Document:

EX-4.6

 Exhibit 4.6 

KEYSTONE BANK 
 2007
INCENTIVE STOCK COMPENSATION PLAN 
 March 1, 2007 

 KEYSTONE BANK 

2007 INCENTIVE STOCK COMPENSATION PLAN 

This 2007 Incentive Stock Compensation Plan is adopted on the 1st day of March, 2007, by Keystone Bank, an Alabama state banking corporation.

 ARTICLE I. 

PURPOSE, SCOPE AND ADMINISTRATION OF THE PLAN 

Section 1.01. Purpose. The purpose of the Plan is to promote the long-term success of the Bank by providing financial
incentives to eligible persons who are in positions to make significant contributions toward such success. The Plan is designed to attract individuals of outstanding ability to employment with the Bank, to encourage such persons to acquire a
proprietary interest in the Bank, and to render superior performance for the Bank. 
 Section 1.02. Definitions. Unless
the context clearly indicates otherwise, for purposes of the Plan the following terms have the respective meanings set forth below: 
 (a)
“Bank” means Keystone Bank, an Alabama state banking corporation, and its majority owned subsidiaries including subsidiaries which become such after the date of adoption of the Plan. 

(b) “Board of Directors” means the Board of Directors of the Bank. 

(c) “Code” means the Internal Revenue Code of 1986, as amended. 

(d) “Committee” means the Compensation Committee of the Board of Directors of the Bank (or any successor committee thereto), which
committee shall be composed of not less than two members of the Board of Directors, or in the absence of such Committee, the full Board of Directors. 

(e) “Common Stock” means the common stock of the Bank, par value $1.00 per share, or such other class of shares or other securities
to which the provisions of the Plan may be applicable by reason of the operation of Section 4.01. 
 (f) “Disability” means
that the Grantee (1) has established to the satisfaction of the Committee that the Grantee is disabled as defined by any applicable policy of the Bank or standard determined by the Committee, and (2) has satisfied any requirement imposed
by the Committee in regard to evidence of such disability. 
 (g) “Fair Market Value” of a share of Common Stock on any particular
date means the average between the bid and ask prices quoted on such date by the National Daily Quotation Service, or on the National Association of Securities Dealers Automated Quotation (the “NASDAQ”) System, or a registered securities
exchange, if listed thereon. In the event that both 

  
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bid and ask prices are not so quoted, then the Fair Market Value shall be the bid price determined by the National Association of Securities Dealers, Inc. (the “NASD”) local quotations
committee as most recently published in a daily newspaper of general circulation in Auburn, Alabama. In the event that no such bid price is published, then Fair Market Value shall be the fair market value as determined by the Board of Directors. In
order to satisfy the exemption from Code Section 409A as set forth in Proposed Treasury Regulation § 1.409A-1(b)(5), then, notwithstanding any provision in this Plan to the contrary, in the event the Fair Market Value of a share of Common
Stock is not established by an established securities market, any such determinations of Fair Market Value with respect to a Non-Qualified Stock Option shall be based on a reasonable valuation method so as to ensure that the Option price per share
of Common Stock is not less than 100% of the Fair Market Value on the Grant Date. 
 (h) “Grant Date” means the date as of which
such Option is granted by the Committee pursuant to the Plan. 
 (i) “Grantee” means the person to whom an Option is granted by
the Committee pursuant to the Plan. 
 (j) “Incentive Stock Option” means an Option that qualifies as an incentive stock option as
described in Section 422(b) of the Code. 
 (k) “Non-Qualified Stock Option” or “NQSO” means any Option granted
under this Plan, other than an Incentive Stock Option. 
 (l) “Option” means an option granted by the Committee pursuant to
Article II of the Plan to purchase shares of Common Stock, which shall be designated at the time of grant as either an Incentive Stock Option or a Non-Qualified Stock Option, as provided in Section 2.01. 

(m) “Option Agreement” means the agreement between the Bank and a Grantee under which the Grantee is granted an Option pursuant to
the Plan. 
 (n) “Option Period” means the period fixed by the Committee during which an Option may be exercised, provided that no
Option shall, under any circumstances, be exercisable more than ten years after the Grant Date. 
 (o) “Plan” means the Keystone
Bank 2007 Incentive Stock Compensation Plan as set forth herein and as amended from time to time. 
 (p) “Retirement” means the
Grantee’s termination of employment in a manner which qualifies the Grantee to receive immediately payable retirement benefits under any retirement plan hereafter adopted by the Bank, or which in the absence of any such retirement plan, is
determined by the Committee to constitute retirement. 

  
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 Section 1.03. Shares Available Under the Plan. 

(a) The number of shares of Common Stock with respect to which Options may be granted shall be 50,000 shares of Common Stock, subject to
adjustment in accordance with the remaining provisions of this Section and the provisions of Section 4.01. 
 (b) In the event that any
Option expires or otherwise terminates prior to being fully exercised, the Committee may, without decreasing the number of shares authorized in this Section 1.03, grant new Options hereunder to any eligible Grantee for the shares with respect
to such terminated Options. 
 (c) Any shares of Common Stock to be delivered by the Bank upon the exercise of Options may, at the
discretion of the Board of Directors, be issued from the Bank’s authorized but unissued shares of Common Stock or be transferred from any available treasury stock. 

Section 1.04. Administration of the Plan. 

(a) Except as provided in Section 1.04(c), the Plan shall be administered by the Committee which shall have the authority to: 

(i) Determine those persons to whom, and the times at which, Options shall be granted and the number of shares of Common Stock
to be subject to each such Option, taking into consideration (A) the nature of the services rendered by the particular person; (B) the person’s potential contribution to the long term success of the Bank; and (C) such other
factors as the Committee in its discretion shall deem relevant; 
 (ii) Interpret and construe the provisions of the Plan and
to establish rules and regulations relating to it; 
 (iii) Prescribe the terms and conditions of the Option Agreements for
the grant of Options (which need not be identical) in accordance and consistent with the requirements of the Plan, including allowing adjustments to the duration of the Option Period related to such agreements; and 

(iv) Make all other determinations necessary or advisable to administer the Plan in a proper and effective manner. 

(b) All decisions and determinations of the Committee in the administration of the Plan and in response to questions or in connection with
other matters concerning the Plan or any Option shall (whether or not so stated in the particular instance in the Plan) be final, conclusive, and binding on all persons, including, without limitation, the Bank, the shareholders and directors of the
Bank, and any persons having any interest in any Options which may be granted under the Plan. 

