Document:

Exhibit 4.8

 

FIRST SUPPLEMENTAL INDENTURE

 

(Fidelity Southern Statutory Trust III)

 

THIS FIRST SUPPLEMENTAL
INDENTURE dated as of July 1, 2019, is by and among Wilmington Trust Company, a Delaware trust company, as Trustee (herein,
together with its successors in interest, the “Trustee”), Ameris Bancorp, a Georgia corporation (the “Successor
Company”), and Fidelity Southern Corporation, a Georgia corporation (the “Company”), under the Indenture referred
to below.

 

NOW, THEREFORE,
in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties hereto, the Trustee, the Company and the Successor Company hereby agree as follows:

 

PRELIMINARY STATEMENTS

 

The Trustee and the
Company are parties to that certain Indenture dated as of August 20, 2007 (the “Indenture”), pursuant to which the
Company issued U.S. $20,619,000 of its Fixed/Floating Rate Junior Subordinated Deferrable Interest Debentures due 2037 (the “Debentures”).

 

As permitted by the
terms of the Indenture, the Company, simultaneously with the effectiveness of this First Supplemental Indenture, shall merge (referred
to herein for purposes of Article XI of the Indenture as the “Merger”) with and into the Successor Company with the
Successor Company as the surviving corporation. The parties hereto are entering into this First Supplemental Indenture pursuant
to, and in accordance with, Articles IX and XI of the Indenture.

 

SECTION 1. Definitions.
All capitalized terms used herein that are defined in the Indenture, either directly or by reference therein, shall have the respective
meanings assigned them in the Indenture except as otherwise provided herein or unless the context otherwise requires.

 

SECTION 2. Interpretation.

 

		(a)	In this First Supplemental Indenture, unless a clear contrary intention appears:

 

		(i)	the singular number includes the plural number and vice versa;

 

		(ii)	reference to any gender includes the other gender;

 

		(iii)	the words “herein,” “hereof” and “hereunder” and other words
of similar import refer to this First Supplemental Indenture as a whole and not to any particular Section or other subdivision;

 

		(iv)	reference to any Person includes such Person’s successors and assigns but, if applicable,
only if such successors and assigns are permitted by this First Supplemental Indenture or the Indenture, and reference to a Person
in a particular capacity excludes such Person in any other capacity or individually, provided that nothing in this clause (iv)
is intended to authorize any assignment not otherwise permitted by this First Supplemental Indenture or the Indenture;

 

     

     

    

 

		(v)	reference to any agreement, document or instrument means such agreement, document or instrument
as amended, supplemented or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the
terms hereof, as well as any substitution or replacement therefor, and reference to any note includes modifications thereof and
any note issued in extension or renewal thereof or in substitution or replacement therefor;

 

		(vi)	reference to any Section means such Section of this First Supplemental Indenture; and

 

		(vii)	the word “including” (and with correlative meaning “include”) means including
without limiting the generality of any description preceding such term.

 

		(b)	No provision in this First Supplemental Indenture shall be interpreted or construed against any
Person because that Person or its legal representative drafted such provision.

 

SECTION 3. Assumption
of Obligations.

 

		(a)	Pursuant to, and in compliance and accordance with, Section 11.1 and Section 11.2 of the Indenture,
the Successor Company hereby expressly assumes the due and punctual payment of the principal of (and premium, if any) and interest
on all of the Debentures in accordance with their terms, according to their tenor, and the due and punctual performance and observance
of all of the covenants and conditions of the Indenture to be kept, performed, or observed by the Company under the Indenture.

 

		(b)	Pursuant to, and in compliance and accordance with, Section 11.2 of the Indenture, the Successor
Company succeeds to and is substituted for the Company, with the same effect as if the Successor Company had originally been named
in the Indenture as the Company.

 

		(c)	The Successor Company also succeeds to and is substituted for the Company with the same effect
as if the Successor Company had originally been named in (i) the Amended and Restated Declaration of Trust of the Trust, dated
as of August 20, 2007 (the “Declaration of Trust”), as Sponsor (as defined in the Declaration of Trust) and (ii) the
Guarantee Agreement, dated as of August 20, 2007 (the “Guarantee”), as Guarantor (as defined in the Guarantee).

