Document:

EX-4.1

 Exhibit 4.1 

PEAPACK-GLADSTONE FINANCIAL CORPORATION 

As Issuer, 
 and 

UMB BANK, NATIONAL ASSOCIATION 

As Trustee 
 INDENTURE 

Dated as of December 22, 2020 

3.50% Fixed to Floating Rate Subordinated Notes due 2030 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 101
	 	Definitions	  	 	1	 
	 Section 102
	 	Compliance Certificates and Opinions	  	 	9	 
	 Section 103
	 	Form of Documents Delivered to Trustee	  	 	9	 
	 Section 104
	 	Acts of Holders	  	 	10	 
	 Section 105
	 	Required Notices or Demands	  	 	11	 
	 Section 106
	 	Language of Notices	  	 	13	 
	 Section 107
	 	Incorporation by Reference of Trust Indenture Act; Conflicts	  	 	13	 
	 Section 108
	 	Effect of Headings and Table of Contents	  	 	13	 
	 Section 109
	 	Successors and Assigns	  	 	13	 
	 Section 110
	 	Severability	  	 	13	 
	 Section 111
	 	Entire Agreement	  	 	14	 
	 Section 112
	 	Benefits of Indenture	  	 	14	 
	 Section 113
	 	Governing Law	  	 	14	 
	 Section 114
	 	Legal Holidays	  	 	14	 
	 Section 115
	 	Counterparts; Electronic Transmission	  	 	14	 
	 Section 116
	 	Immunity of Certain Persons	  	 	15	 
	 Section 117
	 	Waiver of Jury Trial	  	 	15	 
	 Section 118
	 	Force Majeure	  	 	15	 
	 Section 119
	 	USA Patriot Act	  	 	15	 
	 Section 120
	 	No Sinking Fund	  	 	16	 
	 Section 121
	 	Rules of Construction	  	 	16	 
		
	 ARTICLE II THE SUBORDINATED NOTES
	  	 	16	 
			
	 Section 201
	 	Forms Generally	  	 	16	 
	 Section 202
	 	Definitive Subordinated Notes	  	 	17	 
	 Section 203
	 	Global Subordinated Notes	  	 	17	 
	 Section 204
	 	Restricted Subordinated Notes	  	 	17	 
	 Section 205
	 	Execution and Authentication	  	 	18	 
	 Section 206
	 	Registrar and Paying Agent	  	 	19	 
	 Section 207
	 	Registration of Transfer and Exchange	  	 	19	 
	 Section 208
	 	Exchange Offer	  	 	23	 
	 Section 209
	 	Mutilated, Destroyed, Lost and Stolen Subordinated Notes	  	 	23	 
	 Section 210
	 	Payment of Interest; Rights to Interest Preserved	  	 	24	 
	 Section 211
	 	Persons Deemed Owners	  	 	25	 
	 Section 212
	 	Cancellation	  	 	26	 
	 Section 213
	 	Computation of Interest	  	 	26	 
	 Section 214
	 	CUSIP Numbers	  	 	33	 
		
	 ARTICLE III SATISFACTION AND DISCHARGE OF INDENTURE
	  	 	33	 
			
	 Section 301
	 	Satisfaction and Discharge	  	 	33	 
	 Section 302
	 	Defeasance and Covenant Defeasance	  	 	34	 
	 Section 303
	 	Application of Trust Money	  	 	36	 
	 Section 304
	 	Reinstatement	  	 	36	 
	 Section 305
	 	Effect on Subordination Provisions	  	 	37	 

  
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	 ARTICLE IV REMEDIES
	  	 	37	 
			
	 Section 401
	 	Events of Default; Acceleration	  	 	37	 
	 Section 402
	 	Failure to Make Payments	  	 	39	 
	 Section 403
	 	Trustee May File Proofs of Claim	  	 	39	 
	 Section 404
	 	Trustee May Enforce Claims Without Possession of Subordinated Notes	  	 	40	 
	 Section 405
	 	Application of Money Collected	  	 	40	 
	 Section 406
	 	Limitation on Suits	  	 	41	 
	 Section 407
	 	Unconditional Right of Holders to Payments	  	 	42	 
	 Section 408
	 	Restoration of Rights and Remedies	  	 	42	 
	 Section 409
	 	Rights and Remedies Cumulative	  	 	42	 
	 Section 410
	 	Delay or Omission Not Waiver	  	 	42	 
	 Section 411
	 	Control by Holders	  	 	42	 
	 Section 412
	 	Waiver of Past Defaults	  	 	43	 
	 Section 413
	 	Undertaking for Costs	  	 	43	 
		
	 ARTICLE V THE TRUSTEE
	  	 	43	 
			
	 Section 501
	 	Duties of Trustee	  	 	43	 
	 Section 502
	 	Certain Rights of Trustee	  	 	44	 
	 Section 503
	 	Notice of Defaults	  	 	46	 
	 Section 504
	 	Not Responsible for Recitals or Issuance of Subordinated Notes	  	 	46	 
	 Section 505
	 	May Hold Subordinated Notes	  	 	47	 
	 Section 506
	 	Money Held in Trust	  	 	47	 
	 Section 507
	 	Compensation and Reimbursement	  	 	47	 
	 Section 508
	 	Corporate Trustee Required; Eligibility	  	 	48	 
	 Section 509
	 	Resignation and Removal; Appointment of Successor	  	 	48	 
	 Section 510
	 	Acceptance of Appointment by Successor	  	 	50	 
	 Section 511
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	51	 
	 Section 512
	 	Appointment of Authenticating Agent	  	 	51	 
	 Section 513
	 	Preferred Collection of Claims against Company	  	 	53	 
		
	 ARTICLE VI HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	53	 
			
	 Section 601
	 	Holder Lists	  	 	53	 
	 Section 602
	 	Preservation of Information; Communications to Holders	  	 	53	 
	 Section 603
	 	Reports by Trustee	  	 	53	 
	 Section 604
	 	Reports by Company	  	 	54	 
		
	 ARTICLE VII SUCCESSORS
	  	 	55	 
			
	 Section 701
	 	Merger, Consolidation or Sale of All or Substantially All Assets	  	 	55	 
	 Section 702
	 	Successor Person Substituted for Company	  	 	56	 

  
 ii 

							
	 ARTICLE VIII SUPPLEMENTAL INDENTURES
	  	 	56	 
			
	 Section 801
	 	Supplemental Indentures without Consent of Holders	  	 	56	 
	 Section 802
	 	Supplemental Indentures with Consent of Holders	  	 	57	 
	 Section 803
	 	Execution of Supplemental Indentures	  	 	58	 
	 Section 804
	 	Effect of Supplemental Indentures	  	 	58	 
	 Section 805
	 	Reference in Subordinated Notes to Supplemental Indentures	  	 	58	 
	 Section 806
	 	Effect on Senior Indebtedness	  	 	58	 
	 Section 807
	 	Conformity with Trust Indenture Act	  	 	59	 
		
	 ARTICLE IX COVENANTS
	  	 	59	 
			
	 Section 901
	 	Payment of Principal and Interest	  	 	59	 
	 Section 902
	 	Maintenance of Office	  	 	59	 
	 Section 903
	 	Money for Subordinated Notes Payments to Be Held in Trust	  	 	60	 
	 Section 904
	 	Corporate Existence	  	 	61	 
	 Section 905
	 	Maintenance of Properties	  	 	61	 
	 Section 906
	 	Waiver of Certain Covenants	  	 	61	 
	 Section 907
	 	Company Statement as to Compliance	  	 	62	 
	 Section 908
	 	Tier 2 Capital	  	 	62	 
		
	 ARTICLE X REDEMPTION OF SECURITIES
	  	 	62	 
			
	 Section 1001
	 	Applicability of Article	  	 	62	 
	 Section 1002
	 	Election to Redeem; Notice to Trustee	  	 	62	 
	 Section 1003
	 	Selection by Trustee of Subordinated Notes to be Redeemed	  	 	63	 
	 Section 1004
	 	Notice of Redemption	  	 	63	 
	 Section 1005
	 	Deposit of Redemption Price	  	 	64	 
	 Section 1006
	 	Subordinated Notes Payable on Redemption Date	  	 	64	 
	 Section 1007
	 	Subordinated Notes Redeemed in Part	  	 	65	 
		
	 ARTICLE XI SUBORDINATION OF SECURITIES
	  	 	65	 
			
	 Section 1101
	 	Agreement to Subordinate	  	 	65	 
	 Section 1102
	 	Distribution of Assets	  	 	66	 
	 Section 1103
	 	Default With Respect to Senior Indebtedness	  	 	68	 
	 Section 1104
	 	No Impairment	  	 	68	 
	 Section 1105
	 	Effectuation of Subordination Provisions	  	 	69	 
	 Section 1106
	 	Notice to Trustee	  	 	69	 
	 Section 1107
	 	Trustee Knowledge of Senior Indebtedness	  	 	69	 
	 Section 1108
	 	Senior Indebtedness to Trustee	  	 	70	 
	 Section 1109
	 	Subordination Not Applicable to Trustee Compensation	  	 	70	 

  
 iii 

 CROSS-REFERENCE TABLE 

 

			
	Trust Indenture Act Section	 	Indenture Section
	 §310 (a)(1)
	 	508
	  (a)(2)
	 	508
	  (a)(5)
	 	508
	  (b)
	 	        508, 509
	 §311 (a)
	 	505
	  (b)
	 	505
	 §312 (a)
	 	601
	  (b)
	 	602
	  (c)
	 	602
	 §313 (a)
	 	603
	  (b)(2)
	 	603
	  (c)
	 	603
	  (d)
	 	603
	 §314 (a)
	 	604
	  (a)(4)
	 	907
	  (c)(1)
	 	102
	  (c)(2)
	 	102
	  (e)
	 	102
	 §315 (a)
	 	        501,502
	  (b)
	 	503
	  (c)
	 	501
	  (d)
	 	        501,502
	  (e)
	 	413
	 §316 (a) (last sentence)
	 	101
	  (a)(1)(A)
	 	        402,411
	  (a)(1)(B)
	 	        411,412
	  (b)
	 	407
	  (c)
	 	104
	 §317 (a)(1)(
	 	402
	  (a)(2)
	 	403
	  (b)
	 	903
	 §318 (a)
	 	107
	  (b)
	 	107
	  (c)
	 	107

 Note: This Cross-Reference table will not, for any purpose, be deemed part of this Indenture. 

  
 iv 

 This INDENTURE dated as of December 22, 2020 is between Peapack-Gladstone Financial
Corporation, a New Jersey corporation (the “Company”), and UMB Bank, National Association, a national banking association, as trustee (the “Trustee”). 

RECITALS 
 WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture to provide for an issue of $100.0 million in aggregate principal amount of 3.50% Fixed to Floating Rate Subordinated Notes due 2030, subject to the terms and
conditions set forth in this Indenture. 
 NOW, THEREFORE, in order to declare the terms and conditions upon which the Subordinated Notes
are authenticated, issued and delivered, and in consideration of the premises, and of the purchase and acceptance of the Subordinated Notes by the Holders thereof, the Company and the Trustee agree as follows for the benefit of each other and for
the benefit of the respective Holders from time to time of the Subordinated Notes. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 101 Definitions. 

Except as otherwise expressly provided in this Indenture or unless the context otherwise requires, the terms defined in this Section for all
purposes of this Indenture, any Company Order, any Board Resolution, and any indenture supplemental hereto will have the respective meanings specified in this Section. 

“Act,” when used with respect to any Holders, is defined in Section 104. 

“Additional Interest” has the meaning set forth in the Registration Rights Agreement. 

“Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Subordinated Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 
 “Authenticating
Agent” means any Person authorized by the Trustee in accordance with Section 512 to act on behalf of the Trustee to authenticate Subordinated Notes. 

“Authorized Newspaper” means a newspaper, in an official language of the place of publication or in the English
language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are not Business Days in the place of publication, and of general circulation in each place in connection with
which the term is used or in 

 
the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different
newspapers in the same place meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 

“Authorized Officer” means each of the Chairman of the Board, the Chief Executive Officer, the President, any Senior
Executive Vice President and the Chief Financial Officer of the Company. 
 “Bankruptcy Laws” mean Title 11, United
States Code (11 U.S.C. §§101 et seq.) or any similar federal or state law for the relief of debtors. 
 “Board of
Directors” means, as to any Person, the board of directors, or similar governing body, of such Person or any duly authorized committee (or subcommittee) thereof. 

“Board Resolution” means one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, delivered to the Trustee. 

“Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions in the City of
Bedminster, New Jersey or New York, New York or, with respect to any payment to be made hereunder, a Place of Payment are authorized or obligated by law, regulation or executive order to close. 

“Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, or, if at any time
after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Common Stock” means any and all shares of the common stock, no par value per share, of the Company, whether
outstanding on the date of this Indenture or issued thereafter, and includes, without limitation all series and classes of such common stock. 

“Company” is defined in the preamble to this Indenture, 

“Company Request” and “Company Order” mean, respectively, a written request or order, as the
case may be, signed on behalf of the Company by an Authorized Officer and delivered to the Trustee. 
 “Corporate Trust
Office” means the address of the Trustee specified in Section 105 or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the designated address of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Covenant Defeasance” is defined in Section 302(3). 

“Defaulted Interest” is defined in Section 210. 

  
 2 

 “Definitive Subordinated Notes” means, individually and
collectively, each Restricted Definitive Subordinated Note and each Unrestricted Definitive Subordinated Note, substantially in the form of Exhibit A-l hereto, issued under this Indenture. 

“Depositary” means, with respect to any Subordinated Note issuable or issued in whole or in part in global form, the
Person designated as depositary by the Company in accordance with this Indenture, and any and all successors thereto appointed as Depositary under this Indenture. 

“Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public
or private debts in the United States. 
 “Event of Default” is defined in Section 401. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute thereto. 

“Exchange Notes” means the Subordinated Notes issued in the Exchange Offer in accordance with Section 208. 

“Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Federal Reserve” means the Board of Governors of the Federal Reserve System or any successor regulatory authority
with jurisdiction over bank holding companies. 
 “Fixed Interest Payment Date” means June 30 and
December 30 of each year, beginning June 30, 2021. 
 “Floating Interest Payment Date” means
March 30, June 30, September 30 and December 30 of each year, beginning March 30, 2026. 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the statements and pronouncements of the Financial Accounting Standards Board and such other statements by such other entities (including
the Commission) as have been accepted by a significant segment of the accounting profession, which are applicable at the date of this Indenture. 

“Global Subordinated Notes” means, individually and collectively, each Restricted Global Subordinated Note and each
Unrestricted Global Subordinated Note, substantially in the form of Exhibit A-2 hereto, issued under this Indenture. 

“Government Obligations” means securities which are direct obligations of the United States of America in each case
where the payment or payments thereunder are supported by the full faith and credit of the United States of America. 

  
 3 

 “Holder” means the Person in whose name the Subordinated Note is
registered in the Subordinated Note Register. 
 “Indenture” means this Indenture, as amended and supplemented from
time to time in accordance with its terms. 
 “Initial Notes” means the $100.0 million in aggregate principal
amount of the Company’s 3.50% Fixed to Floating Rate Subordinated Notes due 2030 issued under this Indenture on the date hereof. 

“Interest Payment Date” means either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable.

 “Interest Period” means (i) each six-month period beginning on a
Fixed Interest Payment Date for the period beginning on the original issue date of the Subordinated Notes or (ii) each three-month period beginning on a Floating Interest Payment Date for the period beginning December 30, 2025. 

“Investment Company Event” means receipt by the Company of an opinion of independent counsel experienced in such
matters to the effect that there is more than an insubstantial risk that the Company is or, within 90 days of the date of such legal opinion will be, considered an “investment company” that is required to be registered under the Investment
Company Act of 1940, as amended. 
 “Legal Defeasance” is defined in Section 302(2). 

“Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders for use
by such Holders in connection with an Exchange Offer. 
 “Maturity” or “Maturity
Date” mean the date on which the principal of a Subordinated Note or an installment of principal becomes due and payable as provided in or under this Indenture or such Subordinated Note, whether at the Stated Maturity or by an
acceleration of the maturity of such Subordinated Note in accordance with the terms of such Subordinated Note, upon redemption at the option of the Company, upon repurchase or repayment or otherwise, and includes a Redemption Date for such
Subordinated Note and a date fixed for the repurchase or repayment of such Subordinated Note at the option of the Holder. 

“Officer” means, with respect to any Person, the chairman of the board, the vice chairman of the board, the chief
executive officer, the president, the chief operating officer, the chief financial officer, the treasurer, any assistant treasurer, the controller, the secretary or any vice president of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one
of whom must be the principal executive officer, the principal financial officer or the principal accounting officer of the Company, that complies with the requirements of Section 102 and is delivered to the Trustee. 

  
 4 

 “Opinion of Counsel” means a written opinion from legal counsel who
is reasonably acceptable to the Trustee, which opinion meets the requirements of Section 102. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

“Outstanding,” when used with respect to any Subordinated Notes, means, as of the date of determination, all such
Subordinated Notes theretofore authenticated and delivered under this Indenture, except (1) any such Subordinated Note theretofore cancelled by the Trustee or the Registrar or delivered to the Trustee or the Registrar for cancellation;
(2) any such Subordinated Note for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited in accordance with this Indenture (other than in accordance with Section 302) with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company will act as its own Paying Agent) for the Holders of such Subordinated Notes, provided that, if such Subordinated Notes are to be
redeemed, notice of such redemption has been duly given in accordance with this Indenture or provision therefor satisfactory to the Trustee has been made; (3) any such Subordinated Note with respect to which the Company has effected Legal
Defeasance or Covenant Defeasance in accordance with Section 302, except to the extent provided is Section 302; and (4) any such Subordinated Note that has been paid in accordance with Section 209 or in exchange for or in lieu of
which other Subordinated Notes have been authenticated and delivered under this Indenture, unless there will have been presented to the Trustee proof satisfactory to the Trustee that such Subordinated Note is held by a bona fide purchaser in whose
hands such Subordinated Note is a valid obligation of the Company; provided, however, in all cases, that in determining whether the Holders of the requisite principal amount of Outstanding Subordinated Notes have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Subordinated Notes owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee will be
protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Subordinated Notes that a Responsible Officer of the Trustee actually knows to be so owned will be so
disregarded. Subordinated Notes so owned that will have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Subordinated
Notes and that the pledgee is not the Company or an Affiliate of the Company. 
 “Participating Broker-Dealer” has
the meaning set forth in the Registration Rights Agreement. 
 “Paying Agent” is defined in Section 206. 

“Person” means any individual, corporation, partnership, association, limited liability company, other company,
statutory trust, business trust, joint venture, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment,” with respect to any Subordinated Note, means the place or places where the principal of, or
interest on, such Subordinated Note are payable as provided in or under this Indenture or such Subordinated Note. 

  
 5 

 “Private Placement Legend” means the legend set forth in
Section 204 of this Indenture to be placed on all Subordinated Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“Purchase Agreements” mean the Subordinated Note Purchase Agreements concerning the Subordinated Notes, dated
December 22, 2020, by and among the Company and the purchasers identified therein. 
 “Redemption Date” with
respect to any Subordinated Note or portion thereof to be redeemed, means the date fixed for such redemption by or under this Indenture or such Subordinated Note. 

“Redemption Price” with respect to any Subordinated Note or portion thereof to be redeemed, means the price at which
it is to be redeemed as determined by or under this Indenture or such Subordinated Note. 
 “Registrar” is defined
in Section 206. 
 “Registration Rights Agreement” means the Registration Rights Agreement in the form
attached as Exhibit C to the Purchase Agreements, dated as of the date of this Indenture, by and among the Company and the purchasers of the Initial Notes identified therein. 

“Regular Record Date,” with respect to any Interest Payment date, means the close of business on the fifteenth
calendar day prior to the applicable Interest Payment Date, without regard to whether the Regular Record Date is a Business Day. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department
of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at
the time will be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who will have direct responsibility for the administration of
this Indenture. 
 “Restricted Definitive Subordinated Note” means a Definitive Subordinated Note bearing, or that
is required to bear, the Private Placement Legend. 
 “Restricted Global Subordinated Note” means a Global
Subordinated Note bearing, or that is required to bear, the Private Placement Legend. 
 “Restricted Subordinated
Note” means a Restricted Global Subordinated Note or a Restricted Definitive Subordinated Note. 
 “Rule
144” means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated
under the Securities Act. 

  
 6 

 “Securities Act” means the Securities Act of 1933, as amended, or
any successor statute thereto. 
 “Senior Indebtedness” means the principal of (and premium, if any) and interest,
if any, on: (1) all indebtedness and obligations of, or guaranteed or assumed by, the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other similar instruments, and including, but not limited to
all obligations to the Company’s general and secured creditors; (2) any deferred obligations of the Company for the payment of the purchase price of property or assets acquired other than in the ordinary course of business; (3) all
obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security purchase facilities and similar direct credit substitutes; (4) any capital lease obligations of the Company;
(5) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts, commodity contracts and other similar
arrangements or derivative products; (6) all obligations that are similar to those in clauses (1) through (5) of other persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise arising from an
off-balance sheet guarantee; (7) all obligations of the types referred to in clauses (1) through (6) of other persons secured by a lien on any property or asset of the Company; and (8) in the
case of (1) through (7) above, all amendments, renewals, extensions, modifications and refundings of such indebtedness and obligations; except “Senior Indebtedness” does not include (A) the Subordinated Notes, (B) any
obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Subordinated Notes, (C) the existing subordinated notes of the Company as of the date of the issuance of the Subordinated Notes, or (D) any
indebtedness between the Company and any of its subsidiaries or Affiliates. 
 “Significant Subsidiary” means any
Subsidiary of the Company that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X promulgated by the Commission (as such rule is in effect
on the date of this Indenture). 
 “Special Record Date” for the payment of any Defaulted Interest on any
Subordinated Note means a date fixed in accordance with Section 210. 
 “Stated Maturity” means
December 30, 2030. 
 “Subordinated Note” or “Subordinated Notes” means the Initial
Notes and the Exchange Notes and, more particularly, any Subordinated Note authenticated and delivered under this Indenture, including those Subordinated Notes issued or authenticated upon transfer, replacement or exchange. 

“Subordinated Note Register” is defined in Section 206. 

“Subordination Provisions” means the provisions contained in Article XI or any provisions with respect to
subordination contained in the Subordinated Notes. 
 “Subsidiary” means a corporation, a partnership, business or
statutory trust or a limited liability company, a majority of the outstanding voting equity securities or a majority of the voting membership or partnership interests, 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. For the purposes of this definition, “voting equity securities” means securities having voting power for the election of directors, managers, managing partners or trustees,
as the case may be, whether at all times or only so long as no senior class of stock has voting power by reason of any contingency. 

  
 7 

 “Tax Event” means the receipt by the Company of an opinion of
independent tax counsel experienced in such matters to the effect that as a result of (1) an amendment to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United
States or any of its political subdivisions or taxing authorities; (2) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or
announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative or Judicial Action”); or (3) an amendment to or change in any official position with
respect to, or any interpretation of, an Administrative or Judicial Action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation, in each case, which change or amendment or
challenge becomes effective or which pronouncement, decision or challenge is announced on or after the issue date of the Subordinated Notes, there is more than an insubstantial risk that interest payable by the Company on the Subordinated Notes is
not, or, within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes. 

“Tier 2 Capital” means Tier 2 capital (or its equivalent) for purposes of capital adequacy guidelines of the Federal
Reserve, as then in effect and applicable to the Company. 
 “Tier 2 Capital Event” means the Company’s good
faith determination that, as a result of (1) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal
Reserve and other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the issue date of the Subordinated Notes, (2) any proposed change in those laws, rules or
regulations that is announced or becomes effective after the issue date of the Subordinated Notes, or (3) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or
applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the issue date of the Subordinated Notes, there is more than an insubstantial risk that the Company will not be entitled to treat the
Subordinated Notes then Outstanding as Tier 2 Capital for so long as any Subordinated Notes are Outstanding. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended. 
 “Trustee” means UMB Bank, National
Association, as trustee, until a successor replaces it in accordance with the provisions of this Indenture and thereafter means the successor serving hereunder. 

