securities either as global Securities in the form of Exhibit A or as definitive Securities in the form of Exhibit B. 
(n)Additional Event of Default.  In addition to the Events of Default provided for in Section 501 of the Base Indenture, an Event of Default shall occur with respect to the Notes in the event that a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that appoints a Custodian for the Company’s principal banking subsidiary (which, for the avoidance of doubt, as of the date of this Third Supplemental Indenture, is TBK Bank).  Such Event of Default shall be treated for all purposes under the Indenture as if it were an Event of Default under Section 501(6) of the Base Indenture.
(o)Acceleration of Maturity, Rescission and Annulment.  Section 502 of the Base Indenture shall apply to the Notes, except that the first paragraph thereof shall be substituted with the following:
    - 13 -

“If an Event of Default under clause (5) or (6) of Section 501 occurs and is continuing, then the principal amount of all the Notes, together with any premium, Make-Whole Amount, accrued and unpaid interest and Additional Amounts, 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.”
(p)Ranking.  The Notes shall rank junior to and shall be subordinated to all Senior Debt of the Company, whether existing as of the date of this Third Supplemental Indenture, or hereafter issued or incurred, including all indebtedness relating to money owed to general creditors and trade creditors. By their terms, the Company’s Floating Rate Junior Subordinated Notes due 2035, Floating Rate Junior Subordinated Note due 2037, Junior Subordinated Debt Securities due July 7, 2036, Unsecured Junior Subordinated Deferrable Interest Notes due September 15, 2033, Floating Rate Junior Subordinated Deferrable Interest Debentures due September 2032 and Floating Rate Junior Subordinated Deferrable Interest Debentures due July 2034 rank junior and are subordinated to the Notes. 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 Debt 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 Debt or their representatives to the extent necessary to make payment in full in cash or payment satisfactory to the holders of Senior Debt of all unpaid Senior Debt.
(q)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.
(r)Satisfaction and Discharge.  Article Four of the Base Indenture shall apply to the Notes.
(s)Defeasance and Covenant Defeasance.  Article Fourteen of the Base Indenture shall apply to the Notes.
(t)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 IV
ADDITIONAL PROVISIONS
Section IV.01Additional Provisions.
(a)Section 106 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: “Any notices required to be given to Holders will also be given to the Trustee. For the avoidance of doubt, where this Indenture or any Note provides for notice of any event or any other communication (including any Notice of Redemption or repurchase) to a Holder of a Note (whether by mail or otherwise) such notice shall be sufficiently given if given to DTC (or its designee) pursuant DTC’s (or its designee’s) applicable procedures, including by electronic mail in accordance with accepted practices at DTC.”
    - 14 -

Article V
MISCELLANEOUS
Section V.1Trust 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 V.2Communications by Holders with Other Holders.  Holders of Notes may communicate pursuant to TIA Section 312(b) with other Holders of Notes with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Security Registrar and anyone else shall have the protection of TIA Section 312(c).
Section V.3GOVERNING LAW.  THIS THIRD SUPPLEMENTAL INDENTURE AND THE NOTES WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Section V.4Execution.  This Third Supplemental Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature.  Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.  Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument.  For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings.
Section V.5Severability.  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 V.6Ratification.  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 V.7Effectiveness.  The provisions of this Third Supplemental Indenture shall become effective as of the date hereof.
Section V.8Successors.  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.
    - 15 -

Section V.9Indenture and Notes Solely Corporate Obligations.  No recourse will be available for the payment of principal of, or interest or any additional amounts 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 V.10Trustee’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.
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, are 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.
[Remainder of page intentionally left blank.]
    - 16 -

IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as of the date first above written.
												
		
		TRIUMPH BANCORP, INC.
		
		By:	/s/ Aaron P. Graft

			Name:	Aaron P. Graft

			Title:	President and Chief Executive Officer

												
	Attest	
		
	By:	/s/ Adam D. Nelson
	
		Name:	Adam D. Nelson
	
		Title:	Executive Vice President and General Counsel
	
		
		
		
		

    [Signature Page to Second Supplemental Indenture]

												
		
		Wells Fargo Bank, National Association, 
as Trustee

		
		By:	/s/ Corey J. Dahlstrand

			Name:	Corey J. Dahlstrand

			Title:	Corporate Trust Officer

    [Signature Page to Second Supplemental Indenture]

EXHIBIT A-1
FORM OF GLOBAL NOTE
See attached.