 

    	 	2	 

     

    

 

SECTION 4. Representations
and Warranties. The Successor Company represents and warrants that (a) it has all necessary power and authority to execute
and deliver this First Supplemental Indenture and to perform the Indenture, (b) it is the successor of the Company pursuant to
the Merger effected in accordance with applicable law, (c) it is a corporation organized and existing under the laws of Georgia,
(d) both immediately before and after giving effect to the Merger and this First Supplemental Indenture, no Default or Event of
Default, and no event which, after notice or lapse of time or both, would become an Event of Default, has occurred and is continuing
and (e) this First Supplemental Indenture is executed and delivered pursuant to Section 9.1(a) and Article XI of the Indenture
and does not require the consent of the Securityholders.

 

SECTION 5. Conditions
of Effectiveness. This First Supplemental Indenture shall become effective simultaneously with the effectiveness of the
Merger; provided, however, that:

 

		(a)	the Trustee shall have executed a counterpart of this First Supplemental Indenture and shall have
received one or more counterparts of this First Supplemental Indenture executed by the Successor Company and the Company;

 

		(b)	the Trustee shall have received an Officers’ Certificate stating that (i) this First Supplemental
Indenture complies with the requirements of Article IX of the Indenture; and (ii) in the opinion of the signers, all conditions
precedent, if any, provided for in the Indenture relating to the Merger and this First Supplemental Indenture have been complied
with;

 

		(c)	the Trustee shall have received an Opinion of Counsel to the effect that (i) all conditions precedent
provided for in the Indenture relating to the Merger and this First Supplemental Indenture have been complied with; (ii) this First
Supplemental Indenture complies with the requirements of Article IX of the Indenture and is authorized or permitted by, and conforms
to, the terms of Article IX of the Indenture; (iii) it is proper for the Trustee, under the provisions of Article IX of the Indenture,
to join in the execution of this First Supplemental Indenture; and (iv) the Merger and the assumption by the Successor Company
under this First Supplemental Indenture comply with the provisions of Article XI of the Indenture; and

 

		(d)	the Successor Company shall have duly executed and filed with the Secretary of State of the State
of Georgia a certificate of merger in connection with the Merger.

 

SECTION 6. Reference
to the Indenture.

 

		(a)	Upon the effectiveness of this First Supplemental Indenture, each reference in the Indenture to
“this Indenture,” “hereunder,” “herein” or words of like import shall mean and be a reference
to the Indenture, as affected, amended and supplemented hereby.

 

    	 	3	 

     

    

 

		(b)	Upon the effectiveness of this First Supplemental Indenture, each reference in the Debentures to
the Indenture, including each term defined by reference to the Indenture, shall mean and be a reference to the Indenture or such
term, as the case may be, as affected, amended and supplemented hereby.

 

		(c)	The Indenture, as amended and supplemented hereby, shall remain in full force and effect and is
hereby ratified and confirmed.

 

SECTION 7. Execution
in Counterparts. This First Supplemental Indenture 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
when taken together shall constitute but one and the same instrument.

 

SECTION 8. Governing
Law; Binding Effect. This First Supplemental Indenture shall be governed by and construed in accordance with the laws of
the State of New York and shall be binding upon the parties hereto and their respective successors and assigns.

 

SECTION 9. The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this First Supplemental Indenture or the due execution thereof by the Company or the Successor Company. The recitals of fact
contained herein shall be taken as the statements solely of the Company or the Successor Company, and the Trustee assumes no responsibility
for the correctness thereof.

 

[Signatures on following page.]

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this First Supplemental Indenture to be duly executed as of the day and year first written above.

 

	 	FIDELITY SOUTHERN CORPORATION
	 	 
	 	By:	 /s/
    Palmer Proctor, Jr.               
	 	Name:	Palmer Proctor, Jr.   
	 	Title:	President
	 	 
	 	AMERIS BANCORP
	 	 
	 	By:	/s/ Daniel B. Jeter
	 	Name:	Daniel B. Jeter
	 	Title:	Chairman
	 	 
	 	WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Trustee
	 	 
	 	By:	/s/ Michael H. Wess
	 	Name:	Michael H. Wess
	 	Title:	Vice President

 

    	 	5Warrant

 

Warrant
No. 2018

 

(a
Delaware Limited Liability Corporation)

 

Warrant
for the Purchase of _______ Shares of Common Stock, Par Value $0.001

 

[This
Warrant Will Be Void After 5:00 P.M. Pacific Time on June 12, 2024]

 

These
securities have not been registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities
Act of 1933, as amended (the “Securities Act”), and are being offered in reliance on exemptions from registration
provided in Section 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder and preemption from the registration
or qualification requirements (other than notice filing and fee provisions) of applicable state laws under the National Securities
Markets Improvement Act of 1996. 

