Document:

EX-4.6

 Exhibit 4.6 
  

SILVERGATE CAPITAL CORPORATION 

INVESTORS’ RIGHTS AGREEMENT 

Sept, 7, 2011 
  

 INVESTORS’ RIGHTS AGREEMENT 

FOR 
 SILVERGATE CAPITAL
CORPORATION 
     INVESTORS’ RIGHTS AGREEMENT dated as of Sept, 7, 2011, among SILVERGATE CAPITAL CORPORATION, a Maryland
corporation (the “Company”), and the Investors listed on Annex A hereto who have executed signature pages for this Agreement (each, an “Investor” and collectively, the “Investors”). 

    WHEREAS, the Investors and the Company have entered into certain Common Stock Purchase Agreements and/or subscription agreements
(each, a “Subscription Agreement” and collectively, the “Subscription Agreements”); 
     WHEREAS, as
a result of the transactions contemplated in the Subscription Agreements, the Investors will be the record or beneficial holders of the Registrable Securities (as defined below); and 

    WHEREAS, in order to induce each Investor to enter into a Subscription Agreement, the Company has agreed to grant to the Investors the
rights set forth below. 
     NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties
hereto agree as follows: 
 SECTION 1 

DEFINITIONS 
     As used in
this Agreement, the following defined terms shall have the following meanings: 
     “Affiliate” has the meaning
ascribed to such term in Rule 12b-2 under the Exchange Act, as in effect on the date hereof, but shall be deemed not to include the Company and its subsidiaries. 

    “Agreement” means this Investors’ Rights Agreement, as amended, supplemented or otherwise modified from time to
time. 
     “Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks are
authorized or required to close under the laws of the States of New York or California or the United States of America. 

    “Commission” means the United States Securities and Exchange Commission. 

    “Common Stock” means the Company’s common stock, $0.01 par value per share, and includes its Class A Common
Stock (“Class A Shares”) and Class B Non-Voting Common Stock (“Class B Shares”). 

    “Company” has the meaning set forth in the preamble hereto, and also includes (a) the Company’s successors
and permitted assigns, and (b) with respect to Section 4 the Company’s wholly-owned subsidiary, Silvergate Bank . 

    “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

    “GAAP” means United States generally accepted accounting principles. 

    “Initial Public Offering” means a firm commitment underwritten public offering pursuant to an effective registration
statement under the Securities Act, covering the offer and sale to the public 

  
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of Common Stock for the account of the Company or shareholders of the Company after which there is an active trading market in such shares of Common Stock (it being understood that an active
trading market shall be deemed to exist if the shares of Common Stock are listed on a national securities exchange). 

    “Investor” and “Investors” have the meaning set forth in the preamble hereto and also includes each
Investor’s successors and permitted assigns. 
     “Person” means any individual, firm, partnership, corporation
(including, without limitation, a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, and shall include any successor (by merger or otherwise) of any such entity. 

    “Prospectus” means the prospectus included in the Registration Statement, including, without limitation, any
preliminary prospectus, and any such prospectus as supplemented by any prospectus supplement with respect to the terms of the offering of any of the Registrable Securities, and by all other amendments and supplements to such prospectus, and in each
case including, without limitation, all documents incorporated by reference therein or otherwise constituting a prospectus with respect to the Registrable Securities to which the Registration Statement relates. 

    “register,” “registered,” and “registration” refer to a registration of Registrable
Securities effected by preparing and filing a Registration Statement under the Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement. 

    “Registrable Securities” means any and all of the shares of Common Stock issued and sold to the Investors pursuant to
the Subscription Agreements and any securities issuable or issued or distributed in respect of any of such shares of Common Stock by way of stock dividend or stock split or in connection with a combination of shares, recapitalization,
reorganization, merger, consolidation or otherwise; provided however, that securities cease to be Registrable Securities when they are no longer Restricted Securities. 

“Registration Expenses” means any and all
out-of-pocket expenses incident to performance of or compliance with this Agreement, including, without limitation, (i) all Commission, Financial Industry
Regulatory Authority and securities exchange registration and filing fees, (ii) all fees and expenses of complying with state securities or “blue sky” laws (including, without limitation, fees and disbursements of counsel for any
underwriters in connection with “blue sky” qualifications of the Registrable Securities), (iii) all processing, printing, copying, messenger and delivery expenses, (iv) all fees and expenses incurred in connection with the listing of
the Registrable Securities on any securities exchange, (v) all fees and disbursements of counsel for the Company and of its independent public accountants, and of one law firm for all Investors, and (vi) the fees and expenses of any
special experts retained by the Company in connection with a registration under this Agreement, but excluding Selling Expenses. 

    “Registration Statement” means a registration statement filed under the Securities Act providing for the registration
of, and the sale by the holders of, any Registrable Securities, filed by the Company pursuant to the provisions of Section 2 of this Agreement, including, without limitation, any amendments and supplements to such Registration Statement,
including, without limitation, post-effective amendments, and all exhibits and all material incorporated by reference 

  
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in such Registration Statement. 
     “Restricted Security”
means any security or share of Common Stock, including, without limitation, securities or shares of Common Stock issuable upon conversion thereof, except any such security or share of Common Stock which (i) has been effectively registered under
the Securities Act and sold in a manner contemplated by the applicable Registration Statement, (ii) has been transferred in compliance with Rule 144 under the Securities Act (or any successor provision thereto) or (iii) has had its
registration rights terminated pursuant to Section 9.1. 
     “Securities Act” means the Securities Act of 1933,
as amended, and the rules and regulations promulgated thereunder. 
     “Selling Expenses” means all underwriting
discounts, selling commissions and transfer taxes, if any, applicable to the sale of Registrable Securities by any Investor, and all fees and disbursements of counsel for such Investor not included in the definition herein of Registration Expenses.

     “Subscription Agreement” and “Subscription Agreements” have the meaning set forth in the
recitals hereto. 
     “Underwriter” means any underwriter of Registrable Securities in connection with an offering
thereof under a Registration Statement. 
 SECTION 2 

REGISTRATION RIGHTS 

2.1    Requested Registration. 

(a)     Subject to the conditions set forth in this Section 2.1, if the Company shall receive at any time after six
(6) months after the effective date of the Initial Public Offering a written request from Investors holding Registrable Securities (for purposes of this Section 2.1, “Holders”) holding at least fifty percent (50%) or more
of the Registrable Securities then outstanding (for purposes of this Section 2.1, the “Initiating Holders”) that the Company file a registration statement under the Securities Act covering the registration of Registrable
Securities with an anticipated aggregate offering price of at least $5,000,000, then the Company shall, within twenty (20) days of the receipt thereof, give written notice of such request to all holders and, subject to the limitations of this
Section 2.1, use its reasonable best efforts to effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered in a written request received by the Company
within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 2.1(a). 

(b)     If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1, and the Company shall include such information in the written notice referred to in Section 2.1(a). In such event the right of any
Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise
mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in

  
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customary form with the underwriter or underwriters selected for such underwriting by those Initiating Holders holding a majority of the Registrable Securities held by all Initiating Holders
(which underwriter or underwriters shall be reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2.1, if the underwriter advises the Company that marketing factors require a limitation on the number of
securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the
underwriting shall be allocated to the Holders of such Registrable Securities pro rata based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities be
excluded from such underwriting unless all other securities are first excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this Section 2.1: 

(1)     in any particular jurisdiction in which the Company would be required to execute a general consent to service of
process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; or 

(2)     if the Company has previously effected a registrations pursuant to this Section 2.1, and such registrations
have been declared or ordered effective; or 
 (3)     during the period starting with the date sixty (60) days
prior to the Company’s good faith estimate of the date of the filing of and ending on a date one hundred eighty (180) days following the effective date of a Company-initiated registration subject to Section 1.3 below, provided that
the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; or 

(4)     if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.1 a
certificate signed by the Company’s Chief Executive Officer or Chairman of the Board of Directors stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its
stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating
Holders, provided, that such right shall be exercised by the Company not more than once in any twelve (12) month period and provided further that the Company shall not register any securities for the account of itself or any other stockholder
during such ninety (90) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a
registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities that are also being registered). 

2.2    Company Registration. If, but without any obligation to do so, the Company proposes to register, including,
without limitation, in connection with the Initial Public Offering, 

  
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any shares of Common Stock or other securities issued by it on behalf of itself or any other shareholders of the Company (“Other Securities”) for public sale under the Securities
Act (whether proposed to be offered for sale by the Company or by any other Person) on a form which would permit registration of Registrable Securities for sale to the public under the Securities Act, it will give prompt written notice to the
Investors of its intention to do so, which notice the Investors shall keep confidential, and upon the written request of any Investor delivered to the Company within twenty (20) Business Days after the giving of any such notice (which request
shall specify the number of Registrable Securities intended to be disposed of by such Investor) the Company will use its commercially reasonable efforts to effect the registration of all Registrable Securities which the Company has been so requested
to register by any such Investor; provided, that: 
 (a)     if, at any time after giving such written notice of
its intention to register any Other Securities and prior to the effective date of the Registration Statement filed in connection with such registration, the Company shall determine for any reason not to register the Other Securities, the Company
may, at its election, give written notice of such determination to the Investors who have submitted a written request pursuant to this Section 2.1 and thereupon the Company shall be relieved of its obligation to register such Registrable
Securities in connection with the registration of such Other Securities (but not from its obligation to pay Registration Expenses other than Selling Expenses to the extent incurred in connection therewith as provided in Section 2.2); 

(b)     the Company will not be required to effect any registration of Registrable Securities requested to be registered
pursuant to this Section 2.1 if the Company shall have been advised by the lead underwriter in connection with the public offering of the Other Securities that the registration of such Registrable Securities at that time would jeopardize the
success of the offering of the Other Securities; provided however, that if an offering of some but not all of the shares requested to be registered pursuant to this Section 2.1 would not jeopardize the success of the offering of the
Other Securities by the Company, the aggregate number of shares requested to be included in such offering by the Investors submitting a request pursuant to this Section 2.1 shall be reduced accordingly with such shares being allocated among
such Investors and any Permitted Transferee(s) (as hereinafter defined) in proportion (as nearly as practicable and rounded to the nearest 100 shares) to the number of Registrable Securities owned by such Investors and Permitted Transferee(s);
further provided, however, that, notwithstanding the foregoing, in no event shall the number of Registrable Securities to be included in such offering on behalf of the Investors submitting a request pursuant to this Section 2.1 be
reduced to less than 30% of the shares of Common Stock requested to be registered purchased by such Investors; and 

(c)     the Company shall not be required to effect any registration of Registrable Securities under this Section 2
incidental to the registration of any of its securities (i) on Form S-8 or any successor form to such Form or in connection with any employee or director welfare, benefit or compensation plan,
(ii) on Form S-4 or any successor form to such Form or in connection with an exchange offer, (iii) in connection with a rights offering exclusively to existing holders of Common Stock, (iv) in
connection with an offering solely to employees of the 

  
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Company or its subsidiaries, or (v) relating to a transaction pursuant to Rule 145 of the Securities Act. 

