Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

GOLDMAN, SACHS & CO. | 200 WEST STREET | NEW YORK, NEW YORK 10282-2198 | TEL: 212-902-1000 

Opening Transaction 
  

			
	 To:
	  	 AXIS Capital Holdings Limited
 92 Pitts Bay
Road
 Pembroke, Bermuda HM 08

		
	 A/C:
	  	051109973
		
	 From:
	  	Goldman, Sachs & Co.
		
	 Re:
	  	Accelerated Stock Buyback
		
	 Ref. No:
	  	As provided in the Supplemental Confirmation
		
	 Date:
	  	August 17, 2015

 This master confirmation (this “Master Confirmation”), dated as of August 17, 2015 is
intended to set forth certain terms and provisions of certain Transactions (each, a “Transaction”) entered into from time to time between Goldman, Sachs & Co. (“GS&Co.”) and AXIS Capital Holdings
Limited (“Counterparty”). This Master Confirmation, taken alone, is neither a commitment by either party to enter into any Transaction nor evidence of a Transaction. The additional terms of any particular Transaction shall be set
forth in a Supplemental Confirmation in the form of Schedule A hereto (a “Supplemental Confirmation”), which shall reference this Master Confirmation and supplement, form a part of, and be subject to this Master Confirmation. This
Master Confirmation and each Supplemental Confirmation together shall constitute a “Confirmation” as referred to in the Agreement specified below. 

The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as
published by the International Swaps and Derivatives Association, Inc., are incorporated into this Master Confirmation. This Master Confirmation and each Supplemental Confirmation evidence a complete binding agreement between Counterparty and
GS&Co. as to the subject matter and terms of each Transaction to which this Master Confirmation and such Supplemental Confirmation relate and shall supersede all prior or contemporaneous written or oral communications with respect thereto. 

This Master Confirmation and each Supplemental Confirmation supplement, form a part of, and are subject to an agreement in the form of the
2002 ISDA Master Agreement (the “Agreement”) as if GS&Co. and Counterparty had executed the Agreement on the date of this Master Confirmation (but without any Schedule except for (i) the election of New York law (without
reference to its choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law) as the governing law and US Dollars (“USD”) as the Termination Currency; (ii) the election that
subparagraph (ii) of Section 2(c) will not apply to the Transactions; and (iii) the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Counterparty and GS&Co., with a
“Threshold Amount” of USD 75 million for Counterparty and a “Threshold Amount” equal to 3% of shareholders’ equity of The Goldman Sachs Group, Inc. as of the date hereof for GS&Co. (provided that (a) the
phrase “or becoming capable at such time of being declared” shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, (b) the following sentence shall be added to the end thereof: “Notwithstanding the
foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused solely by error or omission of an administrative or operational nature; (ii) funds were available to enable the
party to make the payment when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.” and (c) the term “Specified Indebtedness” shall have the
meaning specified in Section 14 of the Agreement, except that such term shall not include obligations in respect of deposits received in the ordinary course of a party’s banking business). 

 The Transactions shall be the sole Transactions under the Agreement. If there exists any ISDA
Master Agreement between GS&Co. and Counterparty or any confirmation or other agreement between GS&Co. and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between GS&Co. and Counterparty, then notwithstanding
anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which GS&Co. and Counterparty are parties, the Transactions shall not be considered Transactions under, or otherwise governed by,
such existing or deemed ISDA Master Agreement. 
 All provisions contained or incorporated by reference in the Agreement shall govern this
Master Confirmation and each Supplemental Confirmation except as expressly modified herein or in the related Supplemental Confirmation. 

If, in relation to any Transaction to which this Master Confirmation and a Supplemental Confirmation relate, there is any inconsistency
between the Agreement, this Master Confirmation, any Supplemental Confirmation and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated: (i) such Supplemental Confirmation;
(ii) this Master Confirmation; (iii) the Equity Definitions; and (iv) the Agreement. 
 1. Each Transaction constitutes a Share Forward
Transaction for the purposes of the Equity Definitions. Set forth below are the terms and conditions that, together with the terms and conditions set forth in the Supplemental Confirmation relating to any Transaction, shall govern such Transaction.

  

			
	 General Terms:
	  	
		
	 Trade Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Buyer:
	  	Counterparty
		
	 Seller:
	  	GS&Co.
		
	 Shares:
	  	Common stock, par value $0.0125 per share, of Counterparty (Ticker: AXS)
		
	 Exchange:
	  	New York Stock Exchange
		
	 Related Exchange(s):
	  	All Exchanges.
		
	 Prepayment\Variable Obligation:
	  	Applicable
		
	 Prepayment Amount:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Prepayment Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Valuation:
	  	
		
	 VWAP Price:
	  	For any Exchange Business Day, as determined by the Calculation Agent based on the New York 10b-18 Volume Weighted Average Price per Share for the regular trading session (including any extensions thereof) of the Exchange on such
Exchange Business Day (without regard to pre-open or after hours trading outside of such regular trading session for such Exchange Business Day), as published by Bloomberg at 4:15 p.m. New York time (or 15 minutes following the end of any extension
of the regular trading session) on such Exchange Business Day, on Bloomberg page “AXS.N <Equity> AQR_SEC” (or any successor thereto), or if such price is not so reported on such Exchange Business Day for any reason or is, in the
Calculation Agent’s reasonable discretion, erroneous, such VWAP Price shall be as reasonably determined by the

  
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		  	Calculation Agent. For purposes of calculating the VWAP Price, the Calculation Agent will include only those trades that are reported during the period of time during which Counterparty could purchase its own shares under Rule
10b-18(b)(2) and are effected pursuant to the conditions of Rule 10b-18(b)(3), each under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (such trades, “Rule 10b-18 eligible
transactions”).
		
	 Forward Price:
	  	The average of the VWAP Prices for the Exchange Business Days in the Calculation Period, subject to “Valuation Disruption” below
		
	 Forward Price Adjustment Amount:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Calculation Period:
	  	The period from and including the Calculation Period Start Date to and including the Termination Date.
		
	 Calculation Period Start Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Termination Date:
	  	The Scheduled Termination Date; provided that GS&Co. shall have the right to designate any Exchange Business Day on or after the First Acceleration Date to be the Termination Date (the “Accelerated Termination
Date”) by delivering notice to Counterparty of any such designation prior to 11:59 p.m. New York City time on the Exchange Business Day immediately following the designated Accelerated Termination Date.
		
	 Scheduled Termination Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation, subject to postponement as provided in “Valuation Disruption” below
		
	 First Acceleration Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation
		
	 Valuation Disruption:
	  	The definition of “Market Disruption Event” in Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “at any time during the one-hour period that ends at the relevant Valuation Time,
Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” and inserting the words “at any time on any Scheduled Trading Day during the Calculation Period or Settlement Valuation Period” after the
word “material,” in the third line thereof.
		
		  	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.
		
		  	Notwithstanding anything to the contrary in the Equity Definitions, to the extent that a Disrupted Day occurs (i) in the Calculation Period, the Calculation Agent may, in its good faith and commercially reasonable discretion,
postpone the Scheduled Termination Date by one Scheduled Trading Day for each such Disrupted Day, or (ii) in the Settlement Valuation Period, the Calculation Agent may extend the Settlement Valuation Period by one Scheduled Trading Day for each
Disrupted Day. If any such Disrupted Day is a Disrupted Day because of a Market Disruption Event (or a deemed Market Disruption Event as provided herein), the Calculation Agent shall determine whether (i) such Disrupted Day is a Disrupted Day in
full, in which case the VWAP Price for such Disrupted Day shall not be included for purposes of determining the Forward Price or the Settlement Price, as the case may be, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the
VWAP Price for such Disrupted Day shall be determined by the Calculation Agent based on Rule 10b-18 eligible transactions in the Shares on such Disrupted Day taking into account the nature and duration

  
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		  	of the relevant Market Disruption Event, and the weighting of the VWAP Price for the relevant Exchange Business Days during the Calculation Period or the Settlement Valuation Period, as the case may be, shall be adjusted in a
commercially reasonable manner by the Calculation Agent for purposes of determining the Forward Price or the Settlement Price, as the case may be, with such adjustments based on, among other factors, the duration of any Market Disruption Event and
the volume, historical trading patterns and price of the Shares. Any Exchange Business Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be an Exchange Business Day;
if a closure of the Exchange prior to its normal close of trading on any Exchange Business Day is scheduled following the date hereof, then such Exchange Business Day shall be deemed to be a Disrupted Day in full.
		
		  	If a Disrupted Day occurs during the Calculation Period or the Settlement Valuation Period, as the case may be, and each of the nine immediately following Scheduled Trading Days is a Disrupted Day, then the Calculation Agent, in
its good faith and commercially reasonable discretion, may deem such ninth Scheduled Trading Day to be an Exchange Business Day that is not a Disrupted Day and determine the VWAP Price for such ninth Scheduled Trading Day using its good faith
estimate of the value of the Shares on such ninth Scheduled Trading Day based on the volume, historical trading patterns and price of the Shares and such other factors as it deems appropriate.
		
	 Settlement Terms:
	  	
		
	 Settlement Procedures:
	  	If the Number of Shares to be Delivered is positive, Physical Settlement shall be applicable; provided that neither party makes, and shall not make, the agreement or the representations set forth in Section 9.11 of the
Equity Definitions related to the restrictions imposed by applicable securities laws with respect to any Shares delivered by one party to the other under any Transaction that arise as a result of the fact that Counterparty is the Issuer of the
Shares (it being understood, for the avoidance of doubt, that nothing in this sentence will limit the obligations of Counterparty under Annex A, to the extent Counterparty is required to deliver any Shares hereunder). If the Number of Shares to be
Delivered is negative, then the Counterparty Settlement Provisions in Annex A shall apply.
		
	 Number of Shares to be Delivered:
	  	A number of Shares equal to (x)(a) the Prepayment Amount divided by (b) the Divisor Amount minus (y) the number of Initial Shares.
		
	 Divisor Amount:
	  	The greater of (i) the Forward Price minus the Forward Price Adjustment Amount and (ii) $1.00.
		
	 Excess Dividend Amount:
	  	For the avoidance of doubt, all references to the Excess Dividend Amount shall be deleted from Section 9.2(a)(iii) of the Equity Definitions.
		
	 Settlement Date:
	  	If the Number of Shares to be Delivered is positive, the date that is one Settlement Cycle immediately following the Termination Date.
		
	 Settlement Currency:
	  	USD
		
	 Initial Share Delivery:
	  	GS&Co. shall deliver a number of Shares equal to the Initial Shares to Counterparty on the Initial Share Delivery Date in accordance with Section 9.4 of the Equity Definitions, with the Initial Share Delivery Date deemed to
be a “Settlement Date” for purposes of such Section 9.4.

  
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	 Initial Share Delivery Date:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Initial Shares:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Share Adjustments:
	  	
		
	 Potential Adjustment Event:
	  	Notwithstanding anything to the contrary in Section 11.2(e) of the Equity Definitions, neither (i) an Extraordinary Dividend nor (ii) any repurchase effected in accordance with Section 7 below shall constitute a Potential
Adjustment Event to the extent that, in the case of clause (ii), such repurchase (a) is permitted pursuant to the terms of this Master Confirmation and any Supplemental Confirmation, is effected on arms’-length terms through a nationally
recognized financial institution and is effected at then-prevailing market prices for the Shares or (b) is effected pursuant to the Concurrent OMR Repurchases (as defined below).
		
		  	It shall constitute an additional Potential Adjustment Event if the Scheduled Termination Date for any Transaction is postponed pursuant to “Valuation Disruption” above, in which case the Calculation Agent may, in its
commercially reasonable discretion, adjust any relevant terms of any such Transaction as appropriate to account for the economic effect on the Transaction of such postponement.
		
	 Extraordinary Dividend:
	  	For any calendar quarter, any dividend or distribution on the Shares with an ex-dividend date occurring during such calendar quarter (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section
11.2(e)(ii)(A) of the Equity Definitions) (a “Dividend”) the amount or value of which (as determined by the Calculation Agent), when aggregated with the amount or value (as determined by the Calculation Agent) of any and all
previous Dividends with ex-dividend dates occurring in the same calendar quarter, exceeds the Ordinary Dividend Amount.
		
	 Ordinary Dividend Amount:
	  	For each Transaction, as set forth in the related Supplemental Confirmation.
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment
		
	 Early Ordinary Dividend Payment:
	  	If an ex-dividend date for any Dividend that is not an Extraordinary Dividend occurs during any calendar quarter occurring (in whole or in part) during the Relevant Period (as defined below) and is prior to the Scheduled
Ex-Dividend Date for such calendar quarter, the Calculation Agent shall make such commercially reasonable adjustments to the exercise, settlement, payment or any other terms of the relevant Transaction as the Calculation Agent determines in its good
faith discretion to be appropriate to account for the economic effect on the Transaction of such event.
		
	 Scheduled Ex-Dividend Dates:
	  	For each Transaction for each calendar quarter, as set forth in the related Supplemental Confirmation.
		
	 Extraordinary Events:
	  	
		
	 Consequences of Merger Events:
	  	

  
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	 (a) Share-for-Share:
	 	 Modified Calculation Agent Adjustment

		
	 (b) Share-for-Other:
	 	 Cancellation and Payment

		
	 (c) Share-for-Combined:
	 	 Component Adjustment

							
				
	 Tender Offer:
	  		  		  	Applicable; provided that (i) Section 12.1(d) of the Equity Definitions shall be amended by replacing “10%” in the third line thereof with “20%”, (ii) Section 12.1(l) of the Equity Definitions shall be
amended (x) by deleting the parenthetical in the fifth line thereof, (y) by replacing “that” in the fifth line thereof with “whether or not such announcement” and (z) by adding immediately after the words “Tender Offer”
in the fifth line thereof “, and any publicly announced change or amendment to such an announcement (including the announcement of an abandonment of such intention)” and (iii) Sections 12.3(a) and 12.3(d) of the Equity Definitions shall
each be amended by replacing each occurrence of the words “Tender Offer Date” by “Announcement Date.”
				
	 Consequences of

Tender Offers:
	  		  		  	

					
		
	 (a) Share-for-Share:
	 	 Cancellation and Payment

		
	 (b) Share-for-Other:
	 	 Cancellation and Payment

		
	 (c) Share-for-Combined:
	 	 Cancellation and Payment

							
				
	 Nationalization,
	  		  		  	
	 Insolvency or Delisting:
	  		  		  	Cancellation and Payment; provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares
are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, NYSE MKT, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded
or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.
				
	 Additional Disruption Events:
	  		  		  	

					
		
	 (a) Change in Law:
	 	 Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the
interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) by replacing the word “Shares” where it appears in clause (X) thereof with the words
“Hedge Position” and (iii) by immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”; provided further that (i) any
determination as to whether (A) the adoption of or any change in any applicable law or regulation (including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or
mandated by existing statute) or (B) the promulgation of or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including
any

  
 6 

					
		
		 	 action taken by a taxing authority), in each case, constitutes a “Change in Law” shall be made without regard to Section 739 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, and (ii) Section 12.9(a)(ii) of the Equity
Definitions is hereby amended by replacing the parenthetical beginning after the word “regulation” in the second line thereof the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or
promulgation of new regulations authorized or mandated by existing statute)”.

		
	 (b)    Failure to Deliver:
	 	 Applicable

		
	 (c)    Insolvency Filing:
	 	 Applicable

		
	 (d)    Hedging Disruption:
	 	 Applicable

		
	 (e)    Increased Cost of Hedging:
	 	 Not  Applicable

		
	 (f)     Loss of Stock Borrow:
	 	 Applicable

		
	 Maximum Stock Loan Rate:
	 	 200  basis points per annum

		
	 Hedging Party:
	 	 GS&Co.

