Document:

Exhibit 10.24

 

EXECUTION VERSION

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”)
is made and entered into as of February 17, 2017, by and between Professional Holding Corp., a Florida corporation and the parent
company of Professional Bank (the “Company”), and the undersigned Investor (the “Investor”).
Capitalized terms not defined in this Agreement shall have the meaning ascribed in that certain Stock Purchase Agreement dated
February 17, 2017 by and between the Company and certain investors, including Investor (the “Purchase Agreement”).

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Investor hereby
mutually agree as follows:

 

		1.	Registration RIGHTS

 

(a)              
Any time after the fourth (4th) anniversary of the date of this Agreement, Investor may request one registration
(the “Demand Registration”) under the Securities Act of 1933, as amended (the “Securities
Act”), of its Registrable Securities (as defined below). The Demand Registration shall be on such form as the Company
shall select. The Demand Registration shall specify the number of Registrable Securities to be registered. The Company shall use
best efforts to cause a registration statement to be filed within 180 days after the date on which the initial request by Investor
is received by the Company and shall use its best efforts to cause such registration statement to be declared effective by the
U.S. Securities and Exchange Commission (“SEC”) as soon as practicable thereafter. The Company shall
use best efforts to keep such Demand Registration current and effective until the Registrable Securities registered thereby cease
to be Registrable Securities.

 

(b)              
As long as Investor holds Registrable Securities, if at any time or from time to time, the Company shall determine to register
any of its securities under the Securities Act (except for the registration of securities to be offered pursuant to an employee
benefit plan on Form S-8 or pursuant to a registration made on Form S-4, or any successor forms then in effect) and the registration
form to be used may be used for the registration of the Registrable Securities (a “Piggyback Registration”),
the Company shall:

 

(1)           
Provide thirty (30) calendar days’ advance written notice to Investor prior to filing the registration statement (the
“Registration Rights Notice”); and

 

(2)           
include in such registration, and in any underwriting involved therein, all the Registrable Securities specified in a written
request made by Investor within fifteen (15) calendar days after receipt of the Registration Rights Notice from the Company, except
as set forth in Section 1(c) below.

 

(c)              
If the registration is for a registered public offering involving an underwriting, the Company shall so advise Investor
as a part of the Registration Rights Notice. In such event, the right of Investor to registration shall be conditioned upon Investor’s
participation in such underwriting and the inclusion of Investor’s Registrable Securities in the underwriting to the extent
provided herein. If Investor proposes to distribute its securities through such underwriting, it shall (together with the Company
and any other holders distributing their securities through such underwriting) enter into an underwriting agreement in the form
agreed to by the Company with the underwriter(s) selected for such underwriting by the Company. Notwithstanding any other provision
of this Agreement, if the managing underwriters advise the Company and Investor in writing that in their reasonable and good faith
opinion the number of securities requested to be included in such offering exceeds the number which can be sold without adversely
affecting the per share offering price of the securities, the Company will include in such registration (i) first, the securities
that the Company proposes to sell; (ii) second, the Registrable Securities requested to be included therein by Investor, allocated
pro rata among all such holders on the basis of the number of Registrable Securities owned by each such holder or in such manner
as they may otherwise agree; and (iii) third, the securities requested to be included therein by holders of securities other than
holders of Registrable Securities, allocated among such holders in such manner as they may agree. If Investor disapproves of the
terms of any such underwriting, Investor may elect to withdraw therefrom by written notice to the Company and the managing underwriter.

 

     

     

    

 

(d)              
For purposes of this Agreement, “Registrable Securities” shall mean any and all shares of (i)
Company Stock issued pursuant to the Purchase Agreement (including Class A Common Stock issued or issuable upon exchange of Class
B Common Stock), (ii) Capital Stock issued in respect of the Company Stock in any reorganization of the Company, and (iii) Capital
Stock issued in respect of the stock referred to in clause (i) or (ii) above as a result of a stock split, stock dividend, recapitalization
or combination.