“United States,” means the United States of America (including the states thereof and the District of Columbia), its
territories, its possessions and other areas subject to its jurisdiction. 
 “Unrestricted Definitive Subordinated
Note” means a Definitive Subordinated Note that does not bear, and is not required to bear, the Private Placement Legend. 

  
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 “Unrestricted Global Subordinated Note” means a Global Subordinated
Note that does not bear, and is not required to bear, the Private Placement Legend. 
 Section 102 Compliance Certificates and
Opinions. 
 Except as otherwise expressly provided in or under this Indenture, upon any application or request by the Company to the
Trustee to take any action under any provision of this Indenture, the Company will furnish to the Trustee an Officers’ Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions
precedent (including covenants compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel in form reasonably satisfactory to the
Trustee stating that, in the opinion of such counsel, all such conditions precedent (including covenants compliance with which constitutes a condition precedent), if any, have been complied with, except that in the case of any such application or
request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Each certificate or opinion with respect to which compliance with a condition provided for in this Indenture (other than an Officers’
Certificate provided under Section 907) must comply with the provisions of Section 314(e) of the Trust Indenture Act and must include: 

(1) a statement that the person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based; 
 (3) a statement that, in the opinion of such person, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed opinion as to whether or not such condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such person, such condition has been satisfied. 

Section 103 Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care, but without
investigation, should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based is erroneous. 

  
 9 

 Any such certificate or opinion of counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless such counsel knows, or in the
exercise of reasonable care, but without investigation, should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture or any Subordinated Note, they may, but need not, be consolidated and form one instrument. 

Section 104 Acts of Holders. 

(1) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or under this Indenture to be made,
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such
action will become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by
any Person of a Subordinated Note, will be sufficient for any purpose of this Indenture and (subject to Section 501) conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided
in this Section. 
 (2) The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable
manner that the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine, and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section. 

(3) The ownership, principal amount and serial numbers of Subordinated Notes held by any Person, and the date of the commencement and the date
of the termination of holding the same, will be proved by the Subordinated Note Register. 
 (4) The Company may, in the circumstances
permitted by the Trust Indenture Act, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act authorized or permitted to be
given or taken by Holders. Unless otherwise specified, if not set by the Company prior to the first solicitation of a Holder made by any Person in respect of any such action, any such record date will be the later of 30 days prior to the first
solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. If a record date is fixed, the Holders on such record date, and only such Persons, will be entitled to make, give or
take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other
action will be valid or effective if made, given or taken more than 90 days after such record date. 

  
 10 

 (5) Any effective request, demand, authorization, direction, notice, consent, waiver or
other Act by the Holder of any Subordinated Note will bind every future Holder of the same Subordinated Note and the Holder of every Subordinated Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done or suffered to be done by the Trustee, any Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Subordinated Note. 

(6) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to
all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so in accordance with such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a
Holder or its agents with regard to different parts of such principal amount in accordance with this paragraph will have the same effect as if given or taken by separate Holders of each such different part. 

(7) Without limiting the generality of this Section 104, a Holder, including a Depositary that is a Holder of a Global Subordinated Note,
may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or under this Indenture or the Subordinated Notes to be made, given or taken by
Holders, and a Depositary that is a Holder of a Global Subordinated Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Subordinated Note through such Depositary’s Applicable Procedures. The Company
may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Subordinated Note entitled under the Applicable Procedures of such Depositary to make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their
duly appointed proxy or proxies, and only such Persons, will be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record
date. No such request, demand, authorization, direction, notice, consent, waiver or other action will be valid or effective if made, given or taken more than 90 days after such record date. 

Promptly upon any record date being set in accordance with this Section 104, the Company, at its own expense, will cause notice of the
record date, the proposed action by Holders and the expiration date to be given to the Trustee in writing and the Holders in the manner set forth in Section 105. 

Section 105 Required Notices or Demands. 

Any notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in Person or delivered by
registered or certified mail (return receipt requested), facsimile or overnight air courier guaranteeing next day delivery, to the other’s address: 

  
 11 

 If to the Company: 

Peapack-Gladstone Financial Corporation 

500 Hills Drive, Suite 300 

Bedminster, New Jersey 07921 

Attention: Chief Financial Officer 

Facsimile: (908) 375-3800 

If to the Trustee: 
 UMB Bank, National
Association, as Trustee 
 5555 San Felipe Street, Suite 870 

Houston, Texas 77056 
 Attention:
Mauri Cowen / Corporate Trust 
 Facsimile: (214) 389-5949 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 All notices and communications will 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 delivered by mail; on the first Business Day after being sent, if sent by facsimile and the sender receives confirmation of successful transmission; and the next Business Day after
timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice required or permitted to be
given to a Holder under the provisions of this Indenture will be deemed to be properly delivered by being deposited postage prepaid in a post office letter box in the United States addressed to such Holder at the address of such Holder as shown on
the Subordinated Note Register. Any report in accordance with Section 313 of the Trust Indenture Act will be transmitted in compliance with subsection (c) therein. If the Company delivers a notice or communication to Holders, the Company
will deliver a copy to the Trustee at the same time. 
 In any case where notice to Holders of Subordinated Notes is delivered by mail,
neither the failure to deliver such notice, nor any defect in any notice so delivered, to any particular Holder of a Subordinated Note will affect the sufficiency of such notice with respect to other Holders of Subordinated Notes. Any notice that is
delivered in the manner herein provided will be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of any other cause it will be impracticable to give such notice
by mail, then such notification as will be made with the approval of the Trustee will constitute a sufficient notification for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice by Holders of Subordinated Notes will be filed with the Trustee, but such filing will not be a condition precedent to the validity of any
action taken in reliance upon such waiver. 

  
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 Notwithstanding any other provision herein, where this Indenture provides for notice to any
Holder of a Global Subordinated Note, or of an interest therein, such notice will be sufficiently given if given to the Depositary for such Global Subordinated Note (or its designee) according to the applicable procedures of such Depositary
prescribed for giving such notice. 
 Section 106 Language of Notices. 

Any request, demand, authorization, direction, notice, consent or waiver or other Act required or permitted under this Indenture will be in
the English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication. 

Section 107 Incorporation by Reference of Trust Indenture Act; Conflicts. 

Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of
this Indenture. The Trust Indenture Act term “obligor” used in this Indenture means the Company and any successor obligor upon the Subordinated Notes. 

All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by Commission rule under the Trust Indenture Act have the meanings so assigned to them as of the date of this Indenture. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another
provision included in this Indenture that is required to be included in this Indenture by any of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provision will control If any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by Section 318(c) of the Trust Indenture Act, the duties imposed by Section 318(c) of the Trust Indenture Act will control. If any provision of this Indenture modifies or excludes any provision of the
Trust Indenture Act that may be so modified or excluded, the provisions of the Trust Indenture Act will be deemed to apply to this Indenture as so modified or will be excluded, as the case may be. 

Section 108 Effect of Headings and Table of Contents. 

The Article and Section headings in this Indenture and the Table of Contents are for convenience only and will not affect the construction of
this Indenture. 
 Section 109 Successors and Assigns. 

All the covenants, stipulations, promises and agreements in this Indenture by or on behalf of the Company or the Trustee will bind its
respective successors and permitted assigns, whether so expressed or not. 
 Section 110 Severability. 

In case any provision in this Indenture or any Subordinated Note will be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions will not, to the fullest extent permitted by law, in any way be affected or impaired thereby. 

  
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 Section 111 Entire Agreement. 

This Indenture and the exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and
supersedes all prior agreements and understandings, oral or written. 
 Section 112 Benefits of Indenture. 

Nothing in this Indenture or any Subordinated Note, express or implied, will give to any Person, other than the parties hereto, any Registrar,
any Paying Agent and their respective successors hereunder and the Holders of Subordinated Notes, and the holders of Senior Indebtedness, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 113 Governing Law. 

This Indenture and the Subordinated Notes will be governed by and construed in accordance with the laws of the State of New York applicable to
agreements made or instruments entered into and, in each case, performed in said State (without reference to principles of conflicts of law). 

Section 114 Legal Holidays. 

Unless otherwise specified in or under this Indenture or any Subordinated Notes, in any case where any Interest Payment Date, Stated Maturity
or Maturity of, or any other day on which a payment is due with respect to, any Subordinated Note will be a day that is not a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Subordinated Note
other than a provision in any Subordinated Note or in the Board Resolution, Officers’ Certificate or supplemental indenture establishing the terms of any Subordinated Note that specifically states that such provision will apply in lieu hereof)
payment need not be made at such Place of Payment on such date, but such payment may be made on the next succeeding day that is a Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, at the
Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest will accrue on the amount payable on such date or at such time for the period from and after such Interest Payment Date, Stated Maturity, Maturity or
other payment date, as the case may be, to the next succeeding Business Day, 
 Section 115 Counterparts; Electronic Transmission.

 This Indenture may be executed in several counterparts, each of which will be an original and all of which will constitute but one
and the same instrument. Any facsimile or electronically transmitted copies hereof or signature hereon will, for all purposes, be deemed originals. Unless otherwise provided herein or in any other related document, the words “execute”,
“execution”, “signed”, and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any other related document or any of the transactions contemplated
hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures via Docusign and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in 

  
 14 

 
any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws
based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein to the contrary, the Trustee may conclusively rely upon any such electronic signature, shall in no instance be responsible for determining if any such
electronic signature is permitted by applicable law nor be liable for any loss or damages resulting from its reliance upon the same electronic signature, and is not under any obligation to agree to accept electronic signatures in any form or in any
format unless expressly agreed to by such Trustee pursuant to procedures approved by the Trustee. 
 Section 116 Immunity of Certain
Persons. 
 No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Subordinated Note, or
because of any indebtedness evidenced thereby, will be had against any past, present or future shareholder, employee, officer or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or any
predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the
acceptance of the Subordinated Notes by the Holders and as part of the consideration for the issue of the Subordinated Notes. 

Section 117 Waiver of Jury Trial. 

EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SUBORDINATED NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 118 Force Majeure. 

In no event will the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, epidemics or pandemics, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee will use reasonable efforts that are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 Section 119 USA Patriot Act. 

The Trustee hereby notifies the Company that in accordance with the requirements of the USA Patriot Act, it is required to obtain, verify and
record information that identifies the Company, which information includes the name and address of the Company and other information that will allow the Trustee to identify the Company in accordance with the USA Patriot Act. 

  
 15 

 Section 120 No Sinking Fund. 

The Subordinated Notes are not entitled to the benefit of any sinking fund. 

Section 121 Rules of Construction. 

Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) “including” means including without limitation; 

(6) “will” will be interpreted to express a command; 

(7) provisions apply to successive events and transactions; 

(8) references to sections of, or rules under, the Securities Act will be deemed to include substitute, replacement or successor sections or
rules adopted by the Commission from time to time; 
 (9) unless the context otherwise requires, any reference to an “Article,”
“Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and 
 (10) the
words “herein,” “hereof and “hereunder” and other words of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision. 

ARTICLE II 
 THE
SUBORDINATED NOTES 
 Section 201 Forms Generally. 

The Subordinated Notes and the Trustee’s certificate of authentication and the Global Subordinated Notes and the Trustee’s
certificate of authentication will be substantially in the form of Exhibit A-l and Exhibit A-2, as applicable, which are a part of this Indenture. The
Subordinated Notes may have notations, legends or endorsements required by law, stock exchange rule or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). The Company will provide any such
notations, legends or endorsements to the Trustee in writing. Each Subordinated Note will be dated the date of its authentication. The terms and provisions contained in the Subordinated Notes will constitute, and are hereby expressly made a part of
this Indenture and 

  
 16 

 
the Company and the Trustee, by their execution and delivery of this Indenture, agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any
Subordinated Note irreconcilably conflicts with the express provisions of this Indenture, the provisions of this Indenture will govern and be controlling. 

Section 202 Definitive Subordinated Notes. 

The Initial Notes and the Exchange Notes will be issued initially in the form of one or more Definitive Subordinated Notes, unless, before the
issuance of such Initial Notes or Exchange Notes, the Company has determined that the Subordinated Notes may be represented by Global Subordinated Notes and has so notified the Trustee, in which event the Initial Notes and/or Exchange Notes will be
issued in the form of one or more Global Subordinated Notes. Except as provided in Section 207, Holders of Definitive Subordinated Notes will not be entitled to transfer Definitive Subordinated Notes in exchange for beneficial interests in
Global Subordinated Notes, and owners of beneficial interests in Global Subordinated Notes will not be entitled to receive physical delivery of Definitive Subordinated Notes. 

Section 203 Global Subordinated Notes. 

Each Global Subordinated Note issued under this Indenture will be deposited with the Trustee at its Corporate Trust Office, as custodian for
the Depositary, and registered in the name of the Depositary or the nominee thereof, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of any Global Subordinated Note may from time
to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary as hereinafter provided. Any adjustment of the aggregate principal amount of a Global Subordinated Note to reflect the amount of any increase or
decrease in the amount of outstanding Subordinated Notes represented thereby will be made by the Trustee in accordance with instructions given by the Holder thereof as required by Section 207 hereof and will be made on the records of the
Trustee and the Depositary. 
 Section 204 Restricted Subordinated Notes. 

Each Restricted Definitive Subordinated Note and Restricted Global Subordinated Note will bear a legend in substantially the following form:

 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR UNDER ANY APPLICABLE STATE SECURITIES LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE 

  
 17 

 
SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, IF REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID
ACT. 
 The Private Placement Legend set forth above will be removed and a new Subordinated Note of like tenor and principal amount
without such Private Placement Legend will be executed by the Company, and upon written request of the Company (together with an Officers’ Certificate and an Opinion of Counsel) given at least three Business Days prior to the proposed
authentication date, the Trustee will authenticate and deliver such new Subordinated Note to the respective Holder, if legal counsel to the Holder or owner of beneficial interests requesting the removal of such Private Placement Legend delivers to
the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the Company an opinion of counsel in compliance with this Indenture and additionally opining that the Subordinated Note is eligible for immediate resale,
without any remaining holding period, under Rule 144 without regard to the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such securities. 

Section 205 Execution and Authentication. 

Subordinated Notes will be executed on behalf of the Company by any Authorized Officer and may (but need not) have the Company’s
corporate seal or a facsimile thereof reproduced thereon. The signature of an Authorized Officer on the Subordinated Notes may be manual or facsimile. Subordinated Notes bearing the manual or facsimile signatures of individuals who were at the time
of execution Authorized Officers of the Company will, to the fullest extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such
Subordinated Notes or did not hold such offices at the date of such Subordinated Notes. 
 The Trustee or an Authenticating Agent will
authenticate and deliver the Initial Notes for original issue in an aggregate principal amount of up to $100.0 million upon one or more Company Orders and an Opinion of Counsel. In addition, the Trustee or an Authenticating Agent will upon
receipt of a Company Order, Opinion of Counsel and Officers’ Certificate authenticate and deliver any Exchange Notes for an aggregate principal amount not to exceed $100.0 million specified in such Company Order for Exchange Notes issued
hereunder. The aggregate principal amount of Outstanding Subordinated Notes at any time may not exceed the amount set forth in the foregoing sentence, except as otherwise provided in this Article II. The Subordinated Notes will be issued only in
registered form without coupons and in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. 
 The
Trustee will not be required to authenticate any Subordinated Notes if the issue of such Subordinated Notes under this Indenture will affect the Trustee’s own rights, duties or immunities under the Subordinated Notes and this Indenture or
otherwise in a manner that is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken. 

  
 18 

 No Subordinated Note will be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Subordinated Note a certificate of authentication substantially in the form provided for herein executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature
of one of its authorized signatories. Such certificate upon any Subordinated Note will be conclusive evidence, and the only evidence, that such Subordinated Note has been duly authenticated and delivered hereunder. 

Section 206 Registrar and Paying Agent. 

The Company will maintain an office or agency where Subordinated Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Subordinated Notes may be presented for payment “Paying Agent”). The Registrar will keep a register of the Subordinated Notes (“Subordinated Note Register”) and of their
transfer and exchange. The registered Holder of a Subordinated Note will be treated as the owner of the Subordinated Note for all purposes. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or
Registrar without prior notice to any Holder; provided that no such removal or replacement will be effective until a successor Paying Agent or Registrar will have been appointed by the Company and will have accepted such appointment. The Company
will notify the Trustee in writing of the name and address of any Registrar or Paying Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee will act as such. The
Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially appoints the Trustee to act as the Paying
Agent and Registrar for the Subordinated Notes and, in the event that any Subordinated Notes are issued in global form, to initially act as custodian with respect to the Global Subordinated Notes. In the event that the Trustee will not be or will
cease to be Registrar with respect the Subordinated Notes, it will have the right to examine the Subordinated Note Register at all reasonable times. There will be only one Subordinated Note Register. 

Section 207 Registration of Transfer and Exchange 

(1) Except as otherwise provided in or under this Indenture, upon surrender for registration of transfer of any Subordinated Note, the Company
will execute, and the Trustee will authenticate and deliver, in the name of the designated transferee or transferees, one or more new Subordinated Notes denominated as authorized in or under this Indenture, of a like aggregate principal amount
bearing a number not contemporaneously outstanding and containing identical terms and provisions. 
 Except as otherwise provided in or
under this Indenture, at the option of the Holder, Subordinated Notes may be exchanged for other Subordinated Notes containing identical terms and provisions, in any authorized denominations (minimum denominations of $100,000 and any integral
multiple of $1,000 in excess thereof), and of a like aggregate principal amount, upon surrender of the Subordinated Notes to be exchanged at any office or agency for such purpose. Whenever any Subordinated Notes are so surrendered for exchange, the
Company will execute, and the Trustee will authenticate and deliver, subject to the terms hereof, the Subordinated Notes that the Holder making the exchange is entitled to receive. 

  
 19 

 All Subordinated Notes issued upon any registration of transfer or exchange of Subordinated
Notes will be the valid obligations of the Company evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Subordinated Notes surrendered upon such registration of transfer or exchange. 

Every Subordinated Note presented or surrendered for registration of transfer or for exchange or redemption will (if so required by the
Company or the Registrar for such Subordinated Note) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar for such Subordinated Note duly executed by the Holder thereof or his
attorney duly authorized in writing. 
 No service charge will be made for any registration of transfer or exchange of Subordinated Notes,
or any redemption or repayment of Subordinated Notes, or any conversion or exchange of Subordinated Notes for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges that may be imposed in connection with the transfer or exchange of the Subordinated Notes from the Holder requesting such transfer or exchange. 

Except as otherwise provided in or under this Indenture, the Company will not be required (i) to issue, register the transfer of or
exchange any Subordinated Notes during a period beginning at the opening of business 15 days before the day of the selection for redemption of Subordinated Notes under Section 1003 and ending at the close of business on the day of such
selection, or (ii) to register the transfer of or exchange any Subordinated Note, or portion thereof, so selected for redemption, except in the case of any Subordinated Note to be redeemed in part, the portion thereof not to be redeemed. 

Any Registrar appointed in accordance with Section 206 hereof will provide to the Trustee such information as the Trustee may reasonably
require in connection with the delivery by such Registrar of Subordinated Notes upon transfer or exchange of Subordinated Notes. No Registrar will be required to make registrations of transfer or exchange of Subordinated Notes during any periods
designated in the Subordinated Notes or in this Indenture as periods during which such registration of transfers and exchanges need not be made. 

The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Subordinated Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Subordinated Note) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. 
 Neither the Trustee nor any Paying Agent will have any responsibility for any actions
taken or not taken by the Depositary. 

  
 20 

 (2) When Definitive Subordinated Notes are presented by a Holder to the Registrar with a
request to register the transfer of such Definitive Subordinated Notes or to exchange such Definitive Subordinated Notes for an equal principal amount of Definitive Subordinated Notes of other authorized denominations, the Registrar will register
the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Subordinated Notes surrendered for transfer or exchange will be duly endorsed or accompanied by a
written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing. 

(3) A Global Subordinated Note may not be transferred except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary
to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Subordinated Notes will be exchanged by the Company for Definitive
Subordinated Notes if: (i) the Depositary has notified the Company that it is unwilling or unable to continue as Depositary for such Global Subordinated Note or such Depositary has ceased to be a “clearing agency” registered under the
Exchange Act, and a successor depositary is not appointed by the Company within 90 days, (ii) the Company determines that the Subordinated Notes are no longer to be represented by Global Subordinated Notes and so notifies the Trustee, or
(iii) an Event of Default has occurred and is continuing with respect to the Subordinated Notes and the Depositary or its participant(s) has requested the issuance of Definitive Subordinated Notes. Any Global Subordinated Note exchanged in
accordance with clause (i) or (ii) above will be so exchanged in whole and not in part, and any Global Subordinated Note exchanged in accordance with clause (iii) above may be exchanged in whole or from time to time in part as directed by
the Depositary. Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Subordinated Notes will be issued in fully registered form, without interest coupons, will have an aggregate Principal Amount equal to
that of the Global Subordinated Note or portion thereof to be so exchanged, will be registered in such names and be in such authorized denominations as the Depositary will instruct the Trustee in writing and will bear such legends as provided
herein. Global Subordinated Notes also may be exchanged or replaced, in whole or in part, as provided in Section 209 hereof. Every Subordinated Note authenticated and delivered in exchange for, or in lieu of, a Global Subordinated Note or any
portion thereof, in accordance with this Section 207 or Section 209 hereof, will be authenticated and delivered in the form of, and will be, a Global Subordinated Note, except as otherwise provided herein. A Global Subordinated Note may
not be exchanged for another Subordinated Note other than as provided in this Section 207(3); however, beneficial interests in a Global Subordinated Note may be transferred and exchanged as provided in Section 207(4) hereof. 

Any Global Subordinated Note to be exchanged in whole will be surrendered by the Depositary to the Trustee. With regard to any Global
Subordinated Note to be exchanged in part, either such Global Subordinated Note will be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee with respect to such Global Subordinated Note, the
principal amount thereof will be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee will authenticate
and deliver the Subordinated Note issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof. 

  
 21 

 (4) The transfer and exchange of beneficial interests in the Global Subordinated Notes will
be effected through the Depositary in accordance with the Applicable Procedures and this Section 207. 
 (5) A Definitive Subordinated
Note may not be exchanged for a beneficial interest in a Global Subordinated Note unless the Company determines that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee. After the Company has determined
that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee, then upon receipt by the Trustee of a Definitive Subordinated Note, duly endorsed or accompanied by appropriate instruments of transfer, in form
satisfactory to the Trustee, together with written instructions from such Holder directing the Trustee to make, or to direct the Registrar to make, an adjustment on its books and records with respect to such Global Subordinated Note to reflect an
increase in the aggregate principal amount of the Subordinated Notes represented by the Global Subordinated Note, such instructions to contain information regarding the Depositary account to be credited with such increase, the Trustee will cancel
such Definitive Subordinated Note and cause, or direct the Registrar to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Registrar, the aggregate principal amount of Subordinated Notes
represented by the Global Subordinated Note to be increased by the aggregate principal amount of the Definitive Subordinated Note to be exchanged, and will credit or cause to be credited to the account of the Person specified in such instructions a
beneficial interest in the Global Subordinated Note equal to the principal amount of the Definitive Subordinated Note so cancelled. If no Global Subordinated Notes are then outstanding, the Company will issue and the Trustee will authenticate, upon
Company Order, a new Global Subordinated Note in the appropriate principal amount. 
 (6) At such time as all beneficial interests in a
particular Global Subordinated Note have been exchanged for Definitive Subordinated Notes or a particular Global Subordinated Note has been repurchased or canceled in whole and not in part, each such Global Subordinated Note will be returned to or
retained and canceled by the Trustee in accordance with Section 212 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Subordinated Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Subordinated Note or for Definitive Subordinated Notes, the principal amount of Subordinated Notes represented by such Global Subordinated Note will be reduced accordingly by adjustments
made on the records of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Subordinated Note,
such other Global Subordinated Note will be increased accordingly by adjustments made on the records of the Trustee to reflect such increase. 