  
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 (c) In all cases in which the Committee is authorized or directed pursuant to the Plan to take
action, such action may be taken by the Board of Directors as a whole. It is the intention of the Plan that the Committee may be appointed by the Board of Directors for convenience and efficiency of administration. 

Section 1.05. Eligibility for Awards. The Committee shall designate, from time to time, the employees of the Bank who are
to be granted Options. All salaried employees of the Bank are eligible to participate. 
 Section 1.06. Effective Date of
Plan. Subject to the receipt of all required regulatory approvals, the Plan shall become effective upon its adoption by the Board of Directors, provided that any grant of Options under the Plan prior to approval of the Plan by the
shareholders of the Bank is subject to such shareholder approval within twelve months of adoption of the Plan by the Board of Directors. 

ARTICLE II. 
 STOCK
OPTIONS 
 Section 2.01. Grant of Options. 

(a) The Committee may, from time to time and subject to the provisions of the Plan, grant Options to employees under appropriate Option
Agreements to purchase shares of Common Stock. 
 (b) The Committee may designate any Option which satisfies the requirements of
Section 2.03 of the Plan as an Incentive Stock Option and may designate any Option granted hereunder as a Non-Qualified Stock Option, or the Committee may designate a portion of an Option as an Incentive Stock Option (so long as that portion
satisfies the requirements of Section 2.03) and the remaining portion as a Non-Qualified Stock Option. Any portion of an Option that is not designated as an Incentive Stock Option shall be a Non-Qualified Stock Option. A Non-Qualified Stock
Option must satisfy the requirements of Section 2.02 of the Plan, but shall not be subject to the requirements of Section 2.03. 

Section 2.02. Option Requirements. 

(a) An Option shall be evidenced by an Option Agreement specifying the number of shares of Common Stock that may be purchased upon its exercise
and containing such terms and conditions not inconsistent with the Plan and based on such factors as the Committee shall determine, in its sole discretion, to be applicable to that particular Option. 

(b) An Option shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee and
stated in the Option Agreement; provided, however, that an Option shall become immediately exercisable upon the death of 

  
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Grantee, upon employment with the Bank ceasing because of Disability. If the Committee provides that any Option is exercisable only in installments or provides other vesting requirements, the
Committee may waive such provisions at any time, in whole or in part, based on such factors as the Committee shall, in its sole discretion, determine. Unless otherwise explicitly set forth in the Option Agreement, any Option which is not exercisable
as of the date of the Grantee’s termination of employment with the Bank shall terminate as of such date and be of no further force and effect. 

(c) An Option shall expire by its terms at the expiration of the Option Period and shall not be exercisable thereafter. 

(d) The Committee may specify in the Option Agreement the basis for the expiration or termination of the Option prior to the expiration of the
Option Period. 
 (e) The Option price per share of Common Stock shall not be less than 100% of the Fair Market Value of a share of Common
Stock on the Grant Date. 
 (f) An Option shall not be transferable other than by testamentary disposition or the laws of descent and
distribution. During the Grantee’s lifetime except for limited estate planning or pursuant to a domestic order as permitted by Rule 701 promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended, or a
successor provision, an Option shall be exercisable only by the Grantee, or in the event of the Grantee’s Disability and the Option remains exercisable, by his or her duly appointed guardian or other legal representative. 

(g) An Option, to the extent that it has not previously been exercised, shall terminate upon the earliest to occur of (i) the expiration
of the applicable Option Period as set forth in the Option Agreement granting such Option; (ii) the expiration of three (3) months after the Grantee’s Retirement; (iii) the expiration of one year after the Grantee ceases to be an
employee of the Bank due to Disability; (iv) the expiration of one year after the Grantee ceases to be an employee of the Bank due to the death of the Grantee; or (v) three months after the date on which a Grantee ceases to be an employee
of the Bank for any reason other than Retirement, Disability, or death, unless the Option Agreement provides for earlier termination. 
 (h)
A person electing to exercise an Option shall give written notice of such election to the Bank in such form as the Committee may require, accompanied by payment in cash or in such other manner as may be approved by the Committee in an amount equal
to the full purchase price of the shares of Common Stock for which the election is made. As determined by the Committee, in its sole discretion, whether before or after the Grant Date, payment in full or in part may be made in the form of
unrestricted Common Stock already owned by the Grantee or, except in the case of Incentive Stock Options, in the form of a withholding of sufficient shares of Common Stock otherwise issuable upon the exercise of the Option to constitute payment of
the purchase price based, in each case, on the Fair Market Value of the Common Stock on the date the Option is exercised; provided that an election to make such payment in Common Stock or to have shares so withheld, in addition to being
subject to the approval of the Committee, shall be irrevocable. 

  
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 Further, upon written request and authorization of the Grantee and to the extent permitted by
applicable law, the Committee may allow arrangements whereby an Option may be exercised and the exercise price (together with any tax withholding obligations of the Grantee) paid pursuant to arrangements with brokerage firms permitted under
Regulation T of the Board of Governors of the Federal Reserve System (or successor regulations or statutes). In no event, however, may such transaction or arrangement occur if a violation by the Grantee of applicable state or federal securities laws
would result therefrom. 
 (i) All NQSOs granted pursuant to this Plan shall satisfy the exemption from Code Section 409A set forth in
Proposed Treasury Regulation § 1.409A-1(b)(5). 
 Section 2.03. Incentive Stock Option Requirements. 

(a) An Option designated by the Committee as an Incentive Stock Option is intended to qualify as an “incentive stock option” within
the meaning of Section 422(b) of the Code and shall satisfy, in addition to the conditions of Section 2.02 of the Plan, the conditions set forth in this Section. 

(b) An Incentive Stock Option shall not be granted to an individual who, on the Grant Date, owns stock possessing more than ten percent of the
total combined voting power of all classes of stock of the Bank, unless the Committee provides in the Option Agreement with any such individual that the option price per share of Common Stock will not be less than 110% of the Fair Market Value of a
share of Common Stock on the Grant Date and that the Option Period will not extend beyond five years from the Grant Date. 
 (c) The
aggregate Fair Market Value, determined on the Grant Date, of the shares of Common Stock as to which Incentive Stock Options are exercisable for the first time by any Grantee with respect to the Plan and incentive stock options (within the meaning
of Section 422(b) of the Code) under any other plan of the Bank or any parent or subsidiary thereof, in any calendar year shall not exceed $100,000. To the extent that the aggregate Fair Market Value of Common Stock with respect to which
Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all incentive stock option plans of the Bank exceeds $100,000 (within the meaning of Section 422 of the Code), such excess Incentive
Stock Options shall be treated as Options which do not constitute Incentive Stock Options. The Board of Directors shall determine, in accordance with applicable provisions of the Code, United States Treasury Department regulations, and other
administrative pronouncements, which of an Optionee’s Incentive Stock Options will not constitute Incentive Stock Options because of such limitation and shall notify the Optionee of such determination as soon as practicable after such
determination. 

