Document:

Exhibit 10.15

 

EXECUTION VERSION

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE
AGREEMENT (this “Agreement”) is entered into by and between Professional Holding Corp., a Florida corporation
(the “Company”), and each Investor (each an “Investor” and collectively, the
 “Investors”) whose name appears on the signature page hereto and is made as of the date of the Company’s
acceptance hereof (the “Acceptance Date”).

 

RECITALS

 

WHEREAS, the
Company is proposing to issue and sell shares of the Company’s Class A Voting Common Stock, $0.01 par value per share (the
 “Class A Common Stock”), and Class B Non-Voting Common Stock, $0.01 par value per share (the “Class
B Common Stock”, and together with the Class A Common Stock, the “Company Stock”), to the
Investors in a private offering of up to $20,000,000 (the “Offering”) at a purchase price of US$14.50
per share (the “Per Share Purchase Price”). The Company Stock is being offered only to persons who are
accredited investors within the meaning of Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (the
 “Securities Act”), pursuant to a private placement exemption from the securities registration requirements
of the Securities Act.

 

WHEREAS, the
Company and each Investor agree that, upon the terms, representations and warranties, agreements, and covenants and subject to
the conditions set forth in this Agreement, the Investor will purchase from the Company, and the Company will issue and sell to
the Investor, at a price per share equal to the Per Share Purchase Price, Company Stock, pursuant to this Agreement. The Company
Stock purchased by each Investor will be delivered in certificated form, registered in such Investor’s name and address as
set forth below, to the Investors at the Closing.

 

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

 

ARTICLE
1

 

PURCHASE; CLOSINGS

 

1.1             
Issuance, Sale and Purchase. On the terms and subject to the conditions set forth herein, the Company agrees
to issue and sell to each Investor, and each Investor, severally and not jointly, agrees to purchase from the Company, free and
clear of any Liens, at a price per share equal to the Per Share Purchase Price, the number of shares of Class A Common Stock and
a number of shares of Class B Common Stock as indicated on the signature page for each respective Investor (the “Investment“),
subject to the conditions set forth in Section 1.2.

 

1.2             
Closings; Deliverables for the Closings; Conditions to the Closings.

 

(a)              
Closing. Unless this Agreement has been terminated pursuant to Article 4, and subject to the satisfaction
or, to the extent permitted by Law and this Agreement, the written waiver of the conditions set forth in Section 1.2(c), the closing
of an Investment in the amount set forth on the signature page for each respective Investor (the “Purchase Price”)
and the transactions contemplated by this Agreement (the “Closing”) shall take place remotely via the
electronic or other exchange of documents and signature pages, on a date to be specified by the Company on no less than two Business
Days’ notice to the Investors, or at such other place or such other date as agreed to in writing by the parties hereto (the
 “Closing Date”).

 

     

     

    

 

(b)              
Closing Deliverables. Subject to the satisfaction or waiver on the Closing Date of the conditions to the Closing
set forth in Section 1.2(c), at the Closing the parties shall make the following deliveries:

 

(i)                
the Company shall deliver to the Investor certificates evidencing the Company Stock to be purchased pursuant to Section
1.1 registered in the name of the Investor; and

 

(ii)             
each Investor shall deliver such Investor’s Purchase Price by wire transfer of immediately available funds to the
account set forth in the Instruction Sheet attached hereto as Exhibit C.

 

(c)              
Closing Conditions.

 

(i)                
The obligations of each Investor, on the one hand, and the Company, on the other hand, to consummate the purchase and sale
of Company Stock provided for in this Agreement are each subject to the satisfaction or, to the extent permitted by Law and this
Agreement, the written waiver by the Company or such Investor (as to itself only), as applicable, of the following conditions at
the Closing:

 

(A)            
No provision of any Law and no judgment, injunction, order or decree shall prohibit the Closing or shall prohibit or restrict
the Investor from owning any Company Stock (or voting any Class A Common Stock) to be purchased pursuant to this Agreement or exercising
any of the rights under any of the other Transaction Documents; and

 

(B)             
Any Governmental Consent required to consummate the transactions contemplated by this Agreement shall have been obtained
and shall be in full force and effect, and all statutory waiting periods in respect thereof shall have expired; provided,
however, that (x) no such required Governmental Consent shall impose or contain any restraint or condition that would impair
in any material respect the benefits to the Investor of the transactions contemplated by this Agreement and (y) other than such
restrictions as are commonly imposed by the Board of Governors of the Federal Reserve System (the “Federal Reserve
Board”) in its standard passivity commitments, no such required Governmental Consent shall impose any restrictions
on any activities or otherwise on, require any modification of governance, fee or carried interest arrangements with respect to,
or impose any capital or other requirements on, such Investor or any of its Affiliates, including any agreement or requirement
to maintain or contribute, directly or indirectly, to the capital of Professional Bank, a Florida-chartered commercial bank (the
 “Bank”), or the Company (each, a “Burdensome Condition”) and, provided,
further that, notwithstanding any other provision of this Agreement, the imposition of a Burdensome Condition in connection
with any such required Governmental Consent shall constitute a denial of such required Governmental Consent and such required Governmental
Consent shall be deemed not received for all purposes in this Agreement, including Section 4.1(h).

 

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(ii)             
The obligation of each Investor to consummate the purchase of Company Stock provided for in this Agreement is also subject
to the satisfaction or written waiver by such Investor (as to itself only) of the following conditions at the Closing:

 

(A)            
The representations and warranties of the Company set forth in this Agreement shall be true and correct in all respects
on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date, except
to the extent that the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications
contained therein), would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (and
except that (1) representations and warranties made as of a specified date shall be true and correct as of such date and (2) the
representations and warranties of the Company set forth in Sections 2.2(a), 2.2(b), 2.2(c), 2.2(d), 2.2(q) and 2.2(ff) shall be
true and correct in all respects);

 

(B)             
The Company shall have performed and complied with, in all material respects, all agreements, covenants and conditions required
by this Agreement to be performed by it on or prior to the Closing Date;

 

(C)             
Since the date of this Agreement, a Material Adverse Effect shall not have occurred and no change or other event shall have
occurred that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;

 

(D)            
The Investors shall have received a certificate, dated as of the Closing Date, signed on behalf of the Company by a senior
executive officer certifying that the conditions set forth in Section 1.2(c)(ii)(A), Section 1.2(c)(ii)(B) and Section 1.2(c)(ii)(C)
have been satisfied on and as of the Closing Date;

 

(E)             
The Company shall receive at the Closing aggregate gross proceeds from the sale of the Company Stock to all Investors of
no more than $20.0 million, at a price per share equal to the Per Share Purchase Price;

 

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(F)             
The Investment shall not (i) cause such Investor or any of its affiliates to violate any banking regulation, (ii) require
such Investor or any of its affiliates to file a prior notice under the Change in Bank Control Act, or otherwise seek prior approval
of any banking regulator, (iii) require such Investor or any of its affiliates to become a bank holding company or otherwise serve
as a source of strength for the Company or the Bank, or (iv) cause such Investor, together with any other person whose Company
securities would be aggregated with such Investor’s Company securities for purposes of any banking regulation or law, to
collectively be deemed to own, control, or have the power to vote securities which (assuming, for this purpose only, full conversion
and/or exercise of such securities by the Investor and such other persons) would represent more than (a) 9.9% of any class of voting
securities of the Company or (b) 14.9% of the total outstanding Capital Stock of the Company;

 

(G)            
With respect to EJF Sidecar Fund, Series LLC – Series E, a Delaware series limited liability company (“EJF”),
the Company shall have entered into a letter agreement (including the Registration Rights Agreement) substantially in the form
attached hereto as Exhibit A (the “EJF Letter Agreement“) with EJF which shall be in full
force and effect and any closing conditions specified therein shall have been satisfied, and, with respect to each of Mendon Capital,
LLC, a Delaware limited liability company (“Mendon”), and BayBoston Managers, LLC, a Delaware limited
liability company (“BayBoston”), the Company shall have entered a letter agreement (including the Registration
Rights Agreement) substantially in the form attached hereto as Exhibit B (the “Mendon/BayBoston Letter
Agreement” and collectively with the EJF Letter Agreement, the “Letter Agreements”) with
each of Mendon and BayBoston, which shall be in full force and effect and any closing conditions specified therein shall have been
satisfied; and

 

(H)            
Each Investor who, together with its Affiliates and persons who share a common investment advisor with such Investor, has
committed to acquire a beneficial ownership of 5% or more of the outstanding shares of Company Stock (each a “9.9%
Investor”) has received, in each 9.9% Investor’s sole discretion, satisfactory feedback from the Federal Reserve
Board that such 9.9% Investor will not have “control” of the Company or the Bank for purposes of the BHCA.

 

(iii)           
The obligation of the Company to consummate the sale of Company Stock to each Investor provided for in this Agreement is
also subject to the satisfaction or written waiver by the Company of the following conditions at the Closing:

 

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(A)            
The representations and warranties of such Investor set forth in this Agreement shall be true and correct in all respects
on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date, except
where the failure to be true and correct (without regard to any materiality qualifications contained therein) would not materially
adversely affect the ability of such Investor to perform its obligations hereunder (and except that (1) representations and warranties
made as of a specified date shall be true and correct as of such date and (2) the representations and warranties of each Investor
set forth in Sections 2.3(d) and 2.3(h) shall be true and correct in all respects); and

 

(B)             
Each Investor shall have performed and complied with, in all material respects, all agreements, covenants and conditions
required by this Agreement to be performed by it on or prior to the Closing Date.

 

ARTICLE
2

 

REPRESENTATIONS AND WARRANTIES

 

2.1             
Certain Terms.

 

(a)              
As used in this Agreement, the term “Material Adverse Effect” means any circumstance, event, change,
development or effect that would (i) result in a material adverse effect on the assets, liabilities (actual or contingent), prospects,
business, operations, financial condition or results of operations of the Company and the Company Subsidiaries, taken as a whole,
or (ii) materially impair or delay the ability of the Company or any of the Company Subsidiaries to perform its or their obligations
under this Agreement or the other Transaction Documents to consummate the Closing or any of the transactions contemplated hereby;
provided, however, that in determining whether a Material Adverse Effect has occurred under clause (i), there shall be excluded
any circumstance, event, change, development or effect to the extent resulting from (A) actions or omissions of the Company or
any Company Subsidiary expressly required or contemplated by the terms of this Agreement, (B) changes after the date hereof in
general economic conditions in the United States, including financial market volatility or downturns, or in the markets in which
the Company and the Company Subsidiaries operate, (C) changes after the date hereof affecting the banking industry generally or
(D) any changes after the date hereof in applicable Laws or accounting rules or principles, including changes in GAAP, in each
case to the extent that such circumstance, event, change, development or effect referred to in clauses (B), (C) and (D) do not
have a disproportionate effect on the Company and the Company Subsidiaries compared to other participants in the industries or
markets in which the Company and the Company Subsidiaries operate.

 

2.2             
Representations and Warranties of the Company. The Company hereby represents and warrants to each of the Investors,
as of the date hereof and as of the Closing Date (except for the representations and warranties that are as of a specific date
which are made as of that date) that:

 

(a)              
Organization and Authority. Each of the Company and the Company Subsidiaries is a corporation or other entity
duly organized and validly existing under the laws of the jurisdiction of its incorporation or organization, is duly qualified
to do business and is in good standing in all jurisdictions where its ownership or leasing of property or the conduct of its business
requires it to be so qualified except where any failure to be so qualified would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, and has the corporate or other organizational power and authority to own its properties
and assets and to carry on its business as it is now being conducted. Copies of the articles of incorporation and bylaws (or similar
governing documents) as amended through the date of this Agreement for the Company and the Bank have been Previously Disclosed.
The Company is duly registered with the Board of Governors of the Federal Reserve Board as a financial holding company under the
Bank Holding Company Act of 1956, as amended (“BHCA”).

 

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(b)              
Company Subsidiaries. Except for the Bank and Professional Insurance Management, LLC, a Florida limited liability
company (each, a “Company Subsidiary” and, collectively, the “Company Subsidiaries”),
the Company does not own beneficially, directly or indirectly, more than 5% of any class of equity securities or similar interests
of any corporation, business trust, association or similar organization, and is not, directly or indirectly, a partner in any partnership
or party to any joint venture. The Company owns, directly or indirectly, all of its interests in each Company Subsidiary free and
clear of any and all Liens. The deposit accounts of the Bank are insured by the Federal Deposit Insurance Corporation (“FDIC”)
to the fullest extent permitted by the Federal Deposit Insurance Act, as amended (the “FDI Act”), and
the rules and regulations of the FDIC thereunder, and all premiums and assessments required to be paid in connection therewith
have been paid when due (after giving effect to any applicable extensions). The Company beneficially owns all of the outstanding
capital securities of, and has sole control of, the Bank.

 

(c)              
Capitalization.

 

(i)                
As of the date hereof, the authorized Capital Stock of the Company consists of (A) 50,000,000 shares of Class A Common Stock,
$0.01 par value per share, (B) 10,000,000 shares of Class B Common Stock, $0.01 par value per share, and (C) 10,000,000 shares
of Preferred Stock.

 

(ii)             
As of the date hereof, without giving effect to the shares issued to the Investors pursuant to this Agreement, the Company
had outstanding 3,513,478 shares of Class A Common Stock, no shares of Class B Common Stock and no shares of Preferred Stock. As
of the date hereof, the Company has reserved 265,000 shares of Class A Voting Common Stock for issuance under or pursuant to the
Company’s 2016 Amended and Restated Stock Option Plan (the “Company Option Plan”).

 

(iii)           
All of the issued and outstanding shares of Capital Stock have been duly authorized and validly issued and are fully paid
and nonassessable. None of the outstanding shares of Capital Stock or other securities of the Company or any of the Company Subsidiaries
was issued, sold or offered by the Company or any Company Subsidiary in violation of the Securities Act or the securities or blue
sky laws of any state or jurisdiction. No bonds, debentures, notes or other indebtedness having the right to vote on any matters
on which the shareholders of the Company may vote (“Voting Debt”) are issued and outstanding.

 

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(iv)            
As of the date of this Agreement, except for the outstanding awards under the Company Option Plan, the Company’s 2014
Associate Stock Purchase Plan or the Company’s Share Appreciation Rights Plan (collectively, the “Company Equity
Plans”), the Company does not have any and is not bound by any outstanding subscriptions, options, warrants, calls,
commitments or agreements of any character calling for the purchase or issuance of, or securities or rights convertible into or
exchangeable or exercisable for, any shares of Capital Stock or any other equity securities of the Company or Voting Debt or any
securities representing the right to purchase or otherwise receive any shares of Capital Stock of the Company.

 

(v)              
The issuance of the Company Stock in connection with the transactions contemplated by this Agreement has been duly authorized
and such Company Stock, when issued and paid for in accordance with the terms of this Agreement, will be duly and validly issued,
fully paid and nonassessable and free and clear of all Liens, other than restrictions on transfer imposed by applicable securities
Laws, and shall not be subject to preemptive or similar rights. The Company has a sufficient number of authorized and unissued
shares of Capital Stock for the purpose of issuance of the Company Stock pursuant to this Agreement.

 

(d)              
Authorization; No Conflicts; Shareholder Approval.

 

(i)                
The Company has the corporate power and authority to execute and deliver this Agreement and the other Transaction Documents
and to perform its obligations hereunder. The execution, delivery and performance of this Agreement and the other Transaction Documents
by the Company and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary
corporate action on the part of the Company and no further approval or authorization is required on the part of the Company or
its shareholders. The Board of Directors has unanimously approved the transactions contemplated by this Agreement. This Agreement
and the other Transaction Documents have been duly and validly executed and delivered by the Company and, assuming due authorization,
execution and delivery by the Investors, are the valid and binding obligation of the Company enforceable against the Company in
accordance with their respective terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by
general equity principles (whether applied in equity or at law). There are no shareholder agreements, voting agreements, or other
similar arrangements with respect to the Capital Stock to which the Company is a party or, to the Company’s Knowledge, between
or among any of the Company’s shareholders.

 

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(ii)             
Neither the execution and delivery by the Company of this Agreement and the other Transaction Documents nor the consummation
of the transactions contemplated hereby or thereby, nor compliance by the Company with any of the provisions hereof or thereof,
will (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice
or lapse of time or both, would constitute a default) under, or result in the termination of, or result in the loss of any benefit
or creation of any right on the part of any third party under, or accelerate the performance required by, or result in a right
of termination or acceleration of, or result in the creation of any liens, charges, adverse rights or claims, pledges, covenants,
title defects, security interests or other encumbrances of any kind (“Liens”) upon any of the properties
or assets of the Company or any Company Subsidiary, under any of the terms, conditions or provisions of (1) the certificate of
incorporation or bylaws (or similar governing documents) of the Company and each Company Subsidiary or (2) any note, bond, mortgage,
indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Company or any of the Company
Subsidiaries is a party or by which it may be bound, or to which the Company or any of the Company Subsidiaries, or any of the
properties or assets of the Company or any of the Company Subsidiaries may be subject, or (B) violate any Law applicable to the
Company or any of the Company Subsidiaries or any of their respective properties or assets, except in the case of clauses (A)(2)
and (B) for such violations, conflicts and breaches as would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(e)              
Governmental Consents. No Governmental Consents are necessary for the Company to execute and deliver this
Agreement or the other Transaction Documents, to perform all obligations under this Agreement or the other Transaction Documents,
or to consummate the Closing or any of the transactions contemplated by this Agreement or the other Transaction Documents, other
than: (i) the filing with the Securities and Exchange Commission one or more registration statements in accordance with the requirements
of the Registration Rights Agreement, if applicable, (ii) the filings required in accordance with Section 3.9 of this Agreement,
(iii) the feedback required in accordance with Section 1.2(c)(ii)(H), and (iv) those that have been obtained prior to the date
of this Agreement.

 

(f)               
Litigation and Other Proceedings.

 

(i)                
Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, there is
no pending or, to the Knowledge of the Company, threatened claim, action, suit, arbitration, complaint, charge or investigation
or proceeding (each an “Action”) against the Company or any Company Subsidiary or any of their respective
assets, rights or properties, nor is the Company or any Company Subsidiary a party or named as subject to the provisions of any
order, writ, injunction, settlement, judgment or decree of any Governmental Entity, and, to the Knowledge of the Company, there
is no basis for any of the foregoing. Neither the Company nor the Bank, nor, to the Knowledge of the Company, any director or executive
officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state
securities laws or a claim of breach of fiduciary duty.

