Document:

EXHIBIT 10.1

 

ESCO TECHNOLOGIES INC.

2018 OMNIBUS INCENTIVE PLAN

 

1.     Purpose
of the Plan.

 

This ESCO Technologies Inc. 2018 Omnibus
Incentive Plan (the “Plan”) has been adopted by ESCO Technologies Inc., a Missouri corporation (the “Company”),
to:

 

(a)       attract
and retain executive, managerial and other employees;

 

(b)       motivate
participants, by means of appropriate incentives, to achieve long-range goals;

 

(c)       provide
incentive compensation opportunities that are competitive with those of other similar businesses; and

 

(d)       in
the case of stock-based awards, further align a participant’s interests with those of the Company’s stockholders through
compensation that is based on the Company’s common stock, and thereby promote the long-term financial interests of the Company,
including the growth in value of the Company’s equity and enhancement of long-term stockholder returns.

 

2.      Types of Incentive
Compensation Awards Available Under the Plan.

 

The following types of incentive compensation
awards (“Awards”) may be granted under the Plan:

 

(a)       Stock-Based
Awards. Awards granted on the basis of shares of Common Stock (defined in Section 3) or the value thereof (“Stock-Based
Awards”), whether paid in cash or distributed in Common Stock, as follows:

 

		(i)	Stock options as described in Section 6 (“Stock Options”);

 

		(ii)	Stock appreciation rights as described in Section 7 (“Tandem
SARs”);

 

		(iii)	Performance-accelerated restricted share awards as described
in Section 8 (“PARS Awards”);

 

		(iv)	Other restricted share awards as described in Section 9
(“Other Restricted Share Awards”); and

 

		(v)	Other Stock-Based Awards as described in Section 10 (“Other
Stock-Based Awards”).

 

(b)       Cash-Based
Awards. Awards other than Stock-Based Awards, which are valued and paid in cash (“Cash-Based Awards”), as follows:

 

		(i)	Long term cash incentive awards as described in Section
12 (“Long Term Cash Incentive Awards”); and

 

		(ii)	Other cash incentive awards as described in Section 13
(“Other Cash Incentive Awards”).

 

3.      Stock Available
Under the Plan.

 

(a)       Number
of Shares Available. The following shares of common stock of the Company, par value $0.01 per share (“Common Stock”)
are hereby reserved and made available for issuance pursuant to Stock-Based Awards under the Plan:

 

 (i)       350,000 shares of Common Stock; plus

 

(ii)      527,8781
shares of Common Stock which were authorized under the ESCO Technologies Inc. 2013 Incentive Compensation Plan (the “2013
Plan”) but not awarded prior to termination of the 2013 Plan and which were available under the 2013 Plan for “Performance
Accelerated Restricted Stock Awards” (as defined in the 2013 Plan), “Restricted Stock Awards” (as defined in
the 2013 Plan) or any other awards authorized under the 2013 Plan wherein actual shares of Common Stock could have been distributed
without requiring any payment to the Company by the participant,; plus:

 

(iii)     One
hundred thousand (100,000) shares of Common Stock which were authorized under the 2013 Plan but not awarded prior to termination
of the 2013 Plan and which were to be used under the 2013 Plan only for “Stock Options” as defined in the 2013 Plan
or any other awards authorized under the 2013 Plan which would have required the recipient of the award to make a payment to the
Company in order to receive actual shares of Common Stock; provided that these 100,000 shares may only be used under the Plan for
Stock Options or other Stock-Based Awards which require the recipient of the Award to make a payment to the Company in order to
receive actual shares of Common Stock.

 

 

 

		1	After subtracting 1,000 shares awarded since the mailing
of the Company’s December 14, 2017 Proxy Statement.

 

     

     

    

 

 

(b)       Adjustments
in Numbers of Shares. The number of shares of Common Stock allocated to the Plan shall be appropriately adjusted to reflect
subsequent stock dividends, stock splits, reverse stock splits and similar matters affecting the number of outstanding shares of
Common Stock.

 

(c)       No
Reload. Shares which have once been the subject of any Stock-Based Award but which are not actually issued or delivered to
the participant, by reason of expiration or cancellation of the Award, termination of the participant’s employment, failure to
meet performance goals or other terms of such Award, tender of the shares in payment for a Stock Option, delivery or withholding
of the shares in satisfaction of any tax withholding obligation, or any other reason whatsoever, shall not be returned to the Plan
and shall not again become available for Stock-Based Awards under the Plan.

 

4.      Administration.

 

(a)       Committee.
The Plan shall be administered by the Human Resources and Compensation Committee (the “Committee”) of the Company’s
Board of Directors (the “Board”). The Committee shall at all times consist solely of two or more outside directors
as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) and shall be constituted
to comply with Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor
to such Rule, and the requirements of the New York Stock Exchange or other applicable exchange.

 

(b)       Authority
of Committee. Subject to the express provisions of the Plan, the Committee shall have plenary authority, in its discretion,
to determine the individuals to whom, and the time or times at which, Awards shall be granted and for each Award the potential
number or value of shares of Common Stock (in the case of Stock-Based Awards) or the potential cash incentive (in the case of Cash-Based
Awards) subject to the Award. In making such determinations the Committee may take into account the nature of the services rendered
by the respective individuals, their present and potential contributions to the Company’s success, and such other factors as the
Committee, in its discretion, shall deem relevant. Subject to the express provisions of the Plan, the Committee shall also have
plenary authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the
terms and provisions of the respective Awards (which need not be identical for all recipients) and to make all other determinations
necessary or advisable for the administration of the Plan. The Committee’s determinations on the matters referred to in this Section
4 shall be conclusive.

 

(c)       Limited
Authority to Delegate. The Committee may delegate to the Chief Executive Officer the authority to grant Stock Options of up
to 10,000 shares of Common Stock per person (and 50,000 per year in the aggregate) to selected employees who are not either reporting
persons under Section 16 of the Exchange Act or covered employees (as defined in section 162(m) of the Internal Revenue Code).
The Committee may delegate to the Executive Committee of the Board the authority to grant Stock-Based Awards other than Stock Options
of up to 10,000 shares of Common Stock per person (and 50,000 per year in the aggregate) to selected employees who are not either
reporting persons under Section 16 of the Exchange Act or covered employees (as defined in section 162(m) of the Internal Revenue
Code).

 

(d)       Award
Notice. Every Award granted under the Plan shall be memorialized by a written grant agreement or notice of award (“Award
Notice”) setting forth in writing all of the terms and conditions of the Award, including without limitation the number or
value of shares of Common Stock, or the cash, as the case may be, which the holder shall be entitled to receive upon satisfaction
of the vesting, service, performance or other criteria specified in the Award, which Award Notice shall be delivered to the participant
receiving the Award promptly as practicable after the Award is approved by the Committee or its delegate.

 

(e)       Effective
Dates of Awards; No Retroactive Grants. Awards may be granted with an effective date which is on or after, but not before,
the date the material terms of the grant are approved by the Committee or other authorized person, and which, in the case of Stock-Based
Awards, is a trading day on the New York Stock Exchange. Notwithstanding the foregoing, the performance and/or service criteria
for an Award (if any) may be determined with respect to a period (such as a fiscal year) which begins prior to the effective date
of the Award, provided that the effective date of the Award must be prior to the time it can be determined whether the criteria
will be satisfied, or in the case of a 162(m) Award as defined in subsection 14(g), such earlier date as may be required under
such subsection.

 

(f)        Sub-Plans
and Performance Programs.

 

(i)       For
clarity and convenience in granting, administering and referring to Awards which have similar provisions or which are made to similarly-situated
recipients, the Committee may authorize sub-plans (hereafter, “Sub-Plans”) under the Plan. Each Sub-Plan shall be subject
to all of the terms, conditions and restrictions in the Plan, and all Sub-Plans in the aggregate shall not exceed the limitations,
including without limitation those on the aggregate number of authorized shares, set forth in the Plan.

