Document:

EXHIBIT
10.1 

    
      
        
          	
                   

                

        

      

    

    
AMENDED
AND RESTATED TRUST AGREEMENT

     

    OF

     

    SERVISFIRST
CAPITAL TRUST II

     

    MARCH
15, 2010

    
      
        
          	
                   

                

        

      

    

    
    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    

    
      
        
          
            	 
      	 
      	
                    Page

                  
	 
      	 
      	 
      
	
                    ARTICLE I

                  
	 
      
	
                    INTERPRETATION AND DEFINITIONS

                  
	 
      
	
                    Section 1.1

                  	
                    Definitions

                  	
                    1

                  
	 
      	 
      	 
      
	
                    ARTICLE II

                  
	 
      
	
                    TRUST INDENTURE ACT

                  
	 
      	 
      	 
      
	
                    Section 2.1

                  	
                    Trust
      Indenture Act; Application

                  	
                    8

                  
	
                    Section 2.2

                  	
                    Lists
      of Holders of Securities

                  	
                    9

                  
	
                    Section 2.3

                  	
                    Reports
      by the Property Trustee

                  	
                    9

                  
	
                    Section 2.4

                  	
                    Periodic
      Reports to Property Trustee

                  	
                    9

                  
	
                    Section 2.5

                  	
                    Evidence
      of Compliance with Conditions Precedent

                  	
                    11

                  
	
                    Section 2.6

                  	
                    Events
      of Default; Waiver

                  	
                    11

                  
	
                    Section 2.7

                  	
                    Event
      of Default; Notice

                  	
                    13

                  
	 
      	 
      	 
      
	
                    ARTICLE III

                  
	 
      
	
                    ORGANIZATION

                  
	 
      	 
      	 
      
	
                    Section 3.1

                  	
                    Name

                  	
                    13

                  
	
                    Section 3.2

                  	
                    Office

                  	
                    13

                  
	
                    Section 3.3

                  	
                    Purpose

                  	
                    14

                  
	
                    Section 3.4

                  	
                    Authority

                  	
                    14

                  
	
                    Section 3.5

                  	
                    Title
      to Property of the Trust

                  	
                    14

                  
	
                    Section 3.6

                  	
                    Powers
      and Duties of the Administrative Trustees

                  	
                    14

                  
	
                    Section 3.7

                  	
                    Prohibition
      of Actions by the Trust and the Trustees

                  	
                    17

                  
	
                    Section 3.8

                  	
                    Powers
      and Duties of the Property Trustee

                  	
                    18

                  
	
                    Section 3.9

                  	
                    Certain
      Duties and Responsibilities of the Property Trustee

                  	
                    20

                  
	
                    Section 3.10

                  	
                    Certain
      Rights of Property Trustee

                  	
                    21

                  
	
                    Section 3.11

                  	
                    Delaware
      Trustee

                  	
                    24

                  
	
                    Section 3.12

                  	
                    Execution
      of Documents

                  	
                    24

                  
	
                    Section 3.13

                  	
                    Not
      Responsible for Recitals or Issuance of Securities

                  	
                    24

                  
	
                    Section 3.14

                  	
                    Duration
      of Trust

                  	
                    25

                  
	
                    Section 3.15

                  	
                    Mergers

                  	
                    25

                  

          

        

      

    

    
      
         

      

      
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                    ARTICLE IV

                  
	 
      
	
                    SPONSOR

                  
	 
      	 
      	 
      
	
                    Section 4.1

                  	
                    Depositor's
      Purchase of Common Securities

                  	
                    27

                  
	
                    Section 4.2

                  	
                    Responsibilities
      of the Depositor

                  	
                    27

                  
	
                    Section 4.3

                  	
                    Right
      to Proceed

                  	
                    27

                  
	 
      	 
      	 
      
	
                    ARTICLE V

                  
	 
      
	
                    TRUSTEES; CONVERSION AGENT

                  
	 
      	 
      	 
      
	
                    Section 5.1

                  	
                    Number
      of Trustees: Appointment of Co-Trustee

                  	
                    28

                  
	
                    Section 5.2

                  	
                    Delaware
      Trustee

                  	
                    28

                  
	
                    Section 5.3

                  	
                    Property
      Trustee; Eligibility

                  	
                    29

                  
	
                    Section 5.4

                  	
                    Certain
      Qualifications of Administrative Trustees and Delaware Trustee
      Generally

                  	
                    30

                  
	
                    Section 5.5

                  	
                    Administrative
      Trustees

                  	
                    30

                  
	
                    Section 5.6

                  	
                    Delaware
      Trustee

                  	
                    30

                  
	
                    Section 5.7

                  	
                    Appointment,
      Removal and Resignation of Trustees

                  	
                    31

                  
	
                    Section 5.8

                  	
                    Vacancies
      Among Trustees

                  	
                    32

                  
	
                    Section 5.9

                  	
                    Effect
      of Vacancies

                  	
                    32

                  
	
                    Section 5.10

                  	
                    Meetings

                  	
                    33

                  
	
                    Section 5.11

                  	
                    Delegation
      of Power

                  	
                    33

                  
	
                    Section 5.12

                  	
                    Merger,
      Conversion, Consolidation or Succession to Business

                  	
                    33

                  
	
                    Section 5.13

                  	
                    Appointment
      of Conversion Agent

                  	
                    34

                  
	 
      	 
      	 
      
	
                    ARTICLE VI

                  
	 
      
	
                    DISTRIBUTIONS

                  
	 
      	 
      	 
      
	
                    Section 6.1

                  	
                    Distributions

                  	
                    34

                  
	 
      	 
      	 
      
	
                    ARTICLE VII

                  
	 
      
	
                    ISSUANCE OF SECURITIES

                  
	 
      	 
      	 
      
	
                    Section 7.1

                  	
                    General
      Provisions Regarding Securities

                  	
                    35

                  
	
                    Section 7.2

                  	
                    Execution
      and Authentication

                  	
                    35

                  
	
                    Section 7.3

                  	
                    Form
      and Dating

                  	
                    36

                  
	
                    Section 7.4

                  	
                    Registrar
      and Paying Agent

                  	
                    38

                  
	
                    Section 7.5

                  	
                    Paying
      Agent to Hold Money in Trust

                  	
                    38

                  
	
                    Section 7.6

                  	
                    Replacement
      Securities

                  	
                    38

                  
	
                    Section 7.7

                  	
                    Outstanding
      Preferred Securities

                  	
                    39

                  
	
                    Section 7.8

                  	
                    Preferred
      Securities in Treasury

                  	
                    39

                  

          

        

      

    

    
      
         

      

      
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                        Section 7.9

                      	
                        Temporary
      Securities

                      	
                        39

                      
	
                        Section 7.10

                      	
                        Cancellation

                      	
                        40

                      
	
                        Section 7.11

                      	
                        CUSIP
      Numbers

                      	
                        40

                      
	 
      	 
      	 
      
	
                        ARTICLE VIII

                      
	 
      
	
                        TERMINATION OF TRUST

                      
	 
      	 
      	 
      
	
                        Section 8.1

                      	
                        Termination
      of Trust

                      	
                        41

                      
	
                        Section 8.2

                      	
                        Liquidation

                      	
                        42

                      
	 
      	 
      	 
      
	
                        ARTICLE IX

                      
	 
      
	
                        TRANSFER OF INTERESTS

                      
	 
      	 
      	 
      
	
                        Section 9.1

                      	
                        Transfer
      of Securities

                      	
                        43

                      
	
                        Section 9.2

                      	
                        Transfer
      Procedures and Restrictions

                      	
                        44

                      
	
                        Section 9.3

                      	
                        Deemed
      Security Holders

                      	
                        48

                      
	
                        Section 9.4

                      	
                        Restriction
      on Transfers

                      	
                        48

                      
	
                        Section 9.5

                      	
                        Book
      Entry Interests

                      	
                        48

                      
	
                        Section 9.6

                      	
                        Notices
      to Clearing Agency

                      	
                        49

                      
	
                        Section 9.7

                      	
                        Appointment
      of Successor Clearing Agency

                      	
                        49

                      
	 
      	 
      	 
      
	
                        ARTICLE X

                      
	 
      
	
                        LIMITATION OF LIABILITY OF

                      
	
                        HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

                      
	 
      	 
      	 
      
	
                        Section 10.1

                      	
                        Liability

                      	
                        50

                      
	
                        Section 10.2

                      	
                        Exculpation

                      	
                        50

                      
	
                        Section 10.3

                      	
                        Fiduciary
      Duty

                      	
                        51

                      
	
                        Section 10.4

                      	
                        Indemnification

                      	
                        52

                      
	
                        Section 10.5

                      	
                        Outside
      Businesses

                      	
                        55

                      
	 
      	 
      	 
      
	
                        ARTICLE XI

                      
	 
      
	
                        ACCOUNTING

                      
	 
      	 
      	 
      
	
                        Section 11.1

                      	
                        Fiscal
      Year

                      	
                        55

                      
	