 

		2.	Expenses of Registration

 

All expenses incurred
in connection with the registrations pursuant to Section 1 hereof, including all registration, filing and qualification fees,
printing expenses, fees and disbursements of counsel for the Company and expenses of any special audits of the Company’s
financial statements incidental to or required by such registration, shall be borne by the Company, except that the Company shall
not be required to pay underwriters’ fees, discounts or commissions relating to Registrable Securities.

 

		3.	Registration Procedures

 

In the case of each
registration affected by the Company pursuant to this Agreement, the Company will keep Investor advised in writing as to the initiation
of each registration and as to the completion thereof. At its expense the Company will:

 

(a)               
keep such registration pursuant to this Agreement continuously effective until all of such Registrable Securities
have been disposed of and to comply with the provisions of the Securities Act with respect to the disposition of such Registrable
Securities in accordance with the intended methods of disposition set forth in such registration statement;

 

(b)               
promptly prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to comply with the provisions of the Securities Act, and to keep such registration
statement effective for that period of time specified in Section 3(a) above;

 

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(c)               
at least five (5) business days before filing such registration statement, prospectus or amendments or supplements
thereto with the SEC, furnish to Investor copies of such documents proposed to be filed, which documents shall be subject to the
reasonable review, comment and approval of Investor;

 

(d)               
notify Investor, promptly after the Company receives notice thereof, of the time when such registration statement
has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed with
the SEC;

 

(e)               
advise Investor, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop
order by the SEC suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding
for such purpose and promptly use best efforts to obtain the withdrawal of any order suspending the effectiveness of a registration
statement, or the lifting of any suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction,
at the earliest possible moment;

 

(f)                
cause all Registrable Securities covered by such registrations to be listed on each securities exchange on which
similar securities issued by the Company are then listed or, if such securities are not then listed, on a national securities exchange
selected by Investor;

 

(g)               
notify each selling holder of such Registrable Securities, at any time when a prospectus relating thereto is required
to be delivered under the Securities Act, of the happening of any event that would cause the prospectus included in such registration
statement to contain an untrue statement of a material fact or omit any fact necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading, and, at the request of any such holder, the Company shall
prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities,
such prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading;

 

(h)               
make available for inspection by Investor all financial and other records, pertinent corporate documents and properties
of the Company (collectively, the “Records”), and cause the Company’s officers, directors and employees
to supply all Records requested by Investor in connection with such registration statement;

 

(i)                
provide a transfer agent and registrar (which may be the same entity) for all such Registrable Securities not later
than the effective date of such registration;

 

(j)                
otherwise use its best efforts to comply with all applicable rules and regulations of the SEC and make available
to its shareholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule
158 under the Securities Act or any successor rule thereto) no later than thirty (30) days after the end of the 12-month period
beginning with the first day of the Company’s first full fiscal quarter after the effective date of such Registration Statement,
which earnings statement shall cover said 12-month period, and which requirement will be deemed to be satisfied if the Company
timely files complete and accurate information on Forms 10-K, 10-Q and 8-K under the Securities Exchange Act of 1934, as amended
(“Exchange Act”), and otherwise complies with Rule 158 under the Securities Act or any successor rule
thereto; and

 

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(k)               
enter into such customary agreements (including underwriting agreements in customary form) and take all such other
actions as the holders of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in
order to expedite or facilitate the disposition of such Registrable Securities;

 

(l)                
use its best efforts to cause such Registrable Securities to be registered with or approved by such other Governmental
Entities as may be necessary by virtue of the business and operations of the Company to enable the holders of such Registrable
Securities to consummate the disposition of such Registrable Securities in accordance with their intended method of distribution
thereof;

 

(m)             
notify Investor promptly of any request by the Commission for the amending or supplementing of such registration
statement or prospectus or for additional information;

 

(n)               
permit Investor to participate in the preparation of such Registration Statement and to require the insertion therein
of language, furnished to the Company in writing, which in the reasonable judgment of such holder and its counsel should be included,
if in Investor’s judgment, Investor might be deemed to be an underwriter or a “controlling person” (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) (a “Controlling Person”) of
the Company; and

 

(o)               
take such other actions as reasonably requested by Investor.

