Document:

Exhibit

Exhibit 4.4

MOLECULIN BIOTECH, INC. 
2015 STOCK PLAN
(Amended and Restated) 
______________________
		
	Section 1.
	Establishment and Purpose.

1.1    The Board of Directors of Moleculin Biotech, Inc. (the “Company”) established the Moleculin Biotech, Inc. 2015 Stock Plan (the “Plan”) effective as of December 1, 2015.  The Plan was amended effective as of April 19, 2016, was further amended and restated effective as of April 6, 2018, and was further amended and restated as of March 26, 2020, subject to approval by the Company’s stockholders at the Company’s annual meeting on May 12, 2020.  Awards granted prior to the effective date of the Plan’s amendment and restatement shall be governed by the terms of the Plan as in effect on the grant date of the Award.
1.2    The purpose of the Plan is to attract and retain outstanding individuals as Key Employees, Directors and Consultants of the Company and its Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Key Employees, Directors and Consultants, and to provide such Key Employees, Directors and Consultants with additional incentive to expand and improve the profits and achieve the objectives of the Company and its Subsidiaries, by providing such Key Employees, Directors and Consultants with the opportunity to acquire or increase their proprietary interest in the Company through receipt of Awards.  
		
	Section 2.
	Definitions.

As used in the Plan, the following terms shall have the meanings set forth below:
2.1    “Award” means any award or benefit granted under the Plan, which shall be a Stock Option, a Stock Award, a Stock Unit Award or an SAR.
2.2    “Award Agreement” means, as applicable, a Stock Option Agreement, Stock Award Agreement, Stock Unit Award Agreement or SAR Agreement evidencing an Award granted under the Plan.
2.3    “Board” means the Board of Directors of the Company.
2.4    “Change in Control” has the meaning set forth in Section 8.2 of the Plan.
2.5    “Code” means the Internal Revenue Code of 1986, as amended from time to time.
2.6    “Committee” means the Compensation Committee of the Board or such other committee as may be designated by the Board from time to time to administer the Plan, or, if no such committee has been designated at the time of any grants, it shall mean the Board.
2.7    “Common Stock” means the Common Stock, par value $0.001 per share, of the Company.
2.8    “Company” means Moleculin Biotech, Inc., a Delaware corporation.

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2.9    “Consultant” means any person, including an advisor, who is engaged by the Company or an affiliate to render consulting or advisory services and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person.
2.10    “Director” means a director of the Company who is not an employee of the Company or a Subsidiary.
2.11    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
2.12    “Fair Market Value” means as of any date, the closing price of a share of Common Stock on the national securities exchange on which the Common Stock is listed, or, if the Common Stock is not listed on a national securities exchange, the over-the-counter market on which the Common Stock trades, or, if the Common Stock is not listed on a national securities exchange or an over-the-counter market, as determined by the Board as of such date, or, if no trading occurred on such date, as of the trading day immediately preceding such date.
2.13    “Incentive Stock Option” or “ISO” means a Stock Option granted under Section 5 of the Plan that meets the requirements of Section 422(b) of the Code or any successor provision.
2.14    “Key Employee” means an employee of the Company or any Subsidiary selected to participate in the Plan in accordance with Section 3.  A Key Employee may also include a person who is granted an Award (other than an Incentive Stock Option) in connection with the hiring of the person prior to the date the person becomes an employee of the Company or any Subsidiary, provided that such Award shall not vest prior to the commencement of employment.
2.15    “Non-Qualified Stock Option” or “NSO” means a Stock Option granted under Section 5 of the Plan that is not an Incentive Stock Option.
2.16    “Participant” means a Key Employee, Director or Consultant selected to receive an Award under the Plan.
2.17    “Plan” means the Moleculin Biotech, Inc. 2015 Stock Plan.
2.18    “Stock Appreciation Right” or “SAR” means a grant of a right to receive shares of Common Stock or cash under Section 8 of the Plan.
2.19    “Stock Award” means a grant of shares of Common Stock under Section 6 of the Plan.
2.20    “Stock Option” means an Incentive Stock Option or a Non-Qualified Stock Option granted under Section 5 of the Plan.
2.21    “Stock Unit Award” means a grant of a right to receive shares of Common Stock or cash under Section 7 of the Plan.
2.22    “Subsidiary” means an entity of which the Company is the direct or indirect beneficial owner of not less than 50% of all issued and outstanding equity interest of such entity.

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	Section 3.
	Administration.

3.1    The Board. 
The Plan shall be administered by the Committee, which shall be comprised of at least two members of the Board who satisfy the “non-employee director” definition set forth in Rule 16b-3 under the Exchange Act, unless the Board otherwise determines.
3.2    Authority of the Committee.
(a)    The Committee, in its sole discretion, shall determine the Key Employees and Directors to whom, and the time or times at which Awards will be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which the Awards may be exercised, the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable to the grant of the Awards.  The terms and conditions of the Awards need not be the same with respect to each Participant or with respect to each Award.
(b)    To the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Common Stock is listed or traded, the Committee may delegate its authority to grant Awards to Key Employees and to determine the terms and conditions thereof to such officer of the Company as it may determine in its discretion, on such terms and conditions as it may impose, except with respect to Awards to officers subject to Section 16 of the Exchange Act.
(c)    The Committee may, subject to the provisions of the Plan, establish such rules and regulations as it deems necessary or advisable for the proper administration of the Plan, and may make determinations and may take such other action in connection with or in relation to the Plan as it deems necessary or advisable.  Each determination or other action made or taken pursuant to the Plan, including interpretation of the Plan and the specific terms and conditions of the Awards granted hereunder, shall be final and conclusive for all purposes and upon all persons.
(d)    No member of the Board or the Committee shall be liable for any action taken or determination made hereunder in good faith.  Service on the Committee shall constitute service as a Director so that the members of the Committee shall be entitled to indemnification and reimbursement as Directors of the Company pursuant to the Company’s Certificate of Incorporation and By-Laws.
3.3    Award Agreements.
(a)    Each Award shall be evidenced by a written Award Agreement specifying the terms and conditions of the Award.  In the sole discretion of the Committee, the Award Agreement may condition the grant of an Award upon the Participant’s entering into one or more of the following agreements with the Company:  (i) an agreement not to compete with the Company and its Subsidiaries which shall become effective as of the date of the grant of the Award and remain in effect for a specified period of time following termination of the Participant’s employment with the Company; (ii) an agreement to cancel any employment agreement, fringe benefit or compensation arrangement in effect between the Company and the Participant; and (iii) an agreement to retain the confidentiality of certain information.  Such agreements may contain such other terms and conditions as the Committee shall determine.  If the Participant shall fail to enter into any such agreement at the request of the Committee, then the Award granted or to be granted to such Participant shall be forfeited and cancelled. 

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	Section 4.
	Shares of Common Stock Subject to Plan.

4.1    Total Number of Shares.
(a)    The total number of shares of Common Stock that may be issued under the Plan shall be 10,500,000 (which reflects the 4,500,000 shares previously authorized under the Plan and 6,000,000 shares to be issued under the Plan pursuant to this amendment and restatement).  Such shares may be either authorized but unissued shares or treasury shares, and shall be adjusted in accordance with the provisions of Section 4.3 of the Plan.
(b)    The number of shares of Common Stock delivered by a Participant or withheld by the Company on behalf of any such Participant as full or partial payment of an Award, including the exercise price of a Stock Option or of any required withholding taxes, shall not again be available for issuance pursuant to subsequent Awards, and shall count towards the aggregate number of shares of Common Stock that may be issued under the Plan.  Any shares of Common Stock purchased by the Company with proceeds from a Stock Option exercise shall not again be available for issuance pursuant to subsequent Awards, shall count against the aggregate number of shares that may be issued under the Plan and shall not increase the number of shares available under the Plan.  
(c)    If there is a lapse, forfeiture, expiration, termination or cancellation of any Award for any reason (including for reasons described in Section 3.3), or if shares of Common Stock are issued under such Award and thereafter are reacquired by the Company pursuant to rights reserved by the Company upon issuance thereof, the shares of Common Stock subject to such Award or reacquired by the Company shall again be available for issuance pursuant to subsequent Awards, and shall not count towards the aggregate number of shares of Common Stock that may be issued under the Plan.
4.2    Shares Under Awards.
Of the shares of Common Stock authorized for issuance under the Plan pursuant to Section 4.1:
(a)    The maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options or SARs in any calendar year is 500,000, except that the maximum number of shares of Common Stock as to which a Key Employee may receive Stock Options or SARs in the calendar year in which such Key Employee begins employment with the Company or its Subsidiaries is 500,000.
(b)    The maximum number of shares of Common Stock that may be subject to Stock Options (ISOs and/or NSOs) is 10,500,000.
(c)    The maximum number of shares of Common Stock that may be used for Stock Awards and/or Stock Unit Awards that may be granted to any Key Employee in any calendar year is 500,000, or, in the event the Award is settled in cash, an amount equal to the Fair Market Value of such number of shares on the date on which the Award is settled.
(d)    The maximum number of shares of Common Stock subject to Awards granted under the Plan or otherwise during any one calendar year to any Director, taken together with any cash fees paid by the Company to such Director during such calendar year for service on the Board, will not exceed $300,000 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes).

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The numbers of shares described herein shall be as adjusted in accordance with Section 4.3 of the Plan.
4.3    Adjustment.
In the event of any reorganization, recapitalization, stock split, stock distribution, merger, consolidation, split-up, spin-off, combination, subdivision, consolidation or exchange of shares, any change in the capital structure of the Company or any similar corporate transaction, the Committee shall make such adjustments as it deems appropriate, in its sole discretion, to preserve the benefits or intended benefits of the Plan and Awards granted under the Plan.  Such adjustments may include: (a) adjustment in the number and kind of shares reserved for issuance under the Plan; (b) adjustment in the number and kind of shares covered by outstanding Awards; (c) adjustment in the exercise price of outstanding Stock Options or SARs or the price of Stock Awards or Stock Unit Awards under the Plan; (d) adjustments to any of the shares limitations set forth in Section 4.1 or 4.2 of the Plan; and (e) any other changes that the Committee determines to be equitable under the circumstances.
		
	Section 5.
	Grants of Stock Options.

5.1    Grant.
Subject to the terms of the Plan, the Committee may from time to time grant Stock Options to Participants.  Unless otherwise expressly provided at the time of the grant, Stock Options granted under the Plan to Key Employees will be NSOs.  Stock Options granted under the Plan to Directors who are not employees of the Company or any Subsidiary will be NSOs.
5.2    Stock Option Agreement.
The grant of each Stock Option shall be evidenced by a written Stock Option Agreement specifying the type of Stock Option granted, the exercise period, the exercise price, the terms for payment of the exercise price, the expiration date of the Stock Option, the number of shares of Common Stock to be subject to each Stock Option and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent with the Plan.
5.3    Exercise Price and Exercise Period.
With respect to each Stock Option granted to a Participant:
(a)    The per share exercise price of each Stock Option shall be the Fair Market Value of the Common Stock subject to the Stock Option on the date on which the Stock Option is granted.
(b)    Each Stock Option shall become exercisable as provided in the Stock Option Agreement; provided that the Committee shall have the discretion to accelerate the date as of which any Stock Option shall become exercisable in the event of the Participant’s termination of employment with the Company, or service on the Board, without cause (as determined by the Board in its sole discretion).
(c)    No dividends or dividend equivalents shall be paid with respect to any shares subject to a Stock Option prior to the exercise of the Stock Option.
(d)    Each Stock Option shall expire, and all rights to purchase shares of Common Stock thereunder shall expire, on the date ten years after the date of grant.

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5.4    Required Terms and Conditions of ISOs.
In addition to the foregoing, each ISO granted to a Key Employee shall be subject to the following specific rules:
(a)    The aggregate Fair Market Value (determined with respect to each ISO at the time such Option is granted) of the shares of Common Stock with respect to which ISOs are exercisable for the first time by a Key Employee during any calendar year (under all incentive stock option plans of the Company and its Subsidiaries) shall not exceed $100,000.  If the aggregate Fair Market Value (determined at the time of grant) of the Common Stock subject to an ISO which first becomes exercisable in any calendar year exceeds the limitation of this Section 5.4(a), so much of the ISO that does not exceed the applicable dollar limit shall be an ISO and the remainder shall be a NSO; but in all other respects, the original Stock Option Agreement shall remain in full force and effect.
(b)    Notwithstanding anything herein to the contrary, if an ISO is granted to a Key Employee who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (or its parent or subsidiaries within the meaning of Section 422(b)(6) of the Code): (i) the purchase price of each share of Common Stock subject to the ISO shall be not less than 110% of the Fair Market Value of the Common Stock on the date the ISO is granted; and (ii) the ISO shall expire, and all rights to purchase shares of Common Stock thereunder shall expire, no later than the fifth anniversary of the date the ISO was granted.
(c)    No ISOs shall be granted under the Plan after ten years from the earlier of the date the Plan is adopted or approved by shareholders of the Company.
5.5    Exercise of Stock Options.
(a)    A Participant entitled to exercise a Stock Option may do so by delivering written notice to that effect specifying the number of shares of Common Stock with respect to which the Stock Option is being exercised and any other information the Committee may prescribe.  All notices or requests provided for herein shall be delivered to the Chief Financial Officer of the Company.
(b)    The Committee in its sole discretion may make available one or more of the following alternatives for the payment of the Stock Option exercise price:  (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted an exercise notice together with irrevocable instructions to deliver promptly to the Company the amount of sales proceeds from the sale of the shares subject to the Stock Option to pay the exercise price; (iii) by directing the Company to withhold such number of shares of Common Stock otherwise issuable in connection with the exercise of the Stock Option having an aggregate Fair Market Value equal to the exercise price; (iv) by delivering previously acquired shares of Common Stock that are acceptable to the Committee and that have an aggregate Fair Market Value on the date of exercise equal to the Stock Option exercise price; or (v) by certifying to ownership by attestation of such previously acquired shares of Common Stock.
The Committee shall have the sole discretion to establish the terms and conditions applicable to any alternative made available for payment of the Stock Option exercise price.

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	Section 6.
	Stock Awards.

6.1    Grant.
The Committee may, in its discretion, (a) grant shares of Common Stock under the Plan to any Participant without consideration from such Participant or (b) sell shares of Common Stock under the Plan to any Participant for such amount of cash, Common Stock or other consideration as the Committee deems appropriate.  
6.2    Stock Award Agreement.
Each share of Common Stock granted or sold hereunder shall be subject to such restrictions, conditions and other terms as the Board may determine at the time of grant or sale, the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Award Agreement, and the following specific rules:
(a)    The Award Agreement shall specify whether the shares of Common Stock are granted or sold to the Participant and such other provisions, not inconsistent with the terms and conditions of the Plan, as the Committee shall determine.
(b)    The restrictions to which the shares of Common Stock awarded hereunder are subject shall lapse as provided in Stock Award Agreement; provided that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award held by a Participant in the event of the Participant’s termination of employment with the Company, or service on the Board, without cause (as determined by the Committee in its sole discretion).
(c)    Except as provided in this subsection (c) and unless otherwise set forth in the related Stock Award Agreement, the Participant receiving a grant of or purchasing Common Stock shall thereupon be a stockholder with respect to such shares and shall have the rights of a stockholder with respect to such shares, including the right to vote such shares and to receive dividends and other distributions paid with respect to such shares; provided that any dividends or other distributions payable with respect to the Stock Award shall be accumulated and held by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with the terms of the applicable Stock Award Agreement.  Any such dividends or other distributions held by the Company attributable to the portion of a Stock Award that is forfeited shall also be forfeited.
		
	Section 7.
	Stock Unit Awards.

7.1    Grant.
The Committee may, in its discretion, grant Stock Unit Awards to any Participant.  Each Stock Unit subject to the Award shall entitle the Participant to receive, on the date or the occurrence of an event (including the attainment of performance goals) as described in the Stock Unit Award Agreement, a share of Common Stock or cash equal to the Fair Market Value of a share of Common Stock on the date of such event as provided in the Stock Unit Award Agreement.  

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7.2    Stock Unit Agreement.
Each Stock Unit Award shall be subject to such restrictions, conditions and other terms as the Committee may determine at the time of grant, the general provisions of the Plan, the restrictions, terms and conditions of the related Stock Unit Award Agreement and the following specific rules:
(a)    The Stock Unit Agreement shall specify such provisions, not inconsistent with the terms and conditions of the Plan, as the Committee shall determine.
(b)    The restrictions to which the shares of Stock Units awarded hereunder are subject shall lapse as provided in Stock Unit Agreement; provided that the Committee shall have the discretion to accelerate the date as of which the restrictions lapse with respect to any Award held by a Participant in the event of the Participant’s termination of employment with the Company, or service on the Board, without cause (as determined by the Board in its sole discretion).
(c)    Except as provided in this subsection (c) and unless otherwise set forth in the Stock Unit Agreement, the Participant receiving a Stock Unit Award shall have no rights of a stockholder, including voting or dividends or other distributions rights, with respect to any Stock Units prior to the date they are settled in shares of Common Stock; provided that a Stock Unit Award Agreement may provide that until the Stock Units are settled in shares or cash, the Participant shall be entitled to receive on each dividend or distribution payment date applicable to the Common Stock an amount equal to the dividends or other distributions that the Participant would have received had the Stock Units held by the Participant as of the related record date been actual shares of Common Stock.  Such amounts shall be accumulated and held by the Company and paid to the Participant only upon, and to the extent, the restrictions lapse in accordance with the terms of the applicable Stock Unit Award Agreement.  Such amounts held by the Company attributable to the portion of the Stock Unit Award that is forfeited shall also be forfeited.
		
	Section 8.
	SARs.

8.1    Grant.
The Committee may grant SARs to Participants.  Upon exercise, an SAR entitles the Participant to receive from the Company the number of shares of Common Stock having an aggregate Fair Market Value equal to the excess of the Fair Market Value of one share as of the date on which the SAR is exercised over the exercise price, multiplied by the number of shares with respect to which the SAR is being exercised.  The Committee, in its discretion, shall be entitled to cause the Company to elect to settle any part or all of its obligations arising out of the exercise of an SAR by the payment of cash in lieu of all or part of the shares it would otherwise be obligated to deliver in an amount equal to the Fair Market Value of such shares on the date of exercise.  Cash shall be delivered in lieu of any fractional shares.  The terms and conditions of any such Award shall be determined at the time of grant.
8.2    SAR Agreement.
(a)    Each SAR shall be evidenced by a written SAR Agreement specifying the terms and conditions of the SAR as the Committee may determine, including the SAR exercise price, expiration date of the SAR, the number of shares of Common Stock to which the SAR pertains, the form of settlement and such other terms and conditions established by the Committee, in its sole discretion, not inconsistent with the Plan. 

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(b)    The per Share exercise price of each SAR shall not be less than 100% of the Fair Market Value of a Share on the date the SAR is granted.
(c)    Each SAR shall expire and all rights thereunder shall cease on the date fixed by the Committee in the related SAR Agreement, which shall not be later than the ten years after the date of grant; provided however, if a Participant is unable to exercise an SAR because trading in the Common Stock is prohibited by law or the Company’s insider-trading policy, the SAR exercise date shall be extended to the date that is 30 days after the expiration of the trading prohibition.
(d)    Each SAR shall become exercisable as provided in the related SAR Agreement; provided that notwithstanding any other Plan provision, the Committee shall have the discretion to accelerate the date as of which any SAR shall become exercisable in the event of the Participant’s termination of employment, or service on the Board, without cause (as determined by the Committee in its sole discretion). 
(e)    No dividends or dividend equivalents shall be paid with respect to any SAR prior to the exercise of the SAR.
(f)    A person entitled to exercise an SAR may do so by delivery of a written notice in accordance with procedures established by the Committee specifying the number of shares of Common Stock with respect to which the SAR is being exercised and any other information the Committee may prescribe.  As soon as reasonably practicable after the exercise of an SAR, the Company shall (i) issue the total number of full shares of Common Stock to which the Participant is entitled and cash in an amount equal to the Fair Market Value, as of the date of exercise, of any resulting fractional share, and (ii) if the Committee causes the Company to elect to settle all or part of its obligations arising out of the exercise of the SAR in cash, deliver to the Participant an amount in cash equal to the Fair Market Value, as of the date of exercise, of the shares it would otherwise be obligated to deliver.
		
	Section 9.
	Change in Control.

9.1    Effect of a Change in Control.
(a)    Notwithstanding any of the provisions of the Plan or any outstanding Award Agreement, upon a Change in Control of the Company (as defined in Section 9.2), the Board is authorized and has sole discretion to provide that (i) all outstanding Awards shall become fully exercisable, (ii) all restrictions applicable to all Awards shall terminate or lapse and (iii) performance goals applicable to any Awards shall be deemed satisfied at the highest level, as applicable, in order that Participants may realize the benefits thereunder.
(b)    In addition to the Board’s authority set forth in Section 3, upon such Change in Control of the Company, the Board is authorized and has sole discretion as to any Award, either at the time such Award is granted hereunder or any time thereafter, to take any one or more of the following actions:  (i) provide for the purchase of any outstanding Stock Option, for an amount of cash equal to the difference between the exercise price and the then Fair Market Value of the Common Stock covered thereby had such Stock Option been currently exercisable; (ii) make such adjustment to any such Award then outstanding as the Board deems appropriate to reflect such Change in Control; and (iii) cause any such Award then outstanding to be assumed by the acquiring or surviving corporation after such Change in Control.

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9.2    Definition of Change in Control.
“Change in Control” of the Company shall be deemed to have occurred if at any time during the term of an Award granted under the Plan any of the following events occurs:
(a)    any Person (other than the Company, a trustee or other fiduciary holding securities under an employee benefit plan of the Company, or a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of shares of Common Stock of the Company) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors (“Person” and “Beneficial Owner” being defined in Rule 13d-3 of the General Rules and Regulations of the Exchange Act);
(b)    the Company is party to a merger, consolidation, reorganization or other similar transaction with another corporation or other Person unless, following such transaction, more than 50% of the combined voting power of the outstanding securities of the surviving, resulting or acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately prior to such transaction, in substantially the same proportions as their ownership, immediately prior to such transaction, of the Company’s outstanding securities entitled to vote generally in the election of directors;
(c)    the election to the Board, without the recommendation or approval of two-thirds of the incumbent Board, of the lesser of:  (i) three Directors; or (ii) Directors constituting a majority of the number of Directors of the Company then in office; provided, however, that Directors whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of Directors of the Company will not be considered as incumbent members of the Board for purposes of this Section; or 
(d)    there is a complete liquidation or dissolution of the Company, or the Company sells all or substantially all of its business and/or assets to another corporation or other Person unless, following such sale, more than 50% of the combined voting power of the outstanding securities of the acquiring corporation or Person or its parent entity entitled to vote generally in the election of directors (or Persons performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the Company’s outstanding securities entitled to vote generally in the election of directors immediately prior to such sale, in substantially the same proportions as their ownership, immediately prior to such sale, of the Company’s outstanding securities entitled to vote generally in the election of directors.
In no event, however, shall a Change in Control be deemed to have occurred, with respect to a Participant, if that Participant is part of a purchasing group which consummates the Change in Control transaction.  A Participant shall be deemed “part of a purchasing group” for purposes of the preceding sentence if the Participant is an equity participant or has agreed to become an equity participant in the purchasing company or group (except for (a) passive ownership of less than 3% of the shares of the purchasing company; or (b) ownership of equity participation in the purchasing company or group which is otherwise not deemed to be significant, as determined prior to the Change in Control by a majority of the disinterested Directors).

