Document:

Exhibit 10.1

 

SUBORDINATED NOTE PURCHASE AGREEMENT

This SUBORDINATED NOTE PURCHASE AGREEMENT
(this “Agreement”) is dated as of October 14, 2020, and is made by and among The Community Financial Corporation,
a Maryland 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 $20 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., as its exclusive placement agent (“Placement Agent”) for the offering of the Subordinated
Notes.

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

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.

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 Securities 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 Community
Bank of the Chesapeake, a Maryland chartered 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 Maryland 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 October
14, 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) the Company's Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the SEC, including the audited
financial statements contained therein; (ii) the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, as
filed with the SEC, including the unaudited financial statements contained therein, and (iii) the Company’s reports for the
year ended December 31, 2019 and the period ended June 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 which 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	 

     

    

“Governmental Agency(ies)”
means, individually or collectively, any arbitrator, court, federal, state, county or local governmental department, commission,
board, regulatory authority or administrative agency (including, without limitation, each applicable Regulatory Agency) with jurisdiction
over the Company or a Subsidiary or any of their respective properties, assets or operations.

“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 which are “hazardous
substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the
Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations.

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

“Indebtedness” means:
(i) all items arising from the borrowing of money that, according to GAAP as in effect from time to time, would be included in
determining total liabilities as shown on the consolidated balance sheet of the Company; and (ii) all obligations secured by any
lien in 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 National Association, 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, and its Affiliates, taken as a whole, 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 applicability or interpretations thereof by Governmental Agencies that do not disproportionately affect the operations
or business of the Company or the Bank 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 affecting financial institutions or their market prices generally and not specifically
related to the Company, the Bank or the Purchasers, (4) the effects of the COVID-19 pandemic that do not disproportionately affect
the operations or business of the Company or the Bank in comparison to other banking institutions with similar operations, (5)
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
(6) 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.

    	 	3	 

     

    

“Maturity Date” means
October 15, 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” means a Qualified
Institutional Buyer, as defined in Rule 144A under the Securities Act.

“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.

"SEC" means the Securities
and Exchange Commission.

“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 hereto 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, in an amount equal to such Purchaser's Subordinated Note Amount, which will be issued pursuant
to the Indenture, 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 execution and delivery of the Transaction Documents (the “Closing”) shall
occur on the Closing Date at such 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, to support the Bank's regulatory capital ratios, and potential common stock share repurchases.

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 required by Section 3.2 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 to be credited to the Purchaser's account (or the
account of the Purchaser's securities intermediary) 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 to be purchased 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 and 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 existence of the Company issued by the Secretary of State of the State of Maryland.

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

    	 	6	 

     

    

(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;

(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 Kilpatrick Townsend & Stockton LLP, 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 Agent.

3.2.1.3         
Other Documents. Such other certificates, affidavits, schedules, resolutions, notes and/or other documents
which 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. 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 State of Maryland
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 so to qualify or to be in good standing would not result
in a Material Adverse Effect on the Company and its Subsidiaries taken as a whole. 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 trust, or, in the case of the Bank,
has been duly chartered and is validly existing as a commercial bank, in each case in good standing under the laws of the jurisdiction
of its incorporation, has corporate or trust power, as applicable, and authority to own, lease and operate its properties and to
conduct its business and is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction
in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business,
except where the failure so to qualify or to be in good standing would not reasonably be expected to result in a Material Adverse
Effect on the Company and its Subsidiaries taken as a whole. 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.

    	 	7	 

     

    

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 which 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 15,000,000
shares of common stock. As of the date of this Agreement, there are 5,941,832 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. 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, including the Trustee for purposes of the Indenture, 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 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. 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 by the Company
nor compliance by the Company 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, note, 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, conflicts, breaches or defaults 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, note or other agreement or instrument 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 and its Subsidiaries taken as a whole.

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 and its Subsidiaries taken as a whole;
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
and its Subsidiaries taken as a whole; all of the Governmental Licenses are valid and in full force and effect, except where the
invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not
have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole; 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 balance sheet 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 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 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 and its Subsidiaries taken as a whole.