 

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(ii)             
Neither the Company nor the Bank is a party to any pending, or, to the Knowledge of the Company, threatened Action or subject
to any order, judgment or decree, which challenges the legality, validity or enforceability of this Agreement or the issuance of
the Company Stock.

 

(g)              
Financial Statements. True, correct and complete copies of (i) the unaudited consolidated balance sheet of
the Company and the Company Subsidiaries and the related consolidated statements of operations, changes in stockholders’
equity and cash flows, together with the notes thereto, as of and for the nine-month period ended September 30, 2016 and (ii) the
audited consolidated balance sheets of the Company and the Company Subsidiaries and the related consolidated statements of operations,
changes in shareholders’ equity and cash flows, together with the notes thereto, as of and for the fiscal year periods ended
December 31, 2015 and December 31, 2014 (the “Company Financial Statements”) have been Previously Disclosed.
Each of the Company Financial Statements (i) have been prepared from, and are in accordance with, the books and records of the
Company and the Company Subsidiaries, (ii) have been complied, as of the dates therein stated, in all material respects with applicable
accounting requirements, (iii) have been prepared in accordance with GAAP applied on a consistent basis and (iv) present fairly
in all material respects the consolidated financial position of the Company and the Company Subsidiaries at the dates stated therein
and the consolidated results of operations, changes in shareholders’ equity and cash flows of the Company and the Company
Subsidiaries for the periods stated therein. There is no transaction, arrangement, or other relationship between the Company (or
any Company Subsidiary) and an unconsolidated or other off-balance sheet entity that is not reflected in the Company Financial
Statements, other than financial instruments entered into in the Ordinary Course of Business.

 

(h)              
Accounting Matters. 

 

(i)                
Each of the Company and each Company Subsidiary has established and maintains a system of internal control over financial
reporting that is effective to provide reasonable assurance regarding the reliability of the Company’s and each Company Subsidiary’s
financial reporting and the preparation of the Company’s and each Company Subsidiary’s financial statements for external
purposes in accordance with GAAP. The Company has no Knowledge of (i) any significant deficiencies or material weaknesses
in the design or operation of its internal control over financial reporting which are reasonably likely to adversely affect its
ability to record, process, summarize and report financial information or (ii) any fraud, whether or not material, that involves
management or other employees who have a role in the Company’s internal control over financial reporting. To the Company’s
Knowledge, no change in the Company’s or and any Company Subsidiary’s internal control over financial reporting that
has occurred since December 31, 2015 that has materially affected, or that is reasonably likely to materially affect, the
Company’s or the Bank’s internal control over financial reporting.

 

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(ii)             
Since December 31, 2015 (i) neither the Company nor any Company Subsidiary has received any material complaint,
allegation, assertion or claim, written or oral, regarding the accounting or auditing practices, or internal procedures or accounting
controls, methodologies or methods of the Company or any Company Subsidiary, including but not limited to any complaint, allegation,
assertion or claim that the Company or any Company Subsidiary has engaged in any questionable accounting or auditing practice,
or regarding any violation of the securities laws; and (ii) no attorney representing the Company or any Company Subsidiary
has reported to their respective Boards of Directors, committee thereof, any member thereof or any executive officer, evidence
of a material violation of the securities or banking laws, breach of fiduciary duty or similar violation by the Company or any
Company Subsidiary or any of their respective officers, directors, employees or agents.

 

(i)                
Environmental Matters.  To the Company’s Knowledge, neither the Company nor any of the Company
Subsidiaries (i) is in violation of any Law of any Governmental Entity relating to the use, disposal or release of hazardous
or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances
(collectively, “Environmental Laws”), (ii) is liable for any off-site disposal or contamination
pursuant to any Environmental Laws, (iii) owns or operates any real property contaminated with any substance that is in violation
of any Environmental Laws or (iv) is subject to any claim relating to any Environmental Laws; in each case, which violation,
contamination, liability or claim has had or would reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect; and there is no pending or, to the Company’s Knowledge, threatened investigation that might lead to such
a claim.  Except as would not result in a Material Adverse Effect, there are no circumstances or conditions (including the
presence of asbestos, underground storage tanks, lead products, polychlorinated biphenyls, prior manufacturing operations, dry-cleaning
or automotive services) involving the Company or any of the Company Subsidiaries, or any currently or formerly owned or operated
property of the Company or any of the Company Subsidiaries, that could reasonably be expected to result in any claim, liability,
investigation, cost or restriction against the Company or any of the Company Subsidiaries, or result in any restriction on the
ownership, use, or transfer of any property pursuant to any Environmental Law, or adversely affect the value of any currently owned
property of the Company or any of the Company Subsidiaries.

 

(j)                
Risk Management Instruments. The Company and any Company Subsidiary have in place risk management policies
and procedures designed to protect against risks of the type and in the amounts reasonably expected to be incurred by companies
of similar sizes and in similar lines of business as the Company and any Company Subsidiary. All material derivative instruments,
including swaps, caps, floors and option agreements entered into for the Company’s or any of the Company Subsidiaries’
own account were entered into (i) only in the Ordinary Course of Business, (ii) in accordance with prudent practices and in all
material respects with all applicable Laws and (iii) with counterparties believed to be financially responsible at the time; and
each of them constitutes the valid and legally binding obligation of the Company or any Company Subsidiary, as applicable, enforceable
in accordance with its terms. Neither the Company nor, to the Knowledge of the Company, any other party thereto is in breach of
any of its material obligations under any such agreement or arrangement.

 

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(k)              
No Undisclosed Liabilities. There are no liabilities of the Company or any of the Company Subsidiaries of
any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, except for (i) liabilities adequately
reflected or reserved against in accordance with GAAP in the Company’s Financial Statements and (ii) liabilities that have
arisen in the Ordinary Course of Business since December 31, 2015 and that have not or would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

(l)                
Mortgage Lending. The Company and each of the Company Subsidiaries have complied in all material respects
with, and all documentation in connection with the origination, processing, underwriting and credit approval of any mortgage loan
originated, purchased or serviced by the Company or any Company Subsidiary has satisfied, in all material respects (i) all
Laws with respect to the origination, insuring, purchase, sale, pooling, servicing, subservicing, or filing of claims in connection
with mortgage loans, including all Laws relating to real estate settlement procedures, consumer credit protection, truth in lending
Laws, usury limitations, fair housing, transfers of servicing, collection practices, equal credit opportunity and adjustable rate
mortgages, (ii) the responsibilities and obligations relating to mortgage loans set forth in any agreement between the Company
and any Agency, Loan Investor or Insurer, (iii) the applicable rules, regulations, guidelines, handbooks and other requirements
of any Agency, Loan Investor or Insurer and (iv) the terms and provisions of any mortgage or other collateral documents and
other loan documents with respect to each mortgage loan. No Agency, Loan Investor or Insurer has (A) claimed in writing that
the Company or any Company Subsidiary has violated or has not complied with the applicable underwriting standards with respect
to mortgage loans sold by the Company or any Company Subsidiary to a Loan Investor or Agency, or with respect to any sale of mortgage
servicing rights to a Loan Investor, (B) imposed in writing restrictions on the activities (including commitment authority)
of the Company or any Company Subsidiary, or (C) indicated in writing to the Company or any Company Subsidiary that it has
terminated or intends to terminate its relationship with the Company or any Company Subsidiary for poor performance, poor loan
quality, or concern with respect to the Company’s or any Company Subsidiary’s compliance with laws.

 

(m)            
Bank Secrecy Act; Anti-Money Laundering; OFAC; and Customer Information. To the Company’s Knowledge,
the Company and each Company Subsidiary have operated in compliance, in all material respects, with the Bank Secrecy Act of 1970,
as amended, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001 (also known as the USA PATRIOT Act), any order or regulation issued by the U.S. Department of the Treasury’s Office
of Foreign Assets Control (“OFAC”), or any other applicable anti-money laundering or anti-terrorist-financing
statute, rule or regulation. The Company is not aware of any facts or circumstances that would cause it to believe that any nonpublic
customer information has been disclosed to or accessed by an unauthorized third party in a manner that would cause the Company
to undertake any material remedial action. The Company and each of the Company Subsidiaries have adopted and implemented an anti-money
laundering program designed to provide appropriate customer identification verification procedures that comply with the USA PATRIOT
Act and such anti-money laundering program meets the requirements in all material respects of Section 352 of the USA PATRIOT Act
and the regulations thereunder, and they have complied in all respects with any requirements to file reports and other necessary
documents as required by the USA PATRIOT Act and the regulations thereunder. The Company will not directly or indirectly use the
proceeds of the sale of the Company Stock pursuant to transactions contemplated by this Agreement, or lend, contribute or otherwise
make available such proceeds to any Company Subsidiary, joint venture partner or other Person, towards any sales or operations
in any country appearing on the OFAC Specially Designated Nationals List (“SDN List”) or for the purpose
of financing the activities of any Person currently appearing on the SDN List.

 

    11

     

    

 

(n)              
Certain Payments. Neither the Company nor any of the Company Subsidiaries, nor any directors, officers, nor
to the Knowledge of the Company, employees or any of their Affiliates or any other Person who to the Knowledge of the Company is
associated with or acting on behalf of the Company or any of the Company Subsidiaries has directly or indirectly (i) made any contribution,
gift, bribe, rebate, payoff, influence payment, kickback, or other payment in material violation of any Law to any Person, private
or public, regardless of form, whether in money, property, or services (A) to obtain favorable treatment in securing business for
the Company or any of the Company Subsidiaries, (B) to pay for favorable treatment for business secured by the Company or any of
the Company Subsidiaries, or (C) to obtain special concessions or for special concessions already obtained, for or in respect of
the Company or any of the Company Subsidiaries or (ii) established or maintained any fund or asset with respect to the Company
or any of the Company Subsidiaries that was required by Law or GAAP to have been recorded and was not recorded in the books and
records of the Company or any of the Company Subsidiaries.

 

(o)              
Absence of Certain Changes. Since December 31, 2015 and except as required or contemplated by the terms of
this Agreement, (i) the Company and the Company Subsidiaries have conducted their respective businesses in all material respects
in the Ordinary Course of Business, (ii) none of the Company or any Company Subsidiary has issued any securities (other than Capital
Stock and options and other equity-based awards issued prior to the date of this Agreement pursuant to the Company Equity Plans
and reflected in the numbers set forth in Section 2.2(c)), (iii) the Company has not made or declared any distribution in cash
or in kind to its shareholders or repurchased any shares of its Capital Stock (other than 20,000 shares repurchased in 2016), (iv)
through (and including) the date of this Agreement, no fact, event, change, condition, development, circumstance or effect has
occurred that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; (v)
there has not been any change in the nature of the business, results of operations, assets, financial condition, method of accounting
or accounting practice, or manner or conduct of the business of the Company and the Bank that has had, or may reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect, or on the ability of the Company to consummate the transactions
contemplated hereby; and (vi) no material default (or event which, with notice or lapse of time, or both, would constitute a material
default) exists on the part of the Company or any Company Subsidiary in the due performance and observance of any term, covenant
or condition of any agreement to which the Company or any Company Subsidiary is a party and which would reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

    12

     

    

 

(p)              
Compliance with Laws. The Company and each Company Subsidiary have all material permits, licenses, franchises,
authorizations, orders and approvals of, and have made all filings, applications and registrations with, Governmental Entities
that are required in order to permit them to own or lease their properties and assets and to carry on their business as presently
conducted and that are material to the business of the Company and each Company Subsidiary. The Company and each Company Subsidiary
have complied in all respects and (i) are not in default or violation in any respect of, (ii) are not, to the Company’s Knowledge,
under investigation with respect to, and (iii) have not, to the Company’s Knowledge, been threatened to be charged with or
given notice of any violation of, any applicable domestic (federal, state or local) or foreign law, statute, ordinance, license,
rule, regulation, policy or guideline, order, demand, writ, injunction, decree or judgment of any Governmental Entity (each, a
 “Law”), other than such noncompliance, defaults or violations as would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. No Governmental Entity has placed any material restriction on
the business or properties of the Company or any of the Company Subsidiaries. As of the date hereof, the Bank has a Community Reinvestment
Act rating of “satisfactory.”

 

(q)              
Regulatory Agencies.

 

(i)                
The Company and the Company Subsidiaries (i) are not subject to any cease-and-desist or other similar order or enforcement
action issued by, (ii) are not a party to any written agreement, consent agreement or memorandum of understanding with, and (iii)
are not a party to any commitment letter or similar undertaking to maintain capital ratios above the regulatory minimum. Since
December 31, 2015, neither the Company nor any of the Company Subsidiaries has adopted any board resolutions at the request of
any Governmental Entity that currently restricts in any material respect the conduct of its business or that in any material manner
relates to its capital adequacy, its liquidity and funding policies and practices, its ability to pay dividends, its credit, risk
management or compliance policies, its internal controls, its management or its operations or business (each item in the two previous
sentences being referred to herein as a “Regulatory Agreement”), nor has the Company nor any of the Company
Subsidiaries been advised since December 31, 2015 by any Governmental Entity that it is considering issuing, initiating, ordering,
or requesting any such Regulatory Agreement.

 

(ii)             
As of December 31, 2016, the Company and each Company Subsidiary had filed, since that date have filed, and subsequent to
the date hereof will file, all reports, registrations and statements, if any, together with any amendments required to be made
with respect thereto, that were and are required to be filed with (i)  the Federal Reserve Board, (ii) the FDIC, and
(iii) the Florida Office of Financial Regulation (“FLOFR”) (all such reports and statements are
collectively referred to herein as the “Company Reports). As of their respective dates, the Company Reports
complied and will comply in all material respects with all the statutes, rules and regulations enforced or promulgated by the Governmental
Entity with which they were filed and did not and will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein not misleading. There are no outstanding
comments from any Governmental Entity with respect to any Company Reports.

 

    13

     

    

 

(iii)           
All documents which the Company is responsible for filing with any Governmental Entity in connection with the transactions
contemplated by this Agreement will comply as to form in all material respects with the provisions of applicable Law.

 

(r)               
The Bank. No shares of Capital Stock of the Bank are or may become required to be issued by reason of any
options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relative to, or concerning securities
or rights convertible into, or exchangeable for, shares of any class of Capital Stock of the Bank, and there are no other contracts,
commitments, understandings or arrangements by which the Bank is bound to issue, or the Company is bound to cause the Bank to issue,
additional shares of its Capital Stock or options, warrants, scrip, rights to purchase or acquire, or securities or rights convertible
into or exchangeable for, any additional shares of its Capital Stock. All of the shares of Capital Stock of the Bank so owned by
the Company are fully paid and non-assessable and are owned by it free and clear of any Liens or agreement with respect thereto.
The Bank is a commercial bank duly organized, validly existing and in good standing under the laws of the State of Florida and
has the corporate power and authority and all necessary federal, state, local and foreign authorizations to own or lease its properties
and assets and to carry on its business as it is now being conducted.

 

(s)               
Adequate Capitalization. The Bank meets or exceeds the standards necessary to be considered “well capitalized”
under the FDIC’s regulatory framework for prompt corrective action and is in compliance with all minimum capital adequacy
requirements of the FDIC and the FLOFR, as applicable. The Company is in compliance with all applicable minimum capital adequacy
requirements of the Federal Reserve Board. The Company and the Bank have not received written notice of any facts or circumstances
in existence, which would cause the Company or the Bank to be deemed to be not in compliance with applicable minimum capital adequacy
requirements.

 

(t)                
Contracts. The Company has provided to each Investor that has made a request (including via access in any
virtual data room) or such Investor’s representatives true, correct and complete copies of each of the following to which
the Company or any Company Subsidiary is a party, each of which has been Previously Disclosed (each, a “Material Contract”):

 

(i)                
any contract or agreement relating to indebtedness of the Company or any Company Subsidiary for borrowed money, letters
of credit, capital lease obligations, obligations secured by a Lien or interest rate or currency hedging agreements (including
guarantees in respect of any of the foregoing, but in any event excluding trade payables, securities transactions and brokerage
agreements arising in the Ordinary Course of Business, intercompany indebtedness and immaterial leases for telephones, copy machines,
facsimile machines and other office equipment) in excess of $300,000, except for those issued in the Ordinary Course of Business;

 

(ii)             
any contract or agreement limiting, in any material respect, the ability of the Company or any of the Company Subsidiaries
to engage in any line of business or to compete, whether by restricting territories, customers or otherwise, or in any other material
respect, with any Person;

 

    14

     

    

 

(iii)           
any contract or agreement that concerns the sale or acquisition of any material portion of the Company’s business;

 

(iv)            
any alliance, cooperation, joint venture, shareholders, partnership or similar agreement involving a sharing of profits
or losses relating to the Company or any Company Subsidiary;

 

(v)              
any contract or agreement involving annual payments in excess of $300,000 that cannot be cancelled by the Company or a Company
Subsidiary without penalty on not more than 60 days’ notice;

 

(vi)            
any material hedge, collar, option, forward purchasing, swap, derivative or similar agreement, understanding or undertaking;

 

(vii)         
any contract or agreement with respect to the employment or service of any current or former directors, officers, employees
or consultants of the Company or any of the Company Subsidiaries other than, with respect to non-executive employees and consultants,
in the Ordinary Course of Business; and

 

(viii)       
any contract or agreement containing any (x) non-competition or exclusive dealing obligations or other obligation which
purports to limit or restrict in any respect the ability of the Company or any Company Subsidiary to solicit customers or the manner
in which, or the localities in which, all or any portion of the business of the Company or the Company Subsidiaries is or can be
conducted, or (y) right of first refusal or right of first offer or similar right that limits or purports to limit the ability
of the Company or any of the Company Subsidiaries to own, operate, sell, transfer, pledge or otherwise dispose of any material
assets or business.