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	Section 10.
	Payment of Taxes.

(a)    In connection with any Award, and as a condition to the issuance or delivery of any shares of Common Stock to the Participant in connection therewith, the Company shall require the Participant to pay the Company the minimum amount of federal, state, local or foreign taxes required to be withheld, and in the Company’s sole discretion, the Company may permit the Participant to pay the Company up to the maximum individual statutory rate of applicable withholding.
(b)    The Company in its sole discretion may make available one or more of the following alternatives for the payment of such taxes: (i) in cash; (ii) in cash received from a broker-dealer to whom the Participant has submitted notice together with irrevocable instructions to deliver promptly to the Company the amount of sales proceeds from the sale of the shares subject to the Award to pay the withholding taxes; (iii) by directing the Company to withhold such number of shares of Common Stock otherwise issuable in connection with the Award having an aggregate Fair Market Value equal to the minimum amount of tax required to be withheld; (iv) by delivering previously acquired shares of Common Stock of the Company that are acceptable to the Board that have an aggregate Fair Market Value equal to the amount required to be withheld; or (v) by certifying to ownership by attestation of such previously acquired shares of Common Stock.
The Committee shall have the sole discretion to establish the terms and conditions applicable to any alternative made available for payment of the required withholding taxes.
		
	Section 11.
	Postponement.

The Committee may postpone any grant or settlement of an Award or exercise of a Stock Option or SAR for such time as the Board in its sole discretion may deem necessary in order to permit the Company:
(a)    to effect, amend or maintain any necessary registration of the Plan or the shares of Common Stock issuable pursuant to an Award, including  upon the exercise of a Stock Option or SAR, under the Securities Act of 1933, as amended, or the securities laws of any applicable jurisdiction;
(b)    to permit any action to be taken in order to (i) list such shares of Common Stock on a stock exchange if shares of Common Stock are then listed on such exchange or (ii) comply with restrictions or regulations incident to the maintenance of a public market for its shares of Common Stock, including any rules or regulations of any stock exchange on which the shares of Common Stock are listed; or 
(c)    to determine that such shares of Common Stock and the Plan are exempt from such registration or that no action of the kind referred to in (b)(ii) above needs to be taken; and the Company shall not be obligated by virtue of any terms and conditions of any Award or any provision of the Plan to sell or issue shares of Common Stock in violation of the Securities Act of 1933 or the law of any government having jurisdiction thereof.
Any such postponement shall not extend the term of an Award and neither the Company nor its Directors or officers shall have any obligation or liability to a Participant, the Participant’s successor or any other person with respect to any shares of Common Stock as to which the Award shall lapse because of such postponement.
		
	Section 12.
	Nontransferability.

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Awards granted under the Plan, and any rights and privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any manner, or be subject to execution, attachment or similar process, by operation of law or otherwise, other than by will or by the laws of descent and distribution.  
		
	Section 13.
	Delivery of Shares.

Shares of Common Stock issued pursuant to a Stock Award, the exercise of a Stock or SAR or the settlement of a Stock Unit Award shall be represented by stock certificates or on a non-certificated basis, with the ownership of such shares by the Participant evidenced solely by book entry in the records of the Company’s transfer agent; provided, however, that upon the written request of the Participant, the Company shall issue, in the name of the Participant, stock certificates representing such shares of Common Stock.  Notwithstanding the foregoing, shares granted pursuant to a Stock Award shall be held by the Secretary of the Company until such time as the shares are forfeited or settled.
		
	Section 14.
	Termination or Amendment of Plan and Award Agreements.

14.1    Termination or Amendment of Plan.
(a)    Except as described in Section 14.3 below, the Board may terminate, suspend, or amend the Plan, in whole or in part, from time to time, without the approval of the stockholders of the Company, unless such approval is required by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock are listed.  No amendment or termination of the Plan shall adversely affect the right of any Participant under any outstanding Award in any material way without the written consent of the Participant, unless such amendment or termination is required by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock are listed.  Subject to the foregoing, the Committee may correct any defect or supply an omission or reconcile any inconsistency in the Plan or in any Award granted hereunder in the manner and to the extent it shall deem desirable, in its sole discretion, to effectuate the Plan.
(b)    The Board shall have the authority to amend the Plan to the extent necessary or appropriate to comply with applicable law, regulation or accounting rules in order to permit Participants who are located outside of the United States to participate in the Plan.
14.2    Amendment of Award Agreements.
The Committee shall have the authority to amend any Award Agreement at any time; provided however, that no such amendment shall adversely affect the right of any Participant under any outstanding Award Agreement in any material way without the written consent of the Participant, unless such amendment is required by applicable law, regulation or rule of any stock exchange on which the shares of Common Stock are listed.
14.3    No Repricing of Stock Options.
Notwithstanding the foregoing, and except as described in Section 4.3, there shall be no amendment to the Plan or any outstanding Stock Option Agreement or SAR Agreement that results in the repricing of Stock Options or SARs without stockholder approval.  For this purpose, repricing includes (i) a reduction in the exercise price of the Stock Option or SARs or (ii) the cancellation of a Stock Option in exchange for cash, Stock Options or SARs with an exercise price less than the exercise price of the cancelled Options or SARs, other Awards or any other consideration provided by the Company, but does not include any adjustment described in Section 4.3.

12

		
	Section 15.
	No Contract of Employment.

Neither the adoption of the Plan nor the grant of any Award under the Plan shall be deemed to obligate the Company or any Subsidiary to continue the employment of any Participant for any particular period, nor shall the granting of an Award constitute a request or consent to postpone the retirement date of any Participant.
		
	Section 16.
	Applicable Law.

All questions pertaining to the validity, construction and administration of the Plan and all Awards granted under the Plan shall be determined in conformity with the laws of the State of Delaware, without regard to the conflict of law provisions of any state, and, in the case of Incentive Stock Options, Section 422 of the Code and regulations issued thereunder.
		
	Section 17.
	Effective Date and Term of Plan.

17.1    Effective Date.
(a)    The Plan as amended and restated has been adopted by the Board, and is effective, as of March 26, 2020, subject to the approval of the Plan by the stockholders of the Company.
(b)    In the event the Plan is not approved by stockholders of the Company within 12 months of the date hereof, the Plan as amended and restated shall have no effect, and the Plan as in effect prior to March 26, 2020 shall continue.
17.2    Term of Plan.
Notwithstanding anything to the contrary contained herein, no Awards shall be granted on or after December 1, 2025.

13

THIS DOCUMENT CONSTITUTES PART OF THE SECTION 10(a) PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.
Moleculin Biotech, Inc. 2015 Incentive Plan
Incentive Stock Option Agreement

The employee identified below has been selected to be a Participant in the Moleculin Biotech, Inc. 2015 Incentive Plan, as amended (the “Plan”) and has been granted an Incentive Stock Option as outlined below:

Participant:               
Date of Grant:               
Shares Covered by the Option:      
Option Exercise Price:          $
Expiration Date:          
Vesting Schedule:  The Option shall vest in ____________equal installments (or ______shares each installment) on each of the succeeding __________anniversary dates of the Date of Grant (i.e. the first such installment shall vest on the first anniversary of the Date of Grant), provided Participant is providing services to the Company on such vesting date(s).

This Agreement, effective as of the Date of Grant set forth above, is between Moleculin Biotech, Inc., a Delaware corporation (the “Company”), and the Participant named above.  The parties hereto agree as follows:
The Plan provides a complete description of the terms and conditions governing the Option.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall govern.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless otherwise set forth herein.  A copy of the Plan is attached hereto and the terms of the Plan are hereby incorporated by reference.
1.Stock Option Grant.  Subject to the provisions set forth herein and the terms and conditions of the Plan, and in consideration of the agreements of the Participant herein provided, the Company hereby grants to the Participant an Option to purchase from the Company the number of shares of Common Stock, at the exercise price per share, and on the schedule, set forth above. The grant is intended to be an incentive stock option as that term is described in Section 422(b) of the Internal Revenue Code of 1986, as amended (the “Code”).  
2.    Acceptance by Participant.  The exercise of the Option is conditioned upon the acceptance of this Agreement by the Participant.
3.    Exercise of Option.  Subject to Section 4 below, the Participant may exercise the vested portion of the Option at any time prior to the Expiration Date.  Written notice of an election to exercise any portion of the Option shall be given by the Participant, or his or her personal representative in the event of the Participant’s death, to the Company’s Chief Financial Officer (or Chief Executive Officer if the Participant is the Chief Financial Officer), in accordance with procedures established by the Compensation Committee of the Board of Directors of the Company (the “Committee”) as in effect at the time of such exercise. 
At the time of exercise of the Option, payment of the purchase price for the shares of Common Stock with respect to which the Option is exercised, must be made by one or more of the following methods:  (a) in cash, (b) in cash received from a broker-dealer to whom the Participant has submitted an exercise notice and irrevocable instructions to deliver the purchase price to the Company from the proceeds of the sale of shares subject to the Option, (c) by directing the Company to withhold such number of shares of Common Stock otherwise issuable upon exercise of the Option with a fair market value equal to the amount of the purchase price and/or (d) by delivery to the Company of other Common Stock owned by the Participant that is acceptable to the Company, valued at its then fair market value.
No shares shall be issued upon exercise of the Option until full payment of the exercise price has been made.
If the Fair Market Value of shares subject to the portion of an Option (determined with respect to each Option at the time of grant) that vests during a calendar year exceeds $100,000, the portion of such Option that exceeds this limitation 

shall be a Non-Qualified Stock Option.  Thus, vesting or accelerated vesting of the Option may result in all or any part of the Option being treated as a Non-Qualified Stock Option.
4.    Exercise Upon Termination of Employment.  If the Participant’s employment with the Company and all subsidiaries terminates without cause (as determined by the Committee in its sole discretion) and for any reason other than death, disability or retirement, the then vested portion of the Option shall continue to be exercisable until the earlier of the 90th day after the date of the Participant’s termination or the date the Option expires by its terms.  The portion of the Option not vested as of the date of such termination of employment shall expire as of such date and shall not be exercisable.
If the Participant’s employment with the Company and all subsidiaries terminates due to death, disability or retirement, the then vested portion of the Option shall continue to be exercisable until the earlier of one year after the date of the Participant’s termination or the date the Option expires by its terms.  The portion of the Option not vested as of the date of such termination of employment shall expire as of such date and shall not be exercisable.
If the Participant’s employment with the Company and all subsidiaries is terminated by the Company for cause (as determined by the Committee in its sole discretion), the Option shall expire on the date of such termination, and no portion shall be exercisable after the date of such termination.
For purposes of this Section 4, (A) “disability” has the meaning, and will be determined, as set forth in the Company’s long term disability program in which the Participant participates, and (B) “retirement” means the Participant’s termination from employment with the Company and all subsidiaries without cause (as determined by the Committee in its sole discretion) when the Participant is 65 or older or 55 or older with 10 years of service with the Company and its subsidiaries.
The foregoing provisions of this Section 4 shall be subject to the provisions of any written employment or severance agreement that has been or may be executed by the Participant and the Company, and the provisions in such employment or severance agreement concerning exercise of the Option shall supersede any inconsistent or contrary provision of this Section 4.
5.    Confidentiality and Non-Compete Agreement.  Notwithstanding any other provision of this Agreement, in the event the Committee determines that the Participant has breached any provision of any confidentiality and/or non-compete agreement in effect between the Participant and the Company, (a) the then outstanding and unexercised portion of the Option (whether vested or unvested) shall be cancelled and forfeited back to the Company and (b) the Participant shall remit to the Company within 30 days of written notice from the Committee a cash payment equal to the number of shares of Common Stock subject to the portion of the Option that was previously exercised, multiplied by the excess of the fair market value of the Common Stock on the date of exercise over the Option Exercise Price.  The Company shall be entitled, as permitted by applicable law, to deduct the amount of such payment from any amounts the Company may owe to the Participant.
6.    Nontransferability of Options.  The Option may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
7.    Beneficiary Designation.  The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Option is to be paid in the event of his or her death.  Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Board, and will be effective only when filed by the Participant in writing with the Board during his or her lifetime.  In the absence of any such designation, or if all beneficiaries predecease the Participant, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.
8.    Rights as a Stockholder.  The Participant shall have no rights as a stockholder of the Company with respect to the shares of Common Stock subject to the Option and this Agreement until such time as the exercise price has been paid and the shares have been issued and delivered to him or her.

9.    Surrender of or Changes to Agreement.  In the event the Option shall be exercised in whole, this Agreement shall be surrendered to the Company for cancellation. In the event the Option shall be exercised in part or a change in the number of designation of the shares of Common Stock shall be made, this Agreement shall be delivered by the Participant to the Company for the purpose of making appropriate notation thereon, or of otherwise reflecting, in such manner as the Company shall determine, the change in the number or designation of such shares.
10.    Administration.  The Option shall be exercised in accordance with such administrative regulations as the Committee shall from time to time adopt.  It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of, the Plan and this Agreement, all of which shall be binding upon the Participant.
11.    Governing Law.  This Agreement, and the Option, shall be construed, administered and governed in all respects under and by the laws of the State of Delaware.
*          *          *
By accepting this Agreement, the Participant agrees to be bound by the terms hereof.

Moleculin Biotech, Inc.

By:                     
Title:                    
Participant

By:                     

Print Name:                 

THIS DOCUMENT CONSTITUTES PART OF THE SECTION 10(a) PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

Moleculin Biotech, Inc. 2015 Incentive Plan
Non-Qualified Stock Option Agreement (for individuals other than independent directors)

The employee identified below has been selected to be a Participant in the Moleculin Biotech, Inc. 2015 Incentive Plan (the “Plan”) and has been granted a Non-Qualified Option as outlined below:

Participant:              
Date of Grant:              
Shares Covered by the Option:      
Option Exercise Price:          $
Expiration Date:          
Vesting Schedule:  The Option shall vest in __________equal installments (or ________shares each installment) on each of the succeeding __________ anniversary dates of the Date of Grant (i.e. the first such installment shall vest on the first anniversary of the Date of Grant), provided Participant is providing services to the Company on such vesting date(s).

This Agreement, effective as of the Date of Grant set forth above, is between Moleculin Biotech, Inc., a Delaware corporation (the “Company”), and the Participant named above.  The parties hereto agree as follows:
The Plan provides a complete description of the terms and conditions governing the Option.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall govern.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless otherwise set forth herein.  A copy of the Plan is attached hereto and the terms of the Plan are hereby incorporated by reference.
1.    Stock Option Grant.  Subject to the provisions set forth herein and the terms and conditions of the Plan, and in consideration of the agreements of the Participant herein provided, the Company hereby grants to the Participant an Option to purchase from the Company the number of shares of Common Stock, at the exercise price per share, and on the schedule, set forth above.
2.    Acceptance by Participant.  The exercise of the Option is conditioned upon the acceptance of this Agreement by the Participant.
3.    Exercise of Option.  Subject to Section 4 below, the Participant may exercise the vested portion of the Option at any time prior to the Expiration Date.  Written notice of an election to exercise any portion of the Option shall be given by the Participant, or his personal representative in the event of the Participant’s death, to the Company’s Chief Financial Officer (or Chief Executive Officer if the Participant is the Chief Financial Officer), in accordance with procedures established by the Compensation Committee of the Board of Directors of the Company (the “Committee”) as in effect at the time of such exercise. 
At the time of exercise of the Option, payment of the purchase price for the shares of Common Stock with respect to which the Option is exercised, and of an amount sufficient to satisfy all minimum Federal, state and local withholding tax requirements, must be made by one or more of the following methods:  (a) in cash, (b) in cash received from a broker-dealer to whom the Participant has submitted an exercise notice and irrevocable instructions to deliver the purchase price or withholding tax to the Company from the proceeds of the sale of shares subject to the Option, (c) by directing the Company to withhold such number of shares of Common Stock otherwise issuable upon exercise of the Option with a fair market value equal to the amount of the purchase price or the tax to be withheld and/or (d) by delivery to the Company of other Common Stock owned by the Participant that is acceptable to the Company, valued at its then fair market value.
No shares shall be issued upon exercise of the Option until full payment of the exercise price and tax withholding obligation has been made.

4.    Exercise Upon Termination of Employment.  If the Participant’s employment with the Company and all subsidiaries terminates without cause (as determined by the Committee in its sole discretion) and for any reason other than death, disability or retirement, the then vested portion of the Option shall continue to be exercisable until the earlier of the 90th day after the date of the Participant’s termination or the date the Option expires by its terms.  The portion of the Option not vested as of the date of such termination of employment shall expire as of such date and shall not be exercisable.
If the Participant’s employment with the Company and all subsidiaries terminates due to death, disability or retirement, the then vested portion of the Option shall continue to be exercisable until the earlier of one year after the date of the Participant’s termination or the date the Option expires by its terms.  The portion of the Option not vested as of the date of such termination of employment shall expire as of such date and shall not be exercisable.
If the Participant’s employment with the Company and all subsidiaries is terminated by the Company for cause (as determined by the Committee in its sole discretion), the Option shall expire on the date of such termination, and no portion shall be exercisable after the date of such termination.
For purposes of this Section 4, (A) “disability” has the meaning, and will be determined, as set forth in the Company’s long term disability program in which the Participant participates, and (B) “retirement” means the Participant’s termination from employment with the Company and all subsidiaries without cause (as determined by the Committee in its sole discretion) when the Participant is 65 or older or 55 or older with 10 years of service with the Company and its subsidiaries.
The foregoing provisions of this Section 4 shall be subject to the provisions of any written employment or severance agreement that has been or may be executed by the Participant and the Company, and the provisions in such employment or severance agreement concerning exercise of the Option shall supersede any inconsistent or contrary provision of this Section 4.
5.    Confidentiality and Non-Compete Agreement.  Notwithstanding any other provision of this Agreement, in the event the Committee determines that the Participant has breached any provision of any confidentiality and/or non-compete agreement in effect between the Participant and the Company, (a) the then outstanding and unexercised portion of the Option (whether vested or unvested) shall be cancelled and forfeited back to the Company and (b) the Participant shall remit to the Company within 30 days of written notice from the Committee a cash payment equal to the number of shares of Common Stock subject to the portion of the Option that was previously exercised, multiplied by the excess of the fair market value of the Common Stock on the date of exercise over the Option Exercise Price.  The Company shall be entitled, as permitted by applicable law, to deduct the amount of such payment from any amounts the Company may owe to the Participant.
6.    Nontransferability of Options.  The Option may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
7.    Beneficiary Designation.  The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Option is to be paid in the event of his or her death.  Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Board, and will be effective only when filed by the Participant in writing with the Board during his or her lifetime.  In the absence of any such designation, or if all beneficiaries predecease the Participant, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.
8.    Rights as a Stockholder.  The Participant shall have no rights as a stockholder of the Company with respect to the shares of Common Stock subject to the Option and this Agreement until such time as the exercise price has been paid and the shares have been issued and delivered to him or her.
9.    Surrender of or Changes to Agreement.  In the event the Option shall be exercised in whole, this Agreement shall be surrendered to the Company for cancellation. In the event the Option shall be exercised in part or a change in the number of designation of the shares of Common Stock shall be made, this Agreement shall be delivered 

by the Participant to the Company for the purpose of making appropriate notation thereon, or of otherwise reflecting, in such manner as the Company shall determine, the change in the number or designation of such shares.
10.    Administration.  The Option shall be exercised in accordance with such administrative regulations as the Committee shall from time to time adopt.  It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of, the Plan and this Agreement, all of which shall be binding upon the Participant.
11.    Governing Law.  This Agreement, and the Option, shall be construed, administered and governed in all respects under and by the laws of the State of Delaware.
*          *          *
By accepting this Agreement, the Participant agrees to be bound by the terms hereof.

Moleculin Biotech, Inc.

By:                     
Title:                    

Participant

By:                     

Print Name:                 

THIS DOCUMENT CONSTITUTES PART OF THE SECTION 10(a) PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

Moleculin Biotech, Inc. 2015 Incentive Plan
Non-Qualified Stock Option Agreement (for non-employee Directors)

The director identified below has been selected to be a Participant in the Moleculin Biotech, Inc. 2015 Incentive Plan, as amended (the “Plan”) and has been granted a Non-Qualified Option as outlined below:

Participant:                
Date of Grant:                  
Shares Covered by the Option:    
Option Exercise Price:          $
Expiration Date:          
Vesting Schedule:  The Option shall vest in four (4) equal quarterly installments (or ______ shares per installment) on each of the succeeding four quarters after the Date of Grant, provided Participant is serving as a member of the Company’s Board of Directors on such vesting dates.

This Agreement, effective as of the Date of Grant set forth above, is between Moleculin Biotech, Inc., a Delaware corporation (the “Company”), and the Participant named above.  The parties hereto agree as follows:
The Plan provides a complete description of the terms and conditions governing the Option.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall govern.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless otherwise set forth herein.  A copy of the Plan is attached hereto and the terms of the Plan are hereby incorporated by reference.
12.    Stock Option Grant.  Subject to the provisions set forth herein and the terms and conditions of the Plan, and in consideration of the agreements of the Participant herein provided, the Company hereby grants to the Participant an Option to purchase from the Company the number of shares of Common Stock, at the exercise price per share, and on the schedule, set forth above.
13.    Acceptance by Participant.  The exercise of the Option is conditioned upon the acceptance of this Agreement by the Participant.
14.    Exercise of Option.  Subject to Section 4 below, the Participant may exercise the vested portion of the Option at any time prior to the Expiration Date.  Written notice of an election to exercise any portion of the Option shall be given by the Participant, or his personal representative in the event of the Participant’s death, to the Company’s Chief Financial Officer (or Chief Executive Officer if the Participant is the Chief Financial Officer), in accordance with procedures established by the Compensation Committee of the Board of Directors of the Company (the “Committee”) as in effect at the time of such exercise. 
At the time of exercise of the Option, payment of the purchase price for the shares of Common Stock with respect to which the Option is exercised, and of an amount sufficient to satisfy all minimum Federal, state and local withholding tax requirements, must be made by one or more of the following methods:  (a) in cash, (b) in cash received from a broker-dealer to whom the Participant has submitted an exercise notice and irrevocable instructions to deliver the purchase price or withholding tax to the Company from the proceeds of the sale of shares subject to the Option, (c) by directing the Company to withhold such number of shares of Common Stock otherwise issuable upon exercise of the Option with a fair market value equal to the amount of the purchase price or the tax to be withheld and/or (d) by delivery to the Company of other Common Stock owned by the Participant that is acceptable to the Company, valued at its then fair market value.
No shares shall be issued upon exercise of the Option until full payment of the exercise price and tax withholding obligation has been made.

