Document:

EX-10.1

 Exhibit 10.1 

SUBORDINATED NOTE PURCHASE AGREEMENT 

This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of June 27, 2019, and is made by and
among BANKGUAM HOLDING COMPANY, a Guam corporation (“Company”), and the several purchasers of the Subordinated Notes named on Schedule I hereto (each a “Purchaser” and collectively, the
“Purchasers”). 
 RECITALS 

WHEREAS, Company has requested that the Purchasers purchase from Company up to FIFTEEN MILLION DOLLARS ($15,000,000) in aggregate
principal amount of Subordinated Notes (as defined herein), which aggregate amount is intended to qualify as Tier 2 Capital (as defined herein). 

WHEREAS, Company has engaged Janney Montgomery Scott, LLC as its exclusive placement agent (the “Placement Agent”) for
the offering of the Subordinated Notes. 
 WHEREAS, each of the Purchasers is an “accredited investor” as such term is
contemplated by Rule 501 of Regulation D (“Regulation D”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). 

WHEREAS, the sale of the Subordinated Notes by Company is being made pursuant to Rule 506(b) of Regulation D. 

WHEREAS, each Purchaser is willing to purchase from Company a Subordinated Note in the principal amount set forth in Schedule I
(the “Subordinated Note Amount”) in accordance with the terms, subject to the conditions and in reliance on, the recitals, representations, warranties, covenants and agreements set forth herein and in the Subordinated Notes. 

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

1.    DEFINITIONS. 

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

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

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

 “Bank” means BANK OF GUAM, a Guam chartered commercial bank and a wholly
owned subsidiary of the Company 
 “Business Day” means any day other than a Saturday, Sunday or any
other day on which banking institutions in the Territory of Guam are permitted or required by any applicable law or executive order to close. 

“Closing” has the meaning set forth in Section 2.4. 

“Closing Date” means June 27, 2019. 

“Company” has the meaning set forth in the preamble hereto and shall include any successor to Company by merger or otherwise.

 “Company’s Liabilities” means Company’s obligations under the Transaction Documents. 

“Company’s Reports” means (a) Bank’s audited financial statements for the years ended
December 31, 2017 and 2018, and (b) Bank’s Consolidated Report of Condition and Income as filed with or furnished to the FDIC for the period ended March 31, 2019. 

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

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

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and the regulations of the SEC, as
incorporated into regulations of the FDIC, promulgated thereunder. 
 “FDIC” means the Federal Deposit Insurance
Corporation. 
 “FRB” means the Federal Reserve Board. 

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

“Governmental Agency(ies)” means, individually or collectively, any federal, state, county or local
governmental department, commission, board, regulatory authority or agency (including, without limitation, each applicable Regulatory Agency) with jurisdiction over Company or any of its Subsidiaries. 

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

  
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 “Hazardous Materials” means flammable explosives,
asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances which are “hazardous
substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations. 

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

“Holder” has the meaning set forth in the Subordinated Notes. 

“Indebtedness” means and includes: (i) all items arising from the borrowing of money that, according to GAAP as in
effect from time to time, would be included in determining total liabilities as shown on the consolidated balance sheet of Company and its Subsidiaries; and (ii) all obligations secured by any lien in property owned by Company or any Subsidiary
whether or not such obligations shall have been assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred or maintained in the ordinary course of the business of the Company or Bank
(including, without limitation, federal funds purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by Company or Bank and repurchase arrangements) and consistent with customary banking
practices and applicable laws and regulations. 
 “Leases” means all leases, licenses or other documents providing for the
use or occupancy of any portion of any Property, including all amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements relating thereto. 

“Material Adverse Effect” means, with respect to any Person, any change or effect that (i) is or would be reasonably
likely to be material and adverse to the financial position, results of operations or business of such Person, or (ii) would materially impair the ability of any Person to perform its respective obligations under any of the Transaction
Documents, or otherwise materially impede the consummation of the transactions contemplated hereby; provided, however, that “Material Adverse Effect” shall not be deemed to include the impact of (1) changes in banking
and similar laws, rules or regulations of general applicability or interpretations thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions and their holding companies
generally, (3) changes after the date of this Agreement in general economic or capital 

  
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market conditions affecting financial institutions or their market prices generally and not specifically related to Company or Purchasers, (4) direct effects of compliance with this
Agreement on the operating performance of Company or Purchasers, including expenses incurred by Company or Purchasers in consummating the transactions contemplated by this Agreement, and (5) the effects of any action or omission taken by
Company with the prior written consent of Purchasers, and vice versa, or as otherwise contemplated by this Agreement and the Subordinated Notes. 

“Maturity Date” means June 30, 2029. 

