Document:

Exhibit 10.3

 

Execution Version

 

SUBSCRIPTION AGREEMENT

 

FinServ Acquisition Corp.

 

Ladies and Gentlemen:

 

This Subscription Agreement
(this “Subscription Agreement”) is being entered into as of the date set forth on the signature page hereto,
by and between FinServ Acquisition Corp., a Delaware corporation (“FinServ”), and the undersigned subscriber
(the “Investor”), in connection with the Agreement and Plan of Merger, dated as of the date hereof (as may be
amended, supplemented or otherwise modified from time to time, the “Transaction Agreement”), by and among FinServ,
Katapult Holdings, Inc., a Delaware corporation (the “Company”), Keys Merger Sub 1, Inc., a Delaware corporation
(“Merger Sub 1”), Keys Merger Sub 2, LLC, a Delaware limited liability company (“Merger Sub 2”)
and the other parties signatory thereto, pursuant to which, among other things, Merger Sub 1 will merge with and into the Company,
with the Company as the surviving company in the merger and, after giving effect to such merger, becoming a subsidiary of FinServ,
which will then merge with and into Merger Sub 2, with Merger Sub 2 as the surviving company in the merger and remaining a subsidiary
of FinServ, on the terms and subject to the conditions therein (such mergers, the “Transaction”).  In
connection with the Transaction, FinServ is seeking commitments from interested investors to purchase, prior to the closing of
the Transaction, shares of FinServ’s Class A common stock, par value $0.0001 per share (the “Shares”),
in a private placement for a purchase price of $10.00 per share (the “Per Share Purchase Price”). On or about
the date of this Subscription Agreement, FinServ is entering into subscription agreements (the “Other Subscription Agreements”
and together with the Subscription Agreement, the “Subscription Agreements”) with certain other investors (the
“Other Investors” and together with the Investor, the “Investors”), severally and not jointly,
pursuant to which the Investors, severally and not jointly, have agreed to purchase on the closing date of the Transaction, inclusive
of the Shares subscribed for by the Investor, an aggregate amount of up to 15,000,000 Shares, at the Per Share Purchase Price.
The aggregate purchase price to be paid by the Investor for the subscribed Shares (as set forth on the signature page hereto) is
referred to herein as the “Subscription Amount.”

 

In connection therewith,
and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, each of the Investor and FinServ acknowledges and agrees as follows:

 

1. Subscription.
The Investor hereby irrevocably subscribes for and agrees to purchase from FinServ the number of Shares set forth on the signature
page of this Subscription Agreement on the terms and subject to the conditions provided for herein. The Investor acknowledges
and agrees that the Investor’s subscription for the Shares hall be deemed to be accepted by FinServ only when this Subscription
Agreement is signed by a duly authorized person by or on behalf of FinServ; FinServ may do so in counterpart form.

 

2. Closing.
The closing of the sale of the Shares contemplated hereby (the “Closing”)
is contingent upon the substantially concurrent consummation of the Transaction. The Closing shall occur on the date of, and substantially
concurrently with and conditioned upon the effectiveness of, the Transaction. Upon (a) satisfaction or waiver of the conditions
set forth in Section 3 below and (b) delivery of written notice from (or on behalf
of) FinServ to the Investor (the “Closing Notice”),
that FinServ reasonably expects all conditions to the closing of the Transaction to be satisfied or waived on a date that is not
less than five (5) business days from the date on which the Closing Notice is delivered to the Investor, the Investor shall deliver
to FinServ, one (1) business day prior to the closing date specified in the Closing Notice (the “Closing
Date”), the Subscription Amount by wire transfer of United States dollars
in immediately available funds to the account(s) specified by FinServ in the Closing Notice. On the Closing Date, FinServ shall
issue a number of Shares to the Investor set forth on the signature page to this Subscription Agreement and subsequently cause
such Shares to be registered in book entry form, free and clear of any liens or other restrictions (other than those arising under
this Subscription Agreement or applicable securities laws), in the name of the Investor on FinServ’s share register; provided,
however, that FinServ’s obligation to issue the Shares to the Investor
is contingent upon FinServ having received the Subscription Amount in full accordance with this Section 2.
As promptly as practicable after the Closing, FinServ shall deliver to the Investor evidence from its transfer agent of the issuance
to Investor of the Shares on and as of the Closing Date. In the event that the consummation of the Transaction does not occur
within two (2) business days after the anticipated Closing Date specified in the Closing Notice, FinServ shall promptly (but in
no event later than three (3) business days after the anticipated Closing Date specified in the Closing Notice) return the funds
so delivered by the Investor to FinServ by wire transfer in immediately available funds to the account specified by the Investor.
For purposes of this Subscription Agreement, “business day” shall mean a day, other than a Saturday or Sunday, on
which commercial banks in New York, New York and Boston, Massachusetts are open for the general transaction of business.

 

     

     

    

 

3. Closing Conditions.

 

a. The obligation of
the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is subject to the
following conditions:

 

(i) no applicable
governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or regulation
(whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions
contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby and no
such governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint or
prohibition; and

 

(ii) (A) all
conditions precedent to the closing of the Transaction under the Transaction Agreement shall have been satisfied (as determined
by the parties to the Transaction Agreement and other than those conditions under the Transaction Agreement which, by their nature,
are to be satisfied at the closing of the Transaction, including to the extent that any such condition is dependent upon the consummation
of the purchase and sale of the Shares pursuant to this Subscription Agreement) or waived and (B) the closing of the Transaction
shall be scheduled to occur concurrently with or on the same date as the Closing.

 

b. The obligation
of FinServ to consummate the issuance and sale of the Shares pursuant to this Subscription Agreement shall be subject to the
condition that all representations and warranties of the Investor contained in this Subscription Agreement are true and
correct in all material respects (other than representations and warranties that are qualified as to materiality, which
representations and warranties shall be true in all respects) at and as of the Closing Date (unless they specifically speak
as of an earlier date, in which case they shall be true and correct in all material respects (other than representations and
warranties that are qualified as to materiality, which representations and warranties shall be true in all respects) as of
such date), and consummation of the Closing shall constitute a reaffirmation by the Investor of each of the representations
and warranties of the Investor contained in this Subscription Agreement as of the Closing Date, or as of such earlier date,
as applicable.

 

c. In addition to the
conditions set forth in Section 3.a, the obligation of the Investor to consummate the purchase of the Shares pursuant to
this Subscription Agreement shall be subject to the following conditions: that

 

(i) all representations
and warranties of FinServ contained in this Subscription Agreement shall be true and correct in all material respects (other than
representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), which representations
and warranties shall be true in all respects) at and as of the Closing Date, and consummation of the Closing shall constitute a
reaffirmation by FinServ of each of the representations and warranties of FinServ contained in this Subscription Agreement as of
the Closing Date;

 

(ii) FinServ
shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by
the Subscription Agreement to have been performed, satisfied or complied with by it at or prior to Closing, except where the failure
of such performance or compliance would not or would not reasonably be expected to prevent, materially delay, or materially impair
the ability of FinServ to consummate the Closing; and

 

(iii) no suspension
of the qualification of the Shares for offering or sale or trading in any jurisdiction, or initiation or threatening of any proceedings
for any of such purposes, shall have occurred that would reasonably be expected to prevent, materially delay, or materially impair
the ability of FinServ to consummate the Closing.

 

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4. Further Assurances.
At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the
parties reasonably may deem to be practical and necessary in order to consummate the subscription as contemplated by this Subscription
Agreement.

 

5. FinServ’s
Representations and Warranties. FinServ represents and warrants to the Investor that:

 

a. FinServ is a corporation
duly incorporated, validly existing and in good standing under the laws of the State of Delaware. FinServ has all power (corporate
or otherwise) and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter
into, deliver and perform its obligations under this Subscription Agreement.

 

b. As of the Closing
Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor in accordance
with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have
been issued in violation of or subject to any preemptive or similar rights created under FinServ’s certificate of incorporation
(as amended to the Closing Date) or under the General Corporation Law of the State of Delaware.

 

c. This Subscription
Agreement has been duly authorized, executed and delivered by FinServ and, assuming that this Subscription Agreement constitutes
the valid and binding agreement of the Investor, this Subscription Agreement is enforceable against FinServ in accordance with
its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered
at law or equity.

 

d. The execution and
delivery of, and the performance of the transactions contemplated by this Subscription Agreement, including the issuance and sale
of the Shares and the compliance by FinServ with all of the provisions of this Subscription Agreement and the consummation of the
transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of,
or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property
or assets of FinServ or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement,
lease, license or other agreement or instrument to which FinServ or any of its subsidiaries is a party or by which FinServ or any
of its subsidiaries is bound or to which any of the property or assets of FinServ is subject that would reasonably be expected
to have a material adverse effect on the business, financial condition or results of operations of FinServ and its subsidiaries,
taken as a whole or materially affect the validity of the Shares or the legal authority of FinServ to comply in all material respects
with the terms of this Subscription Agreement (a “Material Adverse Effect”);
(ii) result in any violation of the provisions of the organizational documents of FinServ; or (iii) result in any violation of
any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having
jurisdiction over FinServ or any of their properties that would reasonably be expected to have a Material Adverse Effect or materially
affect the validity of the Shares or the legal authority of FinServ to comply in all material respects with this Subscription Agreement.

