Document:

Exhibit 10.1

 

SUBORDINATED NOTE PURCHASE AGREEMENT

 

This SUBORDINATED NOTE PURCHASE
AGREEMENT (this “Agreement”) is dated as of August 18, 2022, and is made by and among QCR Holdings, Inc.,
a Delaware corporation (“Company”), and the several purchasers of the Subordinated Notes (as defined herein) identified
on the signature pages hereto (each a “Purchaser” and collectively, the “Purchasers”).

 

RECITALS

 

WHEREAS,
Company is offering up to $45,000,000 in aggregate principal amount of Subordinated Notes, which aggregate amount is intended to qualify
as Tier 2 Capital (as defined herein).

 

WHEREAS,
Company has engaged Piper Sandler & Co. as its exclusive placement agent (“Placement Agent”) for
the offering of the Subordinated Notes.

 

WHEREAS,
each of the Purchasers is an institutional “accredited investor” as such term is defined in Rule 501 of Regulation
D (“Regulation D”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
or a “qualified institutional buyer” as such term is defined in Rule 144A of the Securities Act (“QIB”).

 

WHEREAS,
the offer and sale of the Subordinated Notes by Company is being made in reliance upon the exemptions from registration available
under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D.

 

WHEREAS,
each Purchaser is willing to purchase from Company a Subordinated Note in the principal amount set forth on such Purchaser’s
respective signature page hereto (each, a “Subordinated Note Amount”) in accordance with the terms, subject
to the conditions and in reliance on, the recitals, representations, warranties, covenants and agreements set forth herein and in the
Subordinated Notes and in the Indenture (as defined herein).

 

WHEREAS,
at Closing, Company and the Purchasers shall execute and deliver a Registration Rights Agreement, substantially in the form attached hereto
as Exhibit B (the “Registration Rights Agreement”), pursuant to which, among other things, Company
will agree to provide certain registration rights with respect to the Subordinated Notes under the Securities Act and the rules and
regulations promulgated thereunder and applicable state securities laws.

 

NOW,
THEREFORE, in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

     

     

    

 

AGREEMENT

 

1.            DEFINITIONS.

 

1.1            Defined
Terms. The following capitalized terms used in this Agreement have the meanings defined or
referenced below. Certain other capitalized terms used only in specific sections of this Agreement may be defined in such sections.

 

“Affiliate(s)”
means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations,
and any other Person directly or indirectly controlling, controlled by, or under common control with said Person.

 

“Agreement” has the meaning
set forth in the preamble hereto.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Subordinated Note represented by a global certificate,
the rules and procedures of DTC that apply to such transfer or exchange.

 

“Bank”
means each of CRBT, CSB, GB and QCBT.

 

“Business Day”
means any day other than a Saturday, Sunday or any other day on which banking institutions in the State of Illinois are permitted or required
by any applicable law or executive order to close.

 

“Closing”
has the meaning set forth in Section 2.2.

 

“Closing Date”
means the date hereof.

 

“Company”
has the meaning set forth in the preamble hereto and shall include any successors to Company.

 

“Company Covered
Person” has the meaning set forth in Section 4.2.4.

 

“Company’s
Reports” means (i) Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed
with the SEC, including the audited financial statements contained therein and the information from Company’s definitive proxy statement
for its 2022 annual meeting of shareholders incorporated by reference into the Form 10-K; (ii) Company’s Quarterly Report
on Form 10-Q for the quarter ended March 31, 2022, as filed with the SEC, including the unaudited financial statements contained
therein; and (iii) Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the
SEC, including the unaudited financial statements contained therein.

 

“CRBT”
means Cedar Rapids Bank and Trust Company, an Iowa state member bank and wholly owned subsidiary of Company.

 

“CSB” means
Community State Bank, an Iowa state member bank and wholly owned subsidiary of Company.

 

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“Definitive Notes”
has the meaning set forth in Section 3.1.

 

“Disbursement”
has the meaning set forth in Section 3.1.

 

“Disqualification
Event” has the meaning set forth in Section 4.2.4.

 

“DTC” has
the meaning set forth in Section 5.7.

 

“Equity Interest”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and
all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other rights to purchase
any of the foregoing.

 

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

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“GAAP”
means generally accepted accounting principles in effect from time to time in the United States of America.

 

“GB”
means Guaranty Bank (f/k/a Springfield First Community Bank), a Missouri state member bank and wholly owned subsidiary of Company.

 

“Global Notes”
has the meaning set forth in Section 3.1.

 

“Governmental Agency(ies)”
means, individually or collectively, any federal, state, county or local governmental department, commission, board, regulatory authority
or agency (including each applicable Regulatory Agency) with jurisdiction over Company or a Subsidiary of Company.

 

“Governmental Licenses”
has the meaning set forth in Section 4.3.

 

“Hazardous Materials”
means flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive materials, hazardous wastes,
toxic or contaminated substances or similar materials, including any substances which are “hazardous substances,” “hazardous
wastes,” “hazardous materials” or “toxic substances” under the Hazardous Materials Laws and/or other applicable
environmental laws, ordinances or regulations.

 

“Hazardous Materials
Laws” mean any laws, regulations, permits, licenses or requirements pertaining to the protection, preservation, conservation
or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C. Section 7401
et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation and Recovery
Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environmental Response, Compensation and Liability Act
of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic
Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C.
Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety
and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.;
and all comparable state and local laws, laws of other jurisdictions or orders and regulations.

 

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“Indebtedness”
means and includes: (i) all obligations arising from the borrowing of money that, according to GAAP as in effect from time to time,
would be included in determining total liabilities as shown on the consolidated balance sheet of Company or any Subsidiary of Company;
and (ii) all obligations secured by any lien on property owned by Company or any Subsidiary whether or not such obligations shall
have been assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred
or maintained in the ordinary course of Company’s or any Bank’s business (including federal funds purchased, advances from
any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by Company or any Bank and repurchase arrangements)
and consistent with customary banking practices and applicable laws and regulations.

 

“Indenture”
means the indenture, dated as of February 12, 2019, by and between Company and Wilmington Trust, National Association, as trustee,
as supplemented by the second supplemental indenture, dated as of the date hereof, by and between Company and Wilmington Trust, National
Association, as trustee, under which the Subordinated Notes are to be issued, substantially in the form attached hereto as Exhibit A,
as the same may be amended or supplemented from time to time in accordance with the terms thereof.

 

“Leases”
means all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all amendments,
extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements relating
thereto.

 

“Material Adverse
Effect” means, with respect to any Person, any change or effect that (i) is or would be reasonably likely to be material
and adverse to the financial condition, results of operations or business of such Person, or (ii) would materially impair the ability
of any Person to perform its respective obligations under any of the Transaction Documents, or otherwise materially impede the consummation
of the transactions contemplated hereby; provided, however, that “Material Adverse Effect” shall not be deemed
to include the impact of (1) changes in banking and similar laws, rules or regulations of general applicability or interpretations
thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions
and their holding companies generally, (3) changes after the date of this Agreement in general economic or capital market conditions,
including changes in interest rates, affecting financial institutions or their market prices generally and not specifically related to
Company or Purchasers, (4) natural disasters or other force majeure events or the effects of any outbreak, escalation or worsening
of any epidemic, pandemic or disease (including the COVID-19 virus), (5) changes in national or international political or social
conditions, including the engagement by the United States in hostilities, where or not pursuant to the declaration of a national emergency
or war, or by the occurrence of any military attack upon or within the United States, (6) direct effects of compliance with this
Agreement on the operating performance of Company or Purchasers, including expenses incurred by Company or Purchasers in consummating
the transactions contemplated by this Agreement, and (7) the effects of any action or omission taken by Company with the prior written
consent of Purchasers, and vice versa, or as otherwise contemplated by this Agreement and the Subordinated Notes, which in the event of
(1), (3), (4) and (5) do not disproportionately affect the operations or business of Company or its Subsidiaries in comparison
to other banking institutions with similar operations.

 

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“Maturity Date”
means September 1, 2032.

 

“Notes”
has the meaning set forth in Section 3.1.

 

“Person”
means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association,
a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental Agency) or any other
entity or organization.

 

“Placement Agent”
has the meaning set forth in the Recitals.

 

“Property”
means any real property owned or leased by Company or any Affiliate or Subsidiary of Company.

 

“Purchaser”
or “Purchasers” has the meaning set forth in the preamble hereto.

 

“QCBT”
means Quad City Bank and Trust Company, an Iowa state member bank and wholly owned subsidiary of Company.

 

“Registration Rights
Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and among Company and the Purchasers in
the form attached as Exhibit B hereto.

 

“QIB” has
the meaning set forth in the Recitals.

 

“Regulation D”
has the meaning set forth in the Recitals.

 

“Regulatory Agencies”
means any federal or state agency charged with the supervision or regulation of depository institutions or holding companies of depository
institutions, or engaged in the insurance of depository institution deposits, or any court, administrative agency or commission or other
authority, body or agency having supervisory or regulatory authority with respect to Company, each Bank or any of their Subsidiaries.

 

“SEC” means
the U.S. Securities and Exchange Commission.

 

“Secondary Market
Transaction” has the meaning set forth in Section 5.3.

 

“Securities Act”
has the meaning set forth in the Recitals.

 

“Subordinated Note”
means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form attached as an exhibit to the Indenture,
as amended, restated, supplemented or modified from time to time, and each Subordinated Note delivered in substitution or exchange for
such Subordinated Note.

 

“Subordinated Note
Amount” has the meaning set forth in the Recitals.

 

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“Subsidiary”
means with respect to any Person, any corporation or entity in which a majority of the outstanding Equity Interest is directly or indirectly
owned by such Person.

 

“Tier 2 Capital”
has the meaning given to the term “Tier 2 capital” in 12 C.F.R. Part 217, as amended, modified and supplemented and in
effect from time to time or any replacement thereof.

 

“Transaction Documents”
has the meaning set forth in Section 3.2.1.1.

 

“Trustee”
means the trustee or successor in accordance with the applicable provisions of the Indenture.

 

1.2            Interpretations.
The foregoing definitions are equally applicable to both the singular and plural forms of the terms defined. The words “hereof”,
 “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as
a whole and not to any particular provision of this Agreement. The word “including” when used in this Agreement without the
phrase “without limitation,” shall mean “including, without limitation.” All references to time of day herein
are references to Eastern Time unless otherwise specifically provided. All references to this Agreement, the Subordinated Notes and the
Indenture shall be deemed to be to such documents as amended, modified or restated from time to time. With respect to any reference in
this Agreement to any defined term, (i) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives
and permitted successors and assigns of such Person, and (ii) if such defined term refers to a document, instrument or agreement,
then it shall also include any amendment, replacement, extension or other modification thereof.

 

1.3            Exhibits
Incorporated. All Exhibits attached hereto are hereby incorporated into this Agreement.

 

2.            SUBORDINATED
DEBT.

 

2.1            Certain
Terms. Subject to the terms and conditions herein contained, Company proposes to issue and
sell to the Purchasers, severally and not jointly, Subordinated Notes, which will be issued pursuant to the Indenture, in an aggregate
principal amount equal to the aggregate of the Subordinated Note Amounts. Each Purchaser, severally and not jointly, agrees to purchase
the Subordinated Notes with an aggregate principal amount equal to the Subordinated Note Amount set forth on its signature page hereto,
which will be issued pursuant to the Indenture, from Company on the Closing Date in accordance with the terms of, and subject to the conditions
and provisions set forth in, this Agreement, the Indenture and the Subordinated Notes. The Subordinated Note Amounts shall be disbursed
in accordance with Section 3.1.

 

2.2            The
Closing. The execution and delivery of the Transaction Documents (the “Closing”)
shall occur at the offices of Company at 10:00 a.m. (Central Time) on the Closing Date, or at such other place or time or on such
other date as the parties hereto may agree.

 

2.3            Right
of Offset. Each Purchaser hereby expressly waives any right of offset such Purchaser may
have against Company or any of its Subsidiaries.

 

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2.4            Use
of Proceeds. Company shall use the net proceeds from the sale of Subordinated Notes for general
corporate purposes, which may include, but are not limited to, possible share repurchases.

  

2.5            Partial
Redemption. Partial redemptions of the Subordinated Notes will be processed through DTC,
in accordance with its rules and procedures, as a Pro Rata Pass-Through Distribution of Principal.

 

3.            DISBURSEMENT.

 

3.1            Disbursement.
On the Closing Date, assuming all of the terms and conditions set forth in Section 3.2 have been satisfied by Company, each
Purchaser shall disburse in immediately available funds the Subordinated Note Amount set forth on such Purchaser’s signature page hereto
to Company (the “Disbursement”). Each Purchaser that is a QIB shall receive an electronic securities entitlement through
the facilities of DTC in accordance with the Applicable Procedures in the Subordinated Note with a principal amount equal to such Subordinated
Note Amount. Company will deliver to the Trustee a global certificate representing such Subordinated Notes (the “Global Note”),
registered in the name of Cede & Co., as nominee for DTC. Company or the Trustee shall deliver to each Purchaser that is not
a QIB one or more certificates representing such Purchaser’s Subordinated Note Amount in definitive form (or provide evidence of
the same with the original to be delivered by Company by overnight delivery on the next Business Day in accordance with the delivery instructions
of the Purchaser), registered in such names and denominations as such Purchasers may request (the “Definitive Notes”
and collectively with the Global Note, the “Notes”).