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

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

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

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

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

“Regulatory Agencies” means any federal or state agency charged with the supervision or regulation of depositary institutions
or holding companies of depositary institutions, or engaged in the insurance of depositary institution deposits, or any court, administrative agency or commission or other authority, body or agency having supervisory or regulatory authority with
respect to Company, Bank or any of their Subsidiaries. 
 “Secondary Market Transaction” has the meaning set forth in
Section 5.5. 
 “Securities Act” has the meaning set forth in the Recitals. 

“SEC” means the Securities and Exchange Commission. 

“Subordinated Note” means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form
attached as Exhibit B hereto and issued pursuant to the terms of this Agreement, as amended, restated, supplemented or modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note.

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

“Subsidiary” means with respect to any Person, any corporation or entity in which a majority of the outstanding Equity
Interest is directly or indirectly owned by such Person. 
 “Tier 2 Capital” has the meaning given to the term “Tier 2
capital” in 12 C.F.R. Part 217 and 12 C.F.R. Part 250, as amended, modified and supplemented and in effect from time to time or any replacement thereof. 

  
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 “Transaction Documents” has the meaning set forth in
Section 3.2.1. 
 1.2    Interpretations. The foregoing definitions are
equally applicable to both the singular and plural forms of the terms defined. The words “hereof”, “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole
and not to any particular provision of this Agreement. The word “including” when used in this Agreement without the phrase “without limitation,” shall mean “including, without limitation.” All references to time of day
herein are references to Eastern Time unless otherwise specifically provided. All references to the Agreement and Subordinated Notes shall be deemed to be to such documents as amended, modified or restated from time to time. With respect to any
reference in this Agreement to any defined term, (i) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives and permitted successors and assigns of such Person, and (ii) if such defined term
refers to a document, instrument or agreement, then it shall also include any replacement, extension or other modification thereof. 

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

2.    SUBORDINATED DEBT. 

2.1    General Matters. 

2.1.1    Certain Terms. Subject to the terms and conditions herein contained, Company proposes to
issue and sell to the Purchasers, severally and not jointly, Subordinated Notes in an aggregate principal amount equal to the aggregate of the Subordinated Note Amounts. Purchasers, severally and not jointly, each agree to purchase the Subordinated
Notes from the Company on the Closing Date in accordance with the terms of, and subject to the conditions and provisions set forth in, this Agreement and the Subordinated Notes. The Subordinated Note Amounts shall be disbursed in accordance with
Section 3.1. The Subordinated Notes shall bear interest as set forth in the Subordinated Notes. The unpaid principal balance of the Subordinated Notes plus all accrued but unpaid interest thereon shall be due and payable on
the Maturity Date, or such earlier date on which such amount shall become due and payable on account of (i) acceleration by Purchasers in accordance with the terms of the Subordinated Notes and this Agreement or (ii) Company’s
delivery of a notice of redemption or repayment in accordance with the terms of the Subordinated Notes. 

2.1.2    Subordination. The Subordinated Notes shall be subordinated in accordance with the
subordination provisions set forth therein. 
 2.2    Maturity Date. On the Maturity Date, all sums
due and owing under this Agreement and the Subordinated Notes shall be repaid in full. Company acknowledges and agrees that Purchasers have not made any commitments, either express or implied, to extend the terms of the Subordinated Notes past their
Maturity Date, and shall not extend such terms beyond the Maturity Date unless Company and Purchasers hereafter specifically otherwise agree in writing. 

2.3    Unsecured Obligations; No Sinking Fund. The obligations of Company to Purchasers under the
Subordinated Notes shall be unsecured. The Subordinated Notes are not entitled to the benefit of any sinking fund. 

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

2.5    Payments. Company agrees that matters concerning payments and application of payments shall be
as set forth in this Agreement and in the Subordinated Notes. 
 2.6    Right of Offset. Each
Purchaser hereby expressly waives any right of offset it may have against Company. 
 2.7    Use of
Proceeds. Company shall use the net proceeds from the sale of Subordinated Notes for general corporate purposes. 

3.    DISBURSEMENT. 

3.1    Disbursement. On the Closing Date, assuming all of the terms and conditions set forth in
Section 3.2 have been satisfied by Company and Company has executed and delivered to Purchasers each of the Agreement and the Subordinated Notes and any other related documents in form and substance reasonably satisfactory
to Purchasers, each Purchaser shall disburse the Subordinated Note Amount set forth next to its name in Schedule I in immediately available funds to Company in exchange for a Subordinated Note with a principal amount equal to such
Subordinated Note Amount (the “Disbursement”). The Company will deliver to the respective Purchaser one or more certificates representing the Subordinated Notes in definitive form (or provide evidence of the same with the original
to be delivered by the Company by overnight delivery on the next calendar day in accordance with the delivery instructions of Purchaser), registered in such names and denominations as such Purchasers may request. 