 

Each Material Contract (A) is legal, valid
and binding on the Company and the Company Subsidiaries which are a party to such contract, (B) is in full force and effect and
enforceable in accordance with its terms and (C) will continue to be legal, valid, binding, enforceable, and in full force and
effect in all material respects following the consummation of the transactions contemplated by this Agreement. Neither the Company
nor any of the Company Subsidiaries, nor to the Knowledge of the Company, any other party thereto is in material violation or default
under any Material Contract. No benefits under any Material Contract will be increased, and no vesting of any benefits under any
Material Contract will be accelerated, by the occurrence of any of the transactions contemplated by this Agreement, nor will the
value of any of the benefits under any Material Contract be calculated on the basis of any of the transactions contemplated by
this Agreement. The Company and the Company Subsidiaries, and to the Knowledge of the Company, each of the other parties thereto,
have performed in all material respects all material obligations required to be performed by them under each Material Contract,
and to the Knowledge of the Company, no event has occurred that with notice or lapse of time would constitute a material breach
or default or permit termination, modification, or acceleration, under the Material Contracts.

 

    15

     

    

 

 

(u)              
Insurance. The Company and each of the Company Subsidiaries are presently insured, and have been insured for
at least the past two years, for reasonable amounts with financially sound and reputable insurance companies against such risks
as companies engaged in a similar business would, in accordance with good business practice, customarily be insured. All of the
policies, bonds and other arrangements providing for the foregoing (the “Company Insurance Policies”)
are in full force and effect, the premiums due and payable thereon have been timely paid and there is no material breach or default
(and no condition exists or event has occurred that, with the giving of notice or lapse of time or both, would constitute such
a material breach or default) by the Company or any of the Company Subsidiaries under any of the Company Insurance Policies or,
to the Knowledge of the Company, by any other party to the Company Insurance Policies. Neither the Company nor any of the Company
Subsidiaries has received any written notice of cancellation or non-renewal of any Company Insurance Policy nor, to the Knowledge
of the Company, is the termination of any of the Company Insurance Policies threatened in writing by the insurer, and there is
no material claim for coverage by the Company, or any of the Company Subsidiaries, pending under any of such Company Insurance
Policies as to which coverage has been denied or disputed by the underwriters of such Company Insurance Policies or in respect
of which such underwriters have reserved their rights.

 

(v)              
Title. The Company and the Company Subsidiaries have good and marketable title in fee simple to all real property
owned by them and good and valid title to all material personal property owned by them, in each case free and clear of all Liens,
except for Liens which do not materially affect the value of such property or do not interfere with the use made and proposed to
be made of such property by the Company or any Company Subsidiary. Any real property and facilities held under lease by the Company
or the Company Subsidiaries are valid, subsisting and enforceable leases with such exceptions that are not material and do not
interfere with the use made and proposed to be made of such property and facilities by the Company or the Company Subsidiaries.

 

(w)            
Patents and Trademarks.  The Company and the Company Subsidiaries own, possess, license, or have other
rights to use all domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names,
copyrights, inventions, trade secrets, technology, internet domain names, know-how, and other intellectual property (collectively,
the “Intellectual Property”) necessary for the conduct of their respective businesses as now conducted
or as proposed to be conducted except where the failure to own, possess, license, or have such rights would not have or reasonably
be expected to have a Material Adverse Effect.  Except where such violations or infringements would not have or reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect, (a) there are no rights of third
parties to any such Intellectual Property, (b) there is no infringement by third parties of any such Intellectual Property,
(c) there is no pending or threatened action, suit, proceeding, or claim by others challenging the Company’s and its
Subsidiary’s rights in or to any such Intellectual Property, (d) there is no pending or threatened action, suit, proceeding,
or claim by others challenging the validity or scope of any such Intellectual Property, and (e) there is no pending or threatened
action, suit, proceeding, or claim by others that the Company and/or any of the Company Subsidiaries infringes or otherwise violates
any patent, trademark, copyright, trade secret, or other proprietary rights of others.

 

    16

     

    

 

(x)              
Employee Benefits.

 

(i)                
The Company has Previously Disclosed each “employee benefit plan” (within the meaning of Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including multiemployer plans
within the meaning of Section 3(37) of ERISA), and all stock purchase, stock option, severance, employment, change-in-control,
fringe benefit, bonus, incentive, deferred compensation and all other employee benefit plans, agreements, programs, policies or
other arrangements, whether or not subject to ERISA (including any funding mechanism therefor now in effect or required in the
future as a result of the transactions contemplated by this Agreement or otherwise), whether formal or informal, oral or written,
under which (A) any current or former employee or director of the Company or any of the Company Subsidiaries (the “Company
Employees”) has any present or future right to benefits and which are contributed to, sponsored by or maintained
by the Company or any of the Company Subsidiaries or (B) the Company or any Company Subsidiary has had or has any present or future
liability. All such plans, agreements, programs, policies and arrangements shall be collectively referred to as the “Benefit
Plans.”

 

(ii)             
(A) Each Benefit Plan has been established and administered in all material respects in accordance with its terms, and in
compliance with the applicable provisions of ERISA, the Code and other Laws; (B) the contributions made to, and benefits provided
by, each Benefit Plan are eligible for the tax treatment accorded to them by the Company and each Company Subsidiary; and (C) no
non-exempt “prohibited transaction” (as such term is defined in Section 406 of ERISA and Section 4975 of the Code)
has been engaged in by the Company or any Company Subsidiary with respect to any Benefit Plan that has or is expected to result
in any material liability.

 

(iii)           
Neither Company nor any trade or business (whether or not incorporated) which together with the Company is treated as a
single employer under Section 4001(b) of ERISA and any of their predecessors: (A) maintains or has ever maintained a plan subject
to Title IV of ERISA or Section 412 of the Code; (B) has had or has any obligation to contribute or other liability with respect
to a multiemployer plan, as defined in Sections 3(37)(A) and 4001(a)(3) of ERISA; (C) maintains or has ever maintained a multiple
employer welfare arrangement within the meaning of Section 3(40) of ERISA; or (D) has had or has any liability or obligation to
provide retiree or post-termination of employment health or life benefits, except as required under Part 6 of ERISA, Section 4980B
of the Code or any similar state law.

 

    17

     

    

 

(y)              
Taxes.

 

(i)                
All Tax Returns required to be filed by, or on behalf of, Company or the Company Subsidiaries have been timely filed, or
will be timely filed, in accordance with all applicable Laws, and all such Tax Returns were, at the time of filing, complete and
correct in all material respects. The Company and the Company Subsidiaries have timely paid all material Taxes due and payable
(whether or not shown on such Tax Returns), or, where payment is not yet due, have made adequate provisions in accordance with
GAAP. There are no Liens with respect to Taxes upon any of the assets or properties of the Company or any of the Company Subsidiaries
other than with respect to Taxes not yet due and payable. The Company reasonably believes that neither it nor the Bank has or will
have any material liability for any such Taxes in excess of the amounts so paid or reserved or accruals so established. Neither
the Company nor any Company Subsidiary is delinquent in the payment of any material Tax, has not requested any extension of time
within which to file any Tax Returns in respect of any fiscal year which have not since been filed or has participated in any “reportable
transaction” within the meaning of Treasury Regulation 1.6011-4.

 

(ii)             
No material deficiencies for any Tax have been assessed (tentatively or definitively) or, to the Company’s Knowledge,
proposed or asserted against the Company or any Company Subsidiary which have not been settled and paid and, as of the date of
this Agreement, no requests for waivers of the time to assess any Tax, or waivers of the statutory period of limitation, are pending
or have been granted, and the Company and each Company Subsidiary do not have in effect any currently effective power of attorney
or authorization to any Person to represent it in connection with any Taxes. No issue has been raised with the Company by any federal,
state, local or foreign Governmental Entity in connection with an audit or examination of the Tax Returns, or the business or properties
of the Company and each Company Subsidiary which has not been settled, resolved and fully satisfied. No claim has ever been made
by any Governmental Entity in a jurisdiction where the Company or a Company Subsidiary does not file Tax Return that the Company
or the Company Subsidiary is or may be subject to taxation by that jurisdiction.

 

(iii)           
The Company and each Company Subsidiary have paid (or have had paid on their behalf) or have withheld and remitted to the
appropriate Governmental Entity all material Taxes due and payable, or, where payment is not yet due, has established (or has had
established on its behalf and for its sole benefit and recourse) in accordance with GAAP an adequate accrual for all Taxes through
the end of the last period for which the Company and each Company Subsidiary ordinarily record items on their respective books.
The Company and each Company Subsidiary have withheld or collected from each payment made to its employees the amount of all Taxes
required to be withheld or collected therefrom, and have paid the same to the proper tax officers or authorized depositories.

 

(iv)            
Neither the Company nor any Company Subsidiary is a party to, or bound by, any agreement or arrangement relating to the
apportionment, sharing, assignment, or indemnification or allocation of any Tax or Tax assets (other than an agreement or arrangement
solely among the current members of a group the common parent of which is the Company) or has any liability for the Taxes of any
Person including any former subsidiary of the Company or the Bank, other than the Company or the Bank, under (i) Treasury Regulation
Section 1.1502-6 (or similar provision of federal, state or local law), (ii) any contract, (iii) any agreement, or (iv) any other
arrangement.

 

    18

     

    

 

(z)              
Labor.

 

(i)                
Employees of the Company and the Company Subsidiaries are not represented by any labor union nor are any collective bargaining
agreements otherwise in effect with respect to such employees. No labor organization or group of employees of the Company or any
Company Subsidiary has made a pending demand for recognition or certification, and there are no representation or certification
proceedings or petitions presently pending or threatened to be brought or filed with the National Labor Relations Board or any
other labor relations tribunal or authority, nor have there been in the last three years. There are no strikes, work stoppages,
slowdowns, labor picketing lockouts, material arbitrations or material grievances, or other material labor disputes pending or,
to the Knowledge of the Company, threatened against or involving the Company or any Company Subsidiary, nor have there been any
in the past year.

 

(ii)             
Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, the Company
and the Company Subsidiaries are in compliance with all applicable Laws and requirements respecting employment and employment practices,
terms and conditions of employment, collective bargaining, disability, immigration, health and safety, wages, hours and benefits,
non-discrimination in employment, workers’ compensation and the collection and payment of withholding and/or payroll taxes
and similar taxes.

 

(iii)           
Except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, there is
no charge or complaint pending or threatened before any Governmental Entity alleging unlawful discrimination in employment practices,
unfair labor practices or other unlawful employment practices by the Company or any Company Subsidiary.

 

(aa)           
Loan Portfolio.

 

(i)                
Each of the loans, including loans held for sale, of the Bank (“Loans): (i) is evidenced by notes, agreements
or other evidences of indebtedness which are true, genuine and what they purport to be; (ii) to the extent secured, has been
secured by valid liens or security interests which have been perfected; and (iii) represents the legal, valid and binding
obligation of the borrowers named therein, enforceable in accordance with its terms (including the validity, perfection and enforceability
of any Lien, security interest or other encumbrance relating to such Loan), except as such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting the enforcement of creditors’
rights generally, and subject to general principles of equity which may limit the enforcement of certain remedies. For purposes
of the foregoing sentence, it is agreed that the phrase “enforceable in accordance with its terms” shall not mean that
the borrower or other obligor has the financial ability to repay a Loan or that the collateral is sufficient in value to result
in payment of the Loan secured thereby.

 

    19

     

    

 

(ii)             
Each Loan of the Bank was made in material compliance with the provisions of applicable Law, including but not limited to
the Real Estate Settlement Practices Act (“RESPA”), the Truth in Lending Act, the Equal Credit Opportunity
Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and the regulations promulgated thereunder, as well
as the rules and regulations promulgated by the Consumer Financial Protection Bureau.

 

(iii)           
No default (including any event or circumstance which with the passage of time or the giving of notice or both would constitute
a default) in respect of any material provision (including any default in payment) of any Loan of the Bank exists, except as Previously
Disclosed.

 

(bb)          
Offering of Securities.

 

(i)                
Neither the Company nor any Person acting on its behalf has taken any action which would subject the offering, issuance
or sale of any of the Company Stock to be issued pursuant to this Agreement to be subject to the registration requirements of the
Securities Act. Neither the Company nor any Person acting on its behalf has engaged or will engage in any form of general solicitation
or general advertising (within the meaning of Regulation D under the Securities Act) in connection with any offer or sale of the
Company Stock pursuant to the transactions contemplated by this Agreement. Assuming the accuracy of each Investor’s representations
and warranties set forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the
Company Stock by the Company to the Investors. Except for this Agreement and the related agreements referenced herein, the Company
is not a party to or otherwise bound by any agreement with respect to the sale of its Capital Stock.

 

(ii)             
Each offering circular, private placement memorandum or other securities offering document used by the Company in connection
with the sale of Company Stock, and all other sales documentation relating thereto, did not, as of the respective dates thereof,
contain any untrue or misleading statement of a material fact, and did not omit to state a material fact necessary in order to
make the statements contained therein, in light of the circumstances in which they were made, not misleading.

 

    20

     

    

 

(iii)           
Assuming the accuracy of each Investor’s representations and warranties set forth in this Agreement, none of the Company,
the Company’s Subsidiaries nor, to the Company’s Knowledge, any of its Affiliates or any Person acting on its behalf
has, directly or indirectly, at any time within the past six months, made any offers or sales of any Company security or solicited
any offers to buy any security under circumstances that would eliminate the availability of the exemption from registration under
Regulation D under the Securities Act in connection with the offer and sale by the Company of the Company Stock as contemplated
hereby.

 

(iv)            
 To the Company’s Knowledge, following the exercise of reasonable care, no Covered Person (as defined below) is subject
to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities
Act (“Disqualification Events”), except for a Disqualification Event covered by Rule 506(d)(2) or
(d)(3) under the Securities Act.  The Company has complied, to the extent applicable, with any disclosure obligations under
Rule 506(e) under the Securities Act.  “Covered Persons” are those persons specified in Rule 506(d)(1)
under the Securities Act, including the Company, any predecessor or affiliate of the Company, any director, executive officer,
other officer participating in the offering, general partner or managing member of the Company, any beneficial owner of 20% or
more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, any promoter (as defined
in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of the sale of the Company Stock,
and any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection
with the sale of the Shares (a “Solicitor”), any general partner or managing member of any Solicitor,
and any director, executive officer or other officer participating in the offering of any Solicitor or general partner or managing
member of any Solicitor.

 

(v)              
The Company has not, and to the Company’s Knowledge, no one acting on its behalf has, taken, directly or indirectly,
any action designed to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Company Stock.

 

(vi)            
Other than the Letter Agreements and Registration Rights Agreements to be entered into with each of EJF, Mendon and BayBoston,
the Company has no agreements or understandings (including, without limitation, side letters) with any Investor or other Person
to purchase shares of Company Stock on terms more favorable to such Person than as set forth herein. Except for this Agreement
and the Letter Agreements, the Company does not have any agreement or understanding with any Investor with respect to the transactions
contemplated by the Transaction Documents. To the extent any Letter Agreements or additional agreements or modifications to the
Transaction Documents have been entered into on or prior to the date hereof, the Company has provided each Investor with true and
accurate copies of such Letter Agreements, other additional agreements or modified Transaction Documents into which it has entered.

 

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(cc)           
Investment Company Status. The Company is not, and upon consummation of the transactions contemplated by this
Agreement will not be, an “investment company,” a company controlled by an “investment company” or an “affiliated
Person” of, or “promoter” or “principal underwriter” of, an “investment company,” as
such terms are defined in the Investment Company Act of 1940, as amended.

 

(dd)          
Affiliate Transactions. No officer, director, five percent (5%) shareholder or other Affiliate of the Company
(or any Company Subsidiary), or any individual who, to the Knowledge of the Company, is related (including by marriage or adoption)
to or shares the same home as any such Person, or any entity which, to the Knowledge of the Company, is controlled by any such
Person (collectively, an “Insider”), is a party to any contract or transaction with the Company (or any
Company Subsidiary) which pertains to the business of the Company (or any Company Subsidiary) or has any interest in any property,
real or personal or mixed, tangible or intangible, used in or pertaining to the business of the Company (or any Company Subsidiary).
The foregoing representation and warranty does not include deposits at the Company (or any Company Subsidiary) or loans of $250,000
or less made in the Ordinary Course of Business in compliance with Regulation O and other applicable Law.

 

(ee)           
Anti-takeover Provisions Not Applicable. The Board of Directors has taken all necessary action to ensure that
the transactions contemplated by this Agreement and the consummation of the transactions contemplated hereby will be exempt from
any anti-takeover or similar provisions of the Company’s articles of incorporation and bylaws and any provisions of any applicable
 “moratorium”, “control share”, “fair price”, “interested shareholder” or other
anti-takeover Laws and regulations of the jurisdiction of the Company’s incorporation.

 

(ff)             
No Triggering Events. The transactions contemplated by this Agreement will not be deemed a Change in Control
or constitute any other triggering event which would result in the (i) obligation of the Company or any of the Company Subsidiaries
to make any payments under any employment, change in control or other agreements to which the Company or any of the Company Subsidiaries
is a party or (ii) acceleration or vesting of any benefits under any employee benefit plan of the Company or any of the Company
Subsidiaries.

 

(gg)          
No Brokers. No broker, placement agent, finder or investment banker is entitled to any brokerage, finder’s
or other fee or commission in connection with the transactions contemplated by this Agreement or any other Transaction
Document based upon arrangements made by or on behalf of the Company.

 

(hh)          
Common Control. The Company is not and, after giving effect to the offering and sale of the Company Stock,
will not be under the control (as defined in the BHCA and the Federal Reserve Board’s Regulation Y (12 C.F.R. Part 225)
(“BHCA Control”),”) of any company (as defined in the BHCA and the Federal Reserve Board’s
Regulation Y).  The Company is not in BHCA Control of any federally insured depository institution other than the Bank. 
The Bank is not under the BHCA Control of any company (as defined in the BHCA and the Federal Reserve Board’s Regulation
Y) other than Company.  Neither the Company nor the Bank controls, in the aggregate, more than five percent of the outstanding
voting class, directly or indirectly, of any federally insured depository institution, except for the Company’s ownership
of 100% of the capital stock of the Bank.  The Bank is not subject to the liability of any commonly controlled depository
institution pursuant to Section 5(e) of the FDI Act.

