Document:

Exhibit 10.6

 Exhibit 10.6 
 ASB BANCORP, INC. 
 STOCK-BASED DEFERRAL PLAN 

 

	1.	Purpose. 

 This ASB
Bancorp, Inc. Stock-Based Deferral Plan (the “Plan”) provides Directors and certain Eligible Officers of ASB Bancorp, Inc. and its affiliates with the opportunity to elect to defer compensation received for their service and, thereby,
accumulate additional shares of ASB Bancorp, Inc. common stock. The Plan is intended to constitute a deferred compensation plan that satisfies the requirements of Section 409A of the Code. 

 

	2.	Definitions. 

 As
used in the Plan, the following terms have the meanings indicated: 
 Board means the Board of Directors of the Company.

 Change in Control shall mean a change in control as defined in Internal Revenue Code Section 409A and rules,
regulations, and guidance of general application thereunder issued by the Department of the Treasury, including – 
  

	 	(a)	Change in ownership: a change in ownership of the Company, a corporation of which the Bank is a wholly owned subsidiary, occurs on the date any one person
or group accumulates ownership of the Company stock constituting more than 50% of the total fair market value or total voting power of the Company stock, 

  

	 	(b)	Change in effective control: (i) any one person or more than one person acting as a group acquires within a 12-month period ownership of the Company
stock possessing 30% or more of the total voting power of the Company stock, or (ii) a majority of the Board is replaced during any 12-month period by Directors whose appointment or election is not endorsed in advance by a majority of the
Board, or 

  

	 	(c)	Change in ownership of a substantial portion of assets: a change in ownership of a substantial portion of the Company’s assets occurs if in a
12-month period any one person or more than one person acting as a group acquires from the Company assets having a total gross fair market value equal to or exceeding 40% of the total gross fair market value of all of the Company’s assets
immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Company’s assets, or the value of the assets being disposed of, determined without regard to any liabilities associated with
the assets. 

 Code means the Internal Revenue Code of 1986, as amended. 

Committee means the Compensation Committee of the Board or any other committee of the Board designated as the administrator of the
Plan. 
 Company means ASB Bancorp, Inc. and its successors. 

Company Stock means the common stock of the Company. 

 Compensation means (i) in the case of a Participant who is a Director, the cash
retainer fees, meeting (board and committee) fees and other cash compensation payable to the Participant in connection with his or her service on the Board or the board of directors of any affiliate of the Company for any Plan Year and (ii) in
the case of a Participant who is an Eligible Officer, base salary and any cash incentive compensation. 
 Deferred Stock
Account means a bookkeeping account reflecting the investment of a Participant’s deferred Compensation in Company Stock Units and any adjustments thereto. 
 Director means a member of the Board of the Company or Asheville Savings Bank. 
 Effective Date means August 1, 2011. 
 Eligible Officer means
an officer of the Company or an affiliate of the Company who is designated by the Board as eligible to defer Compensation through the Plan. 
 Participant means a Director or Eligible Officer who elects to defer Compensation through the Plan. 
 Plan Year means the Company’s fiscal year ending December 31st of each year. 
 Separation from Service is intended to have the same meaning as under Code Section 409A and any regulations or guidance issued under such provision. 

Stock Unit means a hypothetical share of Company Stock. Each Stock Unit held in a Deferred Stock Account shall be deemed to have
the same value, from time to time, as a share of Company Stock. 
 Trust means a trust created for the purposes specified
in Section 10. 
  

	3.	Participation in the Plan. 

 A Director serving on the Board of the Company shall be eligible to participate in the Plan as of the Effective Date. A Director who joins the Board following the Effective Date shall be eligible to
participate in the Plan upon his or her first day of service as a Director. An officer of the Company or an affiliate shall participate in the Plan only upon designation as an Eligible Officer by the Board. Participation in the Plan by a Director or
Eligible Officer shall commence upon the submission of a timely deferral election form to the Committee in the manner prescribed below. 
  

	4.	Deferrals. 

  

	 	(a)	A Participant may elect to defer the payment of Compensation (in increments of 1% up to 100% or in a specified dollar amount) that would otherwise be payable in cash
during the Plan Year by completing a deferral election. A deferral election must specify the applicable percentage or fixed dollar amount of Compensation that the Participant wishes to defer. A deferral election shall pertain to all Compensation
payable during a Plan Year. 

  

	 	(b)	 A deferral election must be in writing and be delivered to the Company prior to the start of the Plan Year (or, in the case of an Eligible Officer who
elects to defer performance-based incentive compensation, not later than March 31 of the year to which the compensation relates) to which it pertains. A deferral election shall be irrevocable and

  
 2 

	 	
may not be amended with respect to the Plan Year to which it pertains. A deferral election may be made only for a single Plan Year. 

 

	 	(c)	All amounts deferred under the Plan shall be held as Stock Units. With respect to all amounts for which a deferral election is made, the Company shall transfer such
amounts to the Trust as soon as is reasonably practicable after the time when the Compensation otherwise would have been payable in cash to the Participant (or pursuant to a Participant’s election under Section 17) or at such other times
as the Committee, in its sole discretion, shall determine. Thereafter, the trustee of the Trust shall determine the number of Stock Units to be credited to an individual Participant’s Deferred Stock Account by reference to the total number of
shares of Company Stock acquired by the Trust with the proceeds of each transfer and the proportion that the Participant’s Compensation included in such transfer bears to the total of all Compensation transferred. 

 

	5.	Stock Unit Accounting. 

  

	 	(a)	All Stock Units credited to a Participant’s Deferred Stock Account shall be credited with hypothetical cash dividends equal to the cash dividends that are declared
and paid on Company Stock if any. On each record date, the Company shall determine the amount of cash dividends to be paid per share of Company Stock. On the payment date of such dividend, the Company shall credit an equal amount of hypothetical
cash dividends to each Stock Unit. The hypothetical cash dividends shall be converted into Stock Units by reference to the reinvestment of such dividends by the trustee of the Trust as set forth in Section 7. 