                        Section 11.2

                      	
                        Certain
      Accounting Matters

                      	
                        55

                      
	
                        Section 11.3

                      	
                        Banking

                      	
                        56

                      
	
                        Section 11.4

                      	
                        Withholding

                      	
                        56

                      

              

            

          

        

      

    

    
      
         

      

      
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                        ARTICLE XII

                      
	 
      
	
                        AMENDMENTS AND MEETINGS

                      
	 
      	 
      	 
      
	
                        Section 12.1

                      	
                        Amendments

                      	
                        57

                      
	
                        Section 12.2

                      	
                        Meetings
      of the Holders of Securities; Action by Written Consent

                      	
                        59

                      
	 
      	 
      	 
      
	
                        ARTICLE XIII

                      
	 
      
	
                        REPRESENTATIONS OF PROPERTY TRUSTEE

                      
	
                        AND DELAWARE TRUSTEE

                      
	 
      	 
      	 
      
	
                        Section 13.1

                      	
                        Representations
      and Warranties of Property Trustee

                      	
                        60

                      
	
                        Section 13.2

                      	
                        Representations
      and Warranties of Delaware Trustee

                      	
                        61

                      
	 
      	 
      	 
      
	
                        ARTICLE XIV

                      
	 
      
	
                        MISCELLANEOUS

                      
	 
      	 
      	 
      
	
                        Section 14.1

                      	
                        Notices

                      	
                        62

                      
	
                        Section 14.2

                      	
                        Governing
      Law

                      	
                        63

                      
	
                        Section 14.3

                      	
                        Intention
      of the Parties

                      	
                        63

                      
	
                        Section 14.4

                      	
                        Headings

                      	
                        63

                      
	
                        Section 14.5

                      	
                        Successors
      and Assigns

                      	
                        63

                      
	
                        Section 14.6

                      	
                        Partial
      Enforceability

                      	
                        63

                      
	
                        Section 14.7

                      	
                        Counterparts

                      	
                        64

                      
	 
      	 
      	 
      
	
                        ANNEX I

                      	
                        Terms
      of 6.0% Preferred Securities and 6.0% Common Securities

                      	
                        I-1

                      
	 
      	 
      	 
      
	
                        EXHIBIT A-1

                      	
                        Form
      of Preferred Security Certificate

                      	
                        A1-1

                      
	
                        EXHIBIT A-2

                      	
                        Form
      of Common Security Certificate

                      	
                        A2-1

                      
	
                        EXHIBIT B

                      	
                        Form
      of Transfer Certificate

                      	
                        B-1

                      
	
                        EXHIBIT C

                      	
                        Form
      of Letter to be Delivered by Accredited Investors

                      	
                        C-1

                      
	
                        EXHIBIT D

                      	
                        Officer's
      Certificate

                      	
                        D-1

                      

              

            

          

        

      

    

    
      
         

      

      
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    AMENDED
AND RESTATED

    TRUST
AGREEMENT

    OF

    SERVISFIRST
CAPITAL TRUST II

     

    March
15, 2010

     

    AMENDED AND RESTATED TRUST AGREEMENT
("Trust Agreement") dated and effective as of March 15, 2010, by the Trustees
(as defined herein), the Depositor (as defined herein) and by the Holders (as
defined herein), from time to time, of undivided beneficial interests in the
Trust to be issued pursuant to this Trust Agreement;

    

    WHEREAS, the Delaware Trustee and the
Depositor established ServisFirst Capital Trust II (the "Trust"), a statutory
trust created under the Delaware Statutory Trust Act pursuant to a Trust
Agreement dated as of February 9, 2010 (the "Original Agreement"), and a
Certificate of Trust filed with the Secretary of State of the State of Delaware
on February 9, 2010, for the sole purpose of issuing and selling certain
securities representing undivided beneficial interests in the assets of the
Trust and investing the proceeds thereof in certain Debentures of the Debenture
Issuer (each as hereinafter defined);

    

    WHEREAS, prior to the date hereof, no
Trust Securities have been issued;

    

    WHEREAS, all of the Trustees and the
Depositor, by this Trust Agreement, amend and restate each and every term and
provision of the Original Agreement; and

    

    NOW, THEREFORE, it being the intention
of the parties hereto to continue the Trust as a statutory trust under the
Statutory Trust Act (as defined herein) and that this Trust Agreement constitute
the governing instrument of such statutory trust, the Trustees declare that all
assets contributed to the Trust will be held in trust for the benefit of the
Holders (as defined herein), from time to time, of the securities representing
undivided beneficial interests in the assets of the Trust issued hereunder,
subject to the provisions of this Trust Agreement.

     

    ARTICLE
I

     

    INTERPRETATION
AND DEFINITIONS

     

    Section
1.1            Definitions.

     

    Unless the context otherwise
requires:

    

    (a)           Capitalized
terms used in this Trust Agreement but not defined in the preamble above or
elsewhere herein have the respective meanings assigned to them in this Section
1.1;

    

    (b)           a
term defined anywhere in this Trust Agreement has the same meaning
throughout;

     

    
      
        
        

      

      
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    (c)           all
references to "the Trust Agreement" or "this Trust Agreement" are to this Trust
Agreement (including Appendix I hereto and Exhibit A hereto) as modified,
supplemented or amended from time to time;

    

    (d)           all
references in this Trust Agreement to Articles and Sections and Annexes and
Exhibits are to Articles and Sections of and Annexes and Exhibits to this Trust
Agreement unless otherwise specified;

    

    (e)           a
term defined in the Trust Indenture Act has the same meaning when used in this
Trust Agreement unless otherwise defined in this Trust Agreement or unless the
context otherwise requires;

    

    (f)           a
term defined in the Indenture (as defined herein) has the same meaning when used
in this Trust Agreement unless otherwise defined in this Trust Agreement or the
context otherwise requires; and

    

    (g)           a
reference to the singular includes the plural and vice versa.

    

    "Accredited Investor" has the
meaning set forth in Rule 501(a) of Regulation D under the Securities
Act.

    

    "Administrative Trustee" has
the meaning set forth in Section 5.1.

    

    "Affiliate" has the same
meaning as given to that term in Rule 405 under the Securities Act or any
successor rule thereunder.

    

    "Agent" means any Paying Agent
or Registrar.

    

    "Authorized Officer" of a
Person means any other Person that is authorized to legally bind such former
Person.

    

    "Book Entry Interest" means a
beneficial interest in a Global Certificate registered in the name of a Clearing
Agency or its nominee, ownership and transfers of which shall be maintained and
made through book entries by a Clearing Agency as described in Section
9.4.

    

    "Business Day" means any day
other than a Saturday or a Sunday or a day on which banking institutions in The
City of New York or Wilmington, Delaware are authorized or required by law or
executive order to close.

    

    "Clearing Agency" means an
organization registered as a "Clearing Agency" pursuant to Section 17A of the
Exchange Act that is acting as depositary for the Preferred Securities and in
whose name or in the name of a nominee of that organization shall be registered
a Global Certificate and which shall undertake to effect book entry transfers
and pledges of the Preferred Securities.

     

    
      
        
        

      

      
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    "Clearing Agency Participant"
means a broker, dealer, bank, other financial institution or other Person for
whom from time to time the Clearing Agency effects book entry transfers and
pledges of securities deposited with the Clearing Agency.

    

    "Closing Time" means March 15,
2010.

    

    "Code" means the Internal
Revenue Code of 1986, as in effect from time to time, or any successor
legislation.

    

    "Commission" means the United
States Securities and Exchange Commission as from time to time constituted, or
if any time after the execution of this Trust Agreement such Commission is not
existing and performing the duties now assigned to it under applicable Federal
securities laws, then the body performing such duties at such time.

    

    "Common Securities" has the
meaning specified in Section 7.1(a).

    

    "Company" means ServisFirst
Bancshares, Inc., a Delaware corporation, or any successor entity resulting from
any consolidation, amalgamation, merger or other business
combination.

    

    "Company Common Stock" means
the common stock, par value $.001 per share, of the Company or any other class
of stock resulting from changes or reclassifications of such Common Stock
consisting solely of changes in par value, or from par value to no par value, or
from no par value to par value.

    

    "Company Indemnified Person"
means (a) any Administrative Trustee; (b) any Affiliate of any Administrative
Trustee; (c) any officers, directors, shareholders, members, partners,
employees, representatives or agents of any Administrative Trustee; or (d) any
officer, employee or agent of the Trust or its Affiliates.

    

    "Confidential Offering
Memorandum" has the meaning set forth in Section 3.6(b).

    

    "Conversion Agent" means the
Debenture Trustee, in its capacity as Conversion Agent, or such other Conversion
Agent as may be appointed by the Company hereunder.

    

    "Conversion Price" has the
meaning set forth in Section 5(c) of Annex I hereto.

    

    "Conversion Stock" means one
or more shares of Company Common Stock issuable upon conversion of the Preferred
Securities or the Debentures.