		
	 (g)    Increased Cost of Stock Borrow:
	 	 Applicable

		
	 Initial Stock Loan Rate:
	 	 25     basis points per annum

		
	 Hedging Party:
	 	 GS&Co.

		
	 Determining Party:
	 	 GS&Co.; provided that, upon receipt of written request from Counterparty, the Determining Party
shall promptly provide Counterparty with a written explanation describing in reasonable detail any calculation, adjustment or determination made by it (including any quotations, market data or information from internal or external sources used in
making such calculation, adjustment or determination, as the case may be, but without disclosing GS&Co.’s or its affiliates’ proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory
obligations to not disclose such information), and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange Business Days from the receipt of such
request.

							
		
	Additional Termination Event:	 	The declaration by the Issuer of any Extraordinary Dividend, the ex-dividend date for which occurs or is scheduled to occur during the Relevant Dividend Period, will constitute an Additional Termination Event, with
Counterparty as the sole Affected Party and all Transactions hereunder as the Affected Transactions.

  
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	Relevant Dividend Period:	  	The period from and including the Calculation Period Start Date to and including the Relevant Dividend Period End Date.
		
	Relevant Dividend Period	  	
	End Date:	  	If the Number of Shares to be Delivered is negative, the last day of the Settlement Valuation Period; otherwise, the Termination Date.
		
	Non-Reliance/Agreements and	  	
	Acknowledgements Regarding	  	
	Hedging Activities/Additional	  	
	Acknowledgements:	  	Applicable
		
	Transfer:	  	Notwithstanding anything to the contrary in the Agreement, GS&Co. may assign, transfer and set over all rights, title and interest, powers, privileges and remedies of GS&Co. under any Transaction, in whole or in part, to
an affiliate of GS&Co. whose obligations are guaranteed by The Goldman Sachs Group, Inc. pursuant to a guarantee in a form customarily used by The Goldman Sachs Group, Inc. at such time without the consent of Counterparty; provided that
(i) prior written notice of such transfer is provided to Counterparty, (ii) immediately upon giving effect to such transfer and assignment, an Event of Default, Potential Event of Default or Termination Event will not occur as a result thereof and
(iii) as a result of such transfer and assignment, Counterparty will not be expected as of the date of such transfer and assignment to (x) be required to pay or deliver to the transferee on any payment date or delivery date an amount under Section
2(d)(i)(4) of the Agreement or a number of Shares, as applicable, that is, solely as a result of such transfer or assignment, greater than the amount or the number of Shares, respectively, that Counterparty would have been required to pay or deliver
to GS&Co. in the absence of such transfer and assignment or (y) receive from the transferee on any payment date or delivery date an amount under Section 2(d)(i)(4) of the Agreement or a number of Shares, as applicable, that is, solely as a
result of such transfer or assignment, lower than the amount or the number of Shares, respectively, that GS&Co. would have been required to pay or deliver to Counterparty in the absence of such transfer and assignment.
		
	GS&Co. Payment Instructions:	  	XXXX
		  	 XXXX

		  	 XXXX

		
	Counterparty’s Contact Details
for Purpose of Giving Notice:	  	To be provided by Counterparty
		
	GS&Co.’s Contact Details for	  	
	Purpose of Giving Notice:	  	Goldman, Sachs & Co.
		  	200 West Street
		  	New York, NY 10282-2198
		  	Attention: Simon Watson, Equity Capital Markets
		  	Telephone: 212-902-2317
		  	Facsimile: 212-256-5738
		  	Email: simon.watson@ny.ibd.email.gs.com
		
		  	With a copy to:
		
		  	Attention: Bryan Goldstein, Equity Capital Markets

  
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		  	Equity Capital Markets
		  	Telephone: +1-212-855-9696
		  	Facsimile: +1-212-256-5456
		  	Email: bryan.goldstein@ny.ibd.gmail.gs.com
		
		  	And email notification to the following address:
		  	Eq-derivs-notifications@am.ibd.gs.com
		
	2.Calculation Agent.	  	GS&Co.

 3. Additional Mutual Representations, Warranties and Covenants of Each Party. In addition to the representations,
warranties and covenants in the Agreement, each party represents, warrants and covenants to the other party that: 
 (a) Eligible Contract
Participant. It is an “eligible contract participant”, as defined in the U.S. Commodity Exchange Act (as amended), and is entering into each Transaction hereunder as principal (and not as agent or in any other capacity, fiduciary or
otherwise) and not for the benefit of any third party. 
 (b) Accredited Investor. Each party acknowledges that the offer and sale of
each Transaction to it is intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) thereof. Accordingly, each party represents and warrants to the
other that (i) it has the financial ability to bear the economic risk of its investment in each Transaction and is able to bear a total loss of its investment, (ii) it is an “accredited investor” as that term is defined under
Regulation D under the Securities Act and (iii) the disposition of each Transaction is restricted under this Master Confirmation, the Securities Act and state securities laws. 

4. Additional Representations, Warranties and Covenants of Counterparty. In addition to the representations, warranties and covenants
in the Agreement, Counterparty represents, warrants and covenants to GS&Co. that: 
 (a) It and its affiliates have not announced or been
engaged in at any time during the ten business days preceding the Trade Date, and will not announce or be engaged in at any time during the Relevant Period (as defined below in clause (g) of this Section 4), an “issuer tender
offer” as such term is defined in Rule 13e-4 under the Exchange Act nor is it aware of any third party tender offer with respect to the Shares within the meaning of Rule 13e-1 under the Exchange Act. 

(b) It is not entering into any Transaction (i) on the basis of, and is not aware of, any material non-public information with respect to
the Shares (ii) in anticipation of, in connection with, or to facilitate, a distribution of its securities, a self tender offer or a third-party tender offer or (iii) to create actual or apparent trading activity in the Shares (or any
security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares). 

(c) Each Transaction is being entered into pursuant to a publicly disclosed Share buy-back program and its Board of Directors has approved the
use of derivatives to effect the Share buy-back program. 
 (d) Without limiting the generality of Section 13.1 of the Equity Definitions,
Counterparty acknowledges that neither GS&Co. nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of any Transaction under any accounting standards
including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s
Own Equity. 
 (e) As of (i) the date hereof and (ii) the Trade Date for each Transaction hereunder, Counterparty is in
compliance with its reporting obligations under the Exchange Act and its most recent Annual Report on Form 10-K, together with all reports subsequently filed by it pursuant to the Exchange Act, taken together and as amended and

  
 9 

 
supplemented to the date of this representation, do not, as of their respective filing dates, contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(f) Counterparty shall report each Transaction as required under the Exchange Act and the rules and regulations thereunder. 

(g) The Shares are not, and Counterparty will not cause the Shares to be, subject to a “restricted period” (as defined in
Regulation M promulgated under the Exchange Act) at any time during any Regulation M Period (as defined below) for any Transaction unless Counterparty has provided written notice to GS&Co. of such restricted period not later than the Scheduled
Trading Day immediately preceding the first day of such “restricted period”; Counterparty acknowledges that any such notice may cause a Disrupted Day to occur pursuant to Section 5 below; accordingly, Counterparty acknowledges that
its delivery of such notice must comply with the standards set forth in Section 6 below; “Regulation M Period” means, for any Transaction, (i) the Relevant Period (as defined below) and (ii) the Settlement Valuation
Period, if any, for such Transaction. “Relevant Period” means, for any Transaction, the period commencing on the Calculation Period Start Date for such Transaction and ending on the earlier of (i) the Scheduled Termination Date
and (ii) the last Additional Relevant Day (as specified in the related Supplemental Confirmation) for such Transaction, or such earlier day as elected by GS&Co. and communicated to Counterparty on such day (or, if later, the First
Acceleration Date without regard to any acceleration thereof pursuant to “Special Provisions for Acquisition Transaction Announcements” below). 

(h) As of the Trade Date and the Prepayment Date for each Transaction, Counterparty is not “insolvent” (as such term is defined
under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would be able to purchase a number of Shares with a value equal to the Prepayment Amount in
compliance with the laws of the jurisdiction of Counterparty’s incorporation. 
 (i) Counterparty is not and, after giving effect to
any Transaction, will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

(j) Counterparty has not and will not enter into agreements similar to the Transactions described herein where any initial hedge period,
calculation period, relevant period or settlement valuation period (each however defined) in such other transaction will overlap at any time (including as a result of extensions in such initial hedge period, calculation period, relevant period or
settlement valuation period as provided in the relevant agreements) with any Relevant Period or, if applicable, any Settlement Valuation Period under this Master Confirmation. In the event that the initial hedge period, relevant period, calculation
period or settlement valuation period in any other similar transaction overlaps with any Relevant Period or, if applicable, Settlement Valuation Period under this Master Confirmation as a result of any postponement of the Scheduled Termination Date
or extension of the Settlement Valuation Period pursuant to “Valuation Disruption” above, Counterparty shall promptly amend such transaction to avoid any such overlap. 

5. Regulatory Disruption. In the event that GS&Co. concludes, in good faith and in consultation with counsel, that it is appropriate with respect
to any legal, regulatory or self-regulatory requirements or related policies and procedures generally applicable to the relevant line of business (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily
adopted by GS&Co.), for it to refrain from or decrease any market activity on any Scheduled Trading Day or Days during the Calculation Period or, if applicable, the Settlement Valuation Period, GS&Co. may by written notice to Counterparty
elect to deem that a Market Disruption Event has occurred and will be continuing on such Scheduled Trading Day or Days. 
 6. 10b5-1 Plan.
Counterparty represents, warrants and covenants to GS&Co. that: 
 (a) Counterparty is entering into this Master Confirmation and each
Transaction hereunder in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) or any other antifraud or anti-manipulation provisions of the federal or
applicable state securities laws and that it has not entered into or altered and will not enter into or alter any “corresponding or hedging transaction” 

  
 10 

 
(within the meaning of Rule 10b5-1) or position with respect to the Shares. Counterparty acknowledges that it is the intent of the parties that each Transaction entered into under this Master
Confirmation comply with the requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 and each Transaction entered into under this Master Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c). 

(b) Counterparty will not seek to control or influence GS&Co.’s decision to make any “purchases or sales” (within the
meaning of Rule 10b5-1(c)(1)(i)(B)(3)) under any Transaction entered into under this Master Confirmation, including, without limitation, GS&Co.’s decision to enter into any hedging transactions. Counterparty represents and warrants that it
has consulted with its own advisors as to the legal aspects of its adoption and implementation of this Master Confirmation and each Supplemental Confirmation under Rule 10b5-1. 

(c) Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this Master Confirmation or the relevant
Supplemental Confirmation must be effected in accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, any such amendment, modification,
waiver or termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment, modification or waiver shall be made at any time at which Counterparty or any officer, director,
manager or similar person of Counterparty is aware of any material non-public information regarding Counterparty or the Shares. 
 7. Counterparty
Purchases. Counterparty (or any “affiliated purchaser” as defined in Rule 10b-18 under the Exchange Act (“Rule 10b-18”)) shall not, without the prior written consent of GS&Co. (which consent shall be deemed to be
given in the case of the Concurrent OMR Repurchases, as defined below), directly or indirectly purchase any Shares (including by means of a derivative instrument), listed contracts on the Shares or securities that are convertible into, or
exchangeable or exercisable for Shares (including, without limitation, any Rule 10b-18 purchases of blocks (as defined in Rule 10b-18)) during any Relevant Period or, if applicable, Settlement Valuation Period, except through GS&Co.;
provided that (x) purchases of Shares that do not constitute “Rule 10b-18 purchases” under subparagraphs (ii) or (iii) of Rule 10b-18(a)(13) (y) withholding of Shares from holders of employee stock options to cover
amounts payable (including tax liabilities and/or payment of exercise price) in respect of the exercise of employee stock options, and (z) privately negotiated off-exchange repurchases of Shares that are not reasonably expected to result in
purchases of Shares in the market shall, in each case, not be subject to this Section 7. “Concurrent OMR Repurchases” means one or more Share repurchase transactions entered into between GS&Co. and Counterparty on terms
acceptable to GS&Co. to the extent that, on any day during the Relevant Period or, if applicable, Settlement Valuation Period (A) the aggregate number of Shares repurchased under such transactions on such day, does not exceed 5% of the
“ADTV” for the Shares (as defined in Rule 10b-18) and (B) Counterparty will not be permitted to effect any Rule 10b-18 purchases of blocks (as defined in Rule 10b-18) except to the extent GS&Co. agrees in its sole discretion. 

8. Special Provisions for Merger Transactions. Notwithstanding anything to the contrary herein or in the Equity Definitions: 

(a) Counterparty agrees that it: 

(i) will not during the period commencing on the Trade Date through the end of the Relevant Period or, if applicable, the
Settlement Valuation Period for any Transaction make, permit any of its affiliates to make, or (to the extent reasonably within its control and after using commercially reasonable efforts) permit any other party to make, any public announcement (as
defined in Rule 165(f) under the Securities Act) of any Merger Transaction or potential Merger Transaction (a “Public Announcement”) unless such Public Announcement is made prior to the opening or after the close of the regular
trading session on the Exchange for the Shares; 
 (ii) shall promptly (but in any event prior to the next opening of the
regular trading session on the Exchange) notify GS&Co. following any such Public Announcement that such Public Announcement has been made; and 

  
 11 

 (iii) shall promptly (but in any event prior to the next opening of the regular
trading session on the Exchange) provide GS&Co. with written notice specifying (i) Counterparty’s average daily Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full calendar months immediately preceding the
announcement date that were not effected through GS&Co. or its affiliates and (ii) the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act for the three full calendar months preceding the date of
such Public Announcement. Such written notice shall be deemed to be a certification by Counterparty to GS&Co. that such information is true and correct. In addition, Counterparty shall promptly notify GS&Co. of the earlier to occur of the
completion of the relevant Merger Transaction and the completion of the vote by target shareholders. 
 (b) Counterparty acknowledges that a
Public Announcement may cause the terms of any Transaction to be adjusted or such Transaction to be terminated; accordingly, Counterparty acknowledges that in making any Public Announcement, it must comply with the standards set forth in
Section 6 above. 
 (c) Upon the occurrence of any Public Announcement (whether made by Counterparty or a third party) GS&Co. in
its sole discretion may (i) make commercially reasonable adjustments to the terms of any Transaction, including, without limitation, the Scheduled Termination Date or the Forward Price Adjustment Amount, and/or suspend the Calculation Period
and/or any Settlement Valuation Period or (ii) treat the occurrence of such Public Announcement as an Additional Termination Event with Counterparty as the sole Affected Party and the Transactions hereunder as the Affected Transactions and with
the amount under Section 6(e) of the Agreement determined taking into account the fact that the Calculation Period or Settlement Valuation Period, as the case may be, had fewer Scheduled Trading Days than originally anticipated. 

“Merger Transaction” means any merger, acquisition or similar transaction involving a recapitalization as contemplated
by Rule 10b-18(a)(13)(iv) under the Exchange Act. 
 9. Special Provisions for Acquisition Transaction Announcements. (a) If an
Acquisition Transaction Announcement occurs on or prior to the Settlement Date for any Transaction, then the Calculation Agent shall make such adjustments to the exercise, settlement, payment or any other terms of such Transaction as the Calculation
Agent determines appropriate, at such time or at multiple times as the Calculation Agent determines appropriate, to account for the economic effect on such Transaction of such Transaction Announcement (including adjustments to account for changes in
volatility, expected dividends, stock loan rate, the value of maintaining or establishing any commercially reasonable Hedge Positions in connection with the Transaction and liquidity relevant to the Shares or to such Transaction). If an Acquisition
Transaction Announcement occurs after the Trade Date, but prior to the First Acceleration Date of any Transaction, the First Acceleration Date shall be the date of such Acquisition Transaction Announcement. 