    19

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 DEBT (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).
GLOBAL NOTE
THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’) OR UNDER ANY APPLICABLE STATE SECURITIES LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, IF REQUESTED.
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 DEFINITIVE 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.
CERTAIN ERISA CONSIDERATIONS:
THE HOLDER OF THIS SECURITY, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS OR IS DEEMED TO AGREE, REPRESENT AND WARRANT THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER 
    A-1

FEDERAL, STATE, LOCAL , NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY SUCH PLAN,  ACCOUNT OR ARRANGEMENT OR A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT OR (ii) SUCH PURCHASE AND HOLDING WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF ANY OF THE SECURITIES SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SECURITIES.

    A-2

TRIUMPH BANCORP, INC.
3.500% Fixed-to-Floating Rate Subordinated Notes due 2031

									
			
	No. [_]		CUSIP: 89679EAC6
			ISIN: US89679EAC66
	$[____]		

Triumph Bancorp, Inc., a Texas 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 [____] Dollars ($[___]) (or such other amount as set forth in the Schedule of Increases or Decreases in Global Note attached hereto) on September 1, 2031 (such date is hereinafter referred to as the “Maturity Date”), unless redeemed prior to such date. This Note will bear interest at a fixed rate of 3.500% per annum from, and including, the Issue Date, to, but excluding, September 1, 2026 (the “Fixed Rate Period”), or earlier Redemption Date. Interest accrued on this Note during the Fixed Rate Period will be payable semi-annually in arrears on March 1 and September 1 of each year (each such date, a “Fixed Rate Interest Payment Date”), with the first such Fixed Rate Interest Payment Date being March 1, 2022 and the last such Fixed Rate Interest Payment Date being September 1, 2026 or earlier Redemption Date. This Note will bear interest at a floating per annum interest rate from, and including, September 1, 2026 to, but excluding, the Maturity Date or any earlier Redemption Date that occurs subsequent to September 1, 2026 (the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest rate for any Floating Interest Period will be equal to the then-current Benchmark plus 286 basis points. During the Floating Rate Period, interest on this Note will be payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year (each such date, a “Floating Rate Interest Payment Date”, and together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”), with the first such Floating Rate Interest Payment Date being December 1, 2026 and the last such Floating Rate Interest Payment Date being the Maturity Date or any earlier Redemption Date that occurs subsequent to September 1, 2026.
The 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, September 1, 2026. The 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. If a Fixed Rate Interest Payment Date or the Maturity Date for this Note falls on a day that is not a Business Day, the interest payable on such Interest Payment Date or the payment of principal and interest on the Maturity Date will be paid on the next succeeding Business Day, but the payments made on such dates will be treated as being made on the date that the payment was first due and the Holders of this Note will not be entitled to any further interest or other payment. If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, then such Floating Rate Interest Payment Date will be postponed to the next succeeding Business Day, unless such day falls in the next succeeding calendar month, in which case 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 the Benchmark shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.  Notwithstanding the foregoing, if the Benchmark is zero, then the Benchmark shall be deemed to be zero.
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.
    A-3

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-4

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

												
		
		TRIUMPH BANCORP, INC.
		
		By:	
			Name:	
			Title:	

    A-5

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:

												
		
		WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
		By:	
			Authorized Signatory
				

    A-6

REVERSE OF NOTE

TRIUMPH BANCORP, INC.