 

(ii)     The
Committee may establish from time to time one or more performance programs under the Plan or any Sub-Plan, each with one or more
specified objectives and specified performance periods over which the specified objectives are targeted for achievement. The specified
performance criteria, performance goals and/or service contingencies need not be the same for all participants and may be established
for the Company as a whole or separately for its various groups, divisions and subsidiaries, all as the Committee may determine
in its discretion. Performance criteria may, but except in the case of 162(m) Awards need not, be limited to those specified in
subsection 14(g).

 

     

     

    

  

5.      Eligibility.

 

(a)       Incentive
Stock Options (defined in subsection 6(a)) may be granted only to full-time or part-time employees of the Company or its Qualifying
Corporate Subsidiaries as defined in clause 5(d)(iii).

 

(b)       Tandem
SARS and Stock Options other than Incentive Stock Options may be granted only to full-time or part-time employees of the Company
or its Subsidiaries.

 

(c)       PARS
Awards, Other Restricted Share Awards, Other Stock-Based Awards and Cash-Based Awards may be granted only to full time employees
(or such other employees as the Company may determine) of the Company or its Subsidiaries who are determined by the Committee in
its discretion to be management personnel important to the future success of the Company; such management personnel may, but need
not be, officers of the Company or of its Subsidiaries or divisions.

 

(d)       For
purposes of the eligibility and service requirements set forth in the Plan:

 

(i)       The
term “employees” does not include temporary employees, contract employees, or directors who are not regular employees
of the Company or its Subsidiaries;

 

(ii)      “Subsidiary”
means any domestic or foreign corporation, limited liability company, partnership or other entity in which the Company controls,
directly or indirectly, 50% or more of the voting power or equity interests; for clarity, the term includes a Qualifying Corporate
Subsidiary;

 

(iii)     “Qualifying
Corporate Subsidiary” means any domestic or foreign corporation (other than the Company) in an unbroken chain of corporations
beginning with the Company if, at the time of the granting of the Incentive Stock Option in question, each of the corporations
other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain; or such other meaning as may be hereafter ascribed to it in Section 424
of the Code; and

 

(iv)     the
term “corporation” has the meaning ascribed to it in Internal Revenue Regulations Section 1.421-1(i)(1).

 

6.     Stock
Options.

 

(a)       Types
of Stock Options. In the discretion of the Committee (or the Chief Executive Officer with respect to Stock Options granted
under subsection 4(c)), Stock Options may or may not be intended to qualify as incentive stock options within the meaning of Section 422
of the Code (“Incentive Stock Options”). Neither the Company nor the Chief Executive Officer nor the Committee shall
have any liability to the optionee or any other person on account of the failure of a Stock Option to qualify as an Incentive Stock
Option.

 

(b)       Limitation
on Incentive Stock Options. The maximum aggregate fair market value (determined at the time an Incentive Stock Option is granted)
of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any optionee during any calendar
year (under all plans of the Company and its Subsidiaries) shall not exceed $100,000.

 

(c)       Individual
Limit on Number of Stock Options and Tandem SARs. The aggregate number of shares of Common Stock with respect to which Stock
Options and Tandem SARs may be granted to any individual during any calendar year may not exceed one hundred fifty thousand shares
(150,000).

 

(d)       Minimum
Exercise Prices. The exercise price of Common Stock purchased under each Stock Option shall not be less than 100% of the fair
market value of the Common Stock on the effective date of the Stock Option. Such fair market value per share shall generally be
the closing price per share of the Common Stock on the New York Stock Exchange on the effective date; provided, however, that the
Committee may adopt any other criterion for the determination of such fair market value as it may determine to be appropriate and
in compliance with, or in conformity with the requirements of, any laws and regulations applicable to the Company and the Stock
Option.

 

(e)       Payment
of Exercise Price. The exercise price for Common Stock subject to a Stock Option is to be paid in full upon the exercise of
the Stock Option, either:

 

(i)       In
cash; or

 

(ii)      By
the tender to the Company (either actually or by attestation) of shares of Common Stock owned by the optionee for at least six
(6) months having a fair market value equal to the cash exercise price of the Stock Option being exercised, with the fair market
value of such stock to be determined in such appropriate manner as may be provided for by the Committee or the Company as may be
required in order to comply with, or to conform to the requirements of, any applicable laws or regulations applicable to the Company
and the Stock Options; or

     

     

    

 

(iii)     Except
as may be limited or prohibited by the Committee or the Company, by effecting a “cashless exercise” of the Stock Option
by means of a “same day sale” in which the option shares are sold through a broker selected by the optionee and a portion
of the proceeds equal to the exercise price plus any taxes due is paid to the Company; or

 

(iv)     By
any combination of the foregoing payment methods; or

 

(v)      By
such other method or methods as may be determined by the Committee or the Company.

 

Provided, however, that no shares of Common Stock may be tendered
in exercise of an Incentive Stock Option if such shares were acquired by the optionee through the exercise of an Incentive Stock
Option unless (A) the tendered shares have been held by the optionee for at least one year and (B) the Incentive Stock
Option through which such tendered shares were received was granted at least two years prior to the tender.

 

(f)        Use
of Exercise Proceeds. The proceeds from the exercise of a Stock Option shall be added to the general funds of the Company or
to treasury shares, as the case may be, and used for such corporate purposes as the Company shall determine.

 

(g)       Term
of Stock Options. The term of a Stock Option shall be five (5) years from its effective date, or such shorter period as the
Committee may determine. Subject to the other provisions of this Section 6, a Stock Option will be exercisable at such time or
times within the stated term, and subject to such restrictions and conditions, as the Committee shall, in each circumstance, approve,
which need not be uniform for all optionees.

 

(h)       Employment
Requirement. No Stock Option may be exercised unless the optionee is an employee of the Company or a Subsidiary at the time
of exercise and has been so employed continuously since the granting of the Stock Option, except that:

 

(i)       If
the employment of an optionee terminates with the consent and approval of the Company, the Committee or its designee, may, in its
absolute discretion, permit the optionee to exercise a Stock Option (to the extent the optionee was entitled to exercise it at
the date of such termination of employment) (A) within ninety (90) days after such termination, or (B) for Stock Options other
than Incentive Stock Options, within one (1) year after termination of the optionee’s employment on account of retirement
on or after age 55, but in no event after the expiration of its term as specified in the Award Notice.

 

(ii)      An
optionee whose employment terminates on account of disability may exercise such Stock Option (to the extent the optionee was entitled
to exercise it at the date of such termination) within one (1) year of such termination of employment, but in no event after the
expiration of its term as specified in the Award Notice. For this purpose “disability” means permanent and total disability
within the meaning of Section 22(e)(3) of the Code, which, as of the date hereof, means the inability 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. An optionee shall be considered
disabled only if the optionee furnishes such proof of disability as the Committee may require.

 

(iii)     In
the event of the death of an optionee, the optionee’s Stock Option may be exercised (to the extent the optionee was entitled
to exercise it at the date of death) by the optionee’s personal representative, by the person succeeding to ownership of
the Stock Option under the optionee’s last will, or by such other person legally entitled to do so, at any time within a
period of one (1) year after the optionee’s death, but in no event after the expiration of its term as specified in the Award
Notice.

 

(iv)     The
Committee may delegate its authority to extend a Stock Option beyond termination of employment hereunder to such employee or employees
as it deems appropriate, so long as the optionees whose options have been extended by such employee or employees are not either
reporting persons under Section 16 of the Exchange Act or covered employees (as defined in section 162(m) of the Code).

 

(v)      Stock
Option Award Notices may contain such provisions as the Committee shall approve with reference to the effect of approved leaves
of absence.

 

A Stock Option shall not be affected by any change in the optionee’s
employment so long as the optionee continues to be an employee of the Company or a Subsidiary thereof.

 

     

     

    

  

(i)        Non-Transferability
of Stock Options. Each Stock Option granted under the Plan shall, by its terms, be non-transferable otherwise than by will
or the laws of descent and distribution, and may be exercised during the lifetime of the optionee only by the optionee. Notwithstanding
the foregoing, the Committee may permit a Stock Option which is not an Incentive Stock Option to be transferred to a trust for
the benefit of the optionee’s immediate family member(s) or a partnership, limited liability company, or similar entity in
which the optionee’s immediate family member(s) comprise the majority partners or equity holders. For purposes of this provision,
an optionee’s immediate family shall mean the optionee’s spouse, children and grandchildren.