 

	 	(b)	Stock Units may not be sold, assigned, transferred, disposed of, pledged, hypothecated or otherwise encumbered. 

 

	6.	Distribution of Accounts. 

  

	 	(a)	A Participant may elect the timing of distributions from the Participant’s Deferred Stock Account. Distributions from a Participant’s Deferred Stock Account
shall commence at one of the following specified events elected by the Participant: 

  

	 	(i)	the Participant’s Separation from Service for any reason (including resignation or death); 

 

	 	(ii)	a specified number of years between one year and five years after the Participant’s Separation from Service; or 

 

	 	(iii)	a fixed date or age as specified in a Participant’s deferral election. An amount is payable as of a fixed date or age if the dates are nondiscretionary and
objectively determinable at the time of the deferral election. 

 In addition, a Participant may make a separate
election for distributions to commence at a Change in Control or, if eligible, may request a hardship distribution as noted in Section 19 of his Plan. 
  

	 	(b)	 If a Participant does not make an election under subsection (a)(ii), distribution of the Participant’s Deferred Stock Account shall commence at
Separation from Service. Prior to Separation from Service, a Participant who has previously elected commencement at Separation from Service (or made no previous election) may make one subsequent

  
 3 

	 	
election. The subsequent election must be submitted at least twelve months prior to Separation from Service and shall take effect twelve months after the date on which it is submitted. The
subsequent distribution election must elect the specified time under subsection (a)(ii) as five years after Separation from Service. The Committee may establish additional procedures, conditions, and limitations relating to the submission of a
subsequent election. 

  

	 	(c)	A Participant’s Accounts shall be distributed in a single lump sum payment, unless the Participant elects to receive a distribution in equal annual installments
over at least two and not more than 10 years. 

  

	 	(d)	Payment of Stock Units shall be made only in whole shares of Company Stock equal to the number of whole Stock Units. Fractional shares shall be disregarded for
distribution purposes. 

  

	 	(e)	Despite any contrary provision of this Plan, if, when the Participant’s service terminates, the Participant is a “specified employee,” as defined in Code
Section 409A, and if any payments under Article 6 of this Agreement will result in additional tax or interest to the Participant because of Section 409A, the Participant shall not be entitled to the payment under Article 6 until the
earliest of (i) the date that is at least six months after termination of the Participant’s employment for reasons other than the Participant’s death, (ii) the date of the Participant’s death, or (iii) any earlier date
that does not result in additional tax or interest to the Participant under Section 409A. If any provision of this Agreement would subject the Participant to additional tax or interest under Section 409A, the Company shall reform the
provision. However, the Company shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Participant to additional tax or interest. 

 

	7.	Trust. 

  

	 	(a)	As soon as practicable after the Effective Date, the Company shall establish a trust for the purposes set forth in this Plan. The Company shall from time to time
transfer to the Trust cash in an amount equal to Participants’ deferred Compensation (including amounts transferred pursuant to a Participant’s election under Section 17) for the purpose of acquiring shares of Company Stock. In no
event shall the Company issue or contribute shares of Company Stock directly to the Trust. 

  

	 	(b)	The Trust and its assets shall remain subject to the claims of the Company’s creditors. All benefit obligations under this Plan shall be paid from the general
assets of the Company, which shall include the assets of the Trust in the event of the Company’s insolvency. Any interest that the Participant may be deemed to have under this Plan may not be sold, hypothecated or transferred (including,
without limitation, transfer by gift), except by will or the laws of descent and distribution. Shares issued to the Trust shall be issued in the name of the trustee. The trustee shall invest all cash dividends on Company Stock in additional shares
of Company Stock. Unless otherwise determined by the Committee, a Participant shall have the right to direct the trustee as to the voting of the number of shares of Company Stock equal to the aggregate number of Stock Units in the Participant’s
Deferred Stock Account. 

  

	 	(c)	The Company shall bear all expenses associated with the acquisition of Company Stock by the Trust and the maintenance of the Trust. 

  
 4 

	8.	No Acceleration of Benefits. 

 Notwithstanding any other provision in this Plan to the contrary, the time or schedule for any payment of a Participant’s Deferred Stock Account under this Plan shall not be accelerated under any
circumstances. 
  

	9.	Effect of Stock Dividends and Other Changes to Company Stock. 

 In the event of a stock dividend, stock split or combination of shares, recapitalization or merger in which the Company is the surviving corporation or other change in the Company’s capital stock,
the number and kind of shares of Company Stock to be subject to the Plan and the maximum number of shares which are authorized for distribution under the Plan shall be appropriately adjusted by the Board, whose determination shall be binding on all
persons. 
  

	10.	Interpretation and Administration of the Plan. 

 The Committee shall administer, construe and interpret the Plan. Any decision of the Committee with respect to the Plan shall be final, conclusive and binding upon all Participants. The Committee may act
by a majority of its members. The Committee may authorize any member of the Committee or any officer of the Company to execute and deliver documents on behalf of the Committee. The Committee may consult with counsel, who may be counsel to the
Company, and shall not incur any liability for action taken in good faith in reliance upon the advice of counsel. The Committee may designate an officer of the Company to be authorized to take or cause to be taken such actions of a ministerial
nature as necessary to effectuate the intent and purposes of the Plan, including issuing Company Stock for the Plan, maintaining records of the Plan, and arranging for distributions in accordance with this Plan document. The Committee shall
interpret this Plan for all purposes in accordance with Code Section 409A and the regulations thereunder and any provision of the Plan shall be deemed modified to the extent necessary to comply with Code Section 409A and the regulations
thereunder. 
  

	11.	Term of the Plan. 

The Plan shall become effective as of the Effective Date and continue in effect unless terminated by action of the Board. Any termination
of the Plan by the Board shall not alter or impair any of the rights or obligations for any benefit previously deferred under the Plan. 
  