 

3.2            Conditions
Precedent to Disbursement.

 

3.2.1            Conditions
to the Purchasers’ Obligation. The obligation of each Purchaser to consummate the purchase
of the Subordinated Notes to be purchased by such Purchaser at Closing and to effect the Disbursement is subject to delivery by or at
the direction of Company to such Purchaser (or, with respect to the Indenture, the Trustee) each of the following (or written waiver by
such Purchaser prior to the Closing of such delivery):

 

3.2.1.1            Transaction
Documents. This Agreement, the Indenture, the Notes and the Registration Rights Agreement
(collectively, the “Transaction Documents”), each duly authorized and executed by Company; provided that Company’s
counterparts to each of the Notes and Registration Rights Agreement may be held in escrow pending satisfaction or waiver of the conditions
set forth in Section 3.2.2.

 

3.2.1.2            Authority
Documents.

 

		(a)	A copy, certified by the Secretary or Assistant Secretary of Company, of the Certificate of Incorporation
of Company, as amended;

 

		(b)	A certificate of good standing of Company issued by the Secretary of State of the State of Delaware;

 

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		(c)	A copy, certified by the Secretary or Assistant Secretary of Company, of the Bylaws of Company, as amended;

  

		(d)	A copy, certified by the Secretary or Assistant Secretary of Company, of the resolutions of the board
of directors of Company, and any committee thereof, authorizing the issuance of the Subordinated Notes and the execution, delivery and
performance of the Transaction Documents;

 

		(e)	An incumbency certificate of the Secretary or Assistant Secretary of Company certifying the names of the
officer or officers of Company authorized to sign the Transaction Documents and the other documents provided for in this Agreement; and

 

		(f)	The opinion of Barack Ferrazzano Kirschbaum & Nagelberg LLP, counsel to Company, dated as of
the Closing Date, substantially in the form set forth at Exhibit C
attached hereto addressed to the Purchasers and Placement Agent.

 

3.2.1.3            Other
Requirements. Such other additional information regarding Company, each Bank and any other
Subsidiary of Company and their respective assets, liabilities (including any liabilities arising from, or relating to, legal proceedings)
and contracts as a Purchaser may reasonably request.

 

3.2.1.4            Aggregate
Investments. Prior to, or contemporaneously with the Closing, each Purchaser shall have actually
delivered the Subordinated Note Amount set forth on such Purchaser’s signature page.

 

3.2.2            Conditions
to Company’s Obligation.

 

3.2.2.1            Since
the date of this Agreement, there shall not have been any action taken, or any law, rule or regulation enacted, entered, enforced
or deemed applicable to Company or its Subsidiaries or the transactions contemplated by this Agreement by any Governmental Agency which
imposes any restriction or condition that Company determines, in its reasonable good faith judgment, is materially and unreasonably burdensome
on Company’s business or would materially reduce the economic benefits of the transactions contemplated by this Agreement to Company
to such a degree that Company would not have entered into this Agreement had such condition or restriction been known to it on the date
hereof.

 

3.2.2.2            The
obligation of Company to consummate the sale of the Subordinated Notes and to effect the Closing is subject to Company’s receipt
of:

 

		(a)	Transaction Documents. This Agreement and the Registration Rights Agreement, each duly authorized
and executed by each Purchaser.

 

		(b)	Subordinated Note Amount. The Subordinated Note Amounts set forth on the signature pages hereto.

  

		(c)	Indenture. The Indenture, duly authorized and executed by the Trustee.

 

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4.            REPRESENTATIONS
AND WARRANTIES OF COMPANY.

 

Company hereby represents
and warrants to each Purchaser that, except as disclosed in Company’s Reports:

 

4.1            Organization
and Authority.

 

4.1.1            Organization
Matters of Company and Its Subsidiaries.

 

4.1.1.1            Company
is validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to
conduct its business and activities as presently conducted, to own its properties, and to perform its obligations under the Transaction
Documents. Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction
in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except
where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect on Company.

 

4.1.1.2            Each
Subsidiary of Company either is validly existing as a corporation or limited liability company, or, in the case of QCBT, CRBT and
CSB, has been duly chartered and is validly existing as an Iowa state-chartered bank or, in the case of GB, has been duly chartered
and is validly existing as a Missouri state-charted bank, in each case in good standing under the laws of the jurisdiction of its
incorporation or organization, has corporate or other similar power and authority to own, lease and operate its properties and to
conduct its business and is duly qualified as a foreign corporation to transact business and is in good standing in each
jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of
business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect on Company.
All of the issued and outstanding shares of capital stock or other equity interests in each Subsidiary of Company have been duly
authorized and validly issued, are fully paid and non-assessable and are owned by Company, directly or through Subsidiaries of
Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim, with the exception that all of the
issued and outstanding stock of the each Bank is pledged as collateral under a certain loan agreement between Company and a
correspondent bank lender; none of the outstanding shares of capital stock of, or other Equity Interests in, any Subsidiary
of Company were issued in violation of the preemptive or similar rights of any security holder of such Subsidiary of Company or any
other entity.

 

4.1.1.3            CRBT
is an Iowa state member bank, CSB is an Iowa state member bank, GB is a Missouri state member bank and QCBT is an Iowa state member bank.
The deposit accounts of each Bank are insured by the FDIC up to applicable limits. No Bank has received any notice or other information
indicating that such Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has any
event occurred which could reasonably be expected to adversely affect the status of any Bank as an FDIC-insured institution.

  

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4.1.2            Capital
Stock and Related Matters. The Certificate of Incorporation of Company authorizes Company
to issue 20,000,000 shares of common stock and 250,000 shares of preferred stock. As of August 17, 2022, there were 16,884,721 shares
of Company’s common stock and no shares of Company’s preferred stock issued and outstanding. All of the outstanding capital
stock of Company has been duly authorized and validly issued and is fully paid and non-assessable. There are, as of the date hereof, no
outstanding options, rights, warrants or other agreements or instruments obligating Company to issue, deliver or sell, or cause to be
issued, delivered or sold, additional shares of the capital stock of Company or obligating Company to grant, extend or enter into any
such agreement or commitment to any Person other than Company except pursuant to Company’s equity incentive plans duly adopted by
Company’s Board of Directors.

 

4.2            No
Impediment to Transactions.

 

4.2.1            Transaction
is Legal and Authorized. The issuance of the Subordinated Notes pursuant to the Indenture,
the borrowing of the aggregate of the Subordinated Note Amounts, the execution of the Transaction Documents and compliance by Company
with all of the provisions of the Transaction Documents are within the corporate and other powers of Company.

 

4.2.2            Agreement, Indenture
and Registration Rights Agreement. This Agreement, the Indenture and the Registration Rights
Agreement have been duly authorized, executed and delivered by Company, and, assuming due authorization, execution and delivery by the
other parties thereto, including the Trustee for purposes of the Indenture, constitute the legal, valid and binding obligations of Company,
enforceable against Company in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

 

4.2.3            Subordinated
Notes. The Subordinated Notes have been duly authorized by Company and when the Global Note
representing such Subordinated Notes is executed by Company and completed and authenticated by the Trustee in accordance with, and in
the forms contemplated by, the Indenture and issued, delivered to and paid for by the Purchasers as provided in this Agreement, will have
been duly issued under the Indenture and will constitute legal, valid and binding obligations of Company, entitled to the benefits of
the Indenture, and enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.
When executed and delivered, the Notes representing the Subordinated Notes will be substantially in the forms attached as exhibits to
the Indenture.

 

4.2.4            Exemption
from Registration. Neither Company, nor any of its Subsidiaries or Affiliates, nor any Person
acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D)
in connection with the offer or sale of the Subordinated Notes. Assuming the accuracy of the representations and warranties of each Purchaser
set forth in this Agreement, the Subordinated Notes will be issued in a transaction exempt from the registration requirements of the Securities
Act. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to Company or, to Company’s knowledge, any Person described in Rule 506(d)(1) (each, a
 “Company Covered Person”). Company has exercised reasonable care to determine whether any Company Covered Person is
subject to a Disqualification Event. Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e).

 

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4.2.5            No
Defaults or Restrictions. Neither the execution and delivery of the Transaction
Documents nor compliance with their respective terms and conditions will (whether with or without the giving of notice or lapse of
time or both) (i) violate, conflict with or result in a breach of, or constitute a default under: (1) the Certificate of
Incorporation or Bylaws of Company, each as currently in effect; (2) any of the terms, obligations, covenants,
conditions or provisions of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust, pledge,
bank loan or credit agreement, or any other agreement or instrument to which Company or any Bank, as applicable, is now a party or
by which it or any of its properties may be bound or affected; (3) any judgment, order, writ, injunction, decree or demand of
any court, arbitrator, grand jury, or Governmental Agency applicable to Company or any Bank; or (4) any statute, rule or
regulation applicable to Company or any Bank, except (x) in the case of item (2) for such violations and conflicts
consented to or approved by the counterparty to Company or such Bank under any contract, agreement or instrument and (y) in the
case of items (2), (3) or (4), for such violations and conflicts that would not reasonably be expected to have, singularly or
in the aggregate, a Material Adverse Effect on Company and its Subsidiaries, taken as a whole, or (ii) result in the creation
or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of Company. Neither Company nor
any Bank is in default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or
provisions contained in any indenture or other agreement creating, evidencing or securing Indebtedness of any kind or pursuant to
which any such Indebtedness is issued, or any other agreement or instrument to which Company or any Bank, as applicable, is a party
or by which Company or such Bank, as applicable, or any of its properties may be bound or affected, except, in each case, only such
defaults that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on Company. No
Bank is a party to, or otherwise subject to, any legal restriction or any agreement (other than customary limitations imposed by
corporate law statutes, banking law statutes, rules and policies, or other regulatory statutes) restricting the ability of such
Bank to pay dividends or make any other distributions to Company.

 

4.2.6            Governmental
Consent. No governmental orders, permissions, consents, approvals or authorizations are required
to be obtained by Company that have not been obtained, and no registrations or declarations are required to be filed by Company that have
not been filed in connection with, or, in contemplation of, the execution and delivery of, and performance under, the Transaction Documents,
except for applicable requirements, if any, of the Securities Act, the Exchange Act or state securities laws or “blue sky”
laws of the various states and any applicable federal or state banking laws and regulations.

 

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4.3            Possession
of Licenses and Permits. Company and its Subsidiaries possess such permits, licenses, approvals,
consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental Agencies
necessary to conduct the business now operated by them except where the failure to possess such Governmental Licenses would not, singularly
or in the aggregate, have a Material Adverse Effect on Company and such applicable Subsidiary, taken as a whole; Company and each Subsidiary
of Company is in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would
not, individually or in the aggregate, have a Material Adverse Effect on Company and such applicable Subsidiary, taken as a whole; all
of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the
failure of such Governmental Licenses to be in full force and effect would not have a Material Adverse Effect on Company and such applicable
Subsidiary, taken as a whole; and neither Company nor any Subsidiary of Company has received any notice of proceedings relating to the
revocation or modification of any such Governmental Licenses.

 

4.4            Financial
Condition.

 

4.4.1            Company
Financial Statements. The financial statements of Company included in Company’s
Reports (including the related notes, where applicable), which have been made available to Purchasers (i) have been prepared
from, and are in accordance with, the books and records of Company; (ii) fairly present in all material respects the results of
operations, cash flows, changes in shareholders’ equity and financial position of Company and its consolidated Subsidiaries,
for the respective fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited statements to
recurring year-end audit adjustments normal in nature and amount), as applicable; (iii) complied as to form, as of their
respective dates of filing in all material respects with applicable accounting and banking requirements as applicable, with respect
thereto; and (iv) have been prepared in accordance with GAAP consistently applied during the periods involved, except, in each
case: (x) as indicated in such statements or in the notes thereto; or (y) for any statement therein or omission therefrom
which was corrected, amended or supplemented or otherwise disclosed or updated in a subsequent Company’s Report; and
(z) to the extent that any unaudited interim financial statements do not contain the footnotes required by GAAP, and were or
are subject to normal and recurring year-end adjustments, which were not or are not expected to be material in amount, either
individually or in the aggregate. The books and records of Company have been, and are being, maintained in all material respects in
accordance with GAAP and any other applicable legal and accounting requirements. Company does not have any material liability of any
nature whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those
liabilities that are reflected or reserved against on the consolidated balance sheet of Company contained in Company’s Reports
for Company’s most recently completed quarterly or annual fiscal period, as applicable, and for liabilities incurred in
the ordinary course of business consistent with past practice or in connection with this Agreement and the transactions contemplated
hereby.

 

4.4.2            Absence
of Default. Since the date of the latest audited financial statements contained in Company’s
Reports, no event has occurred which either by itself or with the lapse of time or the giving of notice or both, would give any creditor
of Company the right to accelerate the maturity of any material Indebtedness of Company. Company is not in default under any other Lease,
agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which
could reasonably be expected to result in a Material Adverse Effect on Company.

 

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4.4.3            Solvency.
After giving effect to the consummation of the transactions contemplated by this Agreement, Company has capital sufficient to carry on
its business and transactions and is solvent and able to pay its debts as they mature. No transfer of property is being made and no Indebtedness
is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either
present or future creditors of Company or any Subsidiary of Company.