15.    Exercise Upon Termination of Service.  If the Participant’s service as a member of the Company’s Board of Directors terminates for any reason other than death, disability or retirement, the then vested portion of the Option shall continue to be exercisable until the earlier of the 90th day after the date of the Participant’s termination or the date the Option expires by its terms.  The portion of the Option not vested as of the date of such termination of service shall expire as of such date and shall not be exercisable.
If the Participant’s service as a member of the Company’s Board of Directors terminates due to death, disability or retirement, the then vested portion of the Option shall continue to be exercisable until the earlier of one year after the date of the Participant’s termination or the date the Option expires by its terms.  The portion of the Option not vested as of the date of such termination of service shall expire as of such date and shall not be exercisable.
For purposes of this Section 4, (A) “disability” has the meaning, and will be determined, as set forth in the Company’s long term disability program in which the Participant participates, and (B) “retirement” means the Participant’s termination from service as a member of the Company’s Board of Directors when the Participant is 65 or older or 55 or older with 10 years of service with the Company and its subsidiaries.
The foregoing provisions of this Section 4 shall be subject to the provisions of any written employment or severance agreement that has been or may be executed by the Participant and the Company, and the provisions in such employment or severance agreement concerning exercise of the Option shall supersede any inconsistent or contrary provision of this Section 4.
16.    Confidentiality and Non-Compete Agreement.  Notwithstanding any other provision of this Agreement, in the event the Committee determines that the Participant has breached any provision of any confidentiality and/or non-compete agreement in effect between the Participant and the Company, (a) the then outstanding and unexercised portion of the Option (whether vested or unvested) shall be cancelled and forfeited back to the Company and (b) the Participant shall remit to the Company within 30 days of written notice from the Committee a cash payment equal to the number of shares of Common Stock subject to the portion of the Option that was previously exercised, multiplied by the excess of the fair market value of the Common Stock on the date of exercise over the Option Exercise Price.  The Company shall be entitled, as permitted by applicable law, to deduct the amount of such payment from any amounts the Company may owe to the Participant.
17.    Nontransferability of Options.  The Option may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
18.    Beneficiary Designation.  The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Option is to be paid in the event of his or her death.  Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Board, and will be effective only when filed by the Participant in writing with the Board during his or her lifetime.  In the absence of any such designation, or if all beneficiaries predecease the Participant, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.
19.    Rights as a Stockholder.  The Participant shall have no rights as a stockholder of the Company with respect to the shares of Common Stock subject to the Option and this Agreement until such time as the exercise price has been paid and the shares have been issued and delivered to him or her.
20.    Surrender of or Changes to Agreement.  In the event the Option shall be exercised in whole, this Agreement shall be surrendered to the Company for cancellation. In the event the Option shall be exercised in part or a change in the number of designation of the shares of Common Stock shall be made, this Agreement shall be delivered by the Participant to the Company for the purpose of making appropriate notation thereon, or of otherwise reflecting, in such manner as the Company shall determine, the change in the number or designation of such shares.
21.    Administration.  The Option shall be exercised in accordance with such administrative regulations as the Committee shall from time to time adopt.  It is expressly understood that the Committee is authorized to administer, 

construe, and make all determinations necessary or appropriate to the administration of, the Plan and this Agreement, all of which shall be binding upon the Participant.
22.    Governing Law.  This Agreement, and the Option, shall be construed, administered and governed in all respects under and by the laws of the State of Delaware.
*          *          *
By accepting this Agreement, the Participant agrees to be bound by the terms hereof.

Moleculin Biotech, Inc.

By:                     
Title:                    

Participant

By:                     

Print Name:                 

MOLECULIN BIOTECH, INC. 
2015 STOCK PLAN
(AMENDED AND RESTATED)
RESTRICTED STOCK UNIT AWARD AGREEMENT 
FOR KEY EMPLOYEES
A Restricted Stock Unit (“RSU”) Award (the “Award”) is hereby granted by Moleculin Biotech, Inc., a Delaware corporation (the “Company”), to the Key Employee named below (the “Grantee”), relating to the Common Stock of the Company:
Key Employee    :             
Date of Award:                 
Number of RSUs Subject to Award:     
End of Vesting Period:            
The Award shall be subject to the following terms and conditions and the provisions of the Moleculin Biotech, Inc. 2015 Stock Plan, as amended and restated (the “Plan”), a copy of which is attached hereto and the terms of which are hereby incorporated by reference:
1.Grant of Award.  The Company hereby grants to the Grantee the Award of RSUs.  An RSU is the right, subject to the terms and conditions of the Plan and this Agreement, to receive a distribution of one share of Common Stock.
2.    Acceptance by Grantee.  The receipt of the Award is conditioned upon its acceptance by the Grantee in the space provided therefor at the end of this Agreement and the return of an executed copy of this Agreement to the Secretary of the Company.  If the Grantee shall fail to return this executed Agreement, the Grantee’s Award shall be forfeited to the Company.
3.    RSU Account.  The Company shall maintain an account (the “RSU Account”) on its books in the name of the Grantee which shall reflect the number of RSUs awarded to the Grantee and any dividend equivalents paid to the Grantee as described in Section 4.
4.    Dividend Equivalents.  Upon the payment of any dividends on Common Stock occurring during the period beginning on the date of the Award and ending on the date the RSUs are settled in Common Stock (or the date the RSUs are forfeited), the Company shall credit the Grantee’s RSU Account with an amount equal in value to the dividends that the Grantee would have received had the Grantee been the actual owner of the number of shares of Common Stock represented by the RSUs in the Grantee’s RSU Account on that date.  Such amounts shall be paid to the Grantee in cash at the time and to the extent the RSU Account is distributed to the Grantee.  Any dividend equivalents relating to RSUs that are forfeited shall also be forfeited.
5.    Nontransferability.  Except as set forth in Section 12 of the Plan, neither the Award nor any of the RSUs subject to the Award may be sold, assigned, pledged, encumbered or otherwise transferred, voluntarily or involuntarily.  Any attempted sale, assignment, pledge, encumbrance or transfer of the Award, other than in accordance with its terms, shall be void and of no effect.
6.    Vesting.  
(a)    Except as set forth in (b) and (c) below, the Grantee shall become vested in the Award as follows: _________________________
(b)    If the Grantee’s employment with the Company and all Subsidiaries terminates for any reason, unvested RSUs subject to the Award shall be forfeited to the Company, and the Grantee’s rights, title and interest with respect to such forfeited RSUs shall automatically lapse and be of no further force or effect.  The Grantee hereby 

irrevocably designates and appoints the Secretary of the Company as the Grantee’s agent and attorney in fact, to act for or on behalf of the Grantee and in his name and stead, for the limited purpose of executing any documents and instruments to further evidence the forfeiture of the unvested RSUs.
(c)    The foregoing provisions of this Section 6 shall be subject to the provisions of any written employment or severance agreement that has been or may be executed by the Grantee and the Company, and the provisions in such employment or severance agreement concerning the vesting of an Award shall supersede any inconsistent or contrary provision of this Section 6.
7.    Settlement of Award.  If the Grantee becomes vested in the Award in accordance with Section 6, within 30 days following the date of vesting, the Company shall distribute to the Grantee, or his or her personal representative, beneficiary or estate, as applicable, (a) a number of shares of Common Stock equal to the number of vested RSUs subject to the Award and (b) a cash payment equal to the dividend equivalents that are payable pursuant to Section 4.
8.    Withholding Taxes.  The Grantee shall pay to the Company an amount sufficient to satisfy all minimum Federal, state and local withholding tax requirements prior to the delivery of any shares of Common Stock upon settlement of any vested RSUs covered by the Award.  The Company in its sole discretion may permit the payment of additional withholding taxes up to the maximum statutory rate.  Payment of such taxes may be made by one or more of the following methods: (a) in cash, (b) in cash received from a broker-dealer to whom the Grantee has submitted a notice and irrevocable instructions to deliver to the Company proceeds from the sale of a portion of the shares deliverable upon settlement of the Award, (c) by delivery to the Company of other Common Stock owned by the Grantee that is acceptable to the Company, valued at its then Fair Market Value, and/or (d) by directing the Company to withhold such number of shares of Common Stock otherwise deliverable upon settlement of the Award with a Fair Market Value equal to the amount of tax to be withheld.
9.    Share Delivery.  Delivery of shares of Common Stock upon settlement of the Award will be by book-entry credit to an account in the Grantee’s name established by the Company with the Company’s transfer agent; provided that the Company shall, upon written request from the Grantee (or his estate or personal representative, as the case may be), issue certificates in the name of the Grantee (or his estate or personal representative) representing such Award shares.
10.    Rights as Stockholder.  The Grantee shall not be entitled to any of the rights of a stockholder of the Company with respect to the Award, including the right to vote and to receive dividends and other distributions, until and to the extent the Award is settled in shares of Common Stock.
11.    Insider Trading Policy.  The sale or transfer of any shares of Common Stock delivered upon settlement of the Award is subject to the provisions of the Company’s Insider Trading Policy, as in effect from time to time.  
12.    Recoupment.  Notwithstanding any other provision of this Agreement, to the extent required by applicable law, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Company shall have the right to seek recoupment of all or any portion of an Award (including by forfeiture of any outstanding Award or by the Grantee’s remittance to the Company of vested Award shares or of a cash payment equal to the vested Award shares).  The value with respect to which such recoupment is sought shall be determined by the Committee.  The Committee shall be entitled, as permitted by applicable law, to deduct the amount of such payment from any amounts the Company may owe to the Grantee.
13.    Employment Status.  This Agreement does not give the Grantee the right to be retained as an employee of the Company.
14.    Administration.  The Award shall be administered in accordance with such regulations as the Committee shall from time to time adopt.

15.    Plan Governs.  If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall govern.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.
16.    Governing Law.  This Agreement, and the Award, shall be construed, administered and governed in all respects under and by the laws of the State of Delaware.
IN WITNESS WHEREOF, this Agreement is executed effective as of the ____ day of _____, 20___.
MOLECULIN BIOTECH, INC.

By:                        

AGREED AND ACCEPTED:

I acknowledge receipt of the Moleculin Biotech, Inc. 2015 Stock Plan, as amended and restated, and hereby accept this Restricted Stock Unit Award subject to all the terms and conditions thereof.  I agree to accept as binding, conclusive and final all decisions and interpretations of the Committee regarding any questions arising under the Plan or this Award Agreement.
GRANTEE

Print Name: 

Signature:                    

Date:Exhibit 4.1

 

Atlantic Capital Bancshares, Inc.

 

As Issuer,

 

and

 

U.S. Bank National Association

 

As Trustee

 

INDENTURE

 

Dated
as of August 20, 2020

 

5.50%
Fixed-to-Floating Rate Subordinated Notes due 2030

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 101         Definitions.	1
	Section 102         Compliance Certificates and Opinions.	9
	Section 103         Form of Documents Delivered to Trustee.	9
	Section 104         Acts of Holders.	10
	Section 105         Required Notices or Demands.	12
	Section 106         Language of Notices.	13
	Section 107         Incorporation by Reference of Trust Indenture Act; Conflicts.	13
	Section 108         Effect of Headings and Table of Contents.	13
	Section 109         Successors and Assigns.	14
	Section 110         Severability.	14
	Section 111         Benefits of Indenture.	14
	Section 112         Governing Law.	14
	Section 113         Legal Holidays.	14
	Section 114         Counterparts; Electronic Transmission.	15
	Section 115         Immunity of Certain Persons.	15
	Section 116         Waiver of Jury Trial.	15
	Section 117         Force Majeure.	15
	Section 118         USA Patriot Act.	15
	Section 119         No Sinking Fund.	16
	Section 120         Rules of Construction.	16
	ARTICLE II THE SUBORDINATED NOTES	16
	Section 201         Forms Generally.	16
	Section 202         Definitive Subordinated Notes.	17
	Section 203         Global Subordinated Notes.	17
	Section 204         Restricted Subordinated Notes.	17
	Section 205         Execution and Authentication.	18
	Section 206         Registrar and Paying Agent.	19
	Section 207         Registration of Transfer and Exchange.	19
	Section 208         Exchange Offer.	24
	Section 209         Mutilated, Destroyed, Lost and Stolen Subordinated Notes.	24
	Section 210         Payment of Interest; Rights to Interest Preserved.	25
	Section 211         Persons Deemed Owners.	26
	Section 212         Cancellation.	27
	Section 213         Computation of Interest.	27
	Section 214         CUSIP Numbers.	35
	ARTICLE III SATISFACTION AND DISCHARGE OF INDENTURE	36
	Section 301         Satisfaction and Discharge.	36
	Section 302         Defeasance and Covenant Defeasance.	36
	Section 303         Application of Trust Money.	39
	Section 304         Reinstatement.	39

 

    i

     

    

 

	Section 305         Effect on Subordination Provisions.	40
	ARTICLE IV REMEDIES	40
	Section 401         Events of Default; Acceleration.	40
	Section 402         Failure to Make Payments.	41
	Section 403         Trustee May File Proofs of Claim.	42
	Section 404         Trustee May Enforce Claims Without Possession of Subordinated Notes.	43
	Section 405         Application of Money Collected.	43
	Section 406         Limitation on Suits.	44
	Section 407         Unconditional Right of Holders to Payments.	44
	Section 408         Restoration of Rights and Remedies.	44
	Section 409         Rights and Remedies Cumulative.	45
	Section 410         Delay or Omission Not Waiver.	45
	Section 411         Control by Holders.	45
	Section 412         Waiver of Past Defaults.	45
	Section 413         Undertaking for Costs.	46
	ARTICLE V THE TRUSTEE	46
	Section 501         Duties of Trustee.	46
	Section 502         Certain Rights of Trustee.	47
	Section 503         Notice of Defaults.	49
	Section 504         Not Responsible for Recitals or Issuance of Subordinated Notes.	49
	Section 505         May Hold Subordinated Notes.	50
	Section 506         Money Held in Trust.	50
	Section 507         Compensation and Reimbursement.	50
	Section 508         Corporate Trustee Required; Eligibility.	51
	Section 509         Resignation and Removal; Appointment of Successor.	51
	Section 510         Acceptance of Appointment by Successor.	53
	Section 511         Merger, Conversion, Consolidation or Succession to Business.	54
	Section 512         Appointment of Authenticating Agent.	54
	Section 513         Preferred Collection of Claims against Company.	56
	ARTICLE VI HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY	56
	Section 601         Holder Lists.	56
	Section 602         Preservation of Information; Communications to Holders.	56
	Section 603         Reports by Trustee.	56
	Section 604         Reports by Company.	57
	ARTICLE VII SUCCESSORS	58
	Section 701         Merger, Consolidation or Sale of All or Substantially All Assets.	58
	Section 702         Successor Person Substituted for Company.	59
	ARTICLE VIII SUPPLEMENTAL INDENTURES	59
	Section 801         Supplemental Indentures without Consent of Holders.	59

 

    ii

     

    

 

	Section 802         Supplemental Indentures with Consent of Holders.	60
	Section 803         Execution of Supplemental Indentures.	61
	Section 804         Effect of Supplemental Indentures.	61
	Section 805         Reference in Subordinated Notes to Supplemental Indentures.	61
	Section 806         Effect on Senior Indebtedness.	61
	Section 807         Conformity with Trust Indenture Act.	61
	ARTICLE IX COVENANTS	62
	Section 901         Payment of Principal and Interest.	62
	Section 902         Maintenance of Office.	62
	Section 903         Money for Subordinated Notes Payments to Be Held in Trust.	63
	Section 904         Corporate Existence.	64
	Section 905         Maintenance of Properties.	64
	Section 906         Waiver of Certain Covenants.	64
	Section 907         Company Statement as to Compliance.	64
	Section 908         Tier 2 Capital.	65
	Section 909         Dividends.	65
	ARTICLE X REDEMPTION OF SECURITIES	65
	Section 1001         Applicability of Article.	65
	Section 1002         Election to Redeem; Notice to Trustee.	66
	Section 1003         Selection by Trustee of Subordinated Notes to be Redeemed.	66
	Section 1004         Notice of Redemption.	66
	Section 1005         Deposit of Redemption Price.	67
	Section 1006         Subordinated Notes Payable on Redemption Date.	67
	Section 1007         Subordinated Notes Redeemed in Part.	68
	ARTICLE XI SUBORDINATION OF SECURITIES	68
	Section 1101         Agreement to Subordinate.	68
	Section 1102         Distribution of Assets.	68
	Section 1103         Default With Respect to Senior Indebtedness.	71
	Section 1104         No Impairment.	71
	Section 1105         Effectuation of Subordination Provisions.	71
	Section 1106         Notice to Trustee.	72
	Section 1107         Trustee Knowledge of Senior Indebtedness.	72
	Section 1108         Senior Indebtedness to Trustee.	73
	Section 1109         Subordination Not Applicable to Trustee Compensation.	73

 

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CROSS-REFERENCE TABLE

 

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

 

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

 

    iv

     

    

 

This INDENTURE dated
as of August 20, 2020 is between Atlantic Capital Bancshares, Inc., a Georgia corporation (the “Company”),
and U.S. Bank National Association (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company
has duly authorized the execution and delivery of this Indenture to provide for an issue of $75,000,000 million in aggregate principal
amount of 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030, subject to the terms and conditions set forth in this Indenture.

 

NOW, THEREFORE, in
order to declare the terms and conditions upon which the Subordinated Notes are authenticated, issued and delivered, and in consideration
of the premises, and of the purchase and acceptance of the Subordinated Notes by the Holders thereof, the Company and the Trustee
agree as follows for the benefit of each other and for the benefit of the respective Holders from time to time of the Subordinated
Notes.

 

ARTICLE
I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section
101         Definitions.

 

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

 

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

 

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

 

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

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Subordinated
Note, the rules and procedures of the Depositary that apply to such transfer or exchange.

 

“Authenticating
Agent” means any Person authorized by the Trustee in accordance with Section 512 to act on behalf of the Trustee
to authenticate Subordinated Notes.

 

“Authorized
Newspaper” means a newspaper, in an official language of the place of publication or in the English language,
customarily published on each day that is a Business Day in the place of publication, whether or not published on days that
are not Business Days in the place of publication, and of general circulation in each place in connection with which the term
is used or in the financial community of each such place. Where successive publications are required to be made in Authorized
Newspapers, the successive publications may be made in the same or in different newspapers in the same place meeting the
foregoing requirements and in each case on any day that is a Business Day in the place of publication.

 

    1

     

    

 

“Authorized
Officer” means each of the Chief Executive Officer, the President, any Executive Vice President and the Chief Financial
Officer of the Company.

 

“Bankruptcy
Laws” mean Title 11, United States Code (11 U.S.C. §§101 et seq.) or any similar federal or state law for
the relief of debtors.

 

“Board
of Directors” means, as to any Person, the board of directors, or similar governing body, of such Person or any duly
authorized committee thereof.

 

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

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which banking institutions in the City of Atlanta,
Georgia, are authorized or obligated by law, regulation or executive order to close.

 

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

 

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

 

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

 

“Company
Request” and “Company Order” mean, respectively, a written request or order, as the case
may be, signed on behalf of the Company by an Authorized Officer and delivered to the Trustee.

 

“Corporate
Trust Office” means the address of the Trustee specified in Section 105 or such other address as the Trustee may
designate from time to time by notice to the Holders and the Company, or the designated address of any successor Trustee (or such
other address as such successor Trustee may designate from time to time by notice to the Holders and the Company).

 

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

 

“Defaulted
Interest” is defined in Section 210.

 

    2

     

    

 

 

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

 

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

 

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

 

“Event
of Default” is defined in Section 401.

 

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

 

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

 

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

 

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve System or any successor regulatory authority with
jurisdiction over bank holding companies.

 

“Fixed
Interest Payment Date” means September 1 and March 1 of each year, beginning March 1, 2021.

 

“Fixed
Rate Period” is defined in Section 213.

 

“Floating
Interest Payment Date” means March 1, June 1, September 1 and December 1 of each year, beginning September 1, 2025.

 

“Floating
Rate Interest Period” is defined in Section 213.

 

“Floating
Rate Period” is defined in Section 213.

 

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

 

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

 

    3

     

    

 

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

 

“Holder”
means the Person in whose name the Subordinated Note is registered in the Subordinated Note Register.

 

“Indenture”
means this Indenture, as amended and supplemented from time to time in accordance with its terms.

 

“Initial
Notes” means the $75,000,000 in aggregate principal amount of the Company’s 5.50% Fixed-to-Floating Rate Subordinated
Notes due 2030 issued under this Indenture on the date hereof.

 

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

 

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

 

“Legal
Defeasance” is defined in Section 302(2).

 

“Letter
of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders for use by
such Holders in connection with an Exchange Offer.

 

“Maturity”
means the date on which the principal of a Subordinated Note or an installment of principal becomes due and payable as provided
in or under this Indenture or such Subordinated Note, whether at the Stated Maturity or by an acceleration of the maturity of such
Subordinated Note in accordance with the terms of such Subordinated Note, upon redemption at the option of the Company, upon repurchase
or repayment or otherwise, and includes a Redemption Date for such Subordinated Note and a date fixed for the repurchase or repayment
of such Subordinated Note at the option of the Holder.

 

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

 

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

 

    4

     

    

 

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

 

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

 

“Participating
Broker-Dealer” has the meaning set forth in the Registration Rights Agreement.

 

“Paying
Agent” is defined in Section 206.

 

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

 

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

 

    5

     

    

 

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

 

“Purchase
Agreement” means the Subordinated Note Purchase Agreement concerning the Subordinated Notes, dated August 20, 2020,
by and among the Company and the purchasers identified therein.

 

“Redemption
Date” with respect to any Subordinated Note or portion thereof to be redeemed, means the date fixed for such redemption
by or under this Indenture or such Subordinated Note.

 

“Redemption
Price” with respect to any Subordinated Note or portion thereof to be redeemed, means the price at which it is to
be redeemed as determined by or under this Indenture or such Subordinated Note.

 

“Registrar”
is defined in Section 206.

 

“Registration
Rights Agreement” means the Registration Rights Agreement in the form attached as Exhibit A to the Purchase
Agreement with respect to the Subordinated Notes, dated as of the date of this Indenture, by and among the Company and the purchasers
of the Initial Notes identified therein.