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 balance sheet contained in the Company’s Reports or acquired subsequent thereto (except to the
extent that such 

    	 	10	 

     

    

assets and properties have been disposed of in the ordinary course of business, since the date of such balance
sheet), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items which secure liabilities
for public or statutory obligations or any discount with, borrowing from or other obligations to the Federal Home Loan Bank, 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 which are being contested in good faith and (iii) such as do not, individually or in the
aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed to be made
of such property by 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 December 31, 2019, there has been no development or event which has
had or could reasonably be expected to have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

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, concerning data protection, the privacy and security of personal data, and the nonpublic 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 its other Subsidiaries are in compliance in
all material respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, the
failure to comply with which would have a Material Adverse Effect. None of the Company, the Bank, the Company’s or the Bank’s
Subsidiaries nor any of their officers or directors is now operating under any restrictions, agreements, memoranda, commitment
letter, supervisory letter or similar regulatory correspondence, or other commitments (other than restrictions of general application)
imposed by any Governmental Agency, nor are, to 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 remains unresolved.

    	 	11	 

     

    

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 Government Agency that, either separately 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 Government Agency, 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 Agent, 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 or Omission. None of the representations, warranties, covenants and agreements contained
in this Agreement or in any certificate or other document delivered to Purchaser by or on behalf of Company, Bank or any of their
Subsidiaries pursuant to or in connection with 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 Purchaser.

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 for external purposes 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 which 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 which 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.

    	 	12	 

     

    

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. 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 Company set forth in this
Agreement and in any certificate or other document delivered to Purchaser by or on behalf of Company, Bank or any of their Subsidiaries
pursuant to or in connection with this Agreement that do not contain a “Material Adverse Effect” qualification or other
express materiality or similar qualification are true and correct as of the date hereof and as of the Closing Date, except where
the failure of such representations and warranties to be so true and correct does not have a Material Adverse Effect; provided,
however, that any such representations and warranties made as of a specified date need only be true and correct as of such date.
The representations and warranties of Company set forth in this Agreement and in any certificate or other document delivered to
Purchaser by or on behalf of Company, Bank or any of their Subsidiaries pursuant to or in connection with this Agreement that contain
a “Material Adverse Effect” qualification or any other express materiality or similar qualification are true and correct
as of the date hereof and as of the Closing Date; provided, however, that any such representations and warranties made as of a
specified date need only be true and correct as of such date.

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.

    	 	13	 

     

    

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 and its Subsidiaries taken as a whole.

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 and its Subsidiaries
taken as a whole 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.

5.3.3               
Taxes. The Company shall and shall cause Bank and any other of its Subsidiaries to promptly pay and discharge
all taxes, assessments and other governmental charges imposed upon the Company, the Bank or any other of its Subsidiaries or upon
the income, profits, or property of the Company or any Subsidiary and all claims for labor, material or supplies which, if unpaid,
might by law become a lien or charge upon the property of the Company, the Bank or any other of its Subsidiaries. Notwithstanding
the foregoing, none of the Company, the Bank or any other of its 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. During the continuance of a failure by the
Company to make any required payment of principal or interest on the Subordinated Notes and during the occurrence of an Event of
Default (as defined under the Indenture) until such Event of Default is cured by the Company, the Company may 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.

    	 	14	 

     

    

5.3.6               
Tier 2 Capital. If all or any portion of the Subordinated Notes ceases to be eligible, or there is a material
risk that all or any portion of the Subordinated Notes will cease to be eligible, to qualify as 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.

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 which may be reasonably required in the marketplace
or by applicable rating agencies in connection with any such Secondary Market Transaction. Subject to any written confidentiality
obligation, all information regarding the Company may be furnished, without liability except in the case of gross negligence or
willful misconduct, to any the 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:

    	 	15	 

     

    

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 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.

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.

    	 	16	 

     

    

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 Agent (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
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 Agent (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) the Placement Agent has not performed any due diligence review on behalf
of it and (ii) nothing in this Agreement or any other materials presented by or on behalf of 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 in compliance with the registration requirements of federal and state securities law or 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 are 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 Agent and understands that neither the Placement Agent nor any other broker or dealer has any obligation to make a market
in the Subordinated Notes.

6.13          
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.

    	 	17	 

     

    

6.14          
Accuracy of Representations. It understands that each of the Placement Agent 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, and agrees that if any of the representations or acknowledgements made by it are no longer accurate
as of the Closing Date, or if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly
notify the Company.

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.