 

4.4.4            Ownership
of Property. Company and each of its Subsidiaries has title as to all real property owned
by it and title to all assets and properties owned by Company and such Subsidiary in the conduct of its businesses, whether such assets
and properties are real or personal, tangible or intangible, including assets and property reflected in the most recent balance sheet
contained in Company’s Reports or acquired subsequent thereto (except to the extent that such assets and properties have been disposed
of in the ordinary course of business, since the date of such balance sheet), subject to no encumbrances, liens, mortgages, security interests
or pledges, except (i) those items which secure liabilities for public or statutory obligations or any discount with, borrowing from
or other obligations to the Federal Home Loan Bank or the Federal Reserve Bank, inter-bank credit facilities, reverse repurchase agreements
or any transaction by any Bank acting in a fiduciary capacity, (ii) statutory liens for amounts not yet delinquent or which are being
contested in good faith and (iii) such as do not, individually or in the aggregate, materially affect the value of such property
and do not materially interfere with the use made and proposed to be made of such property by Company or any of its Subsidiaries. Company
and each of its Subsidiaries, as lessee, has the right under valid and existing Leases of real and personal properties that are material
to Company or such Subsidiary, as applicable, in the conduct of its business to occupy or use all such properties as presently occupied
and used by it. Such existing Leases and commitments to Lease constitute or will constitute operating Leases for both tax and financial
accounting purposes, except as otherwise disclosed in Company’s Reports, and the Lease expense and minimum rental commitments with
respect to such Leases and Lease commitments are as disclosed in all material respects in Company’s Reports.

 

4.5            No
Material Adverse Change. Since the date of the latest audited financial statements included
in Company’s Reports, there has been no development or event which has had or could reasonably be expected to have a Material Adverse
Effect on Company or any of its Subsidiaries.

 

4.6            Legal
Matters.

 

4.6.1            Compliance
with Law. Company and each of its Subsidiaries (i) has complied with and (ii) to
Company’s knowledge, is not under investigation with respect to, and, to Company’s knowledge, has not been threatened to be
charged with or given any notice of any material violation of any applicable statutes, rules, regulations, orders and restrictions of
any domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or
the ownership of its properties, except where any such failure to comply or violation would not reasonably be expected to have a Material
Adverse Effect on Company and its Subsidiaries, taken as a whole.

 

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4.6.2            Regulatory
Enforcement Actions. Company, each Bank and Company’s other Subsidiaries are in compliance
in all material respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, the failure
to comply with which would have a Material Adverse Effect on Company and such applicable Subsidiary. None of Company, any Bank, Company’s
Subsidiaries nor any of their officers or directors is now operating under any restrictions, agreements, memoranda, commitment letter,
supervisory letter or similar regulatory correspondence, or other commitments (other than restrictions of general application) imposed
by any Governmental Agency, nor are, to Company’s knowledge, (i) any such restrictions threatened, (ii) any agreements,
memoranda or commitments being sought by any Governmental Agency, or (iii) any legal or regulatory violations previously identified
by, or penalties or other remedial action previously imposed by, any Governmental Agency remains unresolved.

 

4.6.3            Pending
Litigation. There are no actions, suits, proceedings or written agreements pending, or, to
Company’s knowledge, threatened or proposed, against Company or any of its Subsidiaries at law or in equity or before or by any
federal, state, municipal, or other governmental department, commission, board, or other administrative agency, domestic or foreign, that,
either separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect on Company and any of its Subsidiaries,
taken as a whole, or affect issuance of or payment on the Subordinated Notes; and neither Company nor any of its Subsidiaries is a party
to or named as subject to the provisions of any order, writ, injunction, or decree of, or any written agreement with, any court, commission,
board or agency, domestic or foreign, that either separately or in the aggregate, will have a Material Adverse Effect on Company or any
of its Subsidiaries, taken as a whole.

 

4.6.4            Environmental.
Except as set forth on Schedule 4.6.4 attached hereto, no Property is or, to Company’s knowledge, has been a site for the
use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any
Hazardous Materials, and neither Company nor any of its Subsidiaries has engaged in such activities. There are no claims or actions pending
or, to Company’s knowledge, threatened against Company or any of its Subsidiaries by any Governmental Agency or by any other Person
relating to any Hazardous Materials or pursuant to any Hazardous Materials Law.

 

4.6.5            Brokerage
Commissions. Except for commissions paid or payable to the Placement Agent, neither Company
nor any Affiliate of Company is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions
contemplated by this Agreement.

 

4.6.6            Investment
Company Act. Neither Company nor any of its Subsidiaries is an “investment company”
or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940,
as amended.

 

4.7            No
Misstatement. No information, exhibit, report, schedule or document, when viewed together
as a whole, furnished by Company to Purchasers in connection with the negotiation, execution or performance of this Agreement contains
any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein not misleading
in light of the circumstances when made or furnished to Purchasers and as of the Closing Date, except for any statement therein or omission
therefrom which was corrected, amended or supplemented or otherwise disclosed or updated in a subsequent exhibit, report, schedule or
document prior to the date hereof.

 

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4.8            Reporting
Compliance. Company is subject to, and is in compliance in all material respects with, the
reporting requirements of Section 13 and Section 15(d), as applicable, of the Exchange Act. Company’s Reports at the time
they were filed with the SEC complied in all material respects with the requirements of the Exchange Act and did not include any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

4.9            Internal
Accounting Controls. Company, each Bank and each other applicable Subsidiary of Company has
established and maintains a system of internal control over financial reporting that pertains to the maintenance of records that accurately
and fairly reflect the transactions and dispositions of Company’s assets (on a consolidated basis), provides reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that Company’s
and each Bank’s receipts and expenditures and receipts and expenditures of each of Company’s other Subsidiaries are being
made only in accordance with authorizations of Company management and Board of Directors, and provides reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition of assets of Company on a consolidated basis that could
have a material effect on the financial statements. Such internal control over financial reporting is effective to provide reasonable
assurance regarding the reliability of Company’s financial reporting and the preparation of Company’s financial statements
for external purposes in accordance with GAAP. Since the conclusion of Company’s last completed fiscal year there has not been and
there currently is not (i) any significant deficiency or material weakness in the design or operation of its internal control over
financial reporting which are reasonably likely to adversely affect its ability to record, process, summarize and report financial information,
or (ii) any fraud, whether or not material, that involves management or other employees who have a role in Company’s or each
Bank’s internal control over financial reporting. Company (A) has implemented and maintains disclosure controls and procedures
reasonably designed and maintained to ensure that material information relating to Company is made known to the Chief Executive Officer
and the Chief Financial Officer of Company by others within Company and (B) has disclosed, based on its most recent evaluation prior
to the date hereof, to Company’s outside auditors and the audit committee of Company’s Board of Directors any significant
deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely
to adversely affect Company’s internal controls over financial reporting. Such disclosure controls and procedures are effective
for the purposes for which they were established.

 

4.10            Tax
Matters. Company, each Bank and each other applicable Subsidiary of Company have (i) filed
all material foreign, U.S. federal, state and local tax returns, information returns and similar reports that are required to be filed,
and all such tax returns are true, correct and complete in all material respects, and (ii) paid all material taxes required to be
paid by it and any other material assessment, fine or penalty levied against it other than taxes (x) currently payable without penalty
or interest, or (y) being contested in good faith by appropriate proceedings.

 

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4.11            Representations
and Warranties Generally. The representations and warranties of Company set forth in this
Agreement and in any certificate or other document delivered to Purchasers by or on behalf of Company pursuant to or in connection with
this Agreement are true and correct as of the date hereof and as otherwise specifically provided herein or therein. None of the representations,
warranties, covenants and agreements made in this Agreement or in any certificate or other document delivered to Purchasers by or on behalf
of Company pursuant to or in connection with this Agreement contains any untrue statement of a material fact or omits to state a material
fact or any fact necessary to make the statements contained therein not misleading in light of the circumstances when made. Any certificate
signed by an officer of Company and delivered to Purchasers or to counsel for Purchasers shall be deemed to be a representation and warranty
by Company to Purchasers as to matters set forth therein.

 

5.            GENERAL
COVENANTS, CONDITIONS AND AGREEMENTS.

 

Company hereby further covenants
and agrees with each Purchaser as follows:

 

5.1            Compliance
with Transaction Documents. Company shall comply with, observe and timely perform each and
every one of its covenants, agreements and obligations under the Transaction Documents.

 

5.2            Absence
of Control. It is the intent of the parties to this Agreement that in no event shall Purchasers,
by reason of any of the Transaction Documents, be deemed to control, directly or indirectly, Company, and Purchasers shall not exercise,
or be deemed to exercise, directly or indirectly, a controlling influence over the management or policies of Company.

 

5.3            Secondary
Market Transactions. So long as not in violation of Section 6.4 below, each Purchaser
shall have the right at any time and from time to time to securitize its Subordinated Notes or any portion thereof in a single asset securitization
or a pooled loan securitization of rated single or multi-class securities secured by or evidencing ownership interests in the Subordinated
Notes (each such securitization is referred to herein as a “Secondary Market Transaction”). In connection with any
such Secondary Market Transaction, Company shall, at Company’s expense, cooperate with any such Purchaser and otherwise reasonably
assist any such Purchaser in satisfying the market standards to which any such Purchaser customarily adheres or which may be reasonably
required in the marketplace or by applicable rating agencies in connection with any such Secondary Market Transaction. Subject to any
written confidentiality obligation, all information regarding Company may be furnished, without liability except in the case of gross
negligence or willful misconduct, to any Purchaser and to any Person reasonably deemed necessary by Purchaser in connection with participation
in such Secondary Market Transaction. All documents, financial statements, appraisals and other data relevant to Company or the Subordinated
Notes may be retained by any such Person.

 

5.4            Rule 144A
Information. While any Subordinated Notes remain “restricted securities” within
the meaning of the Securities Act, Company will make available, upon request, to any seller of such Subordinated Notes the information
specified in Rule 144A(d)(4) under the Securities Act, unless Company is then subject to Section 13 or 15(d) of the
Exchange Act.

 

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5.5            NRSRO
Rating. Company will use commercially reasonable efforts to maintain a rating by a nationally
recognized statistical rating organization (“NRSRO”) while any Subordinated Notes remain outstanding.

 

5.6            Resale
Registration Statement. Subject to the terms and conditions of this Agreement, Company will
provide to the Purchasers the resale registration rights described in the Registration Rights Agreement.

 

5.7            DTC
Registration. Company shall use commercially reasonable efforts to cause the
Subordinated Notes to be quoted on Bloomberg and, with respect to Subordinated Notes held by QIBs, cause such Subordinated
Notes to be registered in the name of Cede & Co. as nominee of The Depository Trust Company (“DTC”).

 

6.            REPRESENTATIONS,
WARRANTIES AND COVENANTS OF PURCHASERS.

 

Each Purchaser hereby represents
and warrants to Company, and covenants with Company, severally and not jointly, as follows:

 

6.1            Legal
Power and Authority. Purchaser has all necessary power and authority to execute, deliver
and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. Purchaser is an entity duly organized,
validly existing and in good standing under the laws its jurisdiction of organization.

 

6.2            Authorization
and Execution. The execution, delivery and performance of this Agreement and the Registration
Rights Agreement have been duly authorized by all necessary action on the part of such Purchaser, and, assuming due authorization, execution
and delivery by Company, this Agreement and the Registration Rights Agreement are each a legal, valid and binding obligation of such Purchaser,
enforceable against such Purchaser in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

 

6.3            No
Conflicts. Neither the execution, delivery or performance of the Transaction Documents nor
the consummation of any of the transactions contemplated thereby will conflict with, violate, constitute a breach of or a default (whether
with or without the giving of notice or lapse of time or both) under (i) Purchaser’s organizational documents, (ii) any
agreement to which Purchaser is party, (iii) any law applicable to Purchaser or (iv) any order, writ, judgment, injunction,
decree, determination or award binding upon or affecting Purchaser.

 

6.4            Purchase
for Investment. Purchaser is purchasing the Subordinated Note for its own account and not
with a view to distribution and with no present intention of reselling, distributing or otherwise disposing of the same. Purchaser has
no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for, or which is likely
to compel, a disposition of the Subordinated Notes in any manner.

 

6.5            Institutional
Accredited Investor. Purchaser is and will be on the Closing Date (i) an institutional
 “accredited investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated by subsections
(1), (2), (3) and (7) of Rule 501(a) of Regulation D, and has no less than $5,000,000 in total assets, or (ii) a
QIB.

 

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6.6            Financial
and Business Sophistication. Purchaser has such knowledge and experience in financial and
business matters that it is capable of evaluating the merits and risks of the prospective investment in the Subordinated Notes. Purchaser
has relied solely upon its own knowledge of, and the advice of its own legal, financial or other advisors with regard to, the legal, financial,
tax and other considerations involved in deciding to invest in the Subordinated Notes.

 

6.7            Ability
to Bear Economic Risk of Investment. Purchaser recognizes that an investment in the Subordinated
Notes involves substantial risk. Purchaser has the ability to bear the economic risk of the prospective investment in the Subordinated
Notes, including the ability to hold the Subordinated Notes indefinitely, and further including the ability to bear a complete loss of
all of its investment in Company.

 

6.8            Information.
Purchaser acknowledges that: (i) it is not being provided with the disclosures that would be required if the offer and sale of the
Subordinated Notes were registered under the Securities Act, nor is it being provided with any offering circular or prospectus prepared
in connection with the offer and sale of the Subordinated Notes; (ii) it has conducted its own examination of Company and the terms
of the Indenture and the Subordinated Notes to the extent it deems necessary to make its decision to invest in the Subordinated Notes;
and (iii) it has availed itself of publicly available financial and other information concerning Company to the extent it deems necessary
to make its decision to purchase the Subordinated Notes. It has reviewed the information set forth in Company’s Reports and the
exhibits and schedules hereto and the information contained in the data room established by Company in connection with the transactions
contemplated by this Agreement on August 1, 2022, including the risk factors disclosure document.