(7) No Restricted Subordinated Note will be transferred or exchanged except in compliance with the Private Placement Legend or as provided in
accordance with Section 208. In addition to the provisions for transfer and exchange set forth in this Section 207, the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the Company may, prior to
effecting any requested transfer or exchange of any Restricted Subordinated Notes, other than an exchange in accordance with Section 208, require that legal counsel to the Holder or owner of beneficial interests requesting such transfer or
exchange deliver to the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the Company, an Opinion of Counsel in 

  
 22 

 
compliance with this Indenture and additionally opining that the transfer or exchange is in compliance with the requirements of the Private Placement Legend and that the Subordinated Note issued
to the transferee or in exchange for the Restricted Subordinated Note may be issued free of the Private Placement Legend. Any untransferred or unexchanged balance of a Restricted Subordinated Note will be reissued to the Holder with the Private
Placement Legend, unless the Private Placement Legend may be omitted in accordance with Section 204, as evidenced by the Opinion of Counsel. 

Section 208 Exchange Offer. 

Upon the occurrence of an Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt of a
Company Order in accordance with Section 205 hereof, the Trustee will authenticate (i) Unrestricted Definitive Subordinated Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Subordinated
Notes tendered in such Exchange Offer for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in a distribution of the applicable
Exchange Notes and (z) they are not Affiliates of the Company, and accepted for exchange in such Exchange Offer or, if permitted by the Company, (ii) one or more Unrestricted Global Subordinated Notes in an aggregate principal amount equal
to the principal amount of the beneficial interests in the Restricted Global Subordinated Notes tendered in such Exchange Offer for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating
Broker-Dealers, (y) they are not participating in a distribution of the applicable Exchange Notes and (z) they are not Affiliates of the Company, and accepted for exchange in such Exchange Offer. Concurrently with the issuance of such
Unrestricted Global Subordinated Notes upon exchange of Restricted Global Subordinated Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Subordinated Notes to be reduced accordingly, and the Company
will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Restricted Definitive Subordinated Notes so accepted Unrestricted Definitive Subordinated Notes in the applicable principal amount. Any
Subordinated Notes that remain outstanding after the consummation of such Exchange Offer, and Exchange Notes issued in connection with such Exchange Offer, will be treated as a single class of securities under this Indenture. For the avoidance of
doubt, the only remedy for breach of registration rights is the Additional Interest set forth in Section 2(e) of the Registration Rights Agreement. 

Section 209 Mutilated, Destroyed, Lost and Stolen Subordinated Notes. 

If any mutilated Subordinated Note is surrendered to the Trustee, subject to the provisions of this Section 209, the Company will execute
and the Trustee will authenticate and deliver in exchange therefor a new Subordinated Note containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 

If there be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Subordinated Note, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Subordinated Note has been
acquired by a bona fide purchaser, the Company will execute and, upon the Company’s request the Trustee will authenticate and deliver, in exchange for or in lieu of any such destroyed, lost or stolen Subordinated Note, a new Subordinated Note
containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 

  
 23 

 Notwithstanding the foregoing provisions of this Section 209, in case the outstanding
principal balance of any mutilated, destroyed, lost or stolen Subordinated Note has become or is about to become due and payable, or is about to be redeemed by the Company pursuant to Article X hereof, the Company in its discretion may, instead of
issuing a new Subordinated Note, pay or redeem such Subordinated Note, as the case may be. 
 Upon the issuance of any new Subordinated Note
under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith. 
 Every new Subordinated Note issued in accordance with this Section in lieu of any destroyed, lost or stolen Subordinated Note
will constitute a separate obligation of the Company, whether or not the destroyed, lost or stolen Subordinated Note will be at any time enforceable by anyone, and will be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Subordinated Notes duly issued hereunder. 
 The provisions of this Section, as amended or supplemented in accordance
with this Indenture with respect to particular Subordinated Notes or generally, will (to the extent lawful) be exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Subordinated Notes. 
 Section 210 Payment of Interest; Rights to Interest Preserved. 

Any interest on any Subordinated Note that will be payable, and punctually paid or duly provided for, on any Interest Payment Date will be
paid to the Person in whose name such Subordinated Note is registered as of the close of business on the Regular Record Date for such Interest Payment Date. 

Any interest on any Subordinated Note that will be payable, but will not be punctually paid or duly provided for, on any Interest Payment Date
for such Subordinated Note (herein called “Defaulted Interest”) will cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in either clause (1) or (2) below: 
 (1) The Company may elect to make payment of
any Defaulted Interest to the Person in whose name such Subordinated Note will be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which will be fixed in the following manner. The Company will
notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Subordinated Note and the date of the proposed payment, and at the same time the Company will deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or will make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for
the benefit of the Person entitled to such Defaulted Interest as in this clause provided. Thereupon, the Company will fix or cause to be fixed a Special Record Date for the 

  
 24 

 
payment of such Defaulted Interest, which will be no less than 15 days from the proposed payment. The Company (or, upon the written request of the Company, the Trustee in the name and at the
expense of the Company), will cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be delivered to the Holder of such Subordinated Note at the Holder’s address as it appears in the Subordinated
Note Register not less than 10 days prior to such Special Record Date. The Company may, in its discretion, in the name and at the expense of the Company cause a similar notice to be published at least once in an Authorized Newspaper of general
circulation in the City of New York, New York or in Bedminster, New Jersey, but such publication will not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been delivered as aforesaid, such Defaulted Interest will be paid to the Person in whose name such Subordinated Note will be registered at the close of business on such Special Record Date. 

(2) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Subordinated Note may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment under this Clause, such payment will be deemed practicable
by the Trustee. 
 Unless otherwise provided in or under this Indenture or the Subordinated Notes, at the option of the Company, interest on
Subordinated Notes that bear interest may be paid by mailing a check to the address of the Person entitled thereto as such address will appear in the Subordinated Note Register or by transfer to an account maintained by the payee with a bank located
in the United States. 
 Subject to the foregoing provisions of this Section and Section 207, each Subordinated Note delivered under
this Indenture upon registration of transfer of or in exchange for or in lieu of any other Subordinated Note will carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Subordinated Note. 

Section 211 Persons Deemed Owners. 

Prior to due presentment of a Subordinated Note for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Subordinated Note is registered in the Subordinated Note Register as the owner of such Subordinated Note for the purpose of receiving payment of principal of, and (subject to Section 207 and
Section 210) interest on, such Subordinated Note and for all other purposes whatsoever, whether or not any payment with respect to such Subordinated Note will be overdue, and neither the Company, the Trustee or any agent of the Company or the
Trustee will be affected by notice to the contrary. 
 No holder of any beneficial interest in any Global Subordinated Note held on its
behalf by a Depositary will have any rights under this Indenture with respect to such Global Subordinated Note, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global
Subordinated Note for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent or the Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Subordinated Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

  
 25 

 Notwithstanding the foregoing, nothing herein will prevent the Company, the Trustee, any
Paying Agent or the Registrar from giving effect to any written certification, proxy or other authorization furnished by the applicable Depositary, as a Holder, with respect to a Global Subordinated Note or impair, as between such Depositary and the
owners of beneficial interests in such Global Subordinated Note, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as the Holder of such Global Subordinated Note. 

Section 212 Cancellation. 

All Subordinated Notes surrendered for payment, redemption, registration of transfer or exchange will, if surrendered to any Person other than
the Trustee, be delivered to the Trustee, and any such Subordinated Note, as well as Subordinated Notes surrendered directly to the Trustee for any such purpose, will be cancelled promptly by the Trustee. The Company may at any time deliver to the
Trustee for cancellation any Subordinated Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Subordinated Notes so delivered will be cancelled promptly by the Trustee, No
Subordinated Notes will be authenticated in lieu of or in exchange for any Subordinated Notes cancelled as provided in this Section, except as expressly permitted by or under this Indenture. All cancelled Subordinated Notes held by the Trustee will
be disposed of in accordance with its procedure for the disposition of cancelled Subordinated Notes, and the Trustee upon the written request of the Company will deliver to the Company a certificate of such disposition, unless by a Company Order the
Company shall direct that cancelled Subordinated Notes shall be returned to the Company. 
 Section 213 Computation of Interest.

 From and including the original issue date of the Subordinated Notes to but excluding December 30, 2025 or the earlier
redemption date contemplated by Article X of this Indenture (the “Fixed Rate Period”), at the rate of 3.50% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on each Fixed Interest Payment Date. From and including December 30, 2025 to but excluding the Maturity Date or earlier redemption date contemplated by Article
X of this Indenture (the “Floating Rate Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable
interest period plus 326 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears (each quarterly period a “Floating Interest
Period”) on each Floating Interest Payment Date. Dollar amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest
Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR Conventions. 

(a) An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable.

 (b) The “Floating Interest Rate” means: 

  
 26 

 (i) initially Three-Month Term SOFR (as defined below). 

(ii) Notwithstanding the foregoing clause (i) of this Section 213(b): 

(1) If the Calculation Agent determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its
related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and
Section 213(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the
Subordinated Notes during a relevant Floating Interest Period. 
 (2) However, if the Calculation Agent, determines that a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the
Floating Interest Rate for the applicable Floating Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent (as defined below).

 (iii) If the then-current Benchmark (as defined below) is Three-Month Term SOFR and any of the foregoing provisions concerning the
calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions (as defined below) determined by the Company, then the relevant Three-Month Term SOFR
Conventions (as defined below) will apply. 
 (c) Effect of Benchmark Transition Event. 

(i) If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to
the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the
relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates. 
 (ii) In
connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Holders or
any other party. 
 (iii) Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to
the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any
decision to take or refrain from taking any action or any selection: 
 (1) will be conclusive and binding absent manifest error; 

  
 27 

 (2) if made by the Company, will be made in the Company’s sole discretion; 

(3) if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such
determination, decision or election to which the Company reasonably objects; and 
 (4) notwithstanding anything to the contrary in the
Subordinated Notes or the Purchase Agreement, shall become effective without consent from the relevant Holders or any other party. 
 (iv)
For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on the Subordinated Notes for the Floating Rate Period will be an annual rate equal to the sum of the
applicable Benchmark Replacement and the spread specified on the face hereof. 
 (v) As used in the Subordinated Notes: 

(1) “Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

(2) “Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark; provided that if
(a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the
order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date: 
 a. The sum of (i) Compounded SOFR
and (ii) the Benchmark Replacement Adjustment; 
 b. the sum of: (i) the alternate rate of interest that has been selected or
recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment; 

c. the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; 

d. the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark
Replacement Adjustment. 

  
 28 

 (3) “Benchmark Replacement Adjustment” means the first alternative set
forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date: 
 a. the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

b. if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; 

c. the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving due consideration to
any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating
rate notes at such time. 
 (4) “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to each Floating Interest Period and making
payments of interest, rounding of amounts or tenors and other administrative matters) that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if
the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company
determines is reasonably necessary). 
 (5) “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark: 
 a. in the case of clause (a) of the definition of “Benchmark Transition
Event,” the relevant Reference Time in respect of any determination; 
 b. in the case of clause (b) or
(c) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the
Benchmark permanently or indefinitely ceases to provide the Benchmark; or 
 c. in the case of clause (d) of the definition of
“Benchmark Transition Event,” the date of such public statement or publication of information referenced therein. 
 For the
avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to
the Reference Time for purposes of such determination. 

  
 29 

 (6) “Benchmark Transition Event” means the occurrence of one or more of
the following events with respect to the then-current Benchmark: 
 a. if the Benchmark is Three-Month Term SOFR, (i) the Relevant
Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or
selected by the Relevant Governmental Body is not complete or (iii) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; 

b. a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

c. a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or
resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark; or 
 d. a public statement or publication of
information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

(7) “Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the Company, but shall
not be the Trustee without the Trustee’s express written consent) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes during the Floating Rate Period. 

(8) “Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or
methodology for this rate, and conventions for this rate being established by the Company or its designee in accordance with: 
 a. the
rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that: 

b. if, and to the extent that, the Company or its designee determines that Compounded SOFR cannot be determined in accordance with clause
(a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company or its designee giving due consideration to any industry-accepted market practice for U.S. dollar denominated
floating rate notes at such time. For the avoidance of doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment. 

  
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 (9) “Corresponding Tenor” with respect to a Benchmark Replacement means a
tenor (including overnight) having approximately the same length (disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark. 

(10) “FRBNY” means the Federal Reserve Bank of New York. 

(11) “FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source. 

(12) “Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by
interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is
available) that is longer than the Corresponding Tenor. 
 (13) “ISDA” means the International Swaps and Derivatives
Association, Inc. or any successor thereto. 
 (14) “ISDA Definitions” means the 2006 ISDA Definitions published by the
ISDA or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

(15) “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would
apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

(16) “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

(17) “Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term
SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the
Benchmark Replacement Conforming Changes. 
 (18) “Relevant Governmental Body” means the Board of Governors of the Federal
Reserve System (the “Federal Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto. 

  
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 (19) “SOFR” means the daily Secured Overnight Financing Rate provided by
the FRBNY, as the administrator of the benchmark (or a successor administrator), on the FRBNY’s Website. 
 (20) “Term
SOFR” means the forward-looking term rate for the Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

(21) “Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term
SOFR (or a successor administrator). 
 (22) “Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three
months that is published by the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. 

(23) “Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical,
administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month
Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the
Benchmark in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for the use of
Three-Month Term SOFR exists, in such other manner as the Company determines is reasonably necessary). 
 (24) “Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 
 (d) In the event that any Fixed
Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day (as defined for purposes of this Section 213(d) and the Subordinated Notes below), the interest payment due on that date shall be postponed to the next
day that is a Business Day and no additional interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating Rate Period falls on a day that is not a Business Day (as defined below),
the interest payment due on that date shall be postponed to the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement would cause the day to fall in the next calendar month
during the Floating Interest Period, the Floating Interest Payment Date shall instead be brought forward to the immediately preceding Business Day. The term “Business Day” as used in this Section 213(d) and in the Subordinated Notes
means any day other than a Saturday or Sunday or any other day on which banking institutions in the State of New York are generally authorized or required by law or executive order to be closed. 

  
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 Section 214 CUSIP Numbers. 

The Company may issue the Subordinated Notes with one or more “CUSIP” numbers (if then generally in use). The Company will promptly
notify the Trustee of any change in the CUSIP numbers. The Trustee may use “CUSIP” numbers in notices (including but not limited to notices of redemption or exchange) as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Subordinated Notes or as contained in any notice (including any notice of redemption or exchange) and that reliance may be placed only on the other
identification numbers printed on the Subordinated Notes, and any such notice will not be affected by any defect in or omission of such numbers. 

ARTICLE III 

SATISFACTION AND DISCHARGE OF INDENTURE 

Section 301 Satisfaction and Discharge. 

This Indenture will cease to be of further effect, and the Trustee, on receipt of a Company Order, at the expense of the Company, will execute
proper instruments acknowledging satisfaction and discharge of this Indenture, when 
 (1) either 

(a) all Subordinated Notes theretofore authenticated and delivered (other than (i) Subordinated Notes that have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 209 and (ii) Subordinated Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 903) have been delivered to the Trustee for cancellation; or 
 (b) all
Subordinated Notes that have not been delivered to the Trustee for cancellation (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) if redeemable at the option of the
Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii)
or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, an amount sufficient to pay and discharge the entire indebtedness on such Subordinated Notes not theretofore delivered to the
Trustee for cancellation, including the principal of, and interest on, such Subordinated Notes, to the date of such deposit (in the case of Subordinated Notes which have become due and payable) or to the Maturity thereof, as the case may be; 

(2) the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding Subordinated
Notes; and 

  
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 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to the Subordinated Notes, the obligations of the Company to the Trustee under
Section 507 and, if money will have been deposited with the Trustee in accordance with Section 301(1)(b), the obligations of the Company and the Trustee with respect to the Subordinated Notes under Section 303 and Section 903
will survive. 
 Section 302 Defeasance and Covenant Defeasance. 

(1) The Company may at its option and at any time, elect to have Section 302(2) or Section 302(3) be applied to such Outstanding
Subordinated Notes upon compliance with the conditions set forth below in this Section 302. Legal Defeasance and Covenant Defeasance may be effected only with respect to all, and not less than all, of the Outstanding Subordinated Notes. 

(2) Upon the Company’s exercise of the above option applicable to this Section 302(2), the Company will be deemed to have been
discharged from its obligations with respect to such Outstanding Subordinated Notes on the date the conditions set forth in clause (4) of this Section 302 are satisfied (“Legal Defeasance”). For this purpose. Legal Defeasance
means that the Company will be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Subordinated Notes, which will thereafter be deemed to be “Outstanding” only for the purposes of Section 302(5)
and the other Sections of this Indenture referred to in clauses (i) through (iv) of this paragraph, and to have satisfied all of its other obligations under such Subordinated Notes and this Indenture insofar as such Subordinated Notes are
concerned (and the Trustee, at the expense of the Company, will execute proper instruments acknowledging the same), except for the following which will survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of
such Outstanding Subordinated Notes to receive, solely from the trust fund described in Section 302(4)(a) and as more fully set forth in this Section 302 and Section 303, payments in respect of the principal of and interest, if any,
on, such Subordinated Notes when such payments are due, (ii) the obligations of the Company and the Trustee with respect to such Subordinated Notes under Section 207, Section 209, Section 902 and Section 903, (iii) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 302 and Section 303. The Company may exercise its option under this Section 302(2) notwithstanding the prior exercise of its
option under Section 302(3) with respect to such Subordinated Notes. 
 (3) Upon the Company’s exercise of the above option
applicable to this Section 302(3), the Company will be released from its obligations under clauses (ii) and (iii) of Section 904 and under Section 905, Section 906 and Section 907 on and after the date the conditions
set forth in Section 302(4) are satisfied (“Covenant Defeasance”), and such Subordinated Notes will thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of
Holders (and the consequences of any thereof) in connection with any such covenant, but will continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means that with respect to such
Outstanding Subordinated Notes, the Company may omit to comply with, and will have no liability in respect of. any term, condition or limitation set forth in any such Section or any such other covenant, whether directly or indirectly, by reason of
any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply will not constitute a
default, but, except as specified above, the remainder of this Indenture and such Subordinated Notes will be unaffected thereby. 

  
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 (4) The following will be the conditions to application of Section 302(2) or
Section 302(3) to any Outstanding Subordinated Notes: 
 (a) The Company will irrevocably have deposited or caused to be deposited with
the Trustee (or another trustee satisfying the requirements of Section 508 who will agree to comply with the provisions of this Section 302 applicable to it) as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders, (i) an amount in Dollars, (ii) Government Obligations that through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any payment of principal of and interest, if any, on such Subordinated Notes, money or (iii) a combination thereof, in any case, in an amount, sufficient, without
consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which
will be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of and interest, if any, on, such Outstanding Subordinated Notes on the Stated Maturity of such principal or installment of principal or interest or the
applicable Redemption Date, as the case may be. 
 (b) Such Legal Defeasance or Covenant Defeasance will not result in a breach or violation
of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company or any Subsidiary is a party or by which it is bound. 

(c) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Subordinated
Notes will have occurred and be continuing on the date of such deposit, and, solely in the case of Legal Defeasance under Section 302(2), no Event of Default, or event which with notice or lapse of time or both would become an Event of Default,
under Section 401 will have occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit (it being understood that this
condition to Legal Defeasance under Section 302(2) will not be deemed satisfied until the expiration of such period). 
 (d) In the
case of Legal Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a
ruling or (ii) since the date of this Indenture there has been a change in applicable federal income tax law, in either case to the effect that, and based thereon such opinion of independent counsel will confirm that, the Holders of such
Outstanding Subordinated Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred. 
 (e) In the case of Covenant Defeasance, the Company will have
delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee to the effect that the Holders of such Outstanding Subordinated Notes will not recognize income, gain or loss for federal income tax purposes as a result of such
Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred. 

  
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 (f) The Company will have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the Legal Defeasance or Covenant Defeasance, as the case may be, under this Indenture have been satisfied. 

(g) If the moneys or Government Obligations or combination thereof, as the case may be, deposited under Section 302(4)(a) above are
sufficient to pay the principal of, and interest, if any, on, such Subordinated Notes provided such Subordinated Notes are redeemed on a particular Redemption Date, the Company will have given the Trustee irrevocable instructions to redeem such
Subordinated Notes on such date and to provide notice of such redemption to Holders as provided in or under this Indenture. 
 (h) The
Trustee will have received such other documents, assurances and Opinions of Counsel as the Trustee will have reasonably required. 
 (5)
Subject to the provisions of the last paragraph of Section 903, all money and Government Obligations deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 302(5), the “Trustee”) in
accordance with Section 302(4)(a) in respect of any Outstanding Subordinated Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Subordinated Notes and this Indenture, to the payment, either
directly or through any Paying Agent (other than the Company or any Subsidiary or Affiliate of the Company acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due and to become due thereon in respect of principal and
interest but such money and Government Obligations need not be segregated from other funds, except to the extent required by law. 

The Company will pay and indemnify the Trustee against any tax, fee or other charge, imposed on or assessed against the Government Obligations
deposited in accordance with this Section 302 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Subordinated Notes. 

Section 303 Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 903, all money and Government Obligations deposited with the Trustee in
accordance with Section 301 or Section 302 will be held in trust and applied by the Trustee, in accordance with the provisions of such Subordinated Notes subject to discharge under Section 301 or Legal Defeasance or Covenant
Defeasance under Section 302, and this Indenture, to the payment, either directly or through any Paying Agent (including the Company, acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal and interest for whose payment such money has or Government Obligations have been deposited with or received by the Trustee; but such money and Government Obligations need not be segregated from other funds, except to the extent required
by law. 
 Section 304 Reinstatement. 

If the Trustee (or other qualifying trustee appointed in accordance with Section 302(4)(a)) or any Paying Agent is unable to apply any
moneys or Government Obligations deposited in accordance with Section 301(1) or Section 302(4)(a) to pay any principal of, or interest, if any, on, the Subordinated Notes by reason of any legal proceeding or any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s 

  
 36 

 
obligations under this Indenture and the Subordinated Notes will be revived and reinstated as though no such deposit had occurred, until such time as the Trustee (or other qualifying trustee) or
Paying Agent is permitted to apply all such moneys and Government Obligations to pay the principal of, and interest, if any, on the Subordinated Notes as contemplated by Section 301 or Section 302 as the case may be; provided, however,
that if the Company makes any payment of the principal of, or interest if any on, the Subordinated Notes following the reinstatement of its obligations as aforesaid, the Company will be subrogated to the rights of the Holders of such Subordinated
Notes to receive such payment from the funds held by the Trustee (or other qualifying trustee) or Paying Agent. 
 Section 305
Effect on Subordination Provisions. 
 The provisions of Article XI are expressly made subject to the provisions for, and to the right
of the Company to effect, the satisfaction and discharge of all of the Subordinated Notes as set forth in and in accordance with Section 301 and the provisions for, and to the right of the Company to effect, Legal Defeasance and Covenant
Defeasance of all of the Subordinated Notes as set forth in and in accordance with Section 302. As a result, and anything herein to the contrary notwithstanding, if the Company complies with the provisions of Section 301 to effect the
satisfaction and discharge of the Subordinated Notes or complies with the provisions of Section 302 to effect the Legal Defeasance or Covenant Defeasance, upon the effectiveness of such satisfaction and discharge in accordance with
Section 301 or of Legal Defeasance or Covenant Defeasance in accordance with Section 302, the Subordinated Notes as to which Legal Defeasance or Covenant Defeasance, as the case may be, will have become effective will thereupon cease to be
so subordinated in right of payment to the Senior Indebtedness and will no longer be subject to the provisions of Article XI and, without limitation to the foregoing, all moneys and Government Obligations deposited with the Trustee (or other
qualifying trustee) in trust in connection with such satisfaction and discharge. Legal Defeasance or Covenant Defeasance, as the case may be, and all proceeds therefrom may be applied to pay the principal of, and interest, if any, on, such
Subordinated Notes as and when the same will become due and payable notwithstanding the provisions of Article XI without regard to whether any or all of the Senior Indebtedness then outstanding will have been paid or otherwise provided for. 