(b) “Acquisition Transaction Announcement” means (i) the announcement of an Acquisition Transaction, (ii) an
announcement that Counterparty or any of its subsidiaries has entered into an agreement, a letter of intent or an understanding designed to result in an Acquisition Transaction, (iii) the announcement of the intention to solicit or enter into,
or to explore strategic alternatives or other similar undertaking that may include, an Acquisition Transaction, (iv) any other announcement that in the reasonable judgment of the Calculation Agent may result in an Acquisition Transaction or
(v) any announcement of any change or amendment to any previous Acquisition Transaction Announcement (including any announcement of the abandonment of any such previously announced Acquisition Transaction, agreement, letter of intent,
understanding or intention). For the avoidance of doubt, announcements as used in the definition of Acquisition Transaction Announcement refer to any public announcement whether made by the Issuer or a third party. 

(c) “Acquisition Transaction” means (i) any Merger Event (for purposes of this definition the definition of Merger Event
shall be read with the references therein to “100%” being replaced by “25%” and to “50%” by “75%” and without reference to the clause beginning immediately following the definition of Reverse Merger therein to
the end of such definition), Tender Offer or Merger Transaction (provided that, for purposes of this Section 9, the Merger Transaction, as determined by the Calculation Agent, involves consideration (x) valued in excess of 25% of the
market capitalization of Counterparty measured as of the Exchange Business Day immediately preceding the relevant date of announcement or (y) consisting of a number of Shares that exceeds 25% of the

  
 12 

 
number of outstanding Shares measured as of the Exchange Business Day immediately preceding the relevant date of announcement) or any other transaction involving the merger of Counterparty with
or into any third party, (ii) the sale or transfer of all or substantially all of the assets of Counterparty, (iii) a recapitalization, reclassification, binding share exchange or other similar transaction, (iv) any acquisition,
lease, exchange, transfer, disposition (including by way of spin-off or distribution) of assets (including any capital stock or other ownership interests in subsidiaries) or other similar event by Counterparty or any of its subsidiaries where the
aggregate consideration transferable or receivable by or to Counterparty or its subsidiaries exceeds 25% of the market capitalization of Counterparty measured as of the Exchange Business Day immediately preceding the relevant date of announcement
and (v) any transaction in which Counterparty or its board of directors has a legal obligation to make a recommendation to its shareholders in respect of such transaction (whether pursuant to Rule 14e-2 under the Exchange Act or otherwise).

 10. Acknowledgments. (a) The parties hereto intend for: 

(i) each Transaction to be a “securities contract” as defined in Section 741(7) of the Bankruptcy Code, a
“swap agreement” as defined in Section 101(53B) of the Bankruptcy Code and a “forward contract” as defined in Section 101(25) of the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by,
among other Sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 555, 556, 560 and 561 of the Bankruptcy Code; 

(ii) the Agreement to be a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code;

 (iii) a party’s right to liquidate, terminate or accelerate any Transaction, net out or offset termination values or
payment amounts, and to exercise any other remedies upon the occurrence of any Event of Default or Termination Event under the Agreement with respect to the other party or any Extraordinary Event that results in the termination or cancellation of
any Transaction to constitute a “contractual right” (as defined in the Bankruptcy Code); and 
 (iv) all payments
for, under or in connection with each Transaction, all payments for the Shares (including, for the avoidance of doubt, payment of the Prepayment Amount) and the transfer of such Shares to constitute “settlement payments” and
“transfers” (as defined in the Bankruptcy Code). 
 (b) Counterparty acknowledges that: 

(i) during the term of any Transaction, GS&Co. and its affiliates may buy or sell Shares or other securities or buy or sell options or
futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to such Transaction; 

(ii) GS&Co. and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares other than in
connection with hedging activities in relation to any Transaction, including acting as agent or as principal and for its own account or on behalf of customers; 

(iii) GS&Co. shall make its own determination as to whether, when or in what manner any hedging or market activities in
Counterparty’s securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Forward Price and the VWAP Price; 

(iv) any market activities of GS&Co. and its affiliates with respect to the Shares may affect the market price and volatility of the
Shares, as well as the Forward Price and VWAP Price, each in a manner that may be adverse to Counterparty; and 
 (v) each Transaction is a
derivatives transaction in which it has granted GS&Co. an option; GS&Co. may purchase shares for its own account at an average price that may be greater than, or less than, the price paid by Counterparty under the terms of the related
Transaction. 

  
 13 

 (c) Counterparty: 

(i) is an “institutional account” as defined in FINRA Rule 4512(c); 

(ii) is capable of evaluating investment risks independently, both in general and with regard to all transactions and
investment strategies involving a security or securities, and will exercise independent judgment in evaluating the recommendations of GS&Co. or its associated persons, unless it has otherwise notified GS&Co. in writing; and 

(iii) will notify GS&Co. if any of the statements contained in clause (i) or (ii) of this Section 10(c)
ceases to be true. 
 11. Credit Support Documents. The parties hereto acknowledge that no Transaction hereunder is secured by any collateral that
would otherwise secure the obligations of Counterparty herein or pursuant to the Agreement. 
 12. Set-off. (a) The parties agree to amend
Section 6 of the Agreement by deleting Section 6(f) thereof and replacing it with the following: 
 “(f) Upon the occurrence
of an Event of Default or Termination Event with respect to a party who is the Defaulting Party or the Affected Party (“X”), the other party (“Y”) will have the right (but not be obliged) without prior notice to X or any other
person to set-off or apply any obligation of X owed to Y (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the currency, place of payment or booking office of the obligation) against any
obligation of Y owed to X (whether or not matured or contingent and whether or not arising under the Agreement, and regardless of the currency, place of payment or booking office of the obligation). Y will give notice to the other party of any
set-off effected under this Section 6(f). 
 Amounts (or the relevant portion of such amounts) subject to set-off may be converted by Y
into the Termination Currency at the rate of exchange at which such party would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency. If any obligation is unascertained, Y may in good faith
estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this Section 6(f) shall be effective to create a charge or other security
interest. This Section 6(f) shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other right to which any party is at any time otherwise entitled (whether by operation of law, contract or
otherwise).” 
 (b) Notwithstanding anything to the contrary in the foregoing, GS&Co. agrees not to set off or net amounts due from
Counterparty with respect to any Transaction against amounts due from GS&Co. to Counterparty with respect to contracts or instruments that are not Equity Contracts. “Equity Contract” means any transaction or instrument that does
not convey to GS&Co. rights, or the ability to assert claims, that are senior to the rights and claims of common stockholders in the event of Counterparty’s bankruptcy. 

13. Delivery of Shares. Notwithstanding anything to the contrary herein, GS&Co. may, by prior notice to Counterparty, satisfy its obligation to
deliver any Shares or other securities on any date due (an “Original Delivery Date”) by making separate deliveries of Shares or such securities, as the case may be, at more than one time on or prior to such Original Delivery Date,
so long as the aggregate number of Shares and other securities so delivered on or prior to such Original Delivery Date is equal to the number required to be delivered on such Original Delivery Date. 

  
 14 

 14. Early Termination. In the event that an Early Termination Date (whether as a result of an Event of
Default or a Termination Event) occurs or is designated with respect to any Transaction (except as a result of a Merger Event in which the consideration or proceeds to be paid to holders of Shares consists solely of cash), if either party would owe
any amount to the other party pursuant to Section 6(d)(ii) of the Agreement (any such amount, a “Payment Amount”), then, in lieu of any payment of such Payment Amount, Counterparty may, no later than the Early Termination Date
or the date on which such Transaction is terminated, elect to deliver or for GS&Co. to deliver, as the case may be, to the other party a number of Shares (or, in the case of a Merger Event, a number of units, each comprising the number or amount
of the securities or property that a hypothetical holder of one Share would receive in such Merger Event (each such unit, an “Alternative Delivery Unit” and, the securities or property comprising such unit, “Alternative
Delivery Property”)) with a value equal to the Payment Amount, as determined by the Calculation Agent (and the parties agree that, in making such determination of value, the Calculation Agent may take into account a number of factors,
including the market price of the Shares or Alternative Delivery Property on the date of early termination and, if such delivery is made by GS&Co., the prices at which GS&Co. purchases Shares or Alternative Delivery Property to fulfill its
delivery obligations under this Section 14); provided that in determining the composition of any Alternative Delivery Unit, if the relevant Merger Event involves a choice of consideration to be received by holders, such holder shall be
deemed to have elected to receive the maximum possible amount of cash; and provided further that Counterparty may make such election only if Counterparty represents and warrants to GS&Co. in writing on the date it notifies GS&Co. of
such election that, as of such date, Counterparty is not aware of any material non-public information concerning the Shares and is making such election in good faith and not as part of a plan or scheme to evade compliance with the federal securities
laws. If such delivery is made by Counterparty, paragraphs 2 through 7 of Annex A shall apply as if such delivery were a settlement of the Transaction to which Net Share Settlement applied, the Cash Settlement Payment Date were the Early Termination
Date and the Forward Cash Settlement Amount were zero (0) minus the Payment Amount owed by Counterparty. 
 15. Calculations and Payment Date
upon Early Termination. The parties acknowledge and agree that in calculating Close-out Amount pursuant to Section 6 of the Agreement GS&Co. may (but need not) determine losses incurred in connection with terminating, liquidating or
re-establishing any hedge without reference to actual losses incurred but based on expected losses assuming a commercially reasonable (including without limitation with regard to reasonable legal and regulatory guidelines) risk bid were used to
determine such losses to avoid awaiting the delay associated with closing out any hedge or related trading position in a commercially reasonable manner prior to or sooner following the designation of an Early Termination Date. Notwithstanding
anything to the contrary in Section 6(d)(ii) of the Agreement, all amounts calculated as being due in respect of an Early Termination Date under Section 6(e) of the Agreement will be payable on the day that notice of the amount payable is
effective; provided that if Counterparty elects to receive Shares or Alternative Delivery Property in accordance with Section 14, such Shares or Alternative Delivery Property shall be delivered on a date selected by GS&Co. as
promptly as practicable. 
 16. Automatic Termination Provisions. Notwithstanding anything to the contrary in Section 6 of the Agreement, if a
Termination Price is specified in any Supplemental Confirmation, then an Additional Termination Event with Counterparty as the sole Affected Party and the Transaction to which such Supplemental Confirmation relates as the Affected Transaction will
automatically occur without any notice or action by GS&Co. or Counterparty if the VWAP Price of the Shares is below such Termination Price on any Exchange Business Day, such Exchange Business Day will be the “Early Termination Date”
for purposes of the Agreement. 
 17. Delivery of Cash. For the avoidance of doubt, nothing in this Master Confirmation shall be interpreted as
requiring Counterparty to deliver cash in respect of the settlement of the Transactions contemplated by this Master Confirmation following payment by Counterparty of the relevant Prepayment Amount, except in circumstances where the required cash
settlement thereof is permitted for classification of the contract as equity by ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as in effect on the relevant Trade Date (including, without limitation, where
Counterparty so elects to deliver cash or fails timely to elect to deliver Shares or Alternative Delivery Property in respect of the settlement of such Transactions). 

18. Claim in Bankruptcy. GS&Co. acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to the
Transactions that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. 

  
 15 

 19. Governing Law. The Agreement, this Master Confirmation, each Supplemental Confirmation and all matters
arising in connection with the Agreement, this Master Confirmation and each Supplemental Confirmation shall be governed by, and construed and enforced in accordance with, the laws of the State of New York (without reference to its choice of laws
doctrine other than Title 14 of Article 5 of the New York General Obligations Law). 
 20. Illegality. The parties agree that, for the avoidance of
doubt, for purposes of Section 5(b)(i) of the Agreement, “any applicable law” shall include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations promulgated thereunder and any similar law or
regulation, without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade
Date, and the consequences specified in the Agreement, including without limitation, the consequences specified in Section 6 of the Agreement, shall apply to any Illegality arising from any such act, rule or regulation. 

21. Offices. 
 (a) The Office of
GS&Co. for each Transaction is: 200 West Street, New York, New York 10282-2198. 
 (b) The Office of Counterparty for each Transaction
is: 92 Pitts Bay Road, Pembroke, Bermuda HM 08. 
 22. Account Opening Agreements. If in connection with any Transaction there is any inconsistency
between the Agreement, this Master Confirmation, any Supplemental Confirmation and the Equity Definitions, on the one hand, and the New Account Agreement for Corporate Repurchase Programs, entered into between GS&Co. and Counterparty in
connection with executing this Master Confirmation, as amended or supplemented from time to time, the Agreement, this Master Confirmation, and Supplemental Confirmation and the Equity Definitions, as the case may be, shall prevail for purposes of
such Transaction 
 23. Submission to Jurisdiction. Section 13(b) of the Agreement is hereby deleted in its entirety and replaced by the
following: 
 “Each party hereby irrevocably and unconditionally submits for itself and its property in any suit, legal action or
proceeding relating to this Agreement and/or any Transaction, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”) to the exclusive jurisdiction of the Supreme Court of the State of New York,
sitting in New York County, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof. Nothing in the Master Confirmation, any Supplemental Confirmation or this Agreement precludes either
party from bringing Proceedings in any other jurisdiction if (A) the courts of the State of New York or the United States of America for the Southern District of New York lacks jurisdiction over the parties or the subject matter of the
Proceedings or declines to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing against the other party’s property, assets or estate any decision or
judgment rendered by any court in which Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s decision or judgment to any higher court with competent appellate jurisdiction over that
court’s decisions or judgments if that higher court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been commenced in
another jurisdiction by or against the other party or against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under this Agreement, the Master Confirmation or any Supplemental Confirmation the
party (1) joins, files a claim, or takes any other action, in any such suit, action or proceeding or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action or proceeding having commenced
in that other jurisdiction.” 
 24. Waiver of Trial by Jury. EACH OF COUNTERPARTY AND GS&CO. HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF
AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) 

  
 16 

 
ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS MASTER CONFIRMATION, EACH SUPPLEMENTAL CONFIRMATION AND EACH TRANSACTION OR THE ACTIONS OF EITHER PARTY OR ITS RESPECTIVE AFFILIATES IN THE
NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 
 25. Counterparts. This Master Confirmation may be executed in any number of counterparts, all
of which shall constitute one and the same instrument, and any party hereto may execute this Master Confirmation by signing and delivering one or more counterparts. 

26. Service of Process. Counterparty appoints as its Process Agent: 

AXIS 
 Attn: Legal Counsel 

1211 Avenue of the Americas, 24th Floor 

New York, NY 10036 

  
 17 

 EXECUTION VERSION 

Counterparty hereby agrees (a) to check this Master Confirmation carefully and immediately upon receipt so that errors or discrepancies
can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by GS&Co.) correctly sets forth the terms of the agreement between GS&Co. and Counterparty with respect to any particular
Transaction to which this Master Confirmation relates, by manually signing this Master Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed
copy to Equity Derivatives Documentation Department, Facsimile No. 212-428-1980/83. 
  

			
	Yours faithfully,
	
	 GOLDMAN, SACHS & CO.

		
	 By:
	 	 /s/ Lauren Havens

		 	Authorized Signatory

  

			
	Agreed and Accepted By:
	
	AXIS CAPITAL HOLDINGS LIMITED
		
	 By:
	 	 /s/ Jose Osset

	 Name:   Jose Osset

	 Title:   Sr. Vice President and Treasurer

 EXECUTION VERSION 

SCHEDULE A 
 SUPPLEMENTAL
CONFIRMATION 
  

			
	 To:
	  	 AXIS Capital Holdings Limited

 92 Pitts
Bay Road

 Pembroke, Bermuda HM 08

	  
 From:
	  	Goldman, Sachs & Co.
		