 

(j)        Successive
Stock Option Grants. Successive Stock Option grants may be made to any optionee under the Plan.

 

(k)        Vesting.
Subject to the other provisions and limitations of the Plan, the Committee may, in its sole discretion, determine the time when,
or criteria upon which, options may vest including, but not limited to stock price, continued service or performance measures.
The vesting criteria, which need not be uniform for all optionees, shall be specified in the Award Notice.

 

7.      Tandem SARs.

 

(a)       Grant.
At the time of grant of a Stock Option, the Committee, in its discretion, may grant to the optionee, in tandem with the Stock Option
(the “Linked Option”), a Tandem SAR for all or any part of the number of shares covered by the Linked Option. The Tandem
SAR Award Notice shall specify the Linked Option in respect of which the Tandem SAR is granted. A Tandem SAR shall specify a time
period for its exercise, which may not extend beyond, but may be less than, the time period during which the Linked Option may
be exercised.

 

(b)       Exercise.
At any time when a Tandem SAR and its Linked Option are both exercisable, the optionee may, in lieu of exercising the Linked Option,
elect to exercise the Tandem SAR, by delivering to the Company a written notice stating that the optionee elects to exercise the
Tandem SAR as to the number of shares specified in the notice and stating what portion, if any, of the Tandem SAR Exercise Amount
the holder requests to have paid in cash and what portion, if any, the holder requests to have paid in Common Stock. For purposes
of this section, “Tandem SAR Exercise Amount” means the excess of the closing price per share of the Common Stock on
the New York Stock Exchange on the date of exercise over the exercise price per share under the Linked Option, multiplied by the
number of shares as to which the Tandem SAR is exercised. The Committee promptly shall cause to be paid to such holder the Tandem
SAR Exercise Amount either in cash, in Common Stock, or any combination of cash and stock as it may determine. Such determination
may be either in accordance with the request made by the optionee or otherwise, in the sole discretion of the Committee.

 

(c)        Effect
of Exercise. Any exercise of the Linked Option by the optionee shall reduce the Tandem SAR by the same number of shares as
to which the Linked Option is exercised; and any exercise of the Tandem SAR shall reduce the Linked Option by the same number of
shares as to which the Tandem SAR is exercised. The failure of the optionee to fully exercise it within the time period specified
shall not reduce the optionee’s remaining exercise rights under the Linked Option.

 

(d)       Other
Provisions of Plan Applicable. All provisions of the Plan applicable to Stock Options granted hereunder shall apply with equal
effect to Tandem SARs.

 

8.      PARS Awards.

 

(a)        Definition;
Performance Objectives. A PARS Award is a right to receive shares of Common Stock (which may include stock with certain restrictions
attached) at a future time specified in the Award Notice (the “PARS Award Term”) if specified performance goals and/or
service contingencies established from time to time by the Committee and set forth in the PARS Award are achieved.

 

(b)       Grants
of PARS Awards. Eligible employees may be granted PARS Awards under any one or more of the performance programs. The number
of shares per PARS Award and the PARS Award frequency shall be determined at the discretion of the Committee. In determining the
participants in any performance program, the Committee shall take into account such factors as the participant’s level of responsibility,
job performance, level and types of compensation, and such other factors as the Committee deems relevant. The Committee may require
the participant to retain shares received from the payout of a PARS Award until ownership guidelines are achieved. The Committee
may also require the participant to certify ownership of such shares from time to time in its discretion and to secure approval
of any sales or other disposition of Common Stock during the performance period.

 

(c)        Determination
of Achievement of Objectives. The Committee, in regard to any performance program adopted by it, may thereafter change or modify
the terms of the program, so long as the number of shares subject to the PARS Award is not reduced and the PARS Award Term is not
extended, and the Committee may determine reasonably whether any performance goal of any program has been met. The Committee may,
but is not obligated to, authorize a distribution of all or a portion of the PARS Award based upon its discretionary evaluation
of the Company’s financial performance during the period of the PARS Award even if the performance goals are not fully met.

 

(d)       Employment
Requirement. Except as otherwise herein provided or determined by the Committee, a participant, in order to be entitled to
receive any distribution in respect of the PARS Award, must be continuously in the employ of the Company or a Subsidiary from the
effective date of the PARS Award until the expiration of the relevant performance and/or service period, except for leaves of absence
which may be approved by the Company, and except that:

 

     

     

    

  

(i)       Exception
for Retirement. For a participant whose employment terminates on account of retirement with the approval of the Committee:

 

(A)     Any
PARS Award granted to the participant within 12 months prior to the participant’s retirement date shall be forfeited and
no distribution shall be made;

 

(B)      With
respect to any other outstanding PARS Award, that portion, if any, of the Award for which the distribution date has been accelerated
in full or in part due to satisfaction of the applicable performance goal(s) prior to the participant’s retirement date shall
vest and be distributed in full;

 

(C)      All
other outstanding PARS Awards (including any non-distributed portion of an Award distributed in part under the preceding clause
(B)) shall vest and be distributed pro rata based on the number of months elapsed during the PARS Award Term as of the retirement
date compared to the total number of months in the PARS Award Term; and

 

(D)     Any
distribution to which the retired participant shall be entitled under this section 8(d) shall be made as soon as administratively
feasible but not later than 21⁄2 months after the participant’s retirement date.

 

(ii)      Discretionary
Exception for Death or Disability. The Committee, in its absolute discretion, may make such full, pro-rata, or no share distribution
as it may determine, to a participant whose employment terminates on account of death or disability (as defined in section 6(h)(ii))
prior to the time the participant is entitled to receive distribution in respect of the PARS Award. If termination is on account
of death, the Committee may make any distribution it authorizes to the participant’s surviving spouse, heirs or estate, as the
Committee may determine.

 

9.     Other Restricted
Share Awards.

 

Subject to the terms of the Plan, the Committee
may also grant eligible employees Other Restricted Share Awards, which may include grants of Common Stock subject to specified
restrictions or conditions (including without limitation forfeiture of the shares in certain events), or grants of rights to receive
shares of Common Stock in the future upon the satisfaction of specified conditions. Such Other Restricted Share Awards shall include
an employment requirement not less restrictive than that specified in section 8(d) and if to NEOs, shall comply with Section 11,
and shall otherwise be subject to all of the limitations and restrictions provided in the Plan. Such Other Restricted Share Awards
may also specify, without limitation, restrictions on transfer of such Other Restricted Share Award and/or the underlying Common
Stock, and whether the participant may make elections with respect to the taxation of such Other Restricted Share Award either
with or without the consent of the Committee.

 

10.   Other Stock-Based
Awards.

 

The Committee may from time to time grant
Other Stock-Based Awards pursuant to which shares may be acquired in the future, such as Other Stock-Based Awards denominated in
Common Stock, stock units, securities convertible into Common Stock or phantom securities. The Committee, in its sole discretion,
shall determine, and provide in the applicable Award Notice, the terms and conditions of such Other Stock-Based Awards. The Committee
may, in its sole discretion, direct that shares of Common Stock issued pursuant to Other Stock-Based Awards shall be subject to
restrictive legends, stop transfer instructions or other restrictions as it may deem appropriate.

 

11.   Special Provisions
for Stock-Based Awards to Named Executive Officers.

 

Every Stock-Based Award granted to a person
who is a “named executive officer” of the Company as defined in Item 402(a)(3) of Securities and Exchange Commission
Regulation S-K (an “NEO”) shall provide that, in addition to any other applicable restrictions on transfer, the NEO
may not dispose of any portion of the beneficial interest in Common Stock received (net of any withheld shares) on account of such
Award: (i) within 12 months after the Common Stock is delivered to the NEO, or such earlier time as the person ceases to be an
NEO; or (ii) if after such disposition the NEO would fail to satisfy the NEO’s minimum ownership requirement for Company
Common Stock established by the Company.