  
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 ARTICLE III. 

[Intentionally Deleted] 

ARTICLE IV. 
 GENERAL
PROVISIONS 
 Section 4.01. Adjustment Provisions. 

(a) In the event of (i) any dividend payable in shares of Common Stock; (ii) any recapitalization, reclassification, split-up, or
consolidation of, or other change in, the Common Stock; or (iii) an exchange of the outstanding shares of Common Stock, in connection with a merger, consolidation, or other reorganization of or involving the Bank or a sale by the Bank of all or
a portion of its assets, for a different number or class of shares of stock or other securities of the Bank or for shares of the stock or other securities of any other corporation (whether issued to the Bank or to its shareholders); the number of
shares of Common Stock available under the Plan pursuant to Section 1.03 shall be adjusted to appropriately reflect the occurrence of the event specified in clauses (i), (ii) or (iii) above and the Committee shall, in such manner as
it shall determine in its sole discretion, appropriately adjust the number and class of shares or other securities which shall be subject to Options and/or the purchase price per share which must be paid thereafter upon exercise of any Option. Any
such adjustments made by the Committee shall be final, conclusive, and binding upon all persons, including, without limitation, the Bank, the shareholders, and directors of the Bank and any persons having any interest in any Options which may be
granted under the Plan. 
 (b) Except as provided in paragraph (a) immediately above, issuance by the Bank of shares of stock of any
class or securities convertible into shares of stock of any class shall not affect the Options. 
 Section 4.02. Additional
Conditions. 
 (a) Any shares of Common Stock issued or transferred under any provision of the Plan may be issued or transferred
subject to such conditions, in addition to those specifically provided in the Plan, as the Committee or the Bank may impose. 
 (b) If,
prior to the time a Grantee has exercised all Options, the Committee or the Corporate Secretary of the Bank receives from the Bank notice of suspected dishonesty of the Grantee, or of suspected conduct by the Grantee which causes or reasonably may
be expected to cause substantial damage to the Bank or one or more of its subsidiaries, each Option, to the extent not previously exercised, shall terminate immediately and neither the Grantee nor any one claiming under him shall have any rights
thereto. 
 Section 4.03. No Rights as Shareholder or to Employment. No Grantee or any other person authorized to
purchase Common Stock upon exercise of an Option shall have any interest in or shareholder rights with respect to any shares of Common Stock which are subject to any 

  
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Option until such shares have been issued and delivered to the Grantee or any such person pursuant to the exercise of such Option. Furthermore, the Plan shall not confer upon any Grantee any
rights of employment with the Bank, including without limitation, any right to continue in the employ of the Bank, or affect the right of the Bank to terminate the employment of a Grantee at any time, with or without cause. 

Section 4.04. General Restrictions. Each award under the Plan shall be subject to the requirement that, if at any time the
Committee shall determine that (i) the listing, registration or qualification of the shares of Common Stock subject or related thereto upon any securities exchange or under any state or federal law; (ii) the consent or approval of any
government regulatory body; or (iii) an agreement by the recipient of an award with respect to the disposition of shares of Common Stock, is necessary or desirable as a condition of, or in connection with, the granting of such award or the
issue or purchase of shares of Common Stock thereunder, such award may not be consummated in whole or in part unless such listing, registration, qualification, consent, approval, or agreement shall have been effected or obtained free of any
conditions not acceptable to the Committee. A Grantee shall agree, as a condition of receiving any award under the Plan, to execute any documents, make any representations, agree to restrictions on stock transferability, and take any actions which
in the opinion of legal counsel to the Bank are required by any applicable law, ruling, or regulation. The Bank is in no event obligated to register any such shares, to comply with any exemption from registration requirements, or to take any other
action which may be required in order to permit, or to remedy or remove any prohibition or limitation on, the issuance or sale of such shares to any Grantee or other authorized person. 

Section 4.05. Rights Unaffected. 

(a) The existence of the Options shall not affect: 

(i) the right or power of the Bank or its shareholders to make adjustments, recapitalizations, reorganizations, or other
changes in the Bank’s capital structure or its business; 
 (ii) any issue of bonds, debentures, preferred or prior
preference stocks affecting the Common Stock or the rights thereof; 
 (iii) the dissolution or liquidation of the Bank, or
sale or transfer of any part of its assets or business; or 
 (iv) any other corporate act, whether of a similar character or
otherwise. 
 (b) As a condition of grant, exercise, or lapse of restrictions on any Option the Bank may, in its sole discretion, withhold
or require the Grantee to pay or reimburse the Bank for any taxes which the Bank determines are required to be withheld (including, without limitation, any required FICA or AMT payments), in connection with the grant of or lapse of restrictions on
the 

  
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grant of or any exercise of an Option. Whenever payment or withholding of such taxes is required, the Grantee may satisfy the obligation, in whole or in part, by electing to deliver to the Bank
shares of Common Stock already owned by the Grantee or electing to have the Bank withhold shares of Common Stock which would otherwise be delivered to the Grantee, in each case having a value equal to the amount required to be withheld, and provided
that such shares may be surrendered only at the minimum statutory rate. For these purposes, the value of the shares to be withheld is the Fair Market Value on the date that the amount of tax to be withheld is to be determined (the “Tax
Date”). 
 (c) An election by a Grantee to deliver shares of Common Stock already owned by the Grantee or to have shares withheld for
purposes of Section 2.02(h) of the Plan (an “Election”) must meet the following requirements in order to be effective: 

(i) the Election must be made prior to the Tax Date; 

(ii) the Election is irrevocable; and 

(iii) the Election may be disapproved by the Committee in its sole discretion. 

Section 4.06. Choice of Law. The validity, interpretation, and administration of the Plan, the Option Agreement, and of any
rules, regulations, determinations, or decisions made thereunder, and the rights of any and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance with the laws of the State of
Alabama. Without limiting the generality of the foregoing, the period within which any action in connection with the Plan must be commenced shall be governed by the laws of the State of Alabama, without regard to the place where the act or omission
complained of took place, the residence of any party to such action or the place where the action may be brought or maintained. 