 

THIS
WARRANT (this “Warrant”) dated December, 28, 2018 (the “Effective Date”) certifies that,
for value received, _________________________ or registered as (the “Holder” or “Holders”), is
entitled, at any time on or before 5:00 p.m. Pacific Standard Time on December 28, 2019, to subscribe for, purchase,
and receive _______ shares (the “Shares”) of fully paid and non-assessable common stock, par value $0.001 (the
“Common Stock”) of AMMO, Inc., a Delaware corporation (the “Company”). Every one (1) Warrant is exercisable
to purchase one (1) share of Common Stock at a price of $2.40 per share (the “Exercise Price”). The number
of Shares to be received on exercise of this Warrant and the Exercise Price may be adjusted on the occurrence of certain events
as described herein. If the rights represented hereby are not exercised by 5:00 p.m. Pacific Standard Time on December 28,
2023 (the “Termination Date”), this Warrant shall automatically become void and of no further force or effect,
and all rights represented hereby shall cease and expire.

 

Subject
to the terms set forth herein, this Warrant may be assigned by the Holder in whole or in part by execution of the form of assignment
attached hereto or may be exercised by the Holder in whole or in part by execution of the form of exercise attached hereto and
payment of the Exercise Price in the manner described above, all subject to the terms hereof.

 

1.
Exercise of Warrants. The Holder shall have the rights of a stockholder only with respect to Shares fully paid for by the
Holder under this Warrant. On the exercise of all or any portion of this Warrant in the manner provided above, the Holder exercising
the same shall be deemed to have become a Holder of record of the Shares as to which this Warrant is exercised for all purposes,
and certificates for the securities so purchased shall be delivered to the Holder within a reasonable time, but in no event longer
than 10 days after this Warrant shall have been exercised as set forth above. If this Warrant shall be exercised in respect to
only a part of the Shares covered hereby, the Holder shall be entitled to receive a similar Warrant of like tenor and date covering
the number of Shares with respect to which this Warrant shall not have been exercised. No fractional shares will be issued upon
the exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction of a share upon any exercise of
a Warrant, the Company shall, upon such exercise, round down to the nearest whole number the number of shares to be issued to
such holder.

 

2.
Assignment of Warrants. In the event this Warrant is assigned in the manner provided herein, the Company, upon request
and upon surrender of this Warrant by the Holder at the principal office of the Company accompanied by payment of all transfer
taxes, if any, payable in connection therewith, shall transfer this Warrant on the books of the Company. If the assignment is
in whole, the Company shall execute and deliver a new Warrant or Warrants of like tenor to this Warrant to the appropriate assignee
expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder; and if the assignment is in part,
the Company shall execute and deliver to the appropriate assignee a new Warrant or Warrants of like tenor expressly evidencing
the right to purchase the portion of the aggregate number of Shares as shall be contemplated by any such agreement, and shall
concurrently execute and deliver to the Holder a new Warrant of like tenor to this Warrant evidencing the right to purchase the
remaining portion of the Shares purchasable hereunder that have not been transferred to the assignee.

 

    	 

    	 

    

 

3.
Fully Paid Shares. The Company covenants and agrees that the Shares that may be issued on the exercise of this Warrant
will, on issuance pursuant to the terms of this Warrant, be fully paid and non-assessable, free from all taxes, liens, and charges
with respect to the issue thereof, and not issued in violation of the preemptive or similar right of any other person. The Company
further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the
Company will have authorized and reserved a sufficient number of Shares of Common Stock to provide for the exercise of the rights
represented by this Warrant.