	12.	Termination or Amendment of the Plan. 

 The Board, or a Committee of the Board, may suspend or terminate the Plan or revise or amend the Plan in any respect; provided, any amendment or termination of the Plan shall not adversely affect a
Participant with respect to any benefit previously deferred under the Plan; provided, however, that approval of an amendment to the Plan by the stockholders of the Company shall be required to the extent, if any, that stockholder approval of such
amendment is required by applicable law, rule or regulation. 
  

	13.	Rights Under the Plan. 

 The Plan shall not constitute or be evidence of any agreement or understanding, express or implied, that the Company will retain any person as a Director or employee for any period of time. 

  
 5 

	14.	Beneficiary. 

 A
Participant may designate in writing delivered to the Committee, one or more beneficiaries (which may include a trust) to receive any distributions under the Plan after the death of the Participant. If a Participant fails to designate a beneficiary,
or no designated beneficiary survives the Participant, any payments to be made with respect to the Participant after death shall be made to the personal representative of the Participant’s estate. 

 

	15.	Notice. 

 All
notices and other communications required or permitted to be given under this Plan shall be in writing and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows: (i) if to the
Company—at its principal business address to the attention of the Chairman of the Committee; (ii) if to any Participant—at the last address of the Participant known to the sender at the time the notice or other communication is sent.

  

	16.	Construction. 

 The
Plan shall be construed and enforced according to the laws of the State of North Carolina, unless federal law applies. All transactions under this Plan shall also be subject to compliance with applicable securities laws. Reference to one gender
includes the other, and references to the singular and plural include each other. 
  

	17.	Special Transfer Rule. 

 A Participant who, as of the Effective Date, is a participant in the Asheville Savings Bank Second Amended and Restated Directors and Officers Deferral Plan (collectively referred to herein as the
“Prior Plan”) may elect not later than 30 days after the Effective Date to effect a one-time transfer to this Plan of all or any portion of the amounts accrued on their behalf under the Prior Plan as of the Effective Date. All transferred
amounts shall be treated in the same manner as any other compensation deferred under this Plan and shall be subject to the provisions of this Plan, except for vesting and distribution elections (if any). All distribution elections made under the
Prior Plan will be in effect for this Plan with respect to transferred amounts. 
  

	18.	Prior Plan  

 All
funds transferred into this Plan from the Prior Plan by operation of Section 17 shall be subject to the benefit and distribution provisions and/or elections and the vesting provisions in the Prior Plan. 

 

	19.	Unforeseeable Emergency 

 The Company shall permit financial hardship distributions upon an “unforeseeable emergency” (as defined in Section 409A of the Internal Revenue Code and the rules promulgated thereunder)
involving the Participant or his or her family. The Participant may submit a written application for an in-service hardship distribution to the Company. The application must specify the nature of the financial hardship, the total amount requested to
be distributed from the Participant’s Account and the total amount of the actual expense incurred or to be incurred due to the financial hardship. If, in the discretion of the Company, the Participant has suffered an unforeseeable emergency
that results in severe financial hardship to Participant, the Company shall cause the Plan to pay an in-service distribution to the Participant from the Participant’s Account. A distribution because of an unforeseeable emergency shall

  
 6 

 
not exceed the amount required to meet the immediate financial need created by the unforeseeable emergency and not otherwise reasonably available from other resources of Participant. Such
distribution shall be made in a lump sum as soon as administratively feasible, after the Committee determines that the Participant has incurred an unforeseeable emergency that will result in severe financial hardship to the Participant. 

THIS PLAN WAS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF THE COMPANY ON JUNE 21, 2011, TO BE EFFECTIVE AS OF AUGUST 1, 2011, AND
IS HEREBY EXECUTED BY A DULY AUTHORIZED OFFICER OF THE COMPANY ON JUNE 21, 2011. 
 ASB BANCORP, INC.

 /s/ Suzanne S.
DeFerie                             

Duly Authorized Officer 

  
 7Amended Warrant

 Exhibit 4.1 
 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE
DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 

AMENDED AND RESTATED 
 WARRANT 
 to purchase 

2,207,143 

Shares of Common Stock 
 of FNB United Corp. 
 Issue Date: October 21, 2011 

1. Definitions. Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated.

 “Affiliate” has the meaning ascribed to it in the Exchange Agreement. 

“Appraisal Procedure” means a procedure whereby two independent appraisers, one chosen by the Company and one by the
Original Warrantholder, shall mutually agree upon the determinations then the subject of appraisal. Each party shall deliver a notice to the other appointing its appraiser within 15 days after the Appraisal Procedure is invoked. If within 30 days
after appointment of the two appraisers they are unable to agree upon the amount in question, a third independent appraiser shall be chosen within 10 days thereafter by the mutual consent of such first two appraisers. The decision of the third
appraiser so appointed and chosen shall be given within 30 days after the selection of such third appraiser. If three appraisers shall be appointed and the determination of one appraiser is disparate from the middle determination by more than twice
the amount by which the other determination is disparate from the middle determination, then the determination of such appraiser shall be excluded, the remaining two determinations shall be averaged and such average shall be binding and conclusive
upon the Company and the Original Warrantholder; otherwise, the average of all three determinations shall be binding upon the Company and the Original Warrantholder. The costs of conducting any Appraisal Procedure shall be borne by the Company.

 “Board of Directors” means the board of directors of the Company, including any duly authorized committee
thereof. 
 “Business Combination” means a merger, consolidation, statutory share exchange or similar
transaction that requires the approval of the Company’s stockholders. 

 “business day” means any day except Saturday, Sunday and any day on which
banking institutions in the State of New York generally are authorized or required by law or other governmental actions to close. 
 “Capital Stock” means (A) with respect to any Person that is a corporation or company, any and all shares, interests, participations or other equivalents (however designated) of
capital or capital stock of such Person and (B) with respect to any Person that is not a corporation or company, any and all partnership or other equity interests of such Person. 