 

12.   Long Term
Cash Incentive Awards.

 

Long Term Cash Incentive Awards provide
for the payment of cash if certain performance goals are met over a specified performance period. The Committee may also permit
Long-Term Cash Incentive Awards to be distributed in shares of Common Stock, which may be issued subject to restrictions to be
determined by the Committee in each specific case. Each performance goal and performance period shall be set forth in the relevant
Long Term Cash Incentive Award agreement, which need not be uniform for all awardees.

 

     

     

    

  

13.   Other Cash
Incentive Awards.

 

The Committee may from time to time grant
Other Cash Incentive Awards, upon such terms, conditions and restrictions as the Committee shall determine in its sole discretion
and specify in a corresponding Award Notice.

 

14.   Additional
Provisions.

 

(a)       No
Rights as Shareholder until Stock Issued. The recipient of a Stock-Based Award shall have no voting rights, dividend rights,
or other rights of a shareholder with respect to the shares of Common Stock subject to the Award until such shares are actually
issued to the recipient.

 

(b)       No
Adjustment of Award Shares for Dividends or Rights. No adjustment shall be made in the number of shares of Common Stock subject
to a Stock-Based Award on account of dividends which may be paid, or other rights which may be issued to, the holders of Common
Stock during the term of such Award except as provided in Section 15, and no dividends or dividend equivalents shall be paid or
accrued on any such shares unless the shares have actually been issued to the participant pursuant to the Award prior to the record
date for payment of the dividend or rights.

 

(c)       No
Right to Continuation of Employment. No participant in the Plan shall have any right because of being a participant in the
Plan or receiving an Award to continue in the employ of the Company or of any of its subsidiaries for any period of time, or any
right to a continuation of the participant’s present or any other level of compensation; and such rights and powers as the Company
now has or which it may have in the future to dismiss or discharge any participant from employment or to change the assignments
of any participant are expressly reserved to the Company.

 

(d)       Tax
Withholding. At the time any Award is paid out to the recipient, the Company shall withhold (or direct the appropriate Subsidiary
to withhold) from such payout an amount necessary to satisfy the tax withholding requirements in respect of such payout under the
tax laws applicable to the payout; and if permitted by applicable law, the Company may withhold (or direct the appropriate Subsidiary
to withhold) additional amounts at such rate as it may determine in its discretion to be advisable up to the highest individual
marginal Federal income tax and applicable state income tax rate then in effect. In the case of Awards payable in shares of Common
Stock, the Company shall effect such withholding, unless otherwise required by applicable law, by deducting from the distribution
shares of Common Stock having a fair value equal to the amount to be withheld.

 

(e)       Common
Stock. The Company may, in its discretion, fund Stock-Based Awards using either treasury shares or authorized but unissued
shares. The Board and the Company’s officers are authorized to take such action as may be necessary to provide for the issuance
of any and all of the shares which may be necessary to satisfy the Company’s obligations hereunder and to cause said shares to
be registered under the Securities Act of 1933, as amended (the “Securities Act”), and to be listed on the New York
Stock Exchange and any other stock exchanges on which Common Stock may at such time be listed; provided that in the Company’s
discretion, shares of Common Stock delivered to participants hereunder in satisfaction of a Stock-Based Award may be issued as
restricted stock under the Securities Act, or otherwise subject to specified restrictions on resale.

 

(f)        Minimum
Vesting Periods. The minimum vesting period for any Award shall be 1 year; except that Awards which amount in the aggregate
to no more than 5% of the total number of shares available under the Plan, and which are made to participants who are not NEOs,
may have a shorter vesting period.

 

(g)      162(m)
Awards. If an Award is granted to a person who is, or who is likely to be as of the end of the tax year in which the Company
would claim a tax deduction in connection with such Award, a “covered employee” as defined in section 162(m) of the
Code (a “Covered Employee”) then the Committee may qualify such Award as “performance-based compensation”
pursuant to section 162(m) of the Code (a “162(m) Award”). The Committee has complete discretion concerning whether
a particular Award should be qualified as a 162(m) Award. Each 162(m) Award shall be subject to the following additional provisions::

 

(i)       Performance
Criteria for 162(m) Awards. The performance criteria for any 162(m) Award shall consist of objective tests based on one or
more of the following: earnings per share; adjusted earnings per share; sales; earnings; cash flow; profitability; customer satisfaction;
investor relations; revenues; financial return ratios; market performance; shareholder return and/or value; operating profits (including
earnings before income taxes, depreciation and amortization); net profits; earnings per share growth; profit returns and margins;
stock price; working capital; business trends; production cost; project milestones; plant and equipment performance; safety performance;
environmental performance; gross margin; operating margin; net margin; expense margins; EBIT margin; EBIT growth; EBITDA margin;
EBITDA growth; adjusted EBITDA; NOPAT margin; net assets; working capital; asset turnover; working capital turnover; accounts receivable
turnover; accounts payable turnover; inventory turnover; inventory days outstanding; accounts receivable days outstanding; accounts
payable days outstanding; debt to equity; debt to capital; current ratio; return on equity; return on assets; return on net assets;
return on invested capital; return on gross assets; return on tangible assets; cash flow return on investment; cash value added;
price to earnings ratio; market to book ratio; market to capital ratio; cost of capital; cost of debt; cost of equity; market risk
premium; stock price appreciation with or without divisions; total shareholder return; economic value added; economic profit; sales
growth percentage; EPS growth percentage; cash flow growth year over year; return on total capital, or any combination of the foregoing.
Performance criteria may be measured solely on a corporate, subsidiary, business unit or individual basis, or a combination thereof;
may be measured in absolute levels or relative to another company or companies, a peer group, an index or indices or Company performance
in a previous period; and may be measured annually or over a longer period of time. Satisfaction of Common Stock ownership guidelines
may also be a prerequisite to payment.

 

     

     

    

  

(ii)      Establishment
of Performance Goals. The performance goals for each 162(m) Award and the amount payable if those goals are met shall be established
in writing for each specified period of performance by the Committee no later than 90 days after the commencement of the period
of service to which the performance goals relate and while the outcome of whether or not those goals will be achieved is substantially
uncertain. However, in no event will such goals be established after 25% of the period of service to which the goals relate has
elapsed.

 

(iii)     Limited
Discretion to Adjust Payment. If the applicable performance goals under a 162(m) Award are achieved for a given performance
period, the Committee nevertheless has full discretion to reduce or eliminate the amount otherwise payable for that performance
period. Under no circumstances may the Committee use discretion to increase the amount payable to a participant under a 162(m)
Award.

 

(iv)     Limitation
on Certain Awards. Except for Stock Options and Tandem SARS, in any fiscal year of the Company no Covered Employee may receive
aggregate distributions of more than $2,500,000 from Awards which are also 162(m) Awards.

 

(h)       Maximum
Distributions. In no event shall the total distributions of Common Stock under the Plan exceed the number of shares reserved
under Section 3 (as such number may be adjusted as provided in Section 15).

 

(i)         Compliance
with Code Section 409A. It is intended that no Award granted under the Plan shall be subject to any interest or additional
tax under Section 409A of the Code, and the terms of the Plan should be construed accordingly. In the event Code Section 409A is
amended after the date hereof, or regulations or other guidance is promulgated after the date hereof that would make an Award under
the Plan subject to the provisions of Code Section 409A, then the terms and conditions of the Plan shall be interpreted and applied,
to the extent possible, in a manner to avoid the imposition of the provisions of Code Section 409A. Notwithstanding the preceding,
a participant shall be responsible for any and all tax liabilities, including liability under 409A (but excluding the employer’s
share of employment taxes) with respect to Awards made to the participant; and neither the Committee nor the Company shall have
any liability to a participant for reimbursement or otherwise on account of any such tax liabilities which may be imposed on the
participant.