ARTICLE IV 
 REMEDIES

 Section 401 Events of Default; Acceleration. 

An “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether it will be
voluntary or involuntary or be effected by operation of law or in accordance with any judgment, decree, or order of any court or any order, rule, or regulation of any administrative or governmental body): 

(1) the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case
or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, and such decree or order will have continued unstayed and in effect for a period
of 60 consecutive days; 

  
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 (2) the commencement by the Company of a voluntary case under any applicable bankruptcy,
insolvency or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case or proceeding under any such
law; 
 (3) the failure of the Company to pay any installment of interest on any of the Subordinated Notes as and when the same will become
due and payable, and the continuation of such failure for a period of 30 days; 
 (4) the failure of the Company to pay all or any part of
the principal of any of the Subordinated Notes as and when the same will become due and payable under this Indenture; 
 (5) the failure of
the Company to perform any other covenant or agreement on the part of the Company contained in the Subordinated Notes or in this Indenture, and the continuation of such failure for a period of 90 days after the date on which notice specifying such
failure, stating that such notice is a “Notice of Default” hereunder and demanding that the Company remedy the same, will have been given, in the manner set forth in Section 105, to the Company by the Trustee, or to the Company and
the Trustee by the Holders of at least 30% in aggregate principal amount of the Subordinated Notes at the time Outstanding; or 

(6) the default by the Company under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company having an
aggregate principal amount outstanding of at least $50,000,000, whether such indebtedness now exists or is created or incurred in the future, which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when
due and payable after the expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due and payable without, in the
case of clause (i), such indebtedness having been discharged or, in the case of clause (ii), without such indebtedness having been discharged or such acceleration having been rescinded or annulled. 

Upon becoming aware of any Event of Default, the Company will promptly deliver to the Trustee a written statement specifying the Event of
Default. 
 If an Event of Default described in Section 401(1) or Section 401(2) occurs, then the principal amount of all of the
Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder, and the
Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event
of Default other than an Event of Default described in Section 401(1) or Section 401(2), neither the Trustee nor any Holder may accelerate the Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid
interest on, the Subordinated Notes, immediately due and payable. 
 If any Event of Default occurs and is continuing, the Trustee may also
pursue any other available remedy to collect the payment of principal of, and interest on, the Subordinated Notes or to enforce the performance of any provision of the Subordinated Notes or this Indenture. 

  
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 Section 402 Failure to Make Payments. 

If an Event of Default described in Section 401(3) or Section 401(4) occurs, the Company will, upon demand of the Trustee, pay to
the Trustee, for the benefit of the Holders of such Subordinated Notes, the whole amount then due and payable with respect to such Subordinated Notes, with interest upon the overdue principal, and, to the extent permitted by applicable law, upon any
overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to such Subordinated Notes or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of
interest borne by such Subordinated Notes, and, in addition thereto, such further amount of money as will be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and all other amounts due to the Trustee under Section 507. 
 If the Company fails to pay the money it
is required to pay the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may
enforce the same against the Company or any other obligor upon such Subordinated Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company, wherever situated. 

The Trustee may proceed to protect and enforce its rights and the rights of the Holders of Subordinated Notes by such appropriate judicial
proceedings as the Trustee will deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted in this Indenture, or to
enforce any other proper remedy. 
 Upon an Event of Default, the Company may not declare or pay any dividends or distributions on, or
redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company
that rank equal with or junior to the Subordinated Notes, or make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions in shares of, or options, warrants or
rights to subscribe for or purchase shares of, any class of Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan
in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s capital stock for
another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security being
converted or exchanged; or (v) purchases of any class of Company’s common stock related to the issuance of common stock or rights under any benefit plans for Company’s directors, officers or employees or any of Company’s dividend
reinvestment plans. 
 Section 403 Trustee May File Proofs of Claim. 

In case of any judicial proceeding relative to the Company (or any other obligor upon the Subordinated Notes), its property or its creditors,
the Trustee will be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding.
In particular, the Trustee will be authorized to 

  
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 (1) file and prove a claim for the whole amount, or such lesser amount as may be provided
for in the Subordinated Notes, of the principal and interest owing and unpaid in respect of such Subordinated Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders of such Subordinated Notes allowed in such judicial proceeding, and 

(2) collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee will consent to the making of such payments directly to the Holders and to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements,
and advances of the Trustee, its agents and counsel, and any other amounts due hereunder. 
 No provision of this Indenture will be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment, or composition affecting the Subordinated Notes or the rights of any Holder or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, the Trustee may vote on behalf of the Holders for the election of a trustee in bankruptcy or similar official and may be a member of a creditors, or
other similar committee. 
 Section 404 Trustee May Enforce Claims Without Possession of Subordinated Notes. 

All rights of action and claims under this Indenture or the Subordinated Notes may be prosecuted and enforced by the Trustee without the
possession of any of the Subordinated Notes or the production of such Subordinated Notes in any related proceeding, and any such proceeding instituted by the Trustee will be brought in its own name as trustee of an express trust, and any recovery of
judgment will, after provision for the payment of the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been
recovered. 
 Section 405 Application of Money Collected. 

Any money collected by the Trustee in accordance with this Article IV or, after an Event of Default, any money or other property distributable
in respect of the Company’s obligations under this Indenture will be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any interest, upon
presentation of the Subordinated Notes and the notation on such Subordinated Notes of the payment if only partially paid and upon surrender of such Subordinated Notes if fully paid: 

  
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 FIRST: To the payment of all amounts due the Trustee, acting in any capacity hereunder,
(including any predecessor trustee) under Section 507; 
 SECOND: To the payment of amounts then due and unpaid to the holders of
Senior Indebtedness, to the extent required under the Subordination Provisions established with respect to the Subordinated Notes; 
 THIRD:
To the payment of the amounts then due and unpaid for principal of and any interest on the Subordinated Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind,
according to the aggregate amounts due and payable on such Subordinated Notes for principal and interest, respectively; and 
 FOURTH: The
balance, if any, to the Person or Persons entitled thereto. 
 Section 406 Limitation on Suits. 

No Holder of any Subordinated Note will have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or
any Subordinated Notes, or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, unless: 
 (1) such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Subordinated Notes; 
 (2) the
Holders of not less than 30% in aggregate principal amount of the Outstanding Subordinated Notes will have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under this
Indenture; 
 (3) such Holder or Holders have offered to the Trustee security and indemnity satisfactory to the Trustee against the costs,
expenses, and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice,
request, and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent with such written request
has been given to the Trustee during such 60-day period by the Holders of a majority of the aggregate principal amount of the Outstanding Subordinated Notes; 

it being understood and intended that no one or more of such Holders will have any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb, or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner
provided in this Indenture and for the equal and ratable benefit of all of such Holders. 

  
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 Section 407 Unconditional Right of Holders to Payments. 

Notwithstanding any other provision in this Indenture, the Holder of any Subordinated Note will have the right, which is absolute and
unconditional, to receive payment of the principal of and (subject to Section 207 and Section 210) any interest on such Subordinated Note on the respective Stated Maturity or Maturities expressed in such Subordinated Note (or, in the case
of redemption, on the Redemption Date), and to institute suit for the enforcement of any such payment and such rights will not be impaired without the consent of such Holder. 

Section 408 Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders will be restored
severally and respectively to their former positions under this Indenture, and thereafter all rights and remedies of the Trustee and the Holders will continue as though no such proceeding had been instituted. 

Section 409 Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Subordinated Notes in the
last paragraph of Section 209, no right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given under this Indenture or now or in the future existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Indenture, or
otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 410 Delay or
Omission Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Subordinated Notes to exercise any right or remedy
accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of or acquiescence in any such Event of Default. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 411
Control by Holders. 
 The Holders of a majority in aggregate principal amount of the Outstanding Subordinated Notes will have the right
to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Subordinated Notes, provided that 

(1) such direction will not violate any rule of law or this Indenture or the Subordinated Notes. 

(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

  
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 (3) the Trustee will have the right to decline to follow any such direction if the Trustee
in good faith will determine that the proceeding so directed would involve the Trustee in personal liability. 
 Section 412 Waiver
of Past Defaults. 
 The Holders of not less than a majority in aggregate principal amount of the Outstanding Subordinated Notes may on
behalf of the Holders of all the Subordinated Notes waive any past default under this Indenture and its consequences, except a default in the payment of the principal of, or interest on, any Subordinated Note, or in respect of a covenant or
provision of this Indenture which under Article VIII cannot be modified or amended without the consent of the Holder of each Outstanding Subordinated Note. 

Upon any such waiver, such default will cease to exist, and any Event of Default arising from such default will be deemed to have been cured,
for every purpose of this Indenture; but no such waiver will extend to any subsequent or other default or impair any consequent right. 

Section 413 Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Subordinated Notes by his acceptance of such Subordinated Notes will be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered, or omitted by it as Trustee, the filing by any
party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 413 will not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Subordinated Notes, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or
interest, if any, on any Subordinated Notes on or after the Stated Maturity or Maturities expressed in such Subordinated Notes (or, in the case of redemption, on or after the Redemption Date). 

ARTICLE V 
 THE TRUSTEE

 Section 501 Duties of Trustee. 

(1) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it hereby, and use
the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(2) Except during the continuance of an Event of Default: 

  
 43 

 (a) the duties of the Trustee will be determined solely by the express provisions hereof
and the Trustee need perform only those duties that are specifically set forth herein and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; 

(b) the Trustee shall not be liable for any acts or omissions, except for such losses, damages or expenses which have been finally adjudicated
by a court of competent jurisdiction to have directly resulted from the Trustee’s gross negligence or willful misconduct; and 
 (c) in
the absence of gross negligence or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements hereof; however, the Trustee will examine the certificates and opinions to determine whether or not they conform on their face to the requirements hereof (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (3) Whether or not therein expressly so provided, every provision hereof that in
any way relates to the Trustee is subject to paragraphs (1) and (2) of this Section 501 and to Section 502. 
 (4) No
provision hereof will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder
has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 (5) The Trustee will not be
liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee shall be held un-invested and need not be segregated from other
funds except to the extent required by law. 
 Section 502 Certain Rights of Trustee. 

Subject to Section 315(a) through Section 315(d) of the Trust Indenture Act: 

(1) the Trustee may conclusively rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or
parties; 
 (2) any request or direction of the Company mentioned herein will be sufficiently evidenced by a Company Request or a Company
Order (unless other evidence in respect thereof be herein specifically prescribed) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3) whenever in the administration of this Indenture the Trustee will deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence will be herein specifically prescribed) may require and, in the absence of bad faith on its part, rely upon an Officers’ Certificate or Opinion of Counsel, or both,
which will comply with Section 102, and will not be liable for any action it takes or omits to take in reliance on such Officers’ Certificate or Opinion of Counsel; 

  
 44 

 (4) before the Trustee acts or refrains from acting, it shall be entitled to request and
receive written instructions from the Company and shall have no responsibility or liability for any losses or damages of any nature that may arise from any action taken or not taken by the Trustee in accordance with the written direction of the
Company; 
 (5) the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete
authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in reliance thereon; 
 (6)
the Trustee will be under no obligation to exercise any of the rights or powers vested in it by or under this Indenture at the request or direction of any Holder(s) under this Indenture, unless such Holder(s) will have offered to the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction; 

(7) the Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee will determine to make such further inquiry or investigation, it will be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Company,
personally or by agent or attorney, at the sole cost of the Company and will incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

(8) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee will not be responsible for any acts or omissions on the part of any agent or attorney appointed with due care by it hereunder; 

(9) the Trustee will not be liable for any action taken, suffered or omitted to be taken by it or any of its officers, employees or agents in
good faith; 
 (10) the Trustee will not be required to take notice or be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee shall have actual knowledge thereof, and in the absence of such knowledge the Trustee may conclusively assume no Default or Event of Default exists; 

(11) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed or appointed to act hereunder; 

  
 45 

 (12) the Trustee may request that the Company deliver a certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions under this Indenture; 
 (13) the Trustee shall
not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; 
 (14) none of the permissive
rights of the Trustee enumerated in this Indenture shall be construed as a duty and, with respect to such permissive rights, the Trustee shall not be liable or responsible for other than its gross negligence or willful misconduct; 

(15) the Trustee shall not be liable or responsible for any calculation in connection with the transactions contemplated hereunder nor for any
information used in connection with such calculation, or for any act or omission of the Calculation Agent (if other than the Trustee) or any designee appointed by the Company to make any such calculation; 

(16) in no event shall the Trustee be responsible or liable for special, indirect, punitive, incidental or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 

(17) the Trustee shall not be bound to make any investigation into (i) the performance of or compliance with any of the covenants or
agreements set forth herein, (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture or any other agreement, instrument or document. 

Section 503 Notice of Defaults. 

Within 90 days after a Responsible Officer of the Trustee is notified of the occurrence of any default hereunder with respect to the
Subordinated Notes, the Trustee will deliver to all Holders entitled to receive reports in accordance with Section 603(3), notice of such default hereunder known to the Trustee, unless such default will have been cured or waived; provided,
however, that, except in the case of a default in the payment of the principal of or interest, if any, on, any Subordinated Note, the Trustee will be protected in withholding such notice if and so long as the Trustee in good faith determines that
the withholding of such notice is in the best interest of the Holders. For the purpose of this Section, the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default with respect to
Subordinated Notes. 
 Section 504 Not Responsible for Recitals or Issuance of Subordinated Notes. 

The recitals contained herein and in the Subordinated Notes, except the Trustee’s certificate of authentication, will be taken as the
statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Subordinated Notes,
except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Subordinated Notes and perform its obligations hereunder and that the statements made by it in any Statement of Eligibility on Form
T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent 

  
 46 

 
will be accountable for the use or application by the Company of the Subordinated Notes or the proceeds thereof. The Trustee will not be responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Subordinated Notes, it will not be accountable for the Company’s use of the proceeds from the Subordinated Notes or any money paid to the Company or upon the Company’s direction under any
provision hereof, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Subordinated Notes
or any other document in connection with the sale of the Subordinated Notes or under this Indenture other than its certificate of authentication. 

Section 505 May Hold Subordinated Notes. 

The Trustee, any Authenticating Agent, any Paying Agent, any Registrar or any other Person that may be an agent of the Trustee or the Company,
in its individual or any other capacity, may become the owner or pledgee of Subordinated Notes and, subject to Section 310(b) and Section 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights that it
would have if it were not Trustee, Authenticating Agent, Paying Agent, Registrar or such other Person. 
 The Trustee is subject to
Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of Trust Indenture Act
to the extent indicated. 
 Section 506 Money Held in Trust. 

Except as provided in Section 302(5), Section 303 and Section 903, money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law and will be held uninvested. The Trustee will be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 

Section 507 Compensation and Reimbursement. 

The Company agrees: 
 (1) to pay
to the Trustee from time to time compensation for all services rendered by the Trustee acting in any capacity hereunder (which compensation will not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as
may be attributable to the Trustee’s gross negligence or willful misconduct; and 
 (3) to indemnify each of the Trustee acting in any
capacity or any predecessor Trustee and their agents for, and to hold them harmless against, any loss, suit, action, liability or expense (including, without limitation, the reasonable fees and disbursements of the Trustee’s agents, legal
counsel, accountants and experts) and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), arising out of or in connection with the acceptance or 

  
 47 

 
administration of its duties hereunder, including the costs and expenses of enforcing this Indenture against the Company (including this Section 507) and defending itself against any claim
(whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise or performance of any of their powers or duties hereunder, or in connection with enforcing the provisions of this Section, except to
the extent that any such loss, liability or expense was due to the Trustee’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable order.

 The obligations of the Company under this Section 507 will survive the satisfaction and discharge of this Indenture. 

As security for the performance of the obligations of the Company under this Indenture, the Trustee will have a lien prior to the Subordinated
Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, or interest on, Subordinated Notes. Such lien will survive the satisfaction and discharge hereof and the
resignation or removal of the Trustee. 
 Any compensation or expense incurred by the Trustee after a default specified by Section 401
is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 507 will include any predecessor Trustee, but the negligence or bad faith of any
Trustee will not affect the rights of any other Trustee under this Section 507. The provisions of this Section 507 will, to the extent permitted by law, survive any termination of this Indenture (including, without limitation, termination
in accordance with any Bankruptcy Laws) and the resignation or removal of the Trustee. 
 Section 508 Corporate Trustee Required;
Eligibility. 
 (1) There will at all times be a Trustee hereunder that is a corporation, organized and doing business under the laws of
the United States, any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and
surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal or state authority. The Trustee will also satisfy the requirements of
Section 310(a)(5) of the Trust Indenture Act. If at any time the Trustee will cease to be eligible in accordance with the provisions of this Section, it will resign immediately in the manner and with the effect hereinafter specified in this
Article V. 
 (2) The Trustee will comply with Section 310(b) of the Trust Indenture Act; provided, however, that there will be excluded
from the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture or any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the
requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. 
 Section 509 Resignation
and Removal; Appointment of Successor. 
 (1) No resignation or removal of the Trustee and no appointment of a successor Trustee in
accordance with this Article V will become effective until the acceptance of appointment by the successor Trustee in accordance with Section 510. 

  
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 (2) The Trustee may resign at any time with respect to the Subordinated Notes by giving
written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 510 will not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning
Trustee may, at the Company’s expense, petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (3)
The Trustee may be removed at any time with respect to the Subordinated Notes by Act of the Holders of a majority in principal amount of the Outstanding Subordinated Notes, delivered to the Trustee and the Company. 

If at any time: 
 (a) the
Trustee will fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect to Subordinated Notes after written request therefor by the Company or any Holder who has been a bona fide Holder for
at least six months, 
 (b) the Trustee will cease to be eligible under Section 508 and will fail to resign after written request
therefor by the Company or any such Holder, or 
 (c) the Trustee will become incapable of acting or will be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property will be appointed or any public officer will take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (i) the Company, by or in accordance with a Board Resolution, may remove the Trustee with respect to the Subordinated Notes, or
(ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Subordinated Notes and the appointment of a successor Trustee or Trustees. 
 (4) If the Trustee
will resign, be removed or become incapable of acting, or if a vacancy will occur in the office of Trustee for any cause, with respect to the Subordinated Notes, the Company, by or in accordance with a Board Resolution, will promptly appoint a
successor Trustee or Trustees with respect to the Subordinated Notes and will comply with the applicable requirements of Section 510. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Subordinated Notes shall have been appointed by Act of the Holders of a majority in principal amount of the Outstanding Subordinated Notes delivered to the Company and the retiring Trustee, the successor Trustee
so appointed will, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 510, become the successor Trustee with respect to the Subordinated Notes and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the Subordinated Notes will have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 510, any Holder who has been a
bona fide Holder for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Subordinated Notes. 

  
 49 

 (5) The Company will give notice of each resignation and each removal of the Trustee with
respect to the Subordinated Notes and each appointment of a successor Trustee with respect to the Subordinated Notes by delivering written notice of such event by first-class mail, postage prepaid, to the Holders as their names and addresses appear
in the Subordinated Note Register. Each notice will include the name of the successor Trustee with respect to the Subordinated Notes and the address of its Corporate Trust Office. 

Section 510 Acceptance of Appointment by Successor. 

(1) Upon the appointment hereunder of any successor Trustee with respect to all Subordinated Notes, such successor Trustee so appointed will
execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee will become effective and such successor Trustee, without any further
act, deed or conveyance, will become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, will
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 903, will duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 507. 
 (2) Upon the
appointment hereunder of any successor Trustee with respect to the Subordinated Notes, the Company, the retiring Trustee and such successor Trustee will execute and deliver an indenture supplemental hereto wherein each successor Trustee will accept
such appointment and which (i) will contain such provisions as will be necessary or desirable to transfer and confirm to, and to vest in. such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Subordinated Notes, (ii) if the retiring Trustee is not retiring with respect to all Subordinated Notes, will contain such provisions as will be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Subordinated Notes will continue to be vested in the retiring Trustee, and (iii) will add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture will constitute such Trustees co-trustees of the same trust, that each
such Trustee will be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee will be responsible for any notice given to, or received by, or any act or
failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee will become effective to the extent provided therein, such retiring
Trustee will have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture with respect to the Subordinated Notes other than as hereinafter
expressly set forth, and such successor Trustee, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes; but, on request of the
Company or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Subordinated Notes and subject to Section 903 will duly assign, transfer and deliver to such successor Trustee, to the extent contemplated
by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Subordinated Notes, subject to its claim, if any, provided for in Section 507. 

  
 50 

 (3) Upon request of any Person appointed hereunder as a successor Trustee, the Company will
execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of this Section, as the case may be. 

(4) No Person will accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such successor Person will be
qualified and eligible under this Article. No resigning or removed Trustee shall have any liability or responsibility for the action or inaction of any successor Trustee. 

Section 511 Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee will be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, will be the successor of the Trustee hereunder (provided that such
corporation will otherwise be qualified and eligible under this Article), without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Subordinated Notes will have been authenticated but not
delivered by the Trustee then in office, any such successor to such authenticating Trustee may adopt such authentication and deliver the Subordinated Notes so authenticated with the same effect as if such successor Trustee had itself authenticated
such Subordinated Notes. In case any Subordinated Notes will not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Subordinated Notes in either its own name or that of its predecessor
Trustee. 
 Section 512 Appointment of Authenticating Agent. 

The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to the Subordinated Notes which will be
authorized to act on behalf of the Trustee to authenticate Subordinated Notes issued upon original issue, exchange, registration of transfer, partial redemption, partial repayment, or in accordance with Section 209, and Subordinated Notes so
authenticated will be entitled to the benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Subordinated Notes by the Trustee or the Trustee’s certificate of authentication, such reference will be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. 
 Each Authenticating Agent will be reasonably acceptable to the Company and,
except as provided in or under this Indenture, will at all times be a corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable law and
by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal
or state authority. If at any time an Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, it will resign immediately in the manner and with the effect specified in this Section. 

  
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 Any corporation into which an Authenticating Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate
trust business of an Authenticating Agent, will be the successor of such Authenticating Agent hereunder, provided such corporation will be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the
part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the
Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that will be acceptable to the Company and will
deliver written notice of such appointment by first-class mail, postage prepaid, to all Holders with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Subordinated Note Register. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, will become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent No successor
Authenticating Agent will be appointed unless eligible under the provisions of this Section 512. 
 The Company agrees to pay each
Authenticating Agent from time to time reasonable compensation for its services under this Section. If the Trustee makes such payments, it will be entitled to be reimbursed for such payments, subject to the provisions of Section 507. 

The provisions of Section 211, Section 504 and Section 505 will be applicable to each Authenticating Agent. 

If an Authenticating Agent is appointed under this Section, the Subordinated Notes may have endorsed thereon, in addition to or in lieu of the
Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 
 This is one
of the Subordinated Notes designated herein referred to in the within-mentioned Indenture. 
  

			
	  

	As Trustee
		
	By:	 	  

		 	As Authenticating Agent

  
 52 

 
			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Section 513 Preferred Collection of Claims against Company. 

If and when the Trustee will be or become a creditor of the Company (or any other obligor upon the Subordinated Notes), the Trustee will be
subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

ARTICLE VI 
 HOLDERS
LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 Section 601 Holder Lists. 

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
the Holders. If the Trustee is not the Registrar, the Company will cause to be furnished to the Trustee at least semiannually on January 1 and July 1 a listing of the Holders dated within 10 days of the date on which the list is furnished and
at such other times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders. 