 

e. As of their respective
dates, all reports (the “SEC Reports”) required to be filed by FinServ with the U.S. Securities and Exchange
Commission (the “SEC”) complied in all material respects with the applicable requirements of the Securities
Act of 1933, as amended, (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements
of FinServ included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and
regulations of the SEC with respect thereto as in effect at the time of filing and fairly present in all material respects the
financial position of FinServ as of and for the dates thereof and the results of operations and cash flows for the periods then
ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. A copy of each SEC Report is available
to the Investor via the SEC’s EDGAR system. There are no outstanding or unresolved comments in comment letters received by
FinServ from the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Reports.

 

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f. FinServ is not required
to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court
or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with
the execution, delivery and performance by FinServ of this Subscription Agreement (including, without limitation, the issuance
of the Shares), other than (i) filings with the SEC, (ii) filings required by applicable state securities laws, (iii) filings required
in accordance with Section 12 of this Subscription Agreement, (iv) filings required by the Nasdaq Stock Market LLC (“Nasdaq”),
including with respect to obtaining approval of FinServ’s shareholders, and (v) filings that the failure of which to obtain
would not be reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

g. Except for such matters
as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, as of
the date hereof, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority
pending, or, to the knowledge of FinServ, threatened against FinServ or (ii) judgment, decree, injunction, ruling or order of any
governmental entity or arbitrator outstanding against FinServ.

 

h.  As of the date
of this Subscription Agreement, the authorized capital stock of FinServ consists of (i) 100,000,000 shares of Class A
common stock, (ii) 10,000,000 shares of Class B common stock and (iii) 1,000,000 shares of preferred stock, each with a par
value of $0.0001 per share. As of the date of this Subscription Agreement the issued and outstanding share capitalization of FinServ
is and, assuming that no holders of shares of Class A common stock have validly elected to redeem their shares in connection with
the closing of the Transaction, immediately prior to the closing of the Transaction and the issuance of shares of Class A common
stock pursuant to this Subscription Agreement and the Other Subscription Agreements, the issued and outstanding share capitalization
of FinServ will be (A) 25,665,000 share of Class A common stock, (B) 6,250,000 shares of Class B common stock, (C) 12,832,500
warrants to purchase shares of Class A common stock of FinServ, and (D) no shares of preferred stock. All (1) issued
and outstanding shares of Class A common stock and Class B common stock of FinServ have been duly authorized and validly
issued, are fully paid and are non-assessable and (2) outstanding warrants have been duly authorized and validly
issued. Except as set forth above and pursuant to the Other Subscription Agreements, the Transaction Agreement and the other agreements
and arrangements referred to therein or in the SEC Reports, as of the date hereof, there are no outstanding options, warrants or
other rights to subscribe for, purchase or acquire from FinServ any shares of Class A common stock, Class B common stock
or other equity interests in FinServ, or securities convertible into or exchangeable or exercisable for such equity interests.
As of the date hereof, FinServ has no subsidiaries, other than Merger Sub 1 and Merger Sub 2, and does not own, directly or indirectly,
interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are no shareholder
agreements, voting trusts or other agreements or understandings to which FinServ is a party or by which it is bound relating to
the voting of any securities of FinServ, other than (1) as set forth in the SEC Reports and (2) as contemplated by the
Merger Agreement.

 

i. As of the date hereof,
the issued and outstanding Shares of FinServ are registered pursuant to Section 12(b) of the Exchange Act, and are listed for trading
on the Nasdaq under the symbol “FSRV” (it being understood that the trading symbol will be changed in connection with
the Transaction). Except as disclosed in the SEC Reports, as of the date hereof, there is no suit, action, proceeding or investigation
pending or, to the knowledge of FinServ, threatened against FinServ by Nasdaq or the SEC, respectively, to prohibit or terminate
the listing of FinServ’s Shares on Nasdaq or to deregister the Shares under the Exchange Act. FinServ has taken no action
that is designed to terminate the registration of the Shares under the Exchange Act.

 

j. Assuming the accuracy
of the Investor’s representations and warranties set forth in Section 6, no registration under the Securities Act
is required for the offer and sale of the Shares hereunder. The Shares (i) were not offered by any form of general solicitation
or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation
of, the Securities Act or any state securities laws.

 

k. Other than the Other
Subscription Agreements, the Transaction Agreement and any other agreement contemplated by the Transaction Agreement, FinServ has
not entered into any side letter or similar agreement with any Other Investor or any other investor in connection with such Other
Investor’s or investor’s direct or indirect investment in FinServ (other than any side letter or similar agreement
relating to the transfer to any investor of (i) securities of FinServ by existing securityholders of FinServ, which may be effectuated
as a forfeiture to FinServ and reissuance, or (ii) securities to be issued to the direct or indirect securityholders of the FinServ
pursuant to the Transaction Agreement). No Other Subscription Agreement includes terms and conditions that are materially more
advantageous to any such Other Investor than the Investor hereunder, and such Other Subscription Agreements have not been amended
or modified in any material respect following the date of this Subscription Agreement.

 

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l. Other than placement
fees payable to the Placement Agents (defined below), FinServ has not entered into any agreement or arrangement entitling any agent,
broker, investment banker, financial advisor or other person to any broker’s or finder’s fee or any other commission
or similar fee in connection with the transactions contemplated by this Subscription Agreement for which the undersigned could
become liable. Other than the Placement Agent (as defined below), FinServ is not aware of any person that has been or will be paid
(directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Shares.

 

m. FinServ acknowledges
and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by Investor in connection with a bona
fide margin agreement, provided such pledge shall be (i) pursuant to an available exemption from the registration requirements
of the Securities Act or (ii) pursuant to, and in accordance with, a registration statement that is effective under the Securities
Act at the time of such pledge, and the Investor effecting a pledge of Shares shall not be required to provide FinServ with any
notice thereof; provided, however, that neither FinServ, the Company or their respective counsels shall be required to take any
action (or refrain from taking any action) in connection with any such pledge, other than providing any such lender of such margin
agreement with an acknowledgment that the Shares are not subject to any contractual prohibition on pledging or lock up, the form
of such acknowledgment to be subject to review and comment by FinServ in all respects.

 

n. FinServ is not in
default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or
violation) of any term, condition or provision of (i) the organizational documents of FinServ, (ii) any loan or credit agreement,
note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which FinServ is now a party or by which
FinServ’s properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any court or
governmental agency or body, domestic or foreign, having jurisdiction over FinServ or any of its properties, except, in the case
of clauses (ii) and (iii), for defaults or violations that have not had and would not be reasonably expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

o. FinServ is not, and
immediately after receipt of payment for the Shares, will not be, an “investment company” within the meaning of the
Investment Company Act of 1940, as amended.

 

6. Investor Representations
and Warranties. The Investor represents and warrants to FinServ that:

 

a. The Investor (i) is
a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional “accredited
investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the applicable requirements
set forth on Schedule A, (ii) is acquiring the Shares only for his, her or its own account and not for the account of others,
or if the Investor is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, the Investor has full
investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations
and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Shares with a view to, or for
offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested
information set forth on Schedule A). The Investor is not an entity formed for the specific purpose of acquiring the Shares.

 

b. The Investor acknowledges
and agrees that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities
Act and that the Shares have not been registered under the Securities Act. The Investor acknowledges and agrees that the Shares
may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an effective registration statement
under the Securities Act except (i) to FinServ or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that
occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable
exemption from the registration requirements of the Securities Act, and in each of clauses (i) and (iii) in accordance with any
applicable securities laws of the states and other jurisdictions of the United States, and that any certificates representing the
Shares shall contain a restrictive legend to such effect. The Investor acknowledges and agrees that the Shares will be subject
to transfer restrictions and, as a result of these transfer restrictions, the Investor may not be able to readily offer, resell,
transfer, pledge or otherwise dispose of the Shares and may be required to bear the financial risk of an investment in the Shares
for an indefinite period of time. The Investor acknowledges and agrees that the Shares will not be eligible for offer, resale,
transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act until at least one year from the Closing
Date. The Investor acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale,
transfer, pledge or disposition of any of the Shares.

 

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c. The Investor acknowledges
and agrees that the Investor is purchasing the Shares from FinServ. The Investor further acknowledges that there have been no representations,
warranties, covenants and agreements made to the Investor by or on behalf of FinServ, the Company, any of their respective affiliates
or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing or any other
person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements of FinServ
expressly set forth in Section 5 of this Subscription Agreement.

 

d. The Investor’s
acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of
the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986, as amended,
or any applicable similar law.

 

e. The Investor acknowledges
and agrees that the Investor has received such information as the Investor deems necessary in order to make an investment decision
with respect to the Shares, including, with respect to FinServ, the Transaction and the business of the Company and its subsidiaries.
Without limiting the generality of the foregoing, the Investor acknowledges that he, she or it has reviewed the SEC Reports. The
Investor acknowledges and agrees that the Investor and the Investor’s professional advisor(s), if any, have had the full
opportunity to ask such questions, receive such answers and obtain such information as the Investor and such Investor’s professional
advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares.

 

f. The Investor became
aware of this offering of the Shares solely by means of direct contact between the Investor and FinServ, the Company or a representative
of FinServ or the Company, and the Shares were offered to the Investor solely by direct contact between the Investor and FinServ,
the Company or a representative of FinServ or the Company. The Investor did not become aware of this offering of the Shares, nor
were the Shares offered to the Investor, by any other means. The Investor acknowledges that the Shares (i) were not offered by
any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act, or any state securities laws. The Investor acknowledges that it
is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation
(including, without limitation, FinServ, the Company, the Placement Agents, any of their respective affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the representations and
warranties of FinServ contained in Section 5 of this Subscription Agreement, in making its investment or decision to invest
in FinServ.