 

(j)       Amendments
to Awards. The Committee reserves the right to amend the terms of any outstanding Award, provided that:

 

(i)       No
amendment may reduce the rights of the recipient of the Award without the consent of such recipient; and

 

(ii)      Except
for adjustments described in Section 15, shareholder approval shall be required to (A) reduce the exercise price of outstanding
Stock Options or Tandem SARs or (B) cancel outstanding Stock Options or Tandem SARs in exchange for cash or other Awards having
an exercise price that is less than the exercise price of the original Stock Options or Tandem SARs.

 

(k)       Limitation
on Acceleration Upon Change of Control. No Award may permit acceleration of vesting or payment by reason of a Change of Control
of the Company prior to the date on which the Change of Control is consummated, except where the participant’s employment
is terminated within 90 days prior to a Change of Control at the direction of a third party who, at such time, had taken steps
reasonably calculated to effect the Change of Control, and acceleration in such event is expressly provided for in a written severance
agreement with the participant the terms of which have been approved by the Committee. For purposes of this section 14(k), “Change
of Control” means any of the following events:

 

(i)       The
individuals who constitute the Board on the effective date of the Award (the “Incumbent Board”) cease for any reason
to constitute at least a majority of the Board, provided that any person who becomes a director subsequent to the effective date
of the Award whose election or nomination for election by the Company’s shareholders, was approved by a vote of at least
a majority of the directors then comprising the Incumbent Board (other than an individual whose initial assumption of office is
in connection with an actual or threatened election contest relating to the election of the directors of the Company, as such terms
are used in Securities and Exchange Commission Rule 14a-11) shall be, for purposes of this section, considered as though such person
were a member of the Incumbent Board; or

 

     

     

    

  

(ii)      Any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) directly or indirectly acquires
or beneficially owns (as defined in Rule 13d-3 under the Exchange Act) more than either (x) 50% of the then outstanding shares
of Common Stock (“Outstanding Common Stock”) or (y) 50% of the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors (“Outstanding Voting Securities”),
provided that no acquisition or beneficial ownership by the Company or a Subsidiary or an employee benefit plan (or related trust)
sponsored or maintained by the Company or a Subsidiary shall be considered in determining if either of such thresholds has been
met; or

 

(iii)     The
sale or other disposition of all or substantially all of the assets of the Company (in a single transaction or a series of transactions,
provided that in the latter case the date of consummation of the Change of Control shall be the date on which the first sale or
disposition in such series occurs): or

 

(iv)    The
commencement of a shareholder-approved liquidation or dissolution of the Company; or

 

(v)     The
consummation of a reorganization, merger, share exchange or consolidation (a “Business Combination”), unless immediately
after the Business Combination:

 

(A)     All
or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Common Stock and Outstanding
Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of both
the outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors (or other governing body) of the entity resulting from such Business Combination (including,
without limitation, an entity that as a result of such transaction owns the Company through one or more subsidiaries); and

 

(B)      No
individual, entity or group (excluding any employee benefit plan or related trust of the entity resulting from such Business Combination)
beneficially owns, directly or indirectly, more than 50% of either the then outstanding shares of common stock or the combined
voting power of the then outstanding voting securities of such entity entitled to vote generally in the election of directors (or
other governing body) of the entity resulting from such Business Combination, except to the extent that such individual, entity
or group owned more than 50% of the Outstanding Common Stock or Outstanding Voting Securities prior to the Business Combination;
and

 

(C)      At
least a majority of the members of the board of directors or other governing body of the entity resulting from such Business Combination
were members of the Board at the time of the execution of the initial agreement, or at the time of the initial Board action, approving
such Business Combination.

 

Notwithstanding the foregoing, “Change of Control”
shall not include a transaction commonly known as a Reverse Morris Trust transaction.

 

15.   Adjustments
to Stock-Based Awards Upon Changes in Capitalization or Corporate Acquisitions.

 

(a)       Notwithstanding
any other provisions of the Plan, Stock Option and Tandem SAR agreements may contain such provisions as the Committee shall determine
to be appropriate for the adjustment of the number and class of shares subject to each outstanding Stock Option or Tandem SAR and
the Stock Option prices and Tandem SAR exercise amounts in the event of changes in the outstanding Common Stock by reason of stock
dividends, stock splits, reverse stock splits, recapitalization, mergers, consolidations, split-ups, combinations or exchanges
of shares and the like; and in the event of any such change in the outstanding Common Stock, the aggregate number and class of
shares available under the Plan and the maximum number of shares and respective exercise prices as to which Stock Options and Tandem
SARs which have been granted or may be granted to any individual shall be appropriately adjusted by the Committee, whose determination
shall be conclusive.

 

(b)       In
the event the Company or a Subsidiary enters into a transaction described in Section 424(a) of the Code with any other corporation,
the Committee may grant a Stock Option or Tandem SAR to employees or former employees of such corporation in substitution of a
Stock Option or Tandem SAR previously granted to them upon such terms and conditions as shall be necessary to qualify such grant
as a substitution described in Section 424(a) of the Code.

 

(c)       In
the event of stock dividends, stock splits or reverse stock splits affecting the number of outstanding shares of Common Stock during
the term of the Plan, appropriate adjustments shall be made to outstanding Awards, including but not limited to per-share-based
objectives and the number of shares awarded, if and as may be required in the Committee’s discretion to fairly reflect the
effect of such stock dividend, stock split or reverse stock split on the interests of the recipients of the Awards.

 

(d)       In
the event of a special, non-recurring distribution with respect to Common Stock, the Committee may (i) adjust the number of shares
subject to each outstanding Stock Option and Tandem SAR, and the exercise price per share in such manner as it deems just and equitable
to reflect such distribution, and (ii) pay such special bonus or take such other action with respect to PARS Awards, Other Restricted
Share Awards and Other Stock-Based Awards as it deems just and equitable to reflect such distribution.

 

     

     

    

  

(e)       In
no event shall the foregoing adjustments cause the total number of shares used under the Plan to exceed the number authorized under
Section 3 (as may be adjusted).

 

16.   Data Privacy.

 

As a condition of acceptance of an Award,
each participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal
data as described in this Section 16 for the exclusive purpose of implementing, administering and managing the participant’s
participation in the Plan. The participant understands that the Company holds certain personal information about the participant,
including the participant’s name, home address and telephone number, date of birth, social insurance number or other identification
number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any
other entitlement to Common Stock awarded, canceled, exercised, vested, unvested or outstanding in the participant’s favor,
for the purpose of implementing, managing and administering the Plan (the “Data”). The participant further understands
that the Company may transfer the Data internally as necessary for the purpose of implementation, management and administration
of the participant’s participation in the Plan, and that the Company may further transfer the Data to any third parties assisting
the Company in the implementation, management, and administration of the Plan. The participant understands that these recipients
may be located in the participant’s country, or elsewhere, and that the recipient’s country may have different data
privacy laws and protections than the participant’s country. The participant understands that he or she may request a list
with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.
The participant, through participation in the Plan and acceptance of an Award under the Plan, authorizes such recipients to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing
the participant’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker
or other third party with whom the participant may elect to deposit any Shares. The participant understands that the Data will
be held only as long as is necessary to implement, manage, and administer the participant’s participation in the Plan. The
participant understands that he or she may, at any time, view the Data, request additional information about the storage and processing
of the Data, require any necessary amendments to the Data, or refuse or withdraw the consents herein in writing, in any case without
cost, by contacting the Company’s Vice President of Human Resources. The participant understands that refusal or withdrawal
of consent may affect the participant’s ability to participate in the Plan. For more information on the consequences of refusal
to consent or withdrawal of consent, the participant understands that he or she may contact the Company’s Vice President
of Human Resources.

 

17.   Effectiveness
of the Plan.

 

The Plan shall become effective upon and
subject to approval by the shareholders of the Company within twelve (12) months after the date of its adoption by the Board at
a duly convened meeting of shareholders. Grants of Awards may be made after adoption of the Plan by the Board and prior to such
shareholder approval, but all Awards made prior to shareholder approval shall be subject to the obtaining of such approval and
if such approval is not obtained, such Awards shall not be effective for any purpose.