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

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

    	 	18	 

     

    
	if to the Company:	
        The Community Financial Corporation

        3035 Leonardtown Road

        Waldorf, Maryland 20601

        Attention: Todd L. Capitani, Executive Vice President and Chief Financial
Officer

	with a copy to:	
        Kilpatrick Townsend & Stockton LLP

        607 14th St., NW. Suite 900

        Washington, D.C. 20005

        Attention: Gary Bronstein, Esq.

        Edward G. Olifer, Esq.

	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).

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 hereto and 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 which a Purchaser may have pursuant to any law of the United States of America or any rule, regulation or
order of any department or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct by a Purchaser
which is lawful pursuant to, or which is permitted by, any of the foregoing.

7.11          
No Third Party Beneficiary. This Agreement is made for the sole benefit of 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 Agent may rely on the representations and warranties contained herein
to the same extent as if it were a party to this Agreement.

    	 	19	 

     

    

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

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

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 HERETO 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 HERETO 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 HERETO ACKNOWLEDGE THAT (I) THEY HAVE READ AND UNDERSTAND
THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (II) THIS WAIVER HAS BEEN REVIEWED BY THE PARTIES HERETO AND THEIR COUNSEL AND IS
A MATERIAL INDUCEMENT FOR ENTRY INTO THIS AGREEMENT AND THE REGISTRATION RIGHTS AGREEMENT (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 hereto 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.

 

    	 	20	 

     

    

[Signature Pages Follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	21	 

     

    

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:

        THE COMMUNITY FINANCIAL CORPORATION

         

        By:___________________________________

        Name: William J. Pasenelli

        Title:President and Chief Executive
        Officer

	 	 

 

 

 

 

 

 

 

 

 

 

 

 

[Company Signature Page to Subordinated Note Purchase Agreement]

    	 	22	 

     

    

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:

         

        $[●]

         

         

 

    	 	23	 

     

    

SCHEDULE 4.1.1.2

 

Subsidiaries

 

 

   

The following entities comprise the direct and indirect subsidiaries of the Company:

   

Community Bank of the Chesapeake

Tri-County Capital Trust (a Delaware entity)

Tri-County Capital Trust II (a Delaware entity)

Community Mortgage Corporation of Tri-County (subsidiary of Community
Bank of the Chesapeake)

 

 

The state of or jurisdiction of incorporation or organization (unless otherwise noted) is
Maryland.

 

 

 

    	 	24	 

     

    

EXHIBIT A

FORM OF INDENTURE (INCLUDING FORM OF SUBORDINATED
NOTE)

 

 

 

 

 

 

    	 	25	 

     

    

EXHIBIT B

OPINION OF COUNSEL

1.                  
Each of the Company and the Bank (i) has been organized or formed, as the case may be, is validly existing and is in good standing
under the laws of its jurisdiction of organization, (ii) has all requisite power and authority to carry on its business and to
own, lease and operate its properties and assets and (iii) is duly qualified or licensed to do business and is in good standing
as a foreign corporation, partnership or other entity as the case may be, authorized to do business in each jurisdiction in which
the nature of such businesses or the ownership or leasing of such properties requires such qualification, except where the failure
to be so qualified would not, individually or in the aggregate, have a Material Adverse Effect.

2.                  
The Company is a registered bank holding company under the Bank Holding Company Act of 1956, as amended.

3.                  
The deposit accounts of the Bank are insured by the Federal Deposit Insurance Corporation under the provisions of the Federal Deposit
Insurance Act.

4.                  
The Company has all necessary power and authority to execute, deliver and perform its obligations under the Transaction Documents
to which it is a party and to consummate the transactions contemplated by the Transaction Documents.

5.                  
The Agreement and the Registration Rights Agreement have been duly and validly authorized, executed and delivered by the Company.
The Agreement and the Registration Rights Agreement each constitute a legal valid and binding obligation of Company, enforceable
against Company in accordance with its terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency,
reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in
effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or
equity) and the discretion of the court before which any proceeding therefor may be brought.

6.                  
The execution and delivery by the Company of, and the performance by the Company of its agreements and obligations under, the Transaction
Documents do not (i) to such counsel’s knowledge, violate any applicable provisions of the Maryland General Corporation Law,
(ii) to such counsel’s knowledge, violate any court order or judgment of any agency or court of the State of Maryland having
jurisdiction over the Company and known to such counsel or (iii) violate the Charter or Bylaws, each as currently in effect.