 

		4.	Indemnification

 

(a)               
In the event of a registration of any of the Registrable Securities under the Securities Act pursuant to this Agreement,
the Company will (i) indemnify and hold harmless, to the fullest extent permitted by law, Investor, each underwriter of such Registrable
Securities thereunder, and any other person acting on behalf of Investor and each other person, if any, who controls such foregoing
persons within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which
any of the foregoing persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in any registration statement under which such Registrable Securities were registered under the
Securities Act, any preliminary prospectus, free writing prospectus, or final prospectus contained therein, or any amendment or
supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of any rule or
regulation promulgated under the Securities Act or any state securities law applicable to the Company and relating to action or
inaction required of the Company in connection with any such registration, and (ii) will reimburse such persons, each of their
officers, directors and partners, and each person controlling such persons, for any legal and any other expenses incurred in connection
with investigating, defending or settling any such claim, loss, damage, liability or action. Notwithstanding the foregoing, the
Company will not be liable in any such case to the extent that any such claim, loss, damage or liability arises out of or is based
on any untrue statement or omission based upon written information furnished to the Company in an instrument duly executed by Investor
or an underwriter, as applicable, specifically for use therein. This indemnity shall be in addition to any liability the Company
may otherwise have.

 

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(b)               
Investor will, if Registrable Securities held by or issuable to Investor are included in the securities for which
such registration is being effected, indemnify and hold harmless, to the fullest extent permitted by law, the Company, each of
its directors and officers, each underwriter, if any, of the Company’s securities covered by such registration statement,
each person who controls the Company and each underwriter within the meaning of the Securities Act, against all claims, losses,
expenses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document, or
any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading (in the case of a prospectus, in light of the circumstances under with they were made), but only to the
extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration
statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished
to the Company in an instrument duly executed by Investor specifically for use therein. Notwithstanding the foregoing, the total
amount for which Investor, its officers, directors and partners, and any person controlling Investor, shall be liable under this
Section 4(b) shall not in any event exceed the net proceeds (after deducting underwriting fees, commissions, and discounts) received
by Investor from the sale of its Registrable Securities in such registration. This indemnity shall be in addition to any liability
Investor may otherwise have.

 

(c)               
Each party entitled to indemnification under this Section 4 (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly
after such Indemnified Party has actual knowledge of any claims as to which indemnity may be sought, and shall permit the Indemnifying
Party to assume the defense of any such claim or any litigation resulting therefrom; provided, however, that counsel
for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party
(whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s
expense. Notwithstanding the foregoing, the failure of any Indemnified Party to give notice as provided herein shall not relieve
the Indemnifying Party of its obligations hereunder, unless such failure resulted in actual detriment to the Indemnifying Party.
No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party,
consent to entry of any judgment or enter into any settlement that 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 of such claim or litigation.

 

(d)               
Notwithstanding the foregoing, to the extent that the provisions on indemnification contained in the underwriting
agreements entered into among Investor, the Company and the underwriters in connection with the underwritten public offering are
in conflict with the foregoing provisions, the provisions in the underwriting agreement shall be controlling as to the Registrable
Securities included in the public offering.

 

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(e)               
The indemnification provided by this Section 4 shall be a continuing right to indemnification and shall survive the
registration and sale of any securities by any person entitled to indemnification hereunder and the expiration or termination of
this Agreement.

 

(f)                
If the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party with respect to any loss, claim, damage, liability or action referred to herein, then the Indemnifying Party,
in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amounts paid or payable by such Indemnified Party
as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions
which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided,
that the maximum amount of liability in respect of such contribution shall be limited, in the case of each holder of Registrable
Securities, to an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such
seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the Indemnifying Party
and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying
Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto
were determined by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations
referred to herein. No Person guilty or liable of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities
Act shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

		5.	REPORTS UNDER the EXCHANGE ACT

 

With a view to making
available to Investor the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC
that may at any time permit Investor to sell securities of the Company to the public without registration, the Company shall:

 

(a)               
make and keep public information available, within the meaning of Rule 144, at all times after the effective date
of (i) the first registration statement covering an underwritten public offering filed by the Company or (ii) the first registration
by the Company under the Exchange Act;