 

18.   Amendment
and Termination.

 

Either the Board or the Committee may at
any time amend or terminate the Plan; provided, however, that neither the Board nor the Committee may, without shareholder approval,
increase (except under the anti-dilution provisions hereof, including those under Section 15) either the maximum number of shares
as to which Stock-Based Awards may be granted under the Plan or any specified limit on any particular type or types of Award, or
change the class of employees to whom an Award may be granted, or withdraw the authority to administer the Plan from a committee
whose members satisfy the requirements of Section 4(a). No amendment or termination of the Plan may adversely affect any holder
of an outstanding Award without the consent of the holder.

 

19.   Term of Plan.

 

Unless terminated earlier pursuant to Section
18, the Plan shall terminate five (5) years after the date on which it is approved and adopted by the shareholders pursuant to
Section 17, and no Award shall be granted hereunder after the termination of the Plan. Awards outstanding at the termination of
the Plan shall continue in accordance with their terms and shall not be affected by such termination.Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of January 31, 2018, is entered into by and among Ameris Bancorp,
a Georgia corporation (the “Company”), William J. Villari, an individual resident of the State of Georgia (“Villari”),
and The Villari Family Gift Trust (the “Trust” and, together with Villari, “Purchasers” and
each a “Purchaser”).

 

WHEREAS:

 

A.       In
connection with that certain Stock Purchase Agreement dated as of January 25, 2018, among the Company and Purchasers (collectively,
the “Stock Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the
Stock Purchase Agreement, to issue and sell to Purchasers an aggregate of 830,301 shares (the “Purchaser Shares”)
of the Company’s common stock, par value $1.00 per share (the “Common Stock”).

 

B.        Pursuant
to the Stock Purchase Agreement, 177,934 of the Purchaser Shares shall be issued to the Trust, and 652,367 of the Purchaser Shares
shall be issued to Villari.

 

C.       The
Company has agreed to provide certain registration rights with respect to the Purchaser Shares under the Securities Act of 1933,
as amended (the “Securities Act”), as set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and each Purchaser hereby agree as follows:

 

1. Definitions.

 

For purposes of this
Agreement, the following terms shall have the meanings specified:

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed.

 

“Filing Deadline”
means, with respect to the initial Registration Statement required to be filed pursuant to Section 2(a), forty-five (45) days following
the date of this Agreement; provided, however, that if the Filing Deadline falls on a day other than a Business Day,
then the Filing Deadline shall be extended to the next Business Day.

 

“Holder”
means any Person owning or having the right to acquire Registrable Securities, including initially each Purchaser and thereafter
any permitted assignee thereof.

 

“Other Shareholders”
shall mean Persons who, by virtue of agreements with the Company other than this Agreement, are entitled to include their securities
in certain registrations hereunder.

 

“Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof.

 

    	 	 	 

     

    

 

“Registrable
Securities” means the Purchaser Shares, and any shares of capital stock issued or issuable from time to time (with any
adjustments) in replacement of, in exchange for or otherwise in respect of the Purchaser Shares.

 

“Registration
Statement” means a registration statement or statements prepared in compliance with the Securities Act and pursuant to
Rule 415 under the Securities Act (“Rule 415”) or any successor rule providing for the offering of securities
on a continuous or delayed basis.

 

“Rule 144”
means Rule 144 as promulgated by the SEC under the Securities Act, as such rule may be amended from time to time, or any similar
successor rule that may be promulgated by the SEC.

 

“SEC”
means the Securities and Exchange Commission.

 

“SEC Guidance”
means: (i) any publicly available written or oral guidance, comments, requirements or requests of the staff of the SEC; and (ii)
the Securities Act.

 

2. Registration.

 

(a)              
Filing of Registration Statement. On or before the Filing Deadline, the Company shall prepare and file with the SEC
a Registration Statement on Form S-3 (or any successor form) as a “shelf” registration statement under Rule 415 covering
the resale of all of the Registrable Securities not already covered by an existing and effective Registration Statement.

 

(b)              
Alternative Registration Statement. Notwithstanding the foregoing Section 2(a), if on the date the Registration Statement
contemplated by Section 2(a) is filed with the SEC, the Company does not meet the eligibility requirements for filing a Registration
Statement on Form S-3, then in such case the Company shall instead prepare and file with the SEC a Registration Statement on Form
S-1 (or any successor form) covering the resale of the Registrable Securities as otherwise contemplated by Section 2(a).

 

(c)              
Effectiveness. The Company shall use its best efforts to cause the Registration Statement to become effective upon,
or as soon as practicable after, filing. The Company shall use its best efforts to: (i) respond promptly to any and all comments
made by the staff of the SEC with respect to the Registration Statement; and (ii) submit promptly to the SEC after the Company
learns that no review of the Registration Statement will be made by the staff of the SEC, or that the staff of the SEC has no further
comments on the Registration Statement, as the case may be, a request for acceleration of the effectiveness of such Registration
Statement to a time and date not later than two (2) Business Days after the submission of such request. The Company shall use commercially
reasonable efforts to maintain the effectiveness of each Registration Statement filed pursuant to this Agreement until the earliest
to occur of: (A) the date on which all of the Registrable Securities eligible for resale thereunder have been publicly sold pursuant
to either the Registration Statement or Rule 144; (B) the date on which all of the Registrable Securities remaining to be sold
under such Registration Statement (in the reasonable opinion of counsel to the Company) may be immediately sold to the public under
Rule 144 without volume limitations; and (C) the date that is twenty-four (24) months after the date hereof (the period beginning
on the date hereof and ending on the earliest to occur of (A), (B) or (C) above being referred to herein as the “Registration
Period”).

 

    	 	2	 

     

    

 

(d)              
Allocation of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement
and each increase in the number thereof included therein shall be allocated pro rata among the Holders based on the aggregate
number of Registrable Securities issuable to each Holder at the time the Registration Statement covering such initial number of
Registrable Securities or increase thereof becomes effective or is declared effective by the SEC. In the event that a Holder sells
or otherwise transfers any of such Holder’s Registrable Securities, each transferee shall be allocated such transferred Registrable
Securities included in such Registration Statement.

 

(e)              
Registration of Other Securities. The Company may include any securities held by Other Shareholders on any Registration
Statement filed by the Company on behalf of the Holders.

 

(f)               
Additional Registrations. Notwithstanding the registration obligations set forth in Section 2(a) and Section 2(b),
in the event the SEC informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule
415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly: (i) inform
each of the Holders thereof and use its commercially reasonable efforts to file amendments to the initial Registration Statement
as required by the SEC; or (ii) withdraw the Registration Statement and file a new registration statement, in either case covering
the maximum number of Registrable Securities permitted to be registered by the SEC, on Form S-3 or such other form available to
the Company to register for resale the Registrable Securities as a secondary offering; provided, however, that prior
to filing such amendment or new Registration Statement, the Company shall be obligated to use its commercially reasonable efforts
to advocate with the SEC for the registration of all of the Registrable Securities in accordance with the SEC Guidance. Notwithstanding
any other provision of this Agreement, if any SEC Guidance sets forth a limitation of the number of Registrable Securities or other
shares of Common Stock permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding
that the Company used commercial reasonable efforts to advocate with the SEC for the registration of all or a greater number of
Registrable Securities), the number of Registrable Securities or other shares of Common Stock to be registered on such Registration
Statement will be reduced on a pro rata basis (and the Company shall file a new registration statement to cover the remaining
Registrable Securities in a manner consistent with the other terms of this Agreement). If the Company amends the initial Registration
Statement or files a new Registration Statement, as the case may be, under clauses (i) or (ii) of this Section 2(f) or under the
immediately preceding sentence, then the Company will use its best efforts to file with the SEC, as promptly as allowed by SEC
or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements on Form
S-3 or such other form available to the Company to register for resale those Registrable Securities that were not registered for
resale on the initial Registration Statement, as amended, or the new Registration Statement.