“Charter” means, with respect to any Person, its certificate or articles of incorporation, articles of association, or
similar organizational document. 
 “Common Stock” means the common stock of the Company. 

“Common Stock Issuance” has the meaning set forth in Section 13(B). 

“Company” means the Person whose name, corporate or other organizational form and jurisdiction of organization is set
forth in Item 1 of Schedule A hereto. 
 “convertible securities” has the meaning set forth in
Section 13(B). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute, and the rules and regulations promulgated thereunder. 
 “Exchange Agreement” means the Exchange
Agreement, dated as of August 12, 2011, as amended from time to time, between the Company and the United States Department of the Treasury, including all annexes and schedules thereto. 

“Exercise Price” means the amount set forth in Item 2 of Schedule A hereto. 

“Expiration Time” has the meaning set forth in Section 3. 

“Fair Market Value” means, with respect to any security or other property, the fair market value of such security or
other property as determined by the Board of Directors, acting in good faith or, with respect to Section 14, as determined by the Original Warrantholder acting in good faith. For so long as the Original Warrantholder holds this Warrant or any
portion thereof, it may object in writing to the Board of Directors’ calculation of fair market value within 10 days of receipt of written notice thereof. If the Original Warrantholder and the Company are unable to agree on fair market value
during the 10-day period following the delivery of the Original Warrantholder’s objection, the Appraisal Procedure may be invoked by either party to determine Fair Market Value by delivering written notification thereof not later than the 30th
day after delivery of the Original Warrantholder’s objection. 
 “Initial Number” has the meaning set
forth in Section 13(B)(2). 
 “Issue Date” means the date set forth in Item 3 of
Schedule A hereto. 

  
 -2-

 “Market Price” means, with respect to the Common Stock, on any given date,
the average VWAP for the 5 consecutive trading day-period ending on the trading day immediately preceding such given date. “Market Price” shall be determined without reference to after hours or extended hours trading. If the Common Stock
is not listed and traded in a manner that the quotations referred to above are available for the period required hereunder, the Market Price per share of Common Stock shall be deemed to be (i) in the event that any portion of the Warrant is
held by the Original Warrantholder, the fair market value per share of the Common Stock as determined in good faith by the Original Warrantholder or (ii) in all other circumstances, the fair market value per share of the Common Stock as
determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the Company for this purpose and certified in a resolution to the Warrantholder. For the
purposes of determining the Market Price of the Common Stock on the “trading day” preceding, on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after the regular scheduled closing
time of trading on the New York Stock Exchange or, if trading is closed at an earlier time, such earlier time and (ii) that trading day shall end at the next regular scheduled closing time, or if trading is closed at an earlier time, such
earlier time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a specified event and the closing time of trading on a particular day is 4:00 p.m. and the specified event
occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing time). 

“Ordinary Cash Dividends” means a regular quarterly cash dividend on shares of Common Stock out of surplus or net
profits legally available therefor (determined in accordance with generally accepted accounting principles in effect from time to time), provided that Ordinary Cash Dividends shall not include any cash dividends paid subsequent to the Issue Date to
the extent the aggregate per share dividends paid on the outstanding Common Stock in any quarter exceed the amount set forth in Item 4 of Schedule A hereto, as adjusted for any stock split, stock dividend, reverse stock split,
reclassification or similar transaction. 
 “Original Warrant” has the meaning set forth in Section 15.

 “Original Warrantholder” means the United States Department of the Treasury and any successor or assign that
is an Affiliate of the United States Department of the Treasury. Any actions specified to be taken by the Original Warrantholder hereunder may only be taken by such Person and not by any other Warrantholder. 

“Permitted Transactions” has the meaning set forth in Section 13(B). 

“Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3)
and 14(d)(2) of the Exchange Act. 
 “Per Share Fair Market Value” has the meaning set forth in
Section 13(C). 
 “Pro Rata Repurchases” means any purchase of shares of Common Stock by the Company or
any Affiliate thereof pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any other offer available to substantially all holders of
Common Stock, in the case of both 

  
 -3-

 
(A) or (B), whether for cash, shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other property
(including, without limitation, shares of Capital Stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while this Warrant is outstanding. The “Effective Date” of a Pro Rata
Repurchase shall mean the date of acceptance of shares of Common Stock for purchase or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata Repurchase that is
not a tender or exchange offer. 
 “Regulatory Approvals” with respect to the Warrantholder, means, to the
extent applicable and required to permit the Warrantholder to exercise this Warrant for shares of Common Stock and to own such Common Stock without the Warrantholder being in violation of any applicable law, rule or regulation, including, without
limitation, the Bank Holding Company Act of 1956, as amended, and the Change in Bank Control Act of 1978, as amended, and the receipt of any necessary approvals and authorizations of, filings and registrations with, notifications to, or expiration
or termination of any applicable waiting period under, the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and any other applicable laws and the rules and regulations thereunder. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Shares” has the meaning set forth in Section 2. 

“trading day” means (A) if the shares of Common Stock are not traded on any national or regional securities
exchange or association or over-the-counter market, a business day or (B) if the shares of Common Stock are traded on any national or regional securities exchange or association or over-the-counter market, a business day on which such relevant
exchange or quotation system is scheduled to be open for business and on which the shares of Common Stock (i) are not suspended from trading on any national or regional securities exchange or association or over-the-counter market for any
period or periods aggregating one half hour or longer; and (ii) have traded at least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading of the shares of
Common Stock. 
 “U.S. GAAP” means United States generally accepted accounting principles. 

“VWAP” means the volume-weighted average trading price of a share of Common Stock as reported by Bloomberg LP.

 “Warrant” means this Amended and Restated Warrant, issued pursuant to the Exchange Agreement. 

“Warrantholder” has the meaning set forth in Section 2. 