Section 4.07. Amendment, Suspension, and Termination of Plan. 

(a) The Plan may be terminated, suspended, or amended, from time to time, by the Board of Directors in such respects as it shall deem
advisable; provided, however, that (i) any such amendment that would require shareholder approval in order to ensure compliance with Rule 16b-3, if applicable, under the Securities Exchange Act of 1934, or any successor rule
thereto, or any other applicable rules or regulations, shall be subject to approval by the shareholders of the Bank; and (ii) any amendment that would change the maximum aggregate number of shares for which Options may be granted under the Plan
(except as required under any adjustments pursuant to Sections 1.03 and 4.01 of the Plan) shall be subject to approval of the shareholders of the Bank. 

(b) Notwithstanding any other provision herein contained, no Incentive Stock Options shall be granted on or after the tenth anniversary of the
approval of the Plan by the Board of Directors and the Plan shall terminate and all Options previously granted shall terminate, in the event and on the date of liquidation or dissolution of the Bank. 

  
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 (c) Whether before or after termination of the Plan, the Board of Directors has full authority in
accordance with Section 4.07(a) to amend the Plan, effective for Options which remain outstanding under the Plan. 

Section 4.08. Loans. The Bank may at any time, consistent with applicable regulations, including Regulation O and any Bank
policy restricting or prohibiting loans to executive officers, lend to a Grantee any funds required in connection with any aspect of the Plan, including without limitation the exercise price and any taxes that must be paid or withheld. 

Section 4.09. Regulatory Capital Requirements. All Options granted under this Plan are subject to the requirement that,
notwithstanding any other provision of the Plan or the Option Agreement, the Bank’s primary bank regulator shall at any time have the right to require the Grantee to exercise the Option or to forfeit the Option if not exercised if the
Bank’s capital falls below minimum capital required as determined by the Bank’s primary bank regulator. 
 Section 4.10.
Disclosures. A copy of this Plan shall be given to any Grantee. Any security issued pursuant to this Plan that is not registered under the Securities Act of 1933 or the Alabama Securities Act shall be deemed restricted within the meaning of
Securities and Exchange Commission Rule 144, and certificates respecting such shares shall be marked with an appropriate legend indicating applicable restrictions on resale. 

Section 4.11. Savings Clause. The Plan shall be administered, operated, and interpreted such that all stock Options granted
hereunder are not considered deferred compensation subject to Section 409A of the Code and the Committee shall have discretion to modify or amend any Option granted hereunder and any Stock Option Agreement (and may do so retroactively);
provided that any such modification or amendment is necessary to cause such stock option to be exempt from Section 409A of the Code and is not materially prejudicial to the Bank and the affected Grantee. 

  
 11EX-4.7

 Exhibit 4.7 

WARRANT AGREEMENT 
 This
Warrant Agreement, dated as of                     , is entered into by and among Keystone Bank, an Alabama state bank (the “Company”), and
the individual directors listed on the signature pages of this Agreement (the “Directors”). 
 Recital 

A. In recognition of the efforts made and financial risks undertaken by the Directors while acting as organizers in organizing the Company,
the Company desires to issue to each Director a Warrant to purchase a specified number of shares of the common stock of the Company, par value $10 per share (the “Common Stock”). 

Agreement 
 ARTICLE
I. 
 DEFINITIONS 

As used in this Agreement, the following capitalized terms shall have the meanings provided, or elsewhere as referred to, in this Article:

 1.01 “Business Day” shall mean a day other than a Saturday, Sunday, a legal holiday, or other day on which the commercial banks
in Prattville, Alabama are required by law to remain 
 1.02 “Closing Date” shall mean the closing of the public offering of the
Common Stock on March 1, 2007. 
 1.03 “Common Stock” shall have the meaning set forth in the Recitals to this Agreement.

 1.04 “Common Stock Equivalent” shall mean warrants, options, subscriptions, or purchase rights with respect to shares of Common
Stock or any securities convertible into or exchangeable for shares of Common Stock or warrants, options, subscriptions, or purchase rights with respect to such convertible or exchangeable securities. 

1.05 “Company” shall have the meaning set forth in the Preamble to this Agreement. 

1.06 “Eligible Holders” means, as of a particular date, all of the holders of Warrants or Warrant Shares. 

1.07 “Exercise Price” means $10 per Warrant Share and shall not be less than 100% of the Fair Market Value of a share of Common
Stock on date the Warrant is issued to a Warrantholder. 
 1.08 “Exercise Time” means the Warrants will vest and become
exercisable and transferable in equal increments over a period of five years and will remain exercisable for a ten-year period following the Closing Date, provided that the Warrant shall terminate if the
Director ceases to serve as a director of the Company for any reason. 

 1.09 “Expiration Date” means each Warrant shall expire at 5:00 P.M., Alabama time, on
the tenth anniversary of the Closing Date, or if such day is not a Business Day, the next succeeding day which is a Business Day. 
 1.10
“Fair Market Value” of a share of Common Stock on any particular date means the average between the bid and ask prices quoted on such date by the National Daily Quotation Service, or on the National Association of Securities Dealers
Automated Quotation (the “NASDAQ”) System, or a registered securities exchange, if listed thereon. In the event that both bid and ask prices are not so quoted, then the Fair Market Value shall be the bid price determined by the National
Association of Securities Dealers, Inc. (the “NASD”) local quotations committee as most recently published in a daily newspaper of general circulation in Autauga County, Alabama. In the event that no such bid price is published, then Fair
Market Value shall be the fair market value as determined by the Board of Directors of the Company. In order to satisfy the exemption from Code Section 409A then, notwithstanding any provision in this Warrant Agreement to the contrary, in the
event the Fair Market Value of a share of Common Stock is not established by an established securities market, any such determinations of Fair Market Value shall be based on a reasonable valuation method so as to ensure that the Exercise Price per
Warrant Share is not less than 100% of the Fair Market Value on the date the Warrant is issued to a Warrantholder. 
 1.11
“Person” means an individual, partnership, joint venture, corporation, limited liability company, trust, unincorporated organization, or government or any department or agency thereof. 

1.12 “SEC” means the Securities and Exchange Commission. 

1.13 “Securities Act” means the Securities Act of 1933, as amended. 

1.14 “Warrant Certificate” shall have the meaning set forth in Section 2.02. 

1.15 “Warrantholders” means the Directors and any other holders of Warrants, which have been transferred or assigned to such Persons
in accordance with the terms of this Agreement. 
 1.16 “Warrants” means the Warrants represented by the initial Warrant
Certificates issued to the Directors under this Agreement and all other Warrant Certificates that may be issued in their place (together initially evidencing the right to purchase an aggregate of 175,000 shares of Common Stock). 