2.3    Registration Expenses. The Company shall pay all (and will promptly reimburse to any Investor submitting a
request pursuant to Section 2.1 to the extent it has borne any) Registration Expenses with respect to any registration of Registrable Securities pursuant to this Section 3, regardless of whether the Registration Statement filed in
connection with such registration becomes effective. Each Investor shall be solely liable for the payment of any Selling Expenses applicable to the sale of Registrable Securities by such Investor. 

SECTION 3 
 REGISTRATION PROCEDURES

 3.1    Registration and Qualification. If and whenever the Company is required to use its commercially
reasonable efforts to effect the registration of any Registrable Securities under the Securities Act as provided in Section 2, the Company will, as promptly as is practicable, as applicable: 

(a)    prepare, file and use its commercially reasonable efforts to cause to become effective a Registration Statement
under the Securities Act regarding the Registrable Securities to be offered; 
 (b)    prepare and file with the
Commission such amendments and supplements to such Registration Statement and Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities until such time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by the Investors set forth in such Registration Statement;

 (c)    furnish to applicable Investors and to any underwriter of such Registrable Securities such number of conformed
copies of such Registration Statement and of each such amendment and supplement thereto (in each case including, without limitation, all exhibits), such number of copies of the Prospectus included in such Registration Statement (including, without
limitation, each preliminary prospectus and any summary prospectus), such documents incorporated by reference in such Registration Statement or Prospectus, and such other documents as such Investors or such underwriter may reasonably request in
order to facilitate its disposition of the Registrable Securities; 
 (d)    use its commercially reasonable efforts to
register or qualify all Registrable Securities covered by such Registration Statement under such other securities or “blue sky” laws of such jurisdictions as the applicable Investors or any underwriter of such Registrable Securities shall
reasonably request, and do any and all other acts and things which may be reasonably requested by such Investors or any underwriter to consummate the disposition in such jurisdictions of the Registrable Securities covered by such Registration
Statement, except the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it is not so qualified, or to subject itself to

  
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taxation in any jurisdiction where it is not then subject to taxation, or to consent to general service of process in any jurisdiction where it is not then subject to service of process; 

(e)    use its commercially reasonable efforts to cause the Registrable Securities covered by such Registration Statement
to be listed on each national securities exchange on which the Common Stock is then listed, if the listing of such securities is then permitted under the rules of such exchange, or, in the case of an Initial Public Offering, the New York Stock
Exchange, the Nasdaq Stock Market or an equivalent exchange, and, without limiting the generality of the foregoing, use its commercially reasonable efforts to engage necessary specialists or market makers, as applicable; 

(f)    in connection with any underwritten offering, use its commercially reasonable efforts to (i) cause to be
furnished to the underwriters an opinion of counsel for the Company dated the date of the closing under the underwriting agreement, (ii) cause to be furnished to the underwriters a “comfort letter” signed by the independent public
accountants who have certified the Company’s financial statements included in such Registration Statement; and (iii) indemnify the Investors and their Affiliates in relation to substantially the same matters and on substantially the same
terms and conditions as is customary for underwriters in underwritten public offerings of securities to be indemnified for and such other matters as the applicable Investors may reasonably request; 

(g)    promptly notify the applicable Investors, at any time when a Prospectus relating to a registration pursuant to
Section 2 hereof is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact
or omits 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, and at the request of such Investors prepare and furnish to
the them as many copies of a supplement to or an amendment of such Prospectus as they reasonably request so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not include an untrue statement of a
material fact or omit to state 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; and 

(h)    promptly notify the applicable Investors of the issuance by the Commission or any state securities authority of any
stop order suspending the effectiveness of a Registration Statement filed pursuant to Section 2 hereof or the initiation of any proceedings for that purpose and take every commercially reasonable effort to obtain the withdrawal of any such stop
order. 
 (i)    It shall be a condition precedent to the obligations of the Company to take any action pursuant to
Sections 2 and 3 of this Agreement that the Investors shall furnish to the Company such information regarding the Investors, the Registrable Securities and the proposed method of distribution of the Registrable Securities as the Company may from
time to time reasonably request in writing or as shall be required by law or by the Commission in connection with any registration, and the Investors shall promptly notify the Company of the distribution of such securities. 

  
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 3.2     Underwriting. 

(a)     If requested by the underwriters for any underwritten offering of Registrable Securities pursuant to a
registration requested hereunder, the Company will enter into and perform its obligations under an underwriting agreement with such underwriters for such offering, such agreement to contain such representations and warranties by the Company and such
other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including, without limitation, indemnities and contribution to the effect and to the extent provided in Section 6
hereof. The applicable Investors shall, if requested by such underwriters, be party to any such underwriting agreement and shall make representations and warranties and covenants customary for selling shareholders therein. Notwithstanding the
foregoing, an Investor may elect, in writing prior to the effective date of the Registration Statement filed in connection with such registration, not to register such Registrable Securities in connection with such registration. 

(b)     In the event that any registration pursuant to Section 2 hereof shall involve, in whole or in part, an
underwritten offering, the Company may require Registrable Securities requested to be registered pursuant to Section 2 to be included in such underwriting on the same terms and conditions as shall be applicable to the Other Securities being
sold through underwriters under such registration. In such case, the holders of Registrable Securities on whose behalf Registrable Securities are to be distributed by such underwriters shall be parties to any such underwriting agreement. Such
agreement shall contain such representations and warranties and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including, without limitation, indemnities and
contribution to the effect and to the extent provided in Section 6. 
 3.3     Qualification for Rule 144
Sales. Following the Initial Public Offering, the Company shall use its commercially reasonable efforts to take such measures and file such information, documents and reports as shall be required by the Commission as a condition to the
availability of Rule 144 under the Securities Act so as to enable the Investors to sell Registrable Securities without registration under the Securities Act and, upon the written request of any Investor, the Company will promptly deliver to such
Investor a written statement as to whether it has complied with such filing requirements. In connection with any sale, transfer or other disposition by any Investor of any Registrable Securities pursuant to Rule 144 under the Securities Act, upon
delivery to the Company of an opinion of legal counsel that (to the Company’s reasonable satisfaction) is knowledgeable in securities laws matters to the effect that such disposition of Registrable Securities may be effected without
registration under the Securities Act, the Company shall reasonably cooperate with such Investor to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any Securities Act
legend, and enable certificates for such Registrable Securities to be for such number of shares and registered in such names as such Investor may reasonably request at least five (5) Business Days prior to any sale of Registrable Securities
hereunder. 
 3.4     “Market Stand Off” Agreement. Each Investor hereby agrees that it will not,
without the prior written consent of the applicable managing underwriter, during the period commencing on the date of the final prospectus relating to the Initial Public Offering or other registration by the Company of shares of Common Stock or any
other equity securities under the 

  
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Securities Act, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred and eighty (180) days, provided that if during the last
seventeen (17) days of such period the Company issues an earnings or other public release or, prior to the expiration of such period, the Company proposes to release an earnings or other public release of material information within fifteen
(15) days of the last day of such period, then in each such case such period may be extended upon the request of the managing underwriter for an additional period of up to eighteen (18) days from the date of the issuance of such earnings
or other public release) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of,
directly or indirectly, any shares of Common Stock originally purchased by the Investor pursuant to a Subscription Agreement (the “Original Securities”) or (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of the Original Securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of the Original Securities or other
securities, in cash, or otherwise. The foregoing provisions of this Section 3.4 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to the Investors only if all executive
officers and directors of the Company are subject to at least the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 3.4 and shall have the right, power, and authority
to enforce the provisions hereof as though they were a party hereto. Each Investor further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this
Section 3.4 or that are necessary to give further effect thereto. For the avoidance of doubt, in no event shall the Investors or any Affiliate of the Investors be restricted from selling or otherwise disposing of any securities of the Company
other than the Original Securities by the terms hereof. 
 3.5    Preparation; Reasonable Investigation. In
connection with the preparation and filing of each Registration Statement registering the Investors’ Registrable Securities under the Securities Act, the Company will give such Investors and the underwriters, if any, and their respective
counsel and accountants, drafts of such Registration Statement for their review and comment prior to filing and such access to its books and records and such opportunities to discuss the business of the Company with its officers and the independent
public accountants who have certified its financial statements as shall be necessary, in the opinion of such Investors and underwriters or their respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act. 

SECTION 4 
 INFORMATION RIGHTS 

4.1    Delivery of Financial Statements. The Company shall deliver to the Investors: 

(a)    as soon as practicable, but in any event within ninety days (90) after the end of each fiscal year of the
Company, a balance sheet as of the last day of such year and an income statement and a statement of stockholders’ equity and cash flows for such year, prepared in accordance with GAAP consistently applied, and audited and certified by
independent public accountants selected by the Company; 

  
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 (b)     as soon as practicable, but in any event within forty five
(45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited income statement and an unaudited balance sheet as of the end of such fiscal quarter, in such form as the Company normally
produces for internal use, and prepared in accordance with GAAP consistently applied (except that such financial statements may (i) be subject to year-end audit adjustments that are not, individually or
in the aggregate, material and (ii) not contain notes thereto that may be required in accordance with GAAP); 

(c)     with respect to the financial statements called for in subsections (a) and (b) of this Section 4.1, an
instrument signed by the Company certifying that such financial statements were prepared in accordance with GAAP consistently applied with the Company’s prior practice for earlier periods (in the case of Section 4.1 (b), with the exception
of footnotes that may be required by GAAP) and fairly present in all material respects the financial condition of the Company and its results of operation for the periods specified therein, subject to year end audit adjustment that are not,
individually or in the aggregate, material (in the case of Section 4.1(b) only); and 
 (d)     such other
information relating to the financial condition, business, prospects or corporate affairs of the Company as the Company provides to all other stockholders and such further information as an Investor may reasonably request from time to time. 

4.2     Inspection. The Company shall permit each Investor to visit and inspect the Company’s properties, to
examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Investor; provided, however, that the Company shall not be obligated
pursuant to this Section 4.2 to provide access to any information the disclosure of which would adversely affect the attorney-client privilege between the Company and its legal counsel. 