 

    	 	3	 

     

    

 

3. Obligations
of the Company.

 

In the case of a Registration
Statement effected by the Company pursuant to Section 2, the Company will use its commercially reasonable efforts to:

 

(a)              
prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in
connection with such Registration Statement as may be necessary to comply with the provisions of the Securities Act or to maintain
the effectiveness of such Registration Statement during the Registration Period, or as may be reasonably requested by a Holder
in order to incorporate information concerning such Holder or such Holder’s intended method of distribution;

 

(b)              
so long as a Registration Statement is effective covering the resale of the applicable Registrable Securities owned by a
Holder, furnish to each Holder such number of copies of the prospectus included in such Registration Statement, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such other documents as such Holder may reasonably request;

 

(c)              
notify each Holder immediately after becoming aware of the occurrence of any event (but shall not, without the prior written
consent of such Holder, disclose to such Holder any facts or circumstances constituting material non-public information) as a result
of which the prospectus included in such Registration Statement, as then in effect, contains an untrue statement of material fact
or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing, and as promptly as practicable prepare and file with the SEC and furnish to each Holder a copy
of a supplement or an amendment to such prospectus as may be necessary so that such prospectus does not contain an untrue statement
of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing;

 

(d)              
prevent the issuance of any stop order or other order suspending the effectiveness of such Registration Statement; and,
if any such stop order is issued, notify each Holder promptly thereof and promptly use its commercially reasonable efforts to obtain
the release of the suspension of the effectiveness of such Registration Statement;

 

(e)              
notify each Holder promptly after the date that such Registration Statement, or any successor registration statement, becomes
effective of such effectiveness;

 

(f)               
permit each Holder to review each Registration Statement and all amendments and supplements thereto (and any prospectuses
related thereto) within a reasonable period of time prior to the filing thereof with the SEC; and

 

    	 	4	 

     

    

 

(g)               
promptly
cause all Registrable Securities of each Holder (x) to be listed on each securities exchange on which outstanding securities of
the Company of the same class or series as such Registrable Securities are then listed, and (y) to be issued in book-entry form,
without restrictive legends, upon such Holder’s presentation of each share certificate representing such Registrable Securities
to the Company’s transfer agent and registrar, so that the shares can be traded without restriction, including by the Company
causing the Company’s outside counsel to provide to the Company’s transfer agent and registrar (with a copy to such
Holder) such customary legal opinions as required by such transfer agent and registrar in connection with issuing such Registrable
Shares in book-entry form, which opinions shall be so provided within ten (10) days after such Holder’s delivery to such
outside counsel of a customary shareholder representation letter necessary for the delivery of such legal opinions (which letter,
in the case of each Purchaser, is substantially in the form of letter provided by Villari in connection with such Purchaser’s
previous acquisition of shares from the Company).

 

4. Obligations of Each Holder.

 

In connection with
the registration of Registrable Securities pursuant to a Registration Statement, each Holder shall:

 

(a)              
timely furnish to the Company: (i) a completed shareholder questionnaire in such form as shall be reasonably requested by
the Company; and (ii) such information in writing regarding itself and the intended method of disposition of such Registrable Securities
as the Company shall reasonably request in order to effect the registration thereof;

 

(b)              
upon receipt of any notice from the Company of the happening of any event of the kind described in Sections 3(c) or 3(d),
immediately discontinue any sale or other disposition of such Registrable Securities pursuant to such Registration Statement until
the filing of an amendment or supplement as described in Section 3(c), or withdrawal of the stop order referred to in Section 3(d),
and use commercially reasonable efforts to maintain the confidentiality of such notice and its contents;

 

(c)              
to the extent required by applicable law, deliver a prospectus to the purchaser of such Registrable Securities;

 

(d)              
notify the Company when it has sold all of the Registrable Securities held by it; and

 

(e)              
notify the Company in the event that any information supplied by such Holder in writing for inclusion in such Registration
Statement or related prospectus is untrue or omits to state a material fact required to be stated therein or necessary to make
such information not misleading in light of the circumstances then existing; immediately discontinue any sale or other disposition
of such Registrable Securities pursuant to such Registration Statement until the filing of an amendment or supplement to such prospectus
as may be necessary so that such prospectus does not contain an untrue statement of material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing;
and use commercially reasonable efforts to assist the Company as may be appropriate to make such amendment or supplement effective
for such purpose.

 

    	 	5	 

     

    

 

5. Indemnification.

 

In the event that any
Registrable Securities are included in a Registration Statement under this Agreement:

 

(a)              
To the extent permitted by law, the Company shall indemnify and hold harmless each Holder, the officers, directors, employees,
agents and representatives of such Holder, and each Person, if any, who controls such Holder within the meaning of the Securities
Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), against any losses, claims, damages,
liabilities or reasonable out-of-pocket expenses (whether joint or several) (collectively, including reasonable legal expenses
or other expenses reasonably incurred in connection with investigating or defending same, “Losses”), insofar
as any such Losses (or any actions in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue
statement of a material fact contained in such Registration Statement under which such Registrable Securities were registered,
including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; or (ii) the
omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. Subject to the provisions of Section 5(c), the
Company will reimburse such Holder, and each such officer, director, employee, agent, representative or controlling Person, for
any reasonable legal expenses or other out-of-pocket expenses as reasonably incurred by any such Person in connection with investigating
or defending any Loss; provided, however, that the foregoing indemnity shall not apply to amounts paid in
settlement of any Loss if such settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld), nor shall the Company be obligated to indemnify any Person for any Loss to the extent that such Loss arises out of or
is based upon (A) any untrue statement or alleged untrue statement of a material fact or any omission or alleged omission to state
a material fact required to be stated therein or necessary to make statements therein not misleading that was made in reliance
upon and in conformity with written information furnished by such Person expressly for use in such Registration Statement or (B)
a failure of such Person to deliver or cause to be delivered the final prospectus contained in the Registration Statement and made
available by the Company, if such delivery is required by applicable law.

 

(b)              
To the extent permitted by law, each Holder who is named in such Registration Statement as a selling shareholder, acting
severally and not jointly, shall indemnify and hold harmless the Company, the officers, directors, employees, agents and representatives
of the Company, and each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act,
against any Losses to the extent that any such Losses arise out of or are based upon: (i) any untrue statement or alleged untrue
statement of a material fact or any omission or alleged omission to state a material fact required to be stated therein or necessary
to make statements therein not misleading that was made in reliance upon and in conformity with written information furnished by
such Person expressly for use in such Registration Statement; or (ii) a failure of such Holder to deliver or cause to be delivered
the final prospectus contained in the Registration Statement and made available by the Company, if such delivery is required under
applicable law. Subject to the provisions of Section 5(c), such Holder will reimburse the Company and any such officer, director,
employee, agent, representative, or controlling Person for any reasonable legal expenses or other out-of-pocket expenses as reasonably
incurred by any such Person, in connection with investigating or defending any such Loss; provided, however,
that the foregoing indemnity shall not apply to amounts paid in settlement of any such Loss if such settlement is effected without
the consent of such Holder (which consent shall not be unreasonably withheld).

 

    	 	6	 

     

    

 

(c)              
Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party
under this Section 5, promptly deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in and to assume the defense thereof with counsel selected by the indemnifying party
and reasonably acceptable to the indemnified party. With regard to such an action which the indemnifying party elects to defend
or compromise, the indemnified party may retain separate co-counsel at its sole cost and expense (except that the indemnifying
party will be responsible for the reasonable fees and expenses of the separate co-counsel in the event that the counsel selected
by the indemnifying party cannot independently represent both the indemnified party and the indemnifying party due to a conflict
of interest or is not, in the indemnified party’s reasonable determination, adequately representing the indemnified party).
If the indemnifying party fails to provide notice that the indemnifying party is assuming the defense of the action, the indemnified
party (at the indemnifying party’s expense) may defend against, or enter into any compromise with respect to, the matter
in any manner it reasonably may deem appropriate. The party controlling the defense of any action shall deliver, or cause to be
delivered, to the other party or parties copies of all correspondence, pleadings, motions, briefs, appeals or other written statements
relating to or submitted in connection with the defense of such action and timely notices of and the right to participate (as an
observer) in any proceeding relating to such action. The failure to deliver written notice to the indemnifying party within a reasonable
time of the delivery of notice of any such action, to the extent materially prejudicial to its ability to defend such action, shall
relieve such indemnifying party of any liability to the indemnified party under this Section 5 with respect to such action, but
the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Section 5 or with respect to any other action unless the indemnifying party is materially
prejudiced with respect to such other action as a result of not receiving such notice.