3.500% Fixed-to-Floating Rate Subordinated Notes due 2031
This Note is one of a duly authorized issue of Securities of the Company of a series designated as the “Triumph Bancorp, Inc. 3.500% Fixed-to-Floating Rate Subordinated Notes due 2031” (herein called the “Notes”) initially issued in an aggregate principal amount of Seventy Million Dollars ($70,000,000) on the Issue Date. 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 Indenture, dated as of September 30, 2016 (the “Base Indenture”), between the Company and Wells Fargo Bank, 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 the Issue Date (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, Additional Amounts, 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 Debt, 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 qualify as Tier 2 capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction over bank holding companies) (the “Federal Reserve”), as then in effect and applicable to the Company.
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 Five of the Base Indenture and Section 3.02(k) and (o) of the Third Supplemental Indenture. Accordingly, there is no right of acceleration in the case of a default in the payment of principal of or interest or Additional Amounts on this Note or in the Company’s nonperformance of any other obligation under this Note or the Indenture.
    A-7

The Benchmark is subject to replacement by the Benchmark Replacement Rate and the calculation of interest on the Notes is subject to the Three-Month Term SOFR Conventions and the Benchmark Replacement Rate Conforming Changes in accordance with the Third Supplemental Indenture.
The Company is expressly authorized to make certain determinations, decisions and elections under the terms of the Indenture and this Note, including with respect to the use of any Benchmark Replacement during the Floating Rate Period and under Section 3.02(e)(v) of the Third Supplemental Indenture. Any determination, decision or election that may be made by the Company pursuant to the benchmark transition provisions set forth in the Indenture, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection, and any Three-Month Term SOFR Conventions and Benchmark Replacement Rate Conforming Changes will be conclusive and binding on the Holders of the Notes, the Calculation Agent and the Trustee absent manifest error, may be made in the Company’s sole discretion, and, notwithstanding anything to the contrary herein relating to the Notes, shall become effective without consent from any other party.
This Note 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 September 1, 2026, but not prior thereto, and on any Interest Payment Date thereafter subject to obtaining the prior approval of the Federal Reserve to the extent such approval is required under the rules of the Federal Reserve. This Note 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 from time to time, 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. Any partial redemption of this Note will be made in accordance with DTC’s applicable procedures among all of the Holders of this Note and will be reflected in the records of the Trustee or its nominee as a decrease in the principal amount of this Note. If this Note is to be redeemed in part only, the notice of redemption relating to this Note shall state that it is a partial redemption and the portion of the principal amount thereof to be redeemed. 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. This Note is not subject to redemption or prepayment at the option of the Holders.
There shall be no sinking fund for the Notes. 
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. 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 Security Register described in Section 305 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 Security 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 $100,000 and integral multiples of $1,000 in excess thereof.
    A-8

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 sole owner or Holder of this Note 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.
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 definitive securities, 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 definitive securities and will not be considered the owners or Holders thereof under the Indenture.
Except in the limited circumstances set forth in the Indenture, Participants and owners of beneficial interests in the Global Notes will not be entitled to receive Notes in the form of definitive securities and will not be considered Holders of Notes. None of the Company, the Trustee, the Security 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 Security 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 3.02 of the Third Supplemental Indenture, beneficial owners of Global Notes will not be entitled to receive physical delivery of Notes in the form of definitive 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 Security 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 Company may appoint one or financial institutions to act as its Paying Agents. The Company may add, replace or terminate Paying Agents from time to time. The Company may also choose to act as its own Paying Agent. The Trustee will initially act as the Company’s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at 600 S. 4th Street, 7th floor, Minneapolis, MN 55415, MAC N9300-070, Attention: 
    A-9

Corporate Trust Services—Administrator, Triumph Bancorp, Inc. The Company must notify the Holders of any changes in the Paying Agents.
Notices to the Holders of registered Notes in the form of definitive securities will be given to such Holders at their respective addresses in the Security 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.
THIS NOTE IS GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
    A-10

ASSIGNMENT FORM
To assign the within Security, fill in the form below: I or we hereby sell, assign and transfer unto:
						
		
		(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)

the within Security and all rights thereunder and hereby irrevocably appoint the Trustee as agent to transfer this Security on the books of Triumph Bancorp, Inc.. 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 (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15).

The undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.