 

6.9            Access
to Information. Purchaser acknowledges that it and its advisors have been furnished
with all materials relating to the business, finances and operations of Company that have been requested by it or its advisors and
have been given the opportunity to ask questions of, and to receive answers from, persons acting on behalf of Company
concerning terms and conditions of the transactions contemplated by this Agreement in order to make an informed and voluntary
decision to enter into this Agreement.

 

6.10            Investment
Decision. Purchaser has made its own investment decision based upon its own judgment, due
diligence and advice from such advisors as it has deemed necessary and not upon any view expressed by any other Person or entity, including
the Placement Agent (or, with respect to the Indenture, the Trustee). Neither such inquiries nor any other due diligence investigations
conducted by Purchaser or Purchaser’s advisors or representatives, if any, shall modify, amend or affect Purchaser’s right
to rely on Company’s representations and warranties contained herein. Purchaser is not relying upon, and has not relied upon, any
advice, statement, representation or warranty made by any Person by or on behalf of Company, including the Placement Agent (or, with respect
to the Indenture, the Trustee), except for the express statements, representations and warranties of Company made or contained in this
Agreement. Furthermore, Purchaser acknowledges that (i) the Placement Agent has not performed any due diligence review on behalf
of it and (ii) nothing in this Agreement or any other materials presented by or on behalf of Company to Purchaser in connection with
the purchase of the Subordinated Notes constitutes legal, tax or investment advice.

 

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6.11            Private
Placement; No Registration; Restricted Legends. Purchaser understands and acknowledges that
the Subordinated Notes are being sold by Company without registration under the Securities Act in reliance on the exemption from federal
and state registration set forth in, respectively, Rule 506(b) of Regulation D and Section 4(a)(2) of the Securities
Act and Section 18 of the Securities Act, or any state securities laws, and accordingly, may be resold, pledged or otherwise transferred
only if exemptions from the Securities Act and applicable state securities laws are available to it. Purchaser is not subscribing for
the Subordinated Notes as a result of or subsequent to any general solicitation or general advertising, in each case within the meaning
of Rule 502(c) of Regulation D, including any advertisement, article, notice or other communication published in any newspaper,
magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting. Purchaser further acknowledges
and agrees that the Notes will bear the restrictive legend set forth in the forms of the Subordinated Note, which are attached as exhibits
to the Indenture. Purchaser further acknowledges its primary responsibilities under the Securities Act and, accordingly, will not sell
or otherwise transfer the Subordinated Notes or any interest therein without complying with the requirements of the Securities Act and
the rules and regulations promulgated thereunder and the requirements set forth in this Agreement.

 

6.12            Placement
Agent. Purchaser will purchase the Subordinated Note(s) directly from Company and not
from the Placement Agent and understands that neither the Placement Agent nor any other broker or dealer has any obligation to make a
market in the Subordinated Notes.

 

6.13            Accuracy
of Representations. It understands that each of the Placement Agent and Company will rely
upon the truth and accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated
by this Agreement, and agrees that if any of the representations or acknowledgements made by it are no longer accurate as of the Closing
Date, or if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly notify the Placement Agent
and Company.

 

6.14            Representations
and Warranties Generally. The representations and warranties of Purchaser set forth in this
Agreement are true and correct as of the date hereof and as otherwise specifically provided herein. Any certificate signed by a duly authorized
representative of Purchaser and delivered to Company or to counsel for Company shall be deemed to be a representation and warranty by
Purchaser to Company as to the matters set forth therein.

 

7.            MISCELLANEOUS.

 

7.1            Prohibition
on Assignment by Company. Except as described in Article 8 of the Indenture, Company
may not assign, transfer or delegate any of its rights or obligations under this Agreement or the Subordinated Notes without the prior
written consent of Purchasers.

 

7.2            Time
of the Essence. Time is of the essence for this Agreement.

 

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7.3            Waiver
or Amendment. No waiver or amendment of any term, provision, condition, covenant or agreement
herein shall be effective unless in writing and signed by all of the parties hereto. No failure to exercise or delay in exercising, by
a Purchaser or any holder of the Subordinated Notes, of any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise
of any other right or remedy provided by law. The rights and remedies provided in this Agreement are cumulative and not exclusive of any
right or remedy provided by law or equity.

 

7.4            Severability.
Any provision of this Agreement which is unenforceable or invalid or contrary to law, or the inclusion of which would adversely affect
the validity, legality or enforcement of this Agreement, shall be of no effect and, in such case, all the remaining terms and provisions
of this Agreement shall subsist and be fully effective according to the tenor of this Agreement the same as though any such invalid portion
had never been included herein. Notwithstanding any of the foregoing to the contrary, if any provisions of this Agreement or the application
thereof are held invalid or unenforceable only as to particular persons or situations, the remainder of this Agreement, and the application
of such provision to persons or situations other than those to which it shall have been held invalid or unenforceable, shall not be affected
thereby, but shall continue valid and enforceable to the fullest extent permitted by law.

 

7.5            Notices.
Any notice which any party hereto may be required or may desire to give hereunder shall be deemed to have been given if in writing and
if delivered personally, or if mailed, postage prepaid, by United States registered or certified mail, return receipt requested, or if
delivered by a responsible overnight commercial courier promising next business day delivery, addressed:

 

	if to Company:	
    QCR Holdings, Inc.

    3551 7th Street

    Moline, Illinois 61265

    Attention: Todd A. Gipple

	 	 
	with a copy to:	
    Barack Ferrazzano Kirschbaum & Nagelberg LLP

200 West Madison Street, Suite 3900

Chicago, IL 60606

Attention: Robert M. Fleetwood

                    Abdul R. Mitha

	 	 
	if to Purchasers:	To the address indicated on such Purchaser’s signature page.

 

or to such other address or addresses as the party
to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for the giving of notice;
provided that no change in address shall be effective until five (5) Business Days after being given to the other party in the manner
provided for above. Any notice given in accordance with the foregoing shall be deemed given when delivered personally or, if mailed, three
(3) Business Days after it shall have been deposited in the United States mails as aforesaid or, if sent by overnight courier, the
Business Day following the date of delivery to such courier (provided next business day delivery was requested).

 

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7.6            Successors
and Assigns. This Agreement shall inure to the benefit of the parties and their respective
heirs, legal representatives, successors and assigns; except that, unless a Purchaser consents in writing, no assignment made by Company
in violation of this Agreement shall be effective or confer any rights on any purported assignee of Company. The term “successors
and assigns” will not include a purchaser of any of the Subordinated Notes from any Purchaser merely because of such purchase.

 

7.7            No
Joint Venture. Nothing contained herein or in any document executed pursuant hereto and no
action or inaction whatsoever on the part of a Purchaser, shall be deemed to make a Purchaser a partner or joint venturer with Company.

 

7.8            Documentation.
All documents and other matters required by any of the provisions of this Agreement to be submitted or furnished to a Purchaser shall
be in form and substance satisfactory to such Purchaser.

 

7.9            Entire
Agreement. This Agreement, the Indenture, the Registration Rights Agreement and the Subordinated
Notes, along with the Exhibits hereto, constitute the entire agreement between the parties hereto with respect to the subject matter hereof
and may not be modified or amended in any manner other than by supplemental written agreement executed by the parties hereto. No party,
in entering into this Agreement, has relied upon any representation, warranty, covenant, condition or other term that is not set forth
in this Agreement, the Indenture, the Registration Rights Agreement or the Subordinated Notes.

 

7.10            Choice
of Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of New York without giving effect to its laws or principles of conflict of laws. Nothing herein shall be deemed to
limit any rights, powers or privileges which a Purchaser may have pursuant to any law of the United States of America or any rule,
regulation or order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction
or conduct by a Purchaser which is lawful pursuant to, or which is permitted by, any of the foregoing.

 

7.11            No
Third Party Beneficiary. This Agreement is made for the sole benefit of Company and the Purchasers,
and no other Person shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose
whatsoever, nor shall any other Person have any right of action of any kind hereon or be deemed to be a third party beneficiary hereunder;
provided, that the Placement Agent may rely on the representations and warranties contained herein to the same extent as if they
were a party to this Agreement.

 

7.12            Legal
Tender of United States. All payments hereunder shall be made in coin or currency which at
the time of payment is legal tender in the United States of America for public and private debts.

 

7.13            Captions;
Counterparts. Captions contained in this Agreement in no way define, limit or extend the
scope or intent of their respective provisions. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken
together shall constitute but one and the same instrument. In the event that any signature is delivered by facsimile transmission, or
by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original
thereof.

 

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7.14            Knowledge;
Discretion. All references herein to a Purchaser’s or Company’s knowledge shall
be deemed to mean the knowledge of such party based on the actual knowledge of such party’s President, Chief Executive Officer,
Chief Financial Officer and General Counsel or such other persons holding equivalent offices. Unless specified to the contrary herein,
all references herein to an exercise of discretion or judgment by a Purchaser, to the making of a determination or designation by a Purchaser,
to the application of a Purchaser’s discretion or opinion, to the granting or withholding of a Purchaser’s consent or approval,
to the consideration of whether a matter or thing is satisfactory or acceptable to a Purchaser, or otherwise involving the decision making
of a Purchaser, shall be deemed to mean that such Purchaser shall decide using the reasonable discretion or judgment of a prudent lender.

 

7.15            Waiver
of Right to Jury Trial. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY
IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF COMPANY OR PURCHASERS. THE PARTIES ACKNOWLEDGE
THAT THEY HAVE BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED
OF THEIR OWN FREE WILL. THE PARTIES FURTHER ACKNOWLEDGE THAT (I) THEY HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS
WAIVER, (II) THIS WAIVER HAS BEEN REVIEWED BY THE PARTIES AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR ENTRY INTO THIS AGREEMENT
AND THE REGISTRATION RIGHTS AGREEMENT AND (III) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY
INCORPORATED THEREIN.

 

7.16            Expenses.
Except as otherwise provided in this Agreement, each of the parties will bear and pay all other costs and expenses incurred by it or on
its behalf in connection with the transactions contemplated pursuant to this Agreement.

 

7.17            Survival.
Each of the representations and warranties set forth in this Agreement shall survive the consummation of the transactions contemplated
hereby for a period of one year after the date hereof. Except as otherwise provided herein, all covenants and agreements contained herein
shall survive until, by their respective terms, they are no longer operative.

 

[Signature Pages Follow]

 

    22

     

    

 

IN
WITNESS WHEREOF, Company has caused this Subordinated Note Purchase Agreement to be executed by its duly authorized representative
as of the date first above written.

 

	 	COMPANY:
	 	 
	 	QCR Holdings, Inc.
	 	 
	 	By:	  
	 	Name:	Todd A. Gipple
	 	Title:	President, Chief Operating Officer and Chief Financial
    Officer

 

[Company Signature Page
to Subordinated Note Purchase Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned Purchaser has caused this Subordinated Note Purchase Agreement to be executed by its duly
authorized representative as of the date first above written.

 

	 	PURCHASER:
	 	 
	 	[INSERT PURCHASER’S NAME]
	 	 
	 	By:	                   
	 	Name:	[●]
	 	Title:	[●]

 

	 	
    Address
    of Purchaser:

     

    [●]

     

	 	
    Subordinated
    Note Amount:

     

    $[●]

 

[Purchaser Signature Page to Subordinated
Note Purchase Agreement]

 

     

     

    

 

SCHEDULE 4.6.4

 

ENVIRONMENTAL

 

		·	One of the Guaranty Bank sites in Carthage, Missouri, was previously used as a gas station with an underground
storage tank system that was removed in 1998.
		·	Another site, also in Carthage, was previously used by the Carthage Police Department, which maintained
a gasoline storage tank on the property until 1993.

 

The Company is not aware of any issues with these
sites.

 

     

     

    

 

EXHIBIT A

 

FORM OF INDENTURE

 

     

     

    

 

EXHIBIT B

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

     

     

    

 

EXHIBIT C

 

OPINION OF COUNSEL

 

1.            In
reliance solely on a certificate of good standing of Company dated August 18, 2022 issued by the Delaware Secretary of State, a certificate
of good standing of CRBT dated August 2, 2022 issued by the Iowa Division of Banking, a certificate of good standing of CSB dated
August 2, 2022 issued by the Iowa Division of Banking, a certificate of good standing of GB dated August 1, 2022 issued by the
Missouri Division of Finance and a certificate of good standing of QCBT dated August 2, 2022 issued by the Iowa Division of Banking:
Company and each Bank (i) has been organized or formed, as the case may be, is validly existing and is in good standing under the
laws of its jurisdiction of organization, (ii) has all requisite corporate or similar power and authority to carry on its business
as currently conducted, and (iii) is duly qualified or licensed to do business and is in good standing as a foreign corporation or
bank, as the case may be, in each jurisdiction in which the nature of such businesses or the ownership or leasing of such properties requires
such qualification, except where the failure to be so qualified would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

2.            In
reliance solely on a certificate dated August 2, 2022 issued by the Board of Governors of the Federal Reserve System, Company is
a registered financial holding company under the Bank Holding Company Act of 1956, as amended.