 

(d)              
In the event that the indemnity provided in Sections 5(a) or 5(b) is unavailable or insufficient to hold harmless an indemnified
party for any reason, the Company and each Holder agree, severally and not jointly, to contribute to the aggregate Losses to which
the Company or such Holder may be subject in such proportion as is appropriate to reflect the relative fault of the Company and
such Holder in connection with the statements or omissions which resulted in such Losses. Relative fault shall be determined by
reference to whether any alleged untrue statement or omission relates to information provided by the Company or by such Holder.
The Company and each Holder agree that it would not be just and equitable if contribution were determined by pro rata allocation
or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding
the provisions of this Section 5(d), no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. For purposes
of this Section 5, each Person who controls a Holder within the meaning of either the Securities Act or the Exchange Act and each
officer, director, employee, agent or representative of such Holder shall have the same rights to contribution as such Holder,
and each Person who controls the Company within the meaning of either the Securities Act or the Exchange Act and each officer,
director, employee, agent or representative of the Company shall have the same rights to contribution as the Company, subject in
each case to the applicable terms and conditions of this Section 5(d).

 

    	 	7	 

     

    

 

(e)              
The obligations of the Company and each Holder under this Section 5 shall survive the completion of any offering or
sale of Registrable Securities pursuant to a Registration Statement under this Agreement, or otherwise.

 

6. Reports.

 

With a view to making
available to each Holder the benefits of Rule 144 and any other similar rule or regulation of the SEC that may at any time permit
such Holder to sell securities of the Company to the public without registration, the Company agrees to use its commercially reasonable
efforts to:

 

(a)              
make and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)              
file with the SEC in a timely manner all reports and other documents required of the Company under the Exchange Act; and

 

(c)              
furnish to such Holder, so long as such Holder owns any Registrable Securities, promptly upon written request (i) a written
statement by the Company, if true, that it has complied with the reporting requirements of Rule 144 and the Exchange Act; (ii)
to the extent not publicly available through the SEC’s EDGAR database, a copy of the most recent annual or quarterly report
of the Company and such other reports and documents so filed by the Company with the SEC; and (iii) such other information as may
be reasonably requested by such Holder in connection with such Holder’s compliance with any rule or regulation of the SEC
which permits the selling of any such securities without registration.

 

7. Miscellaneous.

 

(a)              
Expenses of Registration. All reasonable expenses, other than underwriting discounts and commissions and fees and
expenses of counsel and other advisors to each Holder, incurred in connection with the registrations, filings or qualifications
described herein, including (without limitation) all registration, filing and qualification fees, printers’ and accounting
fees and the fees and disbursements of counsel for the Company shall be borne by the Company.

 

(b)              
Amendment; Waiver. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended
or waived except pursuant to a written instrument executed by the Company and the Holders of at least a majority of the Registrable
Securities then outstanding. Any amendment or waiver effected in accordance with this Section shall be binding upon each Holder,
each future Holder and the Company. The failure of any party to exercise any right or remedy under this Agreement or otherwise,
or the delay by any party in exercising such right or remedy, shall not operate as a waiver thereof.

 

    	 	8	 

     

    

 

(c)              
Notices. All notices, requests, demands, claims and other communications hereunder shall be in writing. Any notice,
request, demand, claim or other communication hereunder shall be deemed duly given: (i) when delivered personally to the recipient;
(ii) one (1) Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid); (iii) when
sent to the recipient by confirmed facsimile or email transmission; or (iv) five (5) Business Days after being mailed to the recipient
by certified or registered mail, return receipt requested and postage prepaid, and in each case addressed to the appropriate address
indicated below (or provided by such Holder pursuant to Section 7(d)), or such other address as may be given in a notice sent by
a party to any other party in accordance with this Section 7(c).

 

In the case of the Company:

 

Ameris Bancorp

1301 Riverplace Boulevard

Suite 2600

Jacksonville, Florida 32207

Attn: Dennis J. Zember Jr.

Facsimile: (229) 890-2235

Email: dennis.zember@amerisbank.com

 

In the case of Villari or the
Trust:

 

Mr. William J. Villari

2065 East Lake Road

Atlanta, Georgia 30307

Email: wvillari@gmail.com

 

(d)              
Assignment. Upon the transfer of any Registrable Securities by a Holder, the rights of such Holder hereunder with
respect to such securities so transferred shall be assigned automatically to the transferee thereof, and such transferee shall
thereupon be deemed to be a “Holder” for purposes of this Agreement, provided that: (i) the Company is, within
a reasonable period of time following such transfer, furnished with written notice of the name and address of such transferee;
(ii) the transferee agrees in writing with the Company to be bound by all of the provisions hereof; and (iii) such transfer is
made in accordance with the applicable requirements of all applicable state and federal securities laws.

 

(e)              
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, and all
of which together shall be deemed one and the same instrument. This Agreement, once executed by a party, may be delivered to any
other party hereto by facsimile or other electronic transmission.

 

(f)               
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia
applicable to contracts made and to be performed entirely within the State of Georgia.

 

(g)              
Holder of Record. A Person is deemed to be a Holder whenever such Person owns or is deemed to own of record such
Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect
to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the
record owner of such Registrable Securities.

 

    	 	9	 

     

    

 

(h)              
Entire Agreement. This Agreement and the Stock Purchase Agreement constitute the entire agreement among the parties
hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein and therein. This Agreement and the Stock Purchase Agreement supersede all prior
agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof.

 

(i)                
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

 

(j)                
Successors, Assigns and Transferees. No right, duty or obligation hereunder may be assigned, transferred, delegated
or sublicensed by any party hereto without the prior written consent of the other parties, except as otherwise provided in Section
7(d). The provisions of this Agreement shall inure to the benefit of the heirs, executors and administrators of the Holders. Any
transfer or assignment made other than as provided in the first sentence of this Section 7(j) shall be null and void.

 

(k)       Equitable
Remedies. Each party hereto acknowledges that the other parties hereto would be irreparably damaged in the event of a breach
or threatened breach by such party of any of its obligations under this Agreement and hereby agrees that in the event of a breach
or a threatened breach by such party of any such obligations, each other party hereto shall, in addition to any and all other rights
and remedies that may be available to them in respect of such breach, be entitled to an injunction from a court of competent jurisdiction
(without any requirement to post bond) granting such parties specific performance by such party of its obligations under this Agreement.
In any action or arbitration proceeding brought by any party hereto to enforce the rights and obligations of the parties set forth
in this Agreement, the prevailing party shall be awarded its reasonable costs in bringing, prosecuting or defending such action
or proceeding (including reasonable attorneys’ fees) in addition to any award granted by the court or arbitrator.

 

(l)       Arbitration.
Notwithstanding any reference in this Agreement to an arbitrator or arbitration proceeding, no party hereto shall be deemed to
have agreed to enter into or participate or be bound by any arbitration unless such party separately and specifically so agrees
in writing.

 

[Signature page follows.]

  

    	 	10	 

     

    

 

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

 

	 	“Company”
	 	 	 
	 	AMERIS BANCORP, a Georgia corporation
	 	 	 
	 	By:	/s/ Dennis J. Zember Jr.
	 	Name:  	Dennis J. Zember Jr.
	 	Title:	EVP & COO
	 	 	 
	 	 	 
	 	“Purchasers”
	 	 	 
	 	WILLIAM J. VILLARI, an individual resident of the State of Georgia
	 	 	 
	 	Sign:	/s/ William J. Villari
	 	 	 
	 	 	 
	 	THE VILLARI FAMILY GIFT TRUST, a trust organized under the laws of the State of Georgia
	 	 	 
	 	By:	/s/ William J. Villari
	 	Name:  	William J. Villari
	 	Title:  	Member

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