4.3     Confidentiality. Each Investor hereby agrees that it will keep confidential and will not disclose, divulge,
or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company to the extent such information specifically relates to the Company pursuant to the terms of this Agreement (including
notice of the Company’s intention to file a registration statement), unless (a) such information is already in its possession prior to its being furnished to the Investor by or on behalf of the Company; (b) such information has become
generally available to the public other than as a result of a disclosure by the Investor or its Affiliates by any means; or (c) such information has become available to the Investor on a non-confidential
basis from a source other than the Company or on behalf of the Company, provided, however, that the Investor is not aware that such source is not bound by a confidentiality agreement with, or other contractual, legal, or fiduciary obligation
of secrecy or confidentiality to, the Company; provided, however, that an Investor may disclose confidential information (i) to its Affiliates and its and its Affiliates’ respective directors, officers, general partners,
members, employees, contractors, agents, advisors (including financial advisors and legal counsel) that need to know such information to the extent necessary to monitor such Investor’s investment in the Company provided that such persons
are subject to customary confidentiality agreements with the Investor with respect thereto; or (ii) as may otherwise be required by law or legal process; provided further that such Investor promptly notifies the Company of any such
disclosure required by law or legal process and takes 

  
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commercially reasonable steps to minimize the extent of any such required disclosure; and provided further that an Investor may disclose to its limited partners high-level summaries of
Financial Statements received pursuant to Section 4.1 hereof to the extent required by the applicable partnership agreement and provided that the limited partners are subject to customary confidentiality agreements with the Investor with
respect thereto. 
 4.4     Termination of Information Covenants. The covenants set forth in Section 4.1 and
Section 4.2 shall terminate and be of no further force or effect upon the consummation of the Initial Public Offering or when the Company first becomes subject to the periodic reporting requirements of Section 13(a) or 15(d) of the
Exchange Act, whichever event occurs first. 
 4.5     Provision of Information by Investors. Each Investor
hereby agrees to promptly provide to the Company such information and materials as the Company may reasonably request in connection with any notices or applications of the Company or any of its subsidiaries to or with applicable banking or other
regulators in order to respond to any informational requests or requirements of such regulators or applicable law. 
 SECTION 5 

TRANSFER AND OTHER RESTRICTIONS 

5.1    Restrictions on Transfer. 

(a) Each Investor agrees not to make any disposition of all or any portion of the Common Stock other than: 

(i)    to an Affiliate that agrees in writing to be bound by the provisions of the Subscription Agreement
and this Agreement; 
 (ii)    to a transferee that agrees in writing to be bound by the provisions of
the Subscription Agreement and this Agreement; 
 (iii)     to a transferee in a widely distributed
public offering pursuant to an effective registration statement under the Securities Act or Offering, in a transaction not requiring registration under the Securities Act; 

(iv)    by (A) a partnership to its partners or retired partners in accordance with their partnership
interest, (B) a corporation to its stockholders in accordance with their interest in the corporation, (C) a limited liability company to its members or former members in accordance with their interest in the limited liability company,
(D) an investment or venture capital fund to an affiliated investment or venture capital fund or (E) to the Investor’s family member or trust for the benefit of an individual Investor, provided in each case that the transfer
complies with applicable securities laws. 
 1.1.1    (b) At any time prior to the Initial Public Offering or the
Company otherwise becoming subject to the periodic reporting obligations of Section 13(a) or Section 15(d) of the Exchange Act, the Company may refuse to register any proposed transfer of shares of Common Stock if, as a result of such
transfer, the Company’s Common Stock would be held of record (within the meaning of Rule 12g5-1 under the Exchange Act or any successor thereto) by more than 450 holders. 

  
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 5.2     Legends. Each certificate representing shares of Common
Stock shall (unless otherwise permitted by the provisions of this Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH
THE ACT. THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS PURSUANT TO AN INVESTORS’ RIGHTS AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF
THE COMPANY. SUCH TRANSFER RESTRICTIONS ARE BINDING UPON THE TRANSFEREE OF THESE SHARES. 
 5.3     Unlegended
Certificates. The Company shall be obligated to reissue certificates not bearing the first paragraph of the legend set forth above at the request of any holder thereof if the holder shall have obtained (i) an opinion of counsel (in form and
substance and from counsel reasonably satisfactory to the Company) at such Investor’s expense to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification or legend, and
(ii) delivered such securities to the Company or its transfer agent. 
 5.4     Prohibited Transfers. The
Company may refuse to register any proposed disposition of Common Stock that is not in accordance with the foregoing transfer restrictions, and any purported transfer in violation of these restrictions shall be null and void. In determining whether
to register an attempted transfer, the Company may reasonably require such supporting documents and instruments, including agreements, certificates, representations and warranties and opinions of counsel, as it may request in its absolute discretion
to establish compliance with this Section 5. 
 5.5     Ownership Limitation. Each Investor agrees that it
will not, without any required regulatory approval, acquire additional securities of the Company such that, upon consummation of such additional securities, and conversion, exercise or exchange of any securities hereafter acquired by subscriber for
voting securities of the Company, would result in the Investor and its Affiliates having beneficial ownership greater than 9.9% of any class of the Company’s voting securities then outstanding. 

SECTION 6 
 INDEMNIFICATION AND
CONTRIBUTION 
 6.1    Indemnification and Contribution. Upon the registration of the Registrable Securities
pursuant to Section 2 hereof: 
 (a)    Indemnification by the Company. The Company shall indemnify and hold
harmless each Investor and each of its officers and directors and each Person who controls such Investor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each such person being sometimes referred to
as an “Indemnified Person”) against any 

  
 12 

 
losses, claims, damages or liabilities, joint or several, to which such Indemnified Person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities are to be registered under
the Securities Act, or any Prospectus contained therein or furnished by the Company to any Indemnified Person, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, and the Company hereby agrees to reimburse such Indemnified Person for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such action or claim as such expenses are incurred; provided however, that the Company shall not be liable to any such Indemnified Person in any such case to the extent that any such loss, claim, damage
or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement or Prospectus, or amendment or supplement, in reliance upon and in conformity with
written information furnished to the Company by such Indemnified Person expressly for use therein. 
 (b)    
Indemnification by the Investors. Each Investor agrees, upon exercise of its registration rights pursuant to Section 2, to (i) indemnify and hold harmless the Company, its directors, officers who sign any Registration Statement and
each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, claims, damages or liabilities to which the Company or such other persons
may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact
contained in such Registration Statement or Prospectus, or any amendment or supplement, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information
furnished to the Company by such Investor expressly for use therein, and (ii) reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as
such expenses are incurred. 
 (c)     Notices of Claims, Etc. Promptly after receipt by an indemnified party
under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 6, promptly notify such indemnifying
party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party under this Section 6, except to the extent that the
indemnifying party is materially prejudiced by the indemnified party’s failure to give such notice. In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof,
such indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such
indemnified party (who shall not, except with the consent of the indemnified party, be counsel to 

  
 13 

 
the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party shall not be liable to
such indemnified party under this Section 6 for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of
investigation; provided, however, that the indemnified party, together with all the other indemnified parties that may be represented without conflict by one legal counsel, shall have the right to retain one separate legal counsel, whose fees and
expenses shall be paid by the indemnifying party, if representation of such indemnified party by the legal counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified
party or any other party represented by such counsel in such proceeding. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect
to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure
to act, by or on behalf of any indemnified party. No indemnified party may effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnifying party is an actual or potential party to such action or claim) without the prior written consent of the indemnifying party. 

(d)    Contribution. If the indemnification provided for in this Section 6 is unavailable to or insufficient
to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified
party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative fault of such indemnifying party
and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such
indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by an indemnified party as a result
of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim to the extent such fees or expenses were incurred prior to an indemnifying party’s election to assume the defense of such action or claim. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

  
 14 

 (e)    Notwithstanding any other provision of this Section 6, in no
event will an Investor be required to undertake liability to any Person or Persons under this Section 6 for any amounts in the aggregate in excess of the dollar amount of the proceeds to be received by such Investor from the sale of such
Investor’s Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) pursuant to any Registration Statement under which such Registrable Securities are to be registered under the Securities Act. 

(f)    The obligations of the Company under this Section 6 shall be in addition to any liability that the Company may
otherwise have to any Indemnified Person and the obligations of the Company and the Investors under this Section 6 shall be in addition to any liability that such Persons may otherwise have to the Company. The remedies provided in this
Section 6 are not exclusive and shall not limit any rights or remedies that may otherwise be available to a party at law or in equity. 

SECTION 7 
 PREEMPTIVE RIGHTS 

7.1     Right to Purchase New Securities. The Company hereby grants to each Investor the right to purchase any or
all of such Investor’s Preemptive Share Percentage (as defined below) of all New Securities (as defined below) that the Company may, from time to time, propose to issue and sell at the cash price and on the terms on which the Company proposes
to sell such New Securities. An Investor’s “Preemptive Share Percentage” shall be equal to a fraction (A) the numerator of which is the number of shares of Common Stock held by such Investor on the date of the
Company’s written notice pursuant to Section 7.3 and (B) the denominator of which is the aggregate number of shares of Common Stock outstanding on such date. 

7.2     New Securities. “New Securities” shall mean any shares of Common Stock and rights, options
or warrants to purchase Common Stock that are sold by the Company for cash; provided, however, that the term New Securities shall not include (i) securities issued as part of compensatory arrangements to employees, consultants or directors of
the Company or any of its subsidiaries whether or not pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other equity compensation agreement; (ii) securities issued pro rata to existing
security holders pursuant to any stock dividend, stock split, combination or other reclassification by the Company of any of its capital stock; (iii) securities issued in connection with transactions that are primarily debt financing
transactions to which the Company and an unaffiliated third party may be a party and which are approved by the Board, including securities issued pursuant to the exercise of warrants, rights, options or other securities issued in connection
therewith; (iv) securities issued as part of the sale of the Company, or in connection with the acquisition of another Person or any assets thereof by merger, purchase or otherwise; (v) securities issued pursuant to the fulfillment of
commitments made in the Subscription Agreements; or (vi) securities issued upon the conversion, exchange or exercise of any securities that may be issued by the Company that provide for the conversion or exchange into or exercise for any other
securities, where the Investors were granted preemptive rights pursuant to this Section 7 in connection with the initial issuance of such convertible, exchangeable or exercisable security. 

  
 15 

 7.3     Required Notices. In the event the Company proposes to
undertake an issuance of New Securities, it shall give each Investor written notice of its intention, describing the type of New Securities, the cash price, the number and type of New Securities and the general terms upon which the Company proposes
to issue the same. Each Investor shall have twenty (20) days from the date of receipt of any such notice to agree to purchase any or all of such Investor’s (a) Optional Investment, or (b) Preemptive Share Percentage of such New
Securities, as may be applicable, for the Issue Price in the case of (a), and in the case of (b) at the price and upon the general terms specified in the Company’s notice, by the Investor giving written notice to the Company and stating
therein the quantity of New Securities to be purchased. 
 7.4     Company’s Right to Sell. In the event any
Investor fails to exercise its right within such twenty (20) day period to acquire its full Preemptive Share Percentage of the New Securities offered, the Company shall have sixty (60) days to sell or enter into an agreement to sell
(pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within one hundred twenty (120) days from the date of such agreement) all such New Securities for which the Investors’ preemptive rights were not
exercised, at a price and upon terms not more favorable in any material respect to the purchasers thereof than specified in the Company’s notice delivered pursuant to Section 7.3. In the event the Company has not sold within such sixty
(60) day period or entered into any agreement to sell all such New Securities within such sixty (60) day period (or sold and issued all such New Securities in accordance with the foregoing within one hundred twenty (120) days from the
date of such agreement), the Company shall not thereafter issue or sell any New Securities without first offering such securities to the Investors in the manner provided in this Section 7. 