3.2    Conditions Precedent to Disbursement. In conjunction with and as additional (but independent)
supporting evidence for certain of the covenants, representations and warranties made by Company herein, prior to and as a condition of each Purchaser’s obligation to consummate the purchase of the Subordinated Note and to effect the
Disbursement, Company shall deliver or cause to be delivered to Purchasers each of the following (or Purchaser shall waive, in writing, such delivery, which written waiver shall be binding only on the Purchaser granting such waiver): 

3.2.1    Transaction Documents. This Agreement and the Subordinated Notes (collectively, the
“Transaction Documents”), each duly authorized and executed by Company. 

3.2.2    Authority Documents. 

3.2.2.1    A copy, certified by the Secretary or Assistant Secretary of Company, of the Articles of Incorporation
of Company; 
 3.2.2.2    A certificate of existence of Company issued by the Department of Revenue and
Taxation, Territory of Guam; 
 3.2.2.3    A copy, certified by the Secretary or Assistant Secretary, of the
Bylaws of Company; 

  
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 3.2.2.4    A copy, certified by the Secretary or Assistant
Secretary of Company, of the resolutions of the board of directors of Company authorizing the execution, delivery and performance of the Transaction Documents; and 

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

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

3.2.4    Officer’s Certificate. A certificate signed on behalf of Company by a senior executive
officer certifying that the representations and warranties of Company set forth in this Agreement are true and correct in all respects on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing
Date, except where the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications contained therein), individually or in the aggregate, would not be reasonably likely to have a Material Adverse Effect
(and except that (i) representations and warranties made as of a specified date shall only be required to be true and correct as of such date and (ii) the representations and warranties of Company set forth in Sections 4.2.1,
4.2.3 and 4.5 shall be true and correct in all respects). 
 3.2.5    Opinion of
Counsel. Purchasers and Placement Agent shall have received the opinion of (i) Danilo M. Rapadas, General Counsel for the Company, dated the Closing Date, in the form annexed hereto as Exhibit C-1
and (ii) Arriola Cowan & Arriola, outside counsel for the Company, dated the Closing Date, in the form annexed hereto as Exhibit C-2. 

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

3.2.7    Other Documents. Such other certificates, affidavits, schedules, resolutions, notes and/or
other documents which are provided for hereunder or as a Purchaser may reasonably request. 
 4.    REPRESENTATIONS AND
WARRANTIES OF COMPANY. 
 Company hereby represents and warrants to each Purchaser as follows: 

4.1    Organization and Authority. 

4.1.1    Organization Matters of Company and Its Subsidiaries. 

4.1.1.1     Company is validly existing and in good standing under the laws of the Territory of Guam and has all
requisite corporate power and authority to conduct its business and activities as presently conducted, to own its properties, and to perform its obligations 

  
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under the Transaction Documents. Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is
required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. Company is duly registered as a bank
holding company under the Bank Holding Company Act of 1956, as amended. 
 4.1.1.2    Bank is validly existing
as a Guam chartered commercial bank and has all requisite corporate power and authority to conduct its business and activities as presently conducted and to own its properties. Bank is duly qualified as a foreign corporation to transact business and
is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not
result in a Material Adverse Effect. The deposit accounts of Bank are insured by the FDIC up to applicable limits. Neither Company nor Bank has received any notice or other information indicating that Bank is not an “insured depository
institution” as defined in 12 U.S.C. Section 1813, nor has any event occurred which could reasonably be expected to adversely affect the status of Bank as an FDIC-insured institution. 

4.1.1.3    SCHEDULE 4.1.1.3 lists each Subsidiary of Company (other than the Bank) or Bank, and each has been duly
organized and is validly existing as a corporation or limited liability company, in each case in good standing under the laws of the jurisdiction of its incorporation or formation, has corporate power and authority to own, lease and operate its
properties and to conduct its business and is duly qualified as a foreign entity to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or
the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity interests in each Subsidiary have been
duly authorized and validly issued, are fully paid and non-assessable and are owned by Company or Bank, directly or through Subsidiaries, free and clear of any security interest, mortgage, pledge, lien,
encumbrance or claim; none of the outstanding shares of capital stock of, or other equity interests in, any Subsidiary were issued in violation of the preemptive or similar rights of any security holder of such Subsidiary or any other entity. 

4.1.2    Capital Stock and Related Matters. The Articles of Incorporation of Company authorizes
Company to issue forty eight million shares of common stock, $0.208 1/3 par value. As of the date of this Agreement, there are 9,660,046 shares of the Company’s common stock issued and outstanding. All of the outstanding capital stock of
Company has been duly authorized and validly issued and is fully paid and nonassessable. Except as set forth on Schedule 4.1.2, there are, as of the date hereof, no outstanding options, rights, warrants or other agreements or
instruments obligating Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of Company or obligating Company to grant, extend or enter into any such agreement or commitment to any Person
except pursuant to Company’s equity incentive or employee stock purchase plans duly adopted by Company’s Board of Directors. 

  
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 4.2    No Impediment to Transactions. 

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

4.2.2    Agreement. The Agreement has been duly authorized, executed and delivered, and, assuming due
authorization, execution and delivery by the other parties thereto, constitutes the legal, valid and binding obligations of Company, enforceable in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles. 