7.                  
The Subordinated Notes have been duly and validly authorized by the Company and when authenticated and delivered by the Trustee
and issued and paid for by the Purchasers in accordance with the terms of this Agreement and the Indenture, will have been duly
executed, authenticated, issued and delivered and will constitute legal, valid and binding obligations of the Company, and enforceable
against the Company in accordance with their terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency,
reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in
effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or
equity) and the discretion of the court before which any proceeding therefor may be brought and will be entitled to the benefits
of the Indenture.

    	 	26	 

     

    

8.                  
Assuming the accuracy of the representations and warranties of each of the Purchasers and the Company set forth in the Agreement,
the Subordinated Notes to be issued and sold by the Company to Purchasers pursuant to the Agreement will be issued in a transaction
exempt from the registration requirements of the Securities Act.

 

 

 

 

 

 

 

 

 

 

 

 

    	 	27	 

     

    

EXHIBIT C

REGISTRATION RIGHTS AGREEMENT

 

 

 

 

 

 

28Exhibit 10.2

 

REGISTRATION RIGHTS
AGREEMENT

This REGISTRATION RIGHTS AGREEMENT (the “Agreement”)
is dated as of October 14, 2020 and is made by and among The Community Financial Corporation, a Maryland corporation (the “Company”),
and the several purchasers of the Subordinated Notes (as defined below) identified on the signature pages to the Purchase Agreement
(as defined below) (collectively, the “Purchasers”).

This Agreement is made pursuant to the Subordinated
Note Purchase Agreement dated October 14, 2020 by and among the Company and each of the Purchasers (the “Purchase Agreement”),
which provides for the sale by the Company to the Purchasers of $20,000,000 aggregate principal amount of the Company’s 4.75%
Fixed-to-Floating Rate Subordinated Notes due 2030, which were issued on October 14, 2020 (the “Subordinated Notes”).
In order to induce each of the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the Purchasers’
obligations thereunder, the Company has agreed to provide to the Purchasers and their respective direct and indirect transferees
and assigns the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to
the closing under the Purchase Agreement.

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

1.                  
Definitions. As used in this Agreement, the following capitalized defined
terms shall have the following meanings:“1933 Act” shall mean the Securities
Act of 1933, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder.

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

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

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

“Closing Date” shall mean
October 14, 2020.

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

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

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

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

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

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

    	 		 

     

    

“Exchange Securities”
shall mean the 4.75% Fixed-to-Floating Rate Subordinated Notes due 2030 issued by the Company under the Indenture containing terms
substantially identical to the Subordinated Notes (except that (i) interest thereon shall accrue from the last date to which interest
has been paid or duly provided for on the Subordinated Notes or, if no such interest has been paid or duly provided for, from the
Interest Accrual Date, (ii) provisions relating to an increase in the stated rate of interest thereon upon the occurrence of a
Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating to restrictions on ownership and
transfer thereof as a result of the issuance of the Subordinated Notes without registration under the 1933 Act shall be eliminated,
(iv) the denominations thereof shall be $100,000 and integral multiples of $1,000 and (v) all of the Exchange Securities will be
represented by one or more global Exchange Securities in book-entry form unless exchanged for Exchange Securities in definitive
certificated form under the circumstances provided in the Indenture) to be offered to Holders of Registrable Securities in exchange
for Registrable Securities pursuant to the Exchange Offer.

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

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

“Indenture” shall mean
the indenture, dated as of October 14, 2020 by and between the Company and UMB Bank National Association, as trustee, as the same
may be amended or supplemented from time to time in accordance with the terms thereof.

“Interest Accrual Date”
means October 14, 2020.