Section 602 Preservation of Information; Communications to Holders. 

The Trustee will comply with the obligations imposed upon it in accordance with Section 312 of the Trust Indenture Act. 

Every Holder of Subordinated Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company, the
Trustee, any Paying Agent or any Registrar will be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Subordinated Notes in accordance with Section 312(c) of the Trust Indenture
Act, regardless of the source from which such information was derived, and that the Trustee will not be held accountable by reason of delivering any material in accordance with a request made under Section 312(b) of the Trust Indenture Act.

 Section 603 Reports by Trustee. 

(1) Within 60 days after July 15 of each year commencing with the first July 15 following the date of this Indenture, if required by
Section 313(a) of the Trust Indenture Act, the Trustee will transmit, in accordance with Section 313(c) of the Trust Indenture Act, a brief report dated as of such July 15 with respect to any of the events specified in said
Section 313(a) and Section 313(b)(2) that may have occurred since the later of the immediately preceding July 15 and the date of this Indenture. 

(2) The Trustee will transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein. 

  
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 (3) The Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act.

 (4) Reports under this Section will be transmitted in the manner and to the Persons required by Section 313(c) and
Section 313(d) of the Trust Indenture Act. 
 Section 604 Reports by Company. 

(1) The Company, in accordance with Section 314(a) of the Trust Indenture Act, will: 

(a) file with the Trustee, within 30 days after the Company files the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission in accordance with
Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports in accordance with either of said Sections, then it will file with the Trustee such of the supplementary and
periodic information, documents and reports that may be required in accordance with Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in the
rules and regulations of the Commission; 
 (b) file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional certificates, information, documents and reports with respect to compliance by the Company, with the conditions and covenants of this Indenture as may be required from time to time by
such rules and regulations; and 
 (c) transmit to the Holders within 30 days after the filing thereof with the Trustee, in the manner and
to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company in accordance with paragraphs (1) and (2) of this Section as may be required
by rules and regulations prescribed from time to time by the Commission. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such will not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates). 
 (2) The Company intends to file the reports referred to in Section 604(1) with the Commission in electronic form in
accordance with Regulation S-T of the Commission using the Commission’s Electronic Data Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor electronic system approved
by the Commission, will constitute delivery by the Company of such reports to the Trustee and Holders in compliance with the provision of Section 604( 1) and Trust Indenture Act Section 314(a). Notwithstanding anything to the contrary
herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the Company makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports,
information and documents to the Trustee in accordance with 

  
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this Section 604(2) will be solely for the purposes of compliance with this Section 604(2) and with Trust Indenture Act Section 314(a). The Trustee’s receipt of such reports,
information and documents is for informational purposes only and the Trustee’s receipt of such will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Trustee shall have no liability or responsibility for the filing, content or timeliness of
any report hereunder aside from any report reported under Section 603 hereof. 
 ARTICLE VII 

SUCCESSORS 

Section 701 Merger, Consolidation or Sale of All or Substantially All Assets. 

The Company will not, in any transaction or series of related transactions, consolidate with or merge into any Person or sell, assign,
transfer, lease or otherwise convey all or substantially all its properties and assets to any Person, unless: 
 (1) either the Company will
be the continuing Person (in the case of a merger), or the successor Person (if other than the Company) formed by such consolidation or into which the Company is merged or which acquires by sale, assignment, transfer, lease or other conveyance all
or substantially all the properties and assets of the Company will be a corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia and will expressly assume, by an indenture (or indentures,
if at such time there is more than one Trustee) supplemental hereto, executed by such successor corporation and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and interest on, all the
Outstanding Subordinated Notes and the due and punctual performance and observance of every obligation in this Indenture and the Outstanding Subordinated Notes on the part of the Company to be performed or observed; 

(2) immediately after giving effect to such transaction and treating any indebtedness that becomes an obligation of the Company or any
Subsidiary as a result of that transaction as having been incurred by the Company or any Subsidiary at the time of the transaction, no Event of Default, and no event which, after notice or lapse of time, or both, would become an Event of Default,
will have occurred and be continuing; and 
 (3) either the Company or the successor Person will have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental indenture is required in connection with such transaction, such
supplemental indenture comply with this Article VII and that all conditions precedent herein provided for relating to such transaction have been complied with. 

For purposes of the foregoing, any sale, assignment, transfer. lease or other conveyance of all or any of the properties and assets of one or
more Subsidiaries of the Company (other than to the Company or another Subsidiary), which, if such properties and assets were directly owned by the Company, would constitute all or substantially all of the Company’s properties and assets, will
be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 

  
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 Section 702 Successor Person Substituted for Company. 

Upon any consolidation by the Company with or merger of the Company into any other Person or any sale, assignment, transfer, lease or
conveyance of all or substantially all of the properties and assets of the Company to any Person in accordance with Section 701, the successor Person formed by such consolidation or into which the Company is merged or to which such sale,
assignment, transfer, lease or other conveyance is made will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the
Company herein; and thereafter, except in the case of a lease, the predecessor Person will be released from all obligations and covenants under this Indenture and the Subordinated Notes. 

ARTICLE VIII 

SUPPLEMENTAL INDENTURES 

Section 801 Supplemental Indentures without Consent of Holders. 

Without the consent of any Holders of Subordinated Notes, the Company (when authorized by or in accordance with a Board Resolution) and the
Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1) to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company
contained herein and in the Subordinated Notes; 
 (2) to add to the covenants of the Company for the benefit of the Holders (as will be
specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company with respect to the Subordinated Notes issued under this Indenture (as will be specified in such supplemental indenture or
indentures); 
 (3) to permit or facilitate the issuance of Subordinated Notes in uncertificated or global form, provided any such action
will not adversely affect the interests of the Holders; 
 (4) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Subordinated Notes and to add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, in
accordance with the requirements of Section 510; 
 (5) to cure any ambiguity or to correct or supplement any provision herein that may
be defective or that may be inconsistent with any other provision herein; 
 (6) to make any other provisions with respect to matters or
questions arising under this Indenture that will not adversely affect the interests of the Holders of then Outstanding Subordinated Notes in any material respect; 

  
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 (7) to add any additional Events of Default (as will be specified in such supplemental
indenture); 
 (8) to supplement any of the provisions of this Indenture to such extent as will be necessary to permit or facilitate the
Legal Defeasance, Covenant Defeasance and/or satisfaction and discharge of the Subordinated Notes in accordance with Article III, provided that any such action will not adversely affect the interests of any Holder in any material respect; 

(9) to provide for the issuance of Exchange Notes; 

(10) to conform any provision in this Indenture to the requirements of the Trust Indenture Act; or 

(11) to make any change that does not adversely affect the legal rights under this Indenture of any Holder. 

Section 802 Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Subordinated Notes, by Act of said Holders
delivered to the Company and the Trustee, the Company (when authorized by or in accordance with a Board Resolution), and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of the Subordinated Notes or of modifying in any manner the rights of the Holders under this Indenture; provided, that no such supplemental indenture, without the
consent of the Holder of each Outstanding Subordinated Note affected thereby, will 
 (1) reduce the rate of or change the time for payment
of interest, including Defaulted Interest, on any Subordinated Notes; 
 (2) reduce the principal of or change the Stated Maturity of any
Subordinated Notes, or change the date on which any Subordinated Notes may be subject to redemption or reduce the Redemption Price therefore; 

(3) make any Subordinated Note payable in money other than Dollars; 

(4) make any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on such
Subordinated Note on or after the due date thereof or to bring suit to enforce such payment; 
 (5) reduce the percentage in principal amount
of the Outstanding Subordinated Notes, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in Section 412 or Section 906 of this Indenture; or 
 (6) modify any of
the provisions of this Section 802, Section 412 or Section 906, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of
each Outstanding Subordinated Note affected thereby. 

  
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 It will not be necessary for any Act of Holders under this Section 802 to approve the
particular form of any proposed supplemental indenture, but it will be sufficient if such Act will approve the substance thereof. 

Section 803 Execution of Supplemental Indentures. 

As a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article VIII or the
modifications thereby of the trust created by this Indenture, the Trustee will be entitled to receive, and (subject to Section 501) will be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel to the effect
that the execution of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable obligation of, the
Company, subject to customary exceptions, and to the extent applicable pursuant to Section 801, that such supplemental indenture does not adversely affects the interests of the Holders. The Trustee shall execute any such supplemental indenture
except that the Trustee may, but will not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 804 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article VIII, this Indenture will be modified in accordance therewith, and such
supplemental indenture will form a part of this Indenture for all purposes; and every Holder theretofore or thereafter authenticated and delivered hereunder. 

Section 805 Reference in Subordinated Notes to Supplemental Indentures. 

Subordinated Notes authenticated and delivered after the execution of any supplemental indenture in accordance with this Article VIII may, and
will if required by the Company, bear a notation in form approved by the Company as to any matter provided for in such supplemental indenture. If the Company will so determine, new Subordinated Notes so modified as to conform, in the opinion of the
Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Subordinated Notes. 

Section 806 Effect on Senior Indebtedness. 

No supplemental indenture will directly or indirectly modify or eliminate the Subordination Provisions or the definition of “Senior
Indebtedness” applicable with respect to the Subordinated Notes in any manner that might terminate or impair the subordination of such Subordinated Notes to such Senior Indebtedness without the prior written consent of each of the holders of
such Senior Indebtedness. 

  
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 Section 807 Conformity with Trust Indenture Act. 

Every supplemental indenture executed in accordance with this Article will conform to the requirements of the Trust Indenture Act as then in
effect. 
 ARTICLE IX 

COVENANTS 

Section 901 Payment of Principal and Interest. 

The Company covenants and agrees for the benefit of the Holders that it will duly and punctually pay the principal of, and interest on, the
Subordinated Notes, in accordance with the terms thereof and this Indenture. Principal and interest will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m., New York, New
York time, on any Interest Payment Date, an amount in immediately available funds provided by the Company that is designated for and sufficient to pay all principal and interest then due. The Company will pay all Additional Interest, if any, on the
dates and in the amounts set forth in the Registration Rights Agreement. 
 If Additional Interest is payable by the Company in accordance
with the Registration Rights Agreement, the Company will deliver to the Trustee a certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional Interest is payable.
Unless and until a Responsible Officer of the Trustee receives such a certificate or instruction or direction from the Holders in accordance with the terms of this Indenture, the Trustee may assume without inquiry that no Additional Interest is
payable. The foregoing will not prejudice the rights of the Holders with respect to their entitlement to Additional Interest as otherwise set forth in this Indenture or the Subordinated Notes and pursuing any action against the Company directly or
otherwise directing the Trustee to take such action in accordance with the terms of this Indenture and the Subordinated Notes. If the Company has paid Additional Interest directly to persons entitled to it, the Company will deliver to the Trustee a
certificate setting forth the particulars of such payment. 
 Section 902 Maintenance of Office. 

The Company will maintain an office or agency in the Borough of Manhattan, New York, New York or the City of Houston, Texas (which may be an
office of the Trustee or an Affiliate of the Trustee or Registrar) where Subordinated Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Subordinated Notes and
this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or
fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Company may also from time to time designate one or more other offices or agencies where the Subordinated Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, New York, New York or the City of Houston, Texas. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 The Company hereby designates the Corporate Trust Office of the Trustee as one such office
or agency of the Company in accordance with Section 902. 
 Section 903 Money for Subordinated Notes Payments to Be Held in
Trust. 
 If the Company will at any time act as its own Paying Agent, it will, on or before each due date of the principal of, or
interest on, any of the Subordinated Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in Dollars sufficient to pay the principal and interest, as the case may be, so becoming due until such sums will be paid
to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company will have one or more Paying Agents, it will, on or prior to each due date of the principal of, or interest on. any
Subordinated Notes, deposit with any Paying Agent a sum in Dollars sufficient to pay the principal and interest, as the case may be, so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 The Company will cause each
Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent will agree with the Trustee, subject to the provisions of this Section that such Paying Agent will: 

(1) hold all sums held by it for the payment of the principal of, or interest on, the Subordinated Notes in trust for the benefit of the
Persons entitled thereto until such sums will be paid to such Persons or otherwise disposed of as provided in or under this Indenture; 
 (2)
give the Trustee notice of any default by the Company in the making of any payment of principal, or interest on, the Subordinated Notes; and 

(3) at any time during the continuance of any such default, upon the written request of the Trustee, pay to the Trustee all sums so held in
trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or
for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were
held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent will be released from all further liability with respect to such sums. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, or
interest on, any Subordinated Note and remaining unclaimed for two years after such principal or interest will have become due and payable will be paid to the Company upon a Company Request, or (if then held by the Company) will be discharged from
such trust; and the Holder of such Subordinated Note will thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying 

  
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Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may, not later than 30 days after the Company’s request for such repayment, at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment or to be delivered to such
Holders of Subordinated Notes, or both, notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such publication or delivery nor will it be earlier than two years after
such principal and or interest will have become due and payable, any unclaimed balance of such money then remaining will be repaid to the Company. 

Section 904 Corporate Existence. 

Subject to Article VII, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect
(i) the corporate existence of the Company, (ii) the existence (corporate or other) of each Significant Subsidiary and (iii) the rights (charter and statutory), licenses and franchises of the Company and each of its Significant
Subsidiaries; provided, however, that the Company will not be required to preserve the existence (corporate or other) of any of its Significant Subsidiaries or any such right, license or franchise of the Company or any of its Significant
Subsidiaries if the Board of Directors of the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Significant Subsidiaries taken as a whole and that the loss thereof will not
be disadvantageous in any material respect to the Holders. 
 Section 905 Maintenance of Properties. 

The Company will, and will cause each Significant Subsidiary to, cause all its properties used or useful in the conduct of its business to be
maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the
Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section will prevent the Company or any Significant Subsidiary from
discontinuing the operation and maintenance of any of their respective properties if such discontinuance is, in the judgment of the Board of Directors of the Company or of any Significant Subsidiary, as the case may be desirable in the conduct of
its business. 
 Section 906 Waiver of Certain Covenants. 

The Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 902 to
Section 905, inclusive, with respect to the Subordinated Notes if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Subordinated Notes, by Act of such Holders, either will waive such
compliance in such instance or generally will have waived compliance with such term, provision or condition, but no such waiver will extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such
waiver will become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition will remain in full force and effect. 

  
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 Section 907 Company Statement as to Compliance. 

The Company will deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate covering the
preceding calendar year, stating whether or not, to the best of his or her knowledge, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to notice requirements
or periods of grace) and if the Company will be in default, specifying all such defaults and the nature and status thereof of which he or she may have knowledge. 

Section 908 Tier 2 Capital. 

If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the
capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, Company will immediately notify the Trustee and the Holders, and thereafter Company shall request, subject to
the terms hereof, that the Trustee and the Holders execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital;
provided, however, that nothing contained in this Section 908 shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event pursuant to Section 1001(3) hereof. 

ARTICLE X 
 REDEMPTION OF
SECURITIES 
 Section 1001 Applicability of Article. 

(1) Except as provided in this Section 1001, the Subordinated Notes are not subject to redemption at the option of the Company. The
Subordinated Notes are not subject to redemption at the option of the Holders. 
 (2) Subject to the receipt of any required regulatory
approvals, with corresponding written notice to the Trustee, the Company at any time or from time to time on or after December 30, 2025 may redeem all or a portion of the Subordinated Notes. 

(3) Subject to the receipt of any required regulatory approvals, the Company may, at its option, redeem all or a portion of the Outstanding
Subordinated Notes at any time upon an Investment Company Event, a Tax Event or a Tier 2 Capital Event. 
 (4) The Redemption Price with
respect to any redemption permitted under this Indenture will be equal to 100% of the principal amount of the Subordinated Notes to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding, the
Redemption Date. 
 Section 1002 Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Subordinated Notes will be evidenced by a Company Order. In case of any redemption of less than all
of the Subordinated Notes, the Company will, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice will be satisfactory to the Trustee, but in any event not less than 45 days prior to the Redemption Date),
notify the Trustee, of such Redemption Date and of the principal amount of Subordinated Notes to be redeemed. 

  
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 In the case of any redemption of Subordinated Notes (i) prior to the expiration of any
restriction on such redemption provided in the terms of such Subordinated Notes or elsewhere in this Indenture or (ii) in accordance with an election of the Company that is subject to a condition specified in the terms of such Subordinated
Notes or elsewhere in this Indenture, the Company will furnish to the Trustee an Officers’ Certificate evidencing compliance with such restriction or condition. 

Section 1003 Selection by Trustee of Subordinated Notes to be Redeemed. 

If less than all of the Subordinated Notes are to be redeemed, the Subordinated Notes will be redeemed on a pro rata basis as to the Holders,
and if the Subordinated Notes are represented by Global Subordinated Notes held by the Depositary and such redemption is processed through the Depositary, such redemption will be made on a “Pro Rata Pass-Through Distribution of Principal”
basis in accordance with the procedures of the Depositary. In the event a pro rata redemption as provided in the preceding sentence is not permitted under applicable law or applicable requirements of the Depositary, the Subordinated Notes to be
redeemed will be selected by lot or such method as the Trustee will deem fair and appropriate. 
 The Trustee will promptly notify the
Company and the Registrar (if other than itself) in writing of the Subordinated Notes selected for redemption and, in the case of any Subordinated Notes selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Subordinated Notes
will relate, in the case of any Subordinated Notes redeemed or to be redeemed only in part, to the portion of the principal of such Subordinated Notes which has been or is to be redeemed. 

Section 1004 Notice of Redemption. 

Notice of redemption will be given in the manner provided in Section 105, not less than 30 nor more than 60 days prior to the Redemption
Date to the Holders of Subordinated Notes to be redeemed. Failure to give notice by delivering in the manner herein provided to the Holder of any Subordinated Notes designated for redemption as a whole or in part, or any defect in the notice to any
such Holder, will not affect the validity of the proceedings for the redemption of any other Subordinated Notes or portions thereof. 
 Any
notice that is delivered to the Holder of any Subordinated Notes in the manner herein provided will be conclusively presumed to have been duly given, whether or not such Holder receives the notice. 

All notices of redemption will state: 

(1) the Redemption Date, 
 (2) the
Redemption Price, 

  
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 (3) if less than all Outstanding Subordinated Notes are to be redeemed, the identification
(and, in the case of partial redemption, the principal amount) of the particular Subordinated Note or Subordinated Notes to be redeemed, 

(4) that, in case any Subordinated Note is to be redeemed in part only, on and after the Redemption Date, upon surrender of such Subordinated
Note, the Holder of such Subordinated Note will receive, without charge, a new Subordinated Note or Subordinated Notes of authorized denominations for the principal amount thereof remaining unredeemed, 

(5) that, on the Redemption Date, the Redemption Price will become due and payable upon each such Subordinated Note or portion thereof to be
redeemed, together (if applicable) with accrued and unpaid interest and Additional Interest, if any, thereon (subject, if applicable, to the provisos to the first paragraph of Section 1006), and, if applicable, that interest thereon will cease
to accrue on and after said date, 
 (6) the place or places where such Subordinated Notes are to be surrendered for payment of the
Redemption Price and any accrued interest pertaining thereto, and 
 (7) the section hereunder providing for such redemption. 

The notice of redemption shall include the CUSIP number reference numbers of such Subordinated Notes, if any (or any other numbers used by a
Depositary to identify such Subordinated Notes). 
 Notice of redemption of Subordinated Notes to be redeemed at the election of the Company
will be given by the Company or, at the Company’s request delivered at least 10 days before the date such notice is to be given (unless a shorter period will be acceptable to the Trustee), by the Trustee in the name and at the expense of the
Company. 
 Section 1005 Deposit of Redemption Price. 

On or prior to 11:00 am., New York, New York time, on any Redemption Date, the Company will deposit, with respect to the Subordinated Notes
called for redemption in accordance with Section 1004, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 903) an amount sufficient to pay the
Redemption Price of, and (except if the Redemption Date will be an Interest Payment Date) any accrued interest on, all such Subordinated Notes or portions thereof which are to be redeemed on that date. 

Section 1006 Subordinated Notes Payable on Redemption Date. 

Notice of redemption having been given as provided above, the Subordinated Notes so to be redeemed will, on the Redemption Date, become due
and payable at the Redemption Price therein specified, together with accrued and unpaid interest and Additional Interest, if any, thereon and from and after such date (unless the Company will default in the payment of the Redemption Price and
accrued interest, if any) such Subordinated Notes will cease to bear interest. Upon surrender of any such Subordinated Note for redemption in accordance with said notice, such Subordinated Note will be paid by the Company at the Redemption Price,
together with any accrued and unpaid interest and 

  
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Additional Interest, if any, thereon to but excluding the Redemption Date; provided, however, that installments of interest on Subordinated Notes whose Stated Maturity is on or prior to the
Redemption Date will be payable to the Holders of such Subordinated Notes registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section 210. 

If any Subordinated Note called for redemption will not be so paid upon surrender thereof for redemption, the principal, until paid, will bear
interest from the Redemption Date at the rate prescribed therefor in the Subordinated Note or, if no rate is prescribed therefor in the Subordinated Note, at the rate of interest, if any, borne by such Subordinated Note. 

Section 1007 Subordinated Notes Redeemed in Part. 

Any Subordinated Note which is to be redeemed only in part will be surrendered at any office or agency for such Subordinated Note (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company will
execute and the Trustee will authenticate and deliver to the Holder of such Subordinated Note without service charge, a new Subordinated Note or Subordinated Notes, containing identical terms and provisions, of any authorized denomination as
requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Subordinated Note so surrendered. If a Global Subordinated Note is so surrendered, the Company will execute, and the
Trustee will authenticate and deliver to the Depositary for such Global Subordinated Note as will be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Global Subordinated Note in a denomination equal
to and in exchange for the unredeemed portion of the principal of the Global Subordinated Note so surrendered. 
 Upon surrender of a
Subordinated Note that is redeemed in part, the Company will issue and the Trustee will authenticate for the Holder at the expense of the Company a new Subordinated Note equal in principal amount to the unredeemed portion of the Subordinated Note
surrendered representing the same indebtedness to the extent not redeemed. Notwithstanding anything in this Indenture to the contrary, only a Company Order and not an Opinion of Counsel or an Officers’ Certificate of the Company is required for
the Trustee to authenticate such new Subordinated Note. 
 ARTICLE XI 

SUBORDINATION OF SECURITIES 

Section 1101 Agreement to Subordinate. 

The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of Subordinated Notes by the Holder’s
acceptance thereof, likewise covenants and agrees, that the payment of the principal of and interest on each and all of the Subordinated Notes is and will be expressly subordinated in right of payment to the prior payment in full of all Senior
Indebtedness. 

  
 65 

 Section 1102 Distribution of Assets. 