7.5     Certain Preemptive Rights Limitations. Except with any required regulatory approvals, no Investor shall be
permitted to purchase New Securities pursuant to this Section 7 to the extent such purchase would result in such Investor and any Affiliate of such Investor (considered as if they were a single entity) having more than 9.9% of any class of
voting securities of the Company, determined in accordance with the rules and regulations of the Board of Governors of the Federal Reserve System (including the definition of “affiliate” set forth therein); provided, however, that the
Company shall be obligated to make available for purchase by such Investor sufficient Class B shares as to enable such Investor to exercise its preemptive rights through the purchase of Class B shares, or shall otherwise make appropriate
arrangements to enable such Investor to exercise its preemptive rights hereunder. 
 SECTION 8 

VOTING AND CONVERSION RIGHTS 

8.1     Voting Rights. Except as otherwise required by law, Class A Shares shall be entitled to one vote per
outstanding share, and Class B Shares shall be entitled to no voting rights, either on a per share or class basis. 

8.2     Conversion Rights. Class B Shares will not be convertible into Class A Shares in the hands of the
Investor and will only become convertible into Class A Shares when transferred in a permitted transfer (as defined below) to a third party unaffiliated with the Investor; provided, however, that an Investor may convert Class B shares into
Class A shares if, but only to the extent, that upon such conversion such Investor would not own more than 9.9% of the then 

  
 16 

 
outstanding Class A shares. The Investor may sell or transfer such shares to an Affiliate; however the Class B Shares would remain non-voting in
the hands of such Affiliate. Class B Shares would be automatically convertible into Class A Shares upon a permitted transfer defined in the Company’s Articles of Incorporation, such a transfer being a sale or transfer: (i) to the
Company; (ii) in a widely dispersed public offering; (iii) in which no transferee (or group of associated transferees) would receive 2% or more of a class of the Company’s voting securities; or (iv) to a person that, prior to the
completion of the transfer, owns, controls or holds the power to vote 50% or more of the Class A Shares. Any conversions of the Class B Shares shall be effected in accordance with procedures provided in the Company’s Articles of
Incorporation. In the event of any conflict between the provisions of this Section 8.2 and those of the Company’s Articles of Incorporation, the provisions of the Company’s Articles of Incorporation shall be controlling. 

SECTION 9 
 MISCELLANEOUS 

9.1     Termination of the Company’s Obligations. The Company shall have no obligations pursuant to
Section 7 hereof after the consummation of the Company’s Initial Public Offering. 
 9.2     Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without giving effect to the conflict of laws rules thereof. 

9.3     Assignment; Successors and Assigns. No party hereto may assign this Agreement or any of its rights,
interests or obligations hereunder without the prior written approval of the other; provided, however, that an Investor may assign its rights (but only together with the associated obligations) hereunder, in whole or in part, to a
Permitted Transferee. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the respective successors, permitted assigns, heirs, executors and administrators of the parties hereto.

 9.4     Entire Agreement. This Agreement, together with any previously executed Nondisclosure Agreement
between an Investor and the Company and the applicable Subscription Agreement between an Investor and the Company, constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof, and this Agreement
shall supersede and cancel all prior agreements between the parties hereto with regard to the subject matter hereof, and in particular, but without limiting the generality of the foregoing, it shall supersede the entire registration rights,
preemptive rights, rights of first refusal or any and all similar rights held by the Investors prior to the execution of this Agreement. 

9.5     Notices, etc. Except as otherwise expressly provided herein, all notices and other communications required
or permitted hereunder shall be in writing (including, without limitation, facsimile or e-mail communication) or confirmed in writing, and such notices and other communications shall, when mailed, communicated
by facsimile transmission or e-mailed, be effective when received at the address for notices to the party to whom such notice or communications is to be given as follows: 

  
 17 

     If to an Investor, at the address set forth next to such Investor’s name on
Annex A, or at such other address as the Company may be notified in writing from time to time. 
     If to the Company, at: 

Silvergate Capital Corporation 

4275 Executive Square, Suite 800 

La Jolla, California 92037 

Attention: Alan J. Lane 

Facsimile: (858) 362-3300 

Email: alane@silvergatebank.com 
 or at such
other address as either party shall have furnished to the other in writing. 
 9.6     Delays or Omissions. No
delay or omission to exercise any right, power or remedy accruing to either party hereto upon any breach or default of the other party under this Agreement shall impair any such right, power or remedy of such party nor shall it be construed to be a
waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or
thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach or default under this Agreement or any waiver on the part of any party hereto of any provisions or conditions of
this Agreement must be made in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 9.7     Severability. In case any provision of this Agreement shall be invalid, illegal, or unenforceable, the
validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. The parties hereto agree to replace any such provision with a valid provision that reflects as closely as
possible the intent and spirit of the invalid provision. 
 9.8     Specific Performance. The parties hereto
acknowledge that the obligations undertaken by them hereunder are unique and that there would be no adequate remedy at law if any party fails to perform any of its obligations hereunder, and accordingly agree that each party, in addition to any
other remedy to which it may be entitled at law or in equity, shall be entitled to seek specific performance of the obligations, covenants and agreements of any other party under this Agreement in accordance with the terms and conditions of this
Agreement without being required to post any bond or other security. 
 9.9     Titles and Subtitles. The titles
of the Sections, subsections and paragraphs of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

9.10     Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument. 
 (Signature Page Follows) 

  
 18 

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

			
		 	SILVERGATE CAPITAL CORPORATION
		
	By:	 	 
		 	Dennis S. Frank
		 	Chairman and Chief Executive Officer
		
		 	INVESTOR
		
	By	 	 

 Signature Page to Investors Rights Agreement 

 ANNEX A 

INVESTORS 
  

			
	Name	 	Contact Information
		
	[                                      
                                         
             ]	 	[                                      
                                         
             ]EX-10.1

 Exhibit 10.1 

SILVERGATE CAPITAL CORPORATION 

2018 EQUITY COMPENSATION PLAN 

ARTICLE I 

Establishment, Purpose and Duration 

1.1 Establishment of the Plan. Silvergate Capital Corporation (hereinafter referred to as the “Company”), a Maryland
corporation, hereby establishes an incentive compensation plan to be known as the “2018 Equity Compensation Plan” (hereinafter referred to as the “Plan”), as set forth in this document. Unless otherwise defined herein, all
capitalized terms shall have the meanings set forth in Section 2.1 herein. The Plan permits the grant of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation
Rights, Restricted Stock, and/or Restricted Stock Units to Key Associates and Directors. 
 The Plan was adopted by the Board of Directors
of the Company on June 4, 2018 to become effective (the “Effective Date”) as of June 22, 2018 if approved by the Company’s shareholders at the applicable Special Meeting of Shareholders in accordance with applicable
laws. Except for Awards payable only in cash (with payment also contingent on shareholder approval of the Plan), Awards may not be granted under the Plan prior to shareholder approval of the Plan. 

1.2 Purpose of the Plan. The purpose of the Plan is to promote the success of the Company and its Subsidiaries by providing incentives
to Key Associates and Directors that will align their personal interest with both the long term financial success of the Company and growth in shareholder value. The Plan is designed to provide flexibility to the Company in its ability to motivate,
attract, and retain the services of Key Associates and Directors whose judgment, interest and special effort is integral to the success of the Company’s operations. 

1.3 Duration of the Plan. The Plan shall commence on the Effective Date, as described in Section 1.1 herein,
and shall remain in effect, subject to the right of the Board of Directors to terminate the Plan at any time pursuant to Article XII herein, until June 22, 2028, at which time it shall terminate except with respect to Awards made prior
to, and outstanding on, that date which shall remain valid in accordance with their terms. 
 ARTICLE II 

Definitions 
 2.1
Definitions. Except as otherwise defined in the Plan, the following terms shall have the meanings set forth below: 
 (a)
“Agreement” means a written agreement implementing the grant of each Award signed by an authorized officer of the Company and by the Participant. 

(b) “Award” means, individually or collectively, a grant under the Plan of Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, and/or Restricted Stock Units. 

 (c) “Award Date” or “Grant Date” means the date the
Committee adopts a resolution or takes other appropriate action expressly granting an Award to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such later date as set
forth in such resolution. 
 (d) “Board” or “Board of Directors” means the Board of Directors of the
Company. 
 (e) “Change in Control” shall be deemed to have occurred if the conditions set forth in any one of the following
paragraphs shall have been satisfied: 
 (i) any one person, or more than one person acting as a group, acquires ownership of securities of
the Company that, together with securities held by such person or group, constitutes more than 50 percent of the total voting power of the securities of the Company; 

(ii) either (a) any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of securities of the Company possessing more than 50 percent or more of the total voting power of the
securities of the Company; or (b) a majority of members of the Board is replaced during any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members of the
Board prior to the date of the appointment or election; or 
 (iii) any one person, or more than one person acting as a group, acquires (or
has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than
50 percent of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of
the assets being disposed of, determined without regard to any liabilities associated with such assets. 
 Notwithstanding the foregoing,
ownership or control of the Company’s voting stock, individually or collectively, by Silvergate Bank, the Company’s bank subsidiary (the “Bank”) or any benefit plan sponsored by the Company or the Bank shall not constitute
a Change in Control. For purposes of this paragraph only, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization of any
other form of entity not specifically listed herein. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended from
time to time. 
 (g) “Committee” means a committee of the Board consisting of not less than two Directors, which shall be
appointed to administer the Plan pursuant to Article III hereof, all of the members of which shall be “non-employee directors” as defined in Rule 16b-3,
as amended, under the Exchange Act, or any similar or successor rule, and “outside directors” within the meaning of Section 162(m)(4)(C)(i) of the Code. Unless otherwise determined by the Board, the Compensation Committee of the
Board, or any successor committee responsible for executive compensation, shall constitute the Committee. 