 

3.            Company
has all requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction Documents to which
it is a party and to consummate the transactions contemplated by the Transaction Documents.

 

4.            Each
of the Agreement, the Indenture and the Registration Rights Agreement has been duly and validly authorized, executed and delivered by
Company and constitutes a legal, valid and binding obligation of Company, enforceable against Company in accordance with its terms, except
that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent conveyance,
fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general
principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefor
may be brought.

 

5.            The
execution and delivery by Company of, and the performance by Company of its agreements and obligations under, the Transaction Documents
do not (i) to such counsel’s knowledge, violate any applicable provisions of the Delaware General Corporation Law, (ii) to
such counsel’s knowledge, violate any court order or judgment of any federal or state agency or court having jurisdiction over Company
or any Bank and known to such counsel, or (iii) violate the Certificate of Incorporation or Bylaws of Company, each as currently
in effect.

 

6.            The
Subordinated Notes have been duly and validly authorized by Company and when duly authenticated and delivered by the Trustee and when
executed and issued by the Company and delivered to and paid for by Purchasers in accordance with the terms of this Agreement and the
Indenture, will constitute valid and legally binding obligations of Company, enforceable against Company in accordance with their terms,
except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent
conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general
principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding therefor
may be brought.

 

7.            Assuming
the accuracy of the representations and warranties of each of the Purchasers and Company set forth in this Agreement, the Subordinated
Notes to be issued and sold by Company to the Purchasers pursuant to this Agreement and the Indenture will be issued in a transaction
exempt from the registration requirements of the Securities Act.

 

    28Exhibit 10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT
(the “Agreement”) is dated as of August 18, 2022 and is made by and among QCR Holdings, Inc., a Delaware
corporation (the “Company”), and the several purchasers of the Subordinated Notes (as defined below) identified
on the signature pages to the Purchase Agreement (as defined below) (collectively, the “Purchasers”).

 

This Agreement is made pursuant
to the Subordinated Note Purchase Agreement dated August 18, 2022 by and among the Company and each of the Purchasers (the “Purchase
Agreement”), which provides for the sale by the Company to the Purchasers of $45,000,000 aggregate principal amount of the Company’s
Fixed-to-Floating Rate Subordinated Notes due 2032, which were issued on August 18, 2022 (the “Subordinated Notes”).
In order to induce each of the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the Purchasers’
obligations thereunder, the Company has agreed to provide to the Purchasers and their respective direct and indirect transferees and assigns
the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under
the Purchase Agreement.

 

In consideration of the foregoing,
the parties hereto agree as follows:

 

1.     Definitions.
As used in this Agreement, the following capitalized defined terms shall have the following meanings:

 

“1933 Act”
shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder.

 

“1934 Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.

 

“Additional Interest”
shall have the meaning set forth in Section 2(e) hereof.

 

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

“Business Day”
shall mean any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions in the state of Illinois
are authorized or obligated to be closed.

 

“Closing Date”
shall mean the date of this Agreement.

 

“Company”
shall have the meaning set forth in the preamble to this Agreement and also includes the Company’s successors.

 

“Depositary”
shall mean The Depository Trust Company, or any other depositary appointed by the Company, including any agent thereof; provided,
however, that any such depositary must at all times have an address in the Borough of Manhattan, The City of New York.

 

     

     

    

 

“Event Date”
shall have the meaning set forth in Section 2(e).

 

“Exchange Offer”
shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof.

 

“Exchange Offer Registration”
shall mean a registration under the 1933 Act effected pursuant to Section 2(a) hereof.

 

“Exchange Offer Registration
Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form)
covering the Registrable Securities, and all amendments and supplements to such registration statement, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by reference therein.

 

“Exchange
Securities” shall mean the Fixed-to-Floating Rate Subordinated Notes due 2032 issued by the Company under the Indenture
containing terms substantially identical to the Subordinated Notes (except that (i) interest thereon shall accrue from the last
date to which interest has been paid or duly provided for on the Subordinated Notes or, if no such interest has been paid or duly
provided for, from the Interest Accrual Date, (ii) provisions relating to an increase in the stated rate of interest thereon
upon the occurrence of a Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating to
restrictions on ownership and transfer thereof as a result of the issuance of the Subordinated Notes without registration under the
1933 Act shall be eliminated, (iv) the minimum denominations thereof shall be $100,000 and integral multiples of $1,000 in
excess thereof and (v) all of the Exchange Securities will be represented by one or more global Exchange Securities in
book-entry form (unless exchanged for Exchange Securities in definitive certificated form under the circumstances permitted by the
Company) to be offered to Holders of Registrable Securities in exchange for Registrable Securities pursuant to the Exchange
Offer.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“Holders”
shall mean (i) the Purchasers and each of their respective successors, assigns and direct and indirect transferees who become registered
owners of Registrable Securities under the Indenture, for so long as they own any Registrable Securities and (ii) each Participating
Broker-Dealer that holds Exchange Securities for so long as such Participating Broker-Dealer is required to deliver a prospectus meeting
the requirements of the 1933 Act in connection with any resale of such Exchange Securities.

 

“Indenture”
shall mean the Indenture, dated as of February 12, 2019, by and between the Company and Wilmington Trust, National Association, as
trustee, as supplemented by the second supplemental indenture, dated as of the date hereof, by and between the Company and Wilmington
Trust, National Association, as trustee, under which the Subordinated Notes are to be issued as the same may be amended or supplemented
from time to time in accordance with the terms thereof.

 

“Interest Accrual
Date” means August 18, 2022.

 

    2

     

    

 

“Majority Holders”
shall mean the Holders of a majority of the aggregate principal amount of Registrable Securities outstanding, excluding Exchange Securities
referred to in clause (ii) of the definition of “Holders” above; provided that whenever the consent or approval
of Holders of a specified percentage of Registrable Securities or Exchange Securities is required hereunder, Registrable Securities and
Exchange Securities held by the Company or any of its affiliates (as such term is defined in Rule 405 under the 1933 Act) shall be
disregarded in determining whether such consent or approval was given by the Holders of such required percentage.

 

“Notifying Broker-Dealer”
shall have the meaning set forth in Section 3(f) hereof.

 

“Participating Broker-Dealer”
shall have the meaning set forth in Section 3(f) hereof.

 

“Person”
shall mean an individual, partnership, joint venture, limited liability company, corporation, trust or unincorporated organization, or
a government or agency or political subdivision thereof.

 

“Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as amended
or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to a prospectus,
including post-effective amendments, and in each case including all material incorporated or deemed to be incorporated by reference therein.

 

“Purchase Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

“Purchasers”
shall have the meaning set forth in the preamble of this Agreement.

 

“Registrable Securities”
shall mean the Subordinated Notes; provided, however, that any Subordinated Notes shall cease to be Registrable Securities
when (i) a Registration Statement with respect to such Subordinated Notes shall have been declared or become effective under the
1933 Act and such Subordinated Notes shall have been exchanged or disposed of pursuant to such Registration Statement, (ii) such
Subordinated Notes shall have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A)
under the 1933 Act, or are eligible to be resold pursuant to Rule 144 without regard to the public information requirements thereunder,
(iii) such Subordinated Notes shall have ceased to be outstanding, or (iv) such Subordinated Notes have been exchanged for Exchange
Securities which have been registered pursuant to the Exchange Offer Registration Statement upon consummation of the Exchange Offer unless,
in the case of any Exchange Securities referred to in this clause (iv), such Exchange Securities are held by Participating Broker-Dealers
or otherwise are not freely tradable by such Participating Broker-Dealers without any limitations or restrictions under the 1933 Act (in
which case such Exchange Securities will be deemed to be Registrable Securities until such time as such Exchange Securities are sold to
a purchaser in whose hands such Exchange Securities are freely tradeable without any limitations or restrictions under the 1933 Act).

 

“Registration Default”
shall have the meaning set forth in Section 2(e) hereof.

 

    3

     

    

 

“Registration Expenses”
shall mean any and all reasonable expenses incident to performance of or compliance by the Company with this Agreement, including without
limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection
with compliance with state or other securities or blue sky laws and compliance with the rules of FINRA (including reasonable fees
and disbursements of one counsel for any Holders in connection with qualification of any of the Exchange Securities or Registrable Securities
under state or other securities or blue sky laws and any filing with and review by FINRA), (iii) all expenses of any Persons in preparing,
printing and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, securities sales agreements,
certificates representing the Subordinated Notes or Exchange Securities and other documents relating to the performance of and compliance
with this Agreement, (iv) all rating agency fees, (v) all fees and expenses incurred in connection with the listing, if any,
of any of the Subordinated Notes or Exchange Securities on any securities exchange or exchanges or on any quotation system, (vi) all
fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vii) the fees and disbursements
of counsel for the Company and the fees and expenses of independent public accountants for the Company or for any other Person, business
or assets whose financial statements are included in any Registration Statement or Prospectus, including the expenses of any special audits
or “cold comfort” letters required by or incident to such performance and compliance, and (viii) the fees and expenses
of the Trustee, any security registrar, any depositary, any paying agent, any escrow agent or any custodian, in each case including fees
and disbursements of their respective counsel, but excluding any underwriting discounts and commissions, brokerage commissions and transfer
taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder.

 

“Registration Statement”
shall mean any registration statement of the Company relating to any offering of the Exchange Securities or Registrable Securities pursuant
to the provisions of this Agreement (including, without limitation, any Exchange Offer Registration Statement and any Shelf Registration
Statement), and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including
the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by reference therein.

 

“SEC” shall
mean the Securities and Exchange Commission or any successor thereto.

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 2(b) hereof.

 

“Shelf Registration
Statement” shall mean a “shelf” registration statement of the Company pursuant to the provisions of Section 2(b) of
this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule 415 under the
1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement,
including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated
or deemed to be incorporated by reference therein.

 

    4

     

    

 

“Subsidiary”
shall mean a corporation, partnership, business, statutory trust or limited liability company, a majority of the outstanding voting equity
securities or a majority of the partnership interests or voting membership, as the case may be, of which is owned or controlled, directly
or indirectly, by the Company or by one or more other Subsidiaries of the Company.

 

“Subordinated Notes”
shall have the meaning set forth in the preamble to this Agreement.

 

“TIA” shall
mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder.

 

“Trustee”
shall mean the trustee with respect to the Subordinated Notes and the Exchange Securities under the Indenture.

 

For purposes of this
Agreement, (i) all references in this Agreement to any Registration Statement, preliminary prospectus or Prospectus or any
amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic
Data Gathering, Analysis and Retrieval system; (ii) all references in this Agreement to financial statements and schedules and
other information which is “contained,” “included” or “stated” in any Registration Statement,
preliminary prospectus or Prospectus (or other references of like import) shall be deemed to mean and include all such financial
statements and schedules and other information which is incorporated or deemed to be incorporated by reference in such Registration
Statement, preliminary prospectus or Prospectus, as the case may be; (iii) all references in this Agreement to amendments or
supplements to any Registration Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing of
any document under the 1934 Act which is incorporated or deemed to be incorporated by reference in such Registration Statement,
preliminary prospectus or Prospectus, as the case may be; (iv) all references in this Agreement to Rule 144,
Rule 144A, Rule 405 or Rule 415 under the 1933 Act, and all references to any sections or subsections thereof or
terms defined therein, shall in each case include any successor provisions thereto; and (v) all references in this Agreement to
days (but not to Business Days) shall mean calendar days.

 

2.     Registration
Under the 1933 Act.

 

(a)     Exchange
Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with the SEC on or prior to the 90th
day after the Closing Date an Exchange Offer Registration Statement covering the offer by the Company to the Holders to exchange all of
the Registrable Securities for a like aggregate principal amount of Exchange Securities, (B) use its commercially reasonable efforts
to cause such Exchange Offer Registration Statement to be declared effective by or become effective with the SEC no later than the 150th
day after the Closing Date, (C) use its commercially reasonable efforts to cause such Registration Statement to remain effective
until the closing of the Exchange Offer and (D) use its commercially reasonable efforts to consummate the Exchange Offer no later
than 45 days after the effective date of the Exchange Offer Registration Statement. Upon the effectiveness of the Exchange Offer Registration
Statement, the Company shall promptly commence the Exchange Offer.

 

    5

     

    

 

In connection with the Exchange Offer, the Company shall:

 

		(i)	promptly mail or otherwise transmit, in compliance with the applicable procedures of the depositary for
such Registrable Securities, to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents;

 

		(ii)	keep the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law)
after the date notice thereof is mailed to the Holders and, during the Exchange Offer, offer to all Holders who are legally eligible to
participate in the Exchange Offer the opportunity to exchange their Registrable Securities for Exchange Securities;

 

		(iii)	use the services of a depositary with an address in the Borough of Manhattan, City of New York for the
Exchange Offer;

 

		(iv)	permit Holders to withdraw tendered Registrable Securities at any time prior to the close of business,
Eastern time, on the last Business Day on which the Exchange Offer shall remain open, by sending to the institution at the address specified
in the Prospectus or the related letter of transmittal or related documents a facsimile transmission or letter setting forth the name
of such Holder, the principal amount of Registrable Securities delivered for exchange, and a statement that such Holder is withdrawing
its election to have such Subordinated Notes exchanged, and otherwise complying with the applicable procedures of the Depositary;

 

		(v)	notify each Holder that any Registrable Security not tendered will remain outstanding and continue to
accrue interest, but will not retain any rights under this Agreement (except in the case of Participating Broker-Dealers as provided herein);
and

 

		(vi)	otherwise comply in all material respects with all applicable laws relating to the Exchange Offer.