(1) Upon any distribution of assets of the Company upon any termination, winding up. liquidation or reorganization of the Company, whether in
bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or otherwise (subject to the power of a court of competent
jurisdiction to make other equitable provision reflecting the rights conferred upon the Senior Indebtedness and the holders thereof with respect to the Subordinated Notes and the Holders thereof by a lawful plan of reorganization under applicable
bankruptcy law): 
 (a) holders of all Senior Indebtedness will first be entitled to receive payment in full in accordance with the
terms of such Senior Indebtedness of the principal thereof, premium, if any, and the interest due thereon (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any
applicable bankruptcy, insolvency or similar law now or hereafter in effect) before the Holders of the Subordinated Notes are entitled to receive any payment upon the principal of or interest on indebtedness evidenced by the Subordinated Notes; 

(b) any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the
Holders would be entitled except for the provisions of this Article XI, including any such payment or distribution that may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment
of the Subordinated Notes, will be paid by the liquidating trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior
Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, in accordance with the priorities then existing
among holders of Senior Indebtedness for payment of the aggregate amounts remaining unpaid on account of the principal, premium, if any, and interest (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or
reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter in effect) on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness
remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness; it being understood that if the Holders fail to file a proper claim in the form required by any proceeding referred to in
this Section 1102(1)(b) prior to 30 days before the expiration of the time to file such claim or claims, then the holders of Senior Indebtedness are hereby authorized to file an appropriate claim or claims for and on behalf of the Holders, in
the form required in any such proceeding; and 
 (c) in the event that, notwithstanding the foregoing, any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinate to
the payment of the Subordinated Notes will be received by the Trustee or the Holders before all Senior Indebtedness is paid in full, such payment or distribution will be paid over to the trustee in bankruptcy, receiver, liquidating trustee,
custodian, assignee, agent or other Person making payment of assets of the Company for all Senior Indebtedness remaining unpaid until all such Senior Indebtedness will have been paid in full, after giving effect to any concurrent payment or
distribution to the holders of such Senior Indebtedness, 

  
 66 

 (2) Subject to the payment in full of all Senior Indebtedness, the Holders will be
subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until the principal of and interest on the Subordinated Notes
will be paid in full and no such payments or distributions to holders of such Senior Indebtedness to which the Holders would be entitled except for the provisions hereof of cash, property or securities otherwise distributable to the holders of
Senior Indebtedness will, as between the Company, its creditors, other than the holders of Senior Indebtedness, and the Holders, be deemed to be a payment by the Company to or on account of the Senior Indebtedness. It is understood that the
provisions of this Article XI are intended solely for the purpose of defining the relative rights of the Holders of the Subordinated Notes, on the one hand, and the holders of Senior Indebtedness, on the other hand. Nothing contained in this Article
XI or elsewhere in this Indenture or any supplemental indenture issued in accordance with Article VIII of this Indenture or in the Subordinated Notes is intended to or will impair, as between the Company, its creditors, other than the holders of
Senior Indebtedness, and the Holders, the obligation of the Company, which is unconditional and absolute, to pay to the Holders the principal of and interest on the Subordinated Notes as and when the same will become due and payable in
accordance with their terms or to affect the relative rights of the Holders and creditors of the Company, other than the holders of the Senior Indebtedness, nor, except as otherwise expressly provided in this Indenture and the Subordinated Notes
with respect to the limitation on the rights of the Trustee and the Holders, to accelerate the maturity of the Subordinated Notes and pursue remedies upon such an acceleration, will anything herein or in the Subordinated Notes prevent the Trustee or
any Holder from exercising all remedies otherwise permitted by applicable law upon any Event of Default under the Indenture occurring, subject to the rights, if any, under this Article XI of the holders of Senior Indebtedness, in respect of cash,
property or securities of the Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article XI, the Trustee and the Holders will be entitled to rely upon any order or
decree of a court of competent jurisdiction in which such termination, winding up, liquidation or reorganization proceeding is pending or upon a certificate of the liquidating trustee or agent or other Person making any distribution to the Trustee
or to the Holders for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount hereof or payable thereon, the amount or amounts
paid or distributed thereon and all other facts pertinent thereto or to this Article XI. In the absence of any such liquidating trustee, agent or other person, the Trustee will be entitled to rely upon a written notice by a Person representing
itself to be a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such a trustee or representative). If the Trustee determines, in good
faith, that further evidence is required with respect to the right of any Person, as a holder of Senior Indebtedness, to participate in any payment or distribution in accordance with this Article XI, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person is entitled to participation in such payment or distribution, and as to other facts pertinent
to the rights of such Person under this Article XI, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

  
 67 

 With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to
observe only such of its covenants and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations with respect to the holders of Senior Indebtedness will be read into this Indenture against the Trustee. The
Trustee, however, will not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness by reason of the execution of this Indenture, or any other supplemental indenture entered into in accordance with Article VIII of this Indenture,
and will not be liable to any such holders if it will in good faith mistakenly pay over or distribute to or on behalf of the Holders or the Company moneys or assets to which any holders of Senior Indebtedness will be entitled by virtue of this
Article XI or otherwise. 
 Section 1103 Default With Respect to Senior Indebtedness. 

In the event and during the continuation of any default in the payment of principal of, or premium, if any, or interest on, any Senior
Indebtedness, beyond any applicable grace period, or if any event of default with respect to any Senior Indebtedness will have occurred and be continuing, or would occur as a result of the payment referred to hereinafter, permitting the holders of
such Senior Indebtedness (or a trustee on behalf of the holders thereof) to accelerate the maturity thereof, then, unless and until such default or event of default will have been cured or waived or will have ceased to exist, no payment or principal
of or interest on the Subordinated Notes, or in respect of any retirement, purchase or other acquisition of any of the Subordinated Notes, will be made by the Company. 

Section 1104 No Impairment. 

Nothing contained in this Indenture, any other supplemental indenture entered into in accordance with Article VIII of this Indenture, or in
any of the Subordinated Notes will: (i) impair, as between the Company and the Holders, the obligations of the Company, to make, or prevent the Company from making, at any time except as provided in Section 1102 and Section 1103,
payments of principal of, or interest (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency, or similar law now or hereafter in
effect) on, the Subordinated Notes, as and when the same will become due and payable in accordance with the terms of the Subordinated Notes; (ii) affect the relative rights of the Holders and creditors of the Company other than the holders of
the Senior Indebtedness; (iii) except as otherwise expressly provided in this Indenture and the Subordinated Notes with respect to the limitation on the rights of the Trustee and the Holders, to accelerate the maturity of the Subordinated Notes
and pursue remedies upon such an acceleration, prevent the Holder of any Subordinated Notes or the Trustee from exercising all remedies otherwise permitted by applicable law upon default thereunder, subject to the rights, if any, under this Article
XI of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of such remedy; or (iv) prevent the application by the Trustee or any Paying Agent of any moneys deposited with it
hereunder to the payment of or on account of the principal of, or interest on, the Subordinated Notes or prevent the receipt by the Trustee or any Paying Agent of such moneys, if, prior to the third Business Day prior to such deposit, the Trustee or
such Paying Agent did not have written notice of any event prohibiting the making of such deposit by the Company. 

  
 68 

 Section 1105 Effectuation of Subordination Provisions. 

Each Holder by his acceptance of any Subordinated Notes authorizes and expressly directs the Trustee on such Holder’s behalf to take such
action as may be necessary or appropriate to effectuate the Subordination Provisions, and appoints the Trustee such Holder’s attorney-in-fact for such purposes,
including, in the event of any termination, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of creditors by the
Company, a marshalling of the assets and liabilities of the Company or otherwise) tending toward the liquidation of the property and assets of the Company, the filing of a claim for the unpaid balance of the Subordinated Notes in the form required
in those proceedings. 
 Section 1106 Notice to Trustee. 

The Company will give prompt written notice to the Trustee of any fact known to the Company that would prohibit the Company from making any
payment to or by the Trustee in respect of the Subordinated Notes in accordance with the provisions of this Article XI. The Trustee will not be charged with the knowledge of the existence of any default or event of default with respect to any Senior
Indebtedness or of any other facts that would prohibit the making of any payment to or by the Trustee or any Paying Agent unless and until the Trustee will have received notice in writing at its Corporate Trust Office to that effect signed by an
Authorized Officer, or by a holder of Senior Indebtedness or a Trustee or agent thereof; and prior to the receipt of any such written notice, the Trustee will, subject to Article V of this Indenture, be entitled to assume that no such facts exist;
provided that, if the Trustee will not have received the notice provided for in this Section 1106 at least two Business Days prior to the date upon which, by the terms of this Indenture, any monies will become payable for any purpose
(including, without limitation, the payment of the principal of or interest on any Subordinated Note), then, notwithstanding anything herein to the contrary, the Trustee will have full power and authority to receive any monies from the Company and
to apply the same to the purpose for which they were received, and will not be affected by any notice to the contrary that may be received by it on or after such prior date except for an acceleration of the Subordinated Notes prior to such
application. The foregoing will not apply if the Paying Agent is the Company. The Trustee will be entitled to rely on the delivery to it of a written notice by a Person representing himself or itself to be a holder of any Senior Indebtedness (or a
trustee on behalf of, or agent of, such holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a trustee or agent on behalf of any such holder. 

In the event that the Trustee determines in good faith that any evidence is required with respect to the right of any Person as a holder of
Senior Indebtedness to participate in any payment or distribution in accordance with this Article XI, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held
by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article XI and, if such evidence is not furnished to the Trustee, the
Trustee may defer any payment to such Person pending such evidence being furnished to the Trustee or a judicial determination that such Person has the right to receive such payment. 

Section 1107 Trustee Knowledge of Senior Indebtedness. 

Notwithstanding the provisions of this Article XI or any other provisions of this Indenture or any other supplemental indenture issued in
accordance with Article VIII of this Indenture, neither the Trustee nor any Paying Agent will be charged with knowledge of the existence of any Senior Indebtedness or of any event that would prohibit the making of any payment of moneys to or by the
Trustee or such Paying Agent, unless and until a Responsible Officer of the Trustee or such Paying Agent will have received written notice thereof from the Company or from the holder of any Senior Indebtedness or from the representative of any such
holder. 

  
 69 

 Section 1108 Senior Indebtedness to Trustee. 

The Trustee will be entitled to all of the rights set forth in this Article XI in respect of any Senior Indebtedness at any time held by it in
its individual capacity to the same extent as any other holder of such Senior Indebtedness, and nothing in this Indenture or any other supplemental indenture issued in accordance with Article VIII of this Indenture will be construed to deprive the
Trustee of any of its rights as such holder. 
 Section 1109 Subordination Not Applicable to Trustee Compensation. 

Nothing contained in this Article XI will apply to the claims of, or payments to, the Trustee under Section 507 of this Indenture. 

The Trustee hereby accepts the trusts in this Indenture upon the terms and conditions set forth herein. 

[Signature Page Follows] 

  
 70 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly signed as of
the date first written above. 
  

			
	PEAPACK-GLADSTONE FINANCIAL CORPORATION
		
	By: 	 	 /s/ Jeffrey J. Carfora

	Name:	 	Jeffrey J. Carfora
	Title:	 	Senior Executive Vice President and Chief
		 	Financial Officer
	
	UMB BANK, NATIONAL ASSOCIATION
	As Trustee
		
	By: 	 	 /s/ Mauri J. Cowen

	Name:	 	Mauri J. Cowen
	Title:	 	Senior Vice President

 EXHIBIT A-l 

(FORM OF DEFINITIVE SUBORDINATED NOTE) 

PEAPACK-GLADSTONE FINANCIAL CORPORATION 

3.50% FIXED TO FLOATING SUBORDINATED NOTE DUE DECEMBER 30, 2030 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’) OR UNDER
ANY APPLICABLE STATE SECURITIES LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN
AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, IF REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT. 

THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY (AS DEFINED HEREIN) AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT
INSURED OR GUARANTEED BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE
IDENTIFIED HEREIN). 
 CERTAIN ERISA CONSIDERATIONS: 

THE HOLDER OF THIS SECURITY, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT
PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD
THIS SECURITY OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS
SECURITY, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH 

  
 A-1-1 

 
RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER
(i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING
THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL
EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION. 
 ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF
ANY OF THE SECURITIES SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SECURITIES. 

  
 A-1-2 

			
	No. [●]	  	 CUSIP Accredited Investors: 704699 AD9

CUSIP QIBs: 704699 AC1

 PEAPACK-GLADSTONE FINANCIAL CORPORATION 

3.50% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE DECEMBER 30, 2030 

1. Indenture; Holders. This note is one of a duly authorized issue of notes of Peapack-Gladstone Financial Corporation, a New Jersey
corporation (the “Company”), designated as the “3.50% Fixed to Floating Rate Subordinated Notes due 2030” (the “Subordinated Notes”) in an aggregate principal amount of $100.0 million and initially
issued on December 22, 2020. The Company has issued this Subordinated Note under that certain Indenture dated as of December 22, 2020, as the same may be amended or supplemented from time to time (“Indenture”),
between the Company and UMB Bank, National Association, as Trustee. All capitalized terms not otherwise defined herein this Subordinated Note will have the meanings assigned to them in the Indenture. The terms of this Subordinated Note includes
those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act, This Subordinated Note is subject to all such terms, and the Holder (as defined below) is referred to the Indenture and the Trust Indenture
Act for a statement of such terms. To the extent any provision of this Subordinated Note irreconcilably conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling. 

2. Payment. The Company, for value received, promises to pay to [•], or its registered assigns, the principal sum of [•]
Dollars (U.S.) ($[•]), plus accrued but unpaid interest on December 30, 2030 (the “Maturity Date”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding
December 30, 2025 or the earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the “Fixed Rate Period”), at the rate of 3.50% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on June 30 and December 30 of each year (each payment date, a “Fixed
Interest Payment Date”), beginning June 30, 2021, and (ii) from and including December 30, 2025 to but excluding the Maturity Date or earlier redemption date contemplated by Section 5 (Redemption) of
this Subordinated Note (the “Floating Rate Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the
applicable interest period plus 326 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears (each quarterly period a “Floating
Interest Period”) on March 30, June 30, September 30 and December 30 of each year (each payment date, a “Floating Interest Payment Date”). Dollar amounts resulting from this calculation shall be rounded
to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation
Agent pursuant to the Three-Month Term SOFR Conventions. 
 (a) An “Interest Payment Date” is either a Fixed Interest
Payment Date or a Floating Interest Payment Date, as applicable. 
 (b) The “Floating Interest Rate” means: 

  
 A-1-3 

 (i) initially Three-Month Term SOFR (as defined below). 

(ii) Notwithstanding the foregoing clause (i) of this Section 2(b): 

(1) If the Calculation Agent determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its
related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and
Section 2(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the
Subordinated Notes during a relevant Floating Interest Period. 
 (2) However, if the Calculation Agent determines that a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the
Floating Interest Rate for the applicable Floating Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent (as defined below).

 (iii) If the then-current Benchmark (as defined below) is Three-Month Term SOFR and any of the foregoing provisions concerning the
calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions (as defined below) determined by the Company, then the relevant Three-Month Term SOFR
Conventions (as defined below) will apply. 
 (c) Effect of Benchmark Transition Event. 

(i) If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to
the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the
relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates. 
 (ii) In
connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Holders or
any other party. 
 (iii) Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to
the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any
decision to take or refrain from taking any action or any selection: 
 (1) will be conclusive and binding absent manifest error; 

  
 A-1-4 

 (2) if made by the Company, will be made in the Company’s sole discretion; 

(3) if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such
determination, decision or election to which the Company reasonably objects; and 
 (4) notwithstanding anything to the contrary in this
Subordinated Note or the Purchase Agreement, shall become effective without consent from the relevant Holders or any other party. 
 (iv)
For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on this Subordinated Note for the Floating Rate Period will be an annual rate equal to the sum of the
applicable Benchmark Replacement and the spread specified on the face hereof. 
 (v) As used in this Subordinated Note: 

(1) “Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

(2) “Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark; provided that if
(a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the
order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date: 
 a. The sum of (i) Compounded SOFR
and (ii) the Benchmark Replacement Adjustment; 
 b. the sum of: (i) the alternate rate of interest that has been selected or
recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment; 

c. the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; 

d. the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark
Replacement Adjustment. 

  
 A-1-5 

 (3) “Benchmark Replacement Adjustment” means the first alternative set
forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date: 
 a. the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

b. if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; 

c. the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving due consideration to
any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating
rate notes at such time. 
 (4) “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to each Floating Interest Period and making
payments of interest, rounding of amounts or tenors and other administrative matters) that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if
the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company
determines is reasonably necessary). 
 (5) “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark: 
 a. in the case of clause (a) of the definition of “Benchmark Transition
Event,” the relevant Reference Time in respect of any determination; 
 b. in the case of clause (b) or
(c) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the
Benchmark permanently or indefinitely ceases to provide the Benchmark; or 
 c. in the case of clause (d) of the definition of
“Benchmark Transition Event,” the date of such public statement or publication of information referenced therein. 
 For the avoidance of
doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference
Time for purposes of such determination. 

  
 A-1-6 

 (6) “Benchmark Transition Event” means the occurrence of one or more of
the following events with respect to the then-current Benchmark: 
 a. if the Benchmark is Three-Month Term SOFR, (i) the Relevant
Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or
selected by the Relevant Governmental Body is not complete or (iii) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; 

b. a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

c. a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or
resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark; or 
 d. a public statement or publication of
information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

(7) “Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the Company) as may be
appointed by the Company to act as Calculation Agent for the Subordinated Notes during the Floating Rate Period. 
 (8) “Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company or its designee in accordance with: 

a. the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for
determining compounded SOFR; provided that: 
 b. if, and to the extent that, the Company or its designee determines that Compounded
SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company or its designee giving due consideration to any
industry-accepted market practice for U.S. dollar denominated floating rate notes at such time. 

  
 A-1-7 

 For the avoidance of doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement
Adjustment. 
 (9) “Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having
approximately the same length (disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark. 
 (10)
“FRBNY” means the Federal Reserve Bank of New York. 
 (11) “FRBNY’s Website” means the website of
the FRBNY at http://www.newyorkfed.org, or any successor source. 
 (12) “Interpolated Benchmark” with respect to the
Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and
(2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor. 
 (13)
“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto. 
 (14) “ISDA
Definitions” means the 2006 ISDA Definitions published by the ISDA or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

(15) “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would
apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

(16) “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

(17) “Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term
SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the
Benchmark Replacement Conforming Changes. 
 (18) “Relevant Governmental Body” means the Board of Governors of the Federal
Reserve System (the “Federal Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto. 

  
 A-1-8 

 (19) “SOFR” means the daily Secured Overnight Financing Rate provided by
the FRBNY, as the administrator of the benchmark (or a successor administrator), on the FRBNY’s Website. 
 (20) “Term
SOFR” means the forward-looking term rate for the Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

(21) “Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term
SOFR (or a successor administrator). 
 (22) “Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three
months that is published by the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. 

(23) “Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical,
administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month
Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the
Benchmark in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for the use of
Three-Month Term SOFR exists, in such other manner as the Company determines is reasonably necessary). 
 (24) “Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 
 (d) In the event that any Fixed
Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional interest shall accrue
as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next
day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement would cause the day to fall in the next calendar month during the Floating Interest Period, the Floating Interest Payment
Date shall instead be brought forward to the immediately preceding Business Day. The term “Business Day” means any day other than a Saturday or Sunday or any other day on which banking institutions in the State of New York are generally
authorized or required by law or executive order to be closed. 

  
 A-1-9 

 The Company will pay interest on this Subordinated Note to the Person who is the registered
Holder at the close of business on the first calendar day of the month in which the Interest Payment Date occurs, except as provided in Section 210 of the Indenture with respect to Defaulted Interest. This Subordinated Note will be payable as
to principal and interest at the office or agency of the Paying Agent, or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or by wire transfer
to an account appropriately designated by the Person entitled to payment; provided, that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to
surrender of this Subordinated Note in the case of a payment of interest at Maturity). 
 3. Paying Agent and Registrar. UMB Bank,
National Association, the Trustee (“Trustee”) under the Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at 5555 San Felipe Street, Suite 870, Houston, Texas 77056. The Company may change
any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 4.
Subordination. The indebtedness of the Company evidenced by this Subordinated Note, including the principal thereof and interest thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and junior in right of
payment to obligations of the Company constituting the Senior Indebtedness (as defined in the Indenture) on the terms and subject to the terms and conditions as provided and set forth in Article XI of the Indenture and will rank pari passu in
right of payment with all other Subordinated Notes. Holder, by the acceptance of this Subordinated Note, agrees to and will be bound by such provisions of the Indenture and authorizes and directs the Trustee on his behalf to take such actions as may
be necessary or appropriate to effectuate the subordination so provided. 
 5. Redemption. The Company may, at any time or from time
to time on or after December 30, 2025, redeem this Subordinated Note, in whole or in part, without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company may redeem all, but not a
portion of the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. Any redemption with respect to this Subordinated Note will be subject to any required regulatory approvals. This
Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with respect to any redemption permitted under this Indenture will be equal to 100% of the principal amount of this Subordinated Note, or portion
thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding, the Redemption Date. 

If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the
capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, Company will immediately notify the Trustee and the Holders, and thereafter Company shall request, subject to
the terms hereof, that the Trustee and the Holders execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital;
provided, however, that the foregoing shall not limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event. 

  
 A-1-10 

 If less than the then outstanding principal amount of this Subordinated Note is redeemed,
(i) a new note shall be issued representing the unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holder, and if the Subordinated Notes are represented by
Global Subordinated Notes held by the Depositary and such redemption is processed through the Depositary, such redemption will be made on a “Pro Rata Pass-Through Distribution of Principal” basis in accordance with the procedures of the
Depositary. In the event a pro rata redemption as provided in the preceding sentence is not permitted under applicable law or applicable requirements of the Depositary, the Subordinated Notes to be redeemed will be selected by lot or such method as
the Trustee will deem fair and appropriate. 
 6. Events of Default; Acceleration. An “Event of Default” means any one of
the events described in Section 401 of the Indenture. If an Event of Default described in Section 401(1) or Section 401(2) of the Indenture occurs, then the principal amount of all of the Outstanding Subordinated Notes, and accrued
and unpaid interest, if any, on all Outstanding Subordinated Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holder, and the Company waives demand, presentment for payment,
notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default
described in Section 401(1) or Section 401(2) of the Indenture, neither the Trustee nor the Holder may accelerate the Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on the Subordinated
Notes, immediately due and payable. If any Event of Default occurs and is continuing, the Trustee may also pursue any other available remedy to collect the payment of principal of, and interest on, the Subordinated Notes or to enforce the
performance of any provision of the Subordinated Notes or the Indenture. 
 7. Failure to Make Payments. If the Company fails to make
any payment of interest on this Subordinated Note when such interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any payment of the principal of this Subordinated Note when such
principal becomes due and payable, the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note, with interest upon the overdue
principal, any premium and, to the extent permitted by applicable law, upon any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if as such rate or rates
are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated Note. 
 Upon an Event of
Default, the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or interest or
premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to this Subordinated Note, or make any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other
than; (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s common stock; (ii) any declaration of a dividend in connection with the
implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s
capital stock or the exchange or conversion of one class or series of Company’s capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s capital stock
in accordance with the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company’s common stock related to the issuance of common stock or rights under
any of benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment plans. 

  
 A-1-11 

 8. Denominations, Transfer, Exchange. The Subordinated Notes are issuable only in
registered form without interest coupons in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be registered and this Subordinated Note may be exchanged as provided in the
Indenture. The Registrar may require the Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and fees required by law or permitted by the Indenture. 

9. Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note, or
any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder requesting such transfer or exchange. 

10. Persons Deemed. Owners. The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note is overdue, and neither the Company, the Trustee nor any such agent will be affected by notice to the contrary. 

11. Amendments; Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time by the Company and the Trustee with the consent of the holders of a majority in principal amount of the then Outstanding Subordinated
Notes. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the then Outstanding Subordinated Notes, on behalf of the holders of all Subordinated Notes, to waive certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Subordinated Note will be conclusive and binding upon such Holder and upon all future holders of this Subordinated Note and of any Subordinated Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note. 

12. No Impairment. No reference herein to the Indenture and no provision of this Subordinated Note or of the Indenture will alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest (if any) and Additional Interest on this Subordinated Note at the times, place and rate as herein prescribed. 

13. Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note is
not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any Subsidiary. 

  
 A-1-12 

 14. No Recourse Against Others. No recourse under or upon any obligation, covenant or
agreement contained in the Indenture or in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder, employee, officer, or director, as such, of the Company
or of any predecessor or successor, either directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated Note by the Holder and as part of the consideration for the issuance of this Subordinated Note. 

15. Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee or an
Authenticating Agent. 
 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be
used though not in the above list. 
 17. Available Information. The Company will furnish to the Holder upon written request and
without charge a copy of the Indenture. Requests by Holders to the Company may be made to: Peapack-Gladstone Financial Corporation, 500 Hills Drive, Suite 300, Bedminster, New Jersey 07921, Attn: Chief Financial Officer. 