  
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 (h) “Company” means Silvergate Capital Corporation or any successor thereto
as provided in Article XIV herein. 
 (i) “Director” means a director of the Company or any of its Subsidiaries,
which term shall not include an advisory or honorary director. 
 (j) “Exchange Act” means the Securities Exchange Act of
1934, as amended from time to time. 
 (k) “Fair Market Value” of a Share as of any particular date shall be the closing
price of such security on the date of calculation (or on the last preceding trading date if such security was not traded on such date), or, if not so reported, the fair market value as determined pursuant to a reasonable method adopted by the
Committee in good faith for such purpose and in a manner consistent with Section 409A of the Code. 
 (l) “Incentive Stock
Option” or “ISO” means an option to purchase Shares, granted under Article VI herein, which is designated as an incentive stock option and is intended to meet the requirements of Section 422 of the Code. 

(m) “Key Associate” means an officer, employee or consultant of the Company or of its Subsidiaries (including any corporation
which becomes a Subsidiary after the adoption of the Plan by the Board) who, in the opinion of the Committee, can contribute significantly to the growth and profitability of, or perform services of major importance to, the Company and its
Subsidiaries. The term includes a Director who is also an officer or employee of the Company or its Subsidiaries. 
 (n) “Non-Qualified Stock Option” or “NQSO” means an option to purchase Shares, granted under Article VI herein, which is not intended to be an Incentive Stock Option. 

(o) “Option” means an Incentive Stock Option or a Non-Qualified Stock Option. 

(p) “Option Price” means the price at which each Share subject to an Option may be purchased from the Company upon exercise of
the Option. 
 (q) “Participant” means a Key Associate or a Director who has been granted an Award under the Plan and whose
Award remains outstanding. 
 (r) “Period of Restriction” means the period during which the transfer of Shares of Restricted
Stock is restricted, pursuant to Article VIII herein. 
 (s) “Plan” means this 2018 Stock Equity Compensation Plan,
as herein described and as hereafter from time to time amended. 
 (t) “Restricted Stock” means an Award of Shares granted
to a Participant pursuant to Article VIII herein, which is subject to restrictions and forfeiture until the designated conditions for the lapse of the restrictions are satisfied. 

  
 3 

 (u) “Restricted Stock Unit” or “RSU” means an Award,
designated as a Restricted Stock Unit, granted to a Participant pursuant to Article IX herein and valued by reference to Shares, which is subject to restrictions and forfeiture until the designated condition for the lapse of the restrictions
are satisfied. 
 (v) “Section 409A” shall have the meaning set forth in
Section 16.1 herein. 
 (w) “Share” means a share of Stock. 

(x) “Stock” means the Class A voting common stock, $0.01 par value per share, of the Company. 

(y) “Stock Appreciation Right” or “SAR” means an Award, designated as a stock appreciation right, granted to
a Participant pursuant to Article VII herein. 
 (z) “Subsidiary” means any subsidiary corporation of the Company
within the meaning of Section 424(f) of the Code. 
 (aa) “Substitute Awards” shall mean Awards granted or
shares issued by the Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company or any Subsidiaries or with which the Company or any
Subsidiary combines; provided that the terms and conditions of each such Substitute Award (including, without limitation, the exercise price and number of shares subject to such Substitute Award) shall be determined in accordance with Treasury
Regulations section 1.409A-1(b)(5)(v)(D). 
 ARTICLE III 

Administration 
 3.1
Administration of the Plan by the Committee. The Plan shall be administered by the Committee which shall have all powers necessary or desirable for such administration. The express grant in the Plan of any specific power to the Committee
shall not be construed as limiting any power or authority of the Committee. In addition to any other powers and, subject to the provisions of the Plan, the Committee shall have the following specific powers: 

(a) to determine the terms and conditions upon which the Awards may be made and exercised; 

(b) to determine all terms and conditions of each Agreement, which need not be identical; 

(c) to construe and interpret the Agreements and the Plan; 

(d) to establish, amend or waive rules or regulations for the Plan’s administration; 

  
 4 

 (e) to delegate its authority to one or more Officers of the Company with respect to Awards
that do not involve “covered employees” within the meaning of Section 162(m) of the Code or “insiders” within the meaning of Section 16 of the Exchange Act; 

(f) to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding
Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations under his or her Award or creates or increases a Participant’s federal income tax liability with
respect to an Award, such amendment shall also be subject to the Participant’s consent; 
 (g) to determine the duration and purpose of
leaves of absences which may be granted to a Participant without constituting termination of their employment or service for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under the
Company’s employment policies; 
 (h) to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any
omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and 
 (i) to make all other
determinations and take all other actions necessary or advisable for the administration of the Plan. 
 Notwithstanding anything in the Plan
to the contrary, the Committee shall have the ability to accelerate the vesting of any outstanding Award at any time and for any reason, including upon a Change in Control, subject to Article X, or in the event of a Participant’s
termination of service by the Company other than for cause, or due to the Participant’s death, Disability or retirement (as such term may be defined in an applicable Award Agreement or, if no such definition exists, in accordance with the
Company’s then-current policies and guidelines). The Committee shall make an equitable adjustment, without limitation, to reflect extraordinary, unusual or infrequently occurring events provided that no Award may be modified to reduce the
outstanding exercise price of outstanding Options or SARs or cancel outstanding Options or SARs in exchange for cash or other Awards with an exercise price that is less than the exercise price of the original Option without shareholder approval, and
subject to the requirements of any minimum vesting requirements, and, as applicable, Article X. 
 The Chairman of the Committee and
such other Directors and officers of the Company as shall be designated by the Committee are hereby authorized to execute Agreements on behalf of the Company and to cause them to be delivered to the recipients of Awards. 

Subject to limitations under applicable law, the Committee is authorized in its discretion to issue Awards and/or accept notices, elections,
consents and/or other forms or communications by Participants by electronic or similar means, including, without limitation, transmissions through e-mail, voice mail, recorded messages on electronic telephone
systems, and other permissible methods, on such basis and for such purposes as it determines from time to time. 
 A majority of the entire
Committee shall constitute a quorum and the action of a majority of the members present at any meeting at which a quorum is present (in person or as otherwise permitted by applicable law), or acts approved in writing by a majority of the Committee
without a meeting, shall be deemed the action of the Committee. 

  
 5 

 The Committee also may modify the purchase price or the exercise price of any outstanding
Award, provided that if the modification effects a repricing, shareholder approval shall be required before the repricing is effective. 

3.2 Selection of Participants. The Committee shall have the authority to grant Awards under the Plan, from time to time, to such Key
Associates and/or Directors as may be selected by it. Each Award shall be evidenced by an Agreement. 
 3.3 Decisions Binding. All
determinations and decisions made by the Board or the Committee pursuant to the provisions of the Plan shall be final, conclusive and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to
be arbitrary and capricious. 
 3.4 Requirements of Rule 16b-3 and
Section 162(m) of the Code. Notwithstanding any other provision of the Plan, the Board or the Committee may impose such conditions on any Award, and amend the Plan in any such respects, as may be required to satisfy the
requirements of Rule 16b-3, as amended (or any successor or similar rule), under the Exchange Act. 

Any provision of the Plan to the contrary notwithstanding, and except to the extent that the Committee determines otherwise:
(a) transactions by and with respect to officers and Directors of the Company who are subject to Section 16(b) of the Exchange Act (hereafter, “Section 16 Persons”) shall comply with any
applicable conditions of SEC Rule 16b-3; (b) transactions with respect to persons whose remuneration is subject to the provisions of Section 162(m) of the Code shall conform to the requirements of
Section 162(m)(4)(C) of the Code, unless otherwise eligible for transition relief under Section 162(m); and (c) every provision of the Plan shall be administered, interpreted and construed to carry out the foregoing provisions of this
sentence. 
 3.5 Indemnification of Committee. In addition to such other rights of indemnification as they may have as Directors or as
members of the Committee, and to the extent allowed by applicable law, the members of the Committee shall be indemnified by the Company against reasonable expenses, including attorneys’ fees actually and reasonably incurred in connection with
the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted or made
hereunder, and against all amounts reasonably paid by them in settlement thereof (provided, however, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by them in satisfaction of a
judgment in any such action, suit or proceeding, if such members acted in good faith and in a manner which they believed to be in, and not opposed to, the best interests of the Company and its Subsidiaries; provided further, however, that
within 60 days after institution of any such action, suit or proceeding, such Committee may, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding. 

  
 6 

 ARTICLE IV 

Shares Subject to the Plan 

4.1 Number of Shares. Subject to adjustment as provided in Section 4.4 herein, the maximum aggregate number
of Shares that may be issued pursuant to Awards made under the Plan shall not exceed the sum of 1,596,753, all of which are available for grants of Incentive Stock Options. Except as provided in Sections 4.2 and 4.3 herein, the
issuance of Shares in connection with the exercise of, or as other payment for Awards, under the Plan shall reduce the number of Shares available for future Awards under the Plan and shall not again be available for the grant of an Award. During the
terms of the Awards, the Company shall keep available at all times the number of Shares of Stock required to satisfy such Awards. 
 Shares
that may be issued under the Plan may either be authorized but unissued Shares or Shares held in a grantor trust created by the Company. 

The Company, during the term of the Plan and thereafter during the term of any outstanding Award which may be settled in Shares, shall reserve
and keep available a number of Shares sufficient to satisfy the requirements of the Plan. 
 4.2 Lapsed Awards or Forfeited Shares.
Any Shares of Stock that are subject to an Award that terminates without being exercised, expires, is forfeited or canceled, is exchanged for an Award that does not involve Shares of Stock or, is settled in cash in lieu of shares, shall, to the
extent of such termination, expiration, forfeiture, cancellation, or exchange for another Award or settlement in cash, again be available for Awards under the Plan. 

4.3 Delivery of Shares as Payment. Notwithstanding anything to the contrary contained herein: Shares subject to an Award under the Plan
shall not again be made available for issuance or delivery under the Plan if such Shares are (a) Shares tendered in payment of an Option, (b) Shares delivered or withheld by the Company to satisfy any tax withholding obligation, or
(c) Shares covered by a stock-settled Stock Appreciation Right. Notwithstanding the preceding sentence, with respect to any SAR that is settled partly in cash and partly in Shares, the Shares that are subject to the SAR settled in cash shall
not become available for future Awards under the Plan. If the Company uses the proceeds from the exercise of an Option to repurchase Shares, the Shares so repurchased shall not again be available for Awards under the Plan. 

4.4 Capital Adjustments. In the event that the outstanding Shares shall be increased or decreased or changed into or exchanged for a
different number or kind of shares of stock or other securities of the Company or of another corporation, effected without the receipt of consideration by the Company, through reorganization, merger or consolidation, recapitalization,
reclassification, stock split, reverse stock split, split-up, combination or exchange of Shares or declaration of any dividends payable in Shares, or other distributions to common shareholders other than
regular cash dividends, the number or kind of Shares or other securities issued or reserved for issuance pursuant to the Plan and subject to outstanding Awards, as well as the exercise price, grant price or purchase price relating to any Award shall
be adjusted as may be deemed appropriate by the Committee under the Plan. The decision of the Committee as to the amount and timing of any such adjustment shall be conclusive. 