 

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

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer
of the Trustee who customarily performs functions similar to those performed by the Persons who at the time will be such officers,
respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with
the particular subject and who will have direct responsibility for the administration of this Indenture.

 

“Restricted
Definitive Subordinated Note” means a Definitive Subordinated Note bearing, or that is required to bear, the Private
Placement Legend.

 

“Restricted
Global Subordinated Note” means a Global Subordinated Note bearing, or that is required to bear, the Private Placement
Legend,

 

“Restricted
Subordinated Note” means a Restricted Global Subordinated Note or a Restricted Definitive Subordinated Note.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

    6

     

    

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor statute thereto.

 

“Senior
Indebtedness” means the principal of (and premium, if any) and interest, if any, on: (1) all indebtedness and obligations
of, or guaranteed or assumed by, the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes
or other similar instruments, and including, but not limited to all obligations to the Company’s general and secured creditors;
(2) any deferred obligations of the Company for the payment of the purchase price of property or assets acquired other than in
the ordinary course of business; (3) all obligations, contingent or otherwise, of the Company in respect of any letters of credit,
bankers’ acceptances, security purchase facilities and similar direct credit substitutes; (4) any capital lease obligations
of the Company; (5) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future
or option contracts, currency swap agreements, currency future or option contracts, commodity contracts and other similar arrangements
or derivative products; (6) all obligations that are similar to those in clauses (1) through (5) of other persons for the payment
of which the Company is responsible or liable as obligor, guarantor or otherwise arising from an off-balance sheet guarantee; (7)
all obligations of the types referred to in clauses (1) through (6) of other persons secured by a lien on any property or asset
of the Company; and (8) in the case of (1) through (7) above, all amendments, renewals, extensions, modifications and refundings
of such indebtedness and obligations; except “Senior Indebtedness” does not include (A) the Subordinated Notes,
(B) any obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Subordinated Notes,
(C) any subordinated debentures or junior subordinated debentures of the Company underlying trust preferred securities issued by
subsidiary trusts of the Company that are outstanding as of the date hereof or that are issued after the date hereof by a subsidiary
trust of the Company, including the Company’s 6.25% Fixed to Floating Rate Subordinated Notes due 2025, or (D) any indebtedness
between the Company and any of its subsidiaries or Affiliates.

 

“Significant
Subsidiary” means any Subsidiary of the Company that is a “significant subsidiary” as defined in Rule
1-02 of Regulation S-X promulgated by the Commission (as such rule is in effect on the date of this Indenture).

 

“Special
Record Date” for the payment of any Defaulted Interest on any Subordinated Note means a date fixed in accordance
with Section 210.

 

“Stated
Maturity” means September 1, 2030.

 

“Subordinated
Note” or “Subordinated Notes” means the Initial Notes and the Exchange Notes and, more
particularly, any Subordinated Note authenticated and delivered under this Indenture, including those Subordinated Notes issued
or authenticated upon transfer, replacement or exchange.

 

“Subordinated
Note Register” is defined in Section 206.

 

“Subordination
Provisions” means the provisions contained in Article XI or any provisions with respect to subordination contained
in the Subordinated Notes.

 

    7

     

    

 

“Subsidiary”
means a corporation, a partnership, business or statutory trust or a limited liability company, a majority of the outstanding voting
equity securities or a majority of the voting membership or partnership interests, as the case may be, of which is owned or controlled,
directly or indirectly, by the Company or by one or more other Subsidiaries of the Company. For the purposes of this definition,
“voting equity securities” means securities having voting power for the election of directors, managers, managing partners
or trustees, as the case may be, whether at all times or only so long as no senior class of stock has voting power by reason of
any contingency.

 

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

 

“Tier 2
Capital” means Tier 2 capital (or its equivalent) for purposes of capital adequacy guidelines of the Federal Reserve
Board, as then in effect and applicable to the Company.

 

“Tier 2
Capital Event” means the Company’s good faith determination that, as a result of (1) any amendment to, or change
in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of
the United States, including the Federal Reserve Board and other federal bank regulatory agencies) or any political subdivision
of or in the United States that is enacted or becomes effective after the issue date of the Subordinated Notes, (2) any proposed
change in those laws, rules or regulations that is announced or becomes effective after the issue date of the Subordinated Notes,
or (3) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting
or applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the issue date
of the Subordinated Notes, there is more than an insubstantial risk that the Company will not be entitled to treat the Subordinated
Notes then Outstanding as Tier 2 Capital for so long as any Subordinated Notes are Outstanding.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“Trustee”
means U.S. Bank National Association, as trustee, until a successor replaces it in accordance with the provisions of this Indenture
and thereafter means the successor serving hereunder.

 

    8

     

    

 

“United
States” means the United States of America (including the states thereof and the District of Columbia), its territories,
its possessions and other areas subject to its jurisdiction.

 

“Unrestricted
Definitive Subordinated Note” means a Definitive Subordinated Note that does not bear, and is not required to bear,
the Private Placement Legend.

 

“Unrestricted
Global Subordinated Note” means a Global Subordinated Note that does not bear, and is not required to bear, the Private
Placement Legend.

 

Section
102         Compliance Certificates and Opinions.

 

Except as otherwise
expressly provided in or under this Indenture, upon any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company will furnish to the Trustee an Officers’ Certificate in form and substance
reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent (including covenants
compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed action
have been complied with and an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in
the opinion of such counsel, all such conditions precedent (including covenants compliance with which constitutes a condition precedent),
if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such
documents or any of them is specifically required by any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.

 

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

 

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

 

(2)         
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)         
a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such condition has been satisfied; and

 

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

 

Section
103         Form of Documents Delivered to Trustee.

 

In any case where
several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents.

 

    9

     

    

 

Any certificate or
opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his certificate or opinion is based is erroneous.

 

Any such certificate
or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession
of the Company unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

 

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

 

Section
104         Acts of Holders.

 

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

 

(2)              
The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner
that the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine, and the Trustee may
in any instance require further proof with respect to any of the matters referred to in this Section.

 

(3)              
The ownership, principal amount and serial numbers of Subordinated Notes held by any Person, and the date of the commencement
and the date of the termination of holding the same, will be proved by the Subordinated Note Register.

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

    11

     

    

 

Section 105        Required
Notices or Demands.

 

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

 

If to the Company;

 

Atlantic Capital Bancshares, Inc.

945 East Paces Ferry Road NE

Suite 1600

Atlanta, Georgia 30326

Attention: Chief Financial Officer

Facsimile: 404.995.6079

Email: Patrick.Oakes@atlcapbank.com

 

If to the Trustee:

 

U.S. Bank National Association

Two Midtown Plaza

1349 W. Peachtree Street, Suite 1050

Atlanta, Georgia 30309

Attention: Mark C. Hallam

Facsimile: 404.365.7946

Email: mark.hallam@usbank.com

 

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

 

All notices and communications
will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if delivered by mail; on the first Business Day after being sent, if sent by facsimile
and the sender receives confirmation of successful transmission; upon confirmation of transmittal (but excluding any automatic
reply to such email), if sent by email; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.

 

Any notice required
or permitted to be given to a Holder or electronically through the Applicable Procedures of the Depositary under the provisions
of this Indenture will be deemed to be properly delivered by being deposited postage prepaid in a post office letter box in the
United States addressed to such Holder at the address of such Holder as shown on the Subordinated Note Register. Any report in
accordance with Section 313 of the Trust Indenture Act will be transmitted in compliance with subsection (c) therein. If the Company
delivers a notice or communication to Holders, the Company will deliver a copy to the Trustee at the same time.

 

    12

     

    

 

In any case where
notice to Holders of Subordinated Notes is delivered by mail, neither the failure to deliver such notice, nor any defect in
any notice so delivered, to any particular Holder of a Subordinated Note will affect the sufficiency of such notice with
respect to other Holders of Subordinated Notes. Any notice that is delivered in the manner herein provided will be
conclusively presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or
by reason of any other cause it will be impracticable to give such notice by mail, then such notification as will be made
with the approval of the Trustee will constitute a sufficient notification for every purpose hereunder.

 

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

 

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

 

Section
106         Language of Notices.

 

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

 

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

 

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

 

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

 

Section
108         Effect of Headings and Table of Contents.

 

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

 

    13

     

    

 

Section
109         Successors and Assigns.

 

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

 

Section
110         Severability.

 

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

 

Section
111         Benefits of Indenture.

 

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

 

Section
112         Governing Law.

 

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

 

Section
113         Legal Holidays.

 

Unless otherwise specified
in or under this Indenture or any Subordinated Notes, in any case where any Interest Payment Date, Stated Maturity or Maturity
of, or any other day on which a payment is due with respect to, any Subordinated Note will be a day that is not a Business Day
at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Subordinated Note other than a provision
in any Subordinated Note or in the Board Resolution, Officers’ Certificate or supplemental indenture establishing the terms
of any Subordinated Note that specifically states that such provision will apply in lieu hereof) payment need not be made at such
Place of Payment on such date, but such payment may be made on the next succeeding day that is a Business Day at such Place of
Payment with the same force and effect as if made on the Interest Payment Date, at the Stated Maturity or Maturity or on any such
other payment date, as the case may be, and no interest will accrue on the amount payable on such date or at such time for the
period from and after such Interest Payment Date, Stated Maturity, Maturity or other payment date, as the case may be, to the next
succeeding Business Day. Notwithstanding the foregoing, in the event that any Floating Interest Payment Date during the Floating
Rate Period falls on a day that is not a Business Day, the interest payment due on that date shall be postponed to the next day
that is a Business Day and no interest will accrue on the amount payable on such date or at such time for the period from and after
such Floating Interest Payment Date, except that if the postponement would cause the day to fall in the next calendar month during
the Floating Rate Interest Period, the Floating Interest Payment Date shall instead be brought forward to the immediately preceding
Business Day.

 

    14

     

    

 

Section
114         Counterparts; Electronic Transmission.

 

This Indenture may
be executed in several counterparts, each of which will be an original and all of which will constitute but one and the same instrument.
Any facsimile or electronically transmitted copies hereof or signature hereon will, for all purposes, be deemed originals. All
notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent
to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by
DocuSign (or such other digital signature provider as specified in writing to the Trustee by the authorized representative), in
English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit
communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the
risk of interception and misuse by third parties.

 

Section
115         Immunity of Certain Persons.

 

No recourse under or
upon any obligation, covenant or agreement contained in this Indenture, or in any Subordinated Note, or because of any indebtedness
evidenced thereby, will be had against any past, present or future shareholder, employee, officer or director, as such, of the
Company or of any predecessor or successor, either directly or through the Company or any predecessor or successor, under any rule
of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the acceptance of the Subordinated Notes by the Holders and
as part of the consideration for the issue of the Subordinated Notes.

 

Section
116         Waiver of Jury Trial.

 

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

 

Section
117         Force Majeure.

 

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

 

Section
118         USA Patriot Act.

 

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

 

    15

     

    

 

Section 119        No
Sinking Fund.

 

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

 

Section
120         Rules of Construction.

 

Unless the context
otherwise requires:

 

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

 

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

 

(3)              
“or” is not exclusive;

 

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

 

(5)              
“including” means including without limitation;

 

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

 

(7)              
provisions apply to successive events and transactions;

 

(8)              
references to sections of, or rules under, the Securities Act
will be deemed to include substitute, replacement or successor sections or rules adopted by the Commission from time to time;

 

(9)              
unless the context otherwise requires, any reference to an “Article,”
“Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and

 

(10)             the words “herein,” “hereof and “hereunder”
and other words of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision.

 

ARTICLE
II

THE SUBORDINATED NOTES

 

Section
201         Forms Generally.

 

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

 

    16

     

    

 

 

Section
202         Definitive Subordinated Notes.

 

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

 

Section
203         Global Subordinated Notes.

 

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

 

Section
204         Restricted Subordinated Notes.

 

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

 

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

 

    17

     

    

 

The Private Placement
Legend set forth above will be removed and a new Subordinated Note of like tenor and principal amount without such Private Placement
Legend will be executed by the Company, and upon written request of the Company (together with an Officers’ Certificate and
an Opinion of Counsel) given at least three Business Days prior to the proposed authentication date, the Trustee will authenticate
and deliver such new Subordinated Note to the respective Holder, if legal counsel to the Holder or owner of beneficial interests
requesting the removal of such Private Placement Legend delivers to the Trustee, any Registrar and Paying Agent (if a different
Person than the Trustee) and the Company an Opinion of Counsel in compliance with this Indenture and additionally opining that
the Subordinated Note is eligible for immediate resale, without any remaining holding period, under Rule 144 without regard to
the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such securities.

 

Section
205         Execution and Authentication.

 

Subordinated Notes
will be executed on behalf of the Company by any Authorized Officer and may (but need not) have the Company’s corporate seal
or a facsimile thereof reproduced thereon. The signature of an Authorized Officer on the Subordinated Notes may be manual or facsimile.
Subordinated Notes bearing the manual or facsimile signatures of individuals who were at the time of execution Authorized Officers
of the Company will, to the fullest extent permitted by law, bind the Company, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery of such Subordinated Notes or did not hold such
offices at the date of such Subordinated Notes.

 

The Trustee or an Authenticating
Agent will authenticate and deliver the Initial Notes for original issue in an aggregate principal amount of up to $75,000,000
upon one or more Company Orders, Officers’ Certificate and an Opinion of Counsel. In addition, the Trustee or an Authenticating
Agent will upon receipt of a Company Order, Opinion of Counsel and Officers’ Certificate authenticate and deliver any Exchange
Notes for an aggregate principal amount not to exceed $75,000,000 specified in such Company Order for Exchange Notes issued hereunder.
The aggregate principal amount of Outstanding Subordinated Notes at any time may not exceed the amount set forth in the foregoing
sentence, except as provided in Section 209. The Subordinated Notes will be issued only in registered form without coupons and
in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof.

 

The Trustee will not
be required to authenticate any Subordinated Notes if the issue of such Subordinated Notes under this Indenture will affect the
Trustee’s own rights, duties or immunities under the Subordinated Notes and this Indenture or otherwise in a manner that
is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken.

 

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

 

Section
206         Registrar and Paying Agent.

 

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

 

The Company initially
appoints the Trustee to act as the Paying Agent and Registrar for the Subordinated Notes and, in the event that any Subordinated
Notes are issued in global form, to initially act as custodian with respect to the Global Subordinated Notes. In the event that
the Trustee will not be or will cease to be Registrar with respect the Subordinated Notes, it will have the right to examine the
Subordinated Note Register at all reasonable times. There will be only one Subordinated Note Register.

 

Section
207         Registration of Transfer and Exchange.

 

(1)              
Except as otherwise provided in or under this Indenture, upon
surrender for registration of transfer of any Subordinated Note, the Company will execute, and the Trustee will authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Subordinated Notes denominated as authorized
in or under this Indenture, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing
identical terms and provisions.

 

Except as
otherwise provided in or under this Indenture, at the option of the Holder, Subordinated Notes may be exchanged for other
Subordinated Notes containing identical terms and provisions, in any authorized denominations (minimum denominations of
$100,000 and any integral multiple of $1,000 in excess thereof), and of a like aggregate principal amount, upon surrender of
the Subordinated Notes to be exchanged at any office or agency for such purpose. Whenever any Subordinated Notes are so
surrendered for exchange, the Company will execute, and the Trustee will authenticate and deliver, subject to the terms
hereof, the Subordinated Notes that the Holder making the exchange is entitled to receive.

 

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

 

Every Subordinated
Note presented or surrendered for registration of transfer or for exchange or redemption will (if so required by the Company or
the Registrar for such Subordinated Note) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory
to the Company and the Registrar for such Subordinated Note duly executed by the Holder thereof or his attorney duly authorized
in writing.

 

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

 

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

 

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

 

The Trustee will have
no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Subordinated Note (including any transfers between
or among Depositary participants or beneficial owners of interests in any Global Subordinated Note) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

Neither the Trustee
nor any Paying Agent will have any responsibility for any actions taken or not taken by the Depositary.

 

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

 

(3)              
A Global Subordinated Note may not be transferred except by
the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary,
or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Subordinated
Notes will be exchanged by the Company for Definitive Subordinated Notes if: (i) the Depositary has notified the Company that it
is unwilling or unable to continue as Depositary for such Global Subordinated Note or such Depositary has ceased to be a “clearing
agency” registered under the Exchange Act, and a successor Depositary is not appointed by the Company within 90 days, (ii)
the Company determines that the Subordinated Notes are no longer to be represented by Global Subordinated Notes and so notifies
the Trustee, or (iii) an Event of Default has occurred and is continuing with respect to the Subordinated Notes and the Depositary
or its participant(s) has requested the issuance of Definitive Subordinated Notes.

 

Any Global Subordinated
Note exchanged in accordance with clause (i) or (ii) above will be so exchanged in whole and not in part, and any Global Subordinated
Note exchanged in accordance with clause (iii) above may be exchanged in whole or from time to time in part as directed by the
Depositary.

 

Upon the occurrence
of any of the preceding events in (i), (ii) or (iii) above, Definitive Subordinated Notes will be issued in fully registered form,
without interest coupons, will have an aggregate principal amount equal to that of the Global Subordinated Note or portion thereof
to be so exchanged, will be registered in such names and be in such authorized denominations as the Depositary will instruct the
Trustee in writing and will bear such legends as provided herein. Global Subordinated Notes also may be exchanged or replaced,
in whole or in part, as provided in Section 209 hereof. Every Subordinated Note authenticated and delivered in exchange for, or
in lieu of, a Global Subordinated Note or any portion thereof, in accordance with this Section 207 or Section 209 hereof, will
be authenticated and delivered in the form of, and will be, a Global Subordinated Note, except as otherwise provided herein. A
Global Subordinated Note may not be exchanged for another Subordinated Note other than as provided in this Section 207(3); however,
beneficial interests in a Global Subordinated Note may be transferred and exchanged as provided in Section 207(4) hereof.

 

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

 

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(4)              
The transfer and exchange of beneficial interests in the Global
Subordinated Notes will be effected through the Depositary in accordance with the Applicable Procedures and this Section 207.

 

(5)              
A Definitive Subordinated Note may not be exchanged for a beneficial
interest in a Global Subordinated Note unless the Company determines that the Subordinated Notes may be represented by Global Subordinated
Notes and so notifies the Trustee. After the Company has determined that the Subordinated Notes may be represented by Global Subordinated
Notes and so notifies the Trustee, then upon receipt by the Trustee of a Definitive Subordinated Note, duly endorsed or accompanied
by appropriate instruments of transfer, in form satisfactory to the Trustee, together with written instructions from such Holder
directing the Trustee to make, or to direct the Registrar to make, an adjustment on its books and records with respect to such
Global Subordinated Note to reflect an increase in the aggregate principal amount of the Subordinated Notes represented by the
Global Subordinated Note, such instructions to contain information regarding the Depositary account to be credited with such increase,
the Trustee will cancel such Definitive Subordinated Note and cause, or direct the Registrar to cause, in accordance with the standing
instructions and procedures existing between the Depositary and the Registrar, the aggregate principal amount of Subordinated Notes
represented by the Global Subordinated Note to be increased by the aggregate principal amount of the Definitive Subordinated Note
to be exchanged, and will credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Global Subordinated Note equal to the principal amount of the Definitive Subordinated Note so cancelled. If no
Global Subordinated Notes are then outstanding, the Company will issue and the Trustee will authenticate, upon Company Order, a
new Global Subordinated Note in the appropriate principal amount.

 

None of the Trustee or agents shall
have any responsibility, liability or obligation to any beneficial owner of a Global Subordinated Note, a member of, or a
participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee
or of any participant or member thereof, with respect to any ownership interest in the Securities or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depositary or its nominee) of any
notice (including any notice of redemption) or the payment of any amount under or with respect to such Subordinated Notes.
All notices and communications to be given to the Holders and all payments to be made to Holders under the Subordinated Notes
shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in
the case of a Global Subordinated Note). The rights of beneficial owners in any Global Subordinated Note shall be exercised
only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee and the agents may
rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members,
participants and any beneficial owners. The Company, the Trustee and the agents shall be entitled to deal with the
Depositary, and any nominee thereof, that is the registered Holder of any Global Subordinated Note for all purposes of this
Indenture relating to such Global Subordinated Note (including the payment of principal, premium, if any, and interest and
additional amounts, if any, and the giving of instructions or directions by or to the owner or Holder of a beneficial
ownership interest in such Global Subordinated Note) as the sole Holder of such Global Subordinated Note and shall have no
obligations to the beneficial owners thereof. None of the Company, the Trustee or any agent shall have any responsibility or
liability for any acts or omissions of the Depositary with respect to such Global Subordinated Note, for the records of any
such Depositary, including records in respect of beneficial ownership interests in respect of any such Global Subordinated
Note, for any transactions between the Depositary and any participant or between or among the Depositary, any such
participant and/or any Holder or owner of a beneficial interest in such Global Subordinated Note, or for any transfers of
beneficial interests in any such Global Subordinated Note.

 

    22

     

    

 

(6)              
At such time as all beneficial interests in a particular Global
Subordinated Note have been exchanged for Definitive Subordinated Notes or a particular Global Subordinated Note has been repurchased
or canceled in whole and not in part, each such Global Subordinated Note will be returned to or retained and canceled by the Trustee
in accordance with Section 212 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Subordinated
Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Subordinated Note or for Definitive Subordinated Notes, the principal amount of Subordinated Notes represented by such Global
Subordinated Note will be reduced accordingly by adjustments made on the records of the Trustee to reflect such reduction; and
if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Subordinated Note, such other Global Subordinated Note will be increased accordingly by adjustments
made on the records of the Trustee to reflect such increase.

 

(7)              
No Restricted Subordinated Note will be transferred or exchanged
except in compliance with the Private Placement Legend or as provided in accordance with Section 208. In addition to the provisions
for transfer and exchange set forth in this Section 207, the Trustee, any Registrar and Paying Agent (if a different Person than
the Trustee) and the Company may, prior to effecting any requested transfer or exchange of any Restricted Subordinated Notes, other
than an exchange in accordance with Section 208, require that legal counsel to the Holder or owner of beneficial interests requesting
such transfer or exchange deliver to the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the
Company, an Opinion of Counsel in compliance with this Indenture and additionally opining that the transfer or exchange is in compliance
with the requirements of the Private Placement Legend and that the Subordinated Note issued to the transferee or in exchange for
the Restricted Subordinated Note may be issued free of the Private Placement Legend. Any untransferred or unexchanged balance of
a Restricted Subordinated Note will be reissued to the Holder with the Private Placement Legend, unless the Private Placement Legend
may be omitted in accordance with Section 204, as evidenced by the Opinion of Counsel.

 

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Section
208         Exchange Offer.