18. Governing Law. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF. 

[Signature Page Follows] 

  
 A-1-13 

 IN WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly executed. 

Dated: 
  

			
	PEAPACK-GLADSTONE FINANCIAL CORPORATION
	
	By:                                   
                                         
   
		 	Name:                                     
                                    
		 	Title:                                    
                                       

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Subordinated Notes of Peapack-Gladstone Financial Corporation referred to in the within-mentioned Indenture: 

 

	
	UMB BANK, NATIONAL ASSOCIATION
	as Trustee
	
	By:                                     
                                         
 
	Name:                                     
                                     
	Title:                                     
                                       
	
	Dated:                                     
                                      

  
 A-1-14 

 ASSIGNMENT FORM 

To assign this Subordinated Note, fill in the form below: (I) or (we) assign and transfer this Subordinated Note to: 

 
  

(Print or type assignee’s name, address and zip code) 
  

 
  

(Insert assignee’s social security or tax I.D. No.) 

and irrevocably appoint _______________________ agent to transfer this Subordinated Note on the books of the Company. The agent may substitute another to act
for him. 
  

			
	Date:                                     
           	  	Your
signature:                                       
         
		  	(Sign exactly as your name appears on the face of this Subordinated Note)
		
		  	Tax Identification
No:                                        
         

Signature Guarantee:                    
                                         
                                         
                                         
                                         
                      (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbroker’s, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15). 

The undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of
the Company. 
 In connection with any transfer or exchange of this Subordinated Note occurring prior to the date that is one year after the later of the
date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company, the undersigned confirms that this Subordinated Note is being: 

 

					
	CHECK ONE BOX BELOW:
			
	☐	  	(1)	  	acquired for the undersigned’s own account, without transfer;
			
	☐	  	(2)	  	transferred to the Company;
			
	☐	  	(3)	  	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
			
	☐	  	(4)	  	transferred under an effective registration statement under the Securities Act;
			
	☐	  	(5)	  	transferred in accordance with and in compliance with Regulation S under the Securities Act;

  
 A-1-15 

					
			
	☐	  	(6)	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities
Act), that has furnished a signed letter containing certain representation’s and agreements; or
			
	☐	  	(7)	  	transferred in accordance with another available exemption from the registration requirements of the Securities Act of 1933, as amended.

 Unless one of the boxes is checked, the Paying Agent will refuse to register this Subordinated Note in the name of any person
other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Paying Agent may require, prior to registering any such transfer of this Subordinated Note, in its sole discretion, such legal opinions,
certifications and other information as the Paying Agent may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act such
as the exemption provided by Rule 144 under such Act. 
  

	
	Signature:                                    
                           

Signature Guarantee:                     
                                         
                                         
                                         
                                         
         (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbroker’s, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-l5). 
 TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3)
ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Date:                                     
                                         
   	  	Signature:                                    
                                         
    

  
 A-1-16 

 EXHIBIT A-2 

(FORM OF GLOBAL SUBORDINATED NOTE) 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’) OR UNDER
ANY APPLICABLE STATE SECURITIES LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN
AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, IF REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT. 

THIS SUBORDINATED NOTE IS A GLOBAL SUBORDINATED NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF
CEDE & CO AS NOMINEE OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SUBORDINATED NOTE IS EXCHANGEABLE FOR SUBORDINATED NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SUBORDINATED NOTE (OTHER THAN A TRANSFER OF THIS SUBORDINATED NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE INDENTURE. 
 UNLESS THIS SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SUBORDINATED NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENT ATI VB OF DTC (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT
IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON
THE REVERSE HEREOF. 

  
 A-2-1 

 THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY (AS DEFINED HEREIN) AS EVIDENCED HEREBY (1) ARE NOT
DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL
SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN). 
 CERTAIN ERISA CONSIDERATIONS: 

THE HOLDER OF THIS SECURITY, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT
PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD
THIS SECURITY OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS
SECURITY, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY
ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN
OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA
OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION. 
 ANY FIDUCIARY OF ANY
PLAN WHO IS CONSIDERING THE ACQUISITION OF ANY OF THE SECURITIES SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SECURITIES. 

  
 A-2-2 

			
	No. [•]	  	CUSIP Accredited Investors: 704699 AD9
		  	CUSIP QIBs: 704699 AC1

 PEAPACK-GLADSTONE FINANCIAL CORPORATION 

3.50% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE DECEMBER 30, 2030 

1. Indenture; Holders. This note is one of a duly authorized issue of notes of Peapack-Gladstone Financial Corporation, a New Jersey
corporation (the “Company”) designated as the “3.50% Fixed to Floating Rate Subordinated Notes due 2030” (the “Subordinated Notes”) in an aggregate principal amount of $100.0 million and initially
issued on December 22, 2020. The Company has issued this Subordinated Note under that certain Indenture dated as of December 22, 2020, as the same may be amended or supplemented from time to time (“Indenture”), between the
Company and UMB Bank, National Association, as Trustee. All capitalized terms not otherwise defined herein this Subordinated Note will have the meanings assigned to them in the Indenture. The terms of this Subordinated Note includes those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. This Subordinated Note is subject to all such terms, and the Holder (as defined below) is referred to the Indenture and the Trust Indenture Act for a
statement of such terms. To the extent any provision of this Subordinated Note irreconcilably conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling. 

2. Payment. The Company, for value received, promises to pay to [•], or its registered assigns, the principal sum of [•]
Dollars (U.S.) ($[•]), plus accrued but unpaid interest on December 30, 2030 (the “Maturity Date”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding
December 30, 2025 or the earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the “Fixed Rate Period”), at the rate of 3.50% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on June 30 and December 30 of each year (each payment date, a “Fixed
Interest Payment Date”), beginning June 30, 2021 and (ii) from and including December 30, 2025 to but excluding the Maturity Date or earlier redemption date contemplated by Section 5 (Redemption) of
this Subordinated Note (the “Floating Rate Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the
applicable interest period plus 326 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears (each quarterly period a “Floating
Interest Period”) on March 30, June 30, September 30 and December 30 of each year (each payment date, a “Floating Interest Payment Date”). Dollar amounts resulting from this calculation shall be rounded
to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation
Agent pursuant to the Three-Month Term SOFR Conventions. 
 (a) An “Interest Payment Date” is either a Fixed Interest
Payment Date or a Floating Interest Payment Date, as applicable. 

  
 A-2-3 

 (b) The “Floating Interest Rate” means: 

(i) initially Three-Month Term SOFR (as defined below). 

(ii) Notwithstanding the foregoing clause (i) of this Section 2(b): 

(1) If the Calculation Agent determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its
related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and
Section 2(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the
Subordinated Notes during a relevant Floating Interest Period. 
 (2) However, if the Calculation Agent determines that a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the
Floating Interest Rate for the applicable Floating Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent (as defined below).

 (iii) If the then-current Benchmark (as defined below) is Three-Month Term SOFR and any of the foregoing provisions concerning the
calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions (as defined below) determined by the Company, then the relevant Three-Month Term SOFR
Conventions (as defined below) will apply. 
 (c) Effect of Benchmark Transition Event. 

(i) If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to
the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the
relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates. 
 (ii) In
connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Holders or
any other party. 
 (iii) Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to
the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any
decision to take or refrain from taking any action or any selection: 
 (1) will be conclusive and binding absent manifest error; 

  
 A-2-4 

 (2) if made by the Company, will be made in the Company’s sole discretion; 

(3) if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such
determination, decision or election to which the Company reasonably objects; and 
 (4) notwithstanding anything to the contrary in this
Subordinated Note or the Purchase Agreement, shall become effective without consent from the relevant Holders or any other party. 
 (iv)
For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on this Subordinated Note for the Floating Rate Period will be an annual rate equal to the sum of the
applicable Benchmark Replacement and the spread specified on the face hereof. 
 (v) As used in this Subordinated Note: 

(1) “Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

(2) “Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark; provided that if
(a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the
order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date: 
 a. The sum of (i) Compounded SOFR
and (ii) the Benchmark Replacement Adjustment; 
 b. the sum of: (i) the alternate rate of interest that has been selected or
recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment; 

c. the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; 

d. the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark
Replacement Adjustment. 

  
 A-2-5 

 (3) “Benchmark Replacement Adjustment” means the first alternative set
forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date: 
 a. the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

b. if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; 

c. the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving due consideration to
any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating
rate notes at such time. 
 (4) “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to each Floating Interest Period and making
payments of interest, rounding of amounts or tenors and other administrative matters) that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if
the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company
determines is reasonably necessary). 
 (5) “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark: 
 a. in the case of clause (a) of the definition of “Benchmark Transition
Event,” the relevant Reference Time in respect of any determination; 
 b. in the case of clause (b) or
(c) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the
Benchmark permanently or indefinitely ceases to provide the Benchmark; or 
 c. in the case of clause (d) of the definition of
“Benchmark Transition Event,” the date of such public statement or publication of information referenced therein. 
 For
the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior
to the Reference Time for purposes of such determination. 

  
 A-2-6 

 (6) “Benchmark Transition Event” means the occurrence of one or more of
the following events with respect to the then-current Benchmark: 
 a. if the Benchmark is Three-Month Term SOFR, (i) the Relevant
Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or
selected by the Relevant Governmental Body is not complete or (iii) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; 

b. a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

c. a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or
resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark; or 
 d. a public statement or publication of
information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

(7) “Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the Company) as may be
appointed by the Company to act as Calculation Agent for the Subordinated Notes during the Floating Rate Period. 
 (8) “Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company or its designee in accordance with: 

a. the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for
determining compounded SOFR; provided that: 
 b. if, and to the extent that, the Company or its designee determines that Compounded
SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company or its designee giving due consideration to any
industry-accepted market practice for U.S. dollar denominated floating rate notes at such time. 

  
 A-2-7 

 For the avoidance of doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement
Adjustment. 
 (9) “Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having
approximately the same length (disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark. 
 (10)
“FRBNY” means the Federal Reserve Bank of New York. 
 (11) “FRBNY’s Website” means the website of
the FRBNY at http://www.newyorkfed.org, or any successor source. 
 (12) “Interpolated Benchmark” with respect to the
Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and
(2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor. 
 (13)
“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto. 
 (14) “ISDA
Definitions” means the 2006 ISDA Definitions published by the ISDA or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

(15) “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would
apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

(16) “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

(17) “Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term
SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the
Benchmark Replacement Conforming Changes. 
 (18) “Relevant Governmental Body” means the Board of Governors of the Federal
Reserve System (the “Federal Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto. 

  
 A-2-8 

 (19) “SOFR” means the daily Secured Overnight Financing Rate provided by
the FRBNY, as the administrator of the benchmark (or a successor administrator), on the FRBNY’s Website. 
 (20) “Term
SOFR” means the forward-looking term rate for the Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

(21) “Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term
SOFR (or a successor administrator). 
 (22) “Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three
months that is published by the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. 

(23) “Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical,
administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month
Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the
Benchmark in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for the use of
Three-Month Term SOFR exists, in such other manner as the Company determines is reasonably necessary). 
 (24) “Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 
 (d) In the event that any Fixed
Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional interest shall accrue
as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next
day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement would cause the day to fall in the next calendar month during the Floating Interest Period, the Floating Interest Payment
Date shall instead be brought forward to the immediately preceding Business Day. The term “Business Day” means any day other than a Saturday or Sunday or any other day on which banking institutions in the State of New York are generally
authorized or required by law or executive order to be closed. 

  
 A-2-9 

 The Company will pay interest on this Subordinated Note to the Person who is the registered
Holder at the close of business on the first calendar day of the month in which the Interest Payment Date occurs, except as provided in Section 210 of the Indenture with respect to Defaulted Interest. This Subordinated Note will be payable as
to principal and interest at the office or agency of the Paying Agent, or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or by wire transfer
to an account appropriately designated by the Person entitled to payment; provided, that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to
surrender of this Subordinated Note in the case of a payment of interest at Maturity). 
 The Company will pay interest on this Subordinated
Note to the Person who is the registered Holder at the close of business on the first calendar day of the month in which the Interest Payment Date occurs, except as provided in Section 210 of the Indenture with respect to Defaulted Interest.
This Subordinated Note will be payable as to principal and interest at the office or agency of the Paying Agent, or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the
Subordinated Note Register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided, that the Paying Agent will have received written notice of such account designation at least five Business Days
prior to the date of such payment (subject to surrender of this Subordinated Note in the case of a payment of interest at Maturity). 
 3.
Paying Agent and Registrar. UMB Bank, National Association, the Trustee (‘Trustee”) under the Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at 5555 San Felipe Street, Suite 870,
Houston, Texas 77056. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. Subordination. The indebtedness of the Company evidenced by this Subordinated Note, including the principal thereof and interest
thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and junior in right of payment to obligations of the Company constituting the Senior Indebtedness (as defined in the Indenture) on the terms and subject to the
terms and conditions as provided and set forth in Article XI of the Indenture and will rank pari passu in right of payment with all other Subordinated Notes. Holder, by the acceptance of this Subordinated Note, agrees to and will be bound by
such provisions of the Indenture and authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided. 

5. Redemption. The Company may, at any time or from time to time on or after December 30, 2025, redeem this Subordinated Note, in
whole or in part, without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company may redeem all, but not a portion of the Subordinated Notes, at any time upon the occurrence of a Tier 2
Capital Event, Tax Event or an Investment Company Event. Any redemption with respect to this Subordinated Note will be subject to any required regulatory approvals. This Subordinated Note is not subject to redemption at the option of the Holder. The
Redemption Price with respect to any redemption permitted under this Indenture will be equal to 100% of the principal amount of this Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if
any, thereon to, but excluding, the Redemption Date. 

  
 A-2-10 

 If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital,
other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, Company will immediately notify the Trustee and the Holders, and
thereafter Company shall request, subject to the terms hereof, that the Trustee and the Holders execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the
Subordinated Notes to qualify as Tier 2 Capital; provided, however, that the foregoing shall not limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event. 

If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued representing the
unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holder, and if the Subordinated Notes are represented by Global Subordinated Notes held by DTC and such redemption
is processed through DTC, such redemption will be made on a “Pro Rata Pass-Through Distribution of Principal” basis in accordance with the procedures of DTC. In the event a pro rata redemption as provided in the preceding sentence is not
permitted under applicable law or applicable requirements of DTC, the Subordinated Notes to be redeemed will be selected by lot or such method as the Trustee will deem fair and appropriate. 

6. Events of Default; Acceleration. An “Event of Default” means any one of the events described in Section 401 of the
Indenture. If an Event of Default described in Section 401(1) or Section 401(2) of the Indenture occurs, then the principal amount of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding
Subordinated Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holder, and the Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all
other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as tier 2 capital, upon the occurrence of an Event of Default other than an Event of Default described in Section 401(1) or Section 401(2)
of the Indenture, neither the Trustee nor the Holder may accelerate the Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable. If any Event of
Default occurs and is continuing, the Trustee may also pursue any other available remedy to collect the payment of principal of, and interest on, the Subordinated Notes or to enforce the performance of any provision of the Subordinated Notes or the
Indenture. 
 7. Failure to Make Payments. If the Company fails to make any payment of interest on this Subordinated Note when such
interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any payment of the principal of this Subordinated Note when such principal becomes due and payable, the Company will, upon demand of
the Trustee, pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note, with interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon
any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of
interest borne by this Subordinated Note. 
 Upon an Event of Default, the Company may not declare or pay any dividends or distributions on,
or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company
that rank equal with or junior to this Subordinated 

  
 A-2-11 

 
Note, or make any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other than: (i) any dividends or distributions in shares of, or options, warrants or
rights to subscribe for or purchase shares of, any class of Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan
in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s capital stock for
another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security being
converted or exchanged; or (v) purchases of any class of Company’s common stock related to the issuance of common stock or rights under any of benefit plans for Company’s directors, officers or employees or any of Company’s
dividend reinvestment plans. 
 8. Denominations, Transfer, Exchange. The Subordinated Notes are issuable only in registered form
without interest coupons in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be registered and this Subordinated Note may be exchanged as provided in the Indenture, The
Registrar may require the Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and fees required by law or permitted by the Indenture. 

9. Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note, or
any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder requesting such transfer or exchange. 

10. Persons Deemed Owners. The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note is overdue, and neither the Company, the Trustee nor any such agent will be affected by notice to the contrary. 

11. Amendments; Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time by the Company and the Trustee with the consent of the holders of a majority in principal amount of the then Outstanding Subordinated
Notes. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the then Outstanding Subordinated Notes, on behalf of the holders of all Subordinated Notes, to waive certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Subordinated Note will be conclusive and binding upon such Holder and upon all future holders of this Subordinated Note and of any Subordinated Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note. 

12. No Impairment. No reference herein to the Indenture and no provision of this Subordinated Note or of the Indenture will alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest (if any) and Additional Interest on this Subordinated Note at the times, place and rate as herein prescribed. 

  
 A-2-12 

 13. Sinking Fund: Convertibility. This Subordinated Note is not entitled to the
benefit of any sinking fund. This Subordinated Note is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any Subsidiary. 

14. No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this
Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either
directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of this Subordinated Note by the Holder and as part of the consideration for the issuance of this Subordinated Note. 

15. Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee or an
Authenticating Agent. 
 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be
used though not in the above list. 
 17. Available Information. The Company will furnish to the Holder upon written request and
without charge a copy of the Indenture. Requests by Holder to the Company may be made to: Peapack-Gladstone Financial Corporation, 500 Hills Drive, Suite 300, Bedminster, New Jersey 07921, Attn: Chief Financial Officer. 

18. Governing Law. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF. 

  
 A-2-13 

 IN WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly executed.

 Dated: 
  

	
	PEAPACK-GLADSTONE FINANCIAL CORPORATION
	
	By:                                     
                                         
 
	Name:                                     
                                     
	Title:                                    
                                        

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Subordinated Notes of Peapack-Gladstone Financial Corporation referred to in the within-mentioned Indenture: 

 

	
	 UMB BANK, NATIONAL ASSOCIATION

	 as Trustee

	
	By:                                     
                                      
	Name:                                     
                                 
	Title:                                     
                                   
	
	Dated:                                     
                                 

  
 A-2-14 

 ASSIGNMENT FORM 

To assign this Subordinated Note, fill in the form below: (I) or (we) assign and transfer this Subordinated Note to: 

 
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s social
security or tax I.D. No.) 
 and irrevocably appoint _______________________ agent to transfer this Subordinated Note on the books of the Company. The agent
may substitute another to act for him. 
  

			
	Date:                                     
                                       	  	Your
signature:                                       
                                       
		  	(Sign exactly as your name appears on the face of this Subordinated Note)
		
		  	Tax Identification
No:                                        
                              

Signature Guarantee:                      
                                         
                                         
                                         
                                         
        (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbroker’s, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15). 
 The undersigned certifies that it [is / is not] an
Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company. 
 In connection with any transfer
or exchange of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any
Affiliate of the Company, the undersigned confirms that this Subordinated Note is being: 
  

					
	
	CHECK ONE BOX BELOW:
			
	☐	  	(1)	  	acquired for the undersigned’s own account, without transfer;
			
	☐	  	(2)	  	transferred to the Company;
			
	☐	  	(3)	  	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
			
	☐	  	(4)	  	transferred under an effective registration statement under the Securities Act;
			
	☐	  	(5)	  	transferred in accordance with and in compliance with Regulation S under the Securities Act;

  
 A-2-15 

					
			
	☐	  	(6)	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities
Act), that has furnished a signed letter containing certain representation’s and agreements; or
			
	☐	  	(7)	  	transferred in accordance with another available exemption from the registration requirements of the Securities Act of 1933, as amended.

 Unless one of the boxes is checked, the Paying Agent will refuse to register this Subordinated Note in the name of any person
other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Paying Agent may require, prior to registering any such transfer of this Subordinated Note, in its sole discretion, such legal opinions,
certifications and other information as the Paying Agent may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act such
as the exemption provided by Rule 144 under such Act. 
  

	
	Signature:                                    
                           

Signature Guarantee:                     
                                         
                                         
                                         
                                         
         
 (Signatures must be guaranteed by an eligible guarantor institution (banks, stockbroker’s,
savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-l5). 

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule
144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Date:                                     
                                         
   	  	Signature:                                    
                                         
    

  
 A-2-16EX-10.1

 Exhibit 10.1 

SUBORDINATED NOTE PURCHASE AGREEMENT 

This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of December 22, 2020, and is made by and among
Peapack-Gladstone Financial Corporation, a New Jersey corporation (the “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, the Company has requested that the Purchasers purchase from the Company up to $100.0 million in aggregate principal
amount of Subordinated Notes, which aggregate amount is intended to qualify as Tier 2 Capital (as defined herein); 
 WHEREAS, the
Company has engaged Piper Sandler & Co. and Keefe, Bruyette & Woods, Inc. as its placement agents (the “Placement Agents”) 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 Regulation D promulgated under
the Securities Act (“QIB”); 
 WHEREAS, the offer and sale of the Subordinated Notes by the 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 promulgated under the Securities Act; 

WHEREAS, each Purchaser is willing to purchase from the Company a Subordinated Note in the principal amount set forth on such
Purchaser’s respective signature page hereto (the “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 
 WHEREAS, at Closing, the Company and the Purchasers shall execute and deliver a
Registration Rights Agreement, substantially in the form attached hereto as Exhibit C (the “Registration Rights Agreement”), pursuant to which, among other things, the 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 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 and in the Subordinated Notes 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. Terms used herein and not defined below shall have the meaning set forth in the Indenture. 

 “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 and their respective Affiliates. 

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

“Bank” means Peapack-Gladstone Bank, a New Jersey commercial bank, and wholly owned subsidiary of the Company. 

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

“Bylaws” means the Bylaws of the Company, as in effect on the Closing Date. 

“Charter” means the Certificate of Incorporation of the Company, as in effect on the Closing Date. 

“Closing” has the meaning set forth in Section 2.5. 

“Closing Date” means December 22, 2020. 

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

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

“Company’s Reports” means (i) audited financial statements of the Company for the year ended
December 31, 2019; (ii) the unaudited financial statements of the Company for the period ended September 30, 2020 and (iii) the Company’s reports for (x) the year ended December 31, 2019 and (y) the period ended
September 30, 2020 as filed with the FRB as required by regulations of the FRB. 
 “Disbursements” 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 3.1. 

“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 that is not a corporation, and any and all warrants, options or other rights to purchase any of the foregoing. 

“Event of Default” has the meaning set forth in the Subordinated Notes. 

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

“FDIC” means the Federal Deposit Insurance Corporation. 

“FRB” means the Board of Governors of the Federal Reserve System. 

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

  
 2 

 “Global Note” 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, without limitation, each applicable Regulatory Agency) with jurisdiction over the Company or a Subsidiary. 

“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, without limitation, any substances that 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 that 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. 

“Indebtedness” means: (i) all items arising from the borrowing of money that, according to GAAP would be included in
determining total liabilities as shown on the consolidated statement of condition of the Company; and (ii) all obligations secured by any lien on property owned by the 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 the Company’s or the Bank’s business (including, without limitation, federal
funds purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by the Company or the Bank and repurchase arrangements) and consistent with customary banking practices and applicable laws and
regulations. 
 “Indenture” means the indenture, dated as of the date hereof, by and between the Company and UMB Bank,
N.A., as trustee, 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 such 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 

  
 3 

 
applicability or interpretations thereof by Governmental Agencies that do not disproportionately affect the operations or business of the Company in comparison to other banking institutions with
similar operations, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions and their holding companies generally, (3) changes 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 the Company, the Bank or the Purchasers, (4) natural disasters or other force majeure events or any epidemics, pandemics or
disease outbreaks (including COVID-19) that do not disproportionately affect the operations or business of the Company in comparison to other banking institutions with similar operations, (5) changes in
national or international political or social conditions, including the engagement by the United States in hostilities, whether or not pursuant to the declaration of a national emergency or war, or by the occurrence of any military or terrorist
attack upon or within the United States, (6) direct effects of compliance with this Agreement on the operating performance of the Company, the Bank or the Purchasers, including expenses incurred by the Company, the Bank or the Purchasers in
consummating the transactions contemplated by this Agreement, and (7) the effects of any action or omission taken by the Company with the prior written consent of the Purchasers, and vice versa, or as otherwise contemplated by this Agreement
and the Subordinated Notes. 
 “Maturity Date” means December 30, 2030. 