1.17 “Warrant Shares” means Common Stock purchasable upon exercise of the Warrants or any other securities for which the Warrants
may become exercisable pursuant to Section 3.01. 

  
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 ARTICLE II 

GRANT, DURATION AND EXERCISE OF WARRANTS 

Section 2.01. Grant of Warrants. Each Warrantholder is hereby granted the right to purchase the Warrant Shares, at any time
on or after the appropriate Exercise Time and before the Expiration Date, at the Exercise Price, subject to the terms and conditions of this Agreement. 

Section 2.02. Warrant Certificate. The Warrants shall be evidenced by one or more warrant certificates (each a
“Warrant Certificate”) in the form of Exhibit “A” attached hereto and incorporated herein by reference, with such appropriate insertions, omissions, substitutions, and other variations as required or permitted by this Agreement.

 Section 2.03. Duration of Warrants. Each Warrantholder may exercise the Warrants at any time and from time to time
after the appropriate Exercise Time, and before 5:00 P.M., Alabama time, on the appropriate Expiration Date. If any of the Warrants either (i) do not vest at the appropriate Exercise Time or (ii) are not exercised on or prior to the
appropriate Expiration Date, they shall become void. 
 Section 2.04. Exercise of Warrants. 

(a) Each Warrantholder may exercise any of the Warrants by presentation and surrender of the Warrant Certificate representing the Warrants to
the Company at its principal executive offices or at the office of its stock transfer agent, if any, with a Subscription Form in the form attached hereto as Exhibit “B” duly executed and accompanied by payment (by wire transfer, certified,
or bank check) of the full Exercise Price for each Warrant Share to be purchased. 
 (b) Upon receipt of the Warrant Certificate
representing the Warrants, together with the Subscription Form duly executed and accompanied by payment of the aggregate Exercise Price for the Warrant Shares for which the Warrants are then being exercised, the Company shall cause to be issued
certificates for the total number of whole shares of Common Stock for which the Warrants are being exercised (adjusted to reflect the effect of any antidilution provisions contained in Article III of this Agreement, if any, and as provided in
Section 2.06 by any Warrantholder in such denominations as are requested for delivery to such Warrantholder), and the Company shall thereupon deliver such certificates to such Warrantholder. Such Warrantholder shall be deemed to be the holder
of record of the Warrant Shares issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Warrant Shares shall not then be actually delivered to the
Warrantholder. Upon exercise of such Warrants, the Company may require such Warrantholder to make such representations, and may place such legends on certificates representing the Warrant Shares and require such legal opinions, as may be reasonably
required in the opinion of counsel to the Company to permit the Warrant Shares to be issued without such registration. 
 (c) In the event
that any Warrantholder shall exercise Warrants with respect to less than all of the Warrant Shares that may be purchased under the Warrant Certificate representing the Warrants, the Company shall execute a new Warrant Certificate in the form of
Exhibit “A” representing Warrants to purchase the balance of such Warrant Shares and deliver such new Warrant Certificate to such Warrantholder. 

  
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 Section 2.05. Reservation of Shares. The Company hereby represents that there
are now 175,000 shares of Common Stock authorized but unissued and reserved for issuance and delivery upon exercise of the Warrants, and agrees that at all times there shall be reserved for issuance and delivery upon exercise of the Warrants such
number of shares of Common Stock or other shares of capital stock of the Company from time to time issuable upon exercise of the Warrants. All such shares shall be duly authorized, and when issued upon such exercise, shall be validly issued, fully
paid and nonassessable, free and clear of all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights. 

Section 2.06. Fractional Shares. The Company shall not be required to issue any fraction of a share of its capital stock in
connection with the exercise of any Warrants nor shall it be required to issue scrip or pay cash in lieu of fractional interests, and in any case where a Warrantholder would, except for the provisions of this Section, be entitled under the terms of
this Agreement to receive a fraction of a share upon the exercise of any Warrants, the Company shall, upon the exercise of such Warrants in accordance with Section 2.04, round any fraction up or down to the nearest whole number of shares
purchasable upon exercise of such Warrants. 
 ARTICLE III 

ADJUSTMENT OF NUMBER AND KIND OF WARRANT SHARES 

PURCHASABLE AND OF EXERCISE PRICE 

The Exercise Price and the number and kind of Warrant Shares shall be subject to adjustment from time to time upon the happening of certain
events as provided in this Article. 
 Section 3.01. Mechanical Adjustments. 

(a) If at any time prior to the exercise of the Warrants in full, the Company shall (i) declare a dividend or make a distribution on the
Common Stock payable in shares of its capital stock (whether shares of Common Stock or of capital stock of any other class); (ii) subdivide, reclassify, or recapitalize outstanding Common Stock into a greater number of shares;
(iii) combine, reclassify, or recapitalize its outstanding Common Stock into a smaller number of shares; or (iv) issue any shares of its capital stock by reclassification of its Common Stock (including any such reclassification in
connection with a consolidation or a merger in which the Company is the continuing corporation), the number and kind of Warrant Shares and the Exercise Price in effect at the time of the record date of such dividend, distribution, subdivision,
combination, reclassification, or recapitalization shall be adjusted so that each Warrantholder shall be entitled to receive the aggregate number and kind of shares which, if the Warrants had been exercised in full immediately prior to such event,
it would have owned upon such exercise and been entitled to receive by virtue of such dividend, distribution, subdivision, or the effective date, in the case of a subdivision, combination, recapitalization, to allow the purchase of such aggregate
number and kind of shares; provided, however, that the provisions of this Section shall not apply to any grants or issuances under any incentive compensation plan of the Company. 

  
 4 

 (b) In the event that at any time, as a result of any adjustment made pursuant to
Section 3.01(a), a Warrantholder thereafter shall become entitled to receive any shares of the Company other than Common Stock, thereafter the number of such other shares so receivable upon exercise of any Warrant shall be subject to adjustment
from time to time in the manner and on the terms as nearly equivalent as practicable to the provisions with respect to the Common Stock contained in Section 3.01(a) or this Section 3.01(b). 