 

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

 

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

 

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

 

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

 

Notwithstanding the
foregoing provisions of this Section 209, in case the outstanding principal balance of any mutilated, destroyed, lost or stolen
Subordinated Note has become or is about to become due and payable, or is about to be redeemed by the Company pursuant to Article
X hereof, the Company in its discretion may, instead of issuing a new Subordinated Note, pay or redeem such Subordinated Note,
as the case may be.

 

Upon the issuance of
any new Subordinated Note under this Section, the Company or the Trustee may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Trustee) connected therewith.

 

Every new
Subordinated Note issued in accordance with this Section in lieu of any destroyed, lost or stolen Subordinated Note will
constitute a separate obligation of the Company, whether or not the destroyed, lost or stolen Subordinated Note will be at
any time enforceable by anyone, and will be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Subordinated Notes duly issued hereunder.

 

    24

     

    

 

The provisions of this
Section, as amended or supplemented in accordance with this Indenture with respect to particular Subordinated Notes or generally,
will (to the extent lawful) be exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Subordinated Notes.

 

Section
210         Payment of Interest; Rights to Interest
Preserved.

 

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

 

Any interest on any
Subordinated Note that will be payable, but will not be punctually paid or duly provided for, on any Interest Payment Date for
such Subordinated Note (herein called “Defaulted Interest”) will cease to be payable to the Holder thereof on the relevant
Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election
in each case, as provided in clause (1) or (2) below:

 

(1)              
The Company may elect to make payment of any Defaulted Interest
to the Person in whose name such Subordinated Note will be registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest, which will be fixed in the following manner. The Company will notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on such Subordinated Note and the date of the proposed payment, and at
the same time the Company will deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or will make arrangements satisfactory to the Trustee for such deposit on or prior to the date
of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted
Interest as in this clause provided. Thereupon, the Company will fix or cause to be fixed a Special Record Date for the payment
of such Defaulted Interest, which will be no less than 15 days from the proposed payment. The Company (or, upon the written request
of the Company, the Trustee in the name and at the expense of the Company), will cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be delivered to the Holder of such Subordinated Note at the Holder’s address
as it appears in the Subordinated Note Register not less than 10 days prior to such Special Record Date. The Company may, in its
discretion, in the name and at the expense of the Company cause a similar notice to be published at least once in an Authorized
Newspaper of general circulation in the City of Atlanta, Georgia, but such publication will not be a condition precedent to the
establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor having been delivered as aforesaid, such Defaulted Interest will be paid to the Person in whose name such Subordinated
Note will be registered at the close of business on such Special Record Date and will no longer be payable under the following
clause (2).

 

    25

     

    

 

(2)              
 The Company may make payment of any Defaulted Interest in any
other lawful manner not inconsistent with the requirements of any securities exchange on which such Subordinated Note may be listed,
and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed
payment under this Clause, such payment will be deemed practicable by the Trustee.

 

Unless otherwise provided
in or under this Indenture or the Subordinated Notes, at the option of the Company, interest on Subordinated Notes that bear interest
may be paid by mailing a check to the address of the Person entitled thereto as such address will appear in the Subordinated Note
Register or by transfer to an account maintained by the payee with a bank located in the United States.

 

Subject to the foregoing
provisions of this Section and Section 207, each Subordinated Note delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Subordinated Note will carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Subordinated Note.

 

Section
211         Persons Deemed Owners.

 

Prior to due presentment
of a Subordinated Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Subordinated Note is registered in the Subordinated Note Register as the owner of such Subordinated
Note for the purpose of receiving payment of principal of, and (subject to Section 207 and Section 210) interest on, such Subordinated
Note and for all other purposes whatsoever, whether or not any payment with respect to such Subordinated Note will be overdue,
and neither the Company, the Trustee or any agent of the Company or the Trustee will be affected by notice to the contrary.

 

No holder of any beneficial
interest in any Global Subordinated Note held on its behalf by a Depositary will have any rights under this Indenture with respect
to such Global Subordinated Note, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company
or the Trustee as the owner of such Global Subordinated Note for all purposes whatsoever. None of the Company, the Trustee, any
Paying Agent or the Registrar will have any responsibility or liability for any aspect of the records relating to or payments made
on account of beneficial ownership interests of a Global Subordinated Note or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests.

 

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

 

    26

     

    

 

Section
212         Cancellation.

 

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

 

Section
213         Computation of Interest.

 

From and including
the original issue date of the Subordinated Notes to but excluding September 1, 2025 or the earlier redemption date contemplated
by Article X of this Indenture (the “Fixed Rate Period”), the rate at which the Subordinated Notes shall
bear interest shall be 5.50% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable
semi-annually in arrears on each Fixed Interest Payment Date, beginning on March 1, 2021. From and including September 1, 2025
to but excluding the Stated Maturity or earlier redemption date contemplated by Article X of this Indenture (the “Floating
Rate Period”), the rate at which the Subordinated Notes shall bear interest shall be a floating rate per annum, reset
quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined
below) of the applicable interest period plus a spread of 536.3 basis points, computed on the basis of a 360-day year and the actual
number of days elapsed and payable quarterly in arrears on each Floating Interest Payment Date. Notwithstanding the foregoing,
if the Floating Interest Rate is less than zero, then the Floating Interest Rate shall be deemed to be zero. A “Floating
Rate Interest Period” means, the period from, and including, each Floating Interest Payment Date to, but excluding,
the next succeeding Floating Interest Payment Date, except for the initial Floating Rate Interest Period, which will be the period
from, and including, September 1, 2025 to, but excluding, the next succeeding Floating Interest Payment Date. The term “Floating
Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation
Agent pursuant to the Three-Month Term SOFR Conventions. The Company or the Calculation Agent, as applicable, shall calculate the
amount of interest payable on any Interest Payment Date, and the Trustee shall have no duty to confirm or verify any such calculation.
Dollar amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up.

 

(a)              
The “Floating Interest Rate” means:

 

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

 

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

 

(1)               If
the Calculation Agent, determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition
Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to
Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and Section
213(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations
made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a
relevant Floating Rate Interest Period.

 

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(2)              
However, if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of
the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Rate Interest Period
will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined
by the Calculation Agent (as defined below).

 

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

 

(b)              
The Company shall take such actions as are necessary to ensure that from the commencement of the Floating Rate Period for
so long as any of the Subordinated Notes remain outstanding there will at all times be a Calculation Agent appointed to calculate
Three-Month Term SOFR in respect of each Floating Rate Period. The calculation of Three-Month Term SOFR for each applicable Floating
Rate Period by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent’s
determination of any interest rate and its calculation of interest payments for any period will be maintained on file at the Calculation
Agent’s principal offices, will be made available to any Holder of the Subordinated Notes upon request and will be provided
to the Trustee. The Calculation Agent shall have all the rights, protections and indemnities afforded to the Trustee hereunder.
The Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation
Agent or is removed by the Company, the Company will promptly appoint a replacement Calculation Agent. The Calculation Agent may
not resign its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent has not been
appointed by the Company and such successor accepted such position within 30 days after the giving of notice of resignation by
the Calculation Agent, then the resigning Calculation Agent may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Calculation Agent with respect to such Subordinated Notes. The Trustee shall not
be under any duty to succeed to, assume or otherwise perform, any duties of the Calculation Agent, or to appoint a successor or
replacement in the event of the Calculation Agent’s resignation or removal or to replace the Calculation Agent in the event
of a default, breach or failure of performance on the part of the Calculation Agent with respect to the Calculation Agent’s
duties and obligations hereunder. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company,
then the Company shall be the Calculation Agent. The Company may appoint itself or any of its Affiliates to be the Calculation
Agent.

 

    28

     

    

 

(c)              
Effect of Benchmark Transition Event.

 

(i)                
 If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
on or prior to the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any
date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes
during the Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates.

 

(ii)             
In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Holders
or any other party.

 

(iii)           
The Calculation Agent is expressly authorized to make certain determinations, decisions and elections under the terms of
the Subordinated Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section 213(c).
Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to the Benchmark transition
provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection:

 

(1)              
will be conclusive and binding on the Holders of the Subordinated Notes and the Trustee absent manifest error;

 

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

 

(3)              
if made by a Calculation Agent other than the Company, will be made after consultation with the Company, and the Calculation
Agent will not make any such determination, decision or election to which the Company reasonably objects; and

 

(4)              
notwithstanding anything to the contrary herein or in the Subordinated Note or the Purchase Agreement, shall become effective
without consent from the relevant Holders, the Trustee or any other party. If the Calculation Agent fails to make any determination,
decision or election that it is required to make under the terms of the Subordinated Notes, then the Company will make such determination,
decision or election on the same basis as described above.

 

(iv)            
For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred,
interest payable on the Subordinated Notes for each Floating Rate Interest Period will be an annual rate equal to the sum of the
applicable Benchmark Replacement plus 536.3 basis points.

 

(v)              
The Company (or its Calculation Agent) shall notify the Trustee in writing (1) upon the occurrence of the Benchmark Transition
Event or the Benchmark Replacement Date, and (2) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other
items affecting the interest rate on the Subordinated Notes after a Benchmark Transition Event.

 

    29

     

    

 

(vi)            
 The Trustee (including in its capacity as Paying Agent) shall have no (1) responsibility or liability for the (A) Three-Month
Term SOFR Conventions, (B) selection of an alternative reference rate to Three-Month Term SOFR (including, without limitation,
whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or
an Unadjusted Benchmark Replacement), (C) determination, selection or calculation of a Benchmark Replacement, or (D) determination
of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses (A) through
(D) above shall be entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided by the
Company or its Calculation Agent, as applicable, and (2) liability for any failure or delay in performing its duties hereunder
as a result of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation, as
a result of the Company’s or Calculation Agent’s failure or inability to select a Benchmark Replacement, the Company’s
or Calculation Agent’s failure or inability to calculate, or error or inaccuracy in calculating, a Benchmark, resignation
or removal of the Calculation Agent, or any inability, delay, error or inaccuracy on the part of the Company or Calculation Agent
in providing any direction, instruction, notice or information required or contemplated by the terms of this Indenture and reasonably
required for the performance of such duties. The Trustee shall be entitled to rely conclusively on all notices from the Company
or its Calculation Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to Three-Month
Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes.
The Trustee shall not be responsible or liable for the actions or omissions of the Calculation Agent, or any failure or delay in
the performance of the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee
the performance of the Calculation Agent. The Trustee shall be entitled to conclusively rely on any determination made, and any
instruction, notice, Officers’ Certificate or other instruction or information provided by the Calculation Agent without
independent verification, investigation or inquiry of any kind. The Trustee shall not be obligated to enter into any amendment
or supplement hereto that adversely impacts its rights, duties, obligations, immunities or liabilities (including, without limitation,
in connection with the adoption of any Benchmark Replacement Conforming Changes).

 

(vii)         
If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month
Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of
interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Calculation
Agent, then the relevant Three-Month Term SOFR Conventions will apply.

 

(viii)       
As used in this Subordinated Note:

 

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

 

    30

     

    

 

(2)            
 “Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark,
plus the Benchmark Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated
Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated
Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the
first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement
Date:

 

a.                  
The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;

 

b.                 
the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement
Adjustment;

 

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

 

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

 

If the Benchmark Replacement,
as determined pursuant to clause (a), (b), (c) or (d) above would be less than zero, the Benchmark Replacement will be deemed to
be zero.

 

(3)            
“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that
can be determined by the Calculation Agent, as of the Benchmark Replacement Date:

 

a.                  
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative
value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement;

 

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

 

c.                  
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent
giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated
floating rate notes at such time.

 

    31

     

    

 

(4)            
 “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement,
any technical, administrative or operational changes (including changes to the definition of “Floating Rate Interest Period,”
timing and frequency of determining rates with respect to each Floating Rate Interest Period and making payments of interest, rounding
of amounts or tenors and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the adoption
of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Calculation Agent decides that
adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no
market practice for use of the Benchmark Replacement exists, in such other manner as the Calculation Agent determines is reasonably
necessary).

 

(5)            
“Benchmark Replacement Date” means the earliest to occur of the following events with respect
to the then-current Benchmark:

 

a.                  
in the case of clause (a) of the definition of “Benchmark Transition Event,” the relevant Reference Time
in respect of any determination;

 

b.                 
in the case of clause (b) or (c) of the definition of “Benchmark Transition Event,”
the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date
on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

c.                  
in the case of clause (d) of the definition of “Benchmark Transition Event,” the date of such
public statement or publication of information referenced therein.

 

For the avoidance of
doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time
in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for
purposes of such determination. Further, for the avoidance of doubt, for purposes of this definition, references to the Benchmark
also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to
the Benchmark would include SOFR).

 

(6)            
“Benchmark Transition Event” means the occurrence of one or more of the following events with
respect to the then-current Benchmark:

 

a.                  
if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking
term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months
based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (iii) the Calculation
Agent determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;

 

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

 

    32

     

    

 

 

 

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

 

d.                 
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing
that the Benchmark is no longer representative.

 

For the avoidance of
doubt, for purposes of this definition, references to the Benchmark also include any reference rate underlying the Benchmark (for
example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).

 

(7)            
“Calculation Agent” means such bank or other entity (which may be the Company or an affiliate
of the Company) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes prior to the commencement
of the Floating Rate Period. The initial Calculation Agent shall be the Company.

 

(8)            
“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor,
with the rate, or methodology for this rate, and conventions for this rate being established by the Calculation Agent in accordance
with:

 

a.                  
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental
Body for determining Compounded SOFR; provided that:

 

b.                 
if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with
clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected
by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. dollar denominated floating
rate notes at such time.

 

For the avoidance of
doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment and the spread defined in Section 213.

 

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

 

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

 

    33

     

    

 

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

 

(12)           
“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding
Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available)
that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available)
that is longer than the Corresponding Tenor.

 

(13)          
“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.

 

(14)          
“ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, as amended or supplemented
from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

 

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

 

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

 

(17)          
“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark
is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions,
and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the
Benchmark Replacement Conforming Changes.

 

(18)          
“Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

 

(19)          
“SOFR” means the secured overnight financing rate published by the FRBNY, as the administrator
of the Benchmark (or a successor administrator), on the FRBNY’s Website.

 

(20)          
“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

(21)          
“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the
administrator of Term SOFR (or a successor administrator).

 

    34

     

    

 

(22)          
 “Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published
by the Term SOFR Administrator at the Reference Time for any Floating Rate Interest Period, as determined by the Calculation Agent
after giving effect to the Three-Month Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month
Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded
up to 0.00001%.

 

(23)          
“Three-Month Term SOFR Conventions” means any determination, decision or election with respect
to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month
Term SOFR, or changes to the definition of “Floating Rate Interest Period”, timing and frequency of determining Three-Month
Term SOFR with respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts or tenors, and
other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term SOFR
as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption
of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice
for the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary).

 

(24)          
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
Adjustment.

 

(d)              
In the event that any Fixed Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day
(as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional
interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating
Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed
to the next day that is a Business Day and no interest will accrue on the amount payable on such date or at such time for the period
from and after such Floating Interest Payment Date. However, if the postponement would cause the day to fall in the next calendar
month during the Floating Rate Interest Period, the Floating Interest Payment Date shall instead be brought forward to the immediately
preceding Business Day.

 

Section
214         CUSIP Numbers.

 

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

 

    35

     

    

 

ARTICLE
III

SATISFACTION AND DISCHARGE OF INDENTURE

 

Section 301        Satisfaction
and Discharge.

 

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

 

(1)              
either

 

(a)              
all Subordinated Notes theretofore authenticated and delivered (other than (i) Subordinated Notes that have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 209 and (ii) Subordinated Notes for whose
payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 903) have been delivered to the Trustee for cancellation; or

 

(b)              
all Subordinated Notes that have not been delivered to the Trustee for cancellation (i) have become due and payable,
or (ii) will become due and payable at their Stated Maturity within one year, or (iii) if redeemable at the option of the Company,
are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for such purpose, an amount sufficient to pay and discharge
the entire indebtedness on such Subordinated Notes not theretofore delivered to the Trustee for cancellation, including the principal
of, and interest on, such Subordinated Notes, to the date of such deposit (in the case of Subordinated Notes which have become
due and payable) or to the Maturity thereof, as the case may be;

 

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

 

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

 

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

 

Section
302         Defeasance and Covenant Defeasance.

 

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

 

    36

     

    

 

(2)               Upon
the Company’s exercise of the above option applicable to this Section 302(2), the Company will be deemed to have been
discharged from its obligations with respect to such Outstanding Subordinated Notes on the date the conditions set
forth in clause (4) of this Section 302 are satisfied (“Legal Defeasance”). For this purpose, Legal
Defeasance means that the Company will be deemed to have paid and discharged the entire indebtedness represented by such
Outstanding Subordinated Notes, which will thereafter be deemed to be “Outstanding” only for the purposes of
Section 302(5) and the other Sections of this Indenture referred to in clauses (i) through (iv) of this paragraph, and to
have satisfied all of its other obligations under such Subordinated Notes and this Indenture insofar as such Subordinated
Notes are concerned (and the Trustee, at the expense of the Company, will execute proper instruments acknowledging the same),
except for the following which will survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of
such Outstanding Subordinated Notes to receive, solely from the trust fund described in Section 302(4)(a) and as more fully
set forth in this Section 302 and Section 303, payments in respect of the principal of and interest, if any, on, such
Subordinated Notes when such payments are due, (ii) the obligations of the Company and the Trustee with respect to such
Subordinated Notes under Section 207, Section 209, Section 902 and Section 903, (iii) the rights, powers, trusts, duties and
immunities of the Trustee hereunder and (iv) this Section 302 and Section 303. The Company may exercise its option under this
Section 302(2) notwithstanding the prior exercise of its option under Section 302(3) with respect to such Subordinated
Notes.

 

(3)              
Upon the Company’s exercise of the above option applicable
to this Section 302(3), the Company will be released from its obligations under clauses (ii) and (iii) of Section 904 and under
Section 905, Section 907 and Section 908 on and after the date the conditions set forth in Section 302(4) are satisfied (“Covenant
Defeasance”), and such Subordinated Notes will thereafter be deemed to be not “Outstanding” for the purposes
of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any
such covenant, but will continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such
Covenant Defeasance means that with respect to such Outstanding Subordinated Notes, the Company may omit to comply with, and will
have no liability in respect of, any term, condition or limitation set forth in any such Section or any such other covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of
reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to
comply will not constitute a default, but, except as specified above, the remainder of this Indenture and such Subordinated Notes
will be unaffected thereby.

 

(4)              
The following will be the conditions to application of Section
302(2) or Section 302(3) to any Outstanding Subordinated Notes:

 

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

 

    37

     

    

 

(b)              
Such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default
under, this Indenture or any other material agreement or instrument to which the Company or any Subsidiary thereof is a party or
by which it is bound.

 

(c)              
No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect
to such Subordinated Notes will have occurred and be continuing on the date of such deposit, and, solely in the case of Legal Defeasance
under Section 302(2), no Event of Default, or event which with notice or lapse of time or both would become an Event of Default,
under Section 401 will have occurred and be continuing at any time during the period ending on and including the 91st
day after the date of such deposit (it being understood that this condition to Legal Defeasance under Section 302(2) will not be
deemed satisfied until the expiration of such period),

 

(d)              
In the case of Legal Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee stating that (i) the Company has received from, or there has been published by, the Internal Revenue
Service a ruling or (ii) since the date of this Indenture there has been a change in applicable federal income tax law, in either
case to the effect that, and based thereon such opinion of independent counsel will confirm that, the Holders of such Outstanding
Subordinated Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Legal Defeasance had not occurred.

 

(e)              
In the case of Covenant Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee to the effect that the Holders of such Outstanding Subordinated Notes will not recognize income, gain
or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred.

 

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

 

(g)              
If the moneys or Government Obligations or combination thereof, as the case may be, deposited under Section 302(4)(a)
above are sufficient to pay the principal of, and interest, if any, on, such Subordinated Notes provided such Subordinated Notes
are redeemed on a particular Redemption Date, the Company will have given the Trustee irrevocable instructions to redeem such Subordinated
Notes on such date and to provide notice of such redemption to Holders as provided in or under this Indenture.

 

(h)              
The Trustee will have received such other documents, assurances and Opinions of Counsel as the Trustee will have
reasonably required.

 

    38

     

    

 

(5)              
 Subject to the provisions of the last paragraph of Section
903, all money and Government Obligations deposited with the Trustee (or other qualifying trustee, collectively for purposes of
this Section 302(5), the “Trustee”) in accordance with Section 302(4)(a) in respect of any Outstanding Subordinated
Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Subordinated Notes and this Indenture,
to the payment, either directly or through any Paying Agent (other than the Company or any Subsidiary or Affiliate of the Company
acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due and to become due thereon in respect of principal
and interest but such money and Government Obligations need not be segregated from other funds, except to the extent required by
law.

 

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

 

Section
303         Application of Trust Money.

 

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

 

Section
304         Reinstatement.

 

If the Trustee (or
other qualifying trustee appointed in accordance with Section 302(4)(a)) or any Paying Agent is unable to apply any moneys or Government
Obligations deposited in accordance with Section 301(1) or Section 302(4)(a) to pay any principal of, or interest, if any, on,
the Subordinated Notes by reason of any legal proceeding or any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Subordinated
Notes will be revived and reinstated as though no such deposit had occurred, until such time as the Trustee (or other qualifying
trustee) or Paying Agent is permitted to apply all such moneys and Government Obligations to pay the principal of, and interest,
if any, on the Subordinated Notes as contemplated by Section 301 or Section 302, as the case may be; provided, however, that if
the Company makes any payment of the principal of, or interest, if any, on, the Subordinated Notes following the reinstatement
of its obligations as aforesaid, the Company will be subrogated to the rights of the Holders of such Subordinated Notes to receive
such payment from the funds held by the Trustee (or other qualifying trustee) or Paying Agent.

 

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Section 305        Effect
on Subordination Provisions.

 

The provisions of Article
XI are expressly made subject to the provisions for, and to the right of the Company to effect, the satisfaction and discharge
of all of the Subordinated Notes as set forth in and in accordance with Section 301 and the provisions for, and to the right of
the Company to effect, Legal Defeasance and Covenant Defeasance of all of the Subordinated Notes as set forth in and in accordance
with Section 302. As a result, and anything herein to the contrary notwithstanding, if the Company complies with the provisions
of Section 301 to effect the satisfaction and discharge of the Subordinated Notes or complies with the provisions of Section 302
to effect the Legal Defeasance or Covenant Defeasance, upon the effectiveness of such satisfaction and discharge in accordance
with Section 301 or of Legal Defeasance or Covenant Defeasance in accordance with Section 302, in the case of satisfaction and
discharge in accordance with Section 301, or, in the case of Legal Defeasance or Covenant Defeasance in accordance with Section
302, the Subordinated Notes as to which Legal Defeasance or Covenant Defeasance, as the case may be, will have become effective
will thereupon cease to be so subordinated in right of payment to the Senior Indebtedness and will no longer be subject to the
provisions of Article XI and, without limitation to the foregoing, all moneys and Government Obligations deposited with the Trustee
(or other qualifying trustee) in trust in connection with such satisfaction and discharge. Legal Defeasance or Covenant Defeasance,
as the case may be, and all proceeds therefrom may be applied to pay the principal of, and interest, if any, on, such Subordinated
Notes as and when the same will become due and payable notwithstanding the provisions of Article XI without regard to whether any
or all of the Senior Indebtedness then outstanding will have been paid or otherwise provided for.