 

g. The Investor acknowledges
that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including those set forth
in FinServ’s filings with the SEC. The Investor has such knowledge and experience in financial and business matters as to
be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought such accounting, legal
and tax advice as the Investor has considered necessary to make an informed investment decision.

 

h. Alone, or together
with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an investment in the Shares
and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this time and in the
foreseeable future to bear the economic risk of a total loss of the Investor’s investment in FinServ. The Investor acknowledges
specifically that a possibility of total loss exists.

 

i. In making its decision
to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor. Without limiting the
generality of the foregoing, the Investor has not relied on any statements or other information provided by or on behalf of any
Placement Agent or any of its affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing concerning FinServ, the Company, the Transaction, the Transaction Agreement, this Subscription Agreement
or the transactions contemplated hereby or thereby, the Shares or the offer and sale of the Shares.

 

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j. The Investor acknowledges
and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares or made any findings
or determination as to the fairness of this investment.

 

k. The Investor, if not
an individual, has been duly formed or incorporated and is validly existing and is in good standing under the laws of its jurisdiction
of formation or incorporation, with power and authority to enter into, deliver and perform its obligations under this Subscription
Agreement.

 

l. The execution, delivery
and performance by the Investor of this Subscription Agreement are within the powers of the Investor, have been duly authorized
and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation of any court or
other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the Investor is a party
or by which the Investor is bound, and, if the Investor is not an individual, will not violate any provisions of the Investor’s
organizational documents, including, without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership
or operating agreement, as may be applicable. The signature of the Investor on this Subscription Agreement is genuine, and the
signatory, if the Investor is an individual, has legal competence and capacity to execute the same or, if the Investor is not an
individual, the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes a legal, valid
and binding obligation of the Investor, enforceable against the Investor in accordance with its terms except as may be limited
or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to
or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

m. The Investor is not
(i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”) or in
any Executive Order issued by the President of the United States and administered by OFAC (“OFAC
List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a person or entity listed on the
Sectoral Sanctions Identifications List maintained by OFAC or otherwise determined by OFAC to be subject to one or more of the
Directives issued under Executive Order 13662 of March 20, 2014, or on any other of the OFAC Lists, (iii) an entity owned, directly
or indirectly, individually or in the aggregate, 50 percent or more by one or more persons described in subsections (i) or (ii),
(iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (v) a non-U.S. shell bank
or providing banking services indirectly to a non-U.S. shell bank. The Investor agrees to provide law enforcement agencies, if
requested thereby, such records as required by applicable law, provided that the Investor is permitted to do so under applicable
law. If the Investor is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”),
as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and
its implementing regulations (collectively, the “BSA/PATRIOT Act”),
the Investor maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT
Act. To the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against
the OFAC sanctions programs, including the OFAC List. To the extent required by applicable law, the Investor maintains policies
and procedures reasonably designed to ensure that the funds held by the Investor and used to purchase the Shares were legally derived.

 

n. No disclosure or offering
document has been provided to the Investor by Barclays Capital Inc., PJT Partners LP or any of their respective affiliates (each
a “Placement Agent” and collectively, the “Placement Agents”)
in connection with the offer and sale of the Shares.

 

o. The Investor acknowledges
that none of the Placement Agents, nor any of their respective affiliates nor any control persons, officers, directors, employees,
partners, agents or representatives of any of the foregoing have made any independent investigation with respect to FinServ, the
Company or its subsidiaries or any of their respective businesses, or the Shares or the accuracy, completeness or adequacy of any
information supplied to the Investor by FinServ.

 

p. In connection with
the issue and purchase of the Shares, none of the Placement Agents has acted as the Investor’s financial advisor or fiduciary.
Moreover, the Investor acknowledges that PJT Partners LP is acting both as a Placement Agent to FinServ and as the advisor to the
Company.

 

    7

     

    

 

q. The
Investor has or has commitments to have and, when required to deliver payment to FinServ pursuant to Section 2 above, will
have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this Subscription
Agreement.

 

r. The Investor acknowledges
that the purchase and sale of Shares hereunder meets the exemptions from filing under FINRA Rule 5123(b)(1).

 

s. The Investor acknowledges
that a Placement Agent may have acquired, or during the term of the Shares may acquire, non-public information with respect to
FinServ, which the Investor agrees need not be provided to it.

 

7. Registration
Rights.

 

a. In the event that
the Shares are not registered in connection with the consummation of the Transaction, FinServ agrees that, within twenty (20) business
days after the consummation of the Transaction, it will file with the SEC (at its sole cost and expense) a registration statement
registering the resale of the Shares (the “Registration Statement”),
and it shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable
after the filing thereof, but no later than the earlier of (i) the 60th calendar day following the filing date (or the 90th calendar
day if the SEC notifies FinServ (orally or in writing) that it will “review” the Registration Statement) and (ii) the
10th business day after the date FinServ is notified (orally or in writing) by the SEC that the Registration Statement will not
be “reviewed” or will not be subject to further review. FinServ agrees to cause such Registration Statement, or another
shelf registration statement that includes the Shares to be sold pursuant to this Subscription Agreement, to remain effective until
the earliest of (i) the fourth anniversary of the Closing, (ii) the date on which the Investor ceases to hold any Shares issued
pursuant to this Subscription Agreement, or (iii) on the first date on which the Investor is able to sell all of its Shares issued
pursuant to this Subscription Agreement (or shares received in exchange therefor) under Rule 144 of the Securities Act within 90
days without limitation as to the amount of such securities that may be sold and without the requirement for FinServ to be in compliance
with the current public information requirement under Rule 144 (the earliest of (i)–(iii) being the “Expiration”).
The Investor agrees to disclose its ownership to FinServ upon request to assist it in making the determination described above.
The Investor acknowledges and agrees that FinServ may suspend the use of any such registration statement if it determines that
in order for such registration statement not to contain a material misstatement or omission, an amendment thereto would be needed
to include information that would at that time not otherwise be required in a current, quarterly, or annual report under the Exchange
Act; provided, however, that FinServ shall not be permitted to suspend the use of such registration statement for (i) more than
a total of 120 days (which need not be consecutive) in any 12-month period; or (ii) more than 60 consecutive days at any time;
or (iii) in a manner imposing greater suspension limitations on the Investor than those imposed on or with respect to any Other
Investors. If the SEC prevents FinServ from including any or all of the Shares proposed to be registered for resale under the Registration
Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the applicable shareholders
or otherwise, (i) such Registration Statement shall register for resale such number of Shares which is equal to the maximum number
of Shares as is permitted by the SEC and (ii) the number of Shares to be registered for each selling shareholder named in the Registration
Statement shall be reduced pro rata among all such selling shareholders. FinServ will provide a draft of the Registration Statement
to the Investor for review at least two (2) business days in advance of filing the Registration Statement. In no event shall the
Investor be identified as a statutory underwriter in the Registration Statement unless requested by the SEC; provided, that if
the SEC requests that the Investor be identified as a statutory underwriter in the Registration Statement, the Investor will have
an opportunity to withdraw from the Registration Statement. FinServ’s obligations to include the Shares issued pursuant to
this Subscription Agreement (or shares issued in exchange therefor) for resale in the Registration Statement are contingent upon
the Investor furnishing in writing to FinServ such information regarding the Investor, the securities of FinServ held by the Investor
and the intended method of disposition of such Shares, which shall be limited to non-underwritten public offerings, as shall be
reasonably requested by FinServ to effect the registration of such Shares, and shall execute such documents in connection with
such registration as FinServ may reasonably request that are customary of a selling stockholder in similar situations (which, for
the avoidance of doubt, shall not include “lockup” or similar provisions).

 

b. Prior to the Expiration,
FinServ will use commercially reasonable efforts to file all reports necessary to enable the undersigned to resell the Shares pursuant
to the Registration Statement. For as long as the Investor holds Shares, FinServ will use commercially reasonable efforts to file
all reports necessary to enable the undersigned to resell the Shares pursuant to Rule 144 of the Securities Act (when Rule 144
of the Securities Act becomes available to the Investor).

 

    8

     

    

 

c. FinServ shall, notwithstanding
any termination of this Subscription Agreement, indemnify, defend and hold harmless Investor (to the extent a seller under the
Registration Statement), the officers, directors and agents of Investor, and each person who controls Investor (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from
and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’
fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon any untrue or
alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration
Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out
of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make
the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements, alleged
untrue statements, omissions or alleged omissions are based upon information regarding Investor furnished in writing to FinServ
by Investor expressly for use therein or Investor has omitted a material fact from such information; provided, however, that the
indemnification contained in this Section 7 shall not apply to amounts paid in settlement of any Losses if such settlement
is effected without the consent of FinServ (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall
the FinServ be liable for any Losses to the extent they arise out of or are based upon a violation which occurs in reliance upon
and in conformity with written information furnished by Investor. FinServ shall notify Investor promptly of the institution, threat
or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 7 of which
FinServ is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of
an indemnified party and shall survive the transfer of the Shares.