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

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

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

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

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

    	 	2	 

     

    

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

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

 

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

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

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

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

    	 	3	 

     

    

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

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

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

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

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

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

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

		2.	Registration Under the 1933 Act.

(a)               
Exchange Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with the SEC on
or prior to the 60th day after the Closing Date an Exchange Offer Registration Statement covering the offer by the Company
to the Holders to exchange all of the Registrable Securities for a like aggregate principal amount of Exchange Securities, (B)
use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to be declared effective by the SEC
no later than the 120th day after the Closing Date, (C) use its commercially reasonable efforts to cause such Registration
Statement to remain effective until the closing of the Exchange Offer and (D) use its commercially reasonable efforts to consummate
the Exchange Offer no later than 45 days after the effective date of the Exchange Offer Registration Statement. Upon the effectiveness
of the Exchange Offer Registration Statement, the Company shall promptly commence the Exchange Offer, it being the objective of
such Exchange Offer to enable each Holder eligible and electing to exchange Registrable Securities for Exchange Securities (assuming
that such Holder is not an affiliate of the Company within the meaning of Rule 405 under the 1933 Act, acquires the Exchange Securities
in the ordinary course of such Holder’s business and has no arrangements or understandings with any Person to participate
in the Exchange Offer for the purpose of distributing such Exchange Securities) to trade such Exchange Securities from and after
their receipt without any limitations or restrictions under the 1933 Act or under the securities or blue sky laws of the states
of the United States.

    	 	4	 

     

    

In connection with the Exchange Offer, the
Company shall:

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

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

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

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

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

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

The Exchange Securities shall be issued under
the Indenture, which shall be qualified under the TIA. The Indenture shall provide that the Exchange Securities and the Subordinated
Notes shall vote and consent together on all matters as a single class and shall constitute a single series of debt securities
issued under the Indenture.

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

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

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

    	 	5	 

     

    

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

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

(b)               
Shelf Registration. (i) If, because of any change in law or applicable interpretations thereof by the staff of the
SEC, the Company is not permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if for any
other reason (A) the Exchange Offer Registration Statement is not declared effective within 120 days following the Closing Date
or (B) the Exchange Offer is not consummated within 45 days after effectiveness of the Exchange Offer Registration Statement (provided
that if the Exchange Offer Registration Statement shall be declared effective after such 120-day period or if the Exchange Offer
shall be consummated after such 45-day period, then the Company’s obligations under this clause (ii) arising from the failure
of the Exchange Offer Registration Statement to be declared effective within such 120-day period or the failure of the Exchange
Offer to be consummated within such 45-day period, respectively, shall terminate), or (iii) if any Holder is not eligible to participate
in the Exchange Offer or elects to participate in the Exchange Offer but does not receive Exchange Securities which are freely
tradeable without any limitations or restrictions under the 1933 Act, the Company shall, at its cost:

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

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

    	 	6	 

     

    

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

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

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

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

(d)               
Effective Registration Statement.

    	 	7	 

     

    

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

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

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

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

(i)                
the Exchange Offer Registration Statement is not filed with the SEC on or prior to the 60th day following the
Closing Date, or

(ii)              
the Exchange Offer Registration Statement is not declared effective by the SEC on or prior to the 120th day following
the Closing Date, or

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

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

    	 	8	 

     

    

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

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

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

(each of the events referred to in clauses (i) through (vii)
above being hereinafter called a “Registration Default”), the per annum interest rate borne by the Registrable
Securities shall be increased (“Additional Interest”) by one-quarter of one percent (0.25%) per annum immediately
following such 60-day period in the case of clause (i) above, immediately following such 120-day period in the case of clause (ii)
above, immediately following such 45-day period in the case of clause (iii) above, immediately following any such 180-day period
or 60-day period, whichever ends later, in the case of clause (iv) above, immediately following any such 225-day period or 105-day
period, as applicable, in the case of clause (v) above, immediately following the 120th day in any consecutive 365-day
period, as of the first day of the third period in any consecutive 365-day period or immediately following the 90th consecutive
day, whichever occurs first, that a Shelf Registration Statement shall not be effective or a Shelf Registration Statement or the
Prospectus included therein shall not be usable as contemplated by clause (vi) above, or immediately following the 120th
day in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day period or immediately
following the 90th consecutive day, whichever occurs first, that the Exchange Offer Registration Statement shall not
be effective or the Exchange Offer Registration Statement or the Prospectus included therein shall not be usable as contemplated
by clause (vii) above, which rate will be increased by an additional one-quarter of one percent (0.25%) per annum immediately following
each 90-day period that any Additional Interest continues to accrue under any circumstances; provided that, if at any time
more than one Registration Default has occurred and is continuing, then, until the next date that there is no Registration Default,
the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default that
begins on the date that the earliest such Registration Default occurred and ends on such date that there is no Registration Default;
provided further, that the aggregate increase in such annual interest rate may in no event exceed one-half of one percent
(0.50%) per annum. Upon the filing of the Exchange Offer Registration Statement after the 60-day period 