 

ARTICLE
IV

REMEDIES

 

Section
401         Events of Default; Acceleration.

 

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

 

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

 

(2)              
the commencement by the Company of a voluntary case under any
applicable bankruptcy, insolvency or reorganization law, now or hereafter in effect of the United States or any political subdivision
thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case or proceeding under
any such law;

 

(3)              
the failure of the Company to pay any installment of interest
on any of the Subordinated Notes as and when the same will become due and payable, and the continuation of such failure for a period
of 30 days;

 

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(4)              
 the failure of the Company to pay all or any part of the principal
of any of the Subordinated Notes as and when the same will become due and payable under this Indenture;

 

(5)              
the failure of the Company to perform any other covenant or
agreement on the part of the Company contained in the Subordinated Notes or in this Indenture, and the continuation of such failure
for a period of 60 days after the date on which notice specifying such failure, stating that such notice is a “Notice of
Default” hereunder and demanding that the Company remedy the same, will have been given, in the manner set forth in Section
105, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount
of the Subordinated Notes at the time Outstanding; or the default by the Company under any bond, debenture, note or other evidence
of indebtedness for money borrowed by the Company having an aggregate principal amount outstanding of at least $25,000,000, whether
such indebtedness now exists or is created or incurred in the future, which default (i) constitutes a failure to pay any portion
of the principal of such indebtedness when due and payable after the expiration of any applicable grace period or (ii) results
in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due
and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause (ii), without
such indebtedness having been discharged or such acceleration having been rescinded or annulled.

 

Upon becoming aware
of any Event of Default, the Company will promptly deliver to the Trustee a written statement specifying the Event of Default.

 

If an Event of Default
described in Section 401(1) or Section 401(2) occurs, then the principal amount of all of the Outstanding Subordinated Notes, and
accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder, and the Company waives demand, presentment for payment,
notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the
Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in Section
401(1) or Section 401(2), neither the Trustee nor any Holder may accelerate the Maturity of the Subordinated Notes and make the
principal of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable.

 

If any Event of Default
occurs and is continuing, the Trustee may also pursue any other available remedy to collect the payment of principal of, and interest
on, the Subordinated Notes or to enforce the performance of any provision of the Subordinated Notes or this Indenture.

 

Section
402         Failure to Make Payments.

 

If an Event of
Default described in Section 401(3) or Section 401(4) occurs, the Company will, upon demand of the Trustee, pay to the
Trustee, for the benefit of the Holders of such Subordinated Notes, the whole amount then due and payable with respect to
such Subordinated Notes, with interest upon the overdue principal, and, to the extent permitted by applicable law, upon any
overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to such
Subordinated Notes or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of
interest borne by such Subordinated Notes, and, in addition thereto, such further amount of money as will be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel and all other amounts due to the Trustee under Section 507.

 

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If the Company fails
to pay the money it is required to pay the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree,
and may enforce the same against the Company or any other obligor upon such Subordinated Notes and collect the moneys adjudged
or decreed to be payable in the manner provided by law out of the property of the Company, wherever situated.

 

The Trustee may proceed
to protect and enforce its rights and the rights of the Holders of Subordinated Notes by such appropriate judicial proceedings
as the Trustee will deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other proper
remedy.

 

Upon an Event of Default
or the occurrence of a failure by the Company to make any required payment of principal or interest on the Subordinated Notes,
the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment
with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or
repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or make
any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions
in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s Common Stock;
(ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance
of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result
of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s
capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares
of Company’s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security
being converted or exchanged; or (v) purchases of any class of Company’s Common Stock related to the issuance of Common Stock
or rights under any benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment
plans.

 

Section
403         Trustee May File Proofs of Claim.

 

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

 

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

  

    42

     

    

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is authorized by each Holder to make
such payments to the Trustee and, in the event that the Trustee will consent to the making of such payments directly to the Holders
and to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements, and advances of the Trustee,
its agents and counsel, and any other amounts due hereunder.

 

No provision of this
Indenture will be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment, or composition affecting the Subordinated Notes or the rights of any Holder or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, the Trustee may vote on behalf
of the Holders for the election of a trustee in bankruptcy or similar official and may be a member of a creditors, or other similar
committee.

 

Section
404         Trustee May Enforce Claims Without Possession
of Subordinated Notes.

 

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

 

Section
405         Application of Money Collected.

 

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

 

FIRST: To the payment
of all amounts due the Trustee, acting in any capacity hereunder, (including any predecessor trustee) under Section 507;

 

SECOND: To the payment
of amounts then due and unpaid to the holders of Senior Indebtedness, to the extent required under the Subordination Provisions
established with respect to the Subordinated Notes;

 

    43

     

    

 

THIRD: To the
payment of the amounts then due and unpaid for principal of and any interest on the Subordinated Notes in respect of which or
for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
aggregate amounts due and payable on such Subordinated Notes for principal and interest, respectively; and

 

FOURTH: The balance,
if any, to the Person or Persons entitled thereto.

 

Section
406         Limitation on Suits.

 

No Holder of any Subordinated
Note will have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or any Subordinated
Notes, or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, unless:

 

(1)              
such Holder has previously given written notice to the Trustee
of a continuing Event of Default with respect to the Subordinated Notes;

 

(2)              
the Holders of not less than 25% in aggregate principal amount
of the Outstanding Subordinated Notes will have made written request to the Trustee to institute proceedings in respect of such
Event of Default in its own name as Trustee under the Indenture;

 

(3)              
such Holder or Holders have offered to the Trustee security
and indemnity reasonably satisfactory to the Trustee against the costs, expenses, and liabilities to be incurred in compliance
with such request;

 

(4)              
the Trustee for 60 days after its receipt of such notice, request,
and offer of indemnity has failed to institute any such proceeding; and

 

(5)              
no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a majority in the aggregate principal amount of the Outstanding
Subordinated Notes;

 

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

 

Section
407         Unconditional Right of Holders to Payments.

 

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

 

Section
408         Restoration of Rights and Remedies.

 

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

 

    44

     

    

 

Section
409         Rights and Remedies Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Subordinated Notes in the last paragraph
of Section 209, no right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to
be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given under this Indenture or now or in the future existing at law or in equity or otherwise.
The assertion or employment of any right or remedy under this Indenture, or otherwise, will not prevent the concurrent assertion
or employment of any other appropriate right or remedy.

 

Section
410         Delay or Omission Not Waiver.

 

No delay or omission
of the Trustee or of any Holder of any Subordinated Notes to exercise any right or remedy accruing upon any Event of Default will
impair any such right or remedy or constitute a waiver of or acquiescence in any such Event of Default. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

 

Section
411         Control by Holders.

 

The Holders of a majority
in aggregate principal amount of the Outstanding Subordinated Notes will have the right to direct the time, method, and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Subordinated Notes, provided that:

 

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

 

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

 

(3)              
the Trustee will have the right to decline to follow any such
direction if the Trustee in good faith will determine that the proceeding so directed would be unjustly prejudicial to the Holders
not joining in any such direction or would involve the Trustee in personal liability.

 

Section
412         Waiver of Past Defaults.

 

The Holders of
not less than a majority in aggregate principal amount of the Outstanding Subordinated Notes may on behalf of the Holders of
all the Subordinated Notes waive any past default under this Indenture and its consequences, except a default in the payment
of the principal of, or interest on, any Subordinated Note, or in respect of a covenant or provision of this Indenture which
under Article VIII cannot be modified or amended without the consent of the Holder of each Outstanding Subordinated Note.

 

    45

     

    

 

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

 

Section
413         Undertaking for Costs.

 

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

 

ARTICLE
V

THE TRUSTEE

 

Section
501         Duties of Trustee.

 

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

 

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

 

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

 

(b)              
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the
requirements hereof; however, the Trustee will examine the certificates and opinions to determine whether or not they conform to
the requirements hereof (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

  

    46

     

    

 

 

(3)          Whether or not therein expressly so provided, every provision
hereof that in any way relates to the Trustee is subject to paragraphs (1) and (2) of this Section 501 and to Section 502.

 

(4)          No provision hereof will require the Trustee to expend or risk
its own funds or incur any liability.

 

(5)          The Trustee will not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from
other funds except to the extent required by law.

 

Section
502         Certain Rights of Trustee.

 

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

 

(1)          the Trustee may conclusively rely and will be protected in acting
or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and
to have been signed or presented by the proper party or parties;

 

(2)          any
request or direction of the Company mentioned herein will be sufficiently evidenced by a Company Request or a Company Order (unless
other evidence in respect thereof be herein specifically prescribed) and any resolution of the Board of Directors may be sufficiently
evidenced by a Board Resolution;

 

(3)          whenever
in the administration of this Indenture the Trustee will deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence will be herein specifically prescribed) may, in
the absence of bad faith on its part, rely upon an Officers’ Certificate or Opinion of Counsel, or both, which will comply
with Section 102;

 

(4)          before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate
or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will
be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon. The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any agent appointed with due care.

 

(5)          the Trustee will be under no obligation to exercise any of the
rights or powers vested in it by or under this Indenture at the request or direction of any Holder(s) under this Indenture, unless
such Holder(s) will have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or direction;

 

    47

     

    

 

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

 

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

 

(8)          the Trustee will not be liable for any action taken, suffered
or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or
powers conferred upon it by this Indenture;

 

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

 

(10)        the
Trustee will not be required to take notice or be deemed to have notice of any Event of Default, except failure by the Company
to pay or cause to be made any of the payments required to be made to the Trustee, unless a Responsible Officer shall receive
by a writing of such default by the Company or by the Holders of at least 25% in aggregate principal amount of the then Outstanding
Subordinated Notes delivered to the Corporate Trust Office of the Trustee and in the absence of such notice so delivered the Trustee
may conclusively assume no Event of Default exists;

 

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

 

(12)        the Trustee may request that the Company deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions under this Indenture;

 

(13)        the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;

 

(14)       the
Trustee shall not be liable or responsible for any calculation in connection with the transactions contemplated hereunder or for
any information used in connection with such calculation;

 

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(15)        the
Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Subordinated Notes unless either
(A) with respect to any payment default, a Responsible Officer has actual knowledge of such default or Event of Default or (B)
a written notice of such default or Event of Default shall have been given to a Responsible Officer by the Company or by any Holder
of the Subordinated Notes;

 

(16)        the
Trustee shall have no duty or obligation to monitor the Company’s compliance with the terms of this Indenture or to ascertain
or inquire as to the observance, performance of any covenants, conditions or agreements of the Company except as expressly set
forth in this Indenture;

 

(17)        the
Trustee shall not be liable with respect to any action taken, suffered, or omitted to be taken by it in good faith in accordance
with the direction of the Company or the Holders of at least a majority in aggregate principal amount of the Outstanding Subordinated
Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee under this Indenture;
and

 

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

 

Section
503         Notice of Defaults.

 

Within 90 days after
the Trustee is notified of the occurrence of any default hereunder with respect to the Subordinated Notes, the Trustee will deliver
to all Holders entitled to receive reports in accordance with Section 603(3), notice of such default hereunder known to the Trustee,
unless such default will have been cured or waived; provided, however, that, except in the case of a default in the payment of
the principal of or interest, if any, on, any Subordinated Note, the Trustee will be protected in withholding such notice if and
so long as the Trustee in good faith determines that the withholding of such notice is in the best interest of the Holders. For
the purpose of this Section, the term “default” means any event that is, or after notice or lapse of time or both would
become, an Event of Default with respect to Subordinated Notes.

 

Section
504         Not Responsible for Recitals or Issuance
of Subordinated Notes.

 

The recitals
contained herein and in the Subordinated Notes, except the Trustee’s certificate of authentication, will be taken as
the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Subordinated
Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the
Subordinated Notes and perform its obligations hereunder and that the statements made by it in any Statement of Eligibility
on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the
Trustee nor any Authenticating Agent will be accountable for the use or application by the Company of the Subordinated Notes
or the proceeds thereof. The Trustee will not be responsible for and makes no representation as to the validity or adequacy
of this Indenture or the Subordinated Notes, it will not be accountable for the Company’s use of the proceeds from the
Subordinated Notes or any money paid to the Company or upon the Company’s direction under any provision hereof, it will
not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will
not be responsible for any statement or recital herein or any statement in the Subordinated Notes or any other document in
connection with the sale of the Subordinated Notes or under this Indenture other than its certificate of authentication.

 

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Section
505         May Hold Subordinated Notes.

 

The Trustee, any Authenticating
Agent, any Paying Agent, any Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual
or any other capacity, may become the owner or pledgee of Subordinated Notes and, subject to Section 310(b) and Section 311 of
the Trust Indenture Act, may otherwise deal with the Company with the same rights that it would have if it were not Trustee, Authenticating
Agent, Paying Agent, Registrar or such other Person.

 

Section
506         Money Held in Trust.

 

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

 

Section
507         Compensation and Reimbursement.

 

The Company agrees:

 

(1)         
to pay to the Trustee from time to time compensation as agreed
in writing among the parties hereto for all services rendered by the Trustee acting in any capacity hereunder (which compensation
will not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(2)         
except as otherwise expressly provided herein, to reimburse
the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be attributable to the Trustee’s gross negligence or willful
misconduct; and

 

(3)         
to indemnify each of the Trustee acting in any capacity or any
predecessor Trustee and their agents for, and to hold them harmless against, any loss, damage, claim, liability, action, suit,
cost or expense of any kind whatsoever (including, without limitation, the reasonable fees and disbursements of the Trustee’s
agents, legal counsel, accountants and experts) and including taxes (other than taxes based upon, measured by or determined by
the income of the Trustee), arising out of or in connection with the acceptance or administration of its duties hereunder, including
the costs and expenses of enforcing this Indenture against the Company (including this Section 507) and defending itself against
any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise or
performance of any of their powers or duties hereunder, or in connection with enforcing the provisions of this Section, except
to the extent that any such loss, liability or expense was due to the Trustee’s gross negligence or willful misconduct.

 

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

 

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As security for the
performance of the obligations of the Company under this Section, the Trustee will have a lien prior to the Subordinated Notes
upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of,
or interest on. Subordinated Notes. Such lien will survive the satisfaction and discharge hereof.

 

Any compensation or
expense incurred by the Trustee after a default specified by Section 401 is intended to constitute an expense of administration
under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 507 will include any
predecessor Trustee, but the gross negligence or bad faith of any Trustee will not affect the rights of any other Trustee under
this Section 507. The provisions of this Section 507 will, to the extent permitted by law, survive any termination of this Indenture
(including, without limitation, termination in accordance with any Bankruptcy Laws) and the resignation or removal of the Trustee.

 

Section
508         Corporate Trustee Required; Eligibility.

 

(1)          There
will at all times be a Trustee hereunder that is a corporation, organized and doing business under the laws of the United States,
any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under
an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with
Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal
or state authority. The Trustee will also satisfy the requirements of Section 310(a)(5) of the Trust Indenture Act. If at any
time the Trustee will cease to be eligible in accordance with the provisions of this Section, it will resign immediately in the
manner and with the effect hereinafter specified in this Article,

 

(2)          The
Trustee will comply with Section 310(b) of the Trust Indenture Act; provided, however, that there will be excluded from the operation
of Section 310(b)(1) of the Trust Indenture Act this Indenture or any indenture or indentures under which other securities or
certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion
set forth in Section 310(b)(1) of the Trust Indenture Act are met.

 

Section
509         Resignation and Removal; Appointment
of Successor.

 

(1)          No
resignation or removal of the Trustee and no appointment of a successor Trustee in accordance with this Article V will become
effective until the acceptance of appointment by the successor Trustee in accordance with Section 510.

 

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

 

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(3)          The Trustee may be removed at any time with respect to the
Subordinated Notes by Act of the Holders of a majority in principal amount of the Outstanding Subordinated Notes, delivered to
the Trustee and the Company.

 

If at any time:

 

(a)           the Trustee will fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture
Act with respect to Subordinated Notes after written request therefor by the Company or any Holder who has been a bona fide Holder
for at least six months,

 

(b)           the Trustee will cease to be eligible under Section 508 and will fail to resign after written request therefor by
the Company or any such Holder, or

 

(c)           the
Trustee will become incapable of acting or will be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
will be appointed or any public officer will take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company,
by or in accordance with a Board Resolution, may remove the Trustee with respect to the Subordinated Notes, or (ii) subject to
Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect
to all Subordinated Notes and the appointment of a successor Trustee or Trustees.

 

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

 

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

 

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Section 510         Acceptance
of Appointment by Successor.

 

(1)          Upon
the appointment hereunder of any successor Trustee with respect to all Subordinated Notes, such successor Trustee so appointed
will execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee will become effective and such successor Trustee, without any further act,
deed or conveyance, will become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but,
on the request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, will execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject
to Section 903, will duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 507.

 

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

 

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

 

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

 

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

 

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

 

Section
512         Appointment of Authenticating Agent.

 

The Trustee may appoint
one or more Authenticating Agents acceptable to the Company with respect to the Subordinated Notes which will be authorized to
act on behalf of the Trustee to authenticate Subordinated Notes issued upon original issue, exchange, registration of transfer,
partial redemption, partial repayment, or in accordance with Section 209, and Subordinated Notes so authenticated will be entitled
to the benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
Wherever reference is made in this Indenture to the authentication and delivery of Subordinated Notes by the Trustee or the Trustee’s
certificate of authentication, such reference will be deemed to include authentication and delivery on behalf of the Trustee by
an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.

 

Each Authenticating
Agent will be reasonably acceptable to the Company and, except as provided in or under this Indenture, will at all times be a corporation
that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act,
is authorized under applicable law and by its charter to act as an Authenticating Agent and has a combined capital and surplus
(computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision
or examination by federal or state authority. If at any time an Authenticating Agent will cease to be eligible in accordance with
the provisions of this Section, it will resign immediately in the manner and with the effect specified in this Section.

 

Any corporation
into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any corporation
succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, will
be the successor of such Authenticating Agent hereunder, provided such corporation will be otherwise eligible under this
Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating
Agent.

 

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An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent will cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that will be acceptable
to the Company and will deliver written notice of such appointment by first-class mail, postage prepaid, to all Holders with respect
to which such Authenticating Agent will serve, as their names and addresses appear in the Subordinated Note Register. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, will become vested with all the rights, powers and duties of
its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent
will be appointed unless eligible under the provisions of this Section 512.

 

The Company agrees
to pay each Authenticating Agent from time to time reasonable compensation for its services under this Section. If the Trustee
makes such payments, it will be entitled to be reimbursed for such payments, subject to the provisions of Section 507.

 

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

 

If an Authenticating
Agent is appointed under this Section, the Subordinated Notes may have endorsed thereon, in addition to or in lieu of the Trustee’s
certificate of authentication, an alternate certificate of authentication in substantially the following form:

 

This is one of the
Subordinated Notes designated herein referred to in the within-mentioned Indenture.

 

 

	 	 
	 	As Trustee
	 	 
	 	By:	                    
	 	 	As Authenticating Agent
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

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Section
513         Preferred Collection of Claims against
Company.

 

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

 

ARTICLE
VI

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section
601         Holder Lists.

 

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

 

Section
602         Preservation of Information; Communications
to Holders.

 

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

 

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

 

Section
603         Reports by Trustee.

 

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

 

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

 

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

 

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Section
604         Reports by Company.

 

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

 

(a)           file with the Trustee, within 15 days after the Company files the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission in accordance
with Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports
in accordance with either of said Sections, then it will file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports
that may be required in accordance with Section 13 of the Exchange Act in respect of a security listed and registered on a national
securities exchange as may be prescribed from time to time in such rules and regulations;

 

(b)           file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by
the Commission, such additional certificates, information, documents and reports with respect to compliance by the Company with
the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

 

(c)           transmit to the Holders within 30 days after the filing thereof with the Trustee, in the manner and to the extent
provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be
filed by the Company in accordance with paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed
from time to time by the Commission. Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such will not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates).

 

(2)       The
Company intends to file the reports referred to in Section 604(1) with the Commission in electronic form in accordance with
Regulation S-T of the Commission using the Commission’s Electronic Data Gathering, Analysis and Retrieval system.
Compliance with the foregoing, or any successor electronic system approved by the Commission, will constitute delivery by the
Company of such reports to the Trustee and Holders in compliance with the provision of Section 604(1) and Trust Indenture Act
Section 314(a). Notwithstanding anything to the contrary herein, the Trustee will have no duty to search for or obtain any
electronic or other filings that the Company makes with the Commission, regardless of whether such filings are periodic,
supplemental or otherwise. Delivery of the reports, information and documents to the Trustee in accordance with this Section
604(2) will be solely for the purposes of compliance with Section 604(1) and with Trust Indenture Act Section 314(a). The
Trustee’s receipt of such reports, information and documents is for informational purposes only and the Trustee’s
receipt of such will not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). The Trustee shall have no liability or responsibility for the
filing, content or timelines of any report hereunder aside from any report reported under Section 603 hereof.

 

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ARTICLE
VII

SUCCESSORS

 

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

 

The Company will not,
in any transaction or series of related transactions, consolidate with or merge into any Person or sell, assign, transfer, lease
or otherwise convey all or substantially all its properties and assets to any Person, unless:

 

(1)          either the Company will be the continuing Person (in the case
of a merger), or the successor Person (if other than the Company) formed by such consolidation or into which the Company is merged
or which acquires by sale, assignment, transfer, lease or other conveyance all or substantially all the properties and assets of
the Company will be a corporation organized and existing under the laws of the United States, any state thereof or the District
of Columbia and will expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental
hereto, executed by such successor corporation and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual
payment of the principal of, and interest on, all the Outstanding Subordinated Notes and the due and punctual performance and observance
of every obligation in this Indenture and the Outstanding Subordinated Notes on the part of the Company to be performed or observed;

 

(2)          immediately
after giving effect to such transaction and treating any indebtedness that becomes an obligation of the Company or any Subsidiary
as a result of that transaction as having been incurred by the Company or any Subsidiary at the time of the transaction, no Event
of Default, and no event which, after notice or lapse of time, or both, would become an Event of Default, will have occurred and
be continuing;

 

(3)          if, as a result of any such consolidation or merger or such conveyance,
transfer or lease, such properties or assets would become subject to a mortgage, pledge, lien, security interest or other encumbrance
which would not be permitted by this Indenture, the Company or such successor Person, as the case may be, shall take such steps
as shall be necessary effectively to secure the Subordinated Notes equally and ratably with (or prior to) all indebtedness secured
thereby and such encumbrances shall be deemed to be permitted by this Indenture; and

 

(4)          either
the Company or the successor Person will have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental indenture
is required in connection with such transaction, such supplemental indenture comply with this Article VII and that all conditions
precedent herein provided for relating to such transaction have been complied with.