  
 -4-

 2. Number of Shares; Exercise Price. This certifies that, for value received, the
United States Department of the Treasury and its successors and assigns (the “Warrantholder”) is entitled, upon the terms and subject to the conditions hereinafter set forth, to acquire from the Company, in whole or in part, after
the receipt of all applicable Regulatory Approvals, if any, up to an aggregate of the number of fully paid and nonassessable shares of Common Stock set forth in Item 5 of Schedule A hereto, at a purchase price per share of Common
Stock equal to the Exercise Price. The number of shares of Common Stock (the “Shares”) and the Exercise Price are subject to adjustment as provided herein, and all references to “Common Stock,” “Shares” and
“Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments. 
 3. Exercise of
Warrant; Term. Subject to Section 2, to the extent permitted by applicable laws and regulations, the right to purchase the Shares represented by this Warrant is exercisable, in whole or in part by the Warrantholder, at any time or from time
to time after the execution and delivery of this Warrant by the Company on the date hereof, but in no event later than 5:00 p.m., New York City time on October 21, 2021 (the “Expiration Time”), by (A) the surrender of
this Warrant and Notice of Exercise, in substantially the form set forth in Annex A attached hereto, duly completed and executed on behalf of the Warrantholder, at the principal executive office of the Company located at the address set forth in
Item 6 of Schedule A hereto (or such other office or agency of the Company in the United States as it may designate by notice in writing to the Warrantholder at the address of the Warrantholder appearing on the books of the
Company), and (B) payment of the Exercise Price for the Shares thereby purchased: 
 (i) by having the
Company withhold, from the shares of Common Stock that would otherwise be delivered to the Warrantholder upon such exercise, shares of Common Stock issuable upon exercise of the Warrant equal in value to the aggregate Exercise Price as to which this
Warrant is so exercised based on the Market Price of the Common Stock on the trading day on which this Warrant is exercised and the Notice of Exercise is delivered to the Company pursuant to this Section 3, or 

(ii) with the consent of both the Company and the Warrantholder, by tendering in cash, by certified or cashier’s
check payable to the order of the Company, or by wire transfer of immediately available funds to an account designated by the Company. 
 If the Warrantholder does not exercise this Warrant in its entirety, the Warrantholder will be entitled to receive from the Company within a reasonable time, and in any event not exceeding three business
days, a new warrant in substantially identical form for the purchase of that number of Shares equal to the difference between the number of Shares subject to this Warrant and the number of Shares as to which this Warrant is so exercised.
Notwithstanding anything in this Warrant to the contrary, the Warrantholder hereby acknowledges and agrees that its exercise of this Warrant for Shares is subject to the condition that the Warrantholder will have first received any applicable
Regulatory Approvals. 
 4. Issuance of Shares; Authorization; Listing. Certificates for Shares issued upon exercise of
this Warrant will be issued in such name or names as the Warrantholder may designate and will be delivered to such named Person or Persons within a reasonable time, not to 

  
 -5-

 
exceed three business days after the date on which this Warrant has been duly exercised in accordance with the terms of this Warrant. The Company hereby represents and warrants that any Shares
issued upon the exercise of this Warrant in accordance with the provisions of Section 3 will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens or charges created
by the Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Shares so issued will be deemed to have
been issued to the Warrantholder as of the close of business on the date on which this Warrant and payment of the Exercise Price are delivered to the Company in accordance with the terms of this Warrant, notwithstanding that the stock transfer books
of the Company may then be closed or certificates representing such Shares may not be actually delivered on such date. The Company will at all times reserve and keep available, out of its authorized but unissued Common Stock, solely for the purpose
of providing for the exercise of this Warrant, the aggregate number of shares of Common Stock then issuable upon exercise of this Warrant at any time. The Company will (A) procure, at its sole expense, the listing of the Shares issuable upon
exercise of this Warrant at any time, subject to issuance or notice of issuance, on all principal stock exchanges on which the Common Stock is then listed or traded and (B) maintain such listings of such Shares at all times after issuance. The
Company will use reasonable best efforts to ensure that the Shares may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange on which the Shares are listed or traded. 

5. No Fractional Shares or Scrip. No fractional Shares or scrip representing fractional Shares shall be issued upon any exercise
of this Warrant. In lieu of any fractional Share to which the Warrantholder would otherwise be entitled, the Warrantholder shall be entitled to receive a cash payment equal to the Market Price of the Common Stock on the last trading day preceding
the date of exercise less the pro-rated Exercise Price for such fractional share. 
 6. No Rights as Stockholders; Transfer
Books. This Warrant does not entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the date of exercise hereof. The Company will at no time close its transfer books against transfer of this
Warrant in any manner which interferes with the timely exercise of this Warrant. 
 7. Charges, Taxes and Expenses.
Issuance of certificates for Shares to the Warrantholder upon the exercise of this Warrant shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company. 
 8. Transfer/Assignment. 

(A) Subject to compliance with clause (B) of this Section 8, this Warrant and all rights hereunder are transferable and
assignable, in whole or in part, upon the books of the Company by the registered holder hereof in person or by duly authorized attorney, and a new warrant shall be made and delivered by the Company, of the same tenor and date as this Warrant but
registered in the name of one or more transferees, upon surrender of this Warrant, duly endorsed, to the office or agency of the Company described in Section 3. All expenses (other than stock transfer taxes)

  
 -6-

 
and other charges payable in connection with the preparation, execution and delivery of the new warrants pursuant to this Section 8 shall be paid by the Company. 

(B) If and for so long as required by the Exchange Agreement, this Warrant shall contain the legend as set forth in Section 5.2(a)
of the Exchange Agreement. 
 9. Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender
hereof by the Warrantholder to the Company, for a new warrant or warrants of like tenor and representing the right to purchase the same aggregate number of Shares. The Company shall maintain a registry showing the name and address of the
Warrantholder as the registered holder of this Warrant. This Warrant may be surrendered for exchange or exercise in accordance with its terms, at the office of the Company, and the Company shall be entitled to rely in all respects, prior to written
notice to the contrary, upon such registry. 
 10. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in the case of any such loss, theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the
Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the
right to purchase the same aggregate number of Shares as provided for in such lost, stolen, destroyed or mutilated Warrant. 