 

d. The Investor shall,
notwithstanding any termination of this Subscription Agreement, severally and not jointly, indemnify and hold harmless FinServ,
its directors, officers, agents and employees, and each person who controls FinServ (within the meaning of Section 15 of the Securities
Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred,
that arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement,
any prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or in
any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required
to be stated therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading, to the extent, but only to the extent, that
such untrue or alleged untrue statements or omissions or alleged omissions are based upon information regarding Investor furnished
in writing to FinServ by Investor expressly for use therein; provided, however, that the indemnification contained in this Section
7.d shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the consent of the indemnifying
party (which consent shall not be unreasonably withheld, conditioned or delayed). In no event shall the liability of Investor be
greater in amount than the dollar amount of the net proceeds received by Investor upon the sale of the Shares giving rise to such
indemnification obligation. Investor shall notify FinServ promptly of the institution, threat or assertion of any proceeding arising
from or in connection with the transactions contemplated by this Section 7 of which Investor is aware. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive
the transfer of the Shares by Investor.

 

e. Any person entitled
to indemnification herein shall (1) give prompt written notice to the indemnifying party of any claim with respect to which it
seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
hereunder to the extent such failure has not prejudiced the indemnifying party) and (2) permit such indemnifying party to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying
party shall not be subject to any liability for any settlement made by the indemnified party without its consent. An indemnifying
party who elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel
for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of legal counsel
to any indemnified party a conflict of interest exists between such indemnified party and any other of such indemnified parties
with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of
any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so
paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation.

 

    9

     

    

 

f. The indemnification
provided for under this Subscription Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall
survive the transfer of securities.

 

g. If the indemnification
provided under this Section 7 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified
party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu
of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such
losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying
party and indemnified party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by,
or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified
party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid
or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the
limitations set forth above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with
any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution pursuant to this Section 7.g from any person who was not guilty of such fraudulent
misrepresentation. In no event shall the liability of the Investor be greater in amount than the dollar amount of the net proceeds
received by the Investor upon the sale of the Shares purchased pursuant to this Subscription Agreement giving rise to such contribution
obligation.

 

8. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier
to occur of (a) such date and time as the Transaction Agreement is terminated in accordance with its terms, (b) upon the mutual
written agreement of each of the parties hereto and the Company to terminate this Subscription Agreement, (c) FinServ’s
notification to the Investor in writing that it has, with the written consent of the Company, abandoned its plans to move forward
with the Transaction, (d) July 31, 2021, if the Closing has not occurred by such date, or (e) if any of the conditions to Closing
set forth in Section 3 of this Subscription Agreement are not satisfied or waived,
or are not capable of being satisfied, on or prior to the Closing and, as a result thereof, the transactions contemplated by this
Subscription Agreement will not be and are not consummated at the Closing (the termination events described in clauses (a)–(e)
above, collectively, the “Termination Events”); provided
that nothing herein will relieve any party from liability for any willful breach hereof
prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities
or damages arising from any such willful breach. FinServ shall notify the Investor of the termination of the Transaction Agreement
promptly after the termination of the Transaction Agreement. Upon the occurrence of any Termination Event, this Subscription Agreement
shall be void and of no further effect and any monies paid by the Investor to FinServ in connection herewith shall promptly (and
in any event within one business day) following the Termination Event be returned to the Investor.

 

    10

     

    

 

9. Trust Account
Waiver. The Investor acknowledges that FinServ is a blank check company with the powers
and privileges to effect a merger, asset acquisition, reorganization or similar business combination involving FinServ and one
or more businesses or assets. The Investor further acknowledges that, as described in FinServ’s prospectus relating to its
initial public offering dated October 31, 2019 (the “Prospectus”)
available at www.sec.gov, substantially all of FinServ’s assets consist of the cash proceeds of FinServ’s initial
public offering and private placement of its securities, and substantially all of those proceeds have been deposited in a trust
account (the “Trust Account”)
for the benefit of FinServ, its public shareholders and the underwriters of FinServ’s initial public offering. Except with
respect to interest earned on the funds held in the Trust Account that may be released to FinServ to pay its tax obligations,
if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration
of FinServ entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the Investor
hereby irrevocably waives any and all right, title and interest, or any claim of any kind it has or may have in the future, in
or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising
out of, this Subscription Agreement; provided, however, that nothing in this Section 9 shall
be deemed to limit the Investor’s right, title, interest or claim to any monies held in the Trust Account by virtue of its
record or beneficial ownership of Class A Shares other than the Class A Shares purchased by it pursuant to this Subscription Agreement,
pursuant to a validly exercised redemption right with respect to any such Class A Shares, except to the extent that the Investor
has otherwise agreed with FinServ to not exercise such redemption right.

 

10. Miscellaneous.

 

a. Neither this Subscription
Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder, if any) may be transferred
or assigned; provided that the Investor may assign its rights and obligations under this Subscription Agreement to one or more
of its affiliates (including other investment funds or accounts managed or advised by the investment manager who acts on behalf
of the Investor or an affiliate thereof); provided, that no such assignment shall relieve the Investor of its obligations hereunder.

 

b. FinServ may request
from the Investor such additional information as FinServ may reasonably deem necessary to register the resale of the Shares and
evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall provide such information as may reasonably
be requested. The Investor acknowledges that FinServ may file a form of this Subscription Agreement with the SEC as an exhibit
to a periodic report or a registration statement of FinServ.

 

c. The Investor acknowledges
that FinServ, the Company, the Placement Agents and others will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Subscription Agreement. Prior to the Closing, the Investor agrees to promptly notify FinServ,
the Company and the Placement Agents if any of the acknowledgments, understandings, agreements, representations and warranties
set forth in Section 6 above are no longer accurate. The Investor acknowledges and agrees that each purchase by the Investor
of Shares from FinServ will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and
warranties herein (as modified by any such notice) by the Investor as of the time of such purchase. FinServ acknowledges that the
Investor will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription
Agreement. Prior to the Closing, FinServ agrees to promptly notify the Investor if any of the acknowledgments, understandings,
agreements, representations and warranties set forth in Section 5 above are no longer accurate in any material respect (other
than those acknowledgments, understandings, agreements, representations and warranties qualified by materiality, in which case
FinServ shall notify the Investor if they are no longer accurate in all respects).

 

d. The Investor, FinServ,
the Company and the Placement Agents are each entitled to rely upon this Subscription Agreement and each is irrevocably authorized
to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby; provided, however, that the foregoing clause of this Section
10.d shall not give the Company or the Placement Agents any rights other than those expressly set forth herein and, without
limiting the generality of the foregoing and for the avoidance of doubt, in no event shall the Company be entitled to rely on any
of the representations and warranties of FinServ set forth in this Subscription Agreement.

 

e. All of the agreements,
representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

f. This Subscription
Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above) except by an instrument
in writing, signed by each of the parties hereto, provided, however, that no modification or waiver by FinServ of
the provisions of this Subscription Agreement shall be effective without the prior written consent of the Company (other than modifications
or waivers that are solely ministerial in nature or otherwise immaterial and do not affect any economic or any other material term
of this Subscription Agreement). No failure or delay of either party in exercising any right or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise
of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights
or remedies that they would otherwise have hereunder.

 

    11

     

    

 

g. This Subscription
Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as
set forth in Section 7, Section 8, Section 10.c, Section 10.d, Section 10.f, this Section
10.g and the last sentence of Section 10.k with respect to the persons specifically referenced therein, this Subscription
Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successor
and assigns, and the parties hereto acknowledge that such persons so referenced are third party beneficiaries of this Subscription
Agreement for the purposes of, and to the extent of, the rights granted to them, if any, pursuant to the applicable provisions.

 

h. Except as otherwise
provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs,
executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties,
covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators,
successors, legal representatives and permitted assigns.

 

i. If any provision of
this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable,
the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected
or impaired thereby and shall continue in full force and effect.

 

j. This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in.pdf) and
by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document.
All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

k. The parties hereto
acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting a bond or
undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement, this
being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. The
parties hereto acknowledge and agree that the Company and the Placement Agents shall be entitled to specifically enforce the Investor’s
obligations to fund the Subscription Amount and the provisions of the Subscription Agreement of which the Company and the Placement
Agents are each an express third party beneficiary, in each case, on the terms and subject to the conditions set forth herein.

 

l. THE PARTIES HERETO
IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND
THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION
AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY,
AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF
OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE
IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE
ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING
SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT
JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER
PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN THIS SECTION 10.l OF THIS SUBSCRIPTION
AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

    12

     

    

 

EACH PARTY ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING
WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 10.l.

 

m. This Subscription
Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that
might otherwise govern under applicable principles of conflicts of laws thereof) as to all matters (including any action, suit,
litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding, hearing, audit, investigation or reviews by
or before any governmental entity related hereto), including matters of validity, construction, effect, performance and remedies.