4.2.3    Subordinated Notes. The Subordinated Notes have been duly authorized by Company and
when executed by the Company, issued and delivered to and paid for by the Purchasers in accordance with the terms of the Agreement, will have been duly executed, issued and delivered, and will constitute legal, valid and binding obligations
of Company enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general
equitable principles. 
 4.2.4    Exemption from Registration. Neither the Company, nor any
of its Subsidiaries or Affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Subordinated
Notes. Assuming the accuracy of the representations and warranties of each Purchaser set forth in this Agreement, the Subordinated Notes will be issued in a transaction exempt from the registration requirements of the Securities Act. No “bad
actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Person described in Rule 506(d)(1) (each,
a “Company Covered Person”). The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure
obligations under Rule 506(e). 
 4.2.5    No Defaults or Restrictions. Neither the execution and
delivery of the Transaction Documents nor compliance with their respective terms and conditions will (whether with or without the giving of notice or lapse of time or both) (i) violate, conflict with or result in a breach of, or constitute a
default under: (1) the Articles of Incorporation or Bylaws of Company; (2) any of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust,
pledge, bank loan or credit agreement, or any other agreement or instrument to which Company or Bank, as applicable, is now a party or by which it or any of its properties may be bound or affected; (3) any judgment, order, writ, injunction,
decree or demand of any court, arbitrator, grand jury, or Governmental Agency; or (4) any statute, rule or regulation applicable to Company, except, in the case of item (2), for such violations and conflicts that would not reasonably be
expected to have, singularly or in the aggregate, a Material Adverse Effect on Company, or (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of Company. Neither
Company nor Bank is in default in the performance, observance or fulfillment of 

  
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any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing or securing Indebtedness of any kind or pursuant to which any
such Indebtedness is issued, or any other agreement or instrument to which Company or Bank is a party or by which Company or Bank or any of its properties may be bound or affected, except, in each case, only such defaults that would not reasonably
be expected to have, singularly or in the aggregate, a Material Adverse Effect on Company or Bank. 

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

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

4.4    Financial Condition. 

4.4.1    Financial Statements. The financial statements of Bank, included in Company’s Reports
(including the related notes, where applicable), which have been provided to Purchasers (i) have been prepared from, and are in accordance with, the books and records of Bank; (ii) fairly present in all material respects the results of
operations, changes in stockholders’ equity and financial condition of Bank and its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited statements to
recurring year-end audit adjustments normal in nature and amount), as applicable; (iii) complied as to form, as of their respective dates of filing in all material respects with applicable accounting and
banking requirements as applicable, with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied during the periods involved, except, in each case, as required by any regulatory accounting practices. The books
and records of Company and Bank have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting requirements. Neither Company nor Bank has any material liability of any nature
whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those liabilities that are reflected or reserved against on the consolidated balance sheet of Company and Bank contained in Company’s
Reports for the most recently completed quarterly or annual fiscal period, as applicable, and for liabilities incurred in the ordinary course of business consistent with past practice or in connection with this Agreement and the transactions
contemplated hereby. 

  
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 4.4.2    Controls. The records, systems,
controls, data and information of Company and the Bank are recorded, stored, maintained and operated under means (including any electronic, mechanical or photographic process, whether computerized or not) that are under the exclusive ownership and
direct control of it or its accountants including all means of access thereto and therefrom, except for any non-exclusive ownership and non-direct control that would not
reasonably be expected to have a Material Adverse Effect on the system of internal accounting controls described in the following sentence. Each of Company and the Bank has devised and maintained a system of internal accounting controls sufficient
to provide reasonable assurances (i) that the assets of Company and the Bank are properly recorded and (ii) regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with GAAP. 
 4.4.3    Absence of Default. Since the date of the latest audited financial
statements, no event has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of Company or Bank the right to accelerate the maturity of any material Indebtedness of Company or Bank.
Neither Company nor Bank is in default under any other Lease, agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which could
reasonably be expected to result in a Material Adverse Effect on Company. 
 4.4.4    Solvency.
After giving effect to the consummation of the transactions contemplated by this Agreement, Company has capital sufficient to carry on its business and transactions and is solvent and able to pay its debts as they mature. No transfer of property is
being made and no indebtedness is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of Company or any Subsidiary of Company. 

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

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

4.5    Legal Matters. 

4.5.1    Compliance with Law. Company, Bank and each of their Subsidiaries (i) has complied with
and (ii) is not under investigation with respect to, and have not been threatened to be charged with or given any notice of any material violation of any applicable statutes, rules, regulations, orders and restrictions of any domestic or
foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties, except where any such failure to comply or violation would not reasonably be expected to have a
Material Adverse Effect on Company or any of its Subsidiaries. Company, Bank and each of their Subsidiaries (x) is, and at all times prior to the date hereof has been, compliant with all applicable statutes, rules, regulations, orders and
restrictions of any domestic or foreign government, or any Governmental Agency, and their own privacy policies and written commitments to their respective customers, consumers and employees, concerning data protection and the privacy and security of
personal data and the nonpublic personal information of their respective customers, consumers and employees, except in each case where the failure to so comply would not result, individually or in the aggregate, in a Material Adverse Effect, and
(y) at no time during the two years prior to the date hereof has received any notice asserting any such violations. 