 

(b)               
following a public offering or a registration under the Exchange Act, file with the SEC in a timely manner all reports
and other documents required of the Company under the Securities Act and the Exchange Act; and

 

(c)               
furnish to Investor forthwith upon request a written statement by the Company that it has complied with the reporting
requirements of Rule 144 (at any time after ninety (90) days after the effective date of said first registration statement filed
by the Company), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements),
a copy of the most recent annual or quarterly report of the Company, and such other reports and documents filed by the Company
with the SEC as may be reasonably requested in availing any such holder to take advantage of any rule or regulation of the SEC
permitting the selling of any such securities without registration.

 

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		6.	LIMITATIONS IN CONNECTION WITH FUTURE GRANTS OF REGISTRATION RIGHTS

 

From and after the
date of this Agreement, the Company shall not, without the prior written consent of Investor, enter into any agreement with any
holder or prospective holder of any securities of the Company which would allow such holder or prospective holder to include such
securities in any registration filed under Section 1 hereof, unless under the terms of such agreement, such holder or prospective
holder may include such securities in any such registration only to the extent that the inclusion of his securities will not reduce
the amount of the Registrable Securities of Investor to be included in such registration.

 

		7.	TRANSFER OF REGISTRATION RIGHTS

 

The registration rights
of Investor (and of any permitted transferee of Investor) under this Agreement with respect to any Registrable Securities may be
assigned in whole or in part as provided in Section 8(b) below.

 

		8.	Miscellaneous

 

(a)               
No amendment or waiver of any provision of this Agreement will be effective against any party hereto unless it is
in a writing signed by a duly authorized officer of such party.

 

(b)               
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, legal representatives, successors and permitted assigns. This Agreement, and the rights and obligations
of Investor hereunder, may be assigned by Investor to any person or entity to which Registrable Securities are transferred by Investor,
and such transferee shall be deemed to have acquired all of the rights and obligations of Investor for purposes of this Agreement;
provided, that the transferee provides written notice of such assignment to the Company and provided that any such transfer shall
be made strictly in accordance with all applicable laws; and provided, further, that such rights may not be held or exercised by
more than one transferee at any one time. The Company may not assign its rights under this Agreement except to its successors-in-interest
as a result of a merger, reorganization or a sale of all or substantially all of the assets of the Company.

 

(c)               
For the convenience of the parties hereto, this Agreement may be executed in any number of separate counterparts,
each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.
Executed signature pages to this Agreement may be delivered by facsimile or other electronic transmission and such transmissions
shall be deemed as sufficient as if manually signed signature pages had been delivered.

 

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(d)               
Any notice, request, instruction or other document to be given hereunder by any party to the other will be in writing
and will be deemed to have been duly given (i) on the date of delivery if delivered personally or by e-mail (upon confirmation
of receipt), (ii) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service,
or (iii) on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested,
postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice.

 

If to the Company:

 

Professional Holding Corp.

396 Alhambra Circle, Suite 255

Coral Gables, FL 33146

E-mail: dsheehan@professionalbankfl.com

Attention: Daniel R. Sheehan

Title: Chairman and President

 

with a copy to:

 

Gunster, Yoakley & Stewart, P.A.

777 South Flagler Drive, Suite 500 East

West Palm Beach, FL 33401

E-mail: mmitrione@gunster.com

Attention: Michael V. Mitrione

 

If to Investor:

 

Mendon Capital, LLC

150 Allens Creek Rd.

Rochester, NY 14618

E-mail: aschutz@rmbcap.com

Attention: Anton Schutz

Title: Portfolio Manager

 

with copies to:

 

VedderPrice

222 North LaSalle Street

Chicago, IL 60601

E-mail: JKing@vedderprice.com

Attention: Jennifer D. King

 

(e)               
If any provision of this Agreement or the application thereof to any person or circumstance is determined by a court
of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision
to persons or circumstances other than those as to which it has been held invalid or unenforceable, will remain in full force and
effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination, the parties shall negotiate
in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the parties.