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

CHECK ONE BOX BELOW:
☐    (1)    acquired for the undersigned’s own account, without transfer;
☐    (2)    transferred to the Company;
☐    (3)    transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
☐    (4)    transferred under an effective registration statement under the Securities Act;
☐    (5)    transferred in accordance with and in compliance with Regulation S under the Securities Act;
    A-11

☐    (6)    transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain representation’s and agreements; or
☐    (7)    transferred in accordance with another available exemption from the registration requirements of the Securities Act of 1933, as amended.

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

Signature:_______________________

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

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

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

Date:     Signature: ______________________________

    A-12

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE
The initial principal amount of this Global Note is $[___]. 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

													
													
													

    A-13

EXHIBIT B-1
FORM OF DEFINITIVE NOTE
See attached.

    14

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 DEBT (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).
THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’) OR UNDER ANY APPLICABLE STATE SECURITIES LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, IF REQUESTED.
THE HOLDER OF THIS SECURITY, BY ITS ACQUISITION HEREOF REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT. 
CERTAIN ERISA CONSIDERATIONS:
THE HOLDER OF THIS SECURITY, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS OR IS DEEMED TO AGREE, REPRESENT AND WARRANT THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL , NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY SUCH PLAN,  ACCOUNT OR ARRANGEMENT OR A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT OR (ii) SUCH PURCHASE AND HOLDING WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF ANY OF THE SECURITIES SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SECURITIES.

    B-1

TRIUMPH BANCORP, INC.
3.500% Fixed-to-Floating Rate Subordinated Notes due 2031

									
			
	No. [_]		CUSIP: 89679EAD4
			ISIN: US89679EAD40
	$[____]		

Triumph Bancorp, Inc., a Texas 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 [], or its registered assigns, the principal sum of [____] Dollars ($[___])  on September 1, 2031 (such date is hereinafter referred to as the “Maturity Date”), unless redeemed prior to such date. This Note will bear interest at a fixed rate of 3.500% per annum from, and including, the Issue Date, to, but excluding, September 1, 2026 (the “Fixed Rate Period”), or earlier Redemption Date. Interest accrued on this Note during the Fixed Rate Period will be payable semi-annually in arrears on March 1 and September 1 of each year (each such date, a “Fixed Rate Interest Payment Date”), with the first such Fixed Rate Interest Payment Date being March 1, 2022 and the last such Fixed Rate Interest Payment Date being September 1, 2026 or earlier Redemption Date. This Note will bear interest at a floating per annum interest rate from, and including, September 1, 2026 to, but excluding, the Maturity Date or any earlier Redemption Date that occurs subsequent to September 1, 2026 (the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest rate for any Floating Interest Period will be equal to the then-current Benchmark plus 286 basis points. During the Floating Rate Period, interest on this Note will be payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year (each such date, a “Floating Rate Interest Payment Date”, and together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”), with the first such Floating Rate Interest Payment Date being December 1, 2026 and the last such Floating Rate Interest Payment Date being the Maturity Date or any earlier Redemption Date that occurs subsequent to September 1, 2026.
The 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, September 1, 2026. The 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. If a Fixed Rate Interest Payment Date or the Maturity Date for this Note falls on a day that is not a Business Day, the interest payable on such Interest Payment Date or the payment of principal and interest on the Maturity Date will be paid on the next succeeding Business Day, but the payments made on such dates will be treated as being made on the date that the payment was first due and the Holders of this Note will not be entitled to any further interest or other payment. If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, then such Floating Rate Interest Payment Date will be postponed to the next succeeding Business Day, unless such day falls in the next succeeding calendar month, in which case 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 the Benchmark shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.  Notwithstanding the foregoing, if the Benchmark is zero, then the Benchmark shall be deemed to be zero.
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.
    B-2

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.]
    B-3

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

												
		
		TRIUMPH BANCORP, INC.
		
		By:	
			Name:	
			Title:	

    B-4

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:

												
		
		WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
		By:	
			Authorized Signatory
				

    B-5

REVERSE OF NOTE

TRIUMPH BANCORP, INC.