4.5.2    Regulatory Enforcement Actions. Company and its Subsidiaries are in compliance in all
material respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, the failure to comply with which would have a Material Adverse Effect. None of Company, Company’s Subsidiaries nor any of
their officers or directors is now operating under any formal regulatory enforcement action, nor are, to Company’s knowledge, any such actions threatened. 

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

  
 12 

 4.5.4    Environmental. No Property is or, to
Company’s knowledge, has been a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any Hazardous Materials and neither Company nor Bank has engaged in
such activities. There are no claims or actions pending or, to Company’s knowledge, threatened against Company or Bank by any Governmental Agency or by any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials
Law. 
 4.5.5    Brokerage Commissions. Other than with respect to the Placement Agent, neither
Company nor any Affiliate of Company is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions contemplated by this Agreement. 

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

4.6    No Misstatement. No information, exhibit, report, schedule or document, when viewed together
as a whole, furnished by Company to Purchasers in connection with the negotiation, execution or performance of this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements
contained therein not misleading in light of the circumstances when made or furnished to Purchasers and as of the Closing Date. 

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

4.8    Offering of Securities. Neither Company nor any Person acting on its behalf has taken any
action which would subject the offering, issuance or sale of the Notes to the registration requirements of the Securities Act. Neither the Company nor any Person acting on its behalf has engaged or will engage in any form of general solicitation or
general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Subordinated Notes pursuant to the transactions contemplated by the Transaction Documents. Assuming the accuracy of Purchasers’ representations
and warranties set forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the Subordinated Notes by the Company to Purchasers. 

4.9    Representations and Warranties Generally. The representations and warranties of the Company
set forth in this Agreement and in any certificate signed by an officer and delivered to the Purchasers pursuant to or in connection with this Agreement (to the extent provided prior to Closing) are true and correct as of the date hereof and will be
true and correct as of the Closing Date and as otherwise specifically provided herein or therein. None of the representations, warranties, covenants and agreements made in this Agreement or in any certificate or other document delivered to
Purchasers by or on behalf of Company pursuant to or in connection with this Agreement contains any untrue statement of a material fact or omits to state a material fact or any fact necessary to make the statements contained therein not misleading
in light of the circumstances when made and as of the Closing Date.  

  
 13 

 5.    GENERAL COVENANTS, CONDITIONS AND AGREEMENTS. 

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

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

5.2    Affiliate Transactions. Company shall not itself, nor shall it cause, permit or allow any
Subsidiary to enter into any transaction, including, the purchase, sale or exchange of property or the rendering of any service, with any Affiliate of Company except in the ordinary course of business and pursuant to the reasonable requirements of
Company’s or such Affiliate’s business and upon terms consistent with applicable laws and regulations and reasonably found by the appropriate board(s) of directors to be fair and reasonable and no less favorable to Company or such
Affiliate than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate. 

5.3    Compliance with Laws. 

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

5.3.3    Taxes. Company shall and shall cause Bank and any other Subsidiary to promptly pay and
discharge all taxes, assessments and other governmental charges imposed upon Company, Bank or any other Subsidiary or upon the income, profits, or property of Company or any Subsidiary and all claims for labor, material or supplies which, if unpaid,
might by law become a lien or charge upon the property of Company, Bank or any other Subsidiary. Notwithstanding the foregoing, none of Company, Bank or any other Subsidiary shall be required to pay any such tax, assessment, charge or claim, so long
as the validity thereof shall be contested in good faith by appropriate proceedings, and appropriate reserves therefor shall be maintained on the books of Company, Bank and such other Subsidiary. 

  
 14 

 5.3.4    Corporate Existence. Company shall do or
cause to be done all things reasonably necessary to maintain, preserve and renew its corporate existence and that of Bank and their respective rights and franchises, and comply in all material respects with all related laws applicable to Company,
Bank or their Subsidiaries. 
 5.3.5    Dividends, Payments, and Guarantees During Event of
Default. During the continuance of an Event of Default and except as required by any federal or state Governmental Agency, Company agrees not to (a) declare or pay any dividends on, or redeem, purchase, acquire or make a liquidation
payment with respect to, any of its capital stock; (b) make any payment of principal of, or interest or premium, if any, on, or repay, repurchase or redeem any of Company’s Indebtedness that ranks equal with or junior to the Subordinated
Notes; or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares
of, any class of Company’s common stock; (ii) any declaration of a non-cash dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such
plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of 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 pursuant to the conversion or exchange provisions of such capital stock or the security being
converted or exchanged; or (v) purchases of any class of 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. 
 5.3.6    Tier 2 Capital. If all or any portion of the Subordinated Notes
ceases to qualify as Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, Company will immediately
notify the Holders thereof, and thereafter Company and the Holders will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the
Subordinated Notes to qualify as Tier 2 Capital, if requested by Company. 
 5.4    Absence of
Control. It is the intent of the parties to this Agreement that in no event shall Purchasers, by reason of any of the Transaction Documents, be deemed to control, directly or indirectly, Company, and Purchasers shall not exercise, or be
deemed to exercise, directly or indirectly, a controlling influence over the management or policies of Company. 