Section 3.02. Preservation of Purchase Rights in Certain Transactions. In case of any reclassification, capital
reorganization, or other change of outstanding shares of Common Stock (other than a subdivision or combination of the outstanding Common Stock and other than a change in the par value of the Common Stock), or in case of any consolidation or merger
of the Company with or into another corporation (other than a merger with a subsidiary in which the Company is the continuing corporation and that does not result in any reclassification, capital reorganization or other change of outstanding shares
of Common Stock of the class issuable upon exercise of the Warrants) or in case of any sale, lease, transfer, or conveyance to another corporation of the property and assets of the Company as an entirety or substantially as an entirety, the Company
shall cause such successor or purchasing corporation, as the case may be, to execute with the Warrantholders an agreement granting the Warrantholders the right thereafter, upon payment of the Exercise Price in effect immediately prior to such
action, to receive upon exercise of the Warrants the kind and amount of shares and other securities and property which they would have owned or have been entitled to receive, after the happening of such reclassification, change, consolidation,
merger, sale, or conveyance, had the Warrants been exercised immediately prior to such action. Such agreement shall provide for adjustments in respect of such shares of stock and other securities and property, which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article. In the event that in connection with any such reclassification, capital reorganization, change, consolidation, merger, sale, or conveyance, additional shares of Common Stock shall
be issued in exchange, conversion, substitution, or payment, in whole or in part, for, or of, a security of the Company other than Common Stock, any such issue shall be treated as an issue of Common Stock covered by the provisions of this Article.
The provisions of this Section shall similarly apply to successive reclassification, capital reorganizations, consolidations, mergers, sales, or conveyances. 

Section 3.03. Forms of Warrant Agreement and Warrant Certificates After Adjustments. The forms of this Warrant Agreement
and any Warrant Certificates issued in connection herewith need not be changed because of any adjustments in the Exercise Price or the number or kind of the Warrant Shares, and Warrants theretofore or thereafter issued may continue to express the
same price and number and kind of shares as are stated in the applicable Warrant Certificate, as initially issued. 
 Section 3.04.
Treatment of Warrantholders. Prior to due presentment for registration of transfer of the Warrants, the Company may deem and treat a Warrantholder as the absolute owner of the Warrants (notwithstanding any notation of ownership or other
writing hereon) for all purposes and shall not be affected by any notice to the contrary. 

  
 5 

 ARTICLE IV 

OTHER PROVISIONS RELATING TO RIGHTS OF WARRANTHOLDERS 

Section 4.01. No Rights as Shareholders; Notice to Warrantholders. Nothing contained in this Agreement or any Warrant
Certificate shall be construed as conferring upon any Warrantholder the right to vote or to receive dividends or to consent or to receive notice as a shareholder in respect of any meeting of shareholders for the election of directors of the Company
or of any other matter, or any rights whatsoever as shareholders of the Company. The Company shall give notice to the Warrantholders by certified mail if at any time prior to the expiration or exercise in full of the Warrants, any of the following
events shall occur: 
 (a) the Company shall authorize the payment of any dividend payable in any securities upon shares of Common Stock or
authorize the making of any distribution (other than a regular cash dividend or cash distribution paid out of funds legally available therefor and in the ordinary course of business) to all holders of Common Stock; 

(b) the Company shall authorize the issuance to all holders of Common Stock of any additional shares of Common Stock or Common Stock
Equivalents or of rights, options or warrants to subscribe for or purchase Common Stock or Common Stock Equivalents or of any other subscription rights, options or warrants; 

(c) a dissolution, liquidation, or winding up of the Company shall be proposed; or 

(d) a capital reorganization or reclassification of the Common Stock (other than a subdivision or combination of the outstanding Common Stock
and other than a change in the par value of the Common Stock) or any consolidation or merger of the Company with or into another corporation (other than consolidation or merger which the Company is the continuing corporation and that does not result
in any reclassification or change of Common Stock outstanding) or in the case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an entirety. 

Such giving of notice shall be initiated at least two Business Days prior to the date fixed as a record date or effective date or the date of
closing of the Company’s stock transfer books for the determination of the shareholders entitled to such dividend, distribution or issuance, or for the determination of the shareholders entitled to such dividend, distribution or issuance, or
for the determination of the shareholders entitled to vote on such proposed reorganization, dissolution, liquidation or winding up. Such notice shall specify such record date or the date of closing the stock transfer books, as the case may be.
Failure to provide such notice shall not affect the validity of any action taken in connection with such dividend, distribution or issuance, or such proposed reorganization, dissolution, liquidation or winding up. 

All notices, requests, consents and other communications hereunder shall be in writing and shall be deemed to have been duly made and sent
when delivered, or mailed by registered or certified mail, return receipt requested pursuant to Section 8.10. 
 Section 4.02.
Lost, Stolen. Mutilated, or Destroyed Warrant Certificates. If any Warrant Certificate is lost, stolen, mutilated, or destroyed, the Company may, on such terms as to indemnity or otherwise as it may in its discretion impose (which shall,
in the case of a mutilated 

  
 6 

 
Warrant Certificate, include the surrender thereof), issue a new Warrant Certificate representing warrants of like denomination and tenor as, and in substitution for, such Warrant Certificate.
Upon receipt by the Company of evidence reasonably satisfactory to it of theft, destruction, or mutilation of any Warrant Certificate, and, in case of loss, theft or destruction, or indemnity or security reasonably satisfactory to it, and
reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of the Warrants, if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor, in lieu thereof. 

ARTICLE V 

SPLIT-UP, COMBINATION 

EXCHANGE, AND TRANSFER OF WARRANTS 

Section 5.01. Split-Up, Combination, Exchange, and Transfer of Warrants. Subject to the provisions of Section 5.02 of
this Agreement, any Warrant Certificate issued pursuant to this Warrant Agreement may be split up, combined or exchanged for another Warrant Certificate or Certificates containing the same terms to purchase a like aggregate number of Warrant Shares.
If a Warrantholder desires to split up, combine, or exchange any Warrant Certificate issued pursuant to the Warrant Agreement, it shall make such request in writing delivered to the Company and shall surrender to the Company such Warrant Certificate
to be so split-up, combined, or exchanged. Upon any such surrender for a split-up, combination, or exchange, the Company shall execute and deliver to the person or persons entitled thereto a Warrant Certificate or any Warrant Certificate issued
pursuant to this Warrant Agreement, as the case may be, as so requested. The Company shall not be required to effect any split-up, combination, or exchange which will result in the issuance of Warrant Certificates entitling the Warrantholder thereof
to purchase upon exercise a fraction of a Warrant Share. The Company may require such Warrantholder to pay a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any split-up, combination or exchange of
Warrants. 
 Section 5.02. Restrictions on Transfer. No Warrant may be transferred until the applicable Exercise Time of
such Warrant; thereafter, there shall be no restriction on the ability of the Directors to transfer beneficial interest in the Warrants, provided that any such transfers shall be made only in accordance with and subject to the provisions of the
Securities Act and the rules and regulations promulgated thereunder. 
 ARTICLE VI 

OTHER MATTERS 

Section 8.01. Company and Director Representations. 