 

4.
Adjustment of Exercise Price and Number of Shares.

 

(a)
Adjustment of Exercise Price and Number of Shares. The number of Shares purchasable on the exercise of this Warrant and the Exercise
Price shall be adjusted appropriately from time to time as follows:

 

(i)
In the event the Company shall declare a dividend or make any other distribution on any capital stock of the Company payable in
Common Stock, rights to purchase Common Stock, or securities convertible into Common Stock, or shall subdivide its outstanding
shares of Common Stock into a greater number of shares or combine such outstanding stock into a smaller number of shares, then
in each such event, the number of Shares subject to this Warrant shall be adjusted so that the Holder shall be entitled to purchase
the kind and number of Shares of Common Stock or other securities of the Company that it would have owned or have been entitled
to receive after the happening of any of the events described above, had such Warrant been exercised immediately prior to the
happening of such event or any record date with respect thereto; an adjustment made pursuant to this subsection (a) shall become
effective immediately after the effective date of such event retroactive to the record date for such event.

 

(ii)
No adjustment in the number of Shares purchasable hereunder shall be required unless such adjustment would require an increase
or decrease of at least 1% in the number of Shares purchasable on the exercise of this Warrant; provided, however, that
any adjustments that by reason of this subsection (a) are not required to be made shall be carried forward and taken into account
in any subsequent adjustment.

 

(iii)
Whenever the number of Shares purchasable on the exercise of this Warrant is adjusted, as herein provided, the Exercise Price
payable on exercise shall be adjusted by multiplying the Exercise Price immediately prior to such adjustment by a fraction, the
numerator of which shall be the number of Shares purchasable on the exercise of this Warrant immediately prior to such adjustment
and the denominator of which shall be the number of Shares so purchasable immediately thereafter.

 

(iv)
Whenever the number of Shares purchasable on the exercise of this Warrant or the Exercise Price of such Shares is adjusted, as
herein provided, the Company shall cause to be promptly mailed by first class mail, postage prepaid, to the Holder of this Warrant
notice of such adjustment or adjustments and shall deliver a resolution of the board of directors of the Company setting forth
the number of Shares purchasable on the exercise of this Warrant and the Exercise Price of such Shares after such adjustment,
setting forth a brief statement of the facts requiring such adjustment, together with the computation by which such adjustment
was made. Such resolution, in the absence of manifest error, shall be conclusive evidence of the correctness of adjustment.

 

(v)
All such adjustments shall be made by the board of directors of the Company, which shall be binding on the Holder in the absence
of demonstrable error.

 

(b)
No Adjustment in Certain Cases. No adjustments shall be made in connection with:

 

(i)
the issuance of any Shares on the exercise of this Warrant;

 

(ii)
the conversion of shares of Preferred Stock;

 

    	 

    	 

    

 

(iii)
the exercise or conversion of any rights, options, warrants, or convertible securities containing the right to purchase or acquire
Common Stock;

 

(iv)
the issuance of additional Shares or other securities on account of the anti-dilution provisions contained in or relating to this
Warrant or any other option, warrant, or right to acquire Common Stock;

 

(v)
the purchase or other acquisition by the Company of any shares of Common Stock, evidences of its indebtedness or assets, or rights,
options, warrants, or convertible securities containing the right to subscribe for or purchase Common Stock; or

 

(vi)
the sale or issuance by the Company of any shares of Common Stock, evidences of its indebtedness or assets, or rights,
options, warrants, or convertible securities containing the right to subscribe for or purchase Common Stock or other
securities pursuant to options, warrants, or other rights to acquire Common Stock or other securities.

 

5.
Notice of Certain Events. In the event of:

 

(a)
any taking by the Company of a record of the holders of any class of securities of the Company for the purpose of determining
the holders thereof who are entitled to receive any dividends or other distribution, or any right to subscribe for, purchase,
or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other rights;

 

(b)
any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company, or any
transfer of all or substantially all of the assets of the Company to any other person, or any consolidation, share exchange, or
merger involving the Company; or

 

(c)
any voluntary or involuntary dissolution, liquidation, or winding up of the Company,

 

the
Company will mail to the Holder(s) of this Warrant, at least 20 days prior to the earliest date specified therein, a notice specifying
the date on which any such record is to be taken for the purpose of such dividend, distribution, or right; the amount and character
of such dividend, distribution, or right; or the date on which any such reorganization, reclassification, transfer, consolidation,
share exchange, merger, dissolution, liquidation, or winding up of the Company will occur and the terms and conditions of such
transaction or event.