5.5    Secondary Market Transactions. Each Holder shall have the right at any time and from time to
time to securitize its Subordinated Notes or any portion thereof in a single asset securitization or a pooled loan securitization of rated single or multi-class securities secured by or evidencing ownership interests in the Subordinated Notes (each
such securitization is referred to herein as a “Secondary Market Transaction”). In connection with any such Secondary Market Transaction, the Company shall, at the Company’s expense, use all reasonable efforts and cooperate fully and
in good faith with Holders and otherwise assist Holders in satisfying the market standards to which Holders customarily adhere or which may be reasonably required in the marketplace or by applicable rating agencies in connection with any such
Secondary Market Transactions, but in no event shall the Company be 

  
 15 

 
required to incur more than $10,000 (without reimbursement) in costs or expenses in connection therewith. Subject to any written confidentiality obligation, all information regarding the Company
may be furnished, without liability except in the case of gross negligence or willful misconduct, to any Holder and to any Person reasonably deemed necessary by Holder in connection with such Secondary Market Transaction. All documents, financial
statements, appraisals and other data relevant to Company or the Subordinated Notes may be retained by any such Person. 

5.6    Bloomberg. Within 30 days after Closing, Company will utilize its commercially reasonable
efforts to have the Subordinated Notes quoted on Bloomberg. 
 5.7    Rule 144A Information. While
any Subordinated Notes remain “restricted securities” within the meaning of the Securities Act, the Company will make available, upon request, to any seller of such Subordinated Notes the information specified in Rule 144A(d)(4) under the
Securities Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange Act. 

6.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASERS. 

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

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

6.2    Authorization and Execution. The execution, delivery and performance of this Agreement has
been duly authorized by all necessary action on the part of such Purchaser, and this Agreement, assuming due authorization, execution and delivery by the Company, is a legal, valid and binding obligation of such Purchaser, enforceable against such
Purchaser in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable
principles. 
 6.3    No Conflicts. Neither the execution, delivery or performance of the
Transaction Documents nor the consummation of any of the transactions contemplated thereby will conflict with, violate, constitute a breach of or a default (whether with or without the giving of notice or the passage of time or otherwise) under
(i) its organizational documents, (ii) any agreement to which it is party, (iii) any law applicable to it or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or affecting it. 

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

  
 16 

 6.5    Accredited Investor. It is and will be on
the Closing Date an “accredited investor” as such term is defined in Rule 501(a) of Regulation D and (i) as contemplated by subsections (1), (2), (3) and (7) of Rule 501(a) of Regulation D, and has no less than $5,000,000 in
total assets, or (ii) as contemplated by subsections (5) and (6) of Rule 501(a) of Regulation D, and has a current net worth, exclusive of Purchaser’s primary residence, of over $1,000,000 and income of over $200,000 in each of the
two most recent years, and a reasonable expectation of reaching the same income level in the current year. 

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

6.7    Ability to Bear Economic Risk of Investment. It recognizes that an investment in the
Subordinated Notes involves substantial risk. It has the ability to bear the economic risk of the prospective investment in the Subordinated Notes, including the ability to hold the Subordinated Notes indefinitely, and further including the ability
to bear a complete loss of all of its investment in Company. 
 6.8    Information. It acknowledges
that: (i) it is not being provided with the disclosures that would be required if the offer and sale of the Subordinated Notes were registered under the Securities Act, nor is it being provided with any offering circular or prospectus prepared
in connection with the offer and sale of the Subordinated Notes; (ii) it has conducted its own examination of Company and the terms of the Subordinated Notes to the extent it deems necessary to make its decision to invest in the Subordinated
Notes; and (iii) it has availed itself of publicly available financial and other information concerning Company to the extent it deems necessary to make its decision to purchase the Subordinated Notes. It has reviewed the information set forth
in Company’s Reports and the exhibits and schedules hereto. 
 6.9    Access to Information.
It acknowledges that it and its advisors have been furnished with all materials relating to the business, finances and operations of Company that have been requested of it or its advisors and have been given the opportunity to ask questions of, and
to receive answers from, persons acting on behalf of Company concerning terms and conditions of the transactions contemplated by this Agreement in order to make an informed and voluntary decision to enter into this Agreement. 