 

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(f)                
If, and as often as, there is any change in the Class A Common Stock or Class B Common Stock by way of a stock split,
stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by
any other means, appropriate adjustment shall be made in the provisions hereof so that the rights and privileges granted hereby
shall continue with respect to the Class A Common Stock and Class B Common Stock as so changed.

 

(g)               
This Agreement will be governed by and construed in accordance with the Laws of the State of Florida applicable to
contracts made and to be performed entirely within such jurisdiction.

 

(h)               
The parties hereby agree that any suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the federal
or state courts located in Miami-Dade County, Florida, so long as such court shall have subject matter jurisdiction over such suit,
action or proceeding, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by Law,
any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court
or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process
in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction
of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section
8(h) shall be deemed effective service of process on such party. The parties hereby irrevocably and unconditionally consent to
submit to the exclusive jurisdiction of the state and federal courts referred to above for any actions, suits or proceedings arising
out of or relating to this Agreement and the transactions contemplated hereby.

 

(i)                
THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER
THIS AGREEMENT OR UNDER ANY AGREEMENT, INSTRUMENT OR OTHER DOCUMENT CONTEMPLATED HEREBY OR RELATED HERETO AND IN ANY ACTION DIRECTLY
OR INDIRECTLY RELATED TO OR CONNECTED WITH THE OBLIGATIONS OF THIS AGREEMENT. THE PARTIES ACKNOWLEDGE THAT THIS WAIVER MAY DEPRIVE
EACH OF THEM AN IMPORTANT RIGHT AND THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE BY THE PARTIES AFTER CONSULTATION
WITH THEIR LEGAL COUNSEL.

 

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(j)                
The article, section, paragraph and clause captions herein are for convenience of reference only, do not constitute
part of this Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof.

 

[Signature page follows]

 

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

 

	 	COMPANY:
	 	 
	 	PROFESSIONAL HOLDING CORP.
	 	 
	 	By:	 
	 	Name:   	Daniel R. Sheehan
	 	Title:	Chairman and President
	 	 
	 	INVESTOR:
	 	 
	 	MENDON CAPITAL, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Registration Rights Agreement]Exhibit 10.25

 

SHAREHOLDER VOTING AGREEMENT

 

This Shareholder Voting
Agreement (this “Agreement”) is entered into as of the 9th day of August, 2019, by and between Professional
Holding Corp, a Florida corporation (“PHC”), and the undersigned holder (“Shareholder”) of
Common Stock (as defined herein).

 

RECITALS

 

WHEREAS, as of
the date hereof, Shareholder “beneficially owns” (as such term is defined in Rule 13d-3 promulgated under the Securities
Exchange Act of 1934, as amended) and is entitled to dispose of (or to direct the disposition of) and to vote (or to direct the
voting of) the number of shares of voting common stock, $5.00 par value per share (the “Common Stock”), of Marquis
Bancorp, Inc. (“MBI”), indicated on the signature page of this Agreement under the heading “Total Number
of Shares of Common Stock Subject to this Agreement” (such shares of Common Stock, which for the avoidance of doubt shall
not include any shares of Common Stock underlying MBI Stock Options) together with any other shares of Common Stock the voting
power over which is acquired by Shareholder during the period from and including the date hereof through and including the date
on which this Agreement is terminated in accordance with its terms, are collectively referred to herein as the “Shares”);

 

WHEREAS, PHC and
MBI propose to enter into an Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”;
for purposes of this Agreement, capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed
to them in the Merger Agreement), pursuant to which, among other things, MBI will merge with and into PHC (the “Merger”);
and

 

WHEREAS, as a condition
to the willingness of PHC to enter into the Merger Agreement, Shareholder is executing this Agreement;

 

NOW, THEREFORE,
in consideration of, and as a material inducement to, PHC entering into the Merger Agreement and proceeding with the transactions
contemplated thereby, and in consideration of the expenses incurred and to be incurred by PHC in connection therewith, Shareholder
and PHC, intending to be legally bound, hereby agree as follows:

 

1.                 
Agreement to Vote Shares. Shareholder agrees that, while this Agreement is in effect, at any meeting of shareholders
of MBI, however called, or at any adjournment thereof, or in any other circumstances in which Shareholder is entitled to vote,
consent or give any other approval, except as otherwise agreed to in writing in advance by PHC, Shareholder shall:

 

		(a)	appear at each such meeting or otherwise cause the Shares to be counted as present thereat for purposes
of calculating a quorum; and

 

		(b)	vote (or cause to be voted), in person or by proxy, all the Shares as to which Shareholder has, directly
or indirectly, the right to vote or direct the voting, (i) in favor of adoption and approval of the Merger Agreement and the transactions
contemplated thereby (including, without limitation, any amendments or modifications of the terms thereof adopted in accordance
with the terms thereof); (ii) against any action or agreement that would result in a breach of any covenant, representation or
warranty or any other obligation or agreement of MBI contained in the Merger Agreement or of Shareholder contained in this Agreement;
and (iii) against any Acquisition Proposal or any other action, agreement or transaction that is intended, or could reasonably
be expected, to impede, interfere or be inconsistent with, delay, postpone, discourage or materially and adversely affect consummation
of the transactions contemplated by the Merger Agreement or this Agreement.

 

     

     

    

 

Shareholder further agrees
not to vote or execute any written consent to rescind or amend in any manner any prior vote or written consent, as a shareholder
of MBI, to approve or adopt the Merger Agreement unless this Agreement shall have been terminated in accordance with its terms.

 

2.                 
No Transfers. While this Agreement is in effect, Shareholder agrees not to, directly or indirectly, sell, transfer,
pledge, assign or otherwise dispose of, or enter into any contract option, commitment or other arrangement or understanding with
respect to the sale, transfer, pledge, assignment or other disposition of, any of the Shares; provided, however,
that the following transfers shall be permitted: (a) transfers by will or operation of law, in which case this Agreement shall
bind the transferee; (b) transfers pursuant to any pledge agreement, subject to the pledgee agreeing in writing, prior to such
transfer, to be bound by the terms of this Agreement; (c) transfers in connection with estate and tax planning purposes, including
transfers to relatives, trusts and charitable organizations, subject to each transferee agreeing in writing, prior to such transfer,
to be bound by the terms of this Agreement; (d) disposing of or surrendering Shares in connection with the vesting, settlement
or exercise of MBI Stock Options or MBI Restricted Shares for the payment of taxes thereon or, in the case of MBI Stock Options,
the exercise price or in connection with the repurchase, redemption or cancellation of any MBI Restricted Shares as permitted pursuant
to the Merger Agreement; and (e) such transfers as PHC may otherwise permit in its sole discretion. Any transfer or other disposition
in violation of the terms of this Section 2 shall be null and void.

 

3.                 
Representations and Warranties of Shareholder. Shareholder represents and warrants to and agrees with PHC as follows:

 

		(a)	Shareholder has all requisite capacity and authority to enter into and perform his, her or its obligations
under this Agreement.

 

		(b)	This Agreement has been duly executed and delivered by Shareholder, and assuming the due authorization,
execution and delivery by PHC, constitutes the valid and legally binding obligation of Shareholder enforceable against Shareholder
in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization
or similar laws of general applicability relating to or affecting the rights of creditors generally and subject to general principles
of equity.

 

		(c)	The execution and delivery of this Agreement by Shareholder does not, and the performance by Shareholder
of his, her or its obligations hereunder and the consummation by Shareholder of the transactions contemplated hereby will not,
violate or conflict with, or constitute a default under, any agreement, instrument, contract or other obligation or any order,
arbitration award, judgment or decree to which Shareholder is a party or by which Shareholder is bound, or any statute, rule or
regulation to which Shareholder is subject or, in the event that Shareholder is a corporation, limited liability company, partnership,
trust or other entity, any charter, bylaw or other organizational document of Shareholder.

 

     

     

    

 

		(d)	Shareholder is the beneficial owner of the Shares. Shareholder does not own, of record or beneficially,
any shares of capital stock of MBI other than the Shares or any other securities convertible into or exercisable or exchangeable
for such capital stock, other than any MBI Stock Options. Shareholder has the right to vote the Shares, and none of the Shares
is subject to any voting trust or other agreement, arrangement or restriction with respect to the voting of the Shares, except
as contemplated by this Agreement or provided by the FBCA.