  
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 4.5 Substitute Awards. Substitute Awards shall not reduce the Shares authorized for
grant under the Plan or to a Participant in any period. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination, the shares available for delivery pursuant to the terms of such
pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration
payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the shares of Common Stock authorized for delivery under the Plan; provided that Awards using
such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to
individuals who were not Key Associates or Directors prior to such acquisition or combination. 
 4.6 Maximum Dollar
Amount Underlying Awards Granted Under the Plan to Any Single Nonemployee Director. The maximum dollar value of all Awards measured in Shares (whether payable in Shares, cash or a combination of both) that may be granted to
any single Director in any year is $300,000, measured at the time of grant. 
 ARTICLE V 

Eligibility 
 The Committee
shall determine and designate from time to time those Key Associates and Directors who are eligible to participate in the Plan. Multiple grants of Awards under the Plan may be made in any calendar year to a Participant. 

ARTICLE VI 
 Stock
Options 
 6.1 Grant of Options. Subject to the terms and conditions of the Plan and the applicable Agreement, Options may be
granted to Key Associates and Directors at any time and from time to time as shall be determined by the Committee. The Committee shall have complete discretion in determining the number of Shares subject to Options granted to each Participant,
provided, however, consultants and non-employee Directors may be granted Non-Qualified Stock Options only and the aggregate Fair Market Value (determined at the
time the Award is made) of Shares with respect to which any Participant may first exercise ISOs (granted under the Plan and all other equity compensation plans of the Company) during any calendar year may not exceed $100,000 or such amount as shall
be specified in Section 422 of the Code and rules and regulations thereunder. For purposes of this Section 6.1, ISOs shall be taken into account in the order in which they were granted. 

6.2 Option Agreement. Each Option grant shall be evidenced by an Agreement that shall specify: the type of Option granted, the Option
Price (as hereinafter defined), the duration of the Option, the number of Shares to which the Option pertains, any vesting conditions or other conditions imposed upon the exercisability of Options in the event of retirement, death, disability or
other termination of employment or service, and such other provisions as the Committee shall determine. The Agreement shall specify whether the Option is intended to be an Incentive Stock 

  
 8 

 
Option within the meaning of Section 422 of the Code, or a Non-Qualified Stock Option not intended to be within the provisions of
Section 422 of the Code, provided, however, that if an Option is intended to be an Incentive Stock Option but fails to be such for any reason, it shall continue in full force and effect as a
Non-Qualified Stock Option. A Participant granted an Option shall not be eligible for the payment of dividends or distributions nor shall be credited with dividends or distributions paid with respect to any
Shares. 
 6.3 Option Price. The Option Price shall be determined by the Committee subject to the limitations stated in this Section.
The Option Price shall not be less than 100% of the Fair Market Value of a Share on the Grant Date. In addition, an ISO granted to a Key Associate (including any Director who is a Key Associate) who, at the time of grant, owns (within the meaning of
Section 424(d) of the Code) securities possessing more than 10% of the total combined voting power of all classes of securities of the Company, shall have an Option Price which is at least equal to 110% of the Fair Market Value of a Share on
the Grant Date. 
 6.4 Each Option shall expire at such time as the Committee shall determine, provided, however, that no Option shall
be exercisable after the expiration of ten years from its Award Date. In addition, an ISO granted to a Key Associate (including any Key Associate who is a Director) who, at the time of grant, owns (within the meaning of Section 424(d) of the
Code) securities possessing more than 10% of the total combined voting power of all classes of securities of the Company, shall not be exercisable after the expiration of five years from its Award Date. 

6.5 Exercisability. Options granted under the Plan shall be exercisable at such times and be subject to such restrictions and conditions
as the Committee shall determine (which may be based on performance or other criteria), and as shall be set forth in the Agreement, which need not be the same for all Participants. No option may be exercised for a fraction of a share. 

6.6 Method of Exercise. Options shall be exercised by the delivery of a written notice to the Company in the form prescribed by the
Committee setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares and payment of (or an arrangement satisfactory to the Company for the Participant to pay) any tax
withholding required in connection with the Option exercise. The Option Price shall be payable to the Company in full either in cash, by delivery of Shares having a Fair Market Value at the time of exercise equal to the Option Price, by reduction in
the number of shares otherwise deliverable upon the exercise of such Option with a Fair Market Value equal to the Option Price or by a combination of the foregoing. 

To the extent permitted under the applicable laws and regulations, at the request of the Participant and with the consent of the Committee,
the Company agrees to cooperate in a “cashless exercise” of an Option. The cashless exercise shall be effected by the Participant delivering to a securities broker instructions to exercise all or part of the Option, including
instructions to sell a sufficient number of Shares to cover the costs and expenses associated therewith. 
 As soon as practicable, after
receipt of written notice and payment of the Option Price and completion of payment of (or an arrangement satisfactory to the Company for the Participant to pay) any tax withholding required in connection with the Option exercise, the Company shall
deliver to the Participant, stock certificates in an appropriate amount based upon the number of Options exercised, issued in the Participant’s name. 

  
 9 

 6.7 Restrictions on Shares. The Committee may impose such restrictions on any
Shares acquired pursuant to the exercise of an Option under the Plan as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of The NASDAQ Stock Market, Inc. or any
national securities exchange upon which such Shares are then listed or traded and under any state securities laws applicable to such Shares. The Committee may specify in an Agreement that Shares delivered on exercise of an Option are Restricted
Stock or Shares subject to forfeiture and cancellation or a buyback right in the event that any term or condition specified in the Agreement is not satisfied. 

6.8 Nontransferability of Options. No Option granted under the Plan may be sold, transferred, pledged, assigned or otherwise alienated
or hypothecated, other than by will or by the laws of descent and distribution. Further, all Options granted to a Participant under the Plan shall be exercisable during his lifetime only by such Participant or his guardian or legal representative.
Notwithstanding the foregoing, if the Participant dies while employed, the executor, administrator, legatees, or distributor of the Participant’s estate shall have the right to exercise the Option during the 12 month period following the
Participant’s death; however, in no event shall an Option be exercisable more than 10 years from the date of grant. 
 Notwithstanding
the foregoing or any other provision of the Plan to the contrary, to the extent permissible under Rule 16b-3 of the Exchange Act, a Participant who is granted
Non-Qualified Stock Options pursuant to the Plan may transfer such Non-Qualified Stock Options to his or her spouse, lineal ascendants, lineal descendants, or to trusts
for their benefit, provided that the Non-Qualified Stock Options so transferred may not again be transferred other than to the Participant originally receiving the grant of
Non-Qualified Stock Options or to an individual or trust to whom such Participant could have transferred Non-Qualified Stock Options pursuant to this
Section 6.8. Non-Qualified Stock Options which are transferred pursuant to this Section 6.8 shall be exercisable by the transferee subject to the same terms
and conditions as would have applied to such Non-Qualified Stock Options in the hands of the Participant originally receiving the grant of such Non-Qualified Stock
Options. 
 6.9 Notification of Disqualifying Disposition of ISO Shares. In the event of a disposition of Shares received upon
exercise of an ISO where the disposition occurs within two years from the date the ISO was granted or one year from the receipt of the underlying Shares (a “disqualifying disposition”), the Participant shall notify the
Company’s Secretary in writing as to the date of such disposition, the sale price (if any), and the number of Shares involved. 

ARTICLE VII 
 Stock
Appreciation Rights 
 7.1 Grant of SARs. The Committee may, in its sole discretion, grant SARs to Key Associates or Directors. A
SAR is a right to receive a payment in cash, Shares or a combination of both. Each SAR shall be subject to such terms and conditions, as the Committee shall impose from time to time in its sole discretion and subject to the terms of the Plan. 

  
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 7.2 SAR Agreement. Each SAR grant shall be evidenced by an Agreement that shall
specify its type of SAR and its terms and conditions. The exercise price of a SAR shall be determined by the Committee, but the exercise price of any SAR that is intended to be an exempt stock right under Section 409A shall not be less than
100% of the Fair Market Value of one Share of Stock on the Grant Date of such Stock Appreciation Right. The Committee is expressly authorized to grant SARs which are deferred compensation covered by Section 409A, as well as SARs which are not
deferred compensation covered by Section 409A. 
 7.3 Exercise of SARs. SARs may be exercised upon whatever terms and conditions
the Committee, in its sole discretion imposes upon such SARs. 
 7.4 Other Conditions Applicable to SAR. In no event shall the term of
any SAR granted under the Plan exceed ten years from the Grant Date. A SAR may be exercised only when the Fair Market Value of a Share exceeds the Fair Market Value per Share on the Grant Date. A SAR shall be exercised by delivery to the Committee
of a notice of exercise in the form prescribed by the Committee. 
 7.5 Payment after Exercise of SARs. Subject to the provisions of
the Agreement, upon the exercise of a SAR, the Participant is entitled to receive, without any payment to the Company (other than required tax withholding amounts), an amount equal (the “SAR Value”) to the product of multiplying
(a) the number of Shares with respect to which the SAR is exercised by (b) an amount equal to the excess of (1) the Fair Market Value per Share on the date of exercise of the SAR over (2) the Fair Market Value per Share on the
Award Date. The Agreement may provide for payment of the SAR Value at the time of exercise or, on an elective or non-elective basis, for payment of the SAR Value at a later date, adjusted (if so provided in
the Agreement) from the date of exercise based on an interest, dividend equivalent, earnings, or other basis (including deemed investment of the SAR Value in Shares) set out in the Agreement (the “adjusted SAR Value”). 

Payment of the SAR Value or adjusted SAR Value to the Participant shall be made in Shares, valued at the Fair Market Value on the date of
exercise in the case of an immediate payment after exercise or at the Fair Market Value on the date of settlement in the event of an elective or non-elective delayed payment, in cash or a combination thereof
as determined by the Committee, either at the time of the Award or thereafter, and as provided in the Agreement. 
 7.6 Nontransferability
of SARs. No SAR granted under the Plan, and no right to receive payment in connection therewith, may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
Further, all SARs, and rights in connection therewith, granted to a Participant under the Plan shall be exercisable during his lifetime only by such Participant or his guardian or legal representative. 

ARTICLE VIII 
 Restricted
Stock 
 8.1 Grant of Restricted Stock. Subject to the terms and conditions of the Plan, the Committee, at any time and from time
to time, may grant Shares of Restricted Stock under the Plan to such Key Associates and Directors and in such amounts as it shall determine. Participants receiving Restricted Stock Awards are not required to pay the Company therefor (except for
applicable tax withholding) other than the rendering of services. If determined by the Committee, custody of Shares of Restricted Stock may be retained by the Company until the termination of the Period of Restriction pertaining thereto. 