 

    22

     

    

 

For purposes of this Agreement, “Previously
Disclosed” means information (i) set forth by the Company in the applicable section of its Disclosure Schedules or
any other paragraph of its Disclosure Schedule (so long as it is reasonably clear from the context that the disclosure in such
other paragraph of its Disclosure Schedule is also applicable to the section of this Agreement in question) or (ii) contained in
the virtual data room maintained by the Company in connection with the transactions contemplated hereby to which the Investor was
provided access.

 

2.3             
Representations and Warranties of the Investors. Each Investor, for itself and no other Investor, hereby represents
and warrants to the Company, as of the date hereof and as of the Closing Date (except for the representations and warranties that
are as of a specific date which are made as of that date) that:

 

(a)              
Organization and Authority. If the Investor is an entity, the Investor is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, is duly qualified to do business and is in good standing
in all jurisdictions where its ownership or leasing of property or the conduct of its business requires it to be so qualified and
where failure to be so qualified would be reasonably expected to materially and adversely impair or delay its ability to perform
its obligations under this Agreement or to consummate the transactions contemplated hereby.

 

(b)              
Authorization; No Conflicts.

 

(i)                
The Investor has the necessary power and authority to execute and deliver this Agreement and to perform its obligations
hereunder. With regard to each Investor that is not an individual, the execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated hereby have been duly authorized by its board of directors, general partners,
managers, investment committee, investment adviser or other authorized person, as the case may be, and no further approval or authorization
by any of its shareholders, partners, members or other equity owners, as the case may be, is required. With regard to each Investor
that is an individual, the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby have been duly authorized. This Agreement has been duly and validly executed and delivered by the Investor and, assuming
due authorization, execution and delivery by the Company is the valid and binding obligation of the Investor enforceable against
the Investor in accordance with its terms (except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by
general equity principles).

 

    23

     

    

 

(ii)             
Neither the execution, delivery and performance by the Investor of this Agreement nor the consummation of the transactions
contemplated hereby, nor compliance by the Investor with any of the provisions hereof, will (A) violate, conflict with, or result
in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute
a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination
or acceleration of, or result in the creation of any Liens upon any of the properties or assets of the Investor under any of the
terms, conditions or provisions of (1) its certificate of incorporation or its similar governing documents, if applicable, or (2)
any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Investor
is a party or by which the Investor may be bound, or to which the Investor or any of the properties or assets of the Investor may
be subject, or (B) violate any Law applicable to the Investor or any of its properties or assets except in the case of clauses
(A)(2) and (B) for such violations, conflicts and breaches as would not reasonably be expected to materially adversely affect the
Investor’s ability to perform its obligations under this Agreement or consummate the transactions contemplated hereby on
a timely basis.

 

(c)              
Governmental Consents. No Governmental Consents are necessary for the Investor to execute and deliver this
Agreement or the other Transaction Documents, to perform all obligations under this Agreement or the other Transaction Documents,
or to consummate the Closing or any of the transactions contemplated by this Agreement or the other Transaction Documents, other
than: (i) the filing with the Securities Exchange Commission one or more registration statements in accordance with the requirements
of the Registration Rights Agreement, if applicable, (ii) the filings required in accordance with Section 3.9 of this Agreement,
(iii) the feedback required in accordance with Section 1.2(c)(ii)(H), and (iv) those that have been obtained prior to the date
of this Agreement.

 

(d)              
Purchase for Investment; Accredited Investor Status. The Investor acknowledges that the Company Stock to be
purchased by the Investor pursuant to this Agreement has not been registered under the Securities Act or under any state securities
laws and may not be resold or transferred by the Investor without such registration or appropriate reliance on any available exemption
from such requirements. The Investor (i) is acquiring the Company Stock pursuant to an exemption from the registration requirements
of the Securities Act and other applicable securities laws solely for investment with no present intention to distribute any of
the Company Stock to any Person, (ii) will not sell or otherwise dispose of any of the Company Stock, except in compliance with
the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws, (iii) has
such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating
the merits and risks of its investment in the Company Stock and of making an informed investment decision and (iv) is an “accredited
investor” (as that term is defined by Rule 501 of the Securities Act).

 

(e)              
Brokers and Finders. Neither the Investor, nor its respective Affiliates nor any of their respective officers
or directors, has employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions
or finder’s fees, and no broker or finder has acted directly or indirectly for the Investor in connection with this Agreement
or the transactions contemplated hereby.

 

    24

     

    

 

(f)               
Investment Decision. The Investor has independently evaluated the merits of its decision to purchase the Company
Stock pursuant to this Agreement, and the Investor confirms that it has not relied on the advice of any other Person’s business
or legal counsel in making such decision. The Investor understands that nothing in this Agreement or any other materials presented
by or on behalf of the Company to the Investor in connection with the purchase of the Company Stock constitutes legal, tax or investment
advice. The Investor has consulted such accounting, legal, tax and investment advisors as it has deemed necessary or appropriate
in connection with its purchase of the Company Stock. Except as Previously Disclosed and except for the Transaction Documents,
there are no agreements or understandings with respect to the transactions contemplated by this Agreement and any of the Letter
Agreements, as applicable, between the Investor or any of its Affiliates, on the one hand, and (i) any of the other shareholders
of the Company or any of their respective Affiliates, in each case, the identity of which is known to the Investor, (ii) the Company
or (iii) the Company Subsidiaries, on the other hand.

 

(g)              
Financial Capability. At the Closing, the Investor shall have available all funds necessary to pay the Purchase
Price and consummate the purchase of Company Stock on the terms and conditions contemplated by this Agreement.

 

(h)              
Access to Information. The Investor acknowledges that it has been afforded (i) the opportunity to ask such
questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Company Stock and the merits and risks of investing in the Company Stock; (ii) access to information about
the Company and the Company Subsidiaries and their respective financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional
information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed
investment decision with respect to the Investment.

 

(i)                
No Reliance. The Investor has not relied on any representation or warranty in connection with the Investment
other than those contained in this Agreement.

 

(j)                
No Coordinated Acquisition. The Investor (i) reached its decision to invest in the Company Stock independently
from any other Person known by the Investor to be a potential investor in the Company (any such person, a “Potential
Investor”), (ii) is not affiliated with any other Potential Investor, (iii) is not advised or managed by an advisor
or manager that advises or manages any other Potential Investor, (iv) has not entered into any agreement or understanding, whether
written or not reduced to writing, with any other Potential Investor to act in concert for the purpose of exercising a controlling
influence over the Company or any Company Subsidiaries, including any agreements or understandings regarding the voting or transfer
of shares of the Company, (v) has not shared due diligence materials prepared by such Investor or any of its advisors or representatives
with respect to the Company or any Company Subsidiaries with any other Potential Investor, (vi) has not been induced, nor has induced
any other Potential Investor, to enter into the transactions contemplated by this Agreement by any other Potential Investor, (vii)
was not notified of or provided the opportunity to enter into the transactions contemplated by this Agreement pursuant to the terms
of any agreement or informal understanding with, or otherwise acting in concert with, any other Potential Investor and was not
required by the terms of any agreement or informal understanding to so notify any other Potential Investor, (viii) is not a party
to any formal or informal understanding with any other Potential Investor to make a coordinated acquisition of stock of the Company,
and the investment decision of the Investor is not based on the investment decision of any other Potential Investor, (ix) is not
a party to any formal or informal agreement or understanding concerning the appointment of any individual to the Board of Directors
(other than as set forth in the Letter Agreements, as applicable), (x) has not engaged as part of a group consisting of substantially
the same entities as the Potential Investors, in substantially the same combination of interests, in any additional banking or
nonbanking activities or business ventures in the United States and (xi) will not pay any other Potential Investor any fee in connection
with the transactions contemplated hereby.

 

    25

     

    

 

(k)              
No Advertisement. The Investor has not seen, received, been presented with, or been solicited by any leaflet,
public promotional meeting, newspaper or magazine article or advertisement, radio or television advertisement, or any other form
of advertising or general solicitation with respect to the purchase of Company Stock.

 

(l)                
Residency. The Investor’s residence or principal executive office, as applicable is set forth on such
Investor’s signature page hereto.

 

(m)            
Anti-Money Laundering Procedures. The Investor understands, acknowledges, represents and agrees that (i) the
Investor is not the target of any sanction, regulation, or law promulgated by the Office of Foreign Assets Control, the Financial
Crimes Enforcement Network or any other U.S. governmental entity (“U.S. Sanctions Laws”),”); (ii) the Investor
is not owned by, controlled by, under common control with, or acting on behalf of any person that is the target of U.S. Sanctions
Laws; (iii) the Investor is not a “foreign shell bank” and is not acting on behalf of a “foreign shell bank”
under applicable anti-money laundering Laws and regulations; (iv) the Investor’s entry into this Agreement or consummation
of the transactions contemplated hereby will not contravene U.S. Sanctions Laws or applicable anti-money laundering Laws or regulations;
(v) the Investor will promptly provide to the Company or any regulatory or law enforcement authority such information or documentation
as may be required to comply with U.S. Sanctions Laws or applicable anti-money laundering Laws or regulations; and (vi) the Company
may provide to any regulatory or law enforcement authority information or documentation regarding, or provided by, the Investor
for the purposes of complying with U.S. Sanctions Laws or applicable anti-money laundering laws or regulations.

 

ARTICLE
3

 

COVENANTS

 

3.1             
Conduct of Business Prior to Closing. Except as otherwise expressly required or contemplated by this Agreement
or applicable Law or in the performance of any Material Contract, or with the prior written consent of the Investors, between the
date of this Agreement and the Closing, the Company shall, and the Company shall cause each Company Subsidiary to:

 

    26

     

    

 

(a)              
use commercially reasonable efforts to conduct its business only in the Ordinary Course of Business;

 

(b)              
use commercially reasonable efforts to (i) preserve the present business operations, organization (including officers and
employees) and goodwill of the Company and each Company Subsidiary and (ii) preserve business relationships with customers, suppliers,
consultants and others having business dealings with the Company; provided, however, that nothing in this clause (b) shall place
any limit on the ability of the Board of Directors to act, or require any actions, that the Board of Directors may, in good faith,
determine to be inconsistent with their duties or the Company’s obligations under applicable Law or imposed by any Governmental
Entity;

 

(c)              
not knowingly take any action which would: (i) adversely affect the ability to obtain the necessary Governmental Consents
required for the transactions contemplated hereby or (ii) adversely affect the ability to perform the covenants and agreements
under this Agreement;

 

(d)              
not amend, repeal or modify any provision of its articles of incorporation or bylaws; and

 

(e)              
maintain the allowance for loan losses at a level which, in management’s reasonable and good faith determination,
is adequate to absorb reasonably anticipated losses in the loan portfolio in accordance with GAAP and regulatory requirements,
after taking charge-offs required in accordance with GAAP and regulatory requirements.

 

3.2             
Confidentiality. From time to time, the Company may disclose or make available to the Investors information about
the Company’s business affairs, products, services, confidential intellectual property, trade secrets, third-party confidential
information and other sensitive or proprietary information, whether orally or in written, electronic or other form or media, and
whether or not marked, designated or otherwise identified as “confidential” (collectively, “Confidential
Information”). Each Investor shall: (A) protect and safeguard the confidentiality of the Company’s
Confidential Information with at least the same degree of care as such Investor would protect its own Confidential Information,
but in no event with less than a commercially reasonable degree of care; (B) not use the Company’s Confidential Information,
or permit it to be accessed or used, for any purpose other than to exercise its rights or perform its obligations under this Agreement;
and (C) not disclose any such Confidential Information to any person or entity, except to such Investor’s representatives
who need to know the Confidential Information to assist the Investor, or act on its behalf, to exercise its rights or perform its
obligations under the Agreement. The Investors shall be responsible for any breach of this Section 3.2 caused by their respective
representatives. Upon the Company’s request, the Investors shall promptly return, and shall require their respective representatives
to return to the Company all copies, whether in written, electronic or other form or media, of the Company’s Confidential
Information, or destroy all such copies and certify in writing to the Disclosing Party that such Confidential Information has been
destroyed. In addition to all other remedies available at law, the Company may seek equitable relief (including injunctive relief)
against the Investors and their respective representatives to prevent the breach or threatened breach of this Section 3.2 and to
secure its enforcement.

 

    27

     

    

 

3.3             
Filings; Other Actions. Investor, on the one hand, and the Company, on the other hand, will cooperate and consult
with the other and use commercially reasonable efforts to prepare and file all necessary documentation, to effect all necessary
applications, notices, petitions, filings and other documents, and to obtain all necessary permits, consents, orders, approvals
and authorizations of, or any exemption by, all third parties and Governmental Entities, and the expiration or termination of any
applicable waiting period, necessary or advisable to consummate the transactions contemplated by this Agreement, and to perform
the covenants contemplated hereby. Each party shall execute and deliver, both before and after the Closing, such further certificates,
agreements and other documents, and shall take such other actions as the other party may reasonably request to consummate or implement
such transactions contemplated by this Agreement or to evidence such events or matters. Investor and the Company will have the
right to review in advance and, to the extent practicable, each will consult with the other, in each case, subject to applicable
Laws relating to the exchange of information, all the information relating to such other party and any of their respective Affiliates
which appears in any filing made with, or written materials submitted to, any third party or any Governmental Entity in connection
with the transactions contemplated by this Agreement to which it will be party. In exercising the foregoing right, each of the
parties hereto agrees to act reasonably and as promptly as practicable. Each party hereto agrees to keep the other party apprised
of the status of the matters referred to in this Section 3.3. Investor shall promptly furnish the Company, and the Company shall
promptly furnish the Investor, to the extent permitted by applicable Law, with copies of written communications received by it
or its Affiliates from, or delivered by any of the foregoing to, any Governmental Entity in respect of the transactions contemplated
by this Agreement. For the avoidance of doubt, none of the foregoing obligations shall require Investor or any of its Affiliates
to take any action that would (i) result in Investor or its Affiliates being deemed to control the Company for purposes of the
BHCA or the cross-guaranty liability provisions of the FDI Act, (ii) require Investor or its Affiliates to register as a bank holding
company, or (ii) result in the imposition of any Burdensome Condition.

 

3.4             
Legend.

 

(a)              
Each Investor agrees that all certificates or other instruments representing the Company Stock subject to this Agreement
shall bear a legend substantially to the following effect, until such time as they are not required under Section 3.4(b):

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE STATE SECURITIES LAWS OF ANY STATE.  WITHOUT
REGISTRATION, THESE SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR
AN OPINION OF COUNSEL SATISFACTORY TO COUNSEL FOR THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH LAWS.”

 

    28

     

    

 

(b)              
Upon request of an Investor, the Company shall promptly cause such legend to be removed from any certificate for any Company
Stock to be so transferred if (i) such Company Stock is being transferred pursuant to a registration statement in effect with respect
to such transfer or (ii) such Company Stock is being transferred pursuant to an exemption from registration under the Securities
Act and applicable state laws subject to receipt by the Company of a reasonably acceptable legal opinion from counsel for such
Investor who is reasonably satisfactory to the Company to the effect that such legend is no longer required under the Securities
Act and applicable state laws. Each Investor acknowledges that the Company Stock has not been registered under the Securities Act
or under any state securities laws and agrees that it shall not sell or otherwise dispose of any of the Company Stock, except in
compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable securities
laws.

 

3.5             
Certain Other Transactions.

 

(a)              
Prior to the Closing, notwithstanding anything in this Agreement to the contrary, the Company shall not directly or indirectly
effect or cause to be effected any transaction with a third party that would reasonably be expected to result in a Change in Control
unless such third party shall have provided prior assurance in writing to each Investor (in a form that is reasonably satisfactory
to such Investor) that the terms of this Agreement shall be fully performed (i) by the Company or (ii) by such third party if it
is the successor of the Company or if the Company is its direct or indirect Subsidiary. For the avoidance of doubt, it is understood
and agreed that, in the event that a Change in Control occurs on or prior to the Closing, each Investor shall maintain the right
under this Agreement to acquire, pursuant to the terms and conditions of this Agreement, the Company Stock that is to be purchased
by such Investor pursuant to this Agreement (or such other securities or property (including cash) into which the Company Stock
that is to be purchased by Investor pursuant to this Agreement may have become exchangeable as a result of such Change in Control),
as if the Closing had occurred immediately prior to such Change in Control.

 

(b)              
In the event that, at or prior to the Closing, (i) the number of shares of Company Stock, or securities convertible or exchangeable
into or exercisable for shares of Company Stock, issued and outstanding is changed as a result of any reclassification, stock split
(including reverse split), stock dividend or distribution (including any dividend or distribution of securities convertible or
exchangeable into or exercisable for shares of Company Stock), merger, tender or exchange offer or other similar transaction, or
(ii) the Company fixes a record date that is at or prior to the Closing Date for the payment of any non-stock dividend or distribution
on the Company Stock, then the number of shares of Company Stock to be issued to each Investor at the Closing under this Agreement,
together with the applicable implied per share price, shall be equitably adjusted and/or the shares of Company Stock to be issued
to such Investor at the applicable Closing under this Agreement shall be equitably replaced with shares of other stock or securities
or property (including cash), in each case, to provide each Investor with substantially the same economic benefit from this Agreement
as such Investor had prior to the applicable transaction. Notwithstanding anything in this Agreement to the contrary, in no event
shall the Purchase Price or any component thereof, or the aggregate percentage of shares to be purchased by any Investor, be changed
by the foregoing.

 

    29

     

    

 

(c)              
Notwithstanding anything in the foregoing to the contrary, the provisions of this Section 3.5 shall not apply to any issuance
or sale of any Capital Stock, or any securities, options or debt that are convertible or exchangeable into Capital Stock, issued
or sold by the Company in connection with: (a) a grant to any existing or prospective directors, officers or other employees, consultants
or service providers of the Company or any Company Subsidiary pursuant to the Company Option Plan or similar equity-based plans
or other compensation agreement; (b) the conversion or exchange of any securities of the Company into Capital Stock, or the exercise
of any warrants or other rights to acquire Capital Stock; (c) any acquisition by the Company or any Company Subsidiary of any equity
interests, assets, properties or business of any Person; (d) any merger, consolidation or other business combination involving
the Company or any Company Subsidiary; (e) the commencement of any public offering or any transaction or series of related transactions
involving a Change in Control; (f) any subdivision of Capital Stock (by a split of Capital Stock or otherwise), payment of stock
dividend, reclassification, reorganization or any similar recapitalization; (g) a joint venture, strategic alliance or other commercial
relationship with any Person relating to the operation of the Company’s or any Company Subsidiary’s business and not
for the primary purpose of raising equity capital; or (h) a purchase of Capital Stock by an employee pursuant to the Company’s
employee stock purchase plan.