    

    "Corporate Trust Office" means
the office of the Property Trustee at which the corporate trust business of the
Property Trustee shall, at any particular time, be principally administered,
which office at the date of execution of this Agreement is located at Rodney
Square North, 1100 North Market Street, Wilmington, Delaware
19890  Attention: Corporate Trust Administration.

     

    
      
        
        

      

      
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    "Covered Person" means: (a)
any officer, director, shareholder, partner, member, representative, employee or
agent of (i) the Trust or (ii) the Trust's Affiliates; and (b) any Holders of
Securities.

    

    "Debenture Issuer" means
ServisFirst Bancshares, Inc., a Delaware corporation, or any successor entity
resulting from any consolidation, amalgamation, merger or other business
combination, in its capacity as issuer of the Debentures under the
Indenture.

    

    "Debenture Trustee" means
Wilmington Trust Company, a Delaware banking corporation, as trustee under the
Indenture until a successor is appointed thereunder, and thereafter means such
successor trustee.

    

    "Debentures" means the 6.0%
Junior Subordinated Mandatory Convertible Deferrable Interest Debentures due
March 15, 2040 of the Debenture Issuer issued pursuant to the
Indenture.

    

    "Default" means an event, act
or condition that with notice or lapse of time, or both, would constitute an
Event of Default.

    

    "Definitive Preferred
Securities" has the meaning set forth in Section 7.3(b).

    

    "Delaware Trustee" has the
meaning set forth in Section 5.2.

    

    "Depositor" means ServisFirst
Bancshares, Inc., a Delaware corporation, or any successor entity resulting from
any merger, consolidation, amalgamation or other business combination, in its
capacity as sponsor of the Trust.

    

    "Direct Action" has the
meaning set forth in Section 3.8(e).

    

    "Distribution" means a
distribution payable to Holders of Securities in accordance with Section
6.1.

    

    "Distribution Date" has the
meaning set forth in Section 6.1.

    

    "DTC" means The Depository
Trust Company, the initial Clearing Agency.

    

    "Event of Default" in respect
of the Securities means an Event of Default (as defined in the Indenture) that
has occurred and is continuing in respect of the Debentures.

    

    "Exchange Act" means the
Securities Exchange Act of 1934, as in effect from time to time, or any
successor legislation.

    

    "Fiduciary Indemnified Person"
has the meaning set forth in Section 10.4(b).

    

    "GAAP" means generally
accepted accounting principles, as recognized by the American Institute of
Certified Public Accountants and the Financial Accounting Standards Board,
consistently applied and maintained on a consistent basis for the Depositor and
its subsidiaries throughout the period indicated and consistent with the prior
financial practice of the Depositor and its subsidiaries.

     

    
      
        
        

      

      
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    "Global Preferred Securities"
has the meaning set forth in Section 7.3(b).

    

    "Guarantor" means ServisFirst
Bancshares, Inc., a Delaware corporation, or any successor entity resulting from
any consolidation, amalgamation, merger or other business combination in its
capacity as guarantor under the Preferred Securities Guaranty.

    

    "Holder" means (i) a Person in
whose name a Security is registered, such Person being a beneficial owner within
the meaning of the Statutory Trust Act, and (ii) a Preferred Security Beneficial
Owner.

    

    "Indemnified Person" means a
Company Indemnified Person or a Fiduciary Indemnified Person.

    

    "Indenture" means the
Indenture dated as of March 15, 2010 among the Debenture Issuer and the
Debenture Trustee, as amended from time to time.

    

    "Investment Company" means an
investment company as defined in the Investment Company Act.

    

    "Investment Company Act" means
the Investment Company Act of 1940, as in effect from time to time, or any
successor legislation.

    

    "Legal Action" has the meaning
set forth in Section 3.6(g).

    

    "Liquidation Amount" with
respect to any Security means the amount designated as such with respect thereto
in Annex I hereto.

    

    "Majority in Liquidation
Amount" means, with respect to the Trust Securities, except as provided
in the terms of the Preferred Securities or by the Trust Indenture Act,
Holder(s) of outstanding Trust Securities voting together as a single class or,
as the context may require, Holders of outstanding Preferred Securities or
Holders of outstanding Common Securities voting separately as a class, who are
the record owners of more than 50% of the aggregate Liquidation Amount
(including the stated amount that would be paid on redemption, liquidation or
otherwise, plus accrued and unpaid Distributions to the date upon which the
voting percentages are determined) of all outstanding Securities of the relevant
class.

    

    "Mandatory Conversion Date"
means March 15, 2013.

    

    "Ministerial Action" has the
meaning set forth in Annex I hereto.

    

    "Officers' Certificate" means,
with respect to any Person, a certificate signed by two of the following: the
Chief Executive Officer, the President, the Chief Operating Officer, the Chief
Financial Officer, the Secretary or the Treasurer of such Person.  Any
Officers' Certificate delivered with respect to compliance with a condition or
covenant provided for in this Trust Agreement shall include:

     

    
      
        
        

      

      
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    (a)           a
statement that each officer signing the Certificate has read the covenant or
condition and the definitions relating thereto;

    

    (b)           a
brief statement of the nature and scope of the examination or investigation
undertaken by each officer in rendering the Certificate;

    

    (c)           a
statement that each such officer has made such examination or investigation as,
in such officer's opinion, is necessary to enable such officer to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

    

    (d)           a
statement as to whether, in the opinion of each such officer, such condition or
covenant has been complied with.

    

    "Opinion of Counsel" means a
written opinion of counsel, who may be an employee of the Depositor, and who
shall be acceptable to the Property Trustee.

    

    "Paying Agent" has the meaning
specified in Section 7.4.

    

    "Person" means a legal person,
including any individual, corporation, estate, partnership, joint venture,
association, joint stock company, limited liability company, trust,
unincorporated association, or government or any agency or political subdivision
thereof, or any other entity of whatever nature.

    

    "Preferred Securities" has the
meaning specified in Section 7.1(a).

    

    "Preferred Securities
Guaranty" means the guaranty agreement dated as of March 15, 2010 of the
Guarantor in respect of the Preferred Securities.

    

    "Preferred Security Beneficial
Owner" means, with respect to a Book Entry Interest, a Person who is the
beneficial owner of such Book Entry Interest, as reflected on the books of the
Clearing Agency, or on the books of a Person maintaining an account with such
Clearing Agency (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of such Clearing
Agency).

    

    "Property Trustee" has the
meaning set forth in Section 5.3(a).

    

    "Property Trustee Account" has
the meaning set forth in Section 3.8(c).

    

    "Qualified Institutional
Buyer" has the meaning set forth in Rule 144A under the Securities
Act.

     

    
      
        
        

      

      
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    "Quorum" means a majority of
the Administrative Trustees or, if there are only two Administrative Trustees,
both of them.

    

    "Redemption Price" has the
meaning set forth in Section 4(a) of Annex I hereto.

    

    "Registrar" has the meaning
set forth in Section 7.4.

    

    "Related Party" means, with
respect to the Depositor, any direct or indirect wholly owned subsidiary of the
Depositor or any other Person that owns, directly or indirectly, 100% of the
outstanding voting securities of the Depositor.

    

    "Responsible Officer" means,
with respect to the Property Trustee, any officer assigned to the Trust and
Security Services Office of the Property Trustee, including any managing
director, vice president, assistant vice president, assistant treasurer,
assistant secretary or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers,
and having direct responsibility for the administration of this Trust Agreement
and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer's knowledge of
and familiarity with the particular subject.

    

    "Rule 3a-5" means Rule 3a-5
under the Investment Company Act, or any successor rule or
regulation.

    

    "Rule 144A" means Rule 144A
under the Securities Act, or any successor rule or regulation.

    

    "Securities" or "Trust Securities" means the
Common Securities and the Preferred Securities.

    

    "Securities Act" means the
Securities Act of 1933, as in effect from time to time, or any successor
legislation.

    

    "Special Event" has the
meaning set forth in Section 4(c) of Annex I hereto.

    

    "Statutory Trust Act" means
Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., as in effect from
time to time, or any successor legislation.

    

    "Successor Entity" has the
meaning specified in Section 3.15(b).

    

    "Successor Delaware Trustee"
has the meaning specified in Section 5.7(b)(ii).

    

    "Successor Property Trustee"
has the meaning specified in Section 5.7(b)(i).

    

    "Successor Securities" has the
meaning specified in Section 3.15(b).

    

    "Super Majority" has the
meaning set forth in Section 2.6(a)(ii).

     

    
      
        
        

      

      
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    "10% in Liquidation Amount"
means, with respect to the Trust Securities, except as provided in the terms of
the Preferred Securities or by the Trust Indenture Act, Holder(s) of outstanding
Trust Securities voting together as a single class or, as the context may
require, Holders of outstanding Preferred Securities or Holders of outstanding
Common Securities voting separately as a class, who are the record owners of 10%
or more of the aggregate Liquidation Amount (including the stated amount that
would be paid on redemption, liquidation or otherwise, plus accrued and unpaid
Distributions to the date upon which the voting percentages are determined) of
all outstanding Securities of the relevant class.