 

6.
Limitation of Transfer. Subject to the restrictions set forth in paragraph 7 hereof, this Warrant is transferable at the
offices of the Company. On such transfer, every Holder hereof agrees that the Company may deem and treat the registered Holder(s)
of this Warrant as the true and lawful owner(s) thereof for all purposes, and the Company shall not be affected by any notice
to the contrary.

 

7.
Disposition of Warrants or Shares. Each registered owner of this Warrant, by acceptance hereof, agrees for itself and any
subsequent owner(s) that, before any disposition is made of any Warrants or Shares of Common Stock, the owner(s) shall give written
notice to the Company describing briefly the manner of any such proposed disposition. No such disposition shall be made unless
and until:

 

(a)
the Company has received written assurances from the proposed transferee confirming a factual basis for relying on exemptions
from registration under applicable federal and state securities laws for such transfer or an opinion from counsel for the Holder(s)
of the Warrants or Shares stating that no registration under the Securities Act or applicable state statute is required with respect
to such disposition; or

 

(b)
a registration statement under the Securities Act has been filed by the Company and declared effective by the SEC covering such
proposed disposition and the disposition has been registered or qualified, or is exempt therefrom, under the state having jurisdiction
over such disposition.

 

    	 

    	 

    

 

8.
Restricted Securities: Registration of Securities. The Holder acknowledges that this Warrant is, and that the Shares issuable
on exercise hereof will be, “restricted securities” as that term is defined in Rule 144 promulgated under the Securities
Act. Accordingly, this Warrant must be taken for investment and held indefinitely. Likewise, any Shares issued on exercise of
this Warrant must be taken for investment and held indefinitely and may not be resold unless such resale is registered under the
Securities Act and/or comparable state securities laws or unless an exemption from such registration is available. A legend to
the foregoing effect shall be placed conspicuously on the face of all certificates for Shares issuable on exercise of this Warrant.

 

9.
Governing Law. This Warrant shall be construed under and be governed by the laws of the state of Delaware.

 

10.
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Subscription Agreement.

 

11.
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the
fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any
of its rights, powers or remedies hereunder.

 

12.
Remedies. Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive the
defense in any action for specific performance that a remedy at law would be adequate.

 

13.
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of all Holders of this Warrant from the Initial Exercise Date
through the Termination Date, and shall be enforceable by any such Holder or holder of Shares.

 

14.
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

15.
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

16.
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

17.
Loss, Theft, Destruction, or Mutilation. Upon receipt by the Company of reasonable evidence of the ownership of and the
loss, theft, destruction, or mutilation of this Warrant, the Company will execute and deliver, in lieu thereof, a new Warrant
of like tenor.

 

DATED
this________________ day of _________________________, 2018.

 

AMMO,
INC. 

 

	By:	 	 
		Fred
    Wagenhals, CEO	 

 

    	 

    	 

    

 

NOTICE
OF EXERCISE (to be signed only upon exercise of Warrant)

 

TO:

 

AMMO,
INC.

6401
East Thomas Rd Suite 106

Scottsdale,
AZ 852551

Tel:
480-947-0001

Email:
fred@ammo-inc.com

 

The
undersigned, the owner of the attached Warrant, hereby irrevocable elects to exercise the purchase rights represented by the Warrant
for, and to purchase thereunder, ____________________shares of Common Stock of AMMO, Inc., and herewith makes payment of $____________________
therefore, please issue the shares of Common Stock as to which this Warrant is exercised in accordance with the instructions set
forth below and, if the Warrant is being exercised with respect to less than all of the Shares to which it pertains, prepare and
deliver a new Warrant of like tenor for the balance of the Shares purchasable under the attached Warrant.

 

DATED
this_______________ day of __________________20 _______.

 

	 	Signature:	

 

	 	Signature
    Guaranteed:	 

 

INSTRUCTIONS
FOR REGISTRATION OF STOCK 

 

	Name:	 
	 	                  (
	 	 
	Please
    Type or Print Address:	 
	 	 
	 	 

 

NOTICE:
The signature to the form of purchase must correspond with the name as written upon the face of the attached Warrant in every
particular without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings
bank, or by a trust company or by a firm having membership on a registered national securities exchange.

 

    	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to:

 

	Name:	 
		(Please
    Print)
	 	 
	Address:	 
	 	(Please
    Print)

 

Dated:
_______________, ______

 

	Holder’s
    Signature	 	 

 

	Holder’s
    Address:

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