 

The Exchange Securities shall
be issued under the Indenture, which shall be qualified under the TIA. The Exchange Securities and the Subordinated Notes shall vote and
consent together on all matters as a single class (as to which any such Exchange Securities and Subordinated Notes may vote or consent)
and shall constitute a single series of debt securities issued under the Indenture.

 

As soon as reasonably practicable
after the close of the Exchange Offer, the Company shall:

 

		(vii)	accept for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to the
Exchange Offer in accordance with the terms of the Exchange Offer Registration Statement and the letter of transmittal that is an exhibit
thereto;

 

    6

     

    

 

		(viii)	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities so accepted
for exchange by the Company; and

 

		(ix)	cause the Trustee promptly to authenticate and deliver Exchange Securities to each Holder of Registrable
Securities so accepted for exchange equal in principal amount to the principal amount of the Registrable Securities of such Holder so
accepted for exchange.

 

For the avoidance of doubt,
notwithstanding any provision herein purporting to require physical mailing, delivery or acceptance of any document or instrument, the
Company may conduct the Exchange Offer exclusively through the automated tender offer program of the Depositary, provided that
this provision shall apply only to Registrable Securities held in the form of beneficial interests in a global note deposited with (or
held by a custodian for) the Depositary.

 

Interest on each Exchange
Security will accrue from the last date on which interest was paid or duly provided for on the Subordinated Notes surrendered in exchange
therefor or, if no interest has been paid or duly provided for on such Subordinated Notes, from the Interest Accrual Date. The Exchange
Offer shall not be subject to any conditions, other than (i) that the Exchange Offer, or the making of any exchange by a Holder,
does not violate any applicable law or any applicable interpretation of the staff of the SEC, (ii) that no action or proceeding shall
have been instituted or threatened in any court or by or before any governmental agency with respect to the Exchange Offer which, in the
Company’s judgment, would reasonably be expected to impair the ability of the Company to proceed with the Exchange Offer, and (iii) that
the Holders tender the Registrable Securities to the Company in accordance with the Exchange Offer. Each Holder of Registrable Securities
(other than Participating Broker-Dealers) who wishes to exchange such Registrable Securities for Exchange Securities in the Exchange Offer
will be required to represent that (i) it is not an affiliate (as defined in Rule 405 under the 1933 Act) of the Company, (ii) any
Exchange Securities to be received by it will be acquired in the ordinary course of business, (iii) it has no arrangement with any
Person to participate in the distribution (within the meaning of the 1933 Act) of the Exchange Securities, and (iv) it is not acting
on behalf of any Person who could not truthfully make the statements set forth in clauses (i), (ii) and (iii) immediately above,
and shall be required to make such other representations as may be reasonably necessary under applicable SEC rules, regulations or interpretations
to render the use of Form S-4 or another appropriate form under the 1933 Act available.

 

    7

     

    

 

(b)     Shelf
Registration. (i) If, because of any change in law or applicable interpretations thereof by the staff of the SEC, the Company
is not permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if for any other reason
(A) the Exchange Offer Registration Statement is not effective within 150 days following the Closing Date or (B) the Exchange
Offer is not consummated within 45 days after effectiveness of the Exchange Offer Registration Statement (provided that if the
Exchange Offer Registration Statement shall become effective after such 150-day period or if the Exchange Offer shall be consummated after
such 45-day period, then the Company’s obligations under this clause (ii) arising from the failure of the Exchange Offer Registration
Statement to be effective within such 150-day period or the failure of the Exchange Offer to be consummated within such 45-day period,
respectively, shall terminate), or (iii) if any Holder delivers a written representation to the Company that such Holder was not
eligible to participate in the Exchange Offer or validly elects to participate in the Exchange Offer but does not receive Exchange Securities
that are freely tradeable without any limitations or restrictions under the 1933 Act, then the Company shall, at its cost:

 

		(A)	use its commercially reasonable efforts to file with the SEC on or prior to (I) the 180th day after
the Closing Date or (II) the 60th day after any such filing obligation arises, whichever is later, a Shelf Registration Statement
relating to the offer and sale of the Registrable Securities by the Holders from time to time in accordance with the methods of distribution
elected by the Majority Holders of such Registrable Securities and set forth in such Shelf Registration Statement;

 

		(B)	use its commercially reasonable efforts to cause such Shelf Registration Statement to become effective
with the SEC as promptly as practicable, but in no event later than (I) the 225th day after the Closing Date or (II) the 105th
day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later. In the event that the Company
is required to file a Shelf Registration Statement pursuant to Section 2(b)(iii) hereof, the Company shall file and use
its commercially reasonable efforts to become effective with the SEC both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof
with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the
Exchange Offer Registration Statement) with respect to offers and sales of Registrable
Securities held by such Holder described in Section 2(b)(iii) above;

 

		(C)	use its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective,
supplemented and amended as required, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one
year after the latest date on which any Subordinated Notes are originally issued by the Company (subject to extension pursuant to the
last paragraph of Section 3) or, if earlier, when all of the Registrable Securities covered by such Shelf Registration Statement
(I) have been sold pursuant to the Shelf Registration Statement in accordance with the intended method of distribution thereunder,
or (II) cease to be Registrable Securities; and

 

    8

     

    

 

		(D)	notwithstanding any other provisions hereof, use its commercially reasonable efforts to ensure that (I) any
Shelf Registration Statement and any amendment thereto and any Prospectus forming a part thereof and any supplements thereto comply in
all material respects with the 1933 Act, (II) any Shelf Registration Statement and any amendment thereto does not, when it becomes
effective, contain 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 not misleading and (III) any Prospectus forming part of any Shelf Registration Statement and any amendment
or supplement to such Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however,
clauses (II) and (III) shall not apply to any statement in or omission from a Shelf Registration Statement or a Prospectus made
in reliance upon and conformity with information relating to any Holder or Participating Broker-Dealer of Registrable Securities furnished
to the Company in writing by such Holder or Participating Broker-Dealer, respectively, expressly for use in such Shelf Registration Statement
or Prospectus.

 

The Company further agrees,
if necessary, to supplement or amend the Shelf Registration Statement if reasonably requested by the Majority Holders with respect to
information relating to the Holders and otherwise as required by Section 3(b) below, to use its commercially reasonable
efforts to cause any such amendment to become effective and such Shelf Registration Statement to become usable as soon as reasonably practicable
thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being
used or filed with the SEC.

 

(c)     Expenses.
The Company shall pay all Registration Expenses in connection with the registration pursuant to Sections 2(a) and 2(b) and,
in the case of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one counsel (in
addition to any local counsel) designated in writing by the Majority Holders to act as counsel for the Holders of the Registrable Securities
in connection therewith; provided, however, that the Company shall not be responsible for reimbursement for the fees and disbursements
of such counsel in an aggregate amount in excess of $10,000. Each Holder shall pay all fees and disbursements of its counsel other than
as set forth in the preceding sentence or in the definition of Registration Expenses and all underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to a Shelf Registration
Statement.

 

    9

     

    

 

(d)     Effective Registration
Statement.

 

		(i)	The Company shall be deemed not to have used its commercially reasonable efforts to cause the Exchange
Offer Registration Statement or any Shelf Registration Statement, as the case may be, to become, or to remain, effective during the requisite
periods set forth herein if the Company voluntarily takes any action that could reasonably be expected to result in any such Registration
Statement not being effective or remaining effective or in the Holders of Registrable Securities (including, under the circumstances contemplated
by Section 3(f) hereof, Exchange Securities) covered thereby not being able to exchange or offer and sell such Registrable
Securities during that period unless (A) such action is required by applicable law or (B) such action is taken by the Company
in good faith and for valid business reasons (but not including avoidance of the Company’s obligations hereunder), including, but
not limited to, the acquisition or divestiture of assets or a material corporate transaction or event, or if the Company determines in
good faith that effecting or maintaining the availability
of the registration would materially and adversely affect an offering of securities of the Company or if the Company is in possession
of material non-public information the disclosure of which would not be in the best interests of the Company, in each case so long as
the Company promptly complies with the notification requirements of Section 3(k) hereof, if applicable. Nothing in this
paragraph shall prevent the accrual of Additional Interest on any Registrable Securities or Exchange Securities.

 

		(ii)	An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration
Statement pursuant to Section 2(b) hereof shall not be deemed to have become effective unless it has been declared effective
by the SEC or becomes effective in accordance with the provisions of Section 8(a) of the 1933 Act; provided, however,
that if, after such Registration Statement has become effective, the offering of Registrable Securities pursuant to a Registration Statement
is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, such
Registration Statement shall be deemed not to have been effective during the period of such interference until the offering of Registrable
Securities pursuant to such Registration Statement may legally resume.

 

		(iii)	During any 365-day period, the Company may, by notice as described in Section 3(e) hereof,
suspend the availability of a Shelf Registration Statement (and, if the Exchange Offer Registration Statement is being used in connection
with the resale of Exchange Securities by Participating Broker-Dealers as contemplated by Section 3(f) hereof, the Exchange
Offer Registration Statement) and the use of the related Prospectus for up to two periods of up to 60 consecutive days each (except for
the consecutive 60-day period immediately prior to final maturity of the Subordinated Notes), but no more than an aggregate of 120 days
during any 365-day period, upon (A) the happening of any event or the discovery of any fact referred to in Section 3(e)(v) hereof,
or (B) if the Company determines in good faith that effecting or maintaining the availability of the registration would materially
and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public information the
disclosure of which would not be in the best interests of the Company, in each case subject to compliance by the Company with its obligations
under the last paragraph of Section 3.

 

    10

     

    

 

(e)     Increase in
Interest Rate. In the event that:

 

		(i)	the Exchange Offer Registration Statement is not filed with the SEC on or prior to the 90th day following
the Closing Date, or

 

		(ii)	the Exchange Offer Registration Statement is not effective with the SEC on or prior to the 150th day following
the Closing Date, or

 

		(iii)	the Exchange Offer is not consummated on or prior to the 45th day following the effective date of the
Exchange Offer Registration Statement, or

 

		(iv)	if required, a Shelf Registration Statement is not filed with the SEC on or prior to (A) the 180th
day following the Closing Date or (B) the 60th day after the obligation to file with the SEC a Shelf Registration Statement arises,
whichever is later, or

 

		(v)	if required, a Shelf Registration Statement is not effective on or prior to (a) the 225th day following
the Closing Date or (b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is
later, or

 

		(vi)	a Shelf Registration Statement is effective with the SEC but such Shelf Registration Statement
                                                              ceases to be effective or such Shelf Registration Statement or the Prospectus included therein ceases to be usable in connection
                                                              with resales of Registrable Securities for any reason and (A) the aggregate number of days in any consecutive 365-day period
                                                              for which the Shelf Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days, (B) the Shelf
                                                              Registration Statement or such Prospectus shall not be effective or usable for more than two periods (regardless of duration) in any
                                                              consecutive 365-day period or (C) the Shelf
Registration Statement or such Prospectus shall not be effective or usable for a period of more than 90 consecutive days, or

 

		(vii)	the Exchange Offer Registration Statement is effective with the SEC but, if the Exchange Offer Registration
Statement is being used in connection with the resale of Exchange Securities as contemplated by Section 3(f) hereof,
the Exchange Offer Registration Statement ceases to be effective or the Exchange Offer Registration Statement or the Prospectus included
therein ceases to be usable in connection with resales of Exchange Securities for any reason during the 180-day period referred to in
Section 3(f)(ii) hereof (as such period may be extended pursuant to the last paragraph of Section 3) and
(A) the aggregate number of days in any consecutive 365-day period for which the Exchange Offer Registration Statement or such Prospectus
shall not be effective or usable exceeds 120 days, (B) the Exchange Offer Registration Statement or such Prospectus shall not be
effective or usable for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the Exchange Offer
Registration Statement or the Prospectus shall not be effective or usable for a period of more than 90 consecutive days,

 

    11

     

    

 

(each of the events referred to in clauses (i) through
(vii) above being hereinafter called a “Registration Default”), then the per annum interest rate borne by the
Registrable Securities shall be increased (“Additional Interest”) by one-quarter of one percent (0.25%) per annum immediately
following such 90-day period in the case of clause (i) above, immediately following such 150-day period in the case of clause (ii) above,
immediately following such 45-day period in the case of clause (iii) above, immediately following any such 180-day period or 60-day
period, whichever ends later, in the case of clause (iv) above, immediately following any such 225-day period or 105-day period,
as applicable, in the case of clause (v) above, immediately following the 120th day in any consecutive 365-day period, as of the
first day of the third period in any consecutive 365-day period or immediately following the 90th consecutive day, whichever occurs first,
that a Shelf Registration Statement shall not be effective or a Shelf Registration Statement or the Prospectus included therein shall
not be usable as contemplated by clause (vi) above, or immediately following the 120th day in any consecutive 365-day period, as
of the first day of the third period in any consecutive 365-day period or immediately following the 90th consecutive day, whichever occurs
first, that the Exchange Offer Registration Statement shall not be effective or the Exchange Offer Registration Statement or the Prospectus
included therein shall not be usable as contemplated by clause (vii) above, which rate will be increased by an additional one-quarter
of one percent (0.25%) per annum immediately following each 90-day period that any Additional Interest continues to accrue under any circumstances;
provided, however, that, if at any time more than one Registration Default has occurred and is continuing, then, until the next
date that there is no Registration Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred
a single Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such date that
there is no Registration Default; provided further, that the aggregate increase in such annual interest rate may in no event exceed
one-half of one percent (0.50%) per annum. Upon the filing of the Exchange Offer Registration Statement after the 90-day period described
in clause (i) above, the effectiveness of the Exchange Offer Registration Statement after the 150-day period described in clause
(ii) above, the consummation of the Exchange Offer after the 45-day period described in clause (iii) above, the filing of the
Shelf Registration Statement after the 180-day period or 60-day period, as the case may be, described in clause (iv) above, the effectiveness
of a Shelf Registration Statement after the 225-day period or 105-day period, as applicable, described in clause (v) above, or the
Shelf Registration Statement once again being effective or the Shelf Registration Statement and the Prospectus included therein becoming
usable in connection with resales of Registrable Securities, as the case may be, in the case of clause (vi) above, or the Exchange
Offer Registration Statement once again becoming effective or the Exchange Offer Registration Statement and the Prospectus included therein
becoming usable in connection with resales of Exchange Securities, as the case may be, in the case of clause (vii) thereof, the interest
rate borne by the Subordinated Notes from the date of such filing, effectiveness, consummation or resumption of effectiveness or usability,
as the case may be, shall be reduced to the original interest rate so long as no other Registration Default shall have occurred and shall
be continuing at such time and the Company is otherwise in compliance with this paragraph; provided, however, that, if after
any such reduction in interest rate, one or more Registration Defaults shall again occur, the interest rate shall again be increased pursuant
to the foregoing provisions (as if it were the original Registration Default). Notwithstanding anything in this Agreement to the contrary,
the Company will not be obligated to pay any Additional Interest in the case of a Shelf Registration Statement with respect to any Holder
of Registrable Securities who fails to timely provide all information with respect to Holder that is reasonably requested by the Company
to enable it to timely comply with its obligations under Section 2(b).