 

3.6             
Insurance. The Company shall maintain directors’ and officers’ liability insurance and fiduciary
liability insurance with insurers of recognized financial responsibility in such amounts as the Board determines to be prudent
and customary for the Company's business and operations.

 

3.7             
Access to Information. From the date hereof until the Closing Date, the Company will permit, and cause the Bank
to permit, Investor and its officers, employees, accountants, counsel and other representatives to visit and inspect, at Investor’s
expense, the properties of the Company and the Bank, and to examine the corporate books of the Company and the Bank and discuss
the affairs, finances and accounts of the Company and the Bank with the officers and employees of the Company, all upon reasonable
notice and at such reasonable times and as often as the Investor may reasonably request. Any investigation pursuant to this Section
3.7 shall be conducted during normal business hours and in such a manner as not to interfere unreasonably with the conduct of the
business of the Company, and nothing herein shall require the Company or the Bank to disclose any information to the extent (1)
prohibited by applicable Law or regulation, (2) that the Company reasonably believes such information to be competitively sensitive
proprietary information (except to the extent Investor provides assurances acceptable to the Company that such information shall
not be used by Investor or its Affiliates to compete with the Company or the Bank), or (3) that such disclosure would reasonably
be expected to cause a violation of any agreement to which the Company or any Company Subsidiary is a party or would cause a risk
of a loss of privilege to the Company or any Company Subsidiary (provided that the Company shall use commercially reasonable
efforts to make appropriate substitute disclosure arrangements under circumstances where the restrictions in clauses (1) or (3)
apply).

 

    30

     

    

 

 

3.8             
Tax Matters. The Company will pay any and all Transfer Taxes incurred in connection with this Agreement and the
issuance and purchase of the Company Stock purchased as part of the Investment. The Company shall timely make all filings, Tax
Returns, reports and forms relating to such Transfer Taxes as may be required to comply with the provisions of such Transfer Tax
laws. “Transfer Taxes” means transfer, documentary, sales, use, registration and other such taxes (including
all applicable real estate transfer taxes).

 

3.9             
Form D and Blue Sky. The Company agrees to timely file a Form D with respect to the Company Stock as required
under Regulation D. Investor agrees to timely provide Company with any and all needed information in connection with Company’s
preparation and filing of a Form D. The Company, on or before the Closing Date, shall take such action as the Company shall reasonably
determine is necessary in order to obtain an exemption for or to qualify the applicable Company Stock for sale to the Investors
at the Closing pursuant to this Agreement under applicable securities or “Blue Sky” laws of the states of the United
States (or to obtain an exemption from such qualification).  The Company shall make all filings and reports relating to the
offer and sale of the Company Stock required under applicable securities or blue sky laws of the states of the United States following
the Closing Date.

 

ARTICLE
4

 

TERMINATION

 

4.1             
Termination. This Agreement may be terminated prior to the Closing:

 

(a)              
by mutual written agreement of the Company and any Investor (with respect to itself only);

 

(b)              
by any the Company or any Investor (with respect to itself only), upon written notice to the non-terminating parties, in
the event that the Closing does not occur on or before the date that is 120 days after the date of this Agreement; provided, however,
that the right to terminate this Agreement pursuant to this Section 4.1(b) shall not be available to any party or parties whose
failure to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of
the Closing to occur on or prior to such date;

 

(c)              
by any Investor (with respect to itself only), upon written notice to the Company, if (i) there has been a breach of any
representation, warranty, covenant or agreement made by the Company in this Agreement, or any such representation and warranty
shall have become untrue after the date of this Agreement, such that Section 1.2(c)(ii)(A) would not be satisfied and (ii) such
breach or condition is not curable or, if curable, is not cured prior to the date that would otherwise be the Closing Date in absence
of such breach or condition; provided that this Section 4.1(c) shall only apply if the Investor is not in material breach of any
of the terms of this Agreement;

 

(d)              
by any Investor (with respect to itself only), if such Investor or any of its Affiliates receives written notice from or
is otherwise advised by a Governmental Entity that it will not grant (or intends to rescind or revoke if previously approved) any
required regulatory approval or receives written notice from such Governmental Entity that it will not grant such required regulatory
approval on the terms contemplated by this Agreement without imposing any Burdensome Condition;

 

    31

     

    

 

(e)              
by the Company, upon written notice to any Investor, if (i) there has been a breach of any representation, warranty, covenant
or agreement made by such Investor in this Agreement, or any such representation and warranty shall have become untrue after the
date of this Agreement, such that Section 1.2(c)(iii)(A) would not be satisfied and (ii) such breach or condition is not curable
or, if curable, is not cured prior to the date that would otherwise be the Closing Date in absence of such breach or condition;
provided that this Section 4.1(e) shall only apply if the Company is not in material breach of any of the terms of this Agreement;

 

(f)               
by the Company or any Investor (with respect to itself only) if it becomes impossible to satisfy the conditions contained
in Section 1.2(c)(i), by the Company if it becomes impossible to satisfy the conditions contained in Section 1.2(c)(iii), or by
any Investor (with respect to itself only) if it becomes impossible to satisfy the conditions contained in Section 1.2(c)(ii);

 

(g)              
by any Investor (with respect to itself only), in the event the Company enters into a definitive agreement with a third
party that would reasonably be expected to result in a Change in Control of the Company;

 

(h)              
by any Investor (with respect to itself only), if such Investor or its Affiliates receives written notice from or is otherwise
advised by the Federal Reserve Board that the Federal Reserve Board will not issue a determination (formal or informal) that such
Investor will not be deemed in control of the Company for purposes of the BHCA or that it will not make such determination without
the imposition of a Burdensome Condition, or otherwise indicates that it will deem Investor or any of its Affiliates to control
the Company for purposes of the BHCA; or

 

(i)                
by the Company or any Investor (with respect to itself only), upon written notice to the non-terminating parties, in the
event that any Governmental Entity shall have issued any order, decree or injunction or taken any other action restraining, enjoining
or prohibiting any of the transactions contemplated by this Agreement, and such order, decree, injunction or other action shall
have become final and nonappealable.

 

4.2             
Effects of Termination. In the event of any termination of this Agreement as provided in Section 4.1, this Agreement
(other than Section 3.2, this Article 4 and Article 6 of this Agreement, which shall remain in full force and effect) shall forthwith
become wholly void and of no further force and effect; provided that nothing herein shall relieve any party from liability for
fraud or willful breach of this Agreement.

 

ARTICLE
5

 

INDEMNITY

 

5.1             
Indemnification by the Company. In addition to the indemnity provided in the Registration Rights Agreement, if
applicable, after the Closing, and subject to Sections 5.3 and 5.4, the Company shall indemnify, defend and hold harmless to the
fullest extent permitted by Law each Investor and its Affiliates, and their successors and assigns, officers, directors, shareholders
partners, members, agents, investment advisors, and employees (and any other Persons with a functionally equivalent role of a Person
holding such titles notwithstanding a lack of such title or any other title), as applicable (the “Investor Indemnified
Parties”), against, and reimburse any of the Investor Indemnified Parties for, all Losses that any of the Investor
Indemnified Parties may at any time suffer or incur, or become subject to, as a result of or in connection with (i) the inaccuracy
or breach of any representation or warranty made by the Company in this Agreement or any certificate delivered pursuant hereto,
(ii) any breach or failure by the Company to perform any of its covenants or agreements contained in this Agreement, (iii) any
action instituted against an Investor Indemnified Party in any capacity, or any of them or their respective affiliates, by any
shareholder of the Company who is not an affiliate of such Investor Indemnified Party, with respect to any of the transactions
contemplated by this Agreement, and (iv) any actions involving the Company arising out of or related to any event, fact, change,
occurrence, development or condition prior to the Closing Date. Notwithstanding anything herein to the contrary, the obligations
of the Company under this Section 5.1(a) shall not be applicable to or inure to the benefit of any transferee of the Company Stock
sold pursuant to this Agreement who is not an Affiliate of an Investor.

 

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5.2             
Indemnification by the Investors. After the Closing, and subject to Sections 5.3 and 5.4, each Investor shall
indemnify, defend and hold harmless to the fullest extent permitted by Law the Company, its Affiliates and their respective successors
and assigns, officers, directors, partners, members and employees (collectively, the “Company Indemnified Parties”)
against, and reimburse any of the Company Indemnified Parties for, all Losses that the Company Indemnified Parties may at any time
suffer or incur, or become subject to, as a result of or in connection with (i) the inaccuracy or breach of any representation
or warranty made by such Investor in this Agreement or any certificate delivered pursuant hereto or (ii) any breach or failure
by such Investor to perform any of its covenants or agreements contained in this Agreement.

 

5.3             
Notification of Claims.

 

(a)              
Any Person that may be entitled to be indemnified under this Article 5 (the “Indemnified Party”)
shall promptly notify the party or parties liable for such indemnification (the “Indemnifying Party”)
in writing of any claim in respect of which indemnity may be sought hereunder, including any pending or threatened claim or demand
by a third party that the Indemnified Party has determined has given or could reasonably give rise to a right of indemnification
under this Agreement (including a pending or threatened claim or demand asserted by a third party against the Indemnified Party)
(each, a “Third Party Claim”), describing in reasonable detail the facts and circumstances with respect
to the subject matter of such claim or demand; provided, however, that the failure to provide such notice shall not release the
Indemnifying Party from any of its obligations under this Agreement except to the extent that the Indemnifying Party is materially
prejudiced by such failure. The parties agree that notices for claims in respect of a breach of a representation, warranty, covenant
or agreement must be delivered prior to the expiration of any applicable survival period specified in Section 6.1 for such representation,
warranty, covenant or agreement; provided, that if, prior to such applicable date, a party hereto shall have notified the other
parties hereto in accordance with the requirements of this Section 5.3(a) of a claim for indemnification under this Agreement (whether
or not formal legal action shall have been commenced based upon such claim), such claim shall continue to be subject to indemnification
in accordance with this Agreement notwithstanding the passing of such applicable date.

 

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(b)              
Upon receipt of a notice of a claim for indemnity from an Indemnified Party pursuant to Section 5.3(a) in respect of a Third
Party Claim, the Indemnifying Party may, by notice to the Indemnified Party delivered within twenty (20) Business Days of the receipt
of notice of such Third Party Claim, assume the defense and control of any Third Party Claim, with its own counsel reasonably acceptable
to the Indemnified Party and at its own expense. The Indemnified Party shall have the right to employ counsel on its own behalf
for, and otherwise participate in the defense of, any such Third Party Claim, but the fees and expenses of its counsel will be
at its own expense unless (A) the employment of counsel by the Indemnified Party at the Indemnifying Party’s expense has
been authorized in writing by the Indemnifying Party, as applicable, (B) the Indemnified Party reasonably believes there may be
a conflict of interest between the Indemnified Party and the Indemnifying Party in the conduct of the defense of such Third Party
Claim, (C) the Indemnified Party reasonably believes there are legal defenses available to it that are different from, additional
to or inconsistent with those available to the Indemnifying Party, or (D) the Indemnifying Party has not in fact employed counsel
to assume the defense of such Third Party Claim within a reasonable time after receipt of notice of the commencement of such Third
Party Claim, in each of which cases the fees and expenses of such Indemnified Party’s counsel shall be at the expense of
the Indemnifying Party; provided, however, that in the event any Investor Indemnified Party is similarly situated with any other
Investor Indemnified Party with respect to any Third Party Claim, and does not have any conflict of interest with such Person in
the conduct of the defense of such Third Party Claim or have legal defenses available to it that are different from, additional
to or inconsistent with those available to such Person, such Investor Indemnified Party shall be required to employ the same counsel
as such Person and the Company shall be responsible for the fees and expenses of only one such counsel for such Investor Indemnified
Party and such other Person or Persons (assuming any of clauses (A) through (D) is satisfied). The Indemnified Party may take any
actions reasonably necessary to defend such Third Party Claim prior to the time that it receives a notice from the Indemnifying
Party as contemplated by the immediately preceding sentence. The Indemnified Party shall, and shall cause each of their Affiliates
and representatives to, use reasonable best efforts to cooperate with the Indemnifying Party in the defense of any Third Party
Claim. The Indemnifying Party shall not, without the prior written consent of the Indemnified Party (which shall not be unreasonably
withheld), consent to a settlement, compromise or discharge of, or the entry of any judgment arising from, any Third Party Claim,
unless such settlement, compromise, discharge or entry of any judgment does not involve any statement, finding or admission of
any fault, culpability, failure to act, violation of Law or admission of any wrongdoing by or on behalf of the Indemnified Party,
and the Indemnifying Party shall (i) pay or cause to be paid all amounts arising out of such settlement or judgment concurrently
with the effectiveness of such settlement or judgment (unless otherwise provided in such judgment), (ii) not encumber any of the
assets of any Indemnified Party or agree to any restriction or condition that would apply to or materially adversely affect any
Indemnified Party or the conduct of any Indemnified Party’s business and (iii) obtain, as a condition of any settlement,
compromise, discharge, entry of judgment (if applicable), or other resolution, a complete and unconditional release of each Indemnified
Party in form and substance reasonably satisfactory to such Indemnified Party from any and all liabilities in respect of such Third
Party Claim. An Indemnified Party shall not settle, compromise or consent to the entry of any judgment with respect to any claim
or demand for which it is seeking indemnification from the Indemnifying Party or admit to any liability with respect to such claim
or demand without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld or delayed);
provided that such consent shall not be required if the Indemnifying Party has not fulfilled any material obligations under this
Section 5.3(b).

 

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(c)              
In the event any Indemnifying Party receives a notice of a claim for indemnity from an Indemnified Party pursuant to Section
5.3(a) that does not involve a Third Party Claim, the Indemnifying Party shall notify the Indemnified Party within twenty (20)
Business Days following its receipt of such notice whether the Indemnifying Party disputes its liability to the Indemnified Party
under this Agreement. The Indemnified Party shall reasonably cooperate with and assist the Indemnifying Party in determining the
validity of any such claim for indemnity by the Indemnified Party.

 

5.4             
Indemnification Payment. In the event a claim or any Action for indemnification hereunder has been finally determined,
the amount of such final determination shall be paid by the Indemnifying Party to the Indemnified Party on demand in immediately
available funds; provided, however, that any reasonable and documented out-of-pocket expenses incurred by the Indemnified Party
as a result of such claim or Action shall be reimbursed promptly by the Indemnifying Party upon receipt of an invoice describing
such costs incurred by the Indemnified Party. A claim or an Action, and the liability for and amount of damages therefor, shall
be deemed to be “finally determined” for purposes of this Agreement when the parties hereto have so determined by mutual
agreement or, if disputed, when a final non-appealable judicial order has been entered into with respect to such claim or Action.

 

5.5             
Exclusive Remedies. Each party hereto acknowledges and agrees that following the Closing, the indemnification
provisions hereunder shall be the sole and exclusive remedies of the parties hereto for any breach of the representations, warranties
or covenants contained in the this Agreement. No investigation of the Company by the Investor, or of the Investor by the Company,
whether prior to or after the date of this Agreement, shall limit any Indemnified Party’s exercise of any right hereunder
or be deemed to be a waiver of any such right. The parties agree that any indemnification payment made pursuant to this Agreement
shall be treated as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

 

ARTICLE
6

 

MISCELLANEOUS

 

6.1             
Survival. The representations and warranties of the parties hereto contained in this Agreement shall survive
in full force and effect until the date that is eighteen (18) months after the Closing Date (or until final resolution of any claim
or Action arising from the breach of any such representation and warranty, if notice of such breach was provided prior to the end
of such period), at which time they shall terminate and no claims shall be made for indemnification under Section 5.1 or Section
5.2, as applicable, for breaches of representations or warranties thereafter, except the Company Specified Representations and
the Investor Specified Representations shall survive the Closing indefinitely. The covenants and agreements set forth in this Agreement
shall survive until the earliest of the duration of any applicable statute of limitations or until performed or no longer operative
in accordance with their respective terms.

 

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6.2             
Other Definitions. Wherever required by the context of this Agreement, the singular shall include the plural
and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement,
document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified
from time to time. In addition, the following terms shall have the meanings assigned to them below:

 

(a)              
“Affiliate“ means, with respect to any Person, any Person directly or indirectly controlling,
controlled by or under common control with, such other Person provided that no security holder of the Company shall be deemed to
be an Affiliate of any other security holder or of the Company or any of the Company Subsidiaries solely by reason of any investment
in the Company and, for purposes of this definition, “control” (including, with correlative meanings,
the terms “controlling”, “controlled by” and “under common control
with”) when used with respect to any Person, means the possession, directly or indirectly, of the power to cause
the direction of management or policies of such Person, whether through the ownership of voting securities by contract or otherwise;

 

(b)              
“Agency“ means the Federal Housing Administration, the Federal Home Loan Mortgage Corporation,
the Farmers Home Administration (now known as Rural Housing and Community Development Services), the Federal National Mortgage
Association, the United States Department of Veterans’ Affairs, the Rural Housing Service of the U.S. Department of Agriculture
or any other Governmental Entity with authority to (i) determine any investment, origination, lending or servicing requirements
with regard to mortgage loans originated, purchased or serviced by the Company or (ii) originate, purchase, or service mortgage
loans, or otherwise promote mortgage lending, including state and local housing finance authorities;

 

(c)              
“Board of Directors“ means the Board of Directors of the Company;

 

(d)              
“Business Day“ means any day except Saturday, Sunday and any day which shall be a legal holiday
or a day on which banking institutions in the State of Florida generally are authorized or required by Law or other governmental
actions to close;

 

(e)              
“Capital Stock“ means the capital stock or other applicable type of equity interest in a Person;

 

(f)               
“Change in Control“ means the acquisition by any Person (including a group of related persons
within the meaning of Rule 13d-2 of the Exchange Act) of (i) more than fifty percent (50%) of the outstanding Capital Stock of
the Company, (ii) all or substantially all of the assets of the Company (including the sale of more than two-thirds (2/3) of the
Capital Stock held by the Company in the Bank), or (iii) a merger of the Company with or into any Person, or of any Person with
or into the Company, immediately after which the shareholders of the Company (as measured immediately prior to completion of the
transaction) own less than a majority of the combined Capital Stock of the surviving Person.