 

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

 

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Section
702         Successor Person Substituted for Company.

 

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

 

ARTICLE
VIII

SUPPLEMENTAL INDENTURES

 

Section
801         Supplemental Indentures without Consent
of Holders.

 

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

 

(1)          to evidence the succession of another Person to the Company,
and the assumption by any such successor of the covenants of the Company contained herein and in the Subordinated Notes;

 

(2)          to
add to the covenants of the Company for the benefit of the Holders (as will be specified in such supplemental indenture or indentures)
or to surrender any right or power herein conferred upon the Company with respect to the Subordinated Notes issued under this
Indenture (as will be specified in such supplemental indenture or indentures);

 

(3)          to
permit or facilitate the issuance of Subordinated Notes in uncertificated or global form, provided any such action will not adversely
affect the interests of the Holders;

 

(4)          to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Subordinated Notes
and to add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, in accordance with the requirements of Section 510;

 

(5)          to cure any ambiguity or to correct or supplement any provision
herein that may be defective or that may be inconsistent with any other provision herein;

 

(6)          to
make any other provisions with respect to matters or questions arising under this Indenture that will not adversely affect the
interests of the Holders of then Outstanding Subordinated Notes;

 

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(7)          to add any additional Events of Default (as will be specified
in such supplemental indenture);

 

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

 

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

 

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

 

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

 

Section
802         Supplemental Indentures with Consent
of Holders.

 

With the consent of
the Holders of not less than a majority in aggregate principal amount of the Outstanding Subordinated Notes, by Act of said Holders
delivered to the Company and the Trustee, the Company (when authorized by or in accordance with a Board Resolution), and the Trustee
may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of the Subordinated Notes or of modifying in any manner the rights of
the Holders under this Indenture; provided, that no such supplemental indenture, without the consent of the Holder of each Outstanding
Subordinated Note affected thereby, will

 

(1)         
reduce the rate of or change the time for payment of interest,
including Defaulted Interest, on any Subordinated Notes;

 

(2)          reduce the principal of or change the Stated Maturity of any
Subordinated Notes, or change the date on which any Subordinated Notes may be subject to redemption or reduce the Redemption Price
therefore;

 

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

 

(4)          make any change in provisions of this Indenture protecting the
right of each Holder to receive payment of principal of and interest on such Subordinated Note on or after the due date thereof
or to bring suit to enforce such payment,

 

(5)          reduce
the percentage in principal amount of the Outstanding Subordinated Notes, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences) provided for in Section 412 or Section 906 of this Indenture,
or

 

(6)          modify
any of the provisions of this Section 802, Section 412 or Section 906, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Subordinated Note affected thereby.

 

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

 

Section
803         Execution of Supplemental Indentures.

 

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

 

Section
804         Effect of Supplemental Indentures.

 

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

 

Section
805         Reference in Subordinated Notes to Supplemental
Indentures.

 

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

 

Section
806         Effect on Senior Indebtedness.

 

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

 

Section
807         Conformity with Trust Indenture Act.

 

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

 

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ARTICLE
IX

COVENANTS

 

Section
901         Payment of Principal and Interest.

 

The Company covenants
and agrees for the benefit of the Holders that it will duly and punctually pay the principal of, and interest on, the Subordinated
Notes, in accordance with the terms thereof and this Indenture. Principal and interest will be considered paid on the date due
if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m., Eastern time, on any Interest Payment
Date, an amount in immediately available funds provided by the Company that is designated for and sufficient to pay all principal
and interest then due. The Company will pay all Additional Interest, if any, on the dates and in the amounts set forth in the Registration
Rights Agreement.

 

If Additional Interest
is payable by the Company in accordance with the Registration Rights Agreement, the Company will deliver to the Trustee a certificate
to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional Interest
is payable. Unless and until a Responsible Officer of the Trustee receives such a certificate or instruction or direction from
the Holders in accordance with the terms of this Indenture, the Trustee may assume without inquiry that no Additional Interest
is payable. The foregoing will not prejudice the rights of the Holders with respect to their entitlement to Additional Interest
as otherwise set forth in this Indenture or the Subordinated Notes and pursuing any action against the Company directly or otherwise
directing the Trustee to take such action in accordance with the terms of this Indenture and the Subordinated Notes. If the Company
has paid Additional Interest directly to persons entitled to it, the Company will deliver to the Trustee a certificate setting
forth the particulars of such payment.

 

Section
902         Maintenance of Office.

 

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

 

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

 

The Company hereby
designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 902.

 

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Section
903         Money for Subordinated Notes Payments
to Be Held in Trust.

 

If the Company will
at any time act as its own Paying Agent, it will, on or before each due date of the principal of, or interest on, any of the Subordinated
Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in Dollars sufficient to pay the principal
and interest, as the case may be, so becoming due until such sums will be paid to such Persons or otherwise disposed of as herein
provided, and will promptly notify the Trustee of its action or failure so to act.

 

Whenever the Company
will have one or more Paying Agents, it will, on or prior to each due date of the principal of, or interest on, any Subordinated
Notes, deposit with any Paying Agent a sum in Dollars sufficient to pay the principal and interest, as the case may be, so becoming
due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee)
the Company will promptly notify the Trustee of its action or failure so to act.

 

The Company will cause
each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent will agree
with the Trustee, subject to the provisions of this Section that such Paying Agent will:

 

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

 

(2)          give the Trustee notice of any default by the Company in the
making of any payment of principal, or interest on, the Subordinated Notes; and

 

(3)          at any time during the continuance of any such default, upon
the written request of the Trustee, pay to the Trustee all sums so held in trust by such Paying Agent.

 

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

 

Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, or
interest on, any Subordinated Note and remaining unclaimed for two years after such principal or interest will have become
due and payable will be paid to the Company upon a Company Request, or (if then held by the Company) will be discharged from
such trust; and the Holder of such Subordinated Note will thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may, not later than 30 days after the Company’s request for such
repayment, at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment or
to be delivered to such Holders of Subordinated Notes, or both, notice that such money remains unclaimed and that, after a
date specified therein, which will not be less than 30 days from the date of such publication or delivery nor will it be
earlier than two years after such principal and or interest will have become due and payable, any unclaimed balance of such
money then remaining will be repaid to the Company, subject to any applicable escheatment laws.

 

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Section
904         Corporate Existence.

 

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

 

Section
905         Maintenance of Properties.

 

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

 

Section
906         Waiver of Certain Covenants.

 

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

 

Section
907         Company Statement as to Compliance.

 

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

 

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Section
908         Tier 2 Capital.

 

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

 

Section
909         Dividends.

 

The Company shall not
declare or pay any dividend or make any distribution on capital stock or other equity securities of any kind of the Company, except
for dividends payable solely in shares of Common Stock or in such amounts as permitted by applicable regulations and only upon
receipt of any required regulatory approval, if either of the Company or any Subsidiary are not “well capitalized”
pursuant to then-applicable regulatory capital standards, both immediately prior to the declaration of such dividend or distribution
and after giving effect to the payment of such dividend or distribution.

 

ARTICLE
X

REDEMPTION OF SECURITIES

 

Section
1001       Applicability of Article.

 

(1)          Except
as provided in this Section 1001, the Subordinated Notes are not subject to redemption at the option of the Company. The Subordinated
Notes are not subject to redemption at the option of the Holders.

 

(2)         
Subject to the receipt of any required regulatory approvals
with corresponding written notice to the Trustee, the Company may, at its option, on any Interest Payment Date on or after September
1, 2025 redeem all or a portion of the Subordinated Notes.

 

(3)          Subject
to the receipt of any required regulatory approvals, the Company may, at its option, redeem all, but not a portion, of the Outstanding
Subordinated Notes at any time upon an Investment Company Event, a Tax Event or a Tier 2 Capital Event.

 

(4)          The
Redemption Price with respect to any redemption permitted under this Indenture will be equal to 100% of the principal amount of
the Subordinated Notes to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding,
the Redemption Date.

 

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Section
1002       Election to Redeem; Notice to Trustee.

 

The election of the
Company to redeem any Subordinated Notes will be evidenced by an Officers’ Certificate delivered to the Trustee at least
ten (10) Business Days (unless a shorter period will be acceptable to the Trustee) before notice of redemption is mailed or caused
to be mailed to the applicable Holders pursuant to Section 1004 hereof setting forth (a) the paragraph or subparagraph of such
Note and/or Section of this Indenture pursuant to which the redemption shall occur, (b) the Redemption Date, (c) the principal
amount of the Subordinated Notes to be redeemed and (d) the Redemption Price; provided however, in case of any redemption of less
than all of the Subordinated Notes, the Company will, at least 60 days prior to the Redemption Date fixed by the Company (unless
a shorter notice will be satisfactory to the Trustee, but in any event not less than 45 days prior to the Redemption Date), provide
such Officer’s Certificate to the Trustee.

 

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

 

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

 

If less than all of
the Subordinated Notes are to be redeemed, the particular Subordinated Notes to be redeemed will be selected not more than 45 days
prior to the Redemption Date by the Trustee from the Outstanding Subordinated Notes not previously called for redemption (a) on
a pro rata basis to the extent practicable or (b) by lot or such other similar method in accordance with the procedures of the
Depository; provided, however, that no such partial redemption will reduce the portion of the principal amount of a Subordinated
Note not redeemed to less than the minimum denomination for a Subordinated Note established in or under this Indenture.

 

The Trustee will promptly
notify the Company and the Registrar (if other than itself) in writing of the Subordinated Notes selected for redemption and, in
the case of any Subordinated Notes selected for partial redemption, the principal amount thereof to be redeemed.

 

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

 

Section
1004       Notice of Redemption.

 

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

 

Any notice that is
delivered to the Holder of any Subordinated Notes in the manner herein provided will be conclusively presumed to have been duly
given, whether or not such Holder receives the notice.

 

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All notices of redemption
will state:

 

(1)         
the Redemption Date,

 

(2)         
the Redemption Price,

 

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

 

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

 

(5)          that,
on the Redemption Date, the Redemption Price will become due and payable upon each such Subordinated Note or portion thereof to
be redeemed, together (if applicable) with accrued and unpaid interest and Additional Interest, if any, thereon (subject, if applicable,
to the provisions of the first paragraph of Section 1006), and, if applicable, that interest thereon will cease to accrue on and
after said date,

 

(6)          the
place or places where such Subordinated Notes are to be surrendered for payment of the Redemption Price and any accrued interest
pertaining thereto, and

 

(7)          the
section hereunder providing for such redemption.

 

The notice of redemption
shall include the CUSIP number reference numbers of such Subordinated Notes, if any (or any other numbers used by a Depositary
to identify such Subordinated Notes).

 

Section
1005       Deposit of Redemption Price.

 

On or prior to 10:00
a.m., Eastern time, on any Redemption Date, the Company will deposit, with respect to the Subordinated Notes called for redemption
in accordance with Section 1004, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 903) an amount sufficient to pay the Redemption Price of, and (except if the
Redemption Date will be an Interest Payment Date) any accrued interest on, all such Subordinated Notes or portions thereof which
are to be redeemed on that date.

 

Section
1006       Subordinated Notes Payable on Redemption Date.

 

Notice of
redemption having been given as provided above, the Subordinated Notes so to be redeemed will, on the Redemption Date, become
due and payable at the Redemption Price therein specified, together with accrued and unpaid interest and Additional Interest,
if any, thereon and from and after such date (unless the Company will default in the payment of the Redemption Price and
accrued interest, if any) such Subordinated Notes will cease to bear interest. Upon surrender of any such Subordinated Note
for redemption in accordance with said notice, such Subordinated Note will be paid by the Company at the Redemption Price,
together with any accrued and unpaid interest and Additional Interest, if any, thereon to but excluding the Redemption Date;
provided, however, that installments of interest on Subordinated Notes whose Stated Maturity is on or prior to the Redemption
Date will be payable to the Holders of such Subordinated Notes registered as such at the close of business on the Regular
Record Dates therefor according to their terms and the provisions of Section 210.

 

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

 

Section
1007       Subordinated Notes Redeemed in Part.

 

Any Subordinated Note
which is to be redeemed only in part will be surrendered at any office or agency for such Subordinated Note (with, if the Company
or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company will execute and the Trustee
will authenticate and deliver to the Holder of such Subordinated Note without service charge, a new Subordinated Note or Subordinated
Notes, containing identical terms and provisions, of any authorized denomination as requested by such Holder in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of the Subordinated Note so surrendered. If a Global
Subordinated Note is so surrendered, the Company will execute, and the Trustee will authenticate and deliver to the Depositary
for such Global Subordinated Note as will be specified in the Company Order with respect thereto to the Trustee, without service
charge, a new Global Subordinated Note in a denomination equal to and in exchange for the unredeemed portion of the principal of
the Global Subordinated Note so surrendered.

 

Upon surrender of a
Subordinated Note that is redeemed in part, the Company will issue and the Trustee will authenticate for the Holder at the expense
of the Company a new Subordinated Note equal in principal amount to the unredeemed portion of the Subordinated Note surrendered
representing the same indebtedness to the extent not redeemed. Notwithstanding anything in this Indenture to the contrary, only
a Company Order and not an Opinion of Counsel or an Officers’ Certificate of the Company is required for the Trustee to authenticate
such new Subordinated Note.

 

ARTICLE
XI

SUBORDINATION OF SECURITIES

 

Section
1101       Agreement to Subordinate.

 

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

 

Section
1102       Distribution of Assets.

 

(1)          Upon
any distribution of assets of the Company upon any termination, winding up, liquidation or reorganization of the Company,
whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of
creditors or any other marshalling of the assets and liabilities of the Company or otherwise (subject to the power of a court
of competent jurisdiction to make other equitable provision reflecting the rights conferred upon the Senior Indebtedness and
the holders thereof with respect to the Subordinated Notes and the Holders thereof by a lawful plan of reorganization under
applicable bankruptcy law):

 

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(a)           holders
of all Senior Indebtedness will first be entitled to receive payment in full in accordance with the terms of such Senior Indebtedness
of the principal thereof, premium, if any, and the interest due thereon (including interest accruing subsequent to the commencement
of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law
now or hereafter in effect) before the Holders of the Subordinated Notes are entitled to receive any payment upon the principal
of or interest on indebtedness evidenced by the Subordinated Notes;

 

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

 

(c)           in
the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason
of the payment of any other indebtedness of the Company being subordinate to the payment of the Subordinated Notes will be received
by the Trustee or the Holders before all Senior Indebtedness is paid in full, such payment or distribution will be paid over to
the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment of assets
of the Company for all Senior Indebtedness remaining unpaid until all such Senior Indebtedness will have been paid in full, after
giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.

 

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

 

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

 

    70

     

    

 

Section
1103       Default With Respect to Senior Indebtedness.

 

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

 

Section
1104       No Impairment.

 

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

 

Section
1105       Effectuation of Subordination Provisions.

 

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

 

    71

     

    

 

Section
1106       Notice to Trustee.

 

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

 

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

 

Section
1107       Trustee Knowledge of Senior Indebtedness.

 

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

 

    72

     

    

 

Section
1108       Senior Indebtedness to Trustee.

 

The Trustee will be
entitled to all of the rights set forth in this Article XI in respect of any Senior Indebtedness at any time held by it in its
individual capacity to the same extent as any other holder of such Senior Indebtedness, and nothing in this Indenture or any other
supplemental indenture issued in accordance with Article VIII of this Indenture will be construed to deprive the Trustee of any
of its rights as such holder.

 

Section
1109       Subordination Not Applicable to Trustee Compensation.

 

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

 

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

 

[Signature Page Follows]

 

    73

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Indenture to be duly signed as of the date first written above.

 

	 	Atlantic Capital Bancshares,
    Inc.
	 	 
	 	By:	/s/ Douglas L. Williams
	 	 	Douglas L. Williams, President and
	 	 	Chief Executive Officer

 

[Company Signature Page to Indenture]

 

     

     

    

 

IN WITNESS WHEREOF,
the Trustee has caused this Indenture to be duly signed as of the date first written above.

 

	 	U.S. Bank National Association,
	 	As Trustee
	 	 
	 	By:	/s/ Mark C. Hallam
	 	Name:	Mark C. Hallam
	 	Title:	Assistant Vice President

 

[Trustee Signature
Page to Indenture]

 

     

     

    

 

EXHIBIT A-1

 

FORM OF DEFINITIVE SUBORDINATED
NOTE

 

ATLANTIC CAPITAL BANCSHARES, INC.

 

5.50%
FIXED-TO-FLOATING RATE Subordinated Note due 2030

 

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

 

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

 

CERTAIN ERISA CONSIDERATIONS:

 

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

 

    A-1-1

     

    

 

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING
THE ACQUISITION OF ANY OF THE SECURITIES SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SECURITIES.

 

    A-1-2

     

    

  

	No. [●]	CUSIP Accredited Investors: 048269AC8
	 	CUSIP QIBs: 048269AB0

 

ATLANTIC
CAPITAL BANCSHARES, INC.

 

5.50% FIXED-TO-FLOATING
RATE SUBORDINATED NOTE DUE 2030

 

1.                  
Indenture; Holders. This note is one of a duly authorized issue of notes of Atlantic Capital Bancshares, Inc.,
a Georgia corporation (the “Company”), designated as the “5.50% Fixed-to-Floating Rate Subordinated Notes
due 2030” (the “Subordinated Notes”) in an aggregate principal amount of $75,000,000 and initially issued
on August 20, 2020. The Company has issued this Subordinated Note under that certain Indenture dated as of August 20, 2020, as
the same may be amended or supplemented from time to time (“Indenture”), between the Company and U.S. Bank National
Association, as Trustee. All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned
to them in the Indenture. The terms of this Subordinated Note include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). This Subordinated
Note is subject to all such terms, and the Holder (as defined below) is referred to the Indenture and the Trust Indenture Act for
a statement of such terms. To the extent any provision of this Subordinated Note irreconcilably conflicts with the express provisions
of the Indenture, the provisions of the Indenture will govern and be controlling.

 

2.                 
Payment. The Company, for value received, promises to pay to [·],
or its registered assigns (the “Holder”), the principal sum of Seventy-Five Million Dollars (U.S.) ($75,000,000),
plus accrued but unpaid interest on September 1, 2030 (the “Maturity Date”) and to pay interest thereon (i)
from and including the original issue date of the Subordinated Notes, or from the most recent date to which interest has been paid
or duly provided for, to but excluding September 1, 2025 or the earlier redemption date contemplated by Section 5 (Redemption)
of this Subordinated Note (the “Fixed Rate Period”), at the rate of 5.50% per annum, computed on the basis of
a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on September 1 and March 1 of each year
(each payment date, a “Fixed Interest Payment Date”), beginning March 1, 2021, and (ii) from and including September
1, 2025 to but excluding the Maturity Date or earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated
Note (the “Floating Rate Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate
(as defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable interest period
plus a spread of 536.3 basis points for each Floating Rate Interest Period, computed on the basis of a 360-day year and the
actual number of days elapsed and payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year (each
payment date, a “Floating Interest Payment Date”). Notwithstanding the foregoing, if the Floating Interest Rate
is less than zero, then the Floating Interest Rate shall be deemed to be zero. A “Floating Rate Interest Period”
means, the period from, and including, each Floating Interest Payment Date to, but excluding, the next succeeding Floating Interest
Payment Date, except for the initial Floating Rate Interest Period, which will be the period from, and including, September 1,
2025 to, but excluding, the next succeeding Floating Interest Payment Date. Dollar amounts resulting from this calculation shall
be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination Date”
means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR
Conventions.

 

    A-1-3

     

    

 

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

 

(b)              
The “Floating Interest Rate” means:

 

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

 

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

 

(1)              
If the Calculation Agent, determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition
Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month
Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and Section 2(c) (Effect
of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the
purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Rate Interest Period.

 

(2)              
However, if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of
the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Rate Interest Period
will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined
by the Calculation Agent (as defined below).

 

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

 

(c)              
Effect of Benchmark Transition Event.

 

(i)                
If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
on or prior to the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any
date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes
during the Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates.

 

(ii)             
In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Holders
or any other party.

 

    A-1-4

     

    

 

(iii)           
The Calculation Agent is expressly authorized to make certain determinations, decisions and elections under the terms of
the Subordinated Notes, including with

 

respect to the use of Three-Month Term
SOFR as the Benchmark and under this Section 2(c). Any determination, decision or election that may be made by the Company or by
the Calculation Agent pursuant to the benchmark transition provisions set forth herein, including any determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any decision to take
or refrain from taking any action or any selection:

 

(1)              
will be conclusive and binding on the Holders of the Subordinated Notes and the Trustee absent manifest error;

 

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

 

(3)              
if made by a Calculation Agent other than the Company, will be made after consultation with the Company, and the Calculation
Agent will not make any such determination, decision or election to which the Company reasonably objects; and

 

(4)              
notwithstanding anything to the contrary herein or in the Indenture or the Purchase Agreement, shall become effective without
consent from the relevant Holders, the Trustee or any other party. If the Calculation Agent fails to make any determination, decision
or election that it is required to make under the terms of the Subordinated Notes, then the Company will make such determination,
decision or election on the same basis as described above.

 

(iv)            
For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred,
interest payable on the Subordinated Notes for each Floating Rate Interest Period will be an annual rate equal to the sum of the
applicable Benchmark Replacement plus 536.3 basis points.

 

(v)              
If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month
Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of
interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Calculation
Agent, then the relevant Three-Month Term SOFR Conventions will apply.

 

(vi)            
As used in this Subordinated Note:

 

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

 

(2)               “Benchmark
Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark
Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated
Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which
event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark
Replacement” means the first alternative set forth in the order below that can be determined by the Calculation
Agent, as of the Benchmark Replacement Date:

 

    A-1-5

     

    

 

a.                  
The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;

 

b.                 
the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement
Adjustment;

 

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

 

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

 

If the Benchmark Replacement,
as determined pursuant to clause (a), (b), (c) or (d) above would be less than zero, the Benchmark Replacement will be deemed to
be zero.

 

(3)              
“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can
be determined by the Calculation Agent, as of the Benchmark Replacement Date:

 

a.                  
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative
value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement;

 

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

 

c.                  
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent
giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated
floating rate notes at such time.