	 Subject:
	  	Accelerated Stock Buyback
		
	 Ref. No:
	  	[Insert Reference No.]
		
	 Date:
	  	[Insert Date]

 The purpose of this Supplemental Confirmation is to confirm the terms and conditions of the Transaction
entered into between Goldman, Sachs & Co. (“GS&Co.”) and AXIS Capital Holdings Limited (“Counterparty”) (together, the “Contracting Parties”) on the Trade Date specified below. This
Supplemental Confirmation is a binding contract between GS&Co. and Counterparty as of the relevant Trade Date for the Transaction referenced below. 

1. This Supplemental Confirmation supplements, forms part of, and is subject to the Master Confirmation dated as of August 17, 2015 (the
“Master Confirmation”) between the Contracting Parties, as amended and supplemented from time to time. All provisions contained in the Master Confirmation govern this Supplemental Confirmation except as expressly modified below.

 2. The terms of the Transaction to which this Supplemental Confirmation relates are as follows: 

 

					
	 Trade Date:
	  	[            ]	  	
			
	 Forward Price Adjustment Amount:
	  	USD [            ]	  	
			
	 Calculation Period Start Date:
	  	[            ]	  	
			
	 Scheduled Termination Date:
	  	[            ]	  	
			
	 First Acceleration Date:
	  	[            ]	  	
			
	 Prepayment Amount:
	  	USD [            ]	  	
			
	 Prepayment Date:
	  	[             ]	  	

  
 A-1 

			
	 Initial Shares:
	  	[                     ] Shares; provided that if, in connection with the Transaction, GS&Co. is unable to borrow or
otherwise acquire a number of Shares equal to the Initial Shares for delivery to Counterparty on the Initial Share Delivery Date, the Initial Shares delivered on the Initial Share Delivery Date shall be reduced to such number of Shares that
GS&Co. is able to so borrow or otherwise acquire, and thereafter GS&Co. shall continue to use commercially reasonable efforts to borrow or otherwise acquire a number of Shares, at a stock borrow cost no greater than the Initial Stock Loan
Rate, equal to the shortfall in the Initial Share Delivery and to deliver such additional Shares as soon as reasonably practicable but only to the extent such delivery of additional Shares would not cause a Hedging Disruption, a Loss of Stock Borrow
or an Increased Cost of Stock Borrow to occur (it being understood, for the avoidance of doubt, that in using such commercially reasonable efforts GS&Co. shall act in good faith and in accordance with its then current policies, practices and
procedures (including without limitation any policies, practices or procedures relating to counterparty risk, market risk, reputational risk, credit, documentation, legal, regulatory capital, compliance and collateral), and shall not be required to
enter into any securities lending transaction or transact with any potential securities lender if such transaction would not be in accordance with such policies, practices and procedures). For the avoidance of doubt, the aggregate of all shares
delivered to Counterparty in respect of the Transaction pursuant to this paragraph shall be the “number of Initial Shares” for purposes of “Number of Shares to be Delivered” in the Master Confirmation.
		
	 Initial Share Delivery Date:
	  	[                     ]
		
	 Ordinary Dividend Amount:
	  	For any calendar quarter, USD [         ]
		
	 Scheduled Ex-Dividend Dates:
	  	[             ]
		
	 Termination Price:
	  	USD [             ] per Share
		
	 Additional Relevant Days:
	  	The [             ] Exchange Business Days immediately following the Calculation Period.

 3. Counterparty represents and warrants to GS&Co. that neither it nor any “affiliated purchaser” (as defined in
Rule 10b-18 under the Exchange Act) has made any purchases of blocks pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act during either (i) the four full calendar weeks immediately preceding the Trade Date or (ii) during the
calendar week in which the Trade Date occurs. 
 4. This Supplemental Confirmation may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this Supplemental Confirmation by signing and delivering one or more counterparts. 

  
 A-2 

 EXECUTION VERSION 

Counterparty hereby agrees (a) to check this Supplemental Confirmation carefully and immediately upon receipt so that errors or
discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by GS&Co.) correctly sets forth the terms of the agreement between GS&Co. and Counterparty with respect to the
Transaction to which this Supplemental Confirmation relates, by manually signing this Supplemental Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning
an executed copy to Equity Derivatives Documentation Department, facsimile No. 212-428-1980/83. 
  

			
	Yours sincerely,
	
	GOLDMAN, SACHS & CO.
		
	By:	 	  

		 	Authorized Signatory

  

			
	Agreed and Accepted By:
	
	AXIS CAPITAL HOLDINGS LIMITED
		
	By:	 	  

		 	  Name:
		 	  Title:

  
 A-3 

 EXECUTION VERSION 

ANNEX A 
 COUNTERPARTY SETTLEMENT
PROVISIONS 
 1. The following Counterparty Settlement Provisions shall apply to the extent indicated under the Master Confirmation: 

 

			
	 Settlement Currency:
	  	USD
		
	 Settlement Method Election:
	  	Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word “Physical” in the sixth line thereof and replacing it with the words “Net Share” and (ii)
the Electing Party may make a settlement method election only if the Electing Party represents and warrants to GS&Co. in writing on the date it notifies GS&Co. of its election that, as of such date, the Electing Party is not aware of any
material non-public information concerning Counterparty or the Shares and is electing the settlement method in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws.
		
	 Electing Party:
	  	Counterparty
		
	 Settlement Method Election Date:
	  	The earlier of (i) the Scheduled Termination Date and (ii) the second Exchange Business Day immediately following the Accelerated Termination Date (in which case the election under Section 7.1 of the Equity Definitions shall be
made no later than 10 minutes prior to the open of trading on the Exchange on such second Exchange Business Day), as the case may be
		
	 Default Settlement Method:
	  	Cash Settlement
		
	 Forward Cash Settlement Amount:
	  	The Number of Shares to be Delivered multiplied by the Settlement Price
		
	 Settlement Price:
	  	The average of the VWAP Prices for the Exchange Business Days in the Settlement Valuation Period, subject to Valuation Disruption as specified in the Master Confirmation
		
	 Settlement Valuation Period:
	  	A number of Scheduled Trading Days selected by GS&Co. in its reasonable discretion, beginning on the Scheduled Trading Day immediately following the earlier of (i) the Scheduled Termination Date or (ii) the Exchange Business
Day immediately following the Termination Date
		
	 Cash Settlement:
	  	If Cash Settlement is applicable, then Buyer shall pay to Seller the absolute value of the Forward Cash Settlement Amount on the Cash Settlement Payment Date.
		
	 Cash Settlement
	  	

  
 1 

 
			
	Payment Date:	  	The date one Settlement Cycle following the last day of the Settlement Valuation Period.
		
	Net Share Settlement	  	
	Procedures:	  	If Net Share Settlement is applicable, Net Share Settlement shall be made in accordance with paragraphs 2 through 7 below.

 2. Net Share Settlement shall be made by delivery on the Cash Settlement Payment Date of a number
of Shares satisfying the conditions set forth in paragraph 3 below (the “Registered Settlement Shares”), or a number of Shares not satisfying such conditions (the “Unregistered Settlement Shares”), in either case
with a value equal to the absolute value of the Forward Cash Settlement Amount, with such Shares’ value based on the value thereof to GS&Co. (which value shall, in the case of Unregistered Settlement Shares, take into account a commercially
reasonable illiquidity discount), in each case as determined by the Calculation Agent. For the avoidance of doubt, if delivery of any Shares would not satisfy the conditions listed in paragraph 3 below, the provisions of paragraph 4 below shall
apply to such delivery. 
 3. Counterparty may only deliver Registered Settlement Shares pursuant to paragraph 2 above if: 

(a) a registration statement covering public resale of the Registered Settlement Shares by GS&Co. (the “Registration
Statement”) shall have been filed with the Securities and Exchange Commission under the Securities Act and been declared or otherwise become effective on or prior to the date of delivery, and no stop order shall be in effect with respect to
the Registration Statement; a printed prospectus relating to the Registered Settlement Shares (including any prospectus supplement thereto, the “Prospectus”) shall have been delivered to GS&Co., in such quantities as GS&Co.
shall reasonably have requested, on or prior to the date of delivery; 
 (b) the form and content of the Registration Statement and the
Prospectus (including, without limitation, any sections describing the plan of distribution) shall be satisfactory to GS&Co.; 
 (c) as
of or prior to the date of delivery, GS&Co. and its agents shall have been afforded a reasonable opportunity to conduct a due diligence investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities
of similar size and the results of such investigation are satisfactory to GS&Co., in its good faith discretion; and 
 (d) as of the
date of delivery, an agreement (the “Underwriting Agreement”) shall have been entered into with GS&Co. in connection with the public resale of the Registered Settlement Shares by GS&Co. substantially similar to underwriting
agreements customary for underwritten offerings of equity securities of similar size, in form and substance satisfactory to GS&Co., which Underwriting Agreement shall include, without limitation, provisions substantially similar to those
contained in such underwriting agreements relating, without limitation, to the indemnification of, and contribution in connection with the liability of, GS&Co. and its affiliates and the provision of customary opinions, accountants’ comfort
letters and lawyers’ negative assurance letters. 
 4. If Counterparty delivers Unregistered Settlement Shares pursuant to paragraph 2
above: 
 (a) all Unregistered Settlement Shares shall be delivered to GS&Co. (or any affiliate of GS&Co. designated by GS&Co.)
pursuant to the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof; 
 (b) as of or
prior to the date of delivery, GS&Co. and any potential purchaser of any such shares from GS&Co. (or any affiliate of GS&Co. designated by GS&Co.) identified by GS&Co. shall be afforded a commercially reasonable opportunity to
conduct a due diligence investigation with respect to Counterparty customary in scope for private placements of equity securities of similar size (including, without limitation, the right to have made available to them for inspection all financial
and other records, pertinent corporate documents and other information reasonably requested by them); 

  
 2 

 (c) as of the date of delivery, Counterparty shall enter into an agreement (a “Private
Placement Agreement”) with GS&Co. (or any affiliate of GS&Co. designated by GS&Co.) in connection with the private placement of such shares by Counterparty to GS&Co. (or any such affiliate) and the private resale of such
shares by GS&Co. (or any such affiliate), substantially similar to private placement purchase agreements customary for private placements of equity securities of similar size, in form and substance commercially reasonably satisfactory to
GS&Co., which Private Placement Agreement shall include, without limitation, provisions substantially similar to those contained in such private placement purchase agreements relating, without limitation, to the indemnification of, and
contribution in connection with the liability of, GS&Co. and its affiliates and the provision of customary opinions, accountants’ comfort letters and lawyers’ negative assurance letters, and shall provide for the payment by
Counterparty of all reasonable fees and expenses in connection with such resale, including all fees and expenses of counsel for GS&Co., and shall contain representations, warranties, covenants and agreements of Counterparty reasonably necessary
or advisable to establish and maintain the availability of an exemption from the registration requirements of the Securities Act for such resales; and 

(d) in connection with the private placement of such shares by Counterparty to GS&Co. (or any such affiliate) and the private resale of
such shares by GS&Co. (or any such affiliate), Counterparty shall, if so requested by GS&Co., prepare, in cooperation with GS&Co., a private placement memorandum in form and substance reasonably satisfactory to GS&Co. 

5. GS&Co., itself or through an affiliate (the “Selling Agent”) or any underwriter(s), will sell all, or such lesser
portion as may be required hereunder, of the Registered Settlement Shares or Unregistered Settlement Shares and any Makewhole Shares (as defined below) (together, the “Settlement Shares”) delivered by Counterparty to GS&Co.
pursuant to paragraph 6 below commencing on the Cash Settlement Payment Date and continuing until the date on which the aggregate Net Proceeds (as such term is defined below) of such sales, as determined by GS&Co., is equal to the absolute value
of the Forward Cash Settlement Amount (such date, the “Final Resale Date”). If the proceeds of any sale(s) made by GS&Co., the Selling Agent or any underwriter(s), net of any fees and commissions (including, without limitation,
underwriting or placement fees) customary for similar transactions under the circumstances at the time of the offering, together with carrying charges and expenses incurred in connection with the offer and sale of the Shares (including, but without
limitation to, the covering of any over-allotment or short position (syndicate or otherwise)) (the “Net Proceeds”) exceed the absolute value of the Forward Cash Settlement Amount, GS&Co. will refund, in USD, such excess to
Counterparty on the date that is three (3) Currency Business Days following the Final Resale Date, and, if any portion of the Settlement Shares remains unsold, GS&Co. shall return to Counterparty on that date such unsold Shares. 

6. If the Calculation Agent determines that the Net Proceeds received from the sale of the Registered Settlement Shares or Unregistered
Settlement Shares or any Makewhole Shares, if any, pursuant to this paragraph 6 are less than the absolute value of the Forward Cash Settlement Amount (the amount in USD by which the Net Proceeds are less than the absolute value of the Forward Cash
Settlement Amount being the “Shortfall” and the date on which such determination is made, the “Deficiency Determination Date”), Counterparty shall on the Exchange Business Day next succeeding the Deficiency
Determination Date (the “Makewhole Notice Date”) deliver to GS&Co., through the Selling Agent, a notice of Counterparty’s election that Counterparty shall either (i) pay an amount in cash equal to the Shortfall on the
day that is one (1) Currency Business Day after the Makewhole Notice Date, or (ii) deliver additional Shares. If Counterparty elects to deliver to GS&Co. additional Shares, then Counterparty shall deliver additional Shares in
compliance with the terms and conditions of paragraph 3 or paragraph 4 above, as the case may be (the “Makewhole Shares”), on the first Clearance System Business Day which is also an Exchange Business Day following the Makewhole
Notice Date in such number as the Calculation Agent reasonably believes would have a market value on that Exchange Business Day equal to the Shortfall. Such Makewhole Shares shall be sold by GS&Co. in accordance with the provisions above;
provided that if the sum of the Net Proceeds from the sale of the originally delivered Shares and the Net Proceeds from the sale of any Makewhole Shares is less than the absolute value of the Forward Cash Settlement Amount then Counterparty
shall, at its election, either make such cash payment or deliver to GS&Co. further Makewhole Shares until such Shortfall has been reduced to zero. 

  
 3 

 7. Notwithstanding the foregoing, in no event shall the aggregate number of Settlement
Shares and Makewhole Shares be greater than the Reserved Shares minus the amount of any Shares actually delivered by Counterparty under any other Transaction(s) under this Master Confirmation (the result of such calculation, the
“Capped Number”). Counterparty represents and warrants (which shall be deemed to be repeated on each day that a Transaction is outstanding) that the Capped Number is equal to or less than the number of Shares determined according to
the following formula: 
 A – B 
  

			
	Where	  	 A = the number of authorized but unissued shares of the Counterparty that are not reserved for future issuance on the date of the
determination of the Capped Number; and
  

		  	B = the maximum number of Shares required to be delivered to third parties if Counterparty elected Net Share Settlement of all transactions in the Shares (other than Transactions in the Shares under this Master Confirmation) with
all third parties that are then currently outstanding and unexercised.

 “Reserved Shares” means initially, 10,373,444 Shares. The Reserved Shares may be
increased or decreased in a Supplemental Confirmation. 

  
 4Exhibit 4.1

NOTE PURCHASE AGREEMENT

Dated as of August 19, 2015

by and among

BANKWELL FINANCIAL GROUP, INC.

and

THE PURCHASERS NAMED ON SCHEDULE A

 

 

 

TABLE OF CONTENTS

Page

	
ARTICLE I PURCHASE; CLOSING

	
1

	
	
Section 1.1

	
Purchase.