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

  
 17 

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

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

6.13    Tier 2 Capital. If all or any portion of the Subordinated Notes ceases to qualify as Tier 2
Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, Company will immediately notify the Purchasers, and
thereafter Company and the Purchasers will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as
Tier 2 Capital, if requested by Company. 
 6.14    Accuracy of Representations. It understands
that Company will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement, and agrees that if any of the representations or
acknowledgements made by it are no longer accurate as of the Closing Date, or if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly notify the Company. 

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

  
 18 

 7.    TERMINATION. Purchasers may terminate this Agreement
(i) at any time prior to the Closing Date by written notice signed by all Purchasers to Company if Purchasers shall decline to purchase the Subordinated Notes for any reason permitted by this Agreement or (ii) on the Closing Date if any
condition described in Section 3.2 is not fulfilled by the Company or waived in writing by the Purchasers on or prior to the Closing Date. Any termination pursuant to this Section shall be without liability on the part of (i) Company to
Purchasers or (ii) Purchasers to Company. 
 8.    MISCELLANEOUS. 

8.1    Prohibition on Assignment by Company. Except as described in Section 4 (Merger and Sale
of Assets) of the Subordinated Notes, Company may not assign, transfer or delegate any of its rights or obligations under this Agreement or the Subordinated Notes without the prior written consent of Purchasers. In addition, in accordance with the
terms of the Subordinated Notes, any transfer of such Subordinated Notes must be made in accordance with the Assignment Form attached thereto and the requirements and restrictions thereof. 

8.2    Time of the Essence. Time is of the essence of this Agreement. 

8.3    Waiver or Amendment. No waiver or amendment of any term, provision, condition, covenant or
agreement herein or in the Subordinated Notes shall be effective except with the consent of the holders of not less than more than fifty percent (50%) in aggregate principal amount (excluding any Subordinated Notes held by Company or any of its
Affiliates) of the Subordinated Notes at the time outstanding; provided, however, that without the consent of each holder of an affected Subordinated Note, no such amendment or waiver may: (i) reduce the principal amount of the
Subordinated Note; (ii) reduce the rate of or change the time for payment of interest on any Subordinated Note; (iii) extend the maturity of any Subordinated Note, (iv) change the currency in which payment of the obligations of
Company under this Agreement and the Subordinated Notes are to be made; or (v) lower the percentage of aggregate principal amount of outstanding Subordinated Notes required to approve any amendment of this Agreement or the Subordinated Notes,
(vi) make any changes to Section 9 (Failure to Make a Payment) of the Subordinated Notes that adversely affects the rights of any holder of a Subordinated Note; or (vii) disproportionately affect any of the holders of the then
outstanding Subordinated Notes. Notwithstanding the foregoing, Company may amend or supplement the Subordinated Notes without the consent of the holders of the Subordinated Notes to cure any ambiguity, defect or inconsistency or to provide for
uncertificated Subordinated Notes in addition to or in place of certificated Subordinated Notes, or to make any change that does not adversely affect the rights of any holder of any of the Subordinated Notes. No failure to exercise or delay in
exercising, by a Purchaser or any holder of the Subordinated Notes, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further
exercise thereof, or the exercise of any other right or remedy provided by law. The rights and remedies provided in this Agreement are cumulative and not exclusive of any right or remedy provided by law or equity. No notice or demand on Company in
any case shall, in itself, entitle Company to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of Purchasers to any other or further action in any circumstances without notice or demand. No
consent or waiver, expressed or implied, by Purchasers to or of any breach or default by Company in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the
performance of the same or any other obligations of Company hereunder. Failure on the part of Purchasers to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not
constitute a waiver by Purchasers of their rights hereunder or impair any rights, powers or remedies on account of any breach or default by Company. 

  
 19 

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

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

			
	if to Company:	  	 BANKGUAM HOLDING COMPANY
 P.O. Box BW

Hagatna, Guam 96932
 Attention: Joaquin P.L.G. Cook,
President & CEO

		
	with a copy to:	  	 Danilo M. Rapadas
 SVP & General
Counsel
 BankGuam Holding Company
 P.O. Box BW

Hagatna, Guam 96932

		
	if to Purchasers:	  	To the addresses indicated on Schedule I.

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

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

  
 20 

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

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

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

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

8.11    No Third Party Beneficiary. This Agreement is made for the sole benefit of Company and the
Purchasers, and no other person shall be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever, nor shall any other person have any right of action of any kind hereon or be deemed
to be a third party beneficiary hereunder, except that Placement Agent has the right to rely on the representations and warranties of Company set forth in Section 4 of this Agreement. 

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

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

  
 21 

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

8.15    Waiver Of Right To Jury Trial. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, COMPANY AND
PURCHASERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT EITHER MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF
COMPANY OR PURCHASERS. COMPANY AND PURCHASERS EACH ACKNOWLEDGE THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL. COMPANY AND PURCHASERS EACH
FURTHER ACKNOWLEDGE THAT (i) IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (ii) THIS WAIVER HAS BEEN REVIEWED BY EACH OF THEM AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO
THIS AGREEMENT AND THE SUBORDINATED NOTES AND (iii) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN. 