 

11. Non-Reliance
and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied
upon, any statement, representation or warranty made by any person, firm or corporation (including, without limitation, the
Placement Agents, any of their respective affiliates or any control persons, officers, directors, employees, partners,
agents or representatives of any of the foregoing), other than the statements, representations and warranties of FinServ expressly
contained in Section 5 of this Subscription Agreement, in making its investment
or decision to invest in FinServ. The Investor acknowledges and agrees that none of (i) any Other Investor (including the Investor’s
respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the
foregoing), (ii) the Placement Agents, their respective affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing, or (iii) any other party to
the Transaction Agreement or any Non-Party Affiliate (as defined below), shall have any liability to the Investor, or to any Other
Investor, pursuant to, arising out of or relating to this Subscription Agreement or any Other Subscription Agreement related to
the private placement of the Shares, the negotiation hereof or thereof or its subject matter, or the transactions contemplated
hereby or thereby, including, without limitation, with respect to any action heretofore or hereafter taken or omitted to be taken
by any of them in connection with the purchase of the Shares or with respect to any claim (whether in tort, contract or otherwise)
for breach of this Subscription Agreement or in respect of any written or oral representations made or alleged to be made in connection
herewith, as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to
any information or materials of any kind furnished by FinServ, the Company, the Placement Agents or any Non-Party Affiliate concerning
FinServ, the Company, the Placement Agents, any of their controlled affiliates, this Subscription Agreement or the transactions
contemplated hereby. For purposes of this Subscription Agreement, “Non-Party Affiliates” means each former, current
or future officer, director, employee, partner, member, manager, direct or indirect equityholder or affiliate of FinServ, the
Company, a Placement Agent or any of FinServ’s, the Company’s or a Placement Agent’s controlled affiliates or
any family member of the foregoing.

 

12. Disclosure.
FinServ shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements,
the Transaction and any other material, nonpublic information that FinServ has provided to the Investor at any time prior to the
filing of the Disclosure Document. Upon the issuance of the Disclosure Document, to the actual knowledge of FinServ, the Investor
shall not be in possession of any material, non-public information received from FinServ or any of its officers, directors, or
employees or agents, and the Investor shall no longer be subject to any confidentiality or similar obligations under any current
agreement, whether written or oral, with FinServ or any of its affiliates, relating to the transactions contemplated by this Subscription
Agreement. Notwithstanding anything in this Subscription Agreement to the contrary, FinServ shall not publicly disclose the name
of the Investor or any of its affiliates or advisers, or include the name of the Investor or any of its affiliates or advisers
in any press release or in any filing with the SEC or any regulatory agency or trading market, without the prior written consent
of the Investor, except (i) as required by the federal securities law or pursuant to other routine proceedings of regulatory
authorities, (ii) to the extent such disclosure is required by law, at the request of the staff of the SEC or regulatory agency
or under the regulations of any national securities exchange on which FinServ’s securities are listed for trading or (iii) to
the extent such announcements or other communications contain only information previously disclosed in a public statement, press
release or other communication previously approved in accordance with this Section 12.

 

[SIGNATURE PAGES FOLLOW]

 

    13

     

    

 

IN WITNESS WHEREOF,
the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the
date set forth below.

 

	Name of Investor:	 	State/Country of Formation or Domicile:
	 	 	 
	By:	              	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 	 
	Name in which Shares are to be registered (if different):	 	Date: ________, 2020
	 	 	 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State, Zip:
	 	 	 
	Attn:	 	 	Attn:	               
	 	 	 	 	 
	Telephone No.:	 	Telephone No.:
	Facsimile No.:	 	Facsimile No.:
	 	 	 
	Number of Shares subscribed for:	 	 
	 	 	 
	Aggregate Subscription Amount: $	 	Per Share Purchase Price: $10.00

 

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by FinServ in the Closing
Notice.

 

Signature Page to Subscription Agreement

 

     

     

    

 

IN WITNESS WHEREOF,
FinServ has accepted this Subscription Agreement as of the date set forth below.

 

	 	FINSERV ACQUISITION CORP.
	 	 	 
	 	By:	                    
	 	Name:  	 
	 	Title:  	 

 

Date:             ,
2020

 

Signature Page to Subscription Agreement

 

     

     

    

 

SCHEDULE A

 

ELIGIBILITY
REPRESENTATIONS OF THE INVESTOR

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

 

  (Please check the applicable subparagraphs):

 

		☐	We are a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act (a “QIB”)).

 

		B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

 

(Please check the applicable subparagraphs):

 

		1.	☐  We
are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act or an entity in which all
of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act), and have marked and
initialed the appropriate box on the following page indicating the provision under which we qualify as an “accredited investor.”

 

		2.	☐  We
are not a natural person.

 

Rule 501(a), in relevant part, states
that an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the
issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person.
The Investor has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to the Investor
and under which the Investor accordingly qualifies as an “accredited investor.”

 

☐  Any
bank, registered broker or dealer, insurance company, registered investment company, business development company, or small business
investment company;

 

☐  Any
plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

☐  Any
employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company,
or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

 

☐  Any
organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar business trust, or partnership,
not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

☐  Any
trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated
person; or

 

☐  Any
entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

This page
should be completed by the Investor

and constitutes
a part of the Subscription Agreement.

 

 

A-1Exhibit 4.3

    

    

    CERTIFICATE OF DESIGNATION

    OF

    FIXED-TO-FLOATING RATE NON-CUMULATIVE

    PERPETUAL PREFERRED STOCK, SERIES B

    OF

    FIRST CITIZENS BANCSHARES, INC.

    

    

    First Citizens
      BancShares, Inc., a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), in accordance with Section 151 of the General Corporation Law of the State of Delaware, does hereby certify:

    

    

    The Board of Directors of the Corporation (the “Board”), in accordance with the Corporation’s Restated Certificate of
      Incorporation, as amended, the Corporation’s Amended and Restated Bylaws, as amended, and applicable law, has adopted the following resolution on October 15, 2020, creating a series of Preferred Stock of 325,000 shares from the Corporation’s
      authorized Preferred Stock, which series of Preferred Stock is to be designated as “Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B” (the “Series B Preferred Stock”):

    

    

    RESOLVED, that
      pursuant to the provisions of the Restated Certificate of Incorporation of the Corporation, as amended, the Corporation’s Amended and Restated Bylaws, as amended, and applicable law, a series of Preferred Stock, par value $0.01 per share, of the
      Corporation be and hereby is created, and that the number of shares of such series, and the terms, preferences, privileges, designations, rights, qualifications, limitations and restrictions thereof are hereby established as set forth below:

    

    

    1. Definitions.
      The following terms used herein shall be defined as set forth below:

    

    

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

    

    

    “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
      banking institutions are authorized or required by law or regulation to close in The City of New York.

    

    

    “Bylaws” means the Amended and Restated Bylaws of the Corporation, as they may be amended or restated from time to
      time.

    

    

    “Certificate of Incorporation” means the Restated Certificate of Incorporation of the Corporation, as it may be
      amended or restated from time to time.

    

    

    “Common Stock” means any and all classes of common stock of the Corporation, including the Class A Common Stock,
      $1.00 par value per share, of the Corporation and the Class B Common Stock, $1.00 par value per share of the Corporation.

    

    

    “Preferred Stock” means any and all series of preferred stock of the Corporation, including the Series A Preferred
      Stock, the Series B Preferred Stock and the Series C Preferred Stock.

    

    

    2. Designation and Number of Shares. There is hereby created out of the authorized and unissued shares of preferred stock of the Corporation a series of Preferred Stock designated as the “Fixed-to-Floating Rate
      Non-Cumulative Perpetual Preferred Stock, Series B” (hereinafter called “Series B Preferred Stock”); the authorized number of shares that shall constitute such series shall be 325,000 shares, $0.01 par value per share; and such shares shall have a
      liquidation preference of $1,000 per share. The number of shares constituting the Series B Preferred Stock may be increased from time to time by resolution of the Board or a duly authorized committee of the Board in accordance with the Certificate of
      Incorporation (as then in effect), the Bylaws (as then in effect) and applicable law up to the maximum number of shares of Preferred Stock authorized to be issued under the Corporation’s Certificate of Incorporation (as then in effect) less all
      shares at the time authorized of any other series of Preferred Stock or decreased from time to time by a resolution of the Board or a duly authorized committee of the Board in accordance with the Certificate of Incorporation (as then in effect), the
      Bylaws (as then in effect) and applicable law but not below the number of shares of Series B Preferred Stock then outstanding. Shares of Series B Preferred Stock shall be dated the date of issue, which date shall be referred to herein as the
      “original issue date.” Shares of outstanding Series B Preferred Stock that are redeemed, purchased or otherwise acquired by the Corporation shall be cancelled and shall revert to authorized but unissued shares of the Corporation’s Preferred Stock,
      undesignated as to series.

    
      
        

    

    
    3. Ranking. The shares of
      Series B Preferred Stock shall rank:

    

    

    (a) senior, as
      to dividends and upon liquidation, dissolution and winding-up of the Corporation, to the Common Stock and to any other class or series of capital stock of the Corporation now or hereafter authorized, issued or outstanding that, by its terms, does not
      expressly provide that such class or series ranks pari passu with the Series B Preferred Stock or senior to the Series B Preferred Stock as to
      dividends and upon liquidation, dissolution and winding-up of the Corporation, as the case may be (collectively, “Series B Junior Securities”);

    

    

    (b) on a parity, as to dividends and upon liquidation, dissolution and winding-up of the Corporation, with any class
      or series of capital stock of the Corporation now or hereafter authorized, issued or outstanding that, by its terms, expressly provides that such class or series ranks pari passu with the Series B Preferred Stock as to dividends and upon liquidation, dissolution and winding-up of the Corporation, as the case may be, including the Corporation’s currently outstanding 5.375%
      Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, liquidation preference $1,000 (the “Series A Preferred Stock”) and the 5.625% Non-Cumulative Perpetual Preferred Stock, Series C, par value $0.01 per share, liquidation
      preference of $25 per share (collectively, the “Series B Parity Securities”); and

    

    

    (c) junior, as to dividends and upon liquidation, dissolution and winding-up of the Corporation, to any other class
      or series of capital stock of the Corporation now or hereafter authorized, issued or outstanding that, by its terms, expressly provides that such class or series ranks senior to the Series B Preferred Stock as to dividends and upon liquidation,
      dissolution and winding-up of the Corporation, as the case may be.