	
1

	
	
Section 1.2

	
Closing.

	
1

	
	
ARTICLE II REPRESENTATIONS AND WARRANTIES; COVENANTS

	
3

	
	
Section 2.1

	
Disclosure.

	
3

	
	
Section 2.2

	
Representations and Warranties of the Company.

	
4

	
	
Section 2.3

	
Representations and Warranties of Purchaser.

	
9

	
	
Section 2.4

	
Legend.

	
12

	
	
Section 2.5

	
Registration Rights.

	
13

	
	
ARTICLE III TERMINATION

	
24

	
	
Section 3.1

	
Termination.

	
24

	
	
Section 3.2

	
Effects of Termination.

	
24

	
	
ARTICLE IV MISCELLANEOUS

	
25

	
	
Section 4.1

	
Survival.

	
25

	
	
Section 4.2

	
Expenses.

	
25

	
	
Section 4.3

	
Amendment; Waiver.

	
25

	
	
Section 4.4

	
Counterparts.

	
25

	
	
Section 4.5

	
Governing Law.

	
26

	
	
Section 4.6

	
WAIVER OF JURY TRIAL.

	
26

	
	
Section 4.7

	
Notices.

	
26

	
	
Section 4.8

	
Entire Agreement, Etc.

	
27

	
	
Section 4.9

	
Interpretation; Other Definitions.

	
27

	
	
Section 4.10

	
Captions.

	
28

	
	
Section 4.11

	
Severability.

	
28

	
	
Section 4.12

	
No Third Party Beneficiaries.

	
29

	
	
Section 4.13

	
Time of Essence.

	
29

	
	
Section 4.14

	
Public Announcements.

	
29

	
	
Section 4.15

	
Specific Performance.

	
29

	

 

i

INDEX OF DEFINED TERMS

	 	
Section

	
	
Action

	
2.2(e)

	 
	
Affiliate

	
4.9(a)

	 
	
Audited Financial Statements

	
2.2(f)

	 
	
Bank

	
2.2(b)

	 
	
BHC Act

	
2.2(a)

	 
	
Closing

	
1.2(a)

	 
	
Closing Date

	
1.2(a)

	 
	
Company

	
Preamble

	 
	
Company Financial Statements

	
2.2(f)

	 
	
Company Reports

	
2.2(g)

	 
	
Company Subsidiary

	
2.2(b)

	 
	
Disclosure Letter

	
2.1(a)

	 
	
Effective Date

	
2.5(j)(i)

	 
	
Exchange Act

	
4.9(f)

	 
	
FDIC

	
2.2(b)(ii)

	 
	
Filing Suspension Events

	
2.5(a)(i)

	 
	
GAAP

	
2.1(b)

	 
	
Governmental Entity

	
1.2(b)(i)

	 
	
Holder

	
2.5(j)(ii)

	 
	
Holders' Counsel

	
2.5(j)(iii)

	 
	
Indemnitee

	
2.5(g)(i)

	 
	
Investment Manager

	
2.3(g)

	 
	
Knowledge of the Company

	
4.9(e)

	 
	
Law

	
2.2(j)

	 
	
Liens

	
2.2(c)(ii)

	 
	
Material Adverse Effect

	
2.1(b)

	 
	
Person

	
4.9(f)

	 
	
Piggyback Registration

	
2.5(a)(iii)

	 
	
Placement Agent

	
4.9(g)

	 
	
Previously Disclosed

	
2.1(c)

	 
	
Purchase Agreement

	
Preamble

	 
	
Purchase Price

	
1.2(a)(iii)

	 
	
Purchaser

	
Preamble

	 
	
Register

	
2.5(j)(iv)

	 
	
Registrable Securities

	
2.5(j)(v)

	 
	
Registration Expenses

	
2.5(j)(vi)

	 
	
Regulatory Agreement

	
2.2(k)

	 
	
Rule 144

	
2.5(j)(vii)

	 
	
Rule 158

	
2.5(j)(vii)

	 
	
Rule 159A

	
     2.5(j)(vii)

	 
	
Rule 405

	
2.5(j)(vii)

	 
	
Rule 415

	
2.5(j)(vii)

	 
	
Secretary's Certificate

	
1.2(b)(ii)(6)

	 

 

ii

	
Securities Act

	
Recitals

	 
	
Selling Expenses

	
2.5(j)(viii)

	 
	
Shelf Registration Statement

	
2.5(a)(ii)

	 
	
Special Registration

	
2.5(j)(ix)

	 
	
Subordinated Notes

	
Recitals

	 
	
Tax Return

	
4.9(h)

	 

iii

 

This NOTE PURCHASE AGREEMENT, dated as of August 19, 2015 (this "Purchase Agreement"), is by and among Bankwell Financial Group, Inc., a Connecticut corporation (the "Company"), and the purchasers named on Schedule A (each, a "Purchaser" and together, "Purchasers").

BACKGROUND

The Company intends to sell to Purchasers, and Purchasers intend to purchase from the Company, as an investment in the Company, Fixed Rate Subordinated Notes due 2025 in the aggregate principal amount of $25,500,000 in the form set forth on Exhibit A (the "Subordinated Notes") from the Company evidencing unsecured, subordinated debt of the Company. The aggregate purchase price of the Subordinated Notes is intended to constitute Tier 2 Capital (as defined in the Subordinated Notes) of the Company. The sale of the Subordinated Notes by Company is being made pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Rule 506 of Regulation D as promulgated by the United States Securities and Exchange Commission under the Securities Act.

NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, the parties agree as follows:

ARTICLE I

 PURCHASE; CLOSING

Section 1.1                          Purchase.

On the terms and subject to the conditions set forth herein, Purchasers, severally and not jointly, will purchase from the Company, and the Company will sell to Purchasers, the Subordinated Notes. The principal amount of the Subordinated Note to be purchased by each Purchaser is set forth next to such Purchaser's name on Schedule A. The purchase price to be paid by Purchaser for the Subordinated Note to be issued to Purchaser is also set forth next to such Purchaser's name on Schedule A. The initial wire instructions for payment of interest and principal by the Company to Purchaser shall be set forth on the signature page attached to this Purchase Agreement, subject to change by written notice delivered by Purchaser to the Company.

Section 1.2                          Closing. Subject to the satisfaction or waiver of the conditions set forth in this Purchase Agreement, the closing of the sale and purchase of the Subordinated Notes referred to in Section 1.1 by Purchasers pursuant hereto (the "Closing") shall occur at 9:00 a.m., New York time, on August 19, 2015, subject to satisfaction or waiver (by the party entitled to grant such waiver) of the conditions to the Closing set forth in this Purchase Agreement (other than those conditions that by their nature are to be satisfied at the Closing, but subject to fulfillment or waiver of those conditions), at the offices of Hinckley, Allen & Snyder LLP, located at 20 Church Street, Hartford, Connecticut 06103, or remotely via the electronic or other exchange of documents and signature pages, or such other date or location as agreed by the parties. The date of the Closing is referred to as the "Closing Date."

(a)            Subject to the satisfaction or waiver on the Closing Date of the applicable conditions to the Closing in Section 1.2(b), at the Closing:

(i)            The Company will deliver to its transfer agent a Global Subordinated Note, fully executed, in an aggregate principal amount of the Purchase Price;

(ii)            On behalf of the Company, the Company's transfer agent by way of book-entry shall deliver to Purchasers the Subordinated Notes in the denominations set forth on Schedule A; and

(iii)            Each Purchaser will deliver the amount set forth next to its name and designated as its "Purchase Price" on Schedule A to the Company by wire transfer of immediately available funds to the account provided to Purchaser by the Company. The aggregate payments by Purchasers on the Closing Date shall equal $25,500,000 (the "Purchase Price").

(b)            Closing Conditions.

(i)            The obligation of each Purchaser, on the one hand, and the Company, on the other hand, to effect the Closing is subject to the fulfillment or written waiver by such Purchaser or the Company, as applicable, prior to the Closing that no provision of any applicable law or regulation, and no judgment, injunction, order or decree shall prohibit the Closing or shall prohibit or restrict Purchaser or its Affiliates from owning the Subordinated Note in accordance with the terms thereof and no lawsuit shall have been commenced by any court, administrative agency or commission or other governmental authority or instrumentality, whether federal, state, local or foreign, or any applicable industry self-regulatory organization (each, a "Governmental Entity"), and no written notice shall have been issued and not withdrawn by any federal or state banking regulator of competent jurisdiction seeking to effect any of the foregoing; and

(ii)            The obligation of each Purchaser to consummate the purchase of the Subordinated Note to be purchased by it at Closing is also subject to the fulfillment by the Company or written waiver by Purchaser prior to the Closing of each of the following conditions:

(1)            the representations and warranties of the Company set forth in this Purchase Agreement shall be true and correct in all respects on and as of the date of this Purchase 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 or Material Adverse Effect qualifications contained therein), individually or in the aggregate, would not be reasonably likely to have a Material Adverse Effect (and except that representations and warranties made as of a specified date shall be true and correct as of such date);

(2)            the Company shall have performed in all material respects all obligations required to be performed by it at or prior to the Closing, as the case may be, under this Purchase Agreement to be performed by it on or prior to the Closing Date;

(3)            Purchaser shall have received a certificate signed on behalf of the Company by a senior executive officer certifying to the effect that the conditions set forth in Section 1.2(b)(ii)(1) and Section 1.2(b)(ii)(2) have been satisfied;

(4)            at the Closing, the Company shall deliver to Purchaser a certificate of the Secretary of the Company, in the form attached hereto as Exhibit B (the "Secretary's Certificate"), dated as of the Closing Date, (i) certifying the resolutions adopted by the Board of Directors of the Company or a duly authorized committee thereof approving the transactions contemplated by this Purchase Agreement and the issuance of the Subordinated Notes under this Purchase Agreement and (ii) certifying the names of the officers of the Company authorized to execute this Purchase Agreement, the Subordinated Notes, the certificate contemplated by Section 1.2(b)(ii)(3) and the other documents provided for in this Purchase Agreement, together with a sample of the true signature of each such officer; and

(iii)            The obligation of the Company to effect the Closing is subject to the fulfillment or written waiver by the Company prior to the Closing of the following additional conditions:

(1)            the representations and warranties of each Purchaser set forth in this Purchase Agreement shall be true and correct in all respects on and as of the date of this Purchase 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 or Material Adverse Effect qualifications contained therein) would not materially adversely affect the ability of such Purchaser to perform its obligations hereunder;

(2)            each Purchaser shall have performed in all material respects all obligations required to be performed by it at or prior to the Closing, as the case may be, under this Purchase Agreement to be performed by it on or prior to the Closing Date; and

(3)            the Company shall have received a certificate signed on behalf of each Purchaser by a duly authorized person certifying to the effect that the conditions set forth in Sections 1.2(b)(iii)(l) and 1.2(b)(iii)(2) have been satisfied.

ARTICLE II

 REPRESENTATIONS AND WARRANTIES; COVENANTS

Section 2.1                          Disclosure.

(a)            On or prior to the date hereof, the Company delivered to each Purchaser, and each Purchaser delivered to the Company, a letter (a "Disclosure Letter") 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 Purchaser; provided, however, that if such information is disclosed in such a way as to make its relevance or applicability to another provision of this Purchase Agreement reasonably apparent on its face, such information shall be deemed to be responsive to such other provision of this Purchase Agreement. Notwithstanding anything in this Purchase Agreement to the contrary, the mere inclusion of an item in a Disclosure Letter shall not be deemed an admission that such item represents a material exception or material fact, event or circumstance or that such item has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(b)            As used in this Purchase Agreement, any reference to any fact, change, circumstance or effect being "material" with respect to the Company means such fact, change, circumstance or effect is material in relation to the business, assets, results of operations or financial condition of the Company and the Company Subsidiary taken as a whole. As used in this Purchase Agreement, the term "Material Adverse Effect" means any change or effect that, individually or in the aggregate, (1) is material and adverse to the business, assets, results of operations or financial condition of the Company and the Company Subsidiaries taken as a whole or (2) would materially impair the ability of the Company to perform its obligations under this Purchase Agreement or to consummate the Closing; provided, however, that in determining whether a Material Adverse Effect has occurred, there shall be excluded any effect to the extent resulting from the following: (A) changes, after the date hereof, in U.S. generally accepted accounting principles ("GAAP") or regulatory accounting principles generally applicable to banks, savings associations or their holding companies, (B) changes, after the date hereof, in applicable laws, rules and regulations or interpretations thereof by Governmental Entities, (C) actions or omissions of the Company expressly required by the terms of this Purchase Agreement or taken with the prior written consent of Purchaser, including expenses incurred by the Company in consummating the transactions contemplated by this Purchase Agreement, (D) changes in general economic, monetary or financial conditions affecting financial institutions or their market prices generally, (E) changes in global or national political conditions, including the outbreak or escalation of war or acts of terrorism, (F) the failure of the Company to meet any internal or public projections, forecasts, estimates or guidance for any period ending after December 31, 2014 (but not excluding the underlying causes of such failure) and (G) the public disclosure of this Purchase Agreement or the transactions contemplated by this Purchase Agreement; provided, further, that if any event described in clause (A), (B), (D) or (E) of this Section 2.1(b) occurs and such event has a materially disproportionate effect on the Company relative to other banks, savings associations and their holding companies in the United States, then such event will be deemed to have had a Material Adverse Effect.

(c)            "Previously Disclosed" with regard to a party means information set forth on its Disclosure Letter.

Section 2.2                          Representations and Warranties of the Company.

Except as Previously Disclosed, the Company hereby represents and warrants to Purchasers as follows:

(a)            Organization and Authority. Each of the Company and the Company Subsidiary 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. The Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as amended, ("BHC Act") and under applicable state Laws.

(b)            Company Subsidiaries. The Company owns all of the issued and outstanding capital stock of Bankwell Bank, a Connecticut state-chartered commercial bank (the "Bank" or the "Company Subsidiary"), and the Company has sole control over the Bank. Except for the Bank, the Company does not own beneficially, directly or indirectly, more than 5% of any class of equity securities or similar interests of any corporation, bank, 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 the Bank 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, 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).

(c)            Authorization; No Conflicts.

(i)            The Company has the corporate power and authority to execute and deliver this Purchase Agreement and the Subordinated Notes and to perform its obligations hereunder and thereunder. The execution, delivery and performance of this Purchase Agreement and the Subordinated Notes 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. The Board of Directors has duly approved the agreements and the transactions contemplated by this Purchase Agreement and the Subordinated Notes. No other corporate proceedings are necessary for the execution and delivery by the Company of this Purchase Agreement and the Subordinated Notes, the performance by it of its obligations hereunder or thereunder or the consummation by it of the transactions contemplated hereby or thereby. This Purchase Agreement has been and, the Subordinated Notes will have been, at the Closing duly and validly executed and delivered by the Company, assuming due authorization, execution and delivery by each Purchaser, are, or in the case of documents executed after the date of this Purchase Agreement, will be, upon execution, the valid and binding obligations 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).

(ii)            Neither the execution and delivery by the Company of this Purchase Agreement and the Subordinated Notes 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 and 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 (i) the certificate of incorporation or bylaws (or similar governing documents) of the Company and the Company Subsidiary or (ii) any note, bond, mortgage, indenture, deed of trust, license, lease, contract, arrangement, agreement or other instrument or obligation to which the Company or the Company Subsidiary is a party or by which it may be bound, or to which the Company or the Company Subsidiary, or any of the properties or assets of the Company or the Company Subsidiary may be subject, or (B) violate any Law applicable to the Company or the Company Subsidiary or any of their respective properties or assets except in the case of clauses (A)(ii) and (B) of this paragraph for such violations, conflicts and breaches as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(iii)            Neither the execution and delivery by the Company of this Purchase Agreement and the Subordinated Notes nor the consummation of the transactions contemplated hereby or thereby, nor compliance by the Company with any of the provisions hereof or thereof require any approval or ratification of the holders of the outstanding capital stock of the Company or of any group thereof.