 

(g)              
“Code“ means the Internal Revenue Code of 1986, as amended;

 

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(h)              
“Company Specified Representations” means the representations and warranties made in Section 2.2(a),
Section 2.2(b), Section 2.2(c), Section 2.2(d), Section 2.2(q) and Section 2.2(ff);

 

(i)                
“Disclosure Schedule” shall mean a schedule delivered, on or prior to the date of this Agreement,
by (i) the Investor to the Company and (ii) the Company to the Investor setting forth, among other things, items the disclosure
of which is necessary or appropriate either in response to an express disclosure requirement contained in a provision hereof or
as an exception to one or more representations or warranties contained in Section 2.2 with respect to the Company, or in Section
2.3 with respect to the Investor, or to one or more covenants contained in Article 3;

 

(j)                
“GAAP” means United States generally accepted accounting principles and practices as in effect
from time to time;

 

(k)              
“Governmental Consent” means any notice to, registration, declaration or filing with, exemption
or review by, or authorization, order, consent or approval of, any Governmental Entity, or the expiration or termination of any
statutory waiting periods;

 

(l)                
“Governmental Entity” means any court, administrative agency or commission or other governmental
authority or instrumentality, whether federal, state, local or foreign, and any applicable industry self-regulatory organization
or securities exchange;

 

(m)            
“Insurer” means a Person who insures or guarantees for the benefit of the mortgagee all or any
portion of the risk of loss upon borrower default on any of the mortgage loans originated, purchased or serviced by the Bank, including
the Federal Housing Administration, the United States Department of Veterans’ Affairs, the Rural Housing Service of the U.S.
Department of Agriculture and any private mortgage insurer, and providers of hazard, title or other insurance with respect to such
mortgage loans or the related collateral;

 

(n)              
“Investor Specified Representations” means the representations and warranties made in Section
2.3(a), Section 2.3(b)(i), Section 2.3(d), Section 2.3(e), Section 2.3(h) and Section 2.3(i);

 

(o)              
“Knowledge” of the Company and words of similar import mean the actual knowledge of any directors
or executive officers of the Company;

 

(p)              
“Loan Investor” means any Person (including an Agency) having a beneficial interest in any mortgage
loan originated, purchased or serviced by the Bank or a security backed by or representing an interest in any such mortgage loan;

 

(q)              
“Losses” means any and all losses, damages, reasonable costs, reasonable expenses (including reasonable
attorneys’ fees and disbursements), liabilities, settlement payments, awards, judgments, fines, obligations, claims, and
deficiencies of any kind;

 

(r)               
“Ordinary Course of Business” means an action taken by any Person only if such action is constituent
with the past practices of such Person and is similar in nature and magnitude to actions customarily taken in the ordinary course
of the normal day-to-day operations of other Persons that are in the same line of business as such Person.

 

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(s)               
“Person” means any individual, firm, corporation, partnership, trust, incorporated or unincorporated
association, joint venture, joint stock company, limited liability company, Governmental Entity or other entity of any kind, and
shall include any successor (by merger or otherwise) of such entity;

 

(t)                
“Subsidiary” means, with respect to any Person, any corporation, partnership, joint venture, limited
liability company or other entity (x) of which such Person or a Subsidiary of such Person is a general partner or (y) of which
a majority of the voting securities or other voting interests, or a majority of the securities or other interests of which having
by their terms ordinary voting power to elect a majority of the board of directors or persons performing similar functions with
respect to such entity, is directly or indirectly owned by such Person and/or one or more Subsidiaries thereof;

 

(u)              
“Tax” or “Taxes” means all United States federal, state, local or foreign
income, profits, estimated, gross receipts, windfall profits, severance, property, intangible property, occupation, production,
sales, use, license, excise, emergency excise, franchise, capital gains, Capital Stock, employment, withholding, transfer, stamp,
payroll, goods and services, value added, alternative or add-on minimum tax, or any other tax, custom, duty or governmental fee,
or other like assessment or charge of any kind whatsoever, together with any interest, penalties, fines, related liabilities or
additions to tax that may become payable in respect thereof imposed by any Governmental Entity, whether or not disputed;

 

(v)              
“Tax Return” means any return, declaration, report or similar statement required to be filed with
respect to any Taxes (including any attached schedules), including any information return, claim or refund, amended return and
declaration of estimated Tax;

 

(w)              
the word “or” is not exclusive;

 

(x)               
the words “including,” “includes,” “included”
and “include” are deemed to be followed by the words “without limitation”;

 

(y)              
the terms “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision;
and

 

(z)              
all article, section, paragraph or clause references not attributed to a particular document shall be references to such
parts of this Agreement, and all exhibit and schedule references not attributed to a particular document shall be references to
such exhibits and schedules to this Agreement.

 

6.3             
Expense Reimbursement. The Company shall promptly pay the fees and expenses incurred by EJF in connection with
its evaluation of the Company and negotiation of this Agreement and the documents and instruments delivered or to be delivered
in connection herewith (including legal and travel expenses) in an amount not to exceed $20,000 in the aggregate, provided the
Closing occurs. In the event there is more than one Closing, the cap on reimbursement described herein shall apply cumulatively
to all such Closings.

 

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6.4             
Corporate Opportunities.

 

(a)                Investor
and any of its Affiliates may engage in or possess an interest in other business ventures of any nature or description, independently
or with others, similar or dissimilar to the business of the Company or any Company Subsidiary, and the Company, any Company Subsidiary,
the directors, the directors of any Company Subsidiary, and their other stockholders shall have no rights by virtue of this Agreement
in and to such ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with
the business of the Company, shall not be deemed wrongful or improper.

 

(b)               To
the fullest extent permitted by law and except as otherwise provided below, neither Investor nor any of its directors, principals,
officers, members, limited or general partners, fiduciaries, managers, employees and/or other representatives (the “Investor
Equityholders”) or its or their Affiliates or director designees shall be obligated to refer or present any particular
business opportunity to the Company or any Company Subsidiary even if such opportunity is of a character that, if referred or presented
to the Company or any Company Subsidiary, could be taken by the Company or any Company Subsidiary, and Investor, any such Investor
Equityholder or any of its or their Affiliates, respectively, shall have the right to take for its own account (individually or
as a partner, investor, member, participant or fiduciary) or to recommend to others such particular opportunity.

 

(c)                In
the event that a director of the Company who has been designated by Investor acquires knowledge of a potential transaction or other
matter which may be a corporate or business opportunity for both the Company and Investor, such director of the Company shall have
fully satisfied and fulfilled the fiduciary duty of such director to the Company and its stockholders with respect to such corporate
or other business opportunity, if such director acts in a manner consistent with the following policy: A business or corporate
opportunity offered to any person who is a director but not an officer of the Company and who has been designated by Investor shall
belong to the Company only if such opportunity is offered to such person in his or her capacity as a director of the Company, and
otherwise shall belong to Investor.

 

(d)               No
act or omission by Investor or any of its Affiliates in accordance with this Section shall be considered contrary to (i) any fiduciary
duty that Investor or any of its Affiliates may owe to the Company or any Company Subsidiary or to any other stockholder or by
reason of Investor or any of its Affiliates being a stockholder of the Company, or (ii) any fiduciary duty of any director of the
Company or any Company Subsidiary who has been designated by Investor to the Company or any Company Subsidiary, or to any stockholder
thereof. Any person purchasing or otherwise acquiring any Capital Stock of the Company, or any interest therein, in connection
with the transactions contemplated by the Transaction Documents or at any time thereafter shall be deemed to have notice of and
to have consented to the provisions of this Section. The Company hereby waives any right to bring a claim for breach of fiduciary
duty against Investor or any Affiliate thereof, or any director designated by Investor, based on any act or omission by Investor
or any Affiliate thereof, or such director, taken in accordance with this Section.

 

    39

     

    

 

6.5             
Amendment and Waivers. The conditions to each party’s obligation to consummate the Closing are for the
sole benefit of such party and may be waived by such party in whole or in part to the extent permitted by Law. 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.

 

6.6             
Counterparts and Facsimile. 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.

 

6.7             
Governing Law. 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.

 

6.8             
Jurisdiction. 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 6.10 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.

 

6.9             
WAIVER OF JURY TRIAL. 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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6.10         
Notices. 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 (a) on the date of delivery if delivered personally or by e-mail (upon
confirmation of receipt), (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier
service, or (c) 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.

 

(a)          
If to the Company:

 

Professional Holding Corp.

396 Alhambra Circle, Suite 255

Coral Gables, FL 33134

E-mail: dsheehan@professionalbankfl.com

Attention: Daniel R. Sheehan

Title: Chairman and Chief Executive Officer

 

with a copy to:

 

Gunster, Yoakley & Stewart, P.A.

777 South Flagler Drive, Suite 500 East

West Palm Beach, FL 33401

Attention: Michael V. Mitrione

Facsimile: (561) 671-2425

E-Mail: mmitrione@gunster.com

 

(b)          
If to any Investor:

 

To the address or e-mail set forth on the applicable
signature page for such Investor

 

6.11         
Entire Agreement. This Agreement and the agreements referred to herein (including the Annexes, the Letter Agreements,
as applicable, and Schedules hereto) (collectively, the “Transaction Documents”) constitute the entire
agreement, and supersede all other prior agreements, understandings, representations and warranties, inducements or conditions,
both written and oral, among the parties, with respect to the subject matter hereof and thereof.

 

6.12         
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns, including any purchasers of the Company Stock to be issued pursuant to this Agreement. The Company
shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor. The Investor
may assign some or all of its rights hereunder or thereunder without the consent of the Company to any Affiliate of the Investor,
unless such assignment would result in a breach of any of the representations or warranties of the Investor or a failure of any
of the conditions set forth in Section 1.2(c) of this Agreement. Any such permitted assignee shall be deemed to be an Investor
hereunder with respect to such assigned rights and shall be bound by the terms and conditions of this Agreement that apply to the
Investor.

 

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6.13         
Captions. 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.

 

6.14         
Severability. 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.

 

6.15         
Third Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer upon
any Person other than the parties hereto, any benefit right or remedies, except that the provisions of Sections 5.1 and 5.2 shall
inure to the benefit of the Persons referred to in such Sections.

 

6.16         
Public Announcements. The Investor will not make (and will use its reasonable best efforts to ensure that its
Affiliates and representatives do not make) any news release or public disclosure with respect to this Agreement and any of the
transactions contemplated hereby, without first consulting with the Company and, in each case, also receiving the Company’s
consent (which shall not be unreasonably withheld or delayed).

 

6.17         
Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that the parties
shall be entitled to seek specific performance of the terms hereof, this being in addition to any other remedies to which they
are entitled at law or equity.

 

6.18         
Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction
Document are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way
for the performance of the obligations of any other Investor under any Transaction Document.  The decision of each Investor
to purchase Company Stock pursuant to the Transaction Documents has been made by such Investor independently of any other Investor
and independently of any information, materials, statements, or opinions as to the business, affairs, operations, assets, properties,
liabilities, results of operations, condition (financial or otherwise), or prospects of the Company or any Company Subsidiary which
may have been made or given by any other Investor or by any agent or employee of any other Investor, and no Investor and none of
its agents or employees shall have any liability to any other Investor (or any other Person) relating to or arising from any such
information, materials, statements, or opinions.  Nothing contained herein or in any Transaction Document, and no action taken
by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture,
or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect
to such obligations or the transactions contemplated by the Transaction Documents.  Each Investor acknowledges that no other
Investor has acted as agent for such Investor in connection with making its investment hereunder and that no Investor will be acting
as agent of such Investor in connection with monitoring its investment in the Company Stock or enforcing its rights under the Transaction
Documents.  Each Investor shall be entitled to independently protect and enforce its rights, including without limitation
the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other
Investor to be joined as an additional party in any proceeding for such purpose.  It is expressly understood and agreed that
each provision contained in this Agreement is between the Company and an Investor, solely, and not between the Company and the
Investors collectively and not between and among the Investors.

 

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6.19         
No Recourse. This Agreement may only be enforced against the named parties hereto. All claims or causes of action
that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement
may be made only against the Persons that are expressly identified as parties hereto or that are subject to the terms hereof, and
no past, present or future director, officer, employee, incorporator, member, manager, partner, shareholder, Affiliate, agent,
attorney or representative of any party hereto (including any person negotiating or executing this Agreement on behalf of a party
hereto) shall have any liability or obligation with respect to this Agreement or with respect to any claim or cause of action,
whether in tort, contract or otherwise, that may arise out of or relate to this Agreement, or the negotiation, execution or performance
of this Agreement and the transactions contemplated hereby.

 

[Signature Page Follows]

 

    43

     

    

 

SIGNATURE PAGE FOR INDIVIDUAL 

 

IN WITNESS WHEREOF,
this Stock Purchase Agreement has been executed by Investor and by the Company on the respective dates set forth below.

 

	 	 	 
	Signature	 	Signature (If Shares Purchased Jointly)
	 	 	 
	Name	 	 	Name	 
	(Please Print)	 	(Please Print)

 

	Taxpayer ID Number	 	 	Taxpayer ID Number	 

 

	Address	 	 	Address	 
	 	 	 

 

	Telephone #	 	 	Telephone #	 

 

	Fax #	 	 	Fax #	 
	 	 	 
	Email:	 	 	Email:	 
	 	 	 
	Date:	 	 	Date:	 

 

Stock Purchase Amount:

 

	(1)	Number of shares of Class A Voting Common Stock:	 	 
	 	 	 	 
	(2)	Number of shares of Class B Non-Voting Common Stock:	 	 
	 	 	 	 
	(3)	Total number of shares subscribed (Line 1 plus Line 2):	 	 
	 	 	 	 
	(4)	Amount per share to be paid with subscription:	 	$14.50
	 	 	 	 
	(5)	Total Payment (Line 3 multiplied by Line 4):	 	 

 

Form of ownership: o
Individual        o TBE        o JTWROS        o
TIC        o Other (specify): ___________________

 

	PROFESSIONAL HOLDING CORP.	 	 
	 	 	 	 	 
	By:		 	 	 
		Name:	Daniel R. Sheehan	 	 
		Title: 	Chairman and President	 	 

 

	Date:	 	 	 

 

     

     

    

 

SIGNATURE PAGE FOR CORPORATIONS, PARTNERSHIPS,
LIMITED LIABILITY COMPANIES, ASSOCIATIONS, TRUSTS AND OTHER ENTITIES

 

IN WITNESS WHEREOF,
this Stock Purchase Agreement has been executed by Investor and by the Company on the respective dates set forth below.

 

	 	 	 
	(Name of Entity)	 	(Taxpayer Identification Number)

 

	By:	 	 	 

 

	Its:	 	  	 
	 	 	 	(Date)

 

	Address of Investor:	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Telephone Number:	 	 	 

 

	Fax Number:	 	 	 

 

	E-mail Address:	 	 	 

 

Stock Purchase Amount:

 

	(1)	Number of shares of Class A Voting Common Stock:	 	 
	 	 	 	 
	(2)	Number of shares of Class B Non-Voting Common Stock:	 	 
	 	 	 	 
	(3)	Total number of shares subscribed (Line 1 plus Line 2):	 	 
	 	 	 	 
	(4)	Amount per share to be paid with subscription:	 	$14.50
	 	 	 	 
	(5)	Total Payment (Line 3 multiplied by Line 4):	 	 

 

PROFESSIONAL HOLDING CORP.

 

	By:	 	 	 
		Name:	Daniel R. Sheehan	 	 
		Title:	Chairman and President	 	 

 

	Date:	 	 	 

 

     

     

    

 

List of Exhibits
and Schedules Omitted from the Purchase Agreement

Referenced in Exhibit
10.15 Above

 

Pursuant to Regulation S-K, Item 601(a)(5),
the Exhibits and Schedules to the Purchase Agreement referenced in Exhibit 10.15 above, as listed below, have not been filed. The
Registrant agrees to furnish supplementally a copy of any omitted Exhibit or Schedule to the Securities and Exchange Commission
(the “Commission”) upon request; provided, however, that the Registrant may request confidential treatment of omitted
items.

 

Exhibits:

 

	Exhibit A:	 	EJF Sidecar Fund Letter Agreement
	Exhibit B:	 	Mendon/BayBoston Letter Agreement
	Exhibit C:	 	Instruction SheetExhibit 10.16

 

PROFESSIONAL
HOLDING CORP.

SUBSCRIPTION
INSTRUCTIONS

 

To subscribe
for shares of Class A Voting Common Stock and/or Class B Non-Voting Common Stock of Professional Holding Corp., a Florida
corporation (Company), prospective investors must complete all of the subscription
documents contained in this package in accordance with the instructions below:

 

		(1)	Prospective investors must carefully review, complete and execute the following attached documents:

 

		(a)	Subscription Agreement (please note that there are separate
signature pages for individuals and entities); and

 

		(b)	Purchaser Questionnaire, which is attached to the Subscription
Agreement as Exhibit 1 (please note that there are separate questions for individuals and entities).

 

		(2)	Prospective investors must wire the full amount of the purchase price
of the shares subscribed on or before December 18, 2018 to:

 

Wire to: Professional Bank

ABA Number: 067016574

Account Name: Professional Holding
Corp. Escrow Account

Account Number: 2005195

Reference: 2018 PFHD Stock Purchase

 

		(3)	Prospective investors should direct all questions and send the completed
originals or electronic copies of the above-referenced documents, to the address below so that the Representative may determine
whether the prospective investor meets federal and state securities law standards to subscribe for shares in
the Company:

 

Professional Holding Corp.

Attn: Daniel R. Sheehan

5100 PGA Blvd., Suite 101

Palm Beach Gardens, Florida
33418

Tel: (561) 868-1275

Email: drs@probankfl.com

 

		(4)	Upon acceptance of the subscription, a copy of the executed Subscription Agreement signed by the
Company will be returned to the investor as soon as is practicable.

 

		(5)	The applicable documents should be completed in their entirety and executed. If any documents are
signed for the prospective investor by the prospective investor’s attorney-in-fact, a copy of the power of attorney must
be enclosed with the subscription documents the prospective investor returns.