  
 11 

 8.2 Restricted Stock Agreement. Each Restricted Stock Award shall be evidenced by an
Agreement that shall specify, the Period of Restriction, the number of Shares of Restricted Stock granted, and the applicable restrictions and such other provisions as the Committee shall determine. 

8.3 Nontransferability of Restricted Stock. Except as provided in this Article VIII and subject to the limitation in the next
sentence, the Shares of Restricted Stock granted hereunder may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated until the termination of the applicable Period of Restriction or upon the earlier satisfaction of other
conditions as specified by the Committee in its sole discretion and set forth in the Agreement. All rights with respect to the Restricted Stock granted to a Participant under the Plan shall be exercisable during his lifetime only by such Participant
or his guardian or legal representative. 
 8.4 Other Restrictions. The Committee may impose such other restrictions on any Shares of
Restricted Stock granted, including performance requirements, pursuant to the Plan as it may deem advisable including, without limitation, restrictions under applicable Federal or state securities laws, and may legend the certificates representing
Restricted Stock to give appropriate notice of such restrictions. Failure to satisfy any applicable restrictions shall result in the subject Shares of the Restricted Stock being forfeited and returned to the Company, with any purchase price paid by
the Participant to be refunded, unless otherwise provided by the Committee. 
 8.5 Certificate Legend. In addition to any legends
placed on certificates pursuant to Section 8.4 herein each certificate representing Shares of Restricted Stock granted pursuant to the Plan shall bear the following legend: 

THE SALE OR OTHER TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE, WHETHER VOLUNTARY, INVOLUNTARY, OR BY OPERATION OF LAW, IS
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN THE SILVERGATE CAPITAL CORPORATION 2018 EQUITY COMPENSATION PLAN, IN THE RULES AND ADMINISTRATIVE PROCEDURES ADOPTED PURSUANT TO SUCH PLAN, AND IN AN AGREEMENT DATED (DATE OF GRANT). A COPY OF
THE PLAN, SUCH RULES AND PROCEDURES, AND SUCH RESTRICTED STOCK AGREEMENT MAY BE OBTAINED FROM THE SECRETARY OF SILVERGATE CAPITAL CORPORATION. 

8.6 Removal of Restrictions. Except as otherwise provided in this Article VIII, Shares of Restricted Stock covered by each
Restricted Stock Award made under the Plan shall become freely transferable by the Participant after the last day of the Period of Restriction. Once the Shares are released from the restrictions, the Participant shall be entitled to have the legend
required by Section 8.5 herein removed from his or her stock certificate. 

  
 12 

 8.7 Voting Rights. During the Period of Restriction, Participants holding Shares of
Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares. 
 8.8 Dividends and Other Distributions.
Unless otherwise provided in the Agreement, during the Period of Restriction, Participants entitled to or holding Shares of Restricted Stock granted hereunder shall be entitled to receive all dividends and other distributions paid in either cash
or Shares with respect to those Shares while they are so held. All dividends credited on behalf of a Participant (and earnings thereon, if applicable) shall be withheld by the Company without interest (unless otherwise provided in the Award
Agreement) and distributed in cash equal to any of the dividends credited or, at the discretion of the Board, Shares having a Fair Market Value equal to such dividends, if any, upon vesting of such Award, provided that if any portion of the
Restricted Stock Award is forfeited, the Participant shall have no right to receive such dividends with respect to the forfeited Award. If any such dividends or distributions are paid in Shares, the Shares shall be subject to the same restrictions
on transferability and the same rules for custody as the Shares of Restricted Stock with respect to which they were distributed. 

ARTICLE IX 
 Restricted
Stock Units 
 9.1 Grant of Restricted Stock Units. Subject to the terms and conditions of the Plan, the Committee, at any time
and from time to time, may grant Restricted Stock Units under the Plan (with one Unit representing one Share) to such Key Associates and Directors and in such amounts as it shall determine. Participants receiving Restricted Stock Unit Awards are not
required to pay the Company therefor (except for applicable tax withholding) other than the rendering of services. No Shares shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside a fund for
the payment of any such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee may also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond
the vesting date until the occurrence of a future payment date or event set forth in an Award Agreement. 
 9.2 Restricted Stock Unit
Agreement. Each Restricted Stock Unit Award shall be evidenced by an Agreement that shall specify the Period of Restriction, the number of Restricted Stock Units granted, and the applicable restrictions and such other provisions as the Committee
shall determine. 
 Unless otherwise provided in the Agreement, during the Period of Restriction, Participants holding Restricted Stock
Units (representing the equivalent of one Share) shall have no rights to dividends or other distributions which would have been paid with respect to the Shares represented by those Restricted Stock Units if such Shares were outstanding
(“Dividend Equivalents”). Failure to satisfy any applicable restrictions shall result in the Restricted Stock Units being forfeited and the Company shall have no obligation to make any payment with respect to such forfeited Award, unless
otherwise provided by the Committee. In the event an Award Agreement provides for Dividend Equivalents, such Participant shall receive credit for all dividends and other distributions paid or made in respect of one share of Common Stock during the
period that the Participant holds the Restricted Stock Units or Performance Units. Dividend Equivalents shall be withheld by the Company and credited to the Participant’s account. All Dividend Equivalents credited on behalf

  
 13 

 
of a Participant (and earnings thereon, if applicable) shall be withheld by the Company without interest (unless otherwise provided in the Award Agreement) and, at the discretion of the
Committee, distributed in cash or Shares having a Fair Market Value equal to such Dividend Equivalents, if any, upon vesting of such Award, provided that if any portion of the Restricted Stock Units is forfeited, the Participant shall have no right
to receive such dividends with respect to the forfeited Award. 
 9.3 Payment after Lapse of Restrictions. Subject to the provisions
of the Agreement, upon the lapse of restrictions with respect to a Restricted Stock Unit, the Participant is entitled to receive, without any payment to the Company (other than required tax withholding amounts), an amount equal (the “RSU
Value”) to the product of multiplying (a) the number of Shares with respect to which the restrictions lapse by (b) the Fair Market Value per Share on the date the restrictions lapse. 

(a) The Agreement may provide for payment of the RSU Value at the time of settlement or, on an elective or
non-elective basis, for payment of the RSU Value at a later date, adjusted (if so, provided in the Agreement) from the date of exercise based on an interest, dividend equivalent, earnings, or other basis
(including deemed investment of the RSU Value in Shares) set out in the Agreement (the “adjusted RSU Value”). The Committee is expressly authorized to grant Restricted Stock Units which are deferred compensation covered by
Section 409A, as well as Restricted, Stock Units which are not deferred compensation covered by Section 409A provided that any deferral of the settlement of a Restricted Stock Unit or any election to defer the settlement of Restricted
Stock Unit shall be made in accordance with the requirements of Section 409A. 
 (b) Payment of the RSU Value or adjusted RSU Value to
the Participant shall be made in Shares, in cash equal to the value of the Shares, or a combination thereof as determined by the Committee and as provided in the Agreement, valued at the Fair Market Value on the date the restrictions therefor lapse
in the case of an immediate payment after vesting or at the Fair Market Value on the date of settlement in the event of an elective or non-elective delayed payment. 

9.4 Nontransferability of Restricted Stock Units. No Restricted Stock Unit granted under the Plan, and no right to receive payment in
connection therewith, may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, all Restricted Stock Units, and rights in connection therewith, granted
to a Participant under the Plan shall be exercisable during his lifetime only by such Participant or his guardian or legal representative. In the event the Participant dies while employed, the Restricted Stock Units, to the extent vested, shall be
paid to the trustee of a designated trust, or to the executor of the Participant’s estate if no trust is designated, within 90 days following the Participant’s death. 

ARTICLE X 
 Change in
Control 
 10.1 The provisions of this Section 10.1 shall apply unless otherwise provided in the Award
Agreement, or to the extent otherwise determined by the Committee, upon the occurrence of a Change in Control: 

  
 14 

 (a) Assumption of Outstanding Awards. Upon a Change in Control where the Company is
not the surviving corporation (or survives only as a subsidiary of another corporation), all outstanding Awards that are not exercised or paid at the time of the Change in Control shall be assumed by, or substituted with Awards that have comparable
terms by, the surviving corporation (or a parent or subsidiary of the surviving corporation). For the purposes of this Section 10.1(a), an Award shall be considered assumed or substituted for if, following the Change in Control, the Award
confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash or other securities or property) received in the transaction constituting a Change in
Control by holders of Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares); provided,
however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the surviving corporation (or a parent or subsidiary of the surviving corporation), the Committee may, with the
consent of the surviving corporation (or a parent or subsidiary of the surviving corporation), provide that the consideration to be received upon the exercise or vesting of an Award, for each Share subject thereto, will be solely common stock of the
surviving corporation (or a parent or subsidiary of the surviving corporation) substantially equal in fair market value to the per share consideration received by holders of Shares in the transaction constituting a Change in Control. The
determination of such substantial equality of value of consideration shall be made by the Committee in its sole discretion and its determination shall be conclusive and binding. After a Change in Control, references to the “Company”
as they relate to employment matters shall include the successor employer. 
 (b) Vesting Upon Certain Terminations of Employment in
Connection with a Change in Control. The Committee shall have the discretion to provide for full or partial vesting of Awards upon a Participant’s involuntary termination of service that occurs in connection with a Change in Control,
subject to such terms and conditions set forth in a Participant’s employment agreement, or if none, the Agreement. If any such Awards vest based upon the attainment of certain performance goals, the vesting of the Award may accelerate pro rata
based on the portion of performance period completed as of the date of the Participant’s termination of service or based on the actual performance of the Company based on a shortened performance period which extends through the end of the
fiscal quarter immediately preceding the Participant’s termination of employment or service. 
 (c) Other Alternatives. In the
event of a Change in Control, if all outstanding Awards are not assumed by, or substituted with Awards that have comparable terms by, the surviving corporation (or a parent or subsidiary of the surviving corporation), the Committee may take any of
the following actions with respect to any or all outstanding Awards, without the consent of any Participant: 
 (i) the Committee may
determine that the vesting of each outstanding Award shall be accelerated so that each Award shall, immediately prior to the effective date of the Change in Control, become fully vested with respect to the total number of Shares of Stock subject to
such Award provided that the vesting of any Award based upon the attainment of certain performance goals may accelerate pro rata based on the portion of performance period completed as of the date of the Change in Control or based on the actual
performance of the Company based on a shortened performance period which extends through the end of the fiscal quarter immediately preceding the Change in Control; 