(d)            Governmental Consents. Other than the securities or blue sky laws of the various states, no Governmental Consents are necessary for the execution and delivery of this Purchase Agreement and the Subordinated Notes or for the consummation by the Company of the transactions contemplated hereby and thereby.

(e)            Litigation and Other Proceedings. 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 the Company Subsidiary or any of its assets, rights or properties, nor is the Company or the Company Subsidiary a party or named as subject to the provisions of any order, writ, injunction, settlement, judgment or decree of any court, arbitrator or government agency, or instrumentality. There is no Action by the Company or the Company Subsidiary pending or which the Company or the Company Subsidiary intends to initiate (other than collection claims in the ordinary course of business). There has not been during the past five years, and to the Company's Knowledge, there is not pending or contemplated, any investigation by any Governmental Entity involving the Company. The Company is in compliance in all material respects with all existing decisions, orders, and agreements of or with Governmental Entities to which it is subject or bound.

(f)            Financial Statements. Each of the audited consolidated balance sheets of the Company and the Company Subsidiaries as of December 31, 2014 and December 31, 2013 and the related audited consolidated statements of income, statements of shareholders' equity and comprehensive income and cash flows, together with the notes thereto, for the each of the years in the three-year period ended December 31, 2014, previously provided or made available to Purchaser (the "Audited Financial Statements"), (1) have been prepared from, and are in accordance with, the books and records of the Company and the Company Subsidiaries, (2) complied, as of their respective date of such filing, in all material respects with applicable accounting requirements, (3) have been prepared in accordance with GAAP applied on a consistent basis, and (4) present fairly in all material respects the consolidated financial position of the Company and the Company Subsidiaries at the dates 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.

(g)            Reports. Since December 31, 2013, the Company and each Company Subsidiary have filed all material reports, registrations, documents, filings, statements and submissions, together with any required amendments thereto, that it was required to file with any Governmental Entity (the foregoing, collectively, the "Company Reports") and have paid all material fees and assessments due and payable in connection therewith. As of their respective filing dates, the Company Reports complied in all material respects with all statutes and applicable rules and regulations of the applicable Governmental Entities, as the case may be.

(h)            No Undisclosed Liabilities. There are no liabilities of the Company or the Company Subsidiary of any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, except for (1) liabilities adequately reflected or reserved against in accordance with GAAP in the Company's audited balance sheet as of December 31, 2014, and (2) liabilities that have arisen in the ordinary and usual course of business and consistent with past practice since December 31, 2014 and that have not or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(i)            Absence of Certain Changes. Since January 1, 2015, (1) the Company and the Company Subsidiary have conducted their respective businesses in all material respects in the ordinary and usual course of business consistent with past practices, (2) none of the Company or any Company Subsidiary has incurred any material liability or obligation, direct or contingent, for borrowed money, except borrowings in the ordinary course of business, (3) through (and including) the date of this Purchase 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, and (4) 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 or, to the Knowledge of the Company, on the part of any other party, 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.

(j)            Compliance with Laws. The Company and the 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 the Company Subsidiary. The Company and the Company Subsidiary have complied in all material respects and (1) are not in default or violation in any respect of, (2) to the Company's Knowledge, are not under investigation with respect to, and (3) to the Company's Knowledge, have not been threatened to be charged with or given notice of any material violation of, any applicable material 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 that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Except for statutory or regulatory restrictions of general application, restrictions applicable to recipients of funds under the Small Business Lending Fund, 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" or better.

(k)            Agreements with Regulatory Agencies. (1) The Company and the Company Subsidiary (A) are not subject to any cease-and-desist or other similar order or enforcement action issued by, (B) are not a party to any written agreement, consent agreement or memorandum of understanding with, (C) are not a party to any commitment letter or similar undertaking to, and (D) are not subject to any capital directive by, and (2) since December 31, 2014, each of the Company and the Company Subsidiary has not 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 this sentence, a "Regulatory Agreement"), nor has the Company nor the Company Subsidiary been advised since December 31, 2014 by any Governmental Entity that it is considering issuing, initiating, ordering, or requesting any such Regulatory Agreement.

(l)            Environmental Laws. The Company and the Company Subsidiary (1) are in compliance with any and all Environmental Laws, (2) have received all permits, licenses or other approvals required of it under applicable Environmental Laws to conduct their business, (3) are in compliance with all terms and conditions of any such permit, license or approval, (4) have not owned or operated any property that has been contaminated with any Hazardous Substance that would reasonably be expected to result in liability pursuant to any Environmental Law, (5) to the Knowledge of the Company, are not liable for Hazardous Substance disposal or contamination on any third party property, (6) have not received any notice, demand, letter, claim or request for information indicating that it may be in violation of or subject to liability under any Environmental Law, and (7) are not subject to any circumstances or conditions that could reasonably be expected to result in any claims, liability, investigations, costs or restrictions on the ownership, use or transfer of any property in connection with any Environmental Law, except where, in each of the foregoing clauses, the failure to so comply would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

(m)            Taxes.

(i)            All material Tax Returns required to be filed by, or on behalf of, the Company or the Company Subsidiary have been timely filed, or will be timely filed, in accordance with all Laws, and all such Tax Returns are, or shall be at the time of filing, complete and correct in all material respects. The Company and the Company Subsidiary 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 either the Company or the Company Subsidiaries other than with respect to Taxes not yet due and payable.

(ii)            No deficiencies for any material Taxes have been proposed or assessed in writing against or with respect to any Taxes due by or Tax Returns of the Company or the Company Subsidiary, and there is no outstanding audit, assessment, dispute or claim concerning any material Tax liability of the Company or the Company Subsidiary.  No written claim has ever been made by any Governmental Entity in a jurisdiction where neither the Company nor the Company Subsidiary files Tax Returns that are or may be subject to material taxation by that jurisdiction.

(n)            Brokers and Finders. Except for the Placement Agent, neither the Company nor any of its officers, directors, employees or agents 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 Company in connection with this Purchase Agreement and the Subordinated Notes or the transactions contemplated hereby or thereby.

(o)            Offering of Securities. Assuming the accuracy of the representations and warranties of the Purchaser as set forth in this Purchase Agreement, it is not necessary in connection with the offer, sale and delivery of the Subordinated Notes to register the offer and sale of the Subordinated Notes to the Purchaser under the Securities Act.

(p)            Investment Company Status. The Company is not, and upon consummation of the transactions contemplated by this Purchase Agreement and the Subordinated Notes 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.

Section 2.3                          Representations and Warranties of Purchaser.

Except as Previously Disclosed, each Purchaser hereby represents and warrants to the Company as follows:

(a)            Organization and Authority. Such Purchaser 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 affect such Purchaser's ability to perform its obligations under this Purchase Agreement or consummate the transactions contemplated by this Purchase Agreement on a timely basis, and such Purchaser has the corporate or other power and authority and governmental authorizations to own its properties and assets and to carry on its business as it is now being conducted.

(b)            Authorization.

(i)            Such Purchaser has the corporate or other power and authority to execute and deliver this Purchase Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Purchase Agreement by such Purchaser and the consummation of the transactions contemplated by this Purchase Agreement have been duly authorized by such Purchaser's board of directors, general partner or managing members, as the case may be (if such authorization is required), and no further approval or authorization by any of its partners or other equity owners, as the case may be, is required. This Purchase Agreement has been duly and validly executed and delivered by such Purchaser and assuming due authorization, execution and delivery by the Company, is a valid and binding obligation of such Purchaser enforceable against such Purchaser 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).

(ii)            Neither the execution, delivery and performance by such Purchaser of this Purchase Agreement, nor the consummation of the transactions contemplated by this Purchase Agreement, nor compliance by such Purchaser 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 Lien upon any of the properties or assets of such Purchaser under any of the terms, conditions or provisions of (i) its certificate of limited partnership, certificate of formation, operating agreement or partnership agreement or similar governing documents or (ii) any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which such Purchaser is a party or by which it may be bound, or to which such Purchaser or any of the properties or assets of such Purchaser may be subject, or (B) subject to compliance with the statutes and regulations referred to in the next paragraph, violate any law, statute, ordinance, rule or regulation, permit, concession, grant, franchise or any judgment, ruling, order, writ, injunction or decree applicable to such Purchaser or any of its properties or assets except in the case of clauses (A) (ii) and (B) for such violations, conflicts and breaches as would not reasonably be expected to materially and adversely affect such Purchaser's ability to perform its respective obligations under this Purchase Agreement or consummate the transactions contemplated by this Purchase Agreement on a timely basis.

(iii)            No notice to, registration, declaration or filing with, exemption or review by, or authorization, order, consent or approval of, any Governmental Entity, nor expiration or termination of any statutory waiting period, is necessary for the consummation by such Purchaser of the transactions contemplated by this Purchase Agreement.

(c)            Purchase for Investment. Such Purchaser acknowledges that the Subordinated Notes have not been registered under the Securities Act or under any state securities laws. Such Purchaser (1) is acquiring the Subordinated Notes pursuant to an exemption from registration under the Securities Act solely for investment with no present intention to distribute any of the Subordinated Notes to any person, (2) will not sell or otherwise dispose of any of the Subordinated Notes, except in compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws, (3) 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 Subordinated Notes and of making an informed investment decision, and (4) is an "accredited investor" (as that term is defined by Rule 501 of the Securities Act).

(d)            Financial Capability. At the Closing, such Purchaser shall have available funds necessary to consummate the Closing on the terms and conditions contemplated by this Purchase Agreement.

(e)            Knowledge as to Conditions. As of the date of this Purchase Agreement, such Purchaser does not know of any reason why any approvals, authorizations, filings, registrations, and notices required or otherwise a condition to the consummation by it of the transactions contemplated by this Purchase Agreement will not be obtained.

(f)            Brokers and Finders. Neither such Purchaser nor its Affiliates, any of their respective officers, directors, employees or agents 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 such Purchaser, in connection with this Purchase Agreement or the transactions contemplated by this Purchase Agreement, in each case, whose fees the Company would be required to pay.

(g)            Investment Decision. Such Purchaser, or the duly appointed investment manager of such Purchaser (the "Investment Manager"), if applicable, has (1) reached its decision to invest in the Subordinated Note independently from any other Person, (2) except with respect to other purchasers of the Subordinated Notes, has not entered into any agreement or understanding with any other Person to act in concert for the purpose of exercising a controlling influence over the Company or the Company Subsidiary, including any agreements or understandings regarding the voting or transfer of shares of the Company, (3) except with respect to other purchasers of the Subordinated Notes, has not shared with any other Person proprietary due diligence materials prepared by such Purchaser or its Investment Manager or any of its other advisors or representatives (acting in their capacity as such) and used by its investment committee as the basis for purposes of making its investment decision with respect to the Company or the Company Subsidiary, (4) has not been induced by any other Person to enter into the transactions contemplated by this Purchase Agreement, and (5) except with respect to other purchasers of the Subordinated Notes, has not entered into any agreement with any other Person with respect to the Investment. Such Purchaser understands that nothing in this Purchase Agreement or any other materials presented by or on behalf of the Company to such Purchaser in connection with the purchase of the Subordinated Note constitutes legal, tax or investment advice. Such Purchaser has consulted such accounting, legal, tax and investment advisors as it has deemed necessary or appropriate in connection with its purchase of the Subordinated Notes. Purchaser further acknowledges and agrees that it is not relying upon, and has not relied upon, any advice, statement, representation or warranty made by any Person by or on behalf of the Company, including, without limitation, the Placement Agent, except for the express statements, representations and warranties of the Company made or contained in this Purchase Agreement. Purchaser acknowledges that it and its advisors have been furnished with all materials requested relating to the business, finances and operations of the Company and the Parent and the Purchaser and its advisors have been given the opportunity to ask questions of, and to receive answers from, persons acting on behalf of the Company and the Parent concerning terms and conditions of the transactions contemplated by this Purchase Agreement in order to make an informed and voluntary decision to enter into this Purchase Agreement. Furthermore, it acknowledges that (1) the Placement Agent has not performed any due diligence review on behalf of it, (2) the Placement Agent makes no representations or warranties to the Purchaser, and (3) nothing in this Purchase Agreement or any other materials presented by or on behalf of the Company to it in connection with the purchase of the Subordinated Notes constitutes legal, tax or investment advice.

(h)            No Control. Such Purchaser agrees that it shall have no right to exercise control over the Company as a result of its purchase or holding of the Subordinated Note and agrees that neither it nor its Affiliates shall acquire voting securities or otherwise contribute capital to the Company in amounts that would cause the Purchaser to be deemed to control the Company for purposes of the Change in Bank Control Act of 1978, as amended, or the BHC Act.

(i)            Reliance. Such Purchaser understands and agrees that the Placement Agent will rely upon the truth and accuracy of the representations, warranties, covenants and agreements of the Purchaser as set forth in this Purchase Agreement in connection with the transactions contemplated by this Purchase Agreement, and such Purchaser agrees that if any of the representations, warranties, covenants and agreements made by it in this Purchase Agreement are no longer accurate by the Closing, such Purchaser shall promptly notify the Placement Agent and the Company.

Section 2.4                          Legend.

Purchaser agrees that the form of the Subordinated Notes or other instruments, if any, representing the Subordinated Notes will bear a legend and with respect to any Subordinated Notes held in book-entry form, the transfer agent of the Company will record a legend on the register substantially to the following effect:

THIS SECURITY IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE NOTE PURCHASE AGREEMENT AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO BANKWELL FINANCIAL GROUP, INC., OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER; (B) TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR TO A PERSON THAT YOU REASONABLY BELIEVE TO BE AN INSTITUTIONAL ACCREDITED INVESTOR AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT; OR (C) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT).

THIS SECURITY IS NOT A DEPOSIT OR BANK ACCOUNT. THIS SECURITY IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER AGENCY, AND IS SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL.

Section 2.5                          Registration Rights.

(a)            Registration.

(i)            Subject to the terms and conditions of this Purchase Agreement, the Company covenants and agrees that as promptly as practicable and in any event, no later than the date that is 90 days following the Closing Date, the Company shall have prepared and filed with the SEC a Shelf Registration Statement covering the resale of all of the Registrable Securities (or, if permitted by the rules of the SEC, otherwise designate an existing Shelf Registration Statement filed with the SEC to cover the Registrable Securities), and, to the extent the Shelf Registration Statement has not theretofore been declared effective, the Company shall use commercially reasonable efforts to cause such Shelf Registration Statement to be declared or become effective as soon as practicable and to keep such Shelf Registration Statement continuously effective and in compliance with the Securities Act and usable for resale of such Registrable Securities for a period from the date of its initial effectiveness until such time as there are no Registrable Securities remaining (including by refiling such Shelf Registration Statement (or a new Shelf Registration Statement) if the initial Shelf Registration Statement expires). The Shelf Registration, to the extent it only provides for the registration of the Registrable Securities, shall contain a "plan of distribution" and disclosure regarding the selling Holders approved by, and in form and substance reasonably satisfactory to, the Holders. Notwithstanding the registration obligations set forth in this Section 2.5(a)(i), in the event the SEC informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly (i) inform each of the Holders thereof and use its commercially reasonable efforts to file amendments to the initial Shelf Registration Statement as required by the SEC and/or (ii) withdraw the initial Shelf Registration Statement and file a new Shelf Registration Statement, in either case covering the maximum number of Registrable Securities permitted to be registered by the SEC, on such form available to the Company to register for resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or new Shelf Registration Statement, the Company shall be obligated to use its commercially reasonable efforts to advocate with the SEC for the registration of all of the Registrable Securities in accordance with the applicable SEC guidance, including without limitation, Compliance and Disclosure Interpretation 612.09 relating to Securities Act Rules. In the event the Company amends the initial Shelf Registration Statement or files a new Shelf Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially reasonable efforts to file with the SEC, as promptly as allowed by the SEC or SEC guidance provided to the Company or to registrants of securities in general, one or more registration statements on such form available to the Company to register for resale those Registrable Securities that were not registered for resale on the initial Shelf Registration Statement, as amended, or the new Shelf Registration Statement. No Holder shall be named as an "underwriter" in any Registration Statement without such Holder's prior written consent.