 

(4)               “Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Floating Rate Interest Period,” timing and frequency
of determining rates with respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts
or tenors and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the adoption of
such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Calculation Agent decides
that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines
that no market practice for use of the Benchmark Replacement exists, in such other manner as the Calculation Agent determines
is reasonably necessary).

 

    A-1-6

     

    

 

(5)              
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark:

 

a.                  
in the case of clause (a) of the definition of “Benchmark Transition Event,” the relevant Reference Time
in respect of any determination;

 

b.                 
in the case of clause (b) or (c) of the definition of “Benchmark Transition Event,”
the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date
on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

c.                  
in the case of clause (d) of the definition of “Benchmark Transition Event,” the date of such
public statement or publication of information referenced therein.

 

For the avoidance of
doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time
in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for
purposes of such determination. Further, for the avoidance of doubt, for purposes of this definition, references to the Benchmark
also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to
the Benchmark would include SOFR).

 

(6)              
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect
to the then-current Benchmark:

 

a.                  
if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking
term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months
based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (iii) the Calculation
Agent determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;

 

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

 

    A-1-7

     

    

 

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

 

d.                 
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing
that the Benchmark is no longer representative.

 

For the avoidance of
doubt, for purposes of this definition, references to the Benchmark also include any reference rate underlying the Benchmark (for
example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).

 

(7)              
“Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the
Company) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes prior to the commencement of
the Floating Rate Period. The initial Calculation Agent shall be the Company.

 

(8)              
“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with
the rate, or methodology for this rate, and conventions for this rate being established by the Calculation Agent in accordance
with:

 

a.                  
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental
Body for determining Compounded SOFR; provided that:

 

b.                 
if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with
clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected
by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. dollar denominated floating
rate notes at such time.

 

For the avoidance of
doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment and the spread specified in Section
2.

 

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

 

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

 

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

 

(12)           “Interpolated
Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on
a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter
than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available) that
is longer than the Corresponding Tenor.

 

    A-1-8

     

    

 

(13)          
“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.

 

(14)          
“ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, as amended or supplemented from
time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

 

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

 

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

 

(17)          
“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Three-Month
Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if
the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement
Conforming Changes.

 

(18)          
“Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

 

(19)          
“SOFR” means the secured overnight financing rate published by the FRBNY, as the administrator of the
Benchmark (or a successor administrator), on the FRBNY’s Website.

 

(20)          
“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by
the Relevant Governmental Body.

 

(21)          
“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator
of Term SOFR (or a successor administrator).

 

(22)          
“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by
the Term SOFR Administrator at the Reference Time for any Floating Rate Interest Period, as determined by the Calculation Agent
after giving effect to the Three-Month Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month
Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded
up to 0.00001%.

 

    A-1-9

     

    

 

(23)          
 “Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any
technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month
Term SOFR, or changes to the definition of “Floating Rate Interest Period”, timing and frequency of determining Three-Month
Term SOFR with respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts or tenors, and
other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term SOFR
as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption
of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice
for the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary).

 

(24)          
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
Adjustment.

 

(d)              
In the event that any Fixed Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day
(as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional
interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating
Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed
to the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement
would cause the day to fall in the next calendar month during the Floating Rate Interest Period, the Floating Interest Payment
Date shall instead be brought forward to the immediately preceding Business Day.

 

The Company will pay
interest on this Subordinated Note to the Person who is the registered Holder at the close of business on the fifteenth calendar
day prior to the applicable Interest Payment Date, except as provided in Section 210 of the Indenture with respect to Defaulted
Interest. This Subordinated Note will be payable as to principal and interest at the office or agency of the Paying Agent, or,
at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the
Subordinated Note Register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided,
that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the
date of such payment (subject to surrender of this Subordinated Note in the case of a payment of interest at Maturity).

 

3.                 
Paying Agent and Registrar. U.S. Bank National Association, the Trustee (“Trustee”) under the
Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at Two Midtown Plaza, 1349
W. Peachtree Street, Suite 1050, Atlanta, Georgia 30309. The Company may change any Paying Agent or Registrar without notice to
any Holder. The Company or any of its Subsidiaries may act in any such capacity.

 

    A-1-10

     

    

 

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

 

5.                 
Redemption.

 

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

 

If all or any portion
of the Subordinated Notes ceases to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated
debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, Company will immediately notify
the Trustee, the Holders, and thereafter Company shall request, subject to the terms hereof, that the Trustee and the Holders execute
and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced
by the Subordinated Notes to qualify as Tier 2 Capital.

 

(b)              
If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued
representing the unredeemed portion without charge to the Holders thereof and (ii) such redemption shall be effected on a pro rata
basis as to the Holders, unless otherwise required by law or applicable Depositary requirements. For purposes of clarity, upon
a partial redemption, a like percentage of the principal amount of every Subordinated Note held by every Holder shall be redeemed.

 

(c)              
If notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have
not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on all Subordinated Notes
so called for redemption, all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights
with respect to such Subordinated Notes shall forthwith on such Redemption Date cease and terminate (unless the Company shall default
in the payment of the redemption price), except only the right of the Holders thereof to receive the amount payable on such redemption,
without interest.

 

    A-1-11

     

    

 

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

 

7.                 
Failure to Make Payments. If the Company fails to make any payment of interest on this Subordinated Note when such
interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any payment
of the principal of this Subordinated Note when such principal becomes due and payable, the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note,
with interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments
of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if
no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated
Note.

 

Upon an Event of Default
or the occurrence of a failure by the Company to make any required payment of principal or interest on the Subordinated Notes,
the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment
with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or
repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to this Subordinated Note, or make
any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other than; (i) any dividends or distributions
in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s Common Stock;
(ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance
of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result
of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s
capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares
of Company’s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security
being converted or exchanged; or (v) purchases of any class of Company’s Common Stock related to the issuance of Common Stock
or rights under any of benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment
plans.

 

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

 

    A-1-12

     

    

 

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

 

10.                 

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

 

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

 

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

 

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

 

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

 

    A-1-13

     

    

 

15.                 
 Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee
or an Authenticating Agent.

 

16.                 
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above
list.

 

17.                 
Available Information. The Company will furnish to the Holder upon written request and without charge a copy of the
Indenture. Requests by Holders to the Company may be made to: 945 East Paces Ferry Road NE, Suite 1600 Atlanta, Georgia, Attn:
Chief Financial Officer.

 

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

 

[Signature Page Follows]

 

    A-1-14

     

    

 

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

 

	 	ATLANTIC CAPITAL BANCSHARES, INC.
	 	  
	 	By:	                
	 	Name: Douglas L. Williams
	 	Title: President and Chief Executive Officer

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Subordinated Notes of Atlantic Capital Bancshares, Inc. referred to in the within-mentioned Indenture:

 

U.S. BANK NATIONAL ASSOCIATION

as Trustee

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	Dated:	 	 

   

    A-1-15

     

    

 

ASSIGNMENT FORM

 

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

 

 

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

 

 

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

 

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

 

	Date:	 	 	Your signature:	 

 

	 	(Sign exactly as your name appears on the face of this Subordinated Note)

 

	 	Tax Identification No:	 

 

	Signature Guarantee:	 

 

(Signatures must be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion
program), pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) Rule 17Ad-15).

 

The undersigned certifies that it [is /
is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.
“Affiliate” 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. “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 or any other entity or organization.

 

In connection with any transfer or exchange
of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this
Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company,
the undersigned confirms that this Subordinated Note is being:

 

CHECK ONE BOX BELOW:

 

		 ̈	(1)	acquired for the undersigned’s own account, without transfer;

 

		 ̈	(2)	transferred to the Company;

 

    A-1-16

     

    

 

		 ̈	(3)	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”);

 

		 ̈	(4)	transferred under an effective registration statement under the Securities Act;

 

		 ̈	(5)	transferred in accordance with and in compliance with Regulation S under the Securities Act;

 

		 ̈	(6)	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed
letter containing certain representations and agreements; or

 

		 ̈	(7)	transferred in accordance with another available exemption from the registration requirements of the Securities Act of 1933, as
amended.

 

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

 

	 	Signature:	 

 

	Signature Guarantee:	 

  

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

 

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

 

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

 

	Date:	 	 	Signature:	 

 

    A-1-17

     

    

 

EXHIBIT A-2

 

FORM OF GLOBAL SUBORDINATED NOTE

 

ATLANTIC CAPITAL BANCSHARES, INC.

 

5.50%
FIXED-TO-FLOATING RATE Subordinated Note due 2030

 

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

 

THIS SUBORDINATED NOTE IS A GLOBAL SUBORDINATED
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO AS NOMINEE OF THE
DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SUBORDINATED NOTE IS EXCHANGEABLE FOR SUBORDINATED NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
AND NO TRANSFER OF THIS SUBORDINATED NOTE (OTHER THAN A TRANSFER OF THIS SUBORDINATED NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC
OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE INDENTURE.

 

UNLESS THIS SUBORDINATED NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
SUBORDINATED NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS SUBORDINATED NOTE
WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE IDENTIFIED HEREIN.

 

    A-2-1 

     

    

 

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

 

CERTAIN ERISA CONSIDERATIONS:

 

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

 

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING
THE ACQUISITION OF ANY OF THE SECURITIES SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SECURITIES.

 

    A-2-2 

     

    

 

	No.
[●]	CUSIP
Accredited Investors: 048269AC8
	 	CUSIP QIBs: 048269AB0

 

ATLANTIC
CAPITAL BANCSHARES, INC.

5.50% FIXED-TO-FLOATING
RATE SUBORDINATED NOTE DUE 2030

 

1.             Indenture; Holders. This note is one of a duly authorized issue of notes of Atlantic Capital Bancshares, Inc., a
Georgia corporation (the “Company”), designated as the “5.50% Fixed-to-Floating Rate Subordinated Notes
due 2030” (the “Subordinated Notes”) in an aggregate principal amount of $75,000,000 and initially issued
on August 20, 2020. The Company has issued this Subordinated Note under that certain Indenture dated as of August 20, 2020, as
the same may be amended or supplemented from time to time (“Indenture”), between the Company and U.S. Bank National
Association, as Trustee. All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned
to them in the Indenture. The terms of this Subordinated Note include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). This Subordinated
Note is subject to all such terms, and the Holder (as defined below) is referred to the Indenture and the Trust Indenture Act for
a statement of such terms. To the extent any provision of this Subordinated Note irreconcilably conflicts with the express provisions
of the Indenture, the provisions of the Indenture will govern and be controlling.

 

2.             Payment.
The Company, for value received, promises to pay to Cede & Co., or its registered assigns (the
“Holder”), as nominee of the Depository Trust Company, the principal sum of Seventy-Five Million Dollars
(U.S.) ($75,000,000), plus accrued but unpaid interest on September 1, 2030 (the “Maturity Date”) and to
pay interest thereon (i) from and including the original issue date of the Subordinated Notes, or from the most recent date
to which interest has been paid or duly provided for, to but excluding September 1, 2025 (regardless of whether such date is
a Business Day) or the earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the
“Fixed Rate Period”), at the rate of 5.50% per annum, computed on the basis of a 360-day year consisting
of twelve 30-day months and payable semi-annually in arrears on September 1 and March 1 of each year (each payment date, a
“Fixed Interest Payment Date”), beginning March 1, 2021, and (ii) from and including September 1, 2025 to
but excluding the Maturity Date or earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated
Note (the “Floating Rate Period”), at the rate per annum, reset quarterly, equal to the Floating Interest
Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable interest
period plus a spread of 536.3 basis points for each Floating Rate Interest Period, computed on the basis of a 360-day year
and the actual number of days elapsed and payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each
year (each payment date, a “Floating Interest Payment Date”). Notwithstanding the foregoing, if the
Floating Interest Rate is less than zero, then the Floating Interest Rate shall be deemed to be zero. A “Floating
Rate Interest Period” means, the period from, and including, each Floating Interest Payment Date to, but excluding,
the next succeeding Floating Interest Payment Date, except for the initial Floating Rate Interest Period, which will be the
period from, and including, September 1, 2025 to, but excluding, the next succeeding Floating Interest Payment Date. Dollar
amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up. The term
“Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined
by the Calculation Agent pursuant to the Three-Month Term SOFR Conventions.

 

    A-2-3 

     

    

 

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

 

(b)          
The “Floating Interest Rate” means:

 

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

 

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

 

(1)            
If the Calculation Agent, determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition
Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month
Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and Section 2(c) (Effect
of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the
purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Rate Interest Period.

 

(2)           
However, if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of
the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Rate Interest Period
will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined
by the Calculation Agent (as defined below).

 

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

 

(c)          
Effect of Benchmark Transition Event.

 

(i)           
If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
on or prior to the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any
date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes
during the Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates.

 

(ii)          
In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Holders
or any other party.

 

    A-2-4 

     

    

 

(iii)         
 The Calculation Agent is expressly authorized to make certain determinations, decisions and elections under the terms of
the Subordinated Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section 2(c).
Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark transition
provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection:

 

(1)            
will be conclusive and binding on the Holders of the Subordinated Notes and the Trustee absent manifest error;

 

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

 

(3)            
if made by a Calculation Agent other than the Company, will be made after consultation with the Company, and the Calculation
Agent will not make any such determination, decision or election to which the Company reasonably objects; and

 

(4)            
notwithstanding anything to the contrary herein or in the Indenture or the Purchase Agreement, shall become effective without
consent from the relevant Holders, the Trustee or any other party. If the Calculation Agent fails to make any determination, decision
or election that it is required to make under the terms of the Subordinated Notes, then the Company will make such determination,
decision or election on the same basis as described above.

 

(iv)         
For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred,
interest payable on the Subordinated Notes for each Floating Rate Interest Period will be an annual rate equal to the sum of the
applicable Benchmark Replacement plus 536.3 basis points.

 

(v)          
If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month
Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of
interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Calculation
Agent, then the relevant Three-Month Term SOFR Conventions will apply.

 

(vi)         
As used in this Subordinated Note:

 

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

 

(2)             “Benchmark
Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark
Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated
Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which
event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark
Replacement” means the first alternative set forth in the order below that can be determined by the Calculation
Agent, as of the Benchmark Replacement Date:

 

    A-2-5 

     

    

 

a.                  
The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;

 

b.                 
the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement
Adjustment;

 

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

 

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

 

If the Benchmark Replacement,
as determined pursuant to clause (a), (b), (c) or (d) above would be less than zero, the Benchmark Replacement will be deemed to
be zero.

 

(3)           
“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can
be determined by the Calculation Agent, as of the Benchmark Replacement Date:

 

a.                  
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative
value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement;

 

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

 

c.                  
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent
giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated
floating rate notes at such time.

 

(4)            “Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Floating Rate Interest Period,” timing and frequency
of determining rates with respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts
or tenors and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the adoption of
such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Calculation Agent decides
that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines
that no market practice for use of the Benchmark Replacement exists, in such other manner as the Calculation Agent determines
is reasonably necessary).

 

    A-2-6 

     

    

 

(5)           
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark:

 

a.                  
in the case of clause (a) of the definition of “Benchmark Transition Event,” the relevant Reference Time
in respect of any determination;

 

b.                 
in the case of clause (b) or (c) of the definition of “Benchmark Transition Event,”
the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date
on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

c.                  in the case of clause (d) of the definition of “Benchmark Transition Event,” the date of such
public statement or publication of information referenced therein.

 

For the avoidance of
doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time
in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for
purposes of such determination. Further, for the avoidance of doubt, for purposes of this definition, references to the Benchmark
also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to
the Benchmark would include SOFR).

 

(6)            
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect
to the then-current Benchmark:

 

a.                  
if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking
term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months
based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (iii) the Calculation
Agent determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;

 

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

 

    A-2-7 

     

    

 

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

 

d.                 
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing
that the Benchmark is no longer representative.

 

For the avoidance of
doubt, for purposes of this definition, references to the Benchmark also include any reference rate underlying the Benchmark (for
example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).

 

(7)            
“Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the
Company) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes prior to the commencement of
the Floating Rate Period. The initial Calculation Agent shall be the Company.

 

(8)             “Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate being established by the Calculation Agent in accordance with:

 

a.                  
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental
Body for determining Compounded SOFR; provided that:

 

b.                 
if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with
clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected
by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. dollar denominated floating
rate notes at such time.

 

For the avoidance of
doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment and the spread specified in Section
2.

 

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

 

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

 

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

 

    A-2-8 

     

    

 

(12)           “Interpolated
Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on
a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter
than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available) that
is longer than the Corresponding Tenor.

 

(13)          
“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.

 

(14)          
“ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, as amended or supplemented from
time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

 

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

 

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

 

(17)          
“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Three-Month
Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if
the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement
Conforming Changes.

 

(18)          
“Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

 

(19)          
“SOFR” means the secured overnight financing rate published by the FRBNY, as the administrator of the
Benchmark (or a successor administrator), on the FRBNY’s Website.

 

(20)          
“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by
the Relevant Governmental Body.

 

(21)          
“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator
of Term SOFR (or a successor administrator).

 

(22)          
“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by
the Term SOFR Administrator at the Reference Time for any Floating Rate Interest Period, as determined by the Calculation Agent
after giving effect to the Three-Month Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month
Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded
up to 0.00001%.

 

    A-2-9 

     

    

 

(23)          
 “Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any
technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month
Term SOFR, or changes to the definition of “Floating Rate Interest Period”, timing and frequency of determining Three-Month
Term SOFR with respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts or tenors, and
other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term SOFR
as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption
of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice
for the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary).

 

(24)          
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
Adjustment.

 

(d)          
In the event that any Fixed Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day
(as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional
interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating
Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed
to the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement
would cause the day to fall in the next calendar month during the Floating Rate Interest Period, the Floating Interest Payment
Date shall instead be brought forward to the immediately preceding Business Day.

 

The Company will pay
interest on this Subordinated Note to the Person who is the registered Holder at the close of business on the fifteenth calendar
day prior to the applicable Interest Payment Date, except as provided in Section 210 of the Indenture with respect to Defaulted
Interest. This Subordinated Note will be payable as to principal and interest at the office or agency of the Paying Agent, or,
at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the
Subordinated Note Register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided,
that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the
date of such payment (subject to surrender of this Subordinated Note in the case of a payment of interest at Maturity).

 

3.             Paying Agent and Registrar. U.S. Bank National Association, the Trustee (“Trustee”) under the
Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at Two Midtown Plaza, 1349
W. Peachtree Street, Suite 1050, Atlanta, Georgia 30309. The Company may change any Paying Agent or Registrar without notice to
any Holder. The Company or any of its Subsidiaries may act in any such capacity.

 

    A-2-10 

     

    

 

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

 

5.             Redemption.

 

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

 

If all or any portion
of the Subordinated Notes ceases to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated
debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, Company will immediately notify
the Trustee, the Holders, and thereafter Company shall request, subject to the terms hereof, that the Trustee and the Holders execute
and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced
by the Subordinated Notes to qualify as Tier 2 Capital.

 

(b)          
If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued
representing the unredeemed portion without charge to the Holders thereof and (ii) such redemption shall be effected on a pro rata
basis as to the Holders, unless otherwise required by law or applicable Depositary requirements. For purposes of clarity, upon
a partial redemption, a like percentage of the principal amount of every Subordinated Note held by every Holder shall be redeemed.

 

(c)          
If notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have
not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on all Subordinated Notes
so called for redemption, all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights
with respect to such Subordinated Notes shall forthwith on such Redemption Date cease and terminate (unless the Company shall default
in the payment of the redemption price), except only the right of the Holders thereof to receive the amount payable on such redemption,
without interest.

 

    A-2-11 

     

    

 

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

 

7.             Failure to Make Payments. If the Company fails to make any payment of interest on this Subordinated Note when such
interest becomes due and payable and such default continues for a period of 30 days, or if the Company fails to make any payment
of the principal of this Subordinated Note when such principal becomes due and payable, the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note,
with interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments
of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if
no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated
Note.

 

Upon an Event of Default
or the occurrence of a failure by the Company to make any required payment of principal or interest on the Subordinated Notes,
the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment
with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or
repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to this Subordinated Note, or make
any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other than; (i) any dividends or distributions
in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s Common Stock;
(ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance
of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result
of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s
capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares
of Company’s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security
being converted or exchanged; or (v) purchases of any class of Company’s Common Stock related to the issuance of Common Stock
or rights under any of benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment
plans.

 

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

 

    A-2-12 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    A-2-13 

     

    

 

15.           Authentication.
This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent.

 

16.           Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above
list.

 

17.           Available Information. The Company will furnish to the Holder upon written request and without charge a copy of the
Indenture. Requests by Holders to the Company may be made to: 945 East Paces Ferry Road NE, Suite 1600 Atlanta, Georgia, Attn:
Chief Financial Officer.

 

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

 

[Signature Page Follows]

 

    A-2-14 

     

    

 

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

 

	 	ATLANTIC CAPITAL BANCSHARES, INC.
	 	 	 
	 	By:	 
	 	Name:  	 
	 	Title:	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Subordinated Notes of [·] referred to in the within-mentioned Indenture:

 

[·]

as Trustee

 

	By:	 	 
	Name:  	 	 
	Title:	 	 
	 	 	 
	Dated:	 	 

 

    A-2-15 

     

    

 

ASSIGNMENT FORM

 

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

 

	 
	(Print or type assignee’s name, address and zip
code)
	 
	 
	(Insert assignee’s social security
or tax I.D. No.)

 

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

 

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

 

	Signature Guarantee:	 

(Signatures must be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion
program), pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) Rule 17Ad-15).

 

The undersigned certifies that it [is /
is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.
“Affiliate” 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. “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 or any other entity or organization.

 

In connection with any transfer or exchange
of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this
Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company,
the undersigned confirms that this Subordinated Note is being:

 

CHECK ONE BOX BELOW:

 

	 ̈	(1)	acquired for the undersigned’s own account, without transfer;
	 	 	 
	 ̈	(2)	transferred to the Company;

 

    A-2-16 

     

    

 

	 ̈	(3)	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”);
	 	 	 
	 ̈	(4)	transferred under an effective registration statement under the Securities Act;
	 	 	 
	 ̈	(5)	transferred in accordance with and in compliance with Regulation S under the Securities Act;
	 	 	 
	 ̈	(6)	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished
a signed letter containing certain representations and agreements; or
	 	 	 
	 ̈	(7)	transferred in accordance with another available exemption from the registration requirements of the Securities Act of 1933,
as amended.

 

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

 

	 	Signature:  	 

 

	Signature Guarantee:	 

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

 

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

 

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

 

	Date:	 	 	Signature:  	 

 

    A-2-17

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