 

4.                 
No Solicitation. From and after the date hereof until the termination of this Agreement pursuant to Section 7 hereof,
Shareholder, in his, her or its capacity as a shareholder of MBI, shall not, nor shall Shareholder authorize any shareholder, member,
partner, officer, director, advisor or representative of Shareholder or any of his, her or its affiliates to (and, to the extent
applicable to Shareholder, such Shareholder shall use commercially reasonable efforts to not permit any of his, her or its representatives
or affiliates to), (a) initiate, solicit, induce or knowingly encourage, or knowingly take any action to facilitate the making
of, any inquiry, offer or proposal which constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, (b)
participate in any discussions or negotiations regarding any Acquisition Proposal, or furnish, or otherwise afford access, to any
person (other than PHC) any information or data with respect to MBI or otherwise relating to an Acquisition Proposal, (c) enter
into any agreement, agreement in principle, letter of intent, memorandum of understanding or similar arrangement with respect to
an Acquisition Proposal, (d) solicit proxies with respect to an Acquisition Proposal (other than the Merger and the Merger Agreement)
or otherwise encourage or assist any party in taking or planning any action that would compete with, restrain or otherwise serve
to interfere with or inhibit the timely consummation of the Merger in accordance with the terms of the Merger Agreement, or (e)
initiate a shareholders’ vote or action by consent of MBI’s shareholders with respect to an Acquisition Proposal, in
each case, except to the extent that at such time MBI is permitted to take such action pursuant to Section 6.7 of the Merger Agreement.
For avoidance of doubt, the parties acknowledge and agree that nothing in this Agreement shall limit or restrict Shareholder or
any of his, her or its affiliates who is or becomes during the term hereof a member of the Board of Directors or an officer of
MBI or any of its Subsidiaries from acting, omitting to act or refraining from taking any action, solely in such person’s
capacity as a member of the Board of Directors or as an officer of MBI (or as an officer or director of any of its Subsidiaries),
including without limitation actions taken consistent with his or her fiduciary duties in such capacity under applicable law.

 

5.                 
Proxy. Subject to the last sentence of this Section 5, by execution of this Agreement, Shareholder does hereby appoint
PHC with full power of substitution and resubstitution, as Shareholder’s true and lawful attorney and proxy, to the full
extent of Shareholder’s rights with respect to the Shares, to vote each of such Shares that Shareholder shall be entitled
to so vote with respect to the matters set forth in Section 1 hereof at any meeting of the shareholders of MBI, and at any adjournment
or postponement thereof, and in connection with any action of the shareholders of MBI taken by written consent. Shareholder hereby
revokes any proxy previously granted by Shareholder with respect to the Shares. Notwithstanding anything contained herein to the
contrary, this proxy shall automatically terminate and be revoked upon the termination of this Agreement.

 

     

     

    

 

6.                 
Specific Performance; Remedies; Attorneys’ Fees. Shareholder acknowledges that it is a condition to the willingness
of PHC to enter into the Merger Agreement that Shareholder execute and deliver this Agreement and that it will be impossible to
measure in money the damage to PHC if Shareholder fails to comply with the obligations imposed by this Agreement and that, in the
event of any such failure, PHC will not have an adequate remedy at law or in equity. Accordingly, Shareholder agrees that injunctive
relief or other equitable remedy is the appropriate remedy for any such failure and will not oppose the granting of such relief
on the basis that PHC has an adequate remedy at law. In addition, PHC shall have the right to inform any third party that PHC reasonably
believes to be, or to be contemplating, participating with Shareholder or receiving from Shareholder assistance in violation of
this Agreement, of the terms of this Agreement and of the rights of PHC hereunder, and that participation by any such thirty party
with Shareholder in activities in violation of Shareholder’s agreement with PHC set forth in this Agreement may give rise
to claims by PHC against such third party. In any legal action or other proceeding relating to this Agreement and the transactions
contemplated hereby or if the enforcement of any provision of this Agreement is brought against either Party, the prevailing Party
in such action or proceeding shall be entitled to recover all reasonable expenses relating thereto (including reasonable attorneys’
fees and expenses, court costs and expenses incident to arbitration, appellate and post-judgment proceedings) from the Party against
which such action or proceeding is brought, in addition to any other relief to which such prevailing Party may be entitled.