  
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 (ii) the Committee, in its sole discretion, may determine that, upon the occurrence of a
Change in Control of the Company, all or a portion of certain outstanding Awards shall terminate within a specified number of days after notice to the Participants, and each such Participant shall receive an amount equal to the value of such Award
on the date of the Change in Control, and with respect to each Share of Stock subject to an Option or SAR, an amount equal to the excess of the Fair Market Value of such Shares immediately prior to the occurrence of such Change in Control (or such
other greater amount as the Committee may determine in its sole and absolute discretion to be equitable to prevent dilution or enlargement of Participants’ rights under the Plan) over the exercise price per share of such Option or SAR. Such
amount shall be payable in cash, in one or more kinds of property (including the property, if any, payable in the transaction) or in a combination thereof, as the Committee, in its sole discretion, shall determine; and 

(iii) after giving Participants an opportunity to exercise all of their outstanding Options and SARs, the Committee may terminate any or all
unexercised Options and SARs at such time as the Committee deems appropriate. Such surrender, termination or payment shall take place as of the date of the Change in Control or such other date as the Committee may specify. Without limiting the
foregoing, if the per share Fair Market Value of the Shares does not exceed the per Share Option exercise price or SAR grant price, as applicable, the Company shall not be required to make any payment to the Participant upon surrender of the Option
or SAR. 
 ARTICLE XI 

Modification, Extension and Renewal of Awards 

Subject to the terms and conditions and within the limitations of the Plan: (a) the Committee may modify, extend or renew outstanding
Awards and may modify the terms of an outstanding Agreement, provided that the exercise price of any Award may not be lowered other than pursuant to Sections 4.4 and 3.1(i) herein; and (b) the Committee may accept the surrender of
outstanding Awards (to the extent not yet exercised) granted under the Plan or outstanding awards granted under any other equity compensation plan of the Company and authorize the granting of new Awards pursuant to the Plan in substitution therefor
so long as the new or substituted awards do not specify a lower exercise price than the surrendered Awards, and otherwise the new Awards may be of a different type than the surrendered Awards, may specify a longer term than the surrendered Awards up
to a maximum of 10 years, may provide for more rapid vesting and exercisability than the surrendered Awards and may contain any other provisions that are authorized by the Plan. Notwithstanding the foregoing, however, no modification of an Award,
shall, without the consent of the Participant, adversely affect the rights or obligations of the Participant. 
 ARTICLE XII 

Amendment, Modification and Termination of the Plan 

12.1 Amendment, Modification and Termination. At any time and from time to time, the Board may terminate, amend or modify the Plan.
Such amendment or modification may be without shareholder approval except to the extent that such approval is required by the Code, pursuant to the rules under Section 16 of the Exchange Act, by any national securities exchange or system on
which the Shares are then traded, listed or reported, by any regulatory body having jurisdiction with respect thereto or under any other applicable laws, rules or regulations. 

  
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 12.2 Awards Previously Granted. No termination, amendment or modification of the Plan
other than pursuant to Section 4.4 herein shall in any manner adversely affect any Award theretofore granted under the Plan, without the written consent of the Participant. 

ARTICLE XIII 

Withholding 
 13.1 Tax
Withholding. The Company shall have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy Federal, State and local taxes (including the Participant’s FICA
obligation) required by law to be withheld with respect to any grant, exercise, or payment made under or as a result of the Plan. 
 13.2
Withholding of Shares. With respect to employees, the Company may require a Participant whose Award granted hereunder has vested, or who exercises an Option or SAR granted hereunder to reimburse the Company for any taxes required by any
governmental regulatory authority to be withheld or otherwise deducted and paid by such corporation or entity in respect of the issuance or disposition of such Shares or the payment of any amounts. In lieu thereof, the Company shall have the right
to withhold the amount of such taxes from any other sums due or to become due from the Company to the Participant upon such terms and conditions as the Committee shall in its sole discretion prescribe. The Company, in its discretion, may hold the
stock certificate to which such Participant is entitled upon the vesting of an Award or the exercise of a Stock Option or SAR as security for the payment of such withholding tax liability, until cash sufficient to pay that liability has been
accumulated by or paid to the Company. With respect to employees, at any time that the Company, Subsidiary or other entity that employs such Participant becomes subject to a withholding obligation under applicable law with respect to the vesting of
an Award or the exercise of an Option (the “Tax Date”), except as set forth below, a Participant may, subject to the approval of the Committee, elect to satisfy, in whole or in part, the Participant’s related personal tax
liabilities (an “Election”) by (a) directing the Company to withhold from Shares issuable in the related vesting or exercise either a specified number of Shares of Stock having a specified value (in each case equal to the
related minimum statutory personal withholding tax liabilities with respect to the applicable taxing jurisdiction in order to comply with the requirements for a “fixed plan” under Accounting Principles Board Opinion No. 25), (b)
tendering Shares of Stock or other securities of the Company previously issued pursuant to the exercise of an Option or other Shares of Stock owned by the Participant, or (iii) combining any or all of the foregoing Elections in any fashion. The
foregoing notwithstanding, however, when previously issued Shares of Stock or other securities of the Company are tendered pursuant to an Election, such tender of Shares will not be accepted unless the Participant has held such Shares for the
requisite period necessary to avoid a charge to the Company’s earnings for financial reporting purposes. An Election shall be irrevocable. The withheld Shares and other Shares of Stock or other securities tendered in payment shall be valued at
their Fair Market Value on the Tax Date. The Committee may in its sole discretion disapprove of any Election, suspend or terminate the right to make Elections or provide that the right to make Elections shall not apply to particular Shares or
exercises. The Committee may impose any additional conditions or restrictions on the right to make an Election as it shall deem appropriate, including conditions or restrictions with respect to Section 16 of the Exchange Act. 

  
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 ARTICLE XIV 

Successors 
 All
obligations of the Company under the Plan, with respect to Awards granted hereunder, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or
otherwise, of all or substantially all of the business and/or assets of the Company. 
 ARTICLE XV 

General 
 15.1 Minimum
Vesting Restriction. Awards shall fully vest over a period that is not less than one year from the date of grant; provided, however, that up to five percent of the Shares of Stock subject to the aggregate share reserve set forth in
Section 4.1 as of Effective Date may be subject to Awards that are not subject to the vesting restriction in this Section 15.1. 

15.2 Forfeiture Events. The Committee may specify in an Agreement that the Participant’s rights, payments and benefits with respect
to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality or other restrictive covenants that are contained in the Agreement or otherwise applicable to the Participant, a termination
of the Participant’s employment or service for cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company. 

15.3 Clawback. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government
regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company
pursuant to any such law, government regulation or stock exchange listing requirement). 
 15.4 Deferral of Awards. The Committee may
establish one or more programs under the Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance goals or other event that absent the election would
entitle the Participant to payment or receipt of Shares of Stock or other consideration under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or
other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Committee deems advisable for the administration of any such deferral program. 

15.5 Requirements of Law. The granting of Awards and the issuance of Shares of Stock under the Plan shall be subject to all applicable
laws, rules and regulations, and to such approvals by any governmental agencies or self-regulatory organizations as may be required. 

  
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 15.6 Effect of the Plan. The establishment of the Plan shall not confer upon any Key
Associate or Director any legal or equitable right against the Company, a Subsidiary or the Committee, except as expressly provided in the Plan. The Plan does not constitute an inducement or consideration for the employment or service of any Key
Associate or Director, nor is it a contract between the Company or any of its Subsidiaries and any Key Associate or Director. Participation in the Plan shall not give any Key Associate or Director any right to be retained in the service of the
Company or any of its Subsidiaries. No Key Associate or Director who receives an Award shall have rights as a shareholder of the Company prior to the date Shares are issued to the Participant pursuant to the Plan. 

15.7 Creditors. The interests of any Participant under the Plan or any Agreement are not subject to the claims of creditors and may not,
in any way, be assigned, alienated or encumbered. 
 15.8 Governing Law. The Plan, and all Agreements hereunder, shall be governed,
construed and administered in accordance with and governed by the laws of the State of Maryland and the intention of the Company is that ISOs granted under the Plan qualify as such under Section 422 of the Code. 

15.9 Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining parts of the Plan and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

15.10 Unfunded Status of Plan. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation.
With respect to any payments as to which a Participant has a fixed and vested interest but which are not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a
general unsecured creditor of the Company. 
 ARTICLE XVI 

Section 409A 
 16.1
General. Notwithstanding any provision of this Plan or of an Agreement to the contrary, the Company intends that all Awards be structured in compliance with, or to satisfy an exemption from, Section 409A of the Code and any related
regulations or other guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Services (“Section 409A”), such that no adverse tax consequences, interest, or
penalties under Section 409A apply in connection with any Awards. Notwithstanding anything herein or in any Award Agreement to the contrary, the Committee may, without a Participant’s prior consent, amend this Plan and/or Awards, adopt
policies and procedures, or take any other actions (including amendments, policies, procedures and actions with retroactive effect) as are necessary or appropriate to preserve the intended tax treatment of Awards under the Plan, including without
limitation, any such actions intended to (A) exempt this Plan and/or any Award from the application of Section 409A, and/or (B) comply with the requirements of Section 409A, including without limitation any such regulations,
guidance, compliance programs and other interpretative authority that may be issued after the date of grant of any Award. The Company makes no representations or warranties as to the tax treatment of any Award under Section 409A or

  
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otherwise. The Company will have no obligation under this Section 16.1 or otherwise to take any action (whether or not described herein) to avoid the imposition of
taxes, penalties or interest under Section 409A with respect to any Award and will have no liability to any Participant or any other person if any Award, compensation or other benefits under the Plan are determined to constitute non-compliant, “nonqualified deferred compensation” subject to the imposition of taxes, penalties and/or interest under Section 409A. 

16.2 Separation from Service. With respect to any Award that constitutes “nonqualified deferred compensation” under
Section 409A, any payment or settlement of such Award that is to be made upon a termination of a Participant’s service relationship will, to the extent necessary to avoid the imposition of taxes under Section 409A, be made only upon
the Participant’s “separation from service” (within the meaning of Section 409A), whether such “separation from service” occurs upon or subsequent to the termination of the Participant’s service relationship. For
purposes of any such provision of this Plan or any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment” or like terms will mean “separation from service.”

 16.3 Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of
“nonqualified deferred compensation” that are otherwise required to be made under an Award to a “specified employee” (as defined under Section 409A and determined by the Administrator) as a result of his or her
“separation from service” will, to the extent necessary to avoid the imposition of taxes under Code Section 409A(a)(2)(B)(i), be delayed until the expiration of the six (6) month period immediately following such “separation
from service” (or, if earlier, until the date of death of the specified employee) and will instead be paid (in a manner set forth in the Award agreement) on the day that immediately follows the end of such six (6) month period or as soon
as administratively practicable thereafter (without interest). Any payments of “nonqualified deferred compensation” under such Award that are, by their terms, payable more than six (6) months following the Participant’s
“separation from service” will be paid at the time or times such payments are otherwise scheduled to be made. 
 * * * * * * * 

  
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