 

    12

     

    

 

The Company shall notify the
Trustee within three Business Days after each and every date on which an event occurs in respect of which Additional Interest is required
to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit
of the Holders of Registrable Securities, on or before the applicable interest payment date, immediately available funds in sums sufficient
to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record Holder
of Registrable Securities entitled to receive the interest payment to be paid on such date as set forth in the Indenture. Each obligation
to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date.

 

Anything herein to the contrary
notwithstanding, any Holder who was, at the time the Exchange Offer was pending and consummated, eligible to exchange, and did not validly
tender, its Subordinated Notes for Exchange Securities in the Exchange Offer will not be entitled to receive any Additional Interest.

 

(f)     Specific
Enforcement. Without limiting the remedies available to the Holders or any Participating Broker-Dealer, the Company acknowledges that
any failure by the Company to comply with its obligations under Sections 2(a) and 2(b) hereof may result in material
irreparable injury to the Holders or the Participating Broker-Dealers for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder and any Participating Broker-Dealer
may seek such relief as may be required to specifically enforce the Company’s obligations under Sections 2(a) and 2(b).

 

3.     Registration
Procedures. In connection with the obligations of the Company with respect to the Registration Statements pursuant to Sections
2(a) and 2(b) hereof, the Company shall:

 

(a)     prepare
and file with the SEC a Registration Statement or, if required, Registration Statements, within the time periods specified in Section 2,
on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a Shelf
Registration Statement, be available for the sale of the Registrable Securities by the selling Holders thereof and (iii) shall comply
as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial
statements required by the SEC to be filed therewith or incorporated by reference therein, and use its commercially reasonable efforts
to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2
hereof;

 

    13

     

    

 

(b)     prepare and file
with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary under applicable law to
keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof; cause each Prospectus
to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the 1933
Act; and comply with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable Securities covered
by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the
selling Holders thereof;

 

(c)     in
the case of a Shelf Registration, (i) notify each Holder of Registrable Securities, at least ten Business Days prior to filing, that
a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the distribution
of Registrable Securities will be made in accordance with the method elected by the Majority Holders; (ii) furnish to each Holder
of Registrable Securities and counsel for the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus,
and any amendment or supplement thereto and such other documents as such Holder or counsel may reasonably request, including financial
statements and schedules and, if such Holder or counsel so requests, all exhibits (including those incorporated by reference) in order
to facilitate the public sale or other disposition of the Registrable Securities; and (iii) subject to the penultimate paragraph
of this Section 3, the Company hereby consents to the use of the Prospectus, including each preliminary Prospectus, or any
amendment or supplement thereto by each of the Holders of Registrable Securities in accordance with applicable law in connection with
the offering and sale of the Registrable Securities covered by and in the manner described in any Prospectus or any amendment or supplement
thereto;

 

(d)     use
its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or
 “blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall
reasonably request, to cooperate with the Holders of any Registrable Securities in connection with any filings required to be made
with FINRA, to keep each such registration or qualification effective during the period such Registration Statement is required to
be effective and do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder to
consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however,
that the Company shall not be required to (i) qualify as a foreign corporation or entity or as a dealer in securities in any
jurisdiction where it would not otherwise be required to qualify but for this Section 3(d) or (ii) take any
action which would subject it to general service of process or taxation in any such jurisdiction if it is not then so subject;

 

    14

     

    

 

(e)     in
the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly and, if requested
by such Holder or counsel, confirm such advice in writing promptly (i) when a Registration Statement has become effective and when
any post-effective amendments and supplements thereto become effective, (ii) of any request by the SEC or any state securities authority
for post-effective amendments or supplements to a Registration Statement or Prospectus or for additional information after a Registration
Statement has become effective (other than comments to 1934 Act reports incorporated therein by reference), (iii) of the issuance
by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation
of any proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose,
(v) of the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective which
is contemplated in Section 2(d)(i) hereof or which makes any statement made in such Shelf Registration Statement or the
related Prospectus untrue in any material respect or which constitutes an omission to state a material fact in such Shelf Registration
Statement or Prospectus and (vi) of any determination by the Company that a post-effective amendment to a Registration Statement
would be appropriate. Without limitation to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall
also be applicable, mutatis mutandis, with respect to the Exchange Offer Registration Statement and the Prospectus included therein to
the extent that such Prospectus is being used by Participating Broker-Dealers as contemplated by Section 3(f) hereof;

 

	(f)   	(i)	 in the case of an Exchange Offer, (A) include in the Exchange Offer Registration Statement (1) a “Plan of Distribution”
section covering the use of the Prospectus included in the Exchange Offer Registration Statement by broker-dealers who have exchanged
their Registrable Securities for Exchange Securities for the resale of such Exchange Securities and (2) a statement to the effect
that any such broker-dealers who wish to use the related Prospectus in connection with the resale of Exchange Securities acquired as
a result of market-making or other trading activities will be required to notify the Company to that effect, together with instructions
for giving such notice (which instructions shall include a provision for giving such notice by checking a box or making another appropriate
notation on the related letter of transmittal) (each such broker-dealer who gives notice to the Company as aforesaid being hereinafter
called a “Notifying Broker-Dealer”), (B) furnish to each Notifying Broker-Dealer who desires to participate in
the Exchange Offer, without charge, as many copies of each Prospectus included in the Exchange Offer Registration Statement, including
any preliminary prospectus, and any amendment or supplement thereto, as such broker-dealer may reasonably request, (C) include in
the Exchange Offer Registration Statement a statement that any broker-dealer who holds Registrable Securities acquired for its own account
as a result of market-making activities or other trading activities (a “Participating Broker-Dealer”), and who receives
Exchange Securities for Registrable Securities pursuant to the Exchange Offer, may be a statutory underwriter and must deliver a prospectus
meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities, (D) subject to the penultimate
paragraph of this Section 3, the Company hereby consents to the use of the Prospectus forming part of the Exchange Offer
Registration Statement or any amendment or supplement thereto by any Notifying Broker-Dealer in accordance with applicable law in connection
with the sale or transfer of Exchange Securities, and (E) include in the transmittal letter or similar documentation to be executed
by an exchange offeree in order to participate in the Exchange Offer the following provision:

 

    15

     

    

 

“If the undersigned is not a
broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for
Registrable Securities, it represents that the Registrable Securities to be exchanged for Exchange Securities were acquired by it as
a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus meeting the
requirements of the 1933 Act in connection with any resale of such Exchange Securities pursuant to the Exchange Offer; however, by
so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter”
within the meaning of the 1933 Act;”

 

		(ii)	to the extent any Notifying Broker-Dealer participates in the Exchange Offer, (A) the Company shall
use its commercially reasonable efforts to maintain the effectiveness of the Exchange Offer Registration Statement for a period of 180
days (subject to extension pursuant to the last paragraph of this Section 3) following the last date on which exchanges are
accepted pursuant to the Exchange Offer, and (B) the Company will comply, insofar as relates to the Exchange Offer Registration Statement,
the Prospectus included therein and the offering and sale of Exchange Securities pursuant thereto, with its obligations under Section 2(b)(D),
the last paragraph of Section 2(b), Sections 3(c), 3(d), 3(e), 3(g), 3(i), 3(j),
3(k), 3(o), 3(p), 3(q) and 3(r), and the last three paragraphs of this Section 3 as
if all references therein to a Shelf Registration Statement, the Prospectus included therein and the Holders of Registrable Securities
referred, mutatis mutandis, to the Exchange Offer Registration Statement, the Prospectus included therein and the applicable Notifying
Broker-Dealers and, for purposes of this Section 3(f), all references in any such paragraphs or sections to the “Majority
Holders” shall be deemed to mean, solely insofar as relates to this Section 3(f), the Notifying Broker-Dealers who
are the Holders of the majority in aggregate principal amount of the Exchange Securities which are Registrable Securities; and

 

		(iii)	the Company shall not be required to amend or supplement the Prospectus contained in the Exchange Offer
Registration Statement as would otherwise be contemplated by Section 3(b) or 3(k) hereof, or take any other
action as a result of this Section 3(f), for a period exceeding 180 days (subject to extension pursuant to the last paragraph
of this Section 3) after the last date on which exchanges are accepted pursuant to the Exchange Offer and Notifying Broker-Dealers
shall not be authorized by the Company to, and shall not, deliver such Prospectus after such period in connection with resales contemplated
by this Section 3;

 

    16

     

    

 

(g)     in the case of
a Shelf Registration, furnish counsel for the Holders of Registrable Securities copies of any request by the SEC or any state securities
authority for amendments or supplements to a Registration Statement or Prospectus or for additional information (other than comments to
1934 Act reports incorporated therein by reference);

 

(h)     use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement as
soon as practicable and provide immediate notice to each Holder of the withdrawal of any such order;

 

(i)     in
the case of a Shelf Registration, upon request furnish to each Holder of Registrable Securities, without charge, at least one conformed
copy of each Registration Statement and any post-effective amendments thereto (without documents incorporated or deemed to be incorporated
therein by reference or exhibits thereto, unless requested);

 

(j)     in
the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and cause such Registrable
Securities to be in such denominations (consistent with the provisions of the Indenture) and in a form eligible for deposit with the Depositary
and registered in such names as the selling Holders may reasonably request in writing at least two Business Days prior to the closing
of any sale of Registrable Securities;

 

(k)     in
the case of a Shelf Registration, upon the occurrence of any event or the discovery of any facts as contemplated by Section 3(e)(v) hereof,
use its commercially reasonable efforts to prepare a supplement or post-effective amendment to a Registration Statement or the
related Prospectus or any document incorporated or deemed to be incorporated therein by reference or file any other required
document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain at the
time of such delivery any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. The Company agrees to notify each
Holder to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and each Holder hereby
agrees to suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct such misstatement or
omission. At such time as such public disclosure is otherwise made or the Company determines that such disclosure is not necessary,
in each case to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly to
notify each Holder of such determination and to furnish each Holder such number of copies of the Prospectus, as amended or
supplemented, as such Holder may reasonably request;

 

    17

     

    

 

(l)     obtain
CUSIP and ISIN numbers for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective date of
a Registration Statement, and provide the Trustee with printed or word-processed certificates for the Exchange Securities or Registrable
Securities, as the case may be, in a form eligible for deposit with the Depositary;

 

(m)     (i) cause
the Indenture to be qualified under the TIA in connection with the registration of the Exchange Securities or Registrable Securities,
as the case may be, (ii) cooperate with the Trustee and the Holders to effect such changes, if any, to the Indenture as may be required
for the Indenture to be so qualified in accordance with the terms of the TIA and (iii) execute, and use its commercially reasonable
efforts to cause the Trustee to execute, all documents as may be required to effect such changes, if any, and all other forms and documents
required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

 

(n)     in
the case of a Shelf Registration, upon request make available for inspection by representatives of the Holders of the Registrable Securities
participating in any disposition pursuant to a Shelf Registration Statement and any one counsel or accountant retained by such Holders
(with such inspection to occur at such time as mutually agreed between the Company and such Persons), all financial statements and other
records, documents and properties of the Company reasonably requested by any such Persons, and cause the respective officers, directors,
employees, and any other agents of the Company to supply all information reasonably requested by any such Persons in connection with a
Shelf Registration Statement; provided that any such Persons shall be required to execute a customary confidentiality agreement;

 

(o)     in
the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration Statement, any Prospectus forming a part thereof,
any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus, provide copies of such document to the
Holders of Registrable Securities and to counsel for any such Holders, and make such changes in any such document prior to the filing
thereof as the Holders of Registrable Securities, or any of their counsel may reasonably request; and cause the representatives of the
Company to be available for discussion of such documents as shall be reasonably requested by the Holders of Registrable Securities and
shall not at any time make any filing of any such document of which such Holders or their counsel shall not have previously been advised
and furnished a copy or to which such Holders or their counsel shall reasonably object within a reasonable time period;

 

(p)     in
the case of a Shelf Registration, use its commercially reasonable efforts to cause the Registrable Securities to be rated by the same
rating agency that initially rated the Subordinated Notes, if so requested by the Majority Holders of Registrable Securities, unless the
Registrable Securities are already so rated;

 

(q)     otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC and, with respect to each
Registration Statement and each post-effective amendment, if any, thereto and each filing by the Company of an Annual Report on Form 10-K,
make available to its security holders, as soon as reasonably practicable, an earnings statement covering at least twelve months which
shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; and

 

(r)     cooperate
and assist in any filings required to be made with FINRA.