3.500% Fixed-to-Floating Rate Subordinated Notes due 2031
This Note is one of a duly authorized issue of Securities of the Company of a series designated as the “Triumph Bancorp, Inc. 3.500% Fixed-to-Floating Rate Subordinated Notes due 2031” (herein called the “Notes”) initially issued in an aggregate principal amount of Seventy Million Dollars ($70,000,000) on the Issue Date. 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 Indenture, dated as of September 30, 2016 (the “Base Indenture”), between the Company and Wells Fargo Bank, 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 the Issue Date (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, Additional Amounts, 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 Debt, 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 qualify as Tier 2 capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction over bank holding companies) (the “Federal Reserve”), as then in effect and applicable to the Company.
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 Five of the Base Indenture and Section 3.02(k) and (o) of the Third Supplemental Indenture. Accordingly, there is no right of acceleration in the case of a default in the payment of principal of or interest or Additional Amounts on this Note or in the Company’s nonperformance of any other obligation under this Note or the Indenture.
    B-6

The Benchmark is subject to replacement by the Benchmark Replacement Rate and the calculation of interest on the Notes is subject to the Three-Month Term SOFR Conventions and the Benchmark Replacement Rate Conforming Changes in accordance with the Third Supplemental Indenture.
The Company is expressly authorized to make certain determinations, decisions and elections under the terms of the Indenture and this Note, including with respect to the use of any Benchmark Replacement during the Floating Rate Period and under Section 3.02(e)(v) of the Third Supplemental Indenture. Any determination, decision or election that may be made by the Company pursuant to the benchmark transition provisions set forth in the Indenture, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection, and any Three-Month Term SOFR Conventions and Benchmark Replacement Rate Conforming Changes will be conclusive and binding on the Holders of the Notes, the Calculation Agent and the Trustee absent manifest error, may be made in the Company’s sole discretion, and, notwithstanding anything to the contrary herein relating to the Notes, shall become effective without consent from any other party.
This Note 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 September 1, 2026, but not prior thereto, and on any Interest Payment Date thereafter subject to obtaining the prior approval of the Federal Reserve to the extent such approval is required under the rules of the Federal Reserve. This Note 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 from time to time, 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. Any partial redemption of this Note will be made in accordance with DTC’s applicable procedures among all of the Holders of this Note and will be reflected in the records of the Trustee or its nominee as a decrease in the principal amount of this Note. If this Note is to be redeemed in part only, the notice of redemption relating to this Note shall state that it is a partial redemption and the portion of the principal amount thereof to be redeemed. 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. This Note is not subject to redemption or prepayment at the option of the Holders.
There shall be no sinking fund for the Notes. 
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. 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 Security Register described in Section 305 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 Security 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 $100,000 and integral multiples of $1,000 in excess thereof.
    B-7

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 sole owner or Holder of this Note 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.
The Company may appoint one or financial institutions to act as its Paying Agents. The Company may add, replace or terminate Paying Agents from time to time. The Company may also choose to act as its own Paying Agent. The Trustee will initially act as the Company’s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at 600 S. 4th Street, 7th floor, Minneapolis, MN 55415, MAC N9300-070, Attention: Corporate Trust Services—Administrator, Triumph Bancorp, Inc. The Company must notify the Holders of any changes in the Paying Agents.
Notices to the Holders of registered Notes in the form of definitive securities will be given to such Holders at their respective addresses in the Security Register. 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.
THIS NOTE IS GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
    B-8

ASSIGNMENT FORM
To assign the within Security, fill in the form below: I or we hereby sell, assign and transfer unto:
						
		
		(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)

the within Security and all rights thereunder and hereby irrevocably appoint the Trustee as agent to transfer this Security on the books of Triumph Bancorp, Inc.. 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 (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15).

The undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.

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

CHECK ONE BOX BELOW:
☐    (1)    acquired for the undersigned’s own account, without transfer;
☐    (2)    transferred to the Company;
☐    (3)    transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
☐    (4)    transferred under an effective registration statement under the Securities Act;
☐    (5)    transferred in accordance with and in compliance with Regulation S under the Securities Act;
    

☐    (6)    transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain representation’s and agreements; or
☐    (7)    transferred in accordance with another available exemption from the registration requirements of the Securities Act of 1933, as amended.

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

Signature:_______________________

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

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

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

Date:     Signature: ______________________________

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