11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day. 
 12. Rule 144 Information. The Company covenants that it will use its reasonable best efforts to timely file all reports and other documents required to be filed by it under the Securities Act and
the Exchange Act and the rules and regulations promulgated by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the request of any Warrantholder, make publicly available such information as necessary to
permit sales pursuant to Rule 144 under the Securities Act), and it will use reasonable best efforts to take such further action as any Warrantholder may reasonably request, in each case to the extent required from time to time to enable such holder
to, if permitted by the terms of this Warrant and the Exchange Agreement, sell this Warrant without registration under the Securities Act within the limitation of the exemptions provided by (A) Rule 144 under the Securities Act, as such rule
may be amended from time to time, or (B) any successor rule or regulation hereafter adopted by the SEC. Upon the written request of any Warrantholder, the Company will deliver to such Warrantholder a written statement that it has complied with
such requirements. 
 13. Adjustments and Other Rights. The Exercise Price and the number of Shares issuable upon
exercise of this Warrant shall be subject to adjustment from time to time as follows; provided, that if more than one subsection of this Section 13 is applicable to a single event, the subsection shall be applied that produces the largest
adjustment and no single event 

  
 -7-

 
shall cause an adjustment under more than one subsection of this Section 13 so as to result in duplication: 
 (A) Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company shall (i) declare and pay a dividend or make a distribution on its Common Stock in shares of Common Stock,
(ii) subdivide or reclassify the outstanding shares of Common Stock into a greater number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller number of shares, the number of Shares issuable upon
exercise of this Warrant at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so that the Warrantholder after such date shall be
entitled to purchase the number of shares of Common Stock which such holder would have owned or been entitled to receive in respect of the shares of Common Stock subject to this Warrant after such date had this Warrant been exercised immediately
prior to such date. In such event, the Exercise Price in effect at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted to the number obtained by
dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment and (2) the Exercise Price in effect immediately prior to the record or effective date, as the case may be, for the
dividend, distribution, subdivision, combination or reclassification giving rise to this adjustment by (y) the new number of Shares issuable upon exercise of the Warrant determined pursuant to the immediately preceding sentence. 

(B) Certain Issuances of Common Shares or Convertible Securities. Until the earlier of (i) the date on which the Original
Warrantholder no longer holds this Warrant or any portion thereof and (ii) the third anniversary of the Issue Date, if the Company shall issue shares of Common Stock (or rights or warrants or other securities exercisable or convertible into or
exchangeable for shares of Common Stock) (collectively, “convertible securities”, and, such transaction, a “Common Stock Issuance”), other than in Permitted Transactions (as defined below) or a transaction to which
subsection (A) of this Section 13 is applicable, without consideration or at a consideration per share of Common Stock (or having a conversion price per share of Common Stock) that is less than the then applicable Exercise Price, then:

 (1) the Exercise Price shall be adjusted to equal the consideration per share of Common Stock received by the
Company in connection with the Common Stock Issuance; and 
 (2) the number of Shares issuable upon the exercise
of this Warrant immediately prior to the Common Stock Issuance (the “Initial Number”) shall be increased to the number obtained by multiplying the Initial Number by a fraction (A) the numerator of which shall be the Exercise
Price in effect immediately prior to the Common Stock Issuance and (B) the denominator of which shall be the consideration per share of Common Stock received by the Company in connection with the Common Stock Issuance. 

For purposes of the foregoing, the aggregate consideration receivable by the Company in connection with a Common Stock Issuance shall be
deemed to be equal to the sum of the net offering price (including the Fair Market Value of any non-cash consideration and before 

  
 -8-

 
deduction of any related fees or expenses payable to third parties) of all such securities plus the minimum aggregate amount, if any, payable upon exercise or conversion of any such convertible
securities into shares of Common Stock; and “Permitted Transactions” shall mean issuances (i) as consideration for or to fund the acquisition of businesses and/or related assets at Fair Market Value, (ii) in connection
with employee benefit plans and compensation related arrangements in the ordinary course and consistent with past practice approved by the Board of Directors, (iii) in connection with a public or broadly marketed offering and sale of Common
Stock or convertible securities for cash conducted by the Company or its affiliates pursuant to registration under the Securities Act or Rule 144A thereunder on a basis consistent with capital raising transactions by comparable financial
institutions and (iv) in connection with the exercise of preemptive rights on terms existing as of the Issue Date. Any adjustment made pursuant to this Section 13(B) shall become effective immediately upon the date of such issuance.

 (C) Other Distributions. In case the Company shall fix a record date for the making of a distribution to all holders
of shares of its Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its Common Stock and other dividends or distributions referred to in Section 13(A)), in
each such case, the Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price determined by multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the
Market Price of the Common Stock on the last trading day preceding the first date on which the Common Stock trades regular way on the principal national securities exchange on which the Common Stock is listed or admitted to trading without the right
to receive such distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common Stock (such amount and/or Fair Market
Value, the “Per Share Fair Market Value”) divided by (y) such Market Price on such date specified in clause (x); such adjustment shall be made successively whenever such a record date is fixed. In such event, the number of
Shares issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment, and (2) the
Exercise Price in effect immediately prior to the distribution giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the case of adjustment for a cash dividend that is,
or is coincident with, a regular quarterly cash dividend, the Per Share Fair Market Value would be reduced by the per share amount of the portion of the cash dividend that would constitute an Ordinary Cash Dividend. In the event that such
distribution is not so made, the Exercise Price and the number of Shares issuable upon exercise of this Warrant then in effect shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares,
evidences of indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price that would then be in effect and the number of Shares that would then be issuable upon exercise of this Warrant if such record date had not been
fixed. 
 (D) Certain Repurchases of Common Stock. In case the Company effects a Pro Rata Repurchase of Common Stock,
then the Exercise Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of
(x) the number of shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market Price of a share of Common Stock on the trading day immediately preceding the

  
 -9-

 
first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of
which the denominator shall be the product of (a) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so repurchased and (b) the Market Price per share
of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such event, the number of shares of Common Stock issuable upon the
exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of Shares issuable upon the exercise of this Warrant before such adjustment, and (2) the Exercise Price in effect
immediately prior to the Pro Rata Repurchase giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. For the avoidance of doubt, no increase to the Exercise Price or
decrease in the number of Shares issuable upon exercise of this Warrant shall be made pursuant to this Section 13(D). 