(a) The Company hereby represents and warrants that (i) all necessary corporate action has been duly and validly taken by the Company to
authorize the execution, delivery, and performance of this Agreement and any Warrant Certificates issued in connection herewith and, upon exercise of the Warrants or any successor warrants, the issuance of the Warrant Shares; and (ii) this
Agreement and the initial Warrant Certificate representing the Warrants issued to the Warrantholders have been duly and validly executed and delivered by the Company and constitute the legal, valid, and binding obligations of the Company,
enforceable against the Company in accordance with their respective terms, except as the enforceability hereof or thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement of
creditors’ rights generally and by generally equitable principles. 

  
 7 

 (b) Each Director, severally with respect to itself and not for any other Director, hereby
represents and warrants, both on its own behalf and on behalf of any affiliate of such Director that has been designated by such Director to acquire or hold all or a portion of the Warrants granted to such Director hereunder (any such affiliate,
together with its affiliated Director, is referred to herein as a “Warrant Acquiror”), that (i) each such Warrant Acquiror is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated under
the Securities Act; (ii) each such Warrant Acquiror is acquiring the Warrants or Warrant Shares for its own account for investment and not with a view toward distribution, and no such Warrant Acquiror has any present agreement, arrangement, or
commitment to dispose of any Warrants or Warrant Shares, in each case except pursuant to a registered offering under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and applicable state
securities laws; and (iii) each such Warrant Acquiror understands that neither the Warrants nor the Warrant Shares have been registered under the Securities Act or any applicable state securities laws. 

Section 8.02 Regulatory Capital Requirements. All Warrants issued pursuant to this Warrant Agreement are subject to the
requirement that, notwithstanding any other provision of this Warrant Agreement or the Warrant Certificate, the Company’s primary bank regulator shall at any time have the right to require the Warrantholder to exercise or forfeit the Warrant if
the Company’s capital falls below minimum capital required as determined by the Company’s primary bank regulator. 

Section 8.03. Successors and Assigns. All the covenants and provisions of this Agreement by or for the benefit of the
Company or the Warrantholders shall bind and inure to the benefit of their respective successors and assigns hereunder. 

Section 8.04. No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any
agreement with respect to its securities which is inconsistent with the rights granted to the Warrantholders or otherwise conflicts with the provisions hereof. The rights granted to the Warrantholders hereunder do not in any way conflict with and
are not inconsistent with the rights granted to holders of the Company’s securities under any other agreements. 

Section 8.05. Integration/Entire Agreement. This Agreement and any Warrant Certificate issued in connection herewith are
intended by the parties as final expressions of their agreement and intended to be complete and exclusive statements of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. This
Agreement and any Warrant Certificates issued hereunder supersede all or prior agreements and understandings between the parties with respect to such subject matter. 

Section 8.06. Amendments and Waivers. The provisions of this Agreement may not be amended, modified, supplemented, or
waived except pursuant to a written instrument signed by the Company and a majority in interest of the Eligible Holders. 

  
 8 

 Section 8.07. Survival. The obligations of the Company, the Warrantholders and
each Eligible Holder under Articles V and VI of this Agreement shall survive the exercise of all of the Warrants. 
 Section 8.08.
Governing Law. This Agreement and any Warrant Certificate issued pursuant to this Agreement shall be governed by and construed in accordance with the internal laws of the State of Alabama. 

Section 8.09. Severability. In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstances, is held invalid, illegal, or unenforceable, the validity, legality, and enforceability of any such provisions in every other respect, and of the remaining provisions contained herein, shall not be affected or impaired
thereby. 
 Section 8.10. Notice. Any notices or certificates by the Company to any Warrantholder and by any
Warrantholder to the Company shall be deemed delivered if in writing and delivered in person or by registered or certified mail (return receipt requested), if to any Warrantholder, to it at the address for notices set forth on its signature page
hereto, and if to the Company, addressed to it at: Keystone Bank, P.O. Box 3405 Auburn, Alabama 36861, Attention: Mr. John F. Gittings, Chief Executive Officer. 

Section 8.11. Section 409A of the Code. The Agreement shall be administered, operated, and interpreted such that all
Warrants granted hereunder are not considered deferred compensation subject to Section 409A or the Code and the Company shall have the discretion to modify or amend any Warrant granted hereunder and any Warrant Certificate (and may do so
retroactively); provided that any such modification or amendment is necessary to cause such Warrant to be exempt from Section 409A of the Code and is not materially prejudicial to the affected Warrantholder. 

The Company may change its address by written notice to the Warrantholders and any Warrantholder may change its address by written notice to
the Company. 
 [Signatures on following pages] 

  
 9 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the Company under its
corporate seal as of the date and year first written above. 
  

			
	KEYSTONE BANK
		
	By:	 	  

	Name:	 	  

	Its	 	  

  

							
	ACCEPTED AND AGREED:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
		 	Address for notices:
			
		 		 	  

		 		 	  

		 		 	  

			
		 	Attention:	 	  

		 	Telephone:	 	  

		 	Facsimile:	 	  

  
 10 

 Exhibit “A” 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE OTHER SECURITIES ISSUABLE UPON THE EXERCISE THEREOF MAY NOT BE OFFERED FOR SALE, SOLD, OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT. 

VOID AFTER 5:00 P.M., ALABAMA TIME, ON THE APPROPRIATE EXPIRATION DATE (AS DEFINED IN THE WARRANT AGREEMENT REFERRED TO HEREIN). 

WARRANT CERTIFICATE REPRESENTING 

WARRANTS TO PURCHASE SHARES OF THE 

COMMON STOCK, $10 PAR VALUE PER SHARE, 

OF 
 KEYSTONE BANK

  

					
	 No. W-                    
	  	 	                 Shares	  

 This certifies that
                                          (the
“Warrantholder”) is entitled to purchase from Keystone Bank, an Alabama state bank (the “Company”), subject to the terms and conditions hereof, at any time on or after the appropriate Exercise Time and before the corresponding
Expiration Date (each as defined in the Warrant Agreement described below), 25,000 fully paid and non-assessable shares of the Common Stock, $10 par value per share, of the Company stated above at the exercise price, subject to adjustment in certain
events (the “Exercise Price”), of $10 per share of Common Stock upon surrender of this Warrant Certificate and payment of the Exercise Price at an office or agency of the Company, but subject to the conditions set forth herein and in the
Warrant Agreement dated as of March 2, 2007 by and among the Company and the Directors listed on the signature pages thereto (the “Warrant Agreement”). Payment of the Exercise Price shall be made by certified or official bank check
payable to the order of the Company and by surrender of this Warrant Certificate in accordance with the terms of the Warrant Agreement. 