    

    

    The Corporation may authorize and issue additional shares of Series B Junior Securities and Series B Parity Securities
      from time to time without the consent of the holders of the Series B Preferred Stock.

    

    

    4. Dividends.

    

    

    (a) Holders of Series
        B Preferred Stock will be entitled to receive, only when, as and if declared by the Board or a duly authorized committee of the Board, on each Series B Dividend Payment Date (as defined below), out of assets legally available for the payment
      of dividends thereof, non-cumulative cash dividends based on the liquidation preference of the Series B Preferred Stock of $1,000 per share at a rate equal to (i) 5.800% per annum for each Series B Dividend Period (as defined below) from the original
      issue date of the Series B Preferred Stock to, but excluding, June 15, 2022 (the “Fixed Rate Period”) and (ii) three-month LIBOR (as defined below) plus a spread of 3.972% per annum, for each Series B Dividend Period beginning on or after June 15,
      2022 to, but excluding, the date of redemption (if any) of the Series B Preferred Stock (the “Floating Rate Period”). If the Corporation issues additional shares of the Series B Preferred Stock after the original issue date, dividends on such shares
      may accrue from the original issue or any other date specified by the Board or a duly authorized committee of the Board at the time such additional shares are issued.

    

    

    (b) If declared by the Board or a duly authorized committee of the Board, dividends will be payable on the Series B
      Preferred Stock semi-annually in arrears on June 15 and December 15 of each year, beginning on [●]1, and ending on June 15, 2022, and thereafter, quarterly in arrears on March 15, June 15, September 15 and December 15 of each year,
      beginning on September 15, 2022, each such day a “Series B Dividend Payment Date”; provided, however, that (i) if any such Series B Dividend Payment Date on or before June 15, 2022, is not a Business Day, then such date shall nevertheless be a Series B Dividend Payment Date but
      dividends on the Series B Preferred Stock shall be paid on the next succeeding Business Day (without any adjustment to the amount of dividends paid) and (ii) if any such Series B Dividend Payment Date after June 15, 2022, is not a Business Day, then
      the next succeeding Business Day shall be the applicable Series B Dividend Payment Date relating to such Series B Dividend Period and dividends shall accrue to and be paid on the next succeeding Business Day.

    

    

    

    

    1 To reflect the first of June 15 or December 15, as applicable, following the last dividend payment date in respect of the CIT Series A Preferred
      Stock.

    
      2

      
        

    

    (c) Dividends will
      be payable to holders of record of Series B Preferred Stock as they appear on the Corporation’s stock register on the applicable record date, which shall be the 15th calendar day before the applicable Series B Dividend Payment Date, or such other
      record date, not less than 15 calendar days nor more than 30 calendar days before the applicable Series B Dividend Payment Date, as such record date shall be fixed by the Board or a duly authorized committee of the Board.

    

    

    (d) A “Series B Dividend Period” is the period from and including a Series B Dividend Payment Date to, but
      excluding, the next succeeding Series B Dividend Payment Date, except that the initial Series B Dividend Period will commence on and include the original issue date of Series B Preferred Stock and continue to, but exclude, [●]. Dividends payable on
      Series B Preferred Stock for the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends payable on the Series B Preferred Stock for the Floating Rate Period will be computed by multiplying the
      per annum dividend rate in effect for that Floating Rate Period by a fraction, the numerator of which shall be the actual number of days in that Floating Rate Period and the denominator of which shall be 360, and by multiplying the rate obtained by
      $1,000 to determine the dividend per share of Series B Preferred Stock. Dollar amounts resulting from that calculation will be rounded to the nearest cent, with one-half cent being rounded upward. Dividends on the Series B Preferred Stock will cease
      to accrue on the redemption date, if any, with respect to the Series B Preferred Stock redeemed, unless the Corporation defaults in the payment of the redemption price of the Series B Preferred Stock called for redemption.

    

    

    The term “three-month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having an index
      maturity of three months in amounts of at least $1,000,000, as that rate appears on Reuters screen page “LIBOR01”, or any successor page, at approximately 11:00 a.m., London time, on the relevant dividend determination date. If no offered rate
      appears on Reuters screen page “LIBOR01”, or any successor page, on the relevant dividend determination date at approximately 11:00 a.m., London time, then the calculation agent, after consultation with the Corporation, will select four major banks
      in the London interbank market and will request each of their principal London offices to provide a quotation of the rate at which three-month deposits in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime banks in the London
      interbank market, on that date and at that time, that is representative of single transactions at that time. If at least two quotations are provided, three-month LIBOR will be the arithmetic average (rounded upward, if necessary, to the nearest
      .00001 of 1%) of the quotations provided. Otherwise, the calculation agent will select three major banks in New York City and will request each of them to provide a quotation of the rate offered by it at approximately 11:00 a.m., New York City time,
      on the dividend determination date for loans in U.S. dollars to leading European banks having an index maturity of three months for the applicable Series B Dividend Period in an amount of at least $1,000,000 that is representative of single
      transactions at that time. If three quotations are provided, three-month LIBOR will be the arithmetic average (rounded upward, if necessary, to the nearest .00001 of 1%) of the quotations provided. Otherwise, three-month LIBOR for the next Series B
      Dividend Period will be equal to three-month LIBOR in effect for the then-current Series B Dividend Period, or, in the case of the first Series B Dividend Period within the Floating Rate Period, the most recent rate that could have been determined
      had such Series B Dividend Period commenced prior to the Floating Rate Period.

    

    

    (e) The dividend rate for each Series B Dividend Period during the Floating Rate Period will be determined by the
      calculation agent using three-month LIBOR (as defined above) as in effect on the second London business day immediately preceding the first day of the Series B Dividend Period, which date is the “dividend determination date” for the applicable Series
      B Dividend Period. The calculation agent then will add the spread of 3.972% per annum to the three-month LIBOR rate as determined on the dividend determination date. Absent manifest error, the calculation agent’s determination of the dividend rate,
      and its calculation of the amount of dividends, for a Series B Dividend Period will be binding and conclusive on holders of Series B Preferred Stock, the transfer agent and the Corporation. A “London business day” is any day that is a Monday,
      Tuesday, Wednesday, Thursday or Friday and is a day on which dealings in U.S. dollars are transacted in the London interbank market.

    

    

    Dividends on the
      Series B Preferred Stock will not be cumulative. If the Board or a duly authorized committee of the Board does not declare a dividend, in full or otherwise, on the Series B Preferred Stock in respect of a Series B Dividend Period, then such unpaid
      dividends shall cease to accrue and shall not be payable on the applicable Series B Dividend Payment Date or be cumulative, and the Corporation will have no obligation to pay (and the holders of the Series B Preferred Stock shall have no right to
      receive) dividends accrued for such Series B Dividend Period after the Series B Dividend Payment Date for such Series B Dividend Period, whether or not the Board or a duly authorized committee of the Board declares a dividend for any future Series B
      Dividend Period with respect to the Series B Preferred Stock, the Common Stock, or any other class or series of the Corporation’s Preferred Stock. No interest, or sum of money in lieu of interest shall be payable in respect of any dividend not
      declared.

    
      3

      
        

    

    (f) Notwithstanding
      any other provision hereof, dividends on the Series B Preferred Stock shall not be declared, paid or set aside for payment to the extent such act would cause the Corporation to fail to comply with the laws and regulations applicable to it, including
      applicable capital adequacy rules of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) or, as and if applicable, the capital adequacy rules or regulations of any Appropriate Federal Banking Agency.