(E) Business Combinations. In case of any Business Combination or reclassification of Common Stock (other than a reclassification
of Common Stock referred to in Section 13(A)), the Warrantholder’s right to receive Shares upon exercise of this Warrant shall be converted into the right to exercise this Warrant to acquire the number of shares of stock or other
securities or property (including cash) which the Common Stock issuable (at the time of such Business Combination or reclassification) upon exercise of this Warrant immediately prior to such Business Combination or reclassification would have been
entitled to receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Warrantholder shall be
appropriately adjusted so as to be applicable, as nearly as may reasonably be, to the Warrantholder’s right to exercise this Warrant in exchange for any shares of stock or other securities or property pursuant to this paragraph. In determining
the kind and amount of stock, securities or the property receivable upon exercise of this Warrant following the consummation of such Business Combination, if the holders of Common Stock have the right to elect the kind or amount of consideration
receivable upon consummation of such Business Combination, then the consideration that the Warrantholder shall be entitled to receive upon exercise shall be deemed to be the types and amounts of consideration received by the majority of all holders
of the shares of common stock that affirmatively make an election (or of all such holders if none make an election). 
 (F)
Rounding of Calculations; Minimum Adjustments. All calculations under this Section 13 shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may be. Any
provision of this Section 13 to the contrary notwithstanding, no adjustment in the Exercise Price or the number of Shares into which this Warrant is exercisable shall be made if the amount of such adjustment would be less than $0.01 or
one-tenth (1/10th) of a share of Common Stock, but any such amount shall be carried forward and an adjustment with respect thereto shall be made at the time of and together with any subsequent adjustment which, together with such amount and any
other amount or amounts so carried forward, shall aggregate $0.01 or 1/10th of a share of Common Stock, or more. 

  
 -10-

 (G) Timing of Issuance of Additional Common Stock upon Certain Adjustments. In any
case in which the provisions of this Section 13 shall require that an adjustment shall become effective immediately after a record date for an event, the Company may defer until the occurrence of such event (i) issuing to the Warrantholder
of this Warrant exercised after such record date and before the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment required by such event over and above the shares of Common Stock
issuable upon such exercise before giving effect to such adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional share of Common Stock; provided, however, that the Company upon request shall deliver to such
Warrantholder a due bill or other appropriate instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment. 

(H) Other Events. For so long as the Original Warrantholder holds this Warrant or any portion thereof, if any event occurs as to
which the provisions of this Section 13 are not strictly applicable or, if strictly applicable, would not, in the good faith judgment of the Board of Directors of the Company, fairly and adequately protect the purchase rights of the Warrants in
accordance with the essential intent and principles of such provisions, then the Board of Directors shall make such adjustments in the application of such provisions, in accordance with such essential intent and principles, as shall be reasonably
necessary, in the good faith opinion of the Board of Directors, to protect such purchase rights as aforesaid. The Exercise Price or the number of Shares into which this Warrant is exercisable shall not be adjusted in the event of a change in the par
value of the Common Stock or a change in the jurisdiction of incorporation of the Company. 
 (I) Statement Regarding
Adjustments. Whenever the Exercise Price or the number of Shares into which this Warrant is exercisable shall be adjusted as provided in Section 13, the Company shall forthwith file at the principal office of the Company a statement showing
in reasonable detail the facts requiring such adjustment and the Exercise Price that shall be in effect and the number of Shares into which this Warrant shall be exercisable after such adjustment, and the Company shall also cause a copy of such
statement to be sent by mail, first class postage prepaid, to each Warrantholder at the address appearing in the Company’s records. 
 (J) Notice of Adjustment Event. In the event that the Company shall propose to take any action of the type described in this Section 13 (but only if the action of the type described in this
Section 13 would result in an adjustment in the Exercise Price or the number of Shares into which this Warrant is exercisable or a change in the type of securities or property to be delivered upon exercise of this Warrant), the Company shall
give notice to the Warrantholder, in the manner set forth in Section 13(I), which notice shall specify the record date, if any, with respect to any such action and the approximate date on which such action is to take place. Such notice shall
also set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on the Exercise Price and the number, kind or class of shares or other securities or property which shall be deliverable upon exercise of this
Warrant. In the case of any action which would require the fixing of a record date, such notice shall be given at least 10 days prior to the date so fixed, and in case of all other action, such notice shall be given at least 15 days prior to the
taking of such proposed action. Failure to give such notice, or any defect therein, shall not affect the legality or validity of any such action. 