All capitalized terms used in this Warrant Certificate, which are defined in the Warrant Agreement, shall have the meanings assigned to them
in the Warrant Agreement. 
 No Warrant may be exercised after 5:00 p.m., Alabama time, on the appropriate Expiration Date, after which time
all Warrants evidenced hereby, unless exercised prior thereto, shall be void. 
 The Warrants evidenced by this Warrant Certificate are part
of a duly authorized issue of Warrants issued pursuant to the Warrant Agreement, which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Company, the Warrantholder, and any other holders of the Warrant. 

  
 Exhibit A-1 

 The Warrant Agreement provides that upon the occurrence of certain events the Exercise price
and/or the type and/or number of the Company’s securities issuable hereupon may, subject to certain conditions, be adjusted. In such event, the Company will, at the request of the Warrantholder, issue a new Warrant Certificate evidencing the
adjustment in the Exercise Price and the number and/or type of securities issuable upon the exercise of the Warrant; provided, however, that the failure of the Company to issue such new Warrant Certificates shall not in any way change,
alter, or otherwise impair the rights of the Warrantholder as set forth in the Warrant Agreement. 
 Upon due presentment for registration
of transfer of this Warrant Certificate at an office or agency of the Company, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange
for this Warrant Certificate, subject to the limitations provided herein and in the Warrant Agreement, without any change. 
 Upon the
exercise of less than all of the Warrants evidenced by this Warrant Certificate, the Company shall forthwith issue to the holder hereof a new Warrant Certificate representing such number of unexercised Warrants. 

The Company may deem and treat the registered holder(s) as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, and of any distribution to the holder(s) hereof, and for all other purposes, and the Company shall not be affected by any notice to the contrary. 

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed under its corporate seal. 

Dated:                      

 

			
	KEYSTONE BANK
		
	By:	 	  

	Name:	 	  

	Its:	 	  

  
 Exhibit A-2 

 ANNEX “A” 

SUBSCRIPTION FORM 
 KEYSTONE BANK: 

The undersigned hereby irrevocably elects to exercise the right of purchase represented by the Warrant Certificate attached hereto for, and to
purchase thereunder,                  shares of Common Stock, as provided for in the Warrant Certificate, and tenders herewith payment of the purchase price in full in
the form of cash or a certified or official bank check in the amount of $        . 
 Please issue a
certificate or certificates for such Common Stock in the name of, and pay any cash for any fractional share to: 
  

			
	Name:	 	  

		 	(Please sign and print)
		 	NOTE: The above signature should correspond exactly with the name on the first page of the within Warrant Certificate or with the name of the assignee appearing in the Assignment attached hereto.

 If said number of shares shall not be all the shares purchasable under the within Warrant Certificate, a
new Warrant Certificate is to be issued in the name of said undersigned for the balance remaining of the shares purchasable thereunder rounded up to the next higher number of shares. 

  
 Annex A-1 

 FIRST AMENDMENT 

TO 
 WARRANT AGREEMENT

 KEYSTONE BANK, an Alabama state bank, (the “Company”) hereby adopts and publishes on this      day of
                    , this First Amendment to the Warrant Agreement, as follows: 

RECITALS 
 WHEREAS, the
Company entered into a Warrant Agreement with its Directors dated as of                      (the “Warrant Agreement”); and 

WHEREAS, Section 8.06 of the Warrant Agreement provides that the Warrant Agreement may be amended pursuant to a written instrument signed
by the Company and a majority in interest of the Eligible Holders; and 
 WHEREAS, Section 1.08 of the Warrant Agreement currently
provides that the Warrants will (a) vest and become exercisable in equal increments over a period of five years and (b) immediately terminate if the Director ceases to serve as a Director of the Company for any reason; and 

WHEREAS, the Company and the Eligible Holders desire to amend Section 1.08 to (a) permit accelerated vesting of Warrants upon the
occurrence of an extraordinary event as determined by the Company’s Board of Directors in its sole discretion and (b) provide that any Warrants held by a Director that are vested and exercisable at the time the Director ceases to serve as
a Director of the Company may be exercised by the Director (or the Director’s estate in the event of the Director’s death) at any time within a period of one-hundred and twenty (120) days from the date the Director ceases to serve as
a Director of the Company. 
 NOW, THEREFORE, in consideration of the premises hereinabove set forth, the Company and a majority in interest
of the Eligible Holders hereby amend the Warrant Agreement, as follows: 
 FIRST: Section 1.08 shall be amended to read in its entirety
as follows: 
 1.08 “Exercise Time” means the Warrants will vest and become exercisable and transferable in equal increments over a
period of five years, or immediately upon the occurrence of an extraordinary event, including by way of example but not limited to, the Director’s death or permanent disability, as determined by the Company’s Board of Directors in its sole
discretion, and will remain exercisable for a ten-year period following the Closing Date; provided any Warrants held by a Director that (a) are not vested and exercisable at the time the Director ceases to serve as a Director of the Company
shall terminate immediately on the date 

  

					
		  	1	  	First Amendment

 
the Director ceases to serve as a Director of the Company and (b) are vested and exercisable at the time the Director ceases to serve as a Director of the Company may be exercised at any
time by the Director (or the Director’s estate in the event of the Director’s death) within a period of one-hundred and twenty (120) days from the date the Director ceases to serve as a Director of the Company but in no event beyond
the ten-year period following the Closing Date. 
 SECOND: This Amendment may be executed simultaneously in two or more counterparts, each
of which shall be deemed an original, but all of which shall together constitute one in the same Amendment. 
 THIRD: In all other respects,
the Warrant Agreement is hereby ratified, confirmed and approved. 
 (Signature Page Follows) 

  

					
		  	2	  	First Amendment

 IN WITNESS WHEREOF, the Company and a majority in interest of the Eligible Holders have caused
this First Amendment to be executed as of the date and year first above written. 
  

			
	KEYSTONE BANK
		
	By:	 	  

	Name:	 	  

	Its:	 	  

  

			
	ACCEPTED AND AGREED:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

					
		  	3	  	First Amendment

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