 

    18

     

    

 

In the case of a Shelf Registration
Statement, the Company may (as a condition to such Holder’s participation in the Shelf Registration) require each Holder of Registrable
Securities to furnish to the Company such information regarding such Holder and the proposed distribution by such Holder of such Registrable
Securities as the Company may from time to time reasonably request in writing and require such Holder to agree in writing to be bound
by all provisions of this Agreement applicable to such Holder.

 

In the case of a Shelf
Registration Statement, each Holder agrees and, in the event that any Participating Broker-Dealer is using the Prospectus included
in the Exchange Offer Registration Statement in connection with the sale of Exchange Securities pursuant to Section 3(f),
each such Participating Broker-Dealer agrees that, upon receipt of any notice from the Company of the happening of any event or the
discovery of any facts of the kind described in Sections 3(e)(ii), 3(e)(iii) or 3(e)(iv) through 3(e)(vi) hereof,
such Holder or Participating Broker-Dealer, as the case may be, will forthwith discontinue disposition of Registrable Securities
pursuant to a Registration Statement until receipt by such Holder or Participating Broker-Dealer, as the case may be, of
(i) the copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof or
(ii) written notice from the Company that the Shelf Registration Statement or the Exchange Offer Registration Statement,
respectively, are once again effective or that no supplement or amendment is required. If so directed by the Company, such Holder or
Participating Broker-Dealer, as the case may be, will deliver to the Company (at the Company’s expense) all copies in its
possession, other than permanent file copies then in its possession, of the Prospectus covering such Registrable Securities current
at the time of receipt of such notice. Nothing in this paragraph shall prevent the accrual of Additional Interest on any Registrable
Securities.

 

If the Company shall give
any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding paragraph, the Company shall
be deemed to have used its commercially reasonable efforts to keep the Shelf Registration Statement or, in the case of Section 3(f),
the Exchange Offer Registration Statement, as the case may be, effective during such period of suspension; provided that (i) such
period of suspension shall not exceed the time periods provided in Section 2(d)(iii) hereof and (ii) the Company
shall use its commercially reasonable efforts to file and have become effective (if an amendment) as soon as practicable thereafter an
amendment or supplement to the Shelf Registration Statement or the Exchange Offer Registration Statement or both, as the case may be,
or the Prospectus included therein and shall extend the period during which the Shelf Registration Statement or the Exchange Offer Registration
Statement or both, as the case may be, shall be maintained effective pursuant to this Agreement (and, if applicable, the period during
which Participating Broker-Dealers may use the Prospectus included in the Exchange Offer Registration Statement pursuant to Section 3(f) hereof)
by the number of days during the period from and including the date of the giving of such notice to and including the earlier of the date
when the Holders or Participating Broker-Dealers, respectively, shall have received copies of the supplemented or amended Prospectus necessary
to resume such dispositions and the effective date of written notice from the Company to the Holders or Participating Broker-Dealers,
respectively, that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective
or that no supplement or amendment is required.

 

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4.     Indemnification
and Contribution.

 

(a)     The
Company agrees to indemnify and hold harmless each Holder, each Participating Broker-Dealer and each Person, if any, who controls any
Holder or Participating Broker-Dealer within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act,
as follows:

 

		(i)	against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of
any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto)
pursuant to which Exchange Securities or Registrable Securities were registered under the 1933 Act, including all documents incorporated
therein by reference, or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact contained
in any preliminary prospectus or Prospectus (or any amendment or supplement thereto) or any omission or alleged omission therefrom of
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

		(ii)	against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent
of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission
described in subparagraph (i) above; provided that any such settlement is effected with the written consent of the Company;
and

 

		(iii)	against any and all expense whatsoever, as incurred (including, subject to Section 4(c) below,
the fees and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against
any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above,
to the extent that any such expense is not paid under subparagraph (i) or (ii) above;

 

provided, however,
that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any
untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written
information furnished to the Company by any Holder or Participating Broker-Dealer with respect to such Holder, Participating
Broker-Dealer, as the case may be, expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or
any amendment or supplement thereto).

 

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(b)     Each
Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, each director of the Company, each officer of the
Company who signed the Registration Statement, each Participating Broker-Dealer and each other selling Holder and each Person, if any,
who controls the Company, any Participating Broker-Dealer or any other selling Holder within the meaning of Section 15 of the 1933
Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained
in Section 4(a) hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements
or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus included therein (or any amendment
or supplement thereto) in reliance upon and in conformity with written information with respect to such Holder furnished to the Company
by such Holder expressly for use in the Shelf Registration Statement (or any amendment thereto) or such Prospectus (or any amendment or
supplement thereto); provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount
of net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Shelf Registration Statement.

 

(c)     Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against
it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such
indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event
shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the
respective indemnified parties shall be selected as follows: (i) counsel to the Company, its directors, each of its officers
who signed the Registration Statement and all Persons, if any, who control the Company within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders (other than
Participating Broker-Dealers) and all Persons, if any, who control any Holders (other than any Participating Broker-Dealers) within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Holders who held or hold,
as the case may be, a majority in aggregate principal amount of the Registrable Securities held by all such Holders; and
(iii) counsel to the Participating Broker-Dealers and all Persons, if any, who control any such Participating Broker-Dealer
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Participating
Broker-Dealers who held or hold, as the case may be, a majority in aggregate principal amount of the Exchange Securities referred to
in Section 3(f) hereof held by all such Participating Broker-Dealers. In no event shall the indemnifying party or
parties be liable for (A) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the
indemnifying parties’ own counsel for the Company and all other Persons referred to in clause (i) of this paragraph,
(B) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying
parties’ own counsel for all Holders (other than Participating Broker-Dealers) and all other Persons referred to in clause
(ii) of this paragraph, and (C) the fees and expenses of more than one counsel (in addition to any local counsel) separate
from the indemnifying parties’ own counsel for all Participating Broker-Dealers and all other Persons referred to in clause
(iii) of this paragraph, in each case in connection with any one action or separate but similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances. The indemnifying party shall be entitled to participate
therein and, to the extent that it shall elect, jointly with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party, provided, however, if the defendants in any such
action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that
a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such
action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional
to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to
assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or
parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the
indemnifying party shall not be liable to such indemnified party under such subsection 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 unless (A) the indemnified party shall have employed separate counsel in accordance with the
proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of
more than one separate counsel, approved by the indemnifying party) or (B) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party within a reasonable time after notice of commencement of the action, in
each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party. No indemnifying party shall,
without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with
respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever in respect of which indemnification or contribution could be sought under this Section 4 (whether or
not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent
(i) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding 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.

 

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(d)     If
the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute
to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in
such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and of the indemnified
party or parties on the other hand in connection with the statements or omissions that resulted in such losses, liabilities, claims, damages
or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party or parties on the one
hand and the indemnified party or parties on the other hand 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 parties or such indemnified party or parties, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.

 

(e)     The
Company and the Holders agree that it would not be just or equitable if contribution pursuant to this Section 4 were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
paragraph (d) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and
referred to above in this Section 4 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.

 

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Notwithstanding the provisions
of this Section 4, other than in the case of intentional misrepresentation or omission of a material fact, no Holder or Participating
Broker-Dealer shall be required to contribute any amount in excess of the amount by which the total price at which Registrable Securities
sold by it were offered exceeds the amount of any damages that such Holder or Participating Broker-Dealer has otherwise been required
to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission.

 

No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person who
was not guilty of such fraudulent misrepresentation.

 

For purposes of this Section 4,
each Person, if any, who controls a Holder or Participating Broker-Dealer within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act shall have the same rights to contribution as such Holder or Participating Broker-Dealer, as the case may be, and each
director of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as
the Company.

 

The respective obligations
of the Holders and Participating Broker-Dealers to contribute pursuant to this Section 4 are several in proportion to the
principal amount of Subordinated Notes purchased by them and not joint.

 

The indemnity and contribution
provisions contained in this Section 4 shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any Holder or Participating Broker-Dealer or any Person controlling
any Holder or Participating Broker-Dealer, or by or on behalf of the Company, its officers or directors or any Person controlling the
Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities or Exchange Securities
pursuant to a Shelf Registration Statement.

 

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5.     Miscellaneous.

 

(a)     Rule 144
and Rule 144A. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934
Act, the Company covenants that it will file all reports required to be filed by it under Section 13(a) or 15(d) of
the 1934 Act and the rules and regulations adopted by the SEC thereunder, that if it ceases to be so required to file such
reports, it will upon the request of any Holder or beneficial owner of Registrable Securities (i) make publicly available such
information (including, without limitation, the information specified in Rule 144(c)(2) under the 1933 Act) as is
necessary to permit sales pursuant to Rule 144 under the 1933 Act, (ii) deliver or cause to be delivered, promptly
following a request by any Holder or beneficial owner of Registrable Securities or any prospective purchaser or transferee
designated by such Holder or beneficial owner, such information (including, without limitation, the information specified in
Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales pursuant to Rule 144A under the 1933 Act, and
(iii) take such further action that is reasonable in the circumstances, in each case to the extent required from time to time
to enable such Holder to sell its Registrable Securities without registration under the 1933 Act within the limitation of the
exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule may be amended from time to time,
(y) Rule 144A under the 1933 Act, as such Rule may be amended from time to time, or (z) any similar
rules or regulations hereafter adopted by the SEC. Upon the request of any Holder or beneficial owner of Registrable
Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements.

 

(b)     No
Inconsistent Agreements. The Company has not entered into nor will the Company on or after the date of this Agreement enter into any
agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts
with the provisions hereof; provided that the Company will not be precluded from entering into any agreement after the date hereof
which may or does result, directly or indirectly, in the payment of Additional Interest. The rights granted to the Holders hereunder do
not and will not in any way conflict in any material respects with and are not and will not be inconsistent in any material respects with
the rights granted to the holders of any of the Company’s other issued and outstanding securities under any other agreements entered
into by the Company or any of its Subsidiaries.

 

(c)     Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent
of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment,
modification, supplement, waiver or departure.

 

(d)     Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class
mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder or Participating Broker-Dealer at the most
current address set forth on the records of the security registrar under the Indenture, and (ii) if to the Company, initially at
the address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the
provisions of this Section 5(d).

 

All such notices and communications
shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited
in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent via electronic mail; and on the next Business Day if timely
delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such notices,
demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified
in the Indenture.

 

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(e)     Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing
herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms hereof
or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether
by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking
and holding such Registrable Securities, such Person shall be conclusively deemed to have agreed to be bound by and to perform all of
the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase
Agreement, and such Person shall be entitled to receive the benefits hereof.

 

(f)     Third
Party Beneficiary. Each Holder and Participating Broker-Dealer shall be a third party beneficiary of the agreements made
hereunder and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or
advisable to protect its rights or the rights of other Holders hereunder. Each Holder, by its acquisition of Subordinated Notes,
shall be deemed to have agreed to the provisions of Section 5(b) hereof.

 

(g)     Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. In the event that
any signature is delivered by facsimile transmission, or by electronic mail delivery of a “.pdf” format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force
and effect as if such facsimile signature page were an original thereof.

 

(h)     Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(i)      Restriction
on Resales. If the Company or any of its Subsidiaries or affiliates (as defined in Rule 144 under the 1933 Act) shall redeem,
purchase or otherwise acquire any Registrable Security or any Exchange Security which is a “restricted security” within the
meaning of Rule 144 under the 1933 Act, the Company will deliver or cause to be delivered such Registrable Security or Exchange Security,
as the case may be, to the Trustee for cancellation and neither the Company nor any of its Subsidiaries or affiliates will hold or resell
such Registrable Security or Exchange Security or issue any new security or Exchange Security to replace the same.

 

(j)     
GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

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(k)      Entire
Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter hereof and
supersedes all oral statements and prior writings with respect hereto. In the event that any one or more of the provisions contained herein,
or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

 

[SIGNATURE PAGES FOLLOW]

 

    26

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Registration Rights Agreement to be executed by its duly authorized representative
as of the date first above written.

 

	 	COMPANY:
	 	 
	 	QCR Holdings, Inc.
	 	 
	 	By:	 
	 	Name:	Todd A. Gipple
	 	Title:	President, Chief Operating Officer and Chief Financial Officer

 

[Company Signature Page to Registration
Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, each Purchaser has caused this Registration Rights Agreement to be executed by its duly authorized representative
as of the date first above written.

 

	 	PURCHASER:

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Purchaser
Signature Page to Registration Rights Agreement]

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