    

    

    (g) So long as
      any share of Series B Preferred Stock remains outstanding:

    

    

    (1) no dividend shall be declared or paid or set aside for payment, and no distribution shall be declared or made or set aside for payment, on any Series B Junior Securities, other than (i) a dividend payable solely in Series B Junior Securities or (ii)
      any dividend in connection with the implementation of a stockholders’ rights plan, or the issuance of rights, stock or other property under any such plan, or the redemption or repurchase of any rights under any such plan;

    

    

    (2) no shares of
      Series B Junior Securities shall be repurchased, redeemed or otherwise acquired for consideration by the Corporation, directly or indirectly, other than (i) as a result of a reclassification of Series B Junior Securities for or into other Series B
      Junior Securities, (ii) the exchange or conversion of one share of Series B Junior Securities for or into another share of Series B Junior Securities, (iii) through the use of the proceeds of a substantially contemporaneous sale of other shares of
      Series B Junior Securities, (iv) purchases, redemptions or other acquisitions of shares of Series B Junior Securities in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees,
      officers, directors or consultants, (v) purchases of shares of Series B Junior Securities pursuant to a contractually binding requirement to buy Series B Junior Securities existing prior to the preceding Series B Dividend Period, including under a
      contractually binding stock repurchase plan, or (vi) the purchase of fractional interests in shares of Series B Junior Securities pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged; nor shall
      any monies be paid to or made available for a sinking fund for the redemption of any such securities by the Corporation; and

    

    

    (3) no shares of Series B Parity Securities shall be repurchased, redeemed or otherwise acquired for consideration
      by the Corporation, directly or indirectly, other than (i) pursuant to pro rata offers to purchase all, or a pro rata portion, of the Series B
      Preferred Stock and such Series B Parity Securities, (ii) as a result of a reclassification of Series B Parity Securities for or into other Series B Parity Securities, (iii) the exchange or conversion of one share of Series B Parity Securities for or
      into another share of Series B Parity Securities, (iv) through the use of the proceeds of a substantially contemporaneous sale of other shares of Series B Parity Securities, (v) purchases of shares of Series B Parity Securities pursuant to a
      contractually binding requirement to buy Series B Parity Securities existing prior to the preceding Series B Dividend Period, including under a contractually binding stock repurchase plan, or (vi) the purchase of fractional interests in shares of
      Series B Parity Securities pursuant to the conversion or exchange provisions of such stock or the security being converted or exchanged; nor shall any monies be paid to or made available for a sinking fund for the redemption of any such securities by
      the Corporation;

    

    

    unless, in each case, the full dividends for the most recently completed Series B Dividend Period on all outstanding
      shares of Series B Preferred Stock have been declared and paid or declared and a sum sufficient for the payment thereof has been set aside.

    

    

    (h) Notwithstanding the foregoing, when dividends are not paid in full, or set aside for payment in full, on any
      dividend payment date, upon the shares of Series B Preferred Stock and any Series B Parity Securities, all dividends declared upon shares of Series B
      Preferred Stock and any Series B Parity Securities for such dividend payment date shall be declared on a pro rata basis in proportion to the respective amounts of undeclared and unpaid dividends for the Series B Preferred Stock and all Series B
      Parity Securities on such dividend payment date. To the extent a dividend period with respect to any Series B Parity Securities coincides with more than one Series B Dividend Period, for purposes of the immediately preceding sentence the Board shall
      treat such dividend period as two or more consecutive dividend periods, none of which coincides with more than one Series B Dividend Period, or shall treat such dividend period(s) with respect to any Series B Parity Securities and Series B Dividend
      Period(s) for purposes of the immediately preceding sentence in any other manner that it deems to be fair and equitable in order to achieve ratable payments of dividends on such Series B Parity Securities and the Series B Preferred Stock. To the
      extent a Series B Dividend Period coincides with more than one dividend period with respect to any Series B Parity Securities, for purposes of the first sentence of this paragraph the Board shall treat such Series B Dividend Period as two or more
      consecutive Series B Dividend Periods, none of which coincides with more than one dividend period with respect to such Series B Parity Securities, or shall treat such Series B Dividend Period(s) and dividend period(s) with respect to any Series B
      Parity Securities for purposes of the first sentence of this paragraph in any other manner that it deems to be fair and equitable in order to achieve ratable payments of dividends on the Series B Preferred Stock and such Series B Parity Securities.
      For the purposes of this paragraph, the term “dividend period” as used with respect to any Series B Parity Securities means such dividend periods as are provided for in the terms of such Series B Parity Securities.

    
      4

      
        

    

    (i) Subject to
      the foregoing, dividends (payable in cash, stock or otherwise), as may be determined by the Board or a duly authorized committee of the Board, may be
      declared and paid on the Common Stock and any other class or series of capital stock ranking equally with or junior to Series B Preferred Stock from time to time out of any assets legally available for such payment, and the holders of Series B
      Preferred Stock shall not be entitled to participate in any such dividend.

    

    

    5. Liquidation.

    

    

    (a) Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Corporation, holders of Series B Preferred Stock are entitled to receive out of the assets of the Corporation available for distribution to stockholders, after satisfaction
      of liabilities and obligations to creditors, if any, and subject to the rights of holders of any securities then outstanding ranking senior to or on parity with Series B Preferred Stock with respect to distributions of assets, before any distribution
      or payment out of the assets of the Corporation is made to holders of Common Stock or any Series B Junior Securities, a liquidating distribution in the amount of the liquidation preference of $1,000 per share plus any declared and unpaid dividends
      prior to the payment of the liquidating distribution, without accumulation of any dividends that have not been declared prior to the payment of the liquidating distribution. After payment of the full amount of such liquidating distribution, the
      holders of Series B Preferred Stock shall not be entitled to any further participation in any distribution of assets of the Corporation.

    

    

    (b) In any such liquidating distribution, if the assets of the Corporation are not sufficient to pay the liquidation
      preferences (as defined below) in full to all holders of Series B Preferred Stock and all holders of any Series B Parity Securities, the amounts paid to the holders of Series B Preferred Stock and to the holders of all Series B Parity Securities will
      be paid pro rata in accordance with the respective aggregate liquidation preferences owed to those holders. In any such distribution, the “liquidation preference” of any holder of Series B Preferred Stock or any Series B Parity Securities means the
      amount otherwise payable to such holder in such distribution (assuming no limitation the Corporation’s assets available for such distribution), including any declared but unpaid dividends (and, in the case of any holder of stock other than the Series
      B Preferred Stock on which dividends accrue on a cumulative basis, an amount equal to any unpaid, accrued, cumulative dividends, whether or not declared, as applicable). If the liquidation preference has been paid in full to all holders of Series B
      Preferred Stock and any Series B Parity Securities, the holders of the Corporation’s Series B Junior Securities shall be entitled to receive all remaining assets of the Corporation according to their respective rights and preferences.

    

    

    (c) For purposes of this Section 5, neither the sale, conveyance, exchange or transfer of all or substantially all of
      the assets or business of the Corporation for cash, securities or other property, nor the merger or consolidation of the Corporation with any other
      entity, including a merger or consolidation in which the holders of Series B Preferred Stock receive cash, securities or property for their shares, shall constitute a liquidation, dissolution or winding-up of the Corporation.

    

    

    6. Redemption.

    

    

    (a) Series B Preferred Stock is not subject to any mandatory redemption, sinking fund or other similar provisions.
      Series B Preferred Stock is not redeemable prior to [●]2. On and after that date, shares of Series B Preferred Stock then outstanding will
      be redeemable at the option of the Corporation, subject to the approval of the Federal Reserve or any Appropriate Federal Banking Agency, in whole or in part, from time to time, on any Series B Dividend Payment Date, at a redemption price equal to
      $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to, but excluding, the date of redemption. Holders of Series B Preferred Stock will have no right to require the redemption or repurchase of
      Series B Preferred Stock. Notwithstanding the foregoing, within 90 days following the occurrence of a Regulatory Capital Treatment Event (as defined below), the Corporation, at its option, may redeem, at any time, all (but not less than all) of the
      shares of the Series B Preferred Stock at the time outstanding, at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends, upon notice given as provided in sub-section
      (b) below. Any declared but unpaid dividends payable on a redemption date that occurs subsequent to the record date for a Series B Dividend Period shall not be paid to the holder entitled to receive the redemption price on the redemption date, but
      rather shall be paid to the holder of record of the redeemed shares on such record date relating to the Series B Dividend Payment Date as provided in Section 4(c) above. In all cases, the Corporation may not redeem shares of the Series B Preferred
      Stock without having received the prior approval of the Federal Reserve or any successor Appropriate Federal Banking Agency if then required under capital rules applicable to the Corporation.

    

    

    

    

    2 Optional redemption date to be the fifth anniversary after completion of the mergers.

    
      5

      
        

    

    A “Regulatory Capital Treatment Event” means the good faith determination by the Board or a duly authorized committee
      of the Board that, as a result of (i) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and
      other appropriate federal bank regulatory agencies) or any political subdivision of or in the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve and other federal
      banking agencies) that is enacted or becomes effective after the initial issuance of any share of the Series B Preferred Stock; (ii) any proposed change in those laws, rules or regulations that is announced after the initial issuance of any share of
      the Series B Preferred Stock; or (iii) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws, rules or regulations or policies with respect thereto that
      is announced after the initial issuance of any share of the Series B Preferred Stock, there is more than an insubstantial risk that the Corporation will not be entitled to treat the full liquidation value of $1,000 per share of the Series B Preferred
      Stock then outstanding as “Tier 1 Capital” (or its equivalent) for purposes of the capital adequacy rules of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor Appropriate Federal Banking
      Agency), as then in effect and applicable, for as long as any share of the Series B Preferred Stock is outstanding.

    

    

    (b) If shares of Series B Preferred Stock are to be redeemed, the notice of redemption shall be given to the holders
      of record of Series B Preferred Stock to be redeemed by first class mail, postage prepaid, addressed to the holders of record of such shares to be redeemed at their respective last addresses appearing on the Corporation’s stock register not less than
      30 days nor more than 60 days prior to the date fixed for redemption thereof (provided that, if the shares of Series B Preferred Stock are held in book-entry form through The Depository Trust Company (“DTC”), the Corporation may give such notice in
      any manner permitted by DTC). Each notice of redemption will include a statement setting forth: (i) the redemption date; (ii) the number of shares of Series B Preferred Stock to be redeemed and, if less than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder; (iii) the redemption price; and (iv) that dividends on the shares to
      be redeemed will cease to accrue on the redemption date. If notice of redemption of any shares of Series B Preferred Stock has been duly given and if the funds necessary for such redemption have been set aside by the Corporation for the benefit of
      the holders of any shares of Series B Preferred Stock so called for redemption, then, on and after the redemption date, dividends will cease to accrue on such shares of Series B Preferred Stock, such shares of Series B Preferred Stock shall no longer
      be deemed outstanding and all rights of the holders of such shares will terminate, except the right to receive the redemption price described in sub-section (a) above, without interest.