 

		(6)	The Company will have the right, in its sole and absolute discretion, to accept or reject this
subscription for any reason or no reason in whole or in part and at any time prior to acceptance thereof.

 

    i

     

    

  

THE
SECURITIES SUBSCRIBED FOR BY THIS SUBSCRIPTION AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(SECURITIES ACT), OR ANY APPLICABLE STATE SECURITIES LAWS. TRANSFER OF THE SECURITIES
IS RESTRICTED BY THE TERMS OF THIS SUBSCRIPTION AGREEMENT AND BY APPLICABLE LAW. NEITHER THE SECURITIES AND EXCHANGE COMMISSION
(COMMISSION) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF
THESE SECURITIES OR DETERMINED IF THE OFFERING DOCUMENTS OR ANY OFFERING NOTICE IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.

 

SUBSCRIPTION AGREEMENT

 

Professional Holding Corp.

5100 PGA Blvd., Suite 101

Palm Beach Gardens, Florida 33418

 

Re:     Purchase of Class A Voting Common Stock and/or Class
B Non-Voting Common Stock

 

Ladies and Gentlemen:

 

To induce Professional Holding Corp., a
Florida corporation (Company), to accept this subscription for shares of its Class A Voting Common Stock and/or Class
B Non-Voting Common Stock, par value $0.01, per share in the Company (Securities), the undersigned (Purchaser)
hereby offers to purchase Securities pursuant to the terms and conditions of this Subscription Agreement (Subscription Agreement),
the Purchaser Questionnaire attached to this Subscription Agreement (Purchaser Questionnaire), and any other relevant
documents provided by the Company in connection with this offering, if any (collectively, Offering Documents).

 

		1.	Purchase and Terms of Offering.

 

		1.1.	The Purchaser agrees to purchase and subscribe for the aggregate amount of Securities in the Company
as set forth on the signature page hereof (including the specified allocation of shares of Class A Voting Common Stock and Class
B Non-Voting Common Stock, if applicable) at a price of $18.25 per share, which is payable in accordance with the instructions
provided with this Subscription Agreement.

 

		1.2.	The Purchaser tenders this Subscription Agreement on the understanding that the investment is part
of a private offering to a limited group of investors of up to $20,000,000 (Maximum). The offering does not have
a minimum to be sold and subscriptions for Securities may be closed in one or more closings at the discretion of the Company. The
offering is being made on a “best efforts” basis.

 

		1.3.	The Purchaser understands that the Company has imposed certain standards that prospective investors
must meet to be eligible to purchase the Securities. The Company has the right to accept or reject the Purchaser’s subscription,
in whole or in part, for any reason. The Company may also allocate to the Purchaser, in the Company’s sole discretion, less
than the number of the Securities the Purchaser subscribes for, even if the Purchaser meets those standards. Subscriptions need
not be accepted in the order received. The Purchaser further understands that the Company shall not have any obligation to sell
any Securities to any prospective investor who is a resident of a jurisdiction in which the sale of the Securities to such prospective
investor would constitute a violation of the securities, “blue sky” or other similar laws of such jurisdiction. The
Company will notify the Purchaser whether the Purchaser’s subscription is accepted. In the event the Purchaser’s subscription
is rejected in whole, the Company will return the Purchaser’s entire payment for the Securities to the Purchaser without
interest along with this Subscription Agreement and the Purchaser Questionnaire, and all of the rights and obligations of the parties
under this Subscription Agreement will terminate. In the event the Purchaser’s subscription is rejected in part, the Company
will return payment for the rejected portion of the subscription without interest along with this Subscription Agreement and the
Purchaser Questionnaire, and all rights and obligations of the parties under this Subscription Agreement will continue to the extent
accepted.

 

    1

     

    

 

		1.4.	The Purchaser acknowledges
                                         that the Company intends to use substantially all of the net proceeds primarily to support
                                         the Company’s growth, for general corporate purposes, and to fund operational expenses,
                                         including, without limitation, costs and expenses incurred by the Company in connection
                                         with the offering.

 

		2.	Representations of the Purchaser. By executing this Subscription Agreement, the Purchaser
warrants, covenants and represents as follows:

 

		2.1.	Information Concerning the Company.

 

		2.1.1.	The Purchaser has been furnished with the Offering Documents, and such other documents, materials
and information as the Purchaser deems necessary or appropriate for evaluating an investment in the Company, including all exhibits
referred to in the Offering Documents. The Purchaser has carefully read and understands these materials, and has made such further
investigation of the Company as the Purchaser (or its professional advisors) deemed appropriate to obtain additional information
to verify the accuracy of such materials and to evaluate the merits and risks of the investment. The Purchaser has not been furnished
with any offering literature other than the Offering Documents and has relied only on the Offering Documents.

 

		2.1.2.	The Purchaser acknowledges that the Purchaser has had the opportunity to ask questions of, and
receive answers from, the Company, concerning the terms and conditions of the offering and the information contained in the Offering
Documents, and all such questions have been answered to the Purchaser’s full satisfaction. The Company has afforded the Purchaser
the opportunity to obtain any additional information (to the extent that the Company possesses such information or can acquire
it without unreasonable effort or expense) necessary to verify the accuracy of any information in the Offering Documents and to
make an informed investment decision.

 

    2

     

    

 

		2.1.3.	The Purchaser had the opportunity to seek and receive tax, legal, and financial advice or counsel
with respect to this offering.

 

		2.1.4.	The Purchaser is familiar with the nature of, and risks attendant to, investments in securities
of the type being subscribed for and has determined, in consultation with the Purchaser’s professional advisors, if any,
that the purchase of such securities is consistent with the Purchaser’s investment objectives.

 

		2.1.5.	The Purchaser understands that the distribution of the Offering Documents and the offer and sale
of Securities in certain jurisdictions may be restricted by law. Delivery of the Offering Documents does not constitute an offer
to sell or the solicitation of an offer to buy in a state or other jurisdiction to any person to whom it is unlawful to make such
offer or solicitation in such state or jurisdiction. This offering does not constitute an offer of Securities to the public and
no action has been or will be taken to permit a public offering in any jurisdiction where action would be required for that purpose.
Securities may not be offered or sold, directly or indirectly, and the Offering Documents may not be distributed, in any jurisdiction,
except in accordance with the legal requirements applicable in such jurisdiction.

 

		2.2.	Non-reliance.

 

		2.2.1.	The Purchaser agrees that neither the Company nor any of its officers, directors, employees, agents,
counsel, advisors, accountants, or other representatives have furnished, and that the Offering Documents do not constitute, any
investment, legal, or tax advice to the Purchaser. The Purchaser acknowledges and understands that, except as set forth in this
Subscription Agreement, no representations or warranties have been made to the Purchaser by the Company or any agent, employee
or affiliate of the Company, and that in making a decision to subscribe for the Securities, the Purchaser is relying solely upon
the information that is contained in Offering Documents and the result of independent investigation by the Purchaser and its professional
advisors.

 

		2.2.2.	The Purchaser confirms that the Company has not (A) given any guarantee
or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting
or otherwise) of an investment in the Securities or (B) made any representation to the undersigned regarding the legality of an
investment in the Securities under applicable legal investment or similar laws or regulations. 

 

    3

     

    

 

		2.3.	Information About the Purchaser.

 

		2.3.1.	The Purchaser acknowledges and agrees that an investment in the Securities is suitable only for
persons who are able to afford the risk. Accordingly, Securities will be offered only to selected individuals and entities that
qualify as “accredited investors” as that term is defined in Rule 501 of Regulation D (Regulation D)
promulgated under the Securities Act and described in the Purchaser Questionnaire. The Purchaser is an “accredited investor”
and has reviewed, completed and returned to the Company the Purchaser Questionnaire. The Purchaser hereby affirms the completeness
and correctness of Purchaser’s answers to such questions.

 

		2.3.2.	The Purchaser has sufficient “sophistication,” including such knowledge and experience
in financial and business matters (especially in investments that have risks similar to those that may be encountered by the Company),
to evaluate the merits and risks of an investment in the Company.

 

		2.3.3.	Unless otherwise indicated in a writing attached hereto, the Purchaser is not, and is not acting
on behalf of, (A) an employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended (ERISA), (B) a plan described by Section 4975 of the Code (including, without limitation, Individual
Retirement Accounts and Keogh Plans); or (C) an entity that is deemed to hold the plan assets of any of the foregoing pursuant
to 29 C.F.R. Section 2510.3-101.

 

		2.3.4.	The Purchaser has the power and authority to enter into this Subscription Agreement and each other
document required to be or otherwise executed and delivered by the Purchaser in connection with this subscription for the Securities,
and to perform Purchaser’s obligations hereunder and thereunder and consummate the transactions contemplated hereby and thereby,
and, if applicable, the person signing this Subscription Agreement on behalf of the Purchaser has been duly authorized to execute
and deliver such documents. If other than an individual, the Purchaser is duly organized validly existing and in good standing
under the laws of its jurisdiction of incorporation or organization. The execution and delivery by the Purchaser of, and compliance
by the Purchaser with, each document required to be or otherwise executed and delivered by the Purchaser in connection with this
subscription for Securities does not conflict with, or constitute a default under, any instruments governing the Purchaser, or
any law, permit, regulation, order, franchise, judgment, decree, statute or rule or any agreement or other instrument to which
the Purchaser is a party or by which the Purchaser or any of its properties is bound. No consent, approval or authorization of
any person or entity (including any governmental authority) is required on the part of the Purchaser in connection with the execution,
delivery and performance of this Subscription Agreement or any other document required to be or otherwise executed and delivered
by the Purchaser in connection with this subscription for Securities.

 

    4

     

    

 

		2.3.5.	The address set forth on the signature page of this Subscription Agreement is the Purchaser’s
true and correct primary residence, and Purchaser has no present intention of becoming a resident of any other state or jurisdiction.
Purchaser is not acquiring the Securities as a nominee or agent or otherwise for any other person.

 

		2.3.6.	The Purchaser will comply with all applicable laws and regulations
in effect in any jurisdiction in which the Purchaser purchases or sells Securities and obtain any consent, approval or permission
required for such purchases or sales under the laws and regulations of any jurisdiction to which the Purchaser is subject or in
which the Purchaser makes such purchases or sales, and the Company shall have no responsibility therefor.

 

		2.3.7.	The funds provided for the purchase of the Securities are either separate property of the Purchaser,
community property over which the Purchaser has the right of control or are otherwise funds as to which the Purchaser has the sole
right of management.

 

		2.3.8.	There are no actions, suits, proceedings or investigations pending against the Purchaser or any
of the Purchaser’s assets before any court or governmental agency (nor, to the best of the Purchaser’s knowledge, is
there any threat thereof) which would impair in any way the Purchaser’s ability to enter into and fully perform the Purchaser’s
commitments and obligations under this Subscription Agreement or the transactions contemplated hereby.

 

		2.3.9.	No broker, financial advisor or finder is entitled to any brokerage fees, commissions or finder’s
fees in connection with the transactions contemplated by this Subscription Agreement based upon arrangements made by or on behalf
of the Purchaser.

 

		2.4.	General Solicitation. The Purchaser is not subscribing for the Securities as a result of,
or subsequent to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar media
or broadcast over television or radio, or presented at any seminar or meeting or other general solicitation or general advertising.
Purchaser has not provided or made available the Offering Documents to any other person other than the Purchaser’s professional
advisors.

 

    5

     

    

 

		2.5.	Gunster is Company’s Counsel and Not Counsel to Purchaser. The Purchaser acknowledges
and agrees that Gunster, Yoakley & Stewart, P.A. (Gunster) is acting as counsel to the Company in connection
with preparation and execution of the Offering Documents, the offering of the Securities, the management and operations of the
Company and its subsidiaries and unrelated matters. The Purchaser acknowledges that Gunster does not represent or owe any duty
to the Purchaser and that Gunster has not performed any due diligence on the Purchaser’s behalf. The Purchaser acknowledges
that neither this Subscription Agreement, nor the transactions contemplated hereby relating to the management and operation of
the Company are intended to create an attorney-client or any other relationship between the Purchaser and Gunster. The Purchaser
further acknowledges that the Company and its affiliates may further engage Gunster in the future and that, in such event, such
engagement will also not create an attorney-client or any other relationship between the Purchaser and Gunster. The Purchaser acknowledges
and agrees that Gunster has not provided any legal, tax or business advice to the Purchaser and the Purchaser has been advised
to seek its own independent counsel. The Purchaser acknowledges that Gunster is an intended third-party beneficiary of this Section
of the Subscription Agreement, having the right to enforce this Section.

 

		2.6.	Restrictions on Transfer; Exchange of Class B Non-Voting Common Stock.

 

		2.6.1.	The Purchaser understands that the Securities have not been registered under the Securities Act
or related laws and regulations or any other applicable securities laws of any other jurisdiction (collectively, the Securities
Laws), in reliance on exemptions therefrom for non-public offerings.

 

		2.6.2.	The Purchaser understands that the Securities are “restricted securities” under
applicable federal securities laws and that the Securities Act and the rules of the Commission provide in substance that the Purchaser
may dispose of the Securities only pursuant to an effective registration statement under the Securities Act or an exemption therefrom,
and the Purchaser understands that the Company has no obligation or intention to register any of the Securities, or to take action
so as to permit sales pursuant to the Securities Act (including Rule 144 thereunder). Accordingly, the Purchaser understands that
under the Commission’s rules, the Purchaser may dispose of the Securities principally only in “private placements”
which are exempt from registration under the Securities Act, in which event the transferee will acquire “restricted securities”
subject to the same limitations as in the hands of the Purchaser. Consequently, the Purchaser understands that the Purchaser must
bear the economic risks of the investment in the Securities for an indefinite period of time.

 

		2.6.3.	The Purchaser further acknowledges that there is no public market for the Securities and that such
a market may never develop. The Purchaser has no presumption that there will be a public offering of the Securities.

 

    6

     

    

 

		2.6.4.	The Purchaser is acquiring the Securities solely for Purchaser’s own account and is not acquiring
such Securities with a view to, or for resale in connection with, any distribution within the meaning of the Securities Act or
any other applicable Securities Laws. The Purchaser will not resell or offer to resell the Securities except in accordance with
the terms of this Subscription Agreement and in compliance with the Securities Laws.

 

		2.6.5.	The Purchaser covenants and agrees to not sell, make any short sale of, loan, grant any option
for the purchase of, effect any public sale or distribution of or otherwise dispose of any Securities owned by Purchaser during
the 180 days after a registration statement relating to an initial public offering of the Company’s equity securities (or
such shorter period as may be required by the underwriter).

 

		2.6.6.	To induce the Company to issue and sell the Securities, the Purchaser agrees that the Company will
have no obligation to recognize the ownership of such Securities by anyone but the Purchaser and Purchaser’s heirs and beneficiaries
at law, except as set forth herein.

 

		2.6.7.	The Purchaser (or a transferee) may exchange shares of Class B Voting Common Stock into an equal
number of shares of Class A Voting Common Stock (automatically by the transferee upon the Purchaser’s permitted transfer
of shares of Class B Non-Voting Common Stock to such transferee (a) upon the consummation of a Permitted Transfer or (b) if the
Company’s Board of Directors, acting in its sole and absolute discretion, have approved the exchange and the exchange would
not result in the Purchaser (or the transferee, together with their respective affiliates) beneficially owning greater than 9.9%
of the outstanding shares of the Company’s Class A Voting Common Stock. For the purposes of this Subscription Agreement,
Permitted Transfer means (1) a transfer pursuant to a widely distributed public offering, (2) a transfer in which
no transferee acquires greater than 2% of the issued and outstanding shares Class A Voting Common Stock (after giving effect to
any conversion of Class B Non-Voting Common Stock, (3) a transfer to a person that beneficially owns greater than 50% of the issued
and outstanding shares of the Company’s Class A Voting Common Stock or (4) a transfer that is approved by the Federal Reserve
Board. The Company shall hold in reserve, at all times, sufficient shares of Class A Voting Common Stock to permit the exchange
of all shares of Class B Non-Voting Common Stock then outstanding.

 

    7

     

    

 

		2.7.	Anti-Money Laundering.

 

		2.7.1.	The Purchaser understands that Federal regulations and Executive Orders administered by the U.S.
Treasury Department’s Office of Foreign Assets Control (OFAC) prohibit, among other things, the engagement
in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals.1
The Purchaser represents and warrants that neither the Purchaser nor any person controlling, controlled by, or under common control
with, the Purchaser, nor, to the best of the Purchaser’s knowledge, any person having a beneficial interest in the Purchaser
or the Purchaser’s investment in the Securities, or for whom the Purchaser is acting as agent or nominee in connection with
this investment, is not a country (or instrumentality thereof), territory (or instrumentality thereof), person or other entity
named on an OFAC list, nor are any of the foregoing a person or other entity with whom dealings are prohibited under any OFAC regulations.
The Purchaser and any of the foregoing are each not a foreign bank without a physical presence in any country that is not a Regulated
Affiliate2 (Foreign Shell Bank).

 

		2.7.2.	Except as otherwise disclosed to the Company in writing: (i) the Purchaser is not resident in,
or organized or chartered under the laws of, (A) a jurisdiction that has been designated by the Secretary of the Treasury under
the USA PATRIOT Act Improvement and Reauthorization Act of 2005, as amended, or any other anti-money laundering or anti-terrorist
laws, rules, regulations, directives or special measures (AML Laws) as warranting special measures due to money laundering
concerns or (B) any foreign country that has been designated as non-cooperative with international anti-money laundering principles
or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which
the United States is a member and with which designation the United States representative to the group or organization continues
to concur (Non-Cooperative Jurisdiction); (ii) the funds used by the Purchaser to purchase the Securities or to make
capital contributions to the Company do not originate from, nor will they be routed through, an account maintained at (A) a Foreign
Shell Bank, (B) a foreign bank (other than a Regulated Affiliate) that is barred, pursuant to its banking license, from conducting
banking activities with the citizens of, or with the local currency of, the country that issued the license, or (C) a bank organized
or chartered under the laws of a Non-Cooperative Jurisdiction; and (iii) the Purchaser is not a senior foreign political figure,
or any immediate family member or close associate of a senior foreign political figure, in each case within the meaning of any
AML Laws.