    	 	9	 

     

    

described in clause (i)
above, the effectiveness of the Exchange Offer Registration Statement after the 120-day period described in clause (ii) above,
the consummation of the Exchange Offer after the 45-day period described in clause (iii) above, the filing of the Shelf Registration
Statement after the 180-day period or 60-day period, as the case may be, described in clause (iv) above, the effectiveness of a
Shelf Registration Statement after the 225-day period or 105-day period, as applicable, described in clause (v) above, or the Shelf
Registration Statement once again being effective or the Shelf Registration Statement and the Prospectus included therein becoming
usable in connection with resales of Registrable Securities, as the case may be, in the case of clause (vi) above, or the Exchange
Offer Registration Statement once again becoming effective or the Exchange Offer Registration Statement and the Prospectus included
therein becoming usable in connection with resales of Exchange Securities, as the case may be, in the case of clause (vii) thereof,
the interest rate borne by the Subordinated Notes from the date of such filing, effectiveness, consummation or resumption of effectiveness
or usability, as the case may be, shall be reduced to the original interest rate so long as no other Registration Default shall
have occurred and shall be continuing at such time and the Company is otherwise in compliance with this paragraph; provided,
however, that, if after any such reduction in interest rate, one or more Registration Defaults shall again occur, the interest
rate shall again be increased pursuant to the foregoing provisions (as if it were the original Registration Default). Notwithstanding
anything in this Agreement to the contrary, the Company will not be obligated to pay any Additional Interest in the case of a Shelf
Registration Statement with respect to any Holder of Registrable Securities who fails to timely provide all information with respect
to Holder that is reasonably requested by the Company to enable it to timely comply with its obligations under Section 2(b).

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

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

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

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

(a)               
prepare and file with the SEC a Registration Statement or, if required, Registration Statements, within the time periods
specified in Section 2, on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii)
shall, in the case of a Shelf Registration Statement, be available for the sale of the Registrable Securities by the selling Holders
thereof and (iii) shall comply as to form in all material respects with the requirements of the applicable form and include or
incorporate by reference all financial statements required by the SEC to be filed therewith or incorporated by reference therein,
and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the
applicable period in accordance with Section 1 hereof;

    	 	10	 

     

    

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

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

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

(e)               
in the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly
and, if requested by such Holder or counsel, confirm such advice in writing promptly

(i)                
when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become
effective,

(ii)              
of any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration
Statement or Prospectus or for additional information after a Registration Statement has become effective (other than comments
to 1934 Act reports incorporated therein by reference),

    	 	11	 

     

    

(iii)            
of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration
Statement or the initiation of any proceedings for that purpose,

(iv)             
[reserved],

(v)               
of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose,

(vi)             
of the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective
which is contemplated in Section 2(d)(i) or which makes any statement made in such Shelf Registration Statement or the related
Prospectus untrue in any material respect or which constitutes an omission to state a material fact in such Shelf Registration
Statement or Prospectus and

(vii)           
of any determination by the Company that a post-effective amendment to a Registration Statement would be appropriate. Without
limitation to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall also be applicable, mutatis
mutandis, with respect to the Exchange Offer Registration Statement and the Prospectus included therein to the extent that such
Prospectus is being used by Participating Broker-Dealers as contemplated by Section 3(f);

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

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

    	 	12	 

     

    

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

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

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

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

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

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

    	 	13	 

     

    

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

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

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

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

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

    	 	14	 

     

    

(p)               
in the case of a Shelf Registration, use its commercially reasonable efforts to cause all Registrable Securities to be listed
on any securities exchange on which similar debt securities issued by the Company are then listed if requested by the Majority
Holders;

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

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

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

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

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

If the Company shall give any such notice
to suspend the disposition of Registrable Securities pursuant to the immediately preceding paragraph, the Company shall be deemed
to have used its commercially reasonable efforts to keep the Shelf Registration Statement or, in the case of Section 3(f),
the Exchange Offer Registration Statement, as the case may be, effective during such period of suspension; provided that
(i) such period of suspension shall not exceed the time periods provided in Section 2(d)(iii) hereof and (ii) the Company
shall use its commercially reasonable efforts to file and have declared effective (if an amendment) as soon as practicable thereafter
an amendment or supplement to the Shelf Registration Statement or the Exchange Offer Registration Statement or both, as the case
may be, or the Prospectus included therein and shall extend the period during which the Shelf Registration Statement or the Exchange