  
 -11-

 (K) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to
the taking of any action which would require an adjustment pursuant to this Section 13, the Company shall take any action which may be necessary, including obtaining regulatory, New York Stock Exchange, NASDAQ Stock Market or other applicable
national securities exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all shares of Common Stock that the Warrantholder is entitled to receive upon
exercise of this Warrant pursuant to this Section 13. 
 (L) Adjustment Rules. Any adjustments pursuant to this
Section 13 shall be made successively whenever an event referred to herein shall occur. 
 (M) Other Transactions.
Notwithstanding anything to the contrary herein, for the avoidance of doubt, the Exercise Price and the number of Shares issuable upon exercise of this Warrant shall not be subject to adjustment pursuant to this Section 13 as a result of the
investments under the Investment Agreements (as defined in the Exchange Agreement), the Private Placement (as defined in the Exchange Agreement) and the Warrant Offering (as defined in the Exchange Agreement), in each case, at a stated price per
share of Common Stock equal to the Purchase Price (as defined in the Exchange Agreement). 
 14. Exchange. At any time
following the date on which the shares of Common Stock of the Company are no longer listed or admitted to trading on a national securities exchange (other than in connection with any Business Combination), the Original Warrantholder may cause the
Company to exchange all or a portion of this Warrant for an economic interest or security (to be determined by the Original Warrantholder after consultation with the Company) of the Company classified as permanent equity under U.S. GAAP having a
value equal to the Fair Market Value of the portion of the Warrant so exchanged. The Original Warrantholder shall calculate any Fair Market Value required to be calculated pursuant to this Section 14, which shall not be subject to the Appraisal
Procedure. 
 15. Effect of Execution. This Warrant and the terms and conditions set forth herein hereby amend and
restate the terms and conditions of that certain warrant arising under that certain Securities Purchase Agreement – Standard Terms incorporated into the Letter Agreement, dated as of February 13, 2009, as amended from time to time, between
the Company and the Original Warrantholder (the “Original Warrant”), and the Original Warrant shall have no further force or effect as of and following the Issue Date. 

16. No Impairment. The Company will not, by amendment of its Charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and in taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholder. 

17. Governing Law, etc. This Warrant and any claim, controversy or dispute arising under or related to this Agreement, the
relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties shall be enforced, governed and construed in all respects (whether in contract or in tort) in accordance with the federal law of the
United 

  
 -12-

 
States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.
Each of the Company and the Warrantholder agrees (a) to submit to the exclusive jurisdiction and venue of the United States District Court for the District of Columbia for any civil action, suit or proceeding arising out of or relating to this
Warrant or the transactions contemplated hereby, and (b) that notice may be served upon the Company at the address in Section 21 below and upon the Warrantholder at the address for the Warrantholder set forth in the registry maintained by
the Company pursuant to Section 9 hereof. To the extent permitted by applicable law, each of the Company and the Warrantholder hereby unconditionally waives trial by jury in any civil legal action or proceeding relating to the Warrant or the
transactions contemplated hereby or thereby. 
 18. Binding Effect. This Warrant shall be binding upon any successors or
assigns of the Company. 
 19. Amendments. This Warrant may be amended and the observance of any term of this Warrant may
be waived only with the written consent of the Company and the Warrantholder. 
 20. Prohibited Actions. The Company
agrees that it will not take any action which would entitle the Warrantholder to an adjustment of the Exercise Price if the total number of shares of Common Stock issuable after such action upon exercise of this Warrant, together with all shares of
Common Stock then outstanding and all shares of Common Stock then issuable upon the exercise of all outstanding options, warrants, conversion and other rights, would exceed the total number of shares of Common Stock then authorized by its Charter.

 21. Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other will
be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, or (b) on the second business day following the date of dispatch if delivered by a
recognized next day courier service. All notices hereunder shall be delivered as set forth in Item 7 of Schedule A hereto, or pursuant to such other instructions as may be designated in writing by the party to receive such notice.

 22. Entire Agreement. This Warrant, the forms attached hereto and Schedule A hereto (the terms of which
are incorporated by reference herein), and the Exchange Agreement (including all documents incorporated therein), contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous
arrangements or undertakings with respect thereto. 
 [Remainder of page intentionally left blank] 

  
 -13-

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by a duly
authorized officer. 
 Dated: October 21, 2011 

 

			
	COMPANY: FNB United Corp.
		
	By:	 	/s/    R. Larry Campbell
		 	Name: R. Larry Campbell
		 	Title: President and Chief Executive Officer

  

			
	Attest:
		
	By:	 	/s/    Brooke E. Barlow
		 	Name: Brooke E. Barlow
		 	Title: Secretary

 [Signature Page to Warrant] 

 ANNEX A 
 Form of Notice of Exercise 
 Date:
[                    ] 
 TO: FNB
United Corp. 
 RE: Election to Purchase Common Stock 
 The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees to subscribe for and purchase the number of shares of the Common Stock set forth below covered by such Warrant.
The undersigned, in accordance with Section 3 of the Warrant, hereby agrees to pay the aggregate Exercise Price for such shares of Common Stock in the manner set forth below. A new warrant evidencing the remaining shares of Common Stock covered
by such Warrant, but not yet subscribed for and purchased, if any, should be issued in the name set forth below. 
 Number of Shares of Common
Stock 
 Method of Payment of Exercise Price (note if cashless exercise pursuant to Section 3(i) of the Warrant or cash exercise pursuant
to Section 3(ii) of the Warrant, with consent of the Company and the Warrantholder):
                                         
                
 Aggregate Exercise Price:
                                         
            
  

			
	Holder:	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

  

  
 Annex A-1

 SCHEDULE A 
 Item 1 
 Name: FNB United Corp. 

Corporate or other organizational form: Corporation 
 Jurisdiction of organization: North Carolina 
 Item 2 

Exercise Price: $0.16 
 Item 3

 Issue Date: October 21, 2011 

Item 4 
 Amount of last dividend
declared prior to the Issue Date: $0 
 Item 5 
 Number of shares of Common Stock: 2,207,143 
 Item 6 

			
	Company’s address:	 	 FNB United Corp.
 150 South
Fayetteville Street
 Asheboro, North Carolina 27203

		 	
	Item 7	 	
	Notice information:	 	 Arnold & Porter LLP

555 Twelfth Street NW
 Washington, DC
20004
 Attn: Brian McCormally, Beth DeSimone
 Fax: (202) 942-5999

  
 Sch. A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]