 

 

1
The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at www.treas.gov/ofac.

2 Regulated
Affiliate means a foreign bank that (i) is an affiliate of a depositary institution, credit union or foreign bank that
maintains a physical presence in the United States or a foreign country, as applicable and (ii) is subject to supervision by a
banking authority in the country regulating such affiliated depositary institution, credit union, or foreign bank.

 

    8

     

    

 

		2.7.3.	The proposed investment by the Purchaser in the Company will not directly or indirectly contravene
United States Federal, State, international or other laws, rules or regulations, including anti-money laundering laws, rules and
regulations (Prohibited Investment), and neither the funds used to purchase the Securities or any capital contributions
to the Company by the Purchaser are or will be derived from any illegal or illegitimate activities. The Purchaser acknowledges
and agrees that, notwithstanding anything to the contrary contained in any document (including this Subscription Agreement, the
LLC Agreement, any side letters or similar agreements), if, following the Purchaser’s investment in the Company, the Company
reasonably believes that the investment is or has become a Prohibited Investment or if otherwise required by law, the Company may
be obligated to freeze the account of the Purchaser, either by prohibiting additional capital contributions, restricting any distributions
and/or declining any requests to transfer the Purchaser’s Securities. In addition, in any such event, the Purchaser may forfeit
its Securities, may be forced to withdraw from the Company or may otherwise be subject to the remedies required by law, and the
Purchaser shall have no claim against any Indemnitee (as defined below) for any form of damages as a result of any of the actions
described in this paragraph. The Company may also be required to report such action and to disclose the Purchaser’s identity
or provide other information with respect to the Purchaser to OFAC or other governmental entities.

 

		2.8.	Subject to applicable Securities Laws, the Purchaser acknowledges and is aware that the Purchaser
is not entitled to cancel, terminate or revoke this subscription, and any agreements of the Purchaser in connection herewith shall
survive the death or disability of the Purchaser.

 

		2.9.	The Purchaser understands the meaning and legal consequences of the foregoing representations and
warranties, which are true as of the date hereof and will be true as of the date of the purchase of the Securities subscribed for
herein.

 

		2.10.	This Subscription Agreement does not contain any untrue statement of a material fact or omit any
material fact concerning the Purchaser.

 

		3.	Further Advice and Assurances. Purchaser agrees to notify the Company immediately upon learning
that any representation, warranty or information contained in this Subscription Agreement (including, without limitation, the Purchaser
Questionnaire) has become untrue at any time. The Purchaser agrees to provide such information and execute and deliver such documents
regarding itself and all of its beneficial owners as the Company may reasonably request from time to time to verify the accuracy
of the Purchaser’s representations and warranties herein or to comply with any law, rule or regulation to which the Company
may be subject (including, without limitation, compliance with AML Laws and OFAC regulations). The Purchaser agrees to respond
promptly to each questionnaire from the Company requesting information as to the ownership of the Securities and agrees to provide
the Company with such other documents, declarations and other evidence or information as the Company may reasonably request.

 

    9

     

    

 

		4.	Tax Information. The Purchaser certifies that the Purchaser’s name, taxpayer identification
or social security number and address provided in the Purchaser Questionnaire are correct. The Purchaser agrees to execute promptly
and provide to the Company in a timely manner any tax documentation that may reasonably be required by the Company.

 

		5.	Binding Effect and Survival of Representations and Warranties. This Subscription Agreement
and the representations and warranties contained in it shall be binding upon the Purchaser’s heirs, personal and legal representatives,
successors and permitted assigns (and will, if the Purchaser consists of more than one person, be the joint and several obligation
of all such persons). The representations, warranties, agreements, and indemnification obligations of the Purchaser contained in
this Subscription Agreement and in the Purchaser Questionnaire and related subscription documents shall survive the execution hereof,
the acceptance of this subscription, the closing of the transactions contemplated hereby and any investigation made by the Company
on behalf of the Company and shall be deemed to be reaffirmed by the Purchaser at any time the Purchaser makes an additional capital
contribution to the Company. The act of making such additional capital contributions shall be evidence of such reaffirmation.

 

		6.	Indemnification.

 

		6.1.	If the Company accepts Purchaser’s investment in the Securities, such acceptance will have
been based upon the Purchaser’s representations, warranties and acknowledgments set forth in this Subscription Agreement.
The Purchaser understands the meaning of the representations the Purchaser has made in this Subscription Agreement, and the Purchaser
hereby agrees to indemnify, defend and hold harmless the Company, their affiliates, and each of their respective directors, officers,
members, shareholders, employees, agents, attorneys and other representatives (each, an Indemnitee), and all persons
deemed to be in control of the foregoing, and to hold such persons harmless, from and against any and all loss, damage, liability
or expense, including costs and reasonable attorneys’ fees, to which they may be put or which they may incur by reason of,
or in connection with:

 

		6.1.1.	any misstatement, misrepresentation or omission made by the Purchaser or on the Purchaser’s
behalf with respect to the matters described in this Subscription Agreement; or

 

		6.1.2.	any breach of any representations or warranties or any failure to fulfill any covenants or agreements
set forth in this Subscription Agreement, including, but not limited to, any sale, transfer or other disposition of all or any
part of the Securities by the Purchaser in violation of the Securities Act, other applicable law, or this Subscription Agreement.

 

		6.2.	The indemnification obligations of the Purchaser contained in this Section 6 will survive the Company’s
acceptance of the Purchaser’s subscription, the closing of the transactions contemplated hereby and any investigation made
by the Company.

 

    10

     

    

 

 

 

	7.	Miscellaneous.

 

		7.1.	Governing Law and Venue. This Subscription Agreement shall be governed by and construed
in accordance with the laws of the State of Florida without regard to the application of the principles of conflicts of law. Any
suit, action or legal proceeding arising out of or relating to this Subscription Agreement, any other agreement or document delivered
pursuant hereto or any transaction contemplated hereby, shall be brought solely and exclusively in the courts of record of the
State of Florida in Palm Beach County or the district court of the United States, Southern District of Florida, West Palm Beach
Division. Each of the parties hereby irrevocably and unconditionally submits to the exclusive jurisdiction of such courts. In addition,
each of the parties hereto irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum
to the maintenance of such action or proceeding, and irrevocably and unconditionally consents to the service of any and all process
in any such action or proceeding by the mailing of copies of such process by certified mail to such party and its counsel at their
respective addresses or in any other manner permitted by law.

 

		7.2.	Severability. The invalidity of any one or more words, phrases, sentences, clauses, sections
or subsections contained in this Subscription Agreement shall not affect the enforceability of the remaining portions of this Subscription
Agreement or any part hereof, all of which are inserted conditionally on their being valid in law, and, in the event that any one
or more of the words, phrases, sentences, clauses, sections or subsections contained in this Subscription Agreement shall be declared
invalid, this Subscription Agreement shall be construed as if such invalid word or words, phrase or phrases, sentence or sentences,
clause or clauses, section or sections, or subsection or subsections had not been inserted.

 

		7.3.	Pronouns. In this Subscription Agreement, the use of any gender shall be deemed to include
all genders, and the use of the singular shall include the plural and vice versa, wherever it appears appropriate from the context.

 

		7.4.	Confidentiality. The Purchaser agrees that the Purchaser will keep confidential and will
not disclose or divulge any confidential, proprietary or secret information that the Purchaser may obtain from the Offering Documents
or other material submitted by the Company to the Purchaser pursuant to this Subscription Agreement. Notwithstanding the foregoing,
the Purchaser may disclose such information (i) as has become generally available to the public, (ii) as may be required in any
report, statement or testimony submitted to any municipal, state or federal regulatory body having jurisdiction over the Purchaser,
(iii) as may be required in response to any summons or subpoena or in connection with any litigation (provided the Purchaser makes
reasonable efforts to enable the Company to seek a protective order or other confidential treatment), (iv) in order to comply with
any law, order, regulation or ruling applicable to the Company or (v) on a confidential basis to the Purchaser’s agents,
advisors, members, attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services
in connection with the Purchaser’s investment in the Company.

 

    11

     

    

 

		7.5.	Non-Assignable. Neither this Subscription Agreement nor any rights, remedies, obligations
or liabilities that may accrue to the Purchaser under it may be transferred or assigned without the Company’s prior written
consent.

 

		7.6.	Jury Waiver. IN ANY CIVIL ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY,
WHICH ARISES OUT OF, CONCERNS, OR RELATES TO THIS SUBSCRIPTION AGREEMENT, ANY AND ALL TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION
AGREEMENT, THE PERFORMANCE OF THIS SUBSCRIPTION AGREEMENT, OR THE RELATIONSHIP CREATED BY THIS SUBSCRIPTION AGREEMENT, WHETHER
SOUNDING IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL BE TO A COURT OF COMPETENT JURISDICTION AND NOT TO A JURY.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A
COPY OF THIS SUBSCRIPTION AGREEMENT WITH ANY COURT, AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THIS SUBSCRIPTION AGREEMENT
OF THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS TO OR BY ANY OTHER
PARTY REGARDING THE ENFORCEABILITY OF THIS PROVISION. EACH PARTY HAS READ AND UNDERSTANDS THE EFFECT OF THIS JURY WAIVER PROVISION.
EACH PARTY ACKNOWLEDGES THAT IT HAS BEEN ADVISED BY ITS OWN COUNSEL WITH RESPECT TO THE TRANSACTION GOVERNED BY THIS SUBSCRIPTION
AGREEMENT AND SPECIFICALLY WITH RESPECT TO THE TERMS OF THIS SECTION.

 

		7.7.	Counterparts. This Subscription Agreement may be executed in counterparts, each of which
shall be deemed an original, and a complete set of which, when taken together, shall constitute one and the same document. Confirmation
of execution by electronic transmission of a .pdf signature page shall be binding, and each party hereby irrevocably waives any
objection that it has or may have in the future as to the validity of any such electronic transmission of a signature page.

 

		7.8.	Entire Agreement. This Subscription Agreement constitutes the entire agreement among the
parties hereto, and supersedes all prior agreements, understandings, negotiations and discussions, both written and oral, among
the parties hereto with respect to the subject matters hereof. This Subscription Agreement may not be amended or modified in any
way except by a written instrument executed by all of the parties.

 

    12

     

    

 

Notices Required by Law:

 

In making an investment
decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks
involved. The Securities have not been recommended by any federal or state securities commission or regulatory authority. Furthermore,
the foregoing authorities have not confirmed the accuracy or determined the adequacy of this memorandum. Any representation to
the contrary is a criminal offense.

 

For Purchases
in Florida Only. Florida Law Provides That, When Sales Are Made To Five Or More
Persons In Florida, Any Sale Made In Florida Is Voidable By The Purchaser Within Three Days After The First Tender Of Consideration
Is Made By Such Purchaser To The Company, An Agent Of The Company Or An Escrow Agent Or Within Three Days After The Availability
Of That Privilege Is Communicated To Such Purchaser, Whichever Occurs Later. ALL Sales IN THIS OFFERING Are deemed to be SALES
In Florida for purposes of this notice. Payments For Terminated Subscriptions Voided By Purchasers As Provided For In This Paragraph
Will Be Promptly Refunded Without Interest. Notice Should Be Given To The Company At The Address Set Forth On The Cover Page Of
The Subscription Agreement.

 

 

[Signature Pages Follow]

 

    13

     

    

 

SUBSCRIPTION AGREEMENT SIGNATURE PAGE
FOR

INDIVIDUALS AND JOINT ACCOUNTS

 

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

 

 

	$_______________	 	by wired funds no later than December 18, 2018
($18.25 per share multiplied by the aggregate number of shares to be purchased).

 

	Shares of Class A Voting Common Stock to be purchased:	 	 

 

	Shares of Class B Non-Voting Common Stock to be purchased:	 	 

 

	 	 	 	 	 	 	 	 
	Signature	 	 	Print Name	 	 	Date	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Signature	 	 	Print Name	 	 	Date	 

 

Type of Ownership (Initial One)

 

	 	 	 Individual (Only One Signature Required)
	 
	 	 	 Tenants in Common (Both Parties Sign)
	 
	 	 	  Tenants by the Entirety (Both Parties Sign)
	 
	 	 	  Joint Tenants with Right of Survivorship (Both Parties Sign)

 

If Securities are held in more than one
name, please indicate the relationship (spouses, siblings, business partners, etc.) of all named owners. 

 

 

 

		Address:
	 	 
	 	 
		 
	 	 
	
	FOR INDIVIDUALS
    ONLY

 

    

     

    

 

SUBSCRIPTION AGREEMENT SIGNATURE PAGE
FOR ENTITIES

 

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

 

$_______________ by wired funds no later than December
18, 2018 ($18.25 per share multiplied by the aggregate number of shares to be purchased).

 

	Shares of Class A Voting Common Stock to be purchased:	 	

 

 

	Shares of Class B Non-Voting Common Stock to be purchased:	 	

 

 

		 
	 	Print
    or Type Name of Purchaser
	 	 
	 	By:	 
	 	 	Signature
    of Authorized Signatory
	 	 
	 	Name:  	 
	 	 	Print
    or Type Name and Title of Signatory
	 	 
	 	Date:	 
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	FOR
    ENTITIES ONLY

 

     

     

    

 

ACCEPTANCE BY THE COMPANY

 

Professional Holding
Corp. hereby accepts (subject to receipt of cleared funds) the foregoing subscription in the amount set forth below as of the date
set forth below.

 

Accepted Subscription:

 

Amount: $_______________

 

	 	PROFESSIONAL HOLDING CORP.
	 	 
	 	By:	 
	 	Name:	 Daniel R. Sheehan
	 	Title:	President
	 	 
	 	Date:	 

 

     

     

    

 

EXHIBIT 1

 

Purchaser Questionnaire

 

IT IS MANDATORY THAT EACH PURCHASER COMPLETE
THIS QUESTIONNAIRE

AND SIGN IN THE APPROPRIATE SPOT

 

PURCHASER QUESTIONNAIRE

 

Instructions.
This Purchaser Questionnaire is being sent to each person (you, your or Purchaser) who has indicated
an interest in purchasing shares (Securities) in Professional Holding Corp., a Florida corporation (Company).
The purpose of this Purchaser Questionnaire is to permit the Company to determine whether each such person meets certain standards
imposed by exemptions from the registration requirements of the Securities Act of 1933 (Securities Act), the securities
laws of certain states, and rules promulgated thereunder since the Securities will not be registered under any such laws.

 

Please complete, sign,
date and return one copy of this Purchaser Questionnaire to the Company. Neither the provision of this Purchaser Questionnaire
to you nor your completion of it constitutes an offer of Securities to you. All information contained herein must be complete and
accurate and shall be deemed a representation of the person or entity executing this Purchaser Questionnaire, and the Company and
its agents may rely on such representations. Moreover, in reliance upon the representations and information contained herein, the
Securities will not be registered under applicable securities laws. Should there be any material change in the information contained
herein prior to acceptance by the Company of your subscription for the Securities, you must notify the Company or its authorized
representative immediately.

 

FOR ALL INVESTORS

 

     

     

    

 

Accredited Investor Representation.
By signing the Purchaser Questionnaire, the prospective investor certifies that it is an accredited investor for one of the
reasons enumerated below. Please check one. 

 

For Individual Investors Only:

 

	 ̈	I certify that I am an accredited investor because I have an individual net worth, or my spouse
and I have combined net worth, in excess of $1,000,000. For purposes of calculating net worth under this paragraph (1), (i) the
primary residence shall not be included as an asset, (ii) to the extent that the indebtedness that is secured by the primary residence
is in excess of the fair market value of the primary residence, the excess amount shall be included as a liability, and (iii) if
the amount of outstanding indebtedness that is secured by the primary residence exceeds the amount outstanding 60 days prior to
the execution of this Subscription Agreement, other than as a result of the acquisition of the primary residence, the amount of
such excess shall be included as a liability.

 

	 ̈	I certify that I am an accredited investor because I had individual income (exclusive of any income
attributable to my spouse) of more than $200,000 in the two most recent calendar years and I reasonably expect to have an individual
income in excess of $200,000 in the current year.

 

	 ̈	I certify that I am an accredited investors because my spouse and I have joint income in excess
of $300,000 in the two most recent calendar years and my spouse and I reasonably expect to have a joint income in excess of $300,000
in the current year.

 

	 ̈	I certify that I am an accredited investors because I am a director or executive officer of the
Company.

 

For Entity Investors Only:

 

	 ̈	The undersigned certifies that it is one of the following: any bank as defined in Section 3(a)(2)
of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities
Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities
Exchange Act of 1934; insurance company as defined in Section 2(a)(13) of the Securities Act; investment company registered under
the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; Small Business
Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment
Act of 1958; 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; employee
benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a
plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company,
or registered investment advisor, or if the employee benefit plan has total assets in excess of $5,000,000, or if a self-directed
plan, with investment decisions made solely by persons that are accredited investors.

 

	 ̈	The undersigned certifies that it is a private business development company as defined in Section
202(a)(22) of the Investment Advisors Act of 1940.

 

	 ̈	The undersigned certifies that it is an organization described in Section 501(c)(3) of the Internal
Revenue Code, corporation, Massachusetts or 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.

 

	 ̈	The undersigned certifies that it is a trust, with total assets in excess of $5,000,000, not formed
for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described
in Rule 506(b)(2)(ii) of the Securities Act.

 

	 ̈	The undersigned certifies that it is an entity in which all of the equity owners are accredited
investors.

 

     

     

    

 

The Purchaser understands
that the foregoing information will be relied upon by the Company for the purpose of determining the eligibility of the Purchaser
to purchase and own Securities in the Company. The Purchaser agrees to notify the Company immediately if any representation or
warranty contained in this Subscription Agreement, including this Purchaser Questionnaire, becomes untrue at any time. The Purchaser
agrees to provide, if requested, any additional information that may reasonably be required to substantiate the Purchaser’s
status as an accredited investor or to otherwise determine the eligibility of the Purchaser to purchase Securities in the Company.
The Purchaser agrees to indemnify, defend and hold harmless the Company and their affiliates and agents from and against any loss,
damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Purchaser contained herein.

 

	 	Purchaser Name:	 
	 	 
	 	Signature:	 
	 	 
	 	Printed Name:	 
	 	 
	 	Title (if applicable):	 
	 	 
	 	Date:

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