    

    

    (c) In case of any redemption of only part of the shares of Series B Preferred Stock at the time outstanding, the
      shares to be redeemed shall be selected (1) pro rata, (2) by lot or (3) in such other manner as the Corporation may determine to be equitable and permitted by DTC and the rules of any national securities exchange on which the Series B Preferred Stock
      is listed.

    

    

    7. Voting Rights.

    

    

    (a) Except as provided below or as expressly required by law, the holders of shares of Series B Preferred Stock shall
      have no voting power, and no right to vote on any matter at any time, either as a separate series or class or together with any other series or class of shares of capital stock, and shall not be entitled to call a meeting of such holders for any
      purpose, nor shall they be entitled to participate in any meeting of the holders of the Common Stock.

    

    

    (b) So long as any shares of Series B Preferred Stock remain outstanding, the affirmative vote or consent of the
      holders of at least two-thirds of all of the shares of Series B Preferred Stock at the time outstanding, voting separately as a class, shall be
      required to:

    

    

    (1) authorize, create or issue, or increase the authorized amount of, shares of any class or series of capital stock
      ranking senior to the Series B Preferred Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the Corporation, or issue any obligation or security convertible into or exchangeable for
      or evidencing the right to purchase, any such class or series of the Corporation’s capital stock;

    
      6

      
        

    

    (2) amend, alter or repeal the provisions of the Corporation’s Certificate of Incorporation (including this
      Certificate of Designation), whether by merger, consolidation or otherwise, so as to materially and adversely affect the powers, preferences, privileges or rights of Series B Preferred Stock, taken as a whole; provided, however, that any amendment to
      authorize, create or issue, or increase the authorized amount of, any Series B Junior Securities or any Series B Parity Securities, or any securities convertible into or exchangeable for Series B Junior Securities or Series B Parity Securities, will
      not be deemed to materially and adversely affect the powers, preferences, privileges or rights of Series B Preferred Stock; or

    

    

    (3) consolidate with or merge into any other corporation, complete a binding share exchange or reclassification
      involving the Series B Preferred Stock or complete the sale, conveyance, exchange or transfer of all or substantially all of the assets or business of the Corporation unless, in any case, the shares of Series B Preferred Stock outstanding at the time
      of such consolidation or merger or sale either (i) remain outstanding or (ii) are converted into or exchanged for preference securities of the surviving entity or any entity controlling the surviving entity having such rights, preferences, privileges
      and powers (including voting powers), taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and powers (including voting powers) of the Series B Preferred Stock, taken as a whole.

    

    

    The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such
      vote would otherwise be required shall be effected, all outstanding shares of Series B Preferred Stock shall have been redeemed or called for
      redemption upon proper notice and sufficient funds shall have been set aside by the Corporation for the benefit of the holders of Series B Preferred Stock to effect such redemption.

    

    

    (c) If the
      Corporation fails to pay, or declare and set aside for payment, dividends on outstanding shares of the Series B Preferred Stock or any Series B Parity Securities having voting rights on parity with the voting rights provided to the Series B Preferred
      Stock (“Special Voting Preferred Stock”) for any Series B Dividend Periods that, in the aggregate, equal 18 months, whether or not consecutive (a “Nonpayment Event”), the authorized number of directors of the Corporation shall be increased by two and
      the holders of the Series B Preferred Stock (along with holders of any Special Voting Preferred Stock then outstanding, voting together as a class based on respective liquidation preferences), shall have the right to elect two directors (hereinafter
      the “Preferred Directors” and each a “Preferred Director”) to fill such newly-created directorships; provided, however, that at no time shall the Board include more than two Preferred Directors; provided further that the election of any such Preferred Directors shall not cause the Corporation to violate any corporate
      governance requirement of The Nasdaq Stock Market LLC (or any other exchange on which the Corporation’s securities may be listed). At the request of any holder of Series B Preferred Stock, a special meeting of the holders of Series B Preferred Stock
      and any such Special Voting Preferred Stock shall be called by the Corporation for the election of the Preferred Directors; provided, however, that if such request for special meeting is received less than 90 days before the date fixed for the next
      annual or special meeting of the Corporation’s stockholders, such election of Preferred Directors shall be held at such next annual or special meeting of stockholders), followed by such election of such Preferred Directors at each subsequent annual
      meeting of stockholders until full dividends have been declared and paid on the Series B Preferred Stock for Series B Dividend Periods after the Nonpayment Event that, in the aggregate, equal at least 12 consecutive months, except as provided by law,
      subject to re-vesting in the event of each and every subsequent Nonpayment Event.

    

    

    When dividends
      have been paid in full (or declared and a sum sufficient for the payment of such dividends has been set aside for payment) on the Series B Preferred Stock for Series B Dividend Periods after a Nonpayment Event that, in the aggregate, equal at least
      12 consecutive months, then the right of the holders of Series B Preferred Stock to elect the Preferred Stock Directors shall cease (but subject in any case to re-vesting of such voting rights in the case of each and every subsequent Nonpayment
      Event), and the Preferred Directors shall cease to be qualified as directors, the term of office of all Preferred Directors then in office shall terminate immediately and the Corporation’s authorized number of directors shall be automatically reduced
      by the number of Preferred Directors elected pursuant hereto. Any Preferred Director may be removed at any time, with or without cause by a majority of the outstanding shares of Series B Preferred Stock (along with holders of any Special Voting
      Preferred Stock then outstanding, voting together as a class based on respective liquidation preferences). If the office of any Preferred Director becomes vacant for any reason other than removal from office as aforesaid, the remaining Preferred
      Director may choose, by means of written consent, a successor who shall hold office for the unexpired term in respect of which such vacancy occurred, or if none remains in office, by a vote of the holders of a majority of the outstanding shares of
      Series B Preferred Stock (along with holders of any Special Voting Preferred Stock then outstanding, voting together as a class based on respective liquidation preferences); provided that the filling of any such vacancy shall not cause the
      Corporation to violate any corporate governance requirement of The Nasdaq Stock Market LLC (or any other exchange on which the Corporation’s securities may be listed). The Preferred Directors shall each be entitled to one vote per director on any
      matter on which directors of the Corporation are entitled to vote.

    
      7

      
        

    

    (d) The rules and procedures for calling and conducting any meeting of the holders of Series B Preferred Stock
      (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other aspect or matter with regard to such meeting or such consents
      shall be governed by any rules that the Board or any duly authorized committee of the Board, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Certificate of Incorporation (as then in
      effect), the Bylaws (as then in effect), and applicable law and the rules of any national securities exchange on which the Series B Preferred Stock is listed or traded at the time.

    

    

    8. Conversion Rights. The holders of shares of Series B Preferred Stock shall not have any rights to convert such shares into shares of any other class or series of securities
      of the Corporation.

    

    

    9. Preemptive Rights. The holders of shares of Series B Preferred Stock will have no preemptive rights with respect to any shares of the Corporation’s capital stock or any of
      its other securities convertible into or carrying rights or options to purchase or otherwise acquire any such capital stock or any interest therein, regardless of how any such securities may be designated, issued or granted.

    

    

    10. Certificates.
      The Corporation may at its option issue shares of Series B Preferred Stock without certificates. If certificated, the Corporation shall replace any mutilated certificate at the holder’s expense upon surrender of that certificate to the Corporation.
      The Corporation shall replace certificates that become destroyed, stolen or lost at the holder’s expense upon delivery to the Corporation of reasonably satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any
      indemnity that may be reasonably required by the Corporation.

    

    

    11. Transfer Agent. The Corporation shall appoint a transfer agent for the Series B Preferred Stock. The Corporation may, in its sole discretion, remove the transfer agent in
      accordance with the agreement between the Corporation and the transfer agent; provided that the Corporation shall appoint a successor transfer agent who shall accept such appointment prior to the effectiveness of such removal.

    

    

    12. Registrar.
      The Corporation shall appoint a registrar for the Series B Preferred Stock. The Corporation may, in its sole discretion, remove the registrar in accordance with the agreement between the Corporation and the registrar; provided that the Corporation
      shall appoint a successor registrar who shall accept such appointment prior to the effectiveness of such removal.

    

    

    13. Calculation Agent.
      The Corporation shall appoint a calculation agent for the Series B Preferred Stock prior to June 15, 2022. The Corporation may, in its sole discretion, remove the calculation agent in accordance with the agreement between the Corporation and the
      calculation agent; provided that, on or after June 15, 2022, the Corporation shall appoint a successor calculation agent who shall accept such appointment prior to the effectiveness of such removal.

    

    

    14. No Other Rights. The shares of Series B Preferred Stock
      shall not have any rights, preferences, privileges or voting powers or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Certificate of
      Incorporation, or as provided by applicable law.

    
      8

      
        

    

    IN WITNESS
      WHEREOF, the Corporation has caused this Certificate of Designation to be duly executed as of [●].

    

    

    

    

    	 	
            First Citizens BancShares, Inc.

          
	 	 	

          
	 	
            By:

          	

          
	 	
            Name:

          	

          
	 	
            Title:

          	

          

    

    

    

    

  

  9

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