 

7.                 
Term of Agreement; Termination. The term of this Agreement shall commence on the date hereof. This Agreement may
be terminated at any time prior to consummation of the transactions contemplated by the Merger Agreement by the written consent
of the parties hereto, and this Agreement shall be automatically terminated upon termination of the Merger Agreement or the consummation
of the Merger. Upon such termination, no party shall have any further obligations or liabilities hereunder; provided, however,
that such termination shall not relieve any party from liability for any willful and material breach of this Agreement prior to
such termination.

 

8.                 
Entire Agreement; Amendments. This Agreement supersedes all prior agreements, written or oral, among the parties
hereto with respect to the subject matter hereof and contains the entire agreement among the parties with respect to the subject
matter hereof. This Agreement may not be amended, supplemented or modified, and no provision hereof may be modified or waived,
except by an instrument in writing signed by each party hereto. No waiver of any provision hereof by either party shall be deemed
a waiver of any other provision hereof by any such party, nor shall any such waiver be deemed a continuing waiver of any provision
hereof by such party.

 

9.                 
Severability. In the event that any one or more provisions of this Agreement shall for any reason be held invalid,
illegal or unenforceable in any respect by any court of competent jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Agreement, and the parties shall use their reasonable best efforts to substitute
a valid, legal and enforceable provision which, insofar as practical, implements the purpose and intents of this Agreement.

 

     

     

    

 

10.             
Capacity as Shareholder. This Agreement shall apply to Shareholder solely in his, her or its capacity as a shareholder
of MBI, and it shall not apply in any manner to Shareholder in any capacity as a director, officer or employee of MBI or its Subsidiaries
or in any other capacity, and shall not limit or affect any actions taken by Shareholder in such capacity.

 

11.             
Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Florida,
without regard to any applicable conflicts of law principles or any other principle that could require the application of the law
of any other jurisdiction.

 

12.             
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES
IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. EACH OF THE PARTIES HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE 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 AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER
INTO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 12.

 

13.             
Waiver of Appraisal Rights; Further Assurances. To the extent permitted by applicable law, Shareholder hereby waives
any rights of appraisal or rights to dissent from the Merger or to demand fair value for his, her or its Shares in connection with
the Merger, in each case, that Shareholder may have under applicable law. Shareholder further agrees not to commence or participate
in, and to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise,
against PHC, MBI or any of their respective successors relating to the negotiation, execution or delivery of this Agreement or
the Merger Agreement or the consummation of the Merger. From time to time prior to the termination of this Agreement, at PHC’s
request and without further consideration, Shareholder shall execute and deliver such additional documents and take all such further
action as may be reasonably necessary or desirable to effect the actions and consummate the transactions contemplated by this Agreement.

 

14.             
Disclosure. Shareholder hereby permits PHC and MBI to publish and disclose in the Proxy Statement and Form S-4 (including,
without limitation, all related documents and schedules filed with the Securities and Exchange Commission) his, her or its identity
and ownership of shares of Common Stock and the nature of Shareholder’s commitments, arrangements and understandings pursuant
to this Agreement.

 

15.             
Counterparts. This Agreement may be executed in counterparts, each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered by
facsimile or other electronic transmission.

 

[Signature page follows.]

 

     

     

    

 

IN WITNESS WHEREOF, PHC has caused
this Agreement to be duly executed, and Shareholder has duly executed this Agreement, all as of the day and year first above written.

 

	 	PROFESSIONAL HOLDING CORP
	 	 	 
	 	 	 
	 	By:	 
	 	 	Daniel R. Sheehan
	 	 	Chairman and Chief Executive Officer
	 	 	 

 

	 	SHAREHOLDER:
	 	 	 
	 	 
	 	Printed Name:	 
	 	 	 
	 	Total Number of Shares of Common Stock Subject to this Agreement:

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