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

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

  
 22 

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

			
	BANKGUAM HOLDING COMPANY
		
	By:	 	 
		 	JOAQUIN P.L.G. COOK
		 	 PRESIDENT AND CHIEF
 EXECUTIVE
OFFICER

  
 [Company Signature
Page to Subordinated Note Purchase Agreement] 

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

			
	PURCHASER:
		
	By:	 	 
		
	Its:Exhibit
4.1

 

NUMBER
UNITS

U-

 

 

SEE
REVERSE FOR CERTAIN DEFINITIONS

CUSIP
[●]

 

SWITCHBACK
ENERGY ACQUISITION CORPORATION

 

UNITS
CONSISTING OF ONE SHARE OF CLASS A COMMON STOCK AND

ONE-THIRD OF ONE REDEEMABLE WARRANT TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK

 

THIS
CERTIFIES THAT                                       
is the owner of                                                       Units.

 

Each
Unit (“Unit”) consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common
Stock”), of Switchback Energy Acquisition Corporation, a Delaware corporation (the “Company”),
and one-third of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the
holder to purchase one (1) share (subject to adjustment) of Common Stock for $11.50 per share (subject to adjustment). Each Warrant
will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (each a “Business
Combination”), or (ii) twelve (12) months from the closing of the Company’s initial public offering, and will
expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company
completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”).
The Common Stock and Warrants comprising the Units represented by this certificate are not transferable separately prior to [●],
2019, unless Goldman Sachs & Co. LLC and [●] elect to allow earlier separate trading, subject to the Company’s
filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting
the Company’s receipt of the gross proceeds of the offering and issuing a press release announcing when separate trading
will begin. The terms of the Warrants are governed by a Warrant Agreement, dated as of [●], 2019, between the Company and
Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein,
all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement
are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York, New York 10004, and are available
to any Warrant holder on written request and without cost.

 

This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

This
certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

Witness
the facsimile signature of its duly authorized officers.

 

		 	
	Secretary	 	Chief Executive Officer

 

    1

     

    

 

Switchback
Energy Acquisition Corporation

 

The
Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and
relative, participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications,
limitations, or restrictions of such preferences and/or rights.

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:

 

	TEN
    COM	–	as
    tenants in common	 	UNIF
    GIFT MIN ACT	–	_____________Custodian
    ______________
	TEN
    ENT	–	as
    tenants by the entireties	 	 	 	(Cust)	(Minor)
	 	 	 	 	 	 	 
	JT
    TEN	–	as
    joint tenants with right of survivorship and not as tenants in common	 	 	 	under
                                         Uniform Gifts to Minors Act

        ____________________________________

        (State)

 

 

Additional
abbreviations may also be used though not in the above list.

 

For
value received,                          
hereby sell, assign and transfer unto                                             

 

PLEASE
INSERT SOCIAL SECURITY OR

OTHER

IDENTIFYING
NUMBER OF ASSIGNEE

 

 

(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

 

Units
represented by the within Certificate, and do hereby irrevocably constitute and appoint Attorney to transfer the said Units on
the books of the within named Company with full power of substitution in the premises.

Dated:______________________________

________________________________________________

		Notice:	The
                                         signature to this assignment must correspond with the name as written upon the face of
                                         the certificate in every particular, without alteration or enlargement or any change
                                         whatever.

Signature(s)
Guaranteed:

_________________________________________________   

THE
SIGNATURE(S) 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 RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE
ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).

 

    2

     

    

 

In
each case, as more fully described in the Company’s final prospectus dated [●], 2019, the holder(s) of this certificate
shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with the
Company’s initial public offering only in the event that (i) the Company redeems the shares of Class A common stock sold
in its initial public offering and liquidates because it does not consummate an initial business combination by [●], 2021,
or by [●], 2021 if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial
business combination by [●], 2021 but has not completed the initial business combination by [●], 2021, (ii) the Company
redeems the shares of Class A common stock sold in its initial public offering in connection with a stockholder vote to approve
an amendment to the Company’s amended and restated certificate of incorporation that would affect the substance or timing
of the Company’s obligation to redeem 100% of the Class A common stock if it does not consummate an initial business combination
by [●], 2021, or by [●], 2021 if the Company has executed a letter of intent, agreement in principle or definitive
agreement for an initial business combination by [●], 2021 but has not completed the initial business combination by [●],
2021, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective shares of Class A common stock in connection
with a tender offer (or proxy solicitation, solely in the event the Company seeks stockholder approval of the proposed initial
business combination) setting forth the details of a proposed initial business combination. In no other circumstances shall the
holder(s) have any right or interest of any kind in or to the trust account.

 

 

3

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