    	 	15	 

     

    

Offer Registration Statement or both, as the case may be, shall be maintained effective pursuant to this Agreement (and, if applicable,
the period during which Participating Broker-Dealers may use the Prospectus included in the Exchange Offer Registration Statement
pursuant to Section 3(f) hereof) by the number of days during the period from and including the date of the giving of such
notice to and including the earlier of the date when the Holders or Participating Broker-Dealers, respectively, shall have received
copies of the supplemented or amended Prospectus necessary to resume such dispositions and the effective date of written notice
from the Company to the Holders or Participating Broker-Dealers, respectively, that the Shelf Registration Statement or the Exchange
Offer Registration Statement, respectively, are once again effective or that no supplement or amendment is required.

		4.	Indemnification and Contribution.

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

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

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

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

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

    	 	16	 

     

    

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

(c)               
Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action
commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall
not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof
and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.
Counsel to the respective indemnified parties shall be selected as follows: (i) counsel to the Company, its directors, each of
its officers who signed the Registration Statement and all Persons, if any, who control the Company within the meaning of Section
15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders (other than Participating
Broker-Dealers) and all Persons, if any, who control any Holders (other than any Participating Broker-Dealers) within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Holders who held or hold, as the case may
be, a majority in aggregate principal amount of the Registrable Securities held by all such Holders; and (iii) counsel to the Participating
Broker-Dealers and all Persons, if any, who control any such Participating Broker-Dealer within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act shall be selected by the Participating Broker-Dealers who held or hold, as the case may
be, a majority in aggregate principal amount of the Exchange Securities referred to in Section 3(f) hereof held by all such
Participating Broker-Dealers. In no event shall the indemnifying party or parties be liable for (A) the fees and expenses of more
than one counsel separate from the indemnifying parties’ own counsel for the Company and all other Persons referred to in
clause (i) of this paragraph, (B) the fees and expenses of more than one counsel separate from the indemnifying parties’
own counsel for all Holders (other than Participating Broker-Dealers) and all other Persons referred to in clause (ii) of this
paragraph, and (C) the fees and expenses of more than one counsel separate from the indemnifying parties’ own counsel for
all Participating Broker-Dealers and all other Persons referred to in clause (iv) of this paragraph, in each case in connection
with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations
or circumstances. The indemnifying party shall be entitled to participate therein and, to the extent that it shall elect, jointly
with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such
indemnified party, provided, however, if the defendants in any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the indemnifying
party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it
and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified
party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in
the defense of such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under
such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified
party, in connection with the defense thereof other than reasonable costs of investigation unless (A) the indemnified party shall
have employed separate counsel in accordance with the proviso to the preceding sentence (it being understood, however, 

    	 	17	 

     

    

that the
indemnifying party shall not be liable for the expenses of more than one separate counsel, approved by the indemnifying party)
or (B) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party within a reasonable
time after notice of commencement of the action, in each of which cases the fees and expenses of counsel shall be at the expense
of the indemnifying party. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or
compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought
under this Section 4 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement,
compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure
to act by or on behalf of any indemnified party.

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

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

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

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

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

    	 	18	 

     

    

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

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

		5.	Miscellaneous.

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

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

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

    	 	19	 

     

    

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

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

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

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

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

(g)               
Counterparts; Electronic Transmission. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. 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 this Agreement shall
be deemed to include electronic signatures 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 any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the Maryland State Uniform Electronic Transactions Act, and any other similar state laws based on the
Uniform Electronic Transactions Act, provided that, notwithstanding anything herein to the contrary, the Company is not under any
obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Company pursuant
to procedures approved by the Company.

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

    	 	20	 

     

    

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

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

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

[SIGNATURE PAGES FOLLOW]

 

 

 

 

 

 

 

 

 

 

 

 

    	 	21	 

     

    

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

 

	 	COMPANY:
	 	 
	 	THE COMMUNITY FINANCIAL CORPORATION

 

	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

 

 

 

 

 

 

 

 

 

     

     

    

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

 

	 	PURCHASER:

 

	 	By:	 
	 	 	Name:
	 	 	Title:

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