“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 the Company or any Affiliate or Subsidiary of the Company. 

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

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

“Registration Rights Agreement” has the meaning set forth in the Recitals. 

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

“Regulatory Agency” 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 the Company, the Bank or any of their Subsidiaries. 
 “Secondary Market Transaction” has the meaning set forth
in Section 5.5. 
 “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. 

  
 4 

 “Subsidiary” means with respect to any Person, any corporation or entity
(other than a trust) 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. 

“Tier 2 Capital Event” has the meaning set forth in the Indenture. 

“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 are hereby incorporated into this Agreement. 
 2. SUBORDINATED DEBT. 

2.1 Certain Terms. Subject to the terms and conditions herein contained, the 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. The Purchasers, severally and not jointly, each
agree to purchase the Subordinated Notes from the Company on the Closing Date in accordance with the terms of, and subject to the conditions and provisions set forth in, this Agreement, the Subordinated Notes and the Indenture. The Subordinated Note
Amounts shall be disbursed in accordance with Section 3.1. 
 2.2 Subordination. The
Subordinated Notes shall be subordinated in accordance with the subordination provisions set forth therein. 
 2.3 Maturity
Date. On the Maturity Date, all sums due and owing under this Agreement and the Subordinated Notes shall be repaid in full. The Company acknowledges and agrees that the Purchasers have not made any commitments, either express or implied, to
extend the terms of the Subordinated Notes past their Maturity Date, and shall not extend such terms beyond the Maturity Date unless the Company and the Purchasers hereafter specifically otherwise agree in writing. 

2.4 Unsecured Obligations. The obligations of the Company to the Purchasers under the Subordinated Notes shall be
unsecured. 

  
 5 

 2.5 The Closing. The closing of the sale and purchase of the
Subordinated Notes (the “Closing”) shall occur at the offices of the Company at 10:00 a.m. (local time) on the Closing Date, or at such other place or time or on such other date as the parties hereto may agree. 

2.6 Payments. The Company agrees that matters concerning payments and application of payments shall be as set forth in
this Agreement, the Indenture and the Subordinated Notes. 
 2.7 No Right of Offset. Each Purchaser hereby expressly
waives any right of offset it may have against the Company or any of its Subsidiaries. 
 2.8 Use of Proceeds. The
Company shall use the net proceeds from the sale of Subordinated Notes for general corporate purposes. 
 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 the Company and the Company has executed and delivered to each of the Purchasers this Agreement and any other related documents in form and substance reasonably satisfactory to the
Purchasers, each Purchaser shall disburse in immediately available funds the Subordinated Note Amount set forth on each Purchaser’s respective signature page hereto to the Company in exchange for an electronic securities entitlement through the
facilities of the Depository Trust Company (“DTC”) with a principal amount equal to such Subordinated Note Amount (the “Disbursement”). The Company will deliver to the Trustee a global certificate (the
“Global Note”) representing the Subordinated Notes, registered in the name of “Cede & Co.” as nominee for DTC. 

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 by them at Closing and to effect the Disbursement is subject to delivery by or at the direction of the 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
Global Note and the Registration Rights Agreement (collectively, the “Transaction Documents”), each duly authorized and executed by the Company, and delivery of written instructions to the Trustee (with respect to the Indenture).

 3.2.1.2 Authority Documents. 

(a) A copy, certified by the Secretary or Assistant Secretary of the Company, of the Charter of the Company; 

(b) A certificate of good standing of the Company issued by the Secretary of State of the State of New Jersey. 

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

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

  
 6 

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

(f) The opinion of Luse Gorman, PC, counsel to the Company, dated as of the Closing Date, substantially in the form set forth at Exhibit
B attached hereto addressed to the Purchasers and Placement Agents. 
 3.2.1.3 Other Documents. Such other
certificates, affidavits, schedules, resolutions, notes and/or other documents that are provided for hereunder or as a Purchaser may reasonably request. 

3.2.1.4 Aggregate Investments. Prior to, or contemporaneously with the Closing, each Purchaser shall have actually
subscribed for the Subordinated Note Amount set forth on such Purchaser’s signature page. 
 3.2.2 Conditions to the
Company’s Obligation. 
 3.2.2.1 With respect to a given Purchaser, the obligation of the Company to consummate the sale of the
Subordinated Notes and to effect the Closing is subject to delivery by or at the direction of such Purchaser to the Company of this Agreement, duly authorized and executed by such Purchaser. 

4. REPRESENTATIONS AND WARRANTIES OF COMPANY. 

The Company hereby represents and warrants to each Purchaser as follows: 

4.1 Organization and Authority. 

4.1.1 Organization Matters of the Company and Its Subsidiaries. 

4.1.1.1 The Company is a duly organized corporation, is validly existing and in good standing under the laws of the State of New Jersey
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. The 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 to qualify or
to be in good standing would not result in a Material Adverse Effect. The Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. 

4.1.1.2 Schedule 4.1.1.2 sets forth the only direct or indirect Subsidiaries of the Company. Each Subsidiary of the Company,
other than the Bank, either has been duly organized and is validly existing as a corporation or limited liability company, or, in the case of the Bank, has been duly chartered and is validly existing as a New Jersey chartered commercial bank, in
each case in good standing under the laws of the jurisdiction of its incorporation, has corporate 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 to qualify

  
 7 

 
or to be in good standing would not reasonably be expected to result in a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity interests in each
Subsidiary of the Company have been duly authorized and validly issued, are fully paid and non-assessable and are owned by the Company, directly or through Subsidiaries of the Company, free and clear of any
security interest, mortgage, pledge, lien, encumbrance or claim; none of the outstanding shares of capital stock of, or other Equity Interests in, any Subsidiary of the Company were issued in violation of the preemptive or similar rights of any
security holder of such Subsidiary of the Company or any other entity. 
 4.1.1.3 The deposit accounts of the Bank are insured by the
FDIC up to applicable limits. The Bank has not received any notice or other information indicating that the Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has any event occurred that could
reasonably be expected to adversely affect the status of the Bank as an FDIC-insured institution. 
 4.1.2 Capital Stock and
Related Matters. The Charter of the Company authorizes the Company to issue 42,000,000 shares of common stock and 500,000 shares of preferred stock. As of the date of this Agreement, there are 18,962,437 shares of the Company’s common
stock issued and outstanding. All of the outstanding capital stock of the Company has been duly authorized and validly issued and is fully paid and non-assessable. Except for up to 173,861 shares of common
stock that could potentially be issued if certain performance metrics are satisfied or warrants are exercised, all as contingent consideration in connection with previous acquisition of wealth management entities, there are, as of the date hereof,
no outstanding options, rights, warrants or other agreements or instruments obligating the Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of the Company or obligating the Company
to grant, extend or enter into any such agreement or commitment to any Person other than the Company except pursuant to the Company’s equity incentive plans duly adopted by the 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 Amount, the execution of the Transaction Documents and compliance by the Company with all of the provisions of the Transaction Documents are within the corporate and other powers of the Company. 

4.2.2 Agreement, Registration Rights Agreement and Indenture. This Agreement, the Registration Rights Agreement and
the Indenture have been duly authorized, executed and delivered by the Company, and, assuming due authorization, execution and delivery by the other parties hereto, constitute the legal, valid and binding obligations of the Company, enforceable
against the 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 the
Company and when executed by the Company and completed and authenticated by the Trustee in accordance with, and in the form contemplated by, the Indenture and issued, delivered to and paid for by the Purchasers in accordance with the terms of the
Agreement, will have been duly executed, authenticated, issued and delivered, under the Indenture and will constitute legal, valid and binding obligations of the 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 Subordinated Notes will be substantially in the forms attached as exhibits to the Indenture. 

  
 8 

 4.2.4 Exemption from Registration. Neither the 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 the Company or, to the Company’s knowledge, any Person described in Rule 506(d)(1) (each,
a “Company Covered Person”). The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure
obligations under Rule 506(e). 
 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 Charter or Bylaws of the Company; (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 the Company or 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 the Company or the Bank; or (4) any statute, rule or regulation applicable to the Company, except, 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 the 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 the Company. Neither the Company nor the 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 the Company or the Bank, as applicable, is a party or by which
the Company or the 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 the
Company. 
 4.2.6 Governmental Consent. No governmental orders, permissions, consents, approvals or authorizations are
required to be obtained by the Company that have not been obtained, and no registrations or declarations are required to be filed by the 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. 
 4.3 Possession of Licenses and Permits. The 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 the Company or such applicable Subsidiary; the Company and each Subsidiary of the 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 the Company or such applicable Subsidiary of the Company; 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 the Company or such applicable
Subsidiary of the Company; and neither the Company nor any Subsidiary of the Company has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses. 

  
 9 

 4.4 Financial Condition. 

4.4.1 Company Financial Statements. The financial statements of the Company included in the Company’s Reports
(including the related notes, where applicable), which have been made available to the Purchasers (i) have been prepared from, and are in accordance with, the books and records of the Company; (ii) fairly present in all material respects
the results of operations, cash flows, changes in stockholders’ equity and financial position of the 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, (y) for any statement therein or omission therefrom that 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 the Company have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting requirements. The 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 statement of
condition of the Company contained in the Company’s Reports for the 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 end of the Company’s last fiscal year ended December 31, 2019, no event has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of the Company the right to accelerate
the maturity of any material Indebtedness of the Company. The 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 the Company. 

4.4.3 Solvency. After giving effect to the consummation of the transactions contemplated by this Agreement, the 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 the Company or any Subsidiary of the Company. 

4.4.4 Ownership of Property. The Company and each of its Subsidiaries has good and marketable title as to all real
property owned by it and good title to all assets and properties owned by the 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 statement of condition contained in the 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 statement of condition), subject to no encumbrances, liens, mortgages, security interests or pledges, except 

  
 10 

 
(i) those items that secure liabilities for public or statutory obligations or any discount with, borrowing from or other obligations to the Federal Home Loan Bank, inter-bank credit facilities,
reverse repurchase agreements or any transaction by the Bank acting in a fiduciary capacity, (ii) statutory liens for amounts not yet delinquent or that 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 the Company or any of its Subsidiaries. The 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 the 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 the 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 the Company’s Reports. 

4.5 No Material Adverse Change. Since the end of the Company’s last fiscal year ended December 31, 2019, there
has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect on the Company or any of its Subsidiaries. 

4.6 Legal Matters. 

4.6.1 Compliance with Law. The Company and each of its Subsidiaries (i) has complied with and (ii) is not under
investigation with respect to, and, to the 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 the Company and its Subsidiaries taken as a whole. The Company and each of its Subsidiaries is in compliance with, and at all times prior to the date hereof has been in compliance with, (x) all statutes, rules,
regulations, orders and restrictions of any domestic or foreign government, or any Governmental Agency, applicable to it, and (y) its own privacy policies and written commitments to customers, consumers and employees, in each case, concerning
data protection, the privacy and security of personal data, and the non-public personal information of its customers, consumers and employees, in each case except where any such failure to comply, would not
result, individually or in the aggregate, in a Material Adverse Effect. At no time during the two years prior to the date hereof has the Company or any of its Subsidiaries received any written notice asserting any violations of any of the foregoing.

 4.6.2 Regulatory Enforcement Actions. The Company, the Bank and their 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. None of the Company, the Bank and their 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 there, to the Company’s knowledge, (a) any such restrictions threatened, (b) any agreements, memoranda or commitments being sought by any Governmental Agency or (c) any legal or regulatory
violations previously identified by, or penalties or other remedial action previously imposed by, any Governmental Agency that remain unresolved. 

4.6.3 Pending Litigation. There are no actions, suits, proceedings or written agreements pending, or, to the
Company’s knowledge, threatened or proposed, against the 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 

  
 11 

 
or in the aggregate, would reasonably be expected to have a Material Adverse Effect on the Company and any of its Subsidiaries, taken as a whole, or affect issuance or payment of the Subordinated
Notes; and neither the 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 the Company and any of its Subsidiaries, taken as a whole. 

4.6.4 Environmental. No Property is or, to the 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 the Company nor any of its Subsidiaries has engaged in such activities. There are no claims or
actions pending or, to the Company’s knowledge, threatened against the 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 to the Placement Agents, neither the Company nor any Affiliate of
the 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 the 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
the Company to the 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 date of this Agreement. 
 4.8
Internal Accounting Controls. The Company, the Bank and each other Subsidiary 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 the 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 the Company’s and the Bank’s receipts and expenditures and receipts and expenditures of each of the Company’s other Subsidiaries are being made only in accordance with authorizations of the Company management and Board of
Directors, and provides reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets of the Company on a consolidated basis that could have a Material Adverse Effect. Such internal control
over financial reporting is effective to provide reasonable assurance regarding the reliability of the Company’s financial reporting and the preparation of the Company’s financial statements in accordance with GAAP. Since the conclusion of
the 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 that is reasonably
likely to adversely affect its ability to record, process, summarize and report financial information, or (ii) any fraud, whether or not material, that involves management or other employees who have a role in the Company’s or the
Bank’s internal control over financial reporting. The Company (A) has implemented and maintains disclosure controls and procedures reasonably designed and maintained to ensure that material information relating to the Company is made known
to the Chief Executive Officer and the Chief Financial Officer of the Company by others within the Company and (B) has disclosed, based on its most recent evaluation prior to the date hereof, to the Company’s outside auditors and the audit
committee of the Company’s Board of Directors (x) any significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting that are reasonably likely to adversely affect the
Company’s internal controls over financial reporting. Such disclosure controls and procedures are effective for the purposes for which they were established. 

  
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 4.9 Tax Matters. The Company, Bank and each Subsidiary of the
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. 
 4.10 Exempt Offering. To the Company’s knowledge, assuming the accuracy of the
Purchasers’ representations and warranties set forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the Subordinated Notes by the Company to the Purchasers. 

4.11 Representations and Warranties Generally. The representations and warranties of the Company set forth in this
Agreement or in any other document delivered to the Purchasers by or on behalf of the 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. 

5. GENERAL COVENANTS, CONDITIONS AND AGREEMENTS. 

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

5.1 Compliance with Transaction Documents. The Company shall comply with, observe and timely perform each and every one of
the covenants, agreements and obligations under the Transaction Documents. 
 5.2 Affiliate Transactions. The Company
shall not itself, nor shall it cause, permit or allow any of its Subsidiaries to enter into any material transaction, including, the purchase, sale or exchange of Property or the rendering of any service, with any Affiliate of the Company except in
the ordinary course of business and pursuant to the reasonable requirements of the Company’s or such Affiliate’s business and upon terms consistent with applicable laws and regulations and reasonably found by the appropriate board(s) of
directors to be fair and reasonable and no less favorable to the Company or such Affiliate than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate. 

5.3 Compliance with Laws; Additional Agreements. 

5.3.1 Generally. The Company shall comply and cause the Bank and each of its other Subsidiaries to comply in all material
respects with all applicable statutes, rules, regulations, orders and restrictions in respect of the conduct of its business and the ownership of its properties, except, in each case, where such noncompliance would not reasonably be expected to have
a Material Adverse Effect on the Company. 
 5.3.2 Regulated Activities. The Company shall not itself, nor shall it
cause, permit or allow the Bank or any other of its Subsidiaries to (i) engage in any business or activity not permitted by all applicable laws and regulations, except where such business or activity would not reasonably be expected to have a
Material Adverse Effect on the Company, the Bank and/or such of its Subsidiaries or (ii) make any loan or advance secured by the capital stock of another bank or depository institution, or acquire the capital stock, assets or obligations of or
any interest in another bank or depository institution, in each case other than in accordance with applicable laws and regulations and safe and sound banking practices. 

  
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 5.3.3 Taxes. The Company shall and shall cause the Bank and any of its
other Subsidiaries to promptly pay and discharge all taxes, assessments and other governmental charges imposed upon the Company, the Bank or any of its other Subsidiaries or upon the income, profits, or property of the Company or any Subsidiary and
all claims for labor, material or supplies that, if unpaid, might by law become a lien or charge upon the property of the Company, the Bank or any of its other Subsidiaries. Notwithstanding the foregoing, none of the Company, the Bank or any of its
other Subsidiaries shall be required to pay any such tax, assessment, charge or claim, so long as the validity thereof shall be contested in good faith by appropriate proceedings, and appropriate reserves therefor shall be maintained on the books of
the Company, the Bank and such other Subsidiary. 
 5.3.4 Corporate Existence. The Company shall do or cause to be done
all things reasonably necessary to maintain, preserve and renew its corporate existence and that of the Bank and the other Subsidiaries and its and their rights and franchises, and comply in all material respects with all related laws applicable to
the Company, the Bank or the other Subsidiaries. 
 5.3.5 Dividends, Payments, and Guarantees During
Event of Default. Upon the occurrence of an Event of Default (as defined under the Indenture), until such Event of Default is cured by the Company or waived by the Holders (as defined under the Indenture) in accordance with the terms
of the Indenture and except as required by any federal or state Governmental Agency, the Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of
its capital stock; (b) make any payment of principal of, or interest or premium, if any, on, or repay, repurchase or redeem any of the Company’s Indebtedness that ranks equal with or junior to the Subordinated Notes; or (c) make any
payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the
Company’s common stock; (ii) any declaration of a non-cash dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the
future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock
for another class or series of the Company’s capital stock; (iv) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security
being converted or exchanged; or (v) purchases of any class of the Company’s common stock related to the issuance of common stock or rights under any benefit plans for the Company’s directors, officers or employees or any of the
Company’s dividend reinvestment plans. 
 5.3.6 Tier 2 Capital. If all or any portion of the Subordinated
Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, the Company will
immediately notify the Holder, and thereafter, subject to the terms of the Indenture, the Company and the Holder will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable
portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however, that nothing contained in this Agreement shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a
Tier 2 Capital Event as described in the Subordinated Notes and the Indenture. 
 5.4 Absence of Control. It is the
intent of the parties to this Agreement that in no event shall the Purchasers, by reason of any of the Transaction Documents, be deemed to control, directly or indirectly, the Company, and the Purchasers shall not exercise, or be deemed to exercise,
directly or indirectly, a controlling influence over the management or policies of the Company. 

  
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 5.5 Secondary Market Transactions. 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, the Company shall, at the Company’s expense, cooperate with
the Purchasers and otherwise reasonably assist the Purchasers in satisfying the market standards to which Purchasers customarily adhere or that 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 the 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 the Company or the Subordinated Notes may be retained
by any such Person, subject to the terms of any applicable confidentiality agreements. 
 5.6 Bloomberg. The Company
shall use commercially reasonable efforts to cause the Subordinated Notes to be quoted on Bloomberg. 
 5.7 Rule 144A
Information. While any Subordinated Notes remain “restricted securities” within the meaning of the Securities Act, the 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 the Company is then subject to Section 13 or 15(d) of the Exchange Act. 

5.8 NRSRO Rating. The Company will use commercially reasonable efforts to maintain a rating by a nationally recognized
statistical rating organization (“NRSRO”) while any Subordinated Notes remain outstanding. 
 5.9 Resale
Registration Statement. Subject to the terms and conditions of this Agreement, the Company will provide to the Purchasers the resale registration rights described in the Registration Rights Agreement. 

6. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASERS. 

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

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

6.2 Authorization and Execution. The execution, delivery and performance of this Agreement has been duly authorized by all
necessary action on the part of such Purchaser, and, assuming due authorization, execution and delivery by the other parties hereto, this Agreement is 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. 

  
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 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) its
organizational documents, (ii) any agreement to which it is party, (iii) any law applicable to it or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or affecting it. 

6.4 Purchase for Investment. It 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. It 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. It 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. 
 6.6 Financial and Business Sophistication. It 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. It has relied solely upon its own knowledge of, and/or 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. It recognizes that an investment in the Subordinated Notes involves
substantial risk. It 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 the Company. 
 6.8 Information. It 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 the 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 the Company to the extent it deems necessary to make its decision to purchase the Subordinated Notes. It has reviewed the information set forth in the Company’s
Reports, the exhibits hereto and the information contained in the data room established by the Company in connection with the transactions contemplated by this Agreement. 

6.9 Access to Information. It acknowledges that it and its advisors have been furnished with all materials relating to the
business, finances and operations of the 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 the 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. It 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 Agents (or with respect to the Indenture, the Trustee). Neither such inquiries nor any other due diligence
investigations conducted by it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on the Company’s 

  
 16 

 
representations and warranties contained herein. It is not relying upon, and has not relied upon, any advice, statement, representation or warranty made by any Person by or on behalf of the
Company, including, without limitation, the Placement Agents (or with respect to the Indenture, the Trustee), except for the express statements, representations and warranties of the Company made or contained in this Agreement. Furthermore, it
acknowledges that (i) neither of the Placement Agents has 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 the Company to it in connection with the
purchase of the Subordinated Notes constitutes legal, tax or investment advice. 
 6.11 Private Placement; No Registration;
Restricted Legends. It understands and acknowledges that the Subordinated Notes are being sold by the 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 promulgated under 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. It is not subscribing for the Subordinated Notes as a result of or subsequent to any advertisement, article, notice or other communication published in any
newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting. It further acknowledges and agrees that all certificates or other instruments representing the Subordinated Notes will bear the
restrictive legend set forth in the form of Subordinated Note, which is attached to the Indenture. It 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. It will purchase the Subordinated Note(s) directly from the Company and not from the Placement
Agents and understands that neither the Placement Agents nor any other broker or dealer has any obligation to make a market in the Subordinated Notes. 

6.13 Tier 2 Capital. If the Company provides notice as contemplated in Section 5.3.6 of the
occurrence of the event contemplated in such section, thereafter the Company and the Purchasers will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the
obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however, that nothing contained in this Agreement shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital
Event as described in the Subordinated Notes. 
 6.14 Accuracy of Representations. It understands that each of the
Placement Agents and the Company are relying upon the truth and accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement. 

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

  
 17 

 7. MISCELLANEOUS. 

7.1 Prohibition on Assignment by the Company. Except as described in Article VII of the Indenture, the 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 all the Holders. 

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

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 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
that 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 that 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 the Company:
	  	 Peapack-Gladstone Financial Corporation
 500
Hills Drive, Suite 300
 Bedminster, New Jersey 07921

Attention: Chief Financial Officer

		
	 with a copy to:
	  	 Luse Gorman PC
 5335 Wisconsin Avenue, NW
#780
 Washington, DC 20015
 Attention: Lawrence M.F.
Spaccasi

		
	 if to the 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). 

  
 18 

 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 the Company in violation of this Agreement shall be effective or confer any rights
on any purported assignee of the 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 the 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 any exhibits thereto, 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 in 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 that 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 that is lawful pursuant to, or that is permitted by, any of the foregoing. 

7.11 No Third Party Beneficiary. This Agreement is made for the sole benefit of the 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 Agents 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 that 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. 

  
 19 

 7.14 Knowledge; Discretion. All references herein to a Purchaser’s
or the Company’s knowledge shall be deemed to mean the knowledge of such party based on the actual knowledge of such party’s Chief Executive Officer and Chief Financial Officer 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 THE COMPANY OR THE 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 (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] 

  
 20 

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

					
	COMPANY:	 	
	
	 PEAPACK-GLADSTONE FINANCIAL

CORPORATION

		
	By:	 	  

		 	Name:	 	Jeffrey J. Carfora
		 	Title:	 	Senior Executive Vice President and Chief Financial Officer

  
 [Company Signature
Page to Subordinated Note Purchase Agreement] 

 IN WITNESS WHEREOF, the 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:
	
	[●]
	
	Principal Amount of Purchased Subordinated Note:
	
	$[●]

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