    

    "Treasury Regulations" means
the income tax regulations, including temporary and proposed regulations,
promulgated under the Code by the United States Treasury, as such regulations
are in effect from time to time (including corresponding provisions of
succeeding regulations).

    

    "Trustee" or "Trustees" means each Person
who has signed this Trust Agreement as a trustee (including the Property
Trustee, the Delaware Trustee and the Administrative Trustees), so long as such
Person shall continue as a trustee of the Trust in accordance with the terms
hereof, and all other Persons who may from time to time be duly appointed,
qualified and serving as Trustees in accordance with the provisions hereof, and
references herein to a Trustee or the Trustees shall refer to such Person or
Persons solely in their capacity as trustees hereunder.

    

    "Trust Indenture Act" means
the Trust Indenture Act of 1939, as in effect from time to time, or any
successor legislation.

    

    ARTICLE
II

     

    TRUST
INDENTURE ACT

     

    Section
2.1            Trust Indenture Act;
Application.

     

    (a)           This
Trust Agreement is not subject to or governed by the Trust Indenture Act except
to the extent set forth herein as expressly agreed to by the parties to this
Trust Agreement.

    

    (b)           The
Property Trustee shall be the only Trustee that is a Trustee for the purposes of
construing this Trust Agreement in accordance with the Trust Indenture Act, as
applicable.

    

    (c)           The
application of the provisions of the Trust Indenture Act to this Trust Agreement
as set forth herein shall not affect the nature of the Securities as equity
securities representing undivided beneficial interests in the assets of the
Trust.

     

    
      
        
        

      

      
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    Section
2.2            Lists of Holders of
Securities.

     

    (a)           Each
of the Depositor and the Administrative Trustees on behalf of the Trust shall
provide the Property Trustee, unless the Property Trustee is Registrar for the
Securities, (i) within 5 days after each record date for payment of
Distributions, a list, in such form as the Property Trustee may reasonably
require, of the names and addresses of the Holders of the Securities ("List of
Holders") as of such record date, provided that neither the Depositor nor the
Administrative Trustees on behalf of the Trust shall be obligated to provide
such List of Holders at any time the List of Holders does not differ from the
most recent List of Holders given to the Property Trustee by the Depositor and
the Administrative Trustees on behalf of the Trust, and (ii) at any other time,
within 30 days of receipt by the Trust of a written request for a List of
Holders as of a date no more than 14 days before such List of Holders is given
to the Property Trustee.  The Property Trustee shall preserve, in as
current a form as is reasonably practicable, all information contained in Lists
of Holders given to it or which it receives in the capacity as Paying Agent (if
acting in such capacity), provided that the Property Trustee may destroy any
List of Holders previously given to it on receipt of a new List of
Holders.

    

    (b)           The
Property Trustee shall comply with the obligations under Sections 311(a), 311(b)
and 312(b) of the Trust Indenture Act.

    

    Section
2.3            Reports by the Property
Trustee.

     

    (a)           The
Property Trustee shall transmit to the Holders of the Preferred Securities such
reports concerning the Property Trustee and its actions under this Trust
Agreement as may be required pursuant to the Trust Indenture Act at the times
and in the manner provided pursuant thereto.  If required by Section
313(a) of the Trust Indenture Act, the Property Trustee shall, within sixty days
after each anniversary following the date of this Trust Agreement, commencing
March 15, 2011, deliver to the Holders of the Preferred Securities a brief
report, dated as of such date, which complies with the provisions of such
Section 313(a).

    

    (b)           A
copy of each such report shall, at the time of such transmission to the Holders
of the Preferred Securities, be filed by the Property Trustee with the
Company.  The Company will promptly notify the Property Trustee in
writing if and when the Preferred Securities are listed on any stock
exchange.

    

    Section
2.4            Periodic Reports to Property
Trustee.

     

    (a)           General.  The
Depositor will furnish to the Property Trustee:

    

    (i)           unless
the Depositor is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within
45 days after the end of the first, second and third quarterly accounting
periods of each fiscal year (commencing with the quarter ending March 31, 2010),
the Depositor's unaudited consolidated balance sheet as of the last day of such
quarterly period and the related consolidated statements of income and cash
flows during such quarterly period prepared in accordance with GAAP and (in the
case of second and third quarterly periods) for the portion of the fiscal year
ending with the last day of such quarterly period, setting forth in each case in
comparative form corresponding unaudited figures from the preceding fiscal
year;

     

    
      
        
        

      

      
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    (ii)          unless
the Depositor is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within
90 days after the end of each fiscal year (commencing with the fiscal year
ending December 31, 2009), the Depositor's consolidated balance sheet as of the
end of such year and the related consolidated statements of income, cash flows,
and shareholders' equity during such year setting forth in each case in
comparative form corresponding figures from the preceding fiscal year
accompanied by an audit report thereon of a firm of independent public
accountants registered with the Public Company Accounting Oversight Board (the
"PCAOB");

    

    (iii)         at
the time of the delivery of the report provided for in clause (ii) above (or at
the time of the filing of the comparable report pursuant to the Exchange Act),
an Officers' Certificate as set forth in Exhibit D to this
Trust Agreement to the effect that, to the best of such officers' knowledge, no
Default or Event of Default under this Trust Agreement has occurred and is
continuing or, if any Default or Event of Default hereunder has occurred and is
continuing, specifying the nature and extent thereof and what action the
Depositor is taking or proposes to take in response thereto;

    

    (iv)         the
Depositor and the Administrative Trustees shall file annually with the Property
Trustee a certificate as to whether or not they are in compliance with all the
conditions and covenants applicable to them under the Trust Agreement;
and

    

    (v)          promptly
after the Depositor obtains actual knowledge of the occurrence thereof, written
notice of the occurrence of any event or condition which constitutes an Event of
Default, and an Officers' Certificate of the Depositor specifically stating that
such Event of Default has occurred and setting forth the details thereof and the
action which the Depositor is taking or proposes to take with respect
thereto.

    

    (b)           All
such information provided to the Property Trustee as indicated above also will
be provided by the Property Trustee upon written request to the Property Trustee
(which may be a single continuing request), to (x) Holders and (y) prospective
purchasers of Preferred Securities (and of beneficial interests in Preferred
Securities).  The Depositor will furnish to the Property Trustee, upon
its request, sufficient copies of all such information to accommodate the
requests of such Holders and prospective purchasers of Preferred Securities (and
of beneficial interests in Preferred Securities).

    

    (c)           Upon
the request of any Holder or the Property Trustee (on behalf of a Holder), the
Depositor will furnish such information as is specified in paragraph (d)(4) of
Rule 144A to Holders and prospective purchasers of Preferred Securities (and of
beneficial interests in Preferred Securities) who are Qualified Institutional
Buyers or Accredited Investors or to the Property Trustee for delivery to such
Holders or prospective purchasers of Preferred Securities (or of beneficial
interests in Preferred Securities) as the case may be, unless, at the time of
such request, the Depositor is subject to the reporting requirements of Section
13 or 15(d) of the Exchange Act.

     

    
      
        
        

      

      
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    Section
2.5            Evidence of Compliance with
Conditions Precedent.

     

    (a)           The
Depositor shall furnish to the Property Trustee evidence of compliance with the
conditions precedent, if any, provided for in the Trust Agreement (including any
covenants compliance with which constitutes a condition precedent) which relate
to the satisfaction and discharge of the Trust Agreement, or to any other action
to be taken by the Property Trustee at the request or upon the application of
such obligor.  Such evidence shall consist of the
following:

    

    (i)           Certificates
or opinions made by officers of the Depositor who are specified in the Trust
Agreement, stating that such conditions precedent have been complied with;
and

    

    (ii)          An
opinion of counsel (who may be of counsel of the Depositor) stating that in his
opinion such conditions precedent have been complied with.

    

    (b)           Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in the Trust Agreement  shall include (1) a statement
that the person making such certificate or opinion has read such covenant or
condition; (2) a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such
certificate or opinion are based; (3) a statement that, in the opinion of such
person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (4) a statement as to whether or not, in
the opinion of such person, such condition or covenant has been complied
with.

    

    Section
2.6            Events of Default;
Waiver.

     

    (a)           The
Holders of a Majority in Liquidation Amount of Preferred Securities may, by
vote, on behalf of the Holders of all of the Preferred Securities, waive any
past Event of Default in respect of the Preferred Securities and its
consequences, provided that, if the
underlying Event of Default under the Indenture:

    

    (i)           is
not waivable under the Indenture, the Event of Default under the Trust Agreement
shall also not be waivable; or

    

    (ii)          requires
the consent or vote of greater than a majority in aggregate principal amount of
the holders of the Debentures (a "Super Majority") to be waived under the
Indenture, the Event of Default under the Trust Agreement may only be waived by
the vote of the Holders of at least the proportion in aggregate Liquidation
Amount of the Preferred Securities that the relevant Super Majority represents
of the aggregate principal amount of the Debentures outstanding.

     

    
      
        
        

      

      
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    Upon such
waiver, any such Default shall cease to exist, and any Event of Default with
respect to the Preferred Securities arising therefrom shall be deemed to have
been cured, for every purpose of this Trust Agreement, but no such waiver shall
extend to any subsequent or other Default or an Event of Default with respect to
the Preferred Securities or impair any right consequent thereon.  Any
waiver by the Holders of the Preferred Securities of an Event of Default with
respect to the Preferred Securities shall also be deemed to constitute a waiver
by the Holders of the Common Securities of any such Event of Default with
respect to the Common Securities for all purposes of this Trust Agreement
without any further act, vote, or consent of the Holders of the Common
Securities.

    

    (b)           The
Holders of a Majority in Liquidation Amount of the Common Securities may, by
vote, on behalf of the Holders of all of the Common Securities, waive any past
Event of Default with respect to the Common Securities and its consequences,
provided that, if the
underlying Event of Default under the Indenture:

    

    (i)           is
not waivable under the Indenture, except where the Holders of the Common
Securities are deemed to have waived such Event of Default under the Trust
Agreement as provided below in this Section 2.6(b), the Event of Default under
the Trust Agreement shall also not be waivable; or

    

    (ii)          requires
the consent or vote of a Super Majority to be waived, except where the Holders
of the Common Securities are deemed to have waived such Event of Default under
the Trust Agreement as provided below in this Section 2.6(b), the Event of
Default under the Trust Agreement may only be waived by the vote of the Holders
of at least the proportion in aggregate Liquidation Amount of the Common
Securities that the relevant Super Majority represents of the aggregate
principal amount of the Debentures outstanding;

    

    provided further, that each
Holder of Common Securities will be deemed to have waived any such Event of
Default and all Events of Default with respect to the Common Securities and its
consequences if all Events of Default with respect to the Preferred Securities
have been cured, waived or otherwise eliminated, and until such Events of
Default have been so cured, waived or otherwise eliminated, the Property Trustee
will be deemed to be acting solely on behalf of the Holders of the Preferred
Securities and only the Holders of the Preferred Securities will have the right
to direct the Property Trustee in accordance with the terms of the
Securities.  Subject to the foregoing provisions of this Section
2.6(b), upon such waiver, any such Default shall cease to exist and any Event of
Default with respect to the Common Securities arising therefrom shall be deemed
to have been cured for every purpose of this Trust Agreement, but no such waiver
shall extend to any subsequent or other Default or Event of Default with respect
to the Common Securities or impair any right consequent thereon.

    

    (c)           A
waiver of an Event of Default under the Indenture by the Property Trustee, at
the written direction of the Holders of the Preferred Securities, constitutes a
waiver of the corresponding Event of Default under this Trust
Agreement.

     

    
      
        
        

      

      
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    Section
2.7            Event of Default;
Notice.

     

    (a)           The
Property Trustee shall, within 90 days after a Responsible Officer of the
Property Trustee obtains actual knowledge of the occurrence of an Event of
Default, transmit by mail, first class postage prepaid, to the Holders of the
Securities, notices of all Defaults with respect to the Securities actually
known to a Responsible Officer of the Property Trustee, unless such Defaults
have been cured before the giving of such notice; provided that, except for a
Default in the payment of principal of (or premium, if any) or interest on any
of the Debentures, the Property Trustee shall be protected in withholding such
notice if and so long as a Responsible Officer of the Property Trustee in good
faith determines that the withholding of such notice is in the interests of the
Holders of the Securities.

    

    (b)           The
Property Trustee shall not be deemed to have actual knowledge of any Default or
Event of Default except:

    

    (i)           Default
or Event of Default under Sections 5.01(a) and 5.01(b) of the Indenture;
or

    

    (ii)          any
Default or Event of Default as to which the Property Trustee shall have received
written notice or of which a Responsible Officer of the Property Trustee charged
with the administration of the Trust Agreement shall have actual
knowledge.

    

    (c)           Within
five Business Days after the occurrence of any Event of Default actually known
to the Property Trustee, the Property Trustee shall transmit notice of such
Event of Default to the Holders of the Preferred Securities, the Administrative
Trustees and the Depositor, unless such Event of Default shall have been cured
or waived.

    

    ARTICLE
III

     

    ORGANIZATION

     

    Section
3.1            Name.

     

    The Trust is named "ServisFirst Capital
Trust II", as such name may be modified from time to time by the Administrative
Trustees following written notice to the Property Trustee, the Delaware Trustee
and the Holders of Securities. The Trust's activities may be conducted under the
name of the Trust or any other name deemed advisable by the Administrative
Trustees.

    

    Section
3.2            Office.

     

    The address of the principal office of
the Trust is c/o ServisFirst Bancshares, Inc., 850 Shades Creek Parkway, Suite
200, Birmingham, Alabama 35209.  On 10 Business Days written notice to
the Property Trustee, the Delaware Trustee and the Holders of Securities, the
Administrative Trustees may designate another principal office.

     

    
      
        
        

      

      
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    Section
3.3            Purpose.

     

    The exclusive purposes and functions of
the Trust are (a) to issue and sell the Securities, (b) to use the gross
proceeds from the sale of the Securities to acquire the Debentures, and (c)
except as otherwise limited herein, to engage in only those other activities
necessary, advisable or incidental thereto.  The Trust shall not
borrow money, issue debt or reinvest proceeds derived from investments, mortgage
or pledge any of its assets, or otherwise undertake (or permit to be undertaken)
any activity that would cause the Trust not to be classified for United States
federal income tax purposes as a grantor trust.

    

    Section
3.4            Authority.

     

    Subject to the limitations provided in
this Trust Agreement and to the specific duties of the Property Trustee, the
Administrative Trustees shall have exclusive and complete authority to carry out
the purposes of the Trust.  An action taken by the Administrative
Trustees in accordance with their powers shall constitute the act of and serve
to bind the Trust and an action taken by the Property Trustee on behalf of the
Trust in accordance with its powers shall constitute the act of and serve to
bind the Trust.  In dealing with the Trustees acting on behalf of the
Trust, no Person shall be required to inquire into the authority of the Trustees
to bind the Trust.  Persons dealing with the Trust are entitled to
rely conclusively on the power and authority of the Trustees as set forth in
this Trust Agreement.

    

    Section
3.5            Title to Property of the
Trust.

     

    Except as provided in Section 3.8 with
respect to the Debentures and the Property Trustee Account or as otherwise
provided in this Trust Agreement, legal title to all assets of the Trust shall
be vested in the Trust.  The Holders shall not have legal title to any
part of the assets of the Trust, but shall have an undivided beneficial interest
in the assets of the Trust.

    

    Section
3.6            Powers and Duties of the
Administrative Trustees.

     

    The Administrative Trustees shall have
the exclusive power, duty and authority to cause the Trust to engage in the
following activities:

    

    (a)           to
issue and sell the Preferred Securities and the Common Securities in accordance
with this Trust Agreement; provided, however, that except, in the case of (i)
and (ii), as contemplated in Section 7.1(a), (i) the Trust may issue no more
than one series of Preferred Securities and no more than one series of Common
Securities, (ii) there shall be no interests in the Trust other than the
Securities, and (iii) the issuance of Securities shall be limited to a
simultaneous issuance of both Preferred Securities and Common Securities at any
Closing Time;

    

    (b)           in
connection with the issue and sale of the Preferred Securities, at the direction
of the Depositor, to:

    

    (i)           execute,
if necessary, a confidential offering memorandum (the "Confidential Offering
Memorandum") in preliminary and final form, including any amendments or
supplements thereto, prepared by the Depositor, in relation to the offering and
sale of Preferred Securities under an exemption from the registration
requirements of Section 5 of the Securities Act;

     

    
      
        
        

      

      
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    (ii)          execute
and file any documents prepared by the Depositor, or take any acts as determined
by the Depositor to be necessary in order to qualify the offering and sale of
Preferred Securities under an exemption from the registration requirements of
Section 5 of the Securities Act;

    

    (iii)         execute
and file any documents prepared by the Depositor, or take any acts as determined
by the Depositor to be necessary in order to qualify or register all or part of
the Preferred Securities in any State in which the Depositor has determined to
qualify or register such Preferred Securities for sale; and

    

    (iv)      
  execute and deliver letters, documents, or instruments with DTC and
other Clearing Agencies relating to the Preferred Securities.

    

    (c)           to
acquire the Debentures with the proceeds of the sale of the Preferred Securities
and the Common Securities; provided, however, that the Administrative Trustees
shall cause legal title to the Debentures to be held by the Property Trustee for
the benefit of the Holders of the Preferred Securities and the Holders of Common
Securities;

    

    (d)           to
give the Depositor and the Property Trustee prompt written notice of the
occurrence of a Special Event;

    

    (e)           to
establish a record date with respect to all actions to be taken hereunder that
require a record date be established, including and with respect to
Distributions, voting rights, redemptions and exchanges, and to issue relevant
notices to the Holders of Preferred Securities and Holders of Common Securities
as to such actions and applicable record dates;

    

    (f)           to
take all actions and perform such duties as may be required of the
Administrative Trustees pursuant to the terms of the Securities;

    

    (g)           to
bring or defend, pay, collect, compromise, arbitrate, resort to legal action, or
otherwise adjust claims or demands of or against the Trust ("Legal Action"),
unless pursuant to Section 3.8(e), the Property Trustee has the exclusive power
to bring such Legal Action;

    

    (h)           to
employ or otherwise engage employees and agents (who may be designated as
officers with titles) and managers, contractors, advisors, and consultants and
pay reasonable compensation for such services;

     

    
      
        
        

      

      
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    (i)           to
incur expenses that are necessary or incidental to carry out any of the purposes
of the Trust;

    

    (j)           to
act as, or appoint another Person to act as, Registrar for the Securities or to
appoint a Paying Agent for the Securities as provided in Section 7.4 except for
such time as such power to appoint a Paying Agent is vested in the Property
Trustee;

    

    (k)           to
give prompt written notice to the Property Trustee and to Holders of the
Securities of any notice received from the Debenture Issuer of its election to
defer payments of interest on the Debentures by extending the interest payment
period under the Indenture;

    

    (l)           to
execute all documents or instruments, perform all duties and powers, and do all
things for and on behalf of the Trust in all matters necessary or incidental to
the foregoing;

    

    (m)           to
take all action that may be necessary or appropriate for the preservation and
the continuation of the Trust's valid existence, rights, franchises and
privileges as a statutory trust under the laws of the State of Delaware and of
each other jurisdiction in which such existence is necessary to protect the
limited liability of the Holders of the Preferred Securities or to enable the
Trust to effect the purposes for which the Trust was created;

    

    (n)           to
take any action, not inconsistent with this Trust Agreement or with applicable
law, that the Administrative Trustees determine in their discretion to be
necessary or desirable in carrying out the activities of the Trust as set out in
this Section 3.6, including, but not limited to:

    

    (i)           causing
the Trust not to be deemed to be an Investment Company required to be registered
under the Investment Company Act;

    

    (ii)          causing
the Trust to be classified for United States federal income tax purposes as a
grantor trust; and

    

    (iii)         cooperating
with the Debenture Issuer to ensure that the Debentures will be treated as
indebtedness of the Debenture Issuer for United States federal income tax
purposes; and

    

    (o)           to
take all action necessary to cause all applicable tax returns and tax
information reports that are required to be filed with respect to the Trust to
be duly prepared and filed by the Administrative Trustees, on behalf of the
Trust.

    

    The Administrative Trustees must
exercise the powers set forth in this Section 3.6 in a manner that is consistent
with the purposes and functions of the Trust set out in Section 3.3, and the
Administrative Trustees shall not take any action that is inconsistent with the
purposes and functions of the Trust set forth in Section 3.3.

     

    
      
        
        

      

      
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    Subject to this Section 3.6, the
Administrative Trustees shall have none of the powers or the authority of the
Property Trustee set forth in Section 3.8.

    

    Any expenses incurred by the
Administrative Trustees pursuant to this Section 3.6 shall be reimbursed by the
Depositor.

    

    Section
3.7            Prohibition of Actions by the Trust
and the Trustees.

     

    The Trust shall not, and the Trustees
(including the Property Trustee) shall not cause the Trust to, engage in any
activity other than as required or authorized by this Trust
Agreement.  The Trust shall not:

    

    (a)           invest
any proceeds received by the Trust from holding the Debentures, but shall
distribute all such proceeds to Holders of Securities pursuant to the terms of
this Trust Agreement and of the Securities;

    

    (b)           acquire
any assets other than as expressly provided herein;

    

    (c)           possess
Trust property for other than a Trust purpose;

    

    (d)           make
any loans or incur any indebtedness other than loans represented by the
Debentures;

    

    (e)           possess
any power or otherwise act in such a way as to vary the Trust assets or the
terms of the Securities in any way whatsoever;

    

    (f)           issue
any securities or other evidences of beneficial ownership of, or beneficial
interest in, the Trust other than the Securities; or

    

    (g)           other
than as provided in this Trust Agreement or Annex I, (A) direct the time, method
and place of conducting any proceeding with respect to any remedy available to
the Debenture Trustee, or exercising any trust or power conferred upon the
Debenture Trustee with respect to the Debentures, (B) waive any past default
that is waivable under the Indenture, (C) exercise any right to rescind or annul
any declaration that the principal of all the Debentures shall be due and
payable, or (D) consent to any amendment, modification or termination of the
Indenture or the Debentures where such consent shall be required unless the
Trust shall have received an opinion of a nationally recognized independent tax
counsel experienced in such matters to the effect that such amendment,
modification or termination will not cause more than an insubstantial risk that,
for United States federal income tax purposes, the Trust will not be classified
as a grantor trust.

     

    
      
        
        

      

      
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    Section
3.8            Powers and Duties of the Property
Trustee.

     

    (a)           The
legal title to the Debentures shall be held by the Property Trustee in trust for
the benefit of the Holders of the Securities.  The right, title and
interest of the Property Trustee to the Debentures shall vest automatically in
each Person who may hereafter be appointed as Property Trustee in accordance
with Section 5.7.  Such vesting and cessation of title shall be
effective whether or not conveyancing documents with regard to the Debentures
have been executed and delivered.

    

    (b)           The
Property Trustee shall not transfer its right, title and interest in the
Debentures to the Administrative Trustees or to the Delaware Trustee (if the
Property Trustee does not also act as Delaware Trustee).

    

    (c)           The
Property Trustee shall:

    

    (i)           establish
and maintain a segregated non-interest bearing trust account (the "Property
Trustee Account") in the name of and under the exclusive control of the Property
Trustee on behalf of the Holders of the Securities and, upon the receipt of
payments of funds made in respect of the Debentures held by the Property
Trustee, deposit such funds into the Property Trustee Account and make, or cause
any Paying Agent to make, payments to the Holders of the Preferred Securities
and Holders of the Common Securities from the Property Trustee Account in
accordance with Section 6.1.  Funds in the Property Trustee Account
shall be held uninvested until disbursed in accordance with this Trust
Agreement;

    

    (ii)          engage
in such ministerial activities as shall be necessary or appropriate to effect
the redemption of the Preferred Securities and the Common Securities to the
extent the Debentures are redeemed or mature; and

    

    (iii)         upon
written notice of distribution issued by the Administrative Trustees in
accordance with the terms of the Securities, engage in such ministerial
activities as shall be necessary or appropriate to effect the distribution of
the Debentures to Holders of Securities upon the occurrence of certain
events.

    

    (d)           The
Property Trustee shall take all actions and perform such duties as may be
specifically required of the Property Trustee pursuant to the terms of this
Trust Agreement and the Securities.

     

    
      
        
        

      

      
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    (e)           Subject
to Section 3.9(a), the Property Trustee shall take any Legal Action which arises
out of or in connection with an Event of Default of which a Responsible Officer
of the Property Trustee has actual knowledge or the Property Trustee's duties
and obligations under this Trust Agreement and if the Property Trustee shall
have failed to take such Legal Action, the Holders of the Preferred Securities
may take such Legal Action, to the same extent as if such Holders of Preferred
Securities held an aggregate principal amount of Debentures equal to the
aggregate Liquidation Amount of such Preferred Securities, without first
proceeding against the Property Trustee or the Trust; provided, however, that if an
Event of Default has occurred and is continuing and such event is attributable
to the failure of the Debenture Issuer to pay the principal of or premium, if
any, or interest on the Debentures on the date such principal, premium, if any,
or interest is otherwise payable (or in the case of redemption, on the
redemption date), then a Holder of Preferred Securities may directly institute a
proceeding for enforcement of payment to such Holder of the principal of or
premium, if any, or interest on the Debentures having a principal amount equal
to the aggregate Liquidation Amount of the Preferred Securities of such Holder
(a "Direct Action") on or after the respective due date specified in the
Debentures.  In connection with such Direct Action, the rights of the
Holders of the Common Securities will be subrogated to the rights of such Holder
of Preferred Securities to the extent of any payment made by the Debenture
Issuer to such Holder of Preferred Securities in such Direct
Action.  Except as provided in the preceding sentences, the Holders of
Preferred Securities will not be able to exercise directly any other remedy
available to the holders of the Debentures.

    

    (f)           The
Property Trustee shall continue to serve as a Trustee until either:

    

    (i)           the
Trust has been completely liquidated and the proceeds of the liquidation
distributed to the Holders of Securities pursuant to the terms of the
Securities; or

    

    (ii)          a
Successor Property Trustee has been appointed and has accepted that appointment
in accordance with Section 5.7(b).

    

    (g)           The
Property Trustee shall have the legal power to exercise all of the rights,
powers and privileges of a holder of Debentures under the Indenture and, if an
Event of Default actually known to a Responsible Officer of the Property Trustee
occurs and is continuing, the Property Trustee shall, for the benefit of Holders
of the Securities, enforce its rights as holder of the Debentures subject to the
rights of the Holders pursuant to this Trust Agreement and the terms of the
Securities.  The Property Trustee must exercise the powers set forth
in this Section 3.8 in a manner that is consistent with the purposes and
functions of the Trust set out in Section 3.3, and the Property Trustee shall
not take any action that is inconsistent with the purposes and functions of the
Trust set out in Section 3.3.

    

    (h)           The
Property Trustee shall be authorized to undertake any actions set forth in
Section 317(a) of the Trust Indenture Act.

    

    For such time as the Property Trustee
is the Paying Agent, the Property Trustee may authorize one or more Persons to
act as additional Paying Agents and to pay Distributions, redemption payments or
liquidation payments on behalf of the Trust with respect to all securities and
any such Paying Agent shall comply with the provisions of Section 317(b) of the
Trust Indenture Act.  Any such additional Paying Agent may be removed
by the Property Trustee at any time the Property Trustee remains as Paying Agent
and a successor Paying Agent or additional Paying Agents may be (but are not
required to be) appointed at any time by the Property Trustee.

    

    (i)           Subject
to this Section 3.8, the Property Trustee shall have none of the duties,
liabilities, powers or the authority of the Administrative Trustees set forth in
Section 3.6.

     

    
      
        
        

      

      
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    The Property Trustee must exercise the
powers set forth in this Section 3.8 in a manner that is consistent with the
purposes and functions of the Trust set out in Section 3.3, and the Property
Trustee shall not take any action that is inconsistent with the purposes and
functions of the Trust set out in Section 3.3.

    

    Section
3.9            Certain Duties and Responsibilities
of the Property Trustee.

     

    (a)           The
Property Trustee, before the occurrence of any Event of Default and after the
curing or waiving of all Events of Default that may have occurred, shall
undertake to perform only such duties as are specifically set forth in this
Trust Agreement and in the Securities and no implied covenants shall be read
into this Trust Agreement against the Property Trustee.  In case an
Event of Default has occurred (that has not been cured or waived pursuant to
Section 2.6) of which a Responsible Officer of the Property Trustee has actual
knowledge, the Property Trustee shall exercise such of the rights and powers
vested in it by this Trust Agreement, and use the same degree of care and skill
in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

    

    (b)           No
provision of this Trust Agreement shall be construed to relieve the Property
Trustee from liability for its own gross negligent action, its own gross
negligent failure to act, or its own willful misconduct, except
that:

    

    (i)           prior
to the occurrence of an Event of Default and after the curing or waiving of all
such Events of Default that may have occurred:

    

    (A)           the
duties and obligations of the Property Trustee shall be determined solely by the
express provisions of this Trust Agreement and in the Securities and the
Property Trustee shall not be liable except for the performance of such duties
and obligations as are specifically set forth in this Trust Agreement and in the
Securities, and no implied covenants or obligations shall be read into this
Trust Agreement against the Property Trustee; and

    

    (B)           in
the absence of bad faith on the part of the Property Trustee, the Property
Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Property Trustee and conforming to the requirements of this
Trust Agreement; provided, however, that in the case of any such certificates or
opinions that by any provision hereof are specifically required to be furnished
to the Property Trustee, the Property Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this
Trust Agreement;

    

    (ii)          the
Property Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer of the Property Trustee, unless it shall be
proved that the Property Trustee was grossly negligent in ascertaining the
pertinent facts;

     

    
      
        
        

      

      
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    (iii)         the
Property Trustee shall not be liable with respect to any action taken or omitted
to be taken by it in good faith in accordance with the direction of the Holders
of not less than a Majority in Liquidation Amount of the Securities relating to
the time, method and place of conducting any proceeding for any remedy available
to the Property Trustee, or exercising any trust or power conferred upon the
Property Trustee under this Trust Agreement;

    

    (iv)         no
provision of this Trust Agreement shall require the Property Trustee to expend
or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that the repayment of
such funds or liability is not reasonably assured to it under the terms of this
Trust Agreement or indemnity satisfactory to the Property Trustee against such
risk or liability is not reasonably assured to it;

    

    (v)          the
Property Trustee's sole duty with respect to the custody, safe keeping and
physical preservation of the Debentures and the Property Trustee Account shall
be to deal with such property in a similar manner as the Property Trustee deals
with similar property for its own account, subject to the protections and
limitations on liability afforded to the Property Trustee under this Trust
Agreement;

    

    (vi)         the
Property Trustee shall have no duty or liability for or with respect to the
value, genuineness, existence or sufficiency of the Debentures or the payment of
any taxes or assessments levied thereon or in connection therewith;

    

    (vii)        the
Property Trustee shall not be liable for any interest on any money received by
it except as it may otherwise agree in writing with the
Depositor.  Money held by the Property Trustee need not be segregated
from other funds held by it except in relation to the Property Trustee Account
maintained by the Property Trustee pursuant to Section 3.8(c)(i) and except to
the extent otherwise required by law; and

    

    (viii)       the
Property Trustee shall not be responsible for monitoring the compliance by the
Administrative Trustees or the Depositor with their respective duties under this
Trust Agreement, nor shall the Property Trustee be liable for any default or
misconduct of the Administrative Trustees, any other Trustees or the
Depositor.

    

    Section
3.10          Certain Rights of Property
Trustee.

     

    (a)           Subject
to the provisions of Section 3.9:

     

    
      
        
        

      

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

    

    (ii)          any
direction or act of the Depositor or the Administrative Trustees contemplated by
this Trust Agreement may be sufficiently evidenced by an Officers'
Certificate;

    

    (iii)         whenever
in the administration of this Trust Agreement, the Property Trustee shall deem
it desirable that a matter be proved or established before taking, suffering or
omitting any action hereunder, the Property Trustee (unless other evidence is
herein specifically prescribed) may, in the absence of bad faith on its part,
request and conclusively rely upon an Officers' Certificate which, upon receipt
of such request, shall be promptly delivered by the Depositor or the
Administrative Trustees;

    

    (iv)         the
Property Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation
statement or any filing under tax or securities laws) or any rerecording,
refiling or reregistration thereof;

    

    (v)     
    the Property Trustee may consult with counsel or other
experts of its selection and the advice or opinion of such counsel and experts
with respect to legal matters or advice within the scope of such experts' area
of expertise shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in
accordance with such advice or opinion, such counsel may be counsel to the
Depositor or any of its Affiliates, and may include any of its employees. The
Property Trustee shall have the right at any time to seek instructions
concerning the administration of this Trust Agreement from any court of
competent jurisdiction;

    

    (vi)         the
Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement at the request or direction of any
Holder, unless such Holder shall have provided to the Property Trustee security
and indemnity, satisfactory to the Property Trustee, against the costs, expenses
(including attorneys' fees and expenses and the expenses of the Property
Trustee's agents, nominees or custodians) and liabilities that might be incurred
by it in complying with such request or direction, including such advances as
may be requested by the Property Trustee; provided, that, nothing contained in
this Section 3.10(a)(vi) shall be taken to relieve the Property Trustee, upon
the occurrence of an Event of Default, of its obligation to exercise the rights
and powers vested in it by this Trust Agreement;

     

    
      
        
        

      

      
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    (vii)        the
Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Property Trustee,
in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit;

    

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

    

    (ix)          any
action taken by the Property Trustee or its agents hereunder shall bind the
Trust and the Holders of the Securities, and the signature of the Property
Trustee or its agents alone shall be sufficient and effective to perform any
such action and no third party shall be required to inquire as to the authority
of the Property Trustee to so act or as to its compliance with any of the terms
and provisions of this Trust Agreement, both of which shall be conclusively
evidenced by the Property Trustee's or its agent's taking such
action;

    

    (x)           whenever
in the administration of this Trust Agreement the Property Trustee shall deem it
desirable to receive instructions with respect to enforcing any remedy or right
or taking any other action hereunder, the Property Trustee (i) may request
instructions from the Holders of the Securities which instructions may only be
given by the Holders of the same proportion in Liquidation Amount of the
Securities as would be entitled to direct the Property Trustee under the terms
of the Securities in respect of such remedy, right or action, (ii) may refrain
from enforcing such remedy or right or taking such other action until such
instructions are received, and (iii) shall be fully protected in conclusively
relying on or acting in or accordance with such instructions;

    

    (xi)          except
as otherwise expressly provided by this Trust Agreement, the Property Trustee
shall not be under any obligation to take any action that is discretionary under
the provisions of this Trust Agreement;

    

    (xii)         the
Property Trustee shall not be liable for any action taken, suffered, or omitted
to be taken by it in good faith, without gross negligence, and reasonably
believed by it to be authorized or within the discretion or rights or powers
conferred upon it by this Trust Agreement;

    

    (xiii)        when
the Property Trustee incurs expenses or renders services in connection with an
Event of Default under Sections 5.01(d) or 5.01(e) of the Indenture, such
expenses (including the fees and expenses of its counsel) and the compensation
for such services are intended to constitute expenses of administration under
any bankruptcy law or law relating to creditors rights generally;

     

    
      
        
        

      

      
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    (xiv)        in
no event shall the Property Trustee be liable for the selection of investments
or for investment losses incurred thereon.  The Property Trustee shall
have no liability in respect of losses incurred as a result of the liquidation
of any such investment prior to its stated maturity or the failure of the party
directing such investment to provide timely written investment
direction.  The Property Trustee shall have no obligation to invest or
reinvest any amounts held hereunder in the absence of such written investment
direction; and

    

    (xv)         in
the event that the Property Trustee is also acting as Paying Agent, Registrar or
exchange agent hereunder, the rights and protections afforded to the Property
Trustee pursuant to this Article Three shall also be afforded to such Paying
Agent, Registrar or exchange agent.

    

    (b)           No
provision of this Trust Agreement shall be deemed to impose any duty or
obligation on the Property Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it, in any jurisdiction
in which it shall be illegal, or in which the Property Trustee shall be
unqualified or incompetent in accordance with applicable law, to perform any
such act or acts, or to exercise any such right, power, duty or
obligation.  No permissive power or authority available to the
Property Trustee shall be construed to be a duty.

    

    Section
3.11          Delaware Trustee.

     

    Notwithstanding any other provision of
this Trust Agreement other than Section 5.2, the Delaware Trustee shall not be
entitled to exercise any powers, nor shall the Delaware Trustee have any of the
duties and responsibilities of the Administrative Trustees or the Property
Trustee described in this Trust Agreement.  Except as set forth in
Section 5.2, the Delaware Trustee shall be a Trustee for the sole and limited
purpose of fulfilling the requirements of Section 3807 of the Statutory Trust
Act and taking such actions as are required to be taken by the Delaware Trustee
under the Statutory Trust Act.  In the event the Delaware Trustee
shall at any time be required to take any action or perform any duty hereunder,
the Delaware Trustee shall be entitled to the benefits of Section 3.9(b)(ii)
through (vii) and Section 3.10.  No implied covenants or obligations
shall be read into this Trust Agreement against the Delaware
Trustee.

    

    Section
3.12          Execution of
Documents.

     

    Unless otherwise determined by the
Administrative Trustees, and except as otherwise required by the Statutory Trust
Act, any Administrative Trustee is authorized to execute on behalf of the Trust
any documents that the Administrative Trustees have the power and authority to
execute pursuant to Section 3.6.

    

    Section
3.13          Not Responsible for Recitals or
Issuance of Securities.

     

    The recitals contained in this Trust
Agreement and the Securities shall be taken as the statements of the Depositor,
and the Trustees do not assume any responsibility for their
correctness.  The Trustees make no representations as to the value or
condition of the property of the Trust or any part thereof.  The
Trustees make no representations as to the validity or sufficiency of this Trust
Agreement or the Securities.

     

    
      
        
        

      

      
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    Section
3.14          Duration of
Trust.

     

    The Trust, unless terminated pursuant
to the provisions of Article VIII hereof, shall have existence up to March 15,
2041 (the "Expiration Date").

    

    Section
3.15          Mergers.

     

    (a)           The
Trust may not merge or convert with or into, consolidate, amalgamate, or be
replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any Person, except as described in Section
3.15(b) and (c).

    

    (b)           The
Trust may, at the request of the Depositor, with the consent of the
Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees and without the consent of the Holders of the
Securities, the Delaware Trustee or the Property Trustee, merge or convert with
or into, consolidate, amalgamate, or be replaced by, or convey, transfer or
lease its properties and assets as an entirety or substantially as an entirety
to, a trust organized as such under the laws of any State; provided
that:

    

    (i)           such
successor entity (the "Successor Entity") either:

    

    (A)           expressly
assumes all of the obligations of the Trust under the Securities;
or

    

    (B)           substitutes
for the Securities other securities having substantially the same terms as the
Securities (the "Successor Securities") so long as the Successor Securities rank
the same as the Securities rank with respect to Distributions and payments upon
liquidation, redemption and otherwise;

    

    (ii)          the
Depositor expressly appoints a trustee of the Successor Entity that possesses
substantially the same powers and duties as the Property Trustee as the holder
of the Debentures;

    

    (iii)         the
Successor Securities are listed or quoted, or any Successor Securities will be
listed or quoted upon notification of issuance, on any national securities
exchange or with another organization on which the Preferred Securities are then
listed or quoted, if any;

    

    (iv)         such
merger, conversion, consolidation, amalgamation, replacement, conveyance,
transfer or lease does not cause the Preferred Securities (including any
Successor Securities) to be downgraded by any nationally recognized statistical
rating organization;

     

    
      
        
        

      

      
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    (v)           such
merger, conversion, consolidation, amalgamation, replacement, conveyance,
transfer or lease does not adversely affect the rights, preferences and
privileges of the Holders of the Securities (including any Successor Securities)
in any material respect (other than with respect to any dilution of such
Holders' interests in the new entity);

    

    (vi)          such
Successor Entity has a purpose substantially identical to that of the
Trust;

    

    (vii)         prior
to such merger, conversion, consolidation, amalgamation, replacement,
conveyance, transfer or lease, the Depositor has received an opinion of an
independent counsel to the Trust experienced in such matters to the effect
that:

    

    (A)          such
merger, conversion, consolidation, amalgamation, replacement, conveyance,
transfer or lease does not adversely affect the rights, preferences and
privileges of the Holders of the Securities (including any Successor Securities)
in any material respect (other than with respect to any dilution of the Holders'
interest in the new entity);

    

    (B)           following
such merger, conversion, consolidation, amalgamation, replacement, conveyance,
transfer or lease, neither the Trust nor the Successor Entity will be required
to register as an Investment Company under the Investment Company Act;
and

    

    (C)           following
such merger, conversion, consolidation, amalgamation, replacement, conveyance,
transfer, or lease, the Trust (or the Successor Entity) will continue to be
classified as a grantor trust for United States federal income tax purposes;
and

    

    (viii)       the
Depositor or any permitted successor or assignee owns all of the common
securities of such Successor Entity and guarantees the obligations of such
Successor Entity under the Successor Securities at least to the extent provided
by the Preferred Securities Guaranty.

    

    (c)          Notwithstanding
Section 3.15(b), the Trust shall not, except with the consent of all Holders of
the Securities in liquidation amount of the Securities, consolidate, amalgamate,
merge or convert with or into, or be replaced by, or convey, transfer or lease
its properties and assets as an entirety or substantially as an entirety to, any
other Person or permit any other Person to consolidate, amalgamate, merge or
convert with or into, or replace it if such consolidation, amalgamation, merger,
conversion, replacement, conveyance, transfer or lease would cause the Trust or
the Successor Entity not to be classified as a grantor trust for United States
federal income tax purposes.

    
      
         

      

      
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    (d)          The
Administrative Trustees shall furnish to the Delaware Trustee at least five
Business Days prior notice of the consummation of any merger, consolidation,
amalgamation, or replacement; provided, however, that failure to provide such
notice shall not effect the validity of any such transaction.

    

    ARTICLE
IV

     

    SPONSOR

     

    Section
4.1            Depositor's Purchase of Common
Securities.

     

    At the Closing Time, the Depositor will
purchase all of the Common Securities then issued by the Trust at the same time
as the Preferred Securities are issued and sold.

    

    Section
4.2            Responsibilities of the
Depositor.

     

    In connection with the issue and sale
of the Preferred Securities, the Depositor shall have the exclusive right and
responsibility to engage in the following activities:

    

    (a)           to
prepare the Confidential Offering Memorandum, including any amendments or
supplements thereto;

    

    (b)           to
do any and all such acts, other than actions which must be taken by the Trust,
and advise the Trust of actions it must take, and prepare for execution and
filing any documents to be executed and filed by the Trust, as the Depositor
deems necessary or advisable in order to comply with any exemption from the
registration requirements of Section 5 of the Securities Act; and

    

    (c)           to
determine the States in which to take appropriate action to qualify or register
for sale all or part of the Preferred Securities and to do any and all such
acts, other than actions which must be taken by the Trust, and advise the Trust
of actions it must take, and prepare for execution and filing any documents to
be executed and filed by the Trust, as the Depositor deems necessary or
advisable in order to comply with the applicable laws of any such
States.

    

    Section
4.3            Right to Proceed.

     

    The Depositor acknowledges the rights
of the Holders of Preferred Securities, in the event that a failure of the Trust
to pay Distributions on the Preferred Securities is attributable to the failure
of the Company to pay interest or principal on the Debentures, to institute
Direct Actions against the Debenture Issuer for enforcement of its payment
obligations on the Debentures.

    
      
         

      

      
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    ARTICLE
V

     

    TRUSTEES;
CONVERSION AGENT