If, before a registration statement pursuant to this Section 2.5(a)(i) is filed with the SEC or declared effective, the Board of Directors of the Company determines in its good faith judgment, that the filing of a registration statement or the declaration of effectiveness of a registration statement, in each case with respect to the Registrable Securities (i) would require disclosure of material non-public information the disclosure of which would have a Material Adverse Effect on the Company or would otherwise adversely affect a material financing, acquisition, disposition, merger, reorganization or other comparable transaction involving the Company, or (ii) would otherwise adversely affect a public offering of shares of common stock or other equity securities of the Company for the account of the Company, (such circumstances being referred to as "Filing Suspension Events"), the Company shall deliver a certificate to such effect signed by the principal or chief executive officer or principal financial officer of the Company to the Holders. The Company shall not be required to file a registration statement pursuant to Section 2.5(a)(i) or may suspend pursuing the effectiveness of such registration statement until (A) with respect to the Filing Suspension Event described in clause (i) above, the earlier of the date upon which such material information is disclosed to the public or ceases to be material or 90 days after the Company makes such good faith determination, or (B) with respect to the Filing Suspension Event described in clause (ii) above, 90 days after the Company makes such good faith determination; provided, however, that in no event shall Filing Suspension Events be permitted to take effect more than once in any twelve month period.

(ii)            Any registration pursuant to this Section 2.5(a) shall be effected by means of a shelf registration under the Securities Act (a "Shelf Registration Statement") in accordance with the methods and distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act. If Purchaser or any other Holder of Registrable Securities to whom the registration rights conferred by this Purchase Agreement have been transferred in compliance with this Purchase Agreement intends to distribute any Registrable Securities by means of an underwritten offering, they shall promptly so advise the Company and the Company shall take all reasonable steps to facilitate such distribution, including the actions required pursuant to Section 2.5(c). The lead underwriters in any such distribution shall be selected by the Holders of a majority of the Registrable Securities to be distributed, subject to approval of the Company not to be unreasonably withheld.

(iii)            Whenever the Company proposes to register any of its securities substantially similar to the Registrable Securities, whether or not for its own account, other than a registration pursuant to Section 2.5(a)(i) or a Special Registration, and the registration form to be filed may be used for the registration or qualification for distribution of Registrable Securities, the Company will give prompt written notice to Purchaser and all other Holders of its intention to effect such a registration (but in no event less than 15 days prior to the anticipated filing date) and will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten business days after the date of the Company's notice (a "Piggyback Registration"). Any such person that has made such a written request may withdraw its Registrable Securities from such Piggyback Registration by giving written notice to the Company and the managing underwriter, if any, on or before the tenth business day prior to the planned effective date of such Piggyback Registration. The Company may terminate or withdraw any registration under this Section 2.5(a)(iii) prior to the effectiveness of such registration, whether or not Purchaser or any other Holders have elected to include Registrable Securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5(b).

(iv)            If the registration referred to in Section 2.5(a)(iii) is proposed to be underwritten, the Company will so advise and all other Holders as a part of the written notice given pursuant to Section 2.5(a)(iii). In such event, the right of Purchaser and all other Holders to registration pursuant to this Section 2.5(a) will be conditioned upon such persons' participation in such underwriting and the inclusion of such person's Registrable Securities in the underwriting, and each such person will (together with the Company and the other persons distributing their securities through such underwriting) enter into an underwriting agreement in customary and reasonable form with the underwriter or underwriters selected for such underwriting by the Company. If any participating person disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written notice to the Company, the managing underwriter and Purchaser (if Purchaser is participating in the underwriting).

(v)            If a Piggyback Registration relates to an underwritten primary offering on behalf of the Company, and the managing underwriters advise the Company that in their reasonable opinion the number of securities requested to be included in such registration exceeds the number which can be sold without adversely affecting the marketability of such offering (including an adverse effect on the per security offering price), the Company will include in such registration or prospectus only such number of securities that in the reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the offering (including an adverse effect on the per security offering price), which securities will be so included in the following order of priority: (A) first, the securities the Company proposes to sell; (B) second, Registrable Securities of Purchaser and all other Holders who have requested registration of Registrable Securities, pro rata on the basis of the aggregate number of such securities or shares owned by each such person; and (C) third, any other securities of the Company that have been requested to be so included, subject to the terms of this Purchase Agreement.

(vi)            In the event that Form S-3 is not available for the registration of the resale of Registrable Securities under Section 2.5(a)(i), the Company shall (A) register the resale of the Registrable Securities on another appropriate form, including, without limitation, Form S-1 and (B) undertake to register the Registrable Securities on Form S-3 promptly after such form is available, provided that the Company shall maintain the effectiveness of the Shelf Registration Statement then in effect until such time as a Shelf Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC.

(b)            Expenses of Registration. All Registration Expenses incurred in connection with any registration, qualification or compliance hereunder shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder shall be borne by the holders of the securities selling in such registration pro rata on the basis of the aggregate number of securities or shares being sold.

(c)            Obligations of the Company. The Company shall use its commercially reasonable efforts for so long as there are Registrable Securities outstanding, to take such actions as are under its control to not become an ineligible issuer (as defined in Rule 405 under the Securities Act). In addition, whenever required to effect the registration of any Registrable Securities or facilitate the distribution of Registrable Securities pursuant to an effective registration statement, the Company shall, unless prohibited by law, rule or regulation, as expeditiously as reasonably practicable:

(i)            By 4:00 p.m., New York City time, on the first business day after the Effective Date of a Shelf Registration Statement, file a final prospectus with the SEC, as required by Rule 424(b) under the Securities Act.

(ii)            Provide to each Holder a copy of any disclosure regarding the plan of distribution of the selling Holders, in each case, with respect to such Holder, at least three business days in advance of any filing with the SEC of any registration statement or any amendment or supplement thereto that amends such information, and shall not file any such disclosure to which such Holder reasonably objects if the Shelf Registration Statement only provides for the registration of the Registrable Securities.

(iii)            Prepare and file with the SEC a prospectus supplement with respect to a proposed offering of Registrable Securities pursuant to an effective registration statement and, subject to Section 2.5(d), keep such registration statement effective or such prospectus supplement current.

(iv)            Prepare and file with the SEC such amendments and supplements to the applicable registration statement and the prospectus or prospectus supplement used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement.

(v)            Furnish to the Holders and any underwriters such number of copies of the applicable registration statement and each such amendment and supplement thereto (including in each case all exhibits) and of a prospectus, including a preliminary prospectus and any amendment or supplement thereto, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned or to be distributed by them.

(vi)            Use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders or any managing underwriter(s), to keep such registration or qualification in effect for so long as such registration statement remains in effect, and to take any other action which may be reasonably necessary to enable such seller to consummate the disposition in such jurisdictions of the securities owned by such Holder; provided, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions.

(vii)            Notify each Holder at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the applicable prospectus, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing (which notice shall not contain any material non-public information).

(viii)            Promptly and, in any event, not more than one business day after such event or, in the case of the events set forth in clauses (3), (4), (5) and (6) below, immediately after such event, give written notice to the Holders (which notice shall not contain any material non-public information):

(1)            when any registration statement filed pursuant to Section 2.5(a)(i) or any amendment thereto has been filed with the SEC and when such registration statement or any post-effective amendment thereto has become effective;

(2)            of any request by the SEC for amendments or supplements to any registration statement or the prospectus included therein or for additional information;

(3)            of the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose;

(4)            of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

(5)            of the happening of any event that requires the Company to make changes in any effective registration statement or the prospectus related to the registration statement in order to make the statements therein not misleading (which notice shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made); and

(6)            if at any time the representations and warranties of the Company contained in any underwriting agreement contemplated by Section 2.5(c)(xii) true and correct.

(ix)            Use its commercially reasonable efforts to prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of any registration statement referred to in Section 2.5(c)(viii)(3) at the earliest practicable time.

(x)            Upon the occurrence of any event contemplated by Section 2.5(c)(vii) or Section 2.5(c)(viii)(5), promptly prepare a post-effective amendment to such registration statement or a supplement to the related prospectus or file any other required document so that, as thereafter delivered to the Holders and any underwriters, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. Subject to Section 2.5(d), if the Company notifies the Holders in accordance with Section 2.5(c)(viii)(5) to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Holders and any underwriters shall suspend use of such prospectus and use their commercially reasonable efforts to return to the Company all copies of such prospectus (at the Company's expense) other than permanent file copies then in such Holder's or underwriter's possession. The total number of days that any such suspension may be in effect in any 180 day period shall not exceed 60 days.

(xi)            Provide a transfer agent and registrar, which may be a single entity, for the Registrable Securities not later than the effective date of the applicable registration statement; use commercially reasonable efforts to procure the cooperation of the Company's transfer agent in settling any offering or sale of Registrable Securities, including with respect to the transfer of the Subordinated Notes into book-entry form in accordance with any procedures reasonably requested by the Holders or any managing underwriter(s) and the prompt and timely removal of any restrictive legend; and cooperate with Purchaser or other Holders to facilitate the timely preparation and delivery of Subordinated Notes or book-entry statements representing Registrable Securities, and enable such Subordinated Notes or book-entry statements to be in such denominations or amounts, as the case may be, as may be reasonably requested and registered in such names as Purchaser or other Holders may request.

(xii)            In the event of an underwritten offering, enter into and perform its obligations under an underwriting agreement in customary form, scope and substance and take all such other actions reasonably requested by the Holders of a majority of the Registrable Securities being sold in connection therewith or by the managing underwriter(s), if any, to expedite or facilitate the underwritten disposition of such Registrable Securities, and in connection therewith in any underwritten offering (including making members of management and executives of the Company available to participate in a "road show," similar sales events and other marketing activities), (A) make representations and warranties to the Holders that are selling noteholders and the managing underwriter(s), if any, with respect to the business, industry, operations, management, stock ownership, financial statements and other matters and affairs relating to the Company and its subsidiaries, and the registration statement, prospectus and .documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in customary form, substance and scope, and, if true, confirm the same if and when requested, (B) use its commercially reasonable efforts to furnish underwriters opinions of counsel to the Company, addressed to the managing underwriter(s), if any, covering the matters customarily covered in such opinions requested in underwritten offerings, (C) use its commercially reasonable efforts to obtain "cold comfort" letters from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any business acquired by the Company for which financial statements and financial data are included in the registration statement) who have certified the financial statements included in such registration statement, addressed to each of the managing underwriter(s}, if any, such letters to be in customary form and covering matters of the type customarily covered in "cold comfort" letters, (D) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures customary in underwritten offerings, and (E) deliver such documents and certificates as may be reasonably requested by the Holders of a majority of the Registrable Securities being sold in connection therewith, their counsel and-the managing underwriter(s), if any, to evidence the continued validity of the representations and warranties made pursuant to clause (A) above and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company.

(xiii)            Make available for inspection by a representative of Holders that are selling noteholders, the managing underwriter(s), if any, and any attorneys or accountants retained by such Holders or managing underwriter(s), at the offices where normally kept, during reasonable business hours, financial and other records, pertinent corporate documents and properties of the Company, and cause the officers, directors and employees of the Company to supply all information in each case reasonably requested by any such representative, managing underwriter(s), attorney or accountant in connection with such registration statement.

(xiv)            Cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its commercially reasonable efforts to cause all such Registrable Securities to be listed on the New York Stock Exchange or the NASDAQ Global Select Market, as determined by the Company.

(xv)            If requested by Holders of a majority of the Registrable Securities being registered and/or sold in connection therewith, or the managing underwriter(s), if any, promptly include in a prospectus supplement or amendment such information as the Holders of a majority of the Registrable Securities being registered and/or sold in connection therewith or managing underwriter(s), if any, may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus supplement or such amendment as soon as practicable after the Company has received such request.

(xvi)            Timely provide to its securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

(xvii)            Take such further actions as may be reasonably necessary or advisable in connection with the distribution of the Registrable Securities by the Holders, including, without limitation, cooperating with any broker-dealer through which a Holder proposes to resell is Registrable Securities in effecting a filing with Financial Industry Regulatory Authority, as requested by such Holder, paying any filing fee required in connection with such filing, and complying with all applicable rules and regulations of the SEC.

(d)            Suspension of Sales. Upon receipt of written notice from the Company pursuant to Section 2.5(c)(vii) or Section 2.5(c)(viii)(5) (which notice shall not contain any material non-public information), Purchaser and each other Holder shall forthwith discontinue disposition of Registrable Securities pursuant to such registration statement until such Holder has received copies of a supplemented or amended prospectus or prospectus supplement, or until such Holder is advised in writing by the Company that the use of the prospectus and, if applicable, prospectus supplement may be resumed; provided, that the Company shall use its reasonable best efforts to promptly prepare and file with the SEC such amendments and supplements to such registration statement or amendment as shall be reasonably necessary to cure any untrue statement or omission, unless the Company's board of directors in good faith determines that such amendments or supplements would require disclosure of material non-public information that, if disclosed at such time, would be materially harmful to the Company and its stockholders; provided further, that the total number of days that any such suspension may be in effect in any 180 day period shall not exceed 60 days; and the aggregate of all Suspension Periods during any 365 day period shall not exceed an aggregate of 120 days.

(e)            Termination of Registration Rights. A Holder's registration rights as to any securities held by such Holder (and its Affiliates, partners, members and former members) shall not be available unless such securities are Registrable Securities.

(f)            Furnishing Information.

(i)            No Purchaser nor any Holder shall use any free writing prospectus (as defined in Rule 405) in connection with the sale of Registrable Securities without the prior written consent of the Company.

(ii)            It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2.5(c) that Purchaser and/or the selling Holders and the underwriters, if any, shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the registered offering of their Registrable Securities.

(g)            Indemnification and Contribution.

(i)            The Company agrees to indemnify each Holder and, if a Holder is a person other than an individual, such Holder's officers, directors, employees, agents, representatives and Affiliates, and each person, if any, that controls a Holder within the meaning of the Securities Act (each, an "Indemnitee"), against any and all losses, claims, damages, actions, liabilities, costs and expenses (including reasonable fees, expenses and disbursements of attorneys and other professionals incurred in connection with investigating, defending, settling, compromising or paying any such losses, claims, damages, actions, liabilities, costs and expenses), joint or several, arising out of or based upon any untrue statement or alleged untrue statement of material fact contained in any registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto or any documents incorporated therein by reference or contained in any free writing prospectus (as such term is defined in Rule 405) prepared by the Company or authorized by it in writing for use by such Holder (or any amendment or supplement thereto); or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company shall reimburse each Indemnitee within 30 business days of written notice thereof, as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such foregoing claims, damages, actions or liabilities. Notwithstanding the first sentence of this Section 2.5(g)(i), the Company shall not be liable to such Indemnitee in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon (A) an untrue statement or omission made in such registration statement, including any such preliminary prospectus or final prospectus contained therein or any such amendments or supplements thereto or contained in any free writing prospectus (as such term is defined in Rule 405) prepared by the Company or authorized by it in writing for use by such Holder (or any amendment or supplement thereto), in reliance upon and in conformity with information regarding such Indemnitee or its plan of distribution or ownership interests which was furnished in writing to the Company by such Indemnitee expressly for use in connection with such registration statement, including any such preliminary prospectus or final prospectus contained therein or any such amendments or supplements thereto, or (B) offers or sales effected by or on behalf of such Indemnitee "by means of" (as defined in Rule 159A) a "free writing prospectus" (as defined in Rule 405) that was not authorized in writing by the Company. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnitee and shall survive the transfer of the Registrable Securities by the Holders.

(ii)            If the indemnification provided for in Section 2.5(g)(i) is unavailable to an Indemnitee with respect to any losses, claims, damages, actions, liabilities, costs or expenses referred to therein or is insufficient to hold the Indemnitee harmless as contemplated therein, then the Company, in lieu of indemnifying such Indemnitee, shall contribute to the amount paid or payable by such Indemnitee as a result of such losses, claims, damages, actions, liabilities, costs or expenses (A) in such proportion as is appropriate to reflect the relative fault of the Indemnitee, on the one hand, and the Company, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, actions, liabilities, costs or expenses as well as any other relevant equitable considerations or (B) otherwise to the fullest extent permitted by law. The relative fault of the Company, on the one hand, and of the Indemnitee, on the other hand, shall be determined by reference to, among other factors, whether the untrue statement of a material fact or omission to state a material fact relates to information supplied by the Company or by the Indemnitee and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; the Company and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 2.5(g)(ii) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 2.5(g)(i). No Indemnitee guilty of fraudulent misrepresentation (within the meaning of Section 11(t) of the Securities Act) shall be entitled to contribution from the Company if the Company was not guilty of such fraudulent misrepresentation.

(iii)            The Company shall notify the Holders promptly of the institution, threat or assertion of any investigation, claim or litigation arising from or in connection with the transactions contemplated by this Section 2.5 of which the Company is aware.

(iv)            The Company shall not, except with the consent of each Indemnitee (which consent shall not be unreasonably withheld) consent to entry of any judgment or enter into any settlement which does not include the giving by the claimant to such Indemnitee a release from all liability in respect to such claim or litigation.

(v)            The indemnification and contribution agreements contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee against the indemnifying party or others and (B) any liabilities the indemnifying party may be subject to pursuant to law.

(h)            Assignment of Registration Rights. The rights of each Holder to registration of Registrable Securities pursuant to Section 2.5(a) may be assigned by any Holder to a transferee or assignee of Registrable Securities, provided that such transferee or assignee has received no less than (1) ten percent (10%) of the Registrable Securities or (2) all of Holders' Registrable Securities then held, and provided, further, that the Company shall have no obligations with respect to such transferee or assignee until such time as Holder or such transferee or assignee shall have furnished to the Company written notice of the name and address of such transferee or assignee and the number and type of Registrable Securities that were assigned. For purposes of determining the value of the Registrable Securities transferred under clause (1) of this paragraph, each Subordinated Note shall be ascribed a value equal to the principal amount thereof.

(i)            Holdback. With respect to any underwritten offering of Registrable Securities by Holders pursuant to this Section 2.5, the Company agrees not to effect (other than pursuant to such registration or pursuant to a Special Registration) any public sale or distribution, or to file any registration statement (other than such registration or a Special Registration) covering any of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the period not to exceed ten days prior and 120 days following the effective date of such offering, or such longer period up to 120 days as may be requested by the managing underwriter. The Company also agrees to cause each of its directors and senior executive officers to execute and deliver customary lock-up agreements in such form and for such time period up to 90 days as may be requested by the managing underwriter.

(j)            As used in this Section 2.5, the following terms shall have the following respective meanings:

(i)            "Effective Date" means the date that the Shelf Registration Statement filed pursuant to Section 2.5(a)(i) is first declared effective by the SEC.

(ii)            "Holder" means Purchaser and any other holder of Registrable Securities to whom the registration rights conferred by this Purchase Agreement have been transferred in compliance with Section 2.5(h) hereof or similar provisions thereof, respectively.

(iii)            "Holders' Counsel" means one counsel for the selling Holders chosen by Holders holding a majority interest in the Registrable Securities being registered.

(iv)            "Register," "registered," and "registration" shall refer to a registration effected by preparing and (A) filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of effectiveness of such registration statement or (B) filing a prospectus and/or prospectus supplement in respect of an appropriate effective registration statement.

(v)            "Registrable Securities" means the Subordinated Notes; provided, that, once issued, such Subordinated Notes will not be Registrable Securities (A) after they are sold pursuant to an effective registration statement under the Securities Act, (B) when they may be immediately sold by the Holder thereof pursuant to Rule 144 without limitation thereunder on volume or manner of sale and without requirement for the Company to be in compliance with the current public information required under Rule 144(c)(l) (or Rule 144(i)(2), if applicable), (C) after they shall have ceased to be outstanding, or (D) after they have been sold in a private transaction in which the transferor's rights under this Section 2.5 are not assigned to the transferee of the securities. Except as otherwise provided herein, no Registrable Securities may be registered under more than one registration statement at any one time.

(vi)            "Registration Expenses" mean all fees and expenses incident to the performance of any registration pursuant to this Purchase Agreement (whether or not any registration or prospectus becomes effective or final) or compliance with the Company's obligations under this Section 2.5, including, without limitation, all registration, filing and listing fees, printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses, expenses incurred in connection with any "road show," the reasonable fees and disbursements of Holders' Counsel, and the fees and expenses of the Company's independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration, but shall not include the compensation of regular employees of the Company which shall be paid in any event by the Company and does not include Selling Expenses.

(vii)            "Rule 144," "Rule 158," "Rule 159A," "Rule 405" and "Rule 415" mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be amended from time to time.

(viii)            "Selling Expenses" mean all discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of Holders' Counsel included in Registration Expenses).

(ix)            "Special Registration" means the registration of (1) equity securities and/or options or other rights in respect thereof solely registered on Form S-4 or Form S-8 (or successor form), (2) shares of equity securities and/or options or other rights in respect thereof to be offered to directors, members of management, employees, consultants, customers, lenders or vendors of the Company or the Company Subsidiaries or in connection with dividend reinvestment plans, or (3) the initial public offering by the Company of its Common Stock.

(k)            No Inconsistent Agreements. The Company shall not, on or after the date of this Purchase Agreement, enter into any agreement, whether with respect to its securities or otherwise, that may impair the rights granted to Purchaser and the Holders under this Section 2.5 or that otherwise conflicts with the provisions hereof in any manner.

(l)            Certain Offerings by Purchaser. In the case of any securities held by Purchaser or its Affiliates that cease to be Registrable Securities solely by reason of clause (B) in the definition of "Registrable Securities," the provisions of Section 2.5(a)(v), Sections 2.5(c)(vi) and (xi) through (xiv), Section 2.5(g) and Section 2.5(i) shall continue to apply until such securities otherwise cease to be Registrable Securities. In any such case, an "underwritten" offering or other disposition shall include any distribution of such securities on behalf of a Holder by one or more broker-dealers, an "underwriting agreement" shall include any purchase agreement entered into by such broker-dealers, and any "registration statement" or "prospectus" shall include any offering document approved by the Company and used in connection with such distribution.

ARTICLE III

 TERMINATION

Section 3.1                          Termination.

This Purchase Agreement may be terminated prior to the Closing:

(a)            by mutual written agreement of the Company and Purchaser;

(b)            by the Company or Purchaser, upon written notice to the other parties, in the event that the Closing does not occur on or before September 1, 2015; provided, however, that the right to terminate this Purchase Agreement pursuant to this Section 3.1(b) shall not be available to any party whose failure to fulfill any obligation under this Purchase 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 the Company or Purchaser, upon written notice to the other 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 Purchase Agreement, and such order, decree, injunction or other action shall have become final and nonappealable;

(d)            by Purchaser, upon written notice to the Company, if there has been a breach of any representation, warranty, covenant or agreement made by the Company in this Purchase Agreement, or any such representation or warranty shall have become untrue after the date of this Purchase Agreement, in each case such that a closing condition in Section 1.2(b)(ii)(1) or Section 1.2(b)(ii)(2) would not be satisfied and such breach or condition is not curable or, if curable, is not cured by the date set forth in Section 3.1(b); or

(e)            by the Company, upon written notice to Purchaser, if there has been a breach of any representation, warranty, covenant or agreement made by any Purchaser in this Purchase Agreement, or any such representation or warranty shall have become untrue after the date of this Purchase Agreement, in each case such that a closing condition in Section 1.2(b)(iii)(1) or Section 1.2(b)(iii)(2) would not be satisfied and such breach or condition is not curable or, if curable, is not cured by the date set forth in Section 3.1(b).

Section 3.2                          Effects of Termination.

In the event of any termination of this Purchase Agreement as provided in Section 3.1, this Purchase Agreement (other than this Article III and Article IV, 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 intentional breach of this Purchase Agreement.

ARTICLE IV

 MISCELLANEOUS

Section 4.1                          Survival.

Each of the representations and warranties set forth in this Purchase Agreement shall not survive the Closing under this Purchase Agreement. Except as otherwise provided herein, all covenants and agreements contained herein shall survive until, by their respective terms, they are no longer operative, other than those which by their terms are to be performed in whole or in part prior to or on the Closing Date, which shall terminate as of the Closing Date.

Section 4.2                          Expenses.

Each of the parties will bear and pay all costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this Purchase Agreement.

Section 4.3                          Amendment; Waiver.

No amendment or waiver of any provision of this Purchase Agreement will be effective with respect to any party unless made in writing and signed by an officer of a duly authorized representative of such party. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 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 applicable Law. No waiver of any party to this Purchase Agreement will be effective unless it is in a writing signed by a duly authorized officer of the waiving party that makes express reference to the provision or provisions subject to such waiver. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

Section 4.4                          Counterparts.

For the convenience of the parties hereto, this Purchase 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 Purchase Agreement may be delivered by facsimile transmission or by e-mail delivery of a "pdf" format data file and such signature pages will be deemed as sufficient as if actual signature pages had been delivered.

Section 4.5                          Governing Law.

This Purchase Agreement will be governed by and construed in accordance with the laws of the State of Connecticut without giving effect to any conflicts of law provisions of such laws that would result in the application of the laws of another jurisdiction. The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the County of Fairfield, State of Connecticut for any actions, suits or proceedings arising out of or relating to this Purchase Agreement and the transactions contemplated by this Purchase Agreement. The parties hereby irrevocably and unconditionally consent to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of the venue of any such action, suit or proceeding in any such court or that any such action, suit or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such action, suit 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 4.7 shall be deemed effective service of process on such party.

Section 4.6                          WAIVER OF JURY TRIAL.

EACH OF THE PARTIES HERETO HEREBY, KNOWINGLY AND VOLUNTARILY, IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE SUBORDINATED NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE SUBORDINATED NOTES.

Section 4.7                          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 telecopy or facsimile, 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.

	
(i)

	
If to Purchaser at the address set forth on the signature page attached to this Purchase Agreement.

(ii)            If to the Company:

Bankwell Financial Group, Inc.

220 Elm Street

New Canaan, CT 06840

Attention:                          Ernest J. Verrico, Sr.

Executive Vice President & Chief Financial Officer

Telephone:                          (203) 652-0166

Fax:                          (203) 972-8716

Email:                          everrico@mybankwell.com

with a copy to (which copy alone shall not constitute notice):

Hinckley, Allen & Snyder LLP

20 Church Street

Hartford, CT 06103

Attention:                          William W. Bouton III

Telephone:                          (860) 331-2626

Fax:                          (860) 278-3802

Email:                                        wbouton@hinckleyallen.com

Section 4.8                          Entire Agreement, Etc.

(a)            This Purchase Agreement (including the Exhibits and Disclosure Letters hereto) constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof; and

(b)            this Purchase Agreement will not be assignable by operation of law or otherwise (any attempted assignment in contravention hereof being null and void); provided that Purchaser may assign its rights and obligations under this Purchase Agreement (1) to any Affiliate, but only if the transferee agrees in writing for the benefit of the Company (with a copy thereof to be furnished to the Company) to be bound by the terms of this Purchase Agreement (any such transferee shall be included in the term "Purchaser"); provided, further, that no such assignment shall relieve such Purchaser of its obligations hereunder, and (2) as provided in Section 2.5.

Section 4.9                          Interpretation; Other Definitions.

Wherever required by the context of this Purchase 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. All article, section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Purchase Agreement, and all exhibit, annex, letter and schedule references not attributed to a particular document shall be references to such exhibits, annexes, letters and schedules to this Purchase Agreement. In addition, the following terms are ascribed the following meanings:

(a)            the term "Affiliate" means, with respect to any person, any person directly or indirectly controlling, controlled by or under common control with, such other person. For purposes of this definition, "control" (including, with correlative meanings, the terms "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)            "business day" means any day that is not Saturday or Sunday and that, in New York City, is not a day on which banking institutions generally are authorized or obligated by law or executive order to be closed;

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

(d)            the words "including," "includes," "included" and "include" are deemed to be followed by the words "without limitation";

(e)            the term "Knowledge of the Company" or "Company's Knowledge" means the actual knowledge after due inquiry of the President and Chief Executive Officer or the Chief Financial Officer of the Company;

(f)            the term "Person" has the meaning given to it in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act;

(g)            the term "Placement Agent" means Keefe, Bruyette & Woods, Inc.

(h)            the term "Tax Return" means any return, declaration, report or similar statement required to be filed with respect to any income Taxes (including any attached schedules), including, without limitation, any information return, claim or refund, amended return and declaration of estimated Tax;

Section 4.10                          Captions.

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

Section 4.11                          Severability.

If any provision of this Purchase Agreement or the application thereof to any person (including the officers and directors of the parties hereto) 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 by this Purchase Agreement 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.

Section 4.12                          No Third Party Beneficiaries.

Nothing contained in this Purchase 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 Section 2.5 shall inure to the benefit of the persons referred to in that Section.

Section 4.13                          Time of Essence.

Time is of the essence in the performance of each and every term of this Purchase Agreement.

Section 4.14                          Public Announcements.

Subject to each party's disclosure obligations imposed by Law, each of the parties hereto will cooperate with each other in the development and distribution of all news releases and other public information disclosures with respect to this Purchase Agreement and any of the transactions contemplated by this Purchase Agreement, and except as otherwise permitted in the next sentence, neither the Company nor Purchaser will make any such news release or public disclosure without first consulting with the other, and, in each case, also receiving the other's consent (which shall not be unreasonably withheld or delayed) and all parties shall coordinate with the party whose consent is required with respect to any such news release or public disclosure. In the event a party hereto is advised by its outside legal counsel that a particular disclosure is required by Law, such party shall be permitted to make such disclosure but shall be obligated to use its commercially reasonable efforts to consult with the other parties hereto and take their comments into account with respect to the content of such disclosure before issuing such disclosure.

Section 4.15                          Specific Performance.

The parties agree that irreparable damage would occur in the event that any of the provisions of this Purchase 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.

[Signatures on following page]

IN WITNESS WHEREOF, this Purchase Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto as of the date first written above.

COMPANY:

BANKWELL FINANCIAL GROUP, INC.

	
By:  __________________________

	

Name:

Title:

IN WITNESS WHEREOF, this Purchase Agreement has been duly executed and delivered by the duly authorized officers of the parties hereto as of the date first written above.

PURCHASER:

	By:  ____________________________	

Name:

Title:

Purchaser's Address for notice purposes:

____________________________

 

____________________________

 

____________________________

Wire Transfer Instructions for Payments

to Purchaser under the Subordinated Notes:

 

____________________________

 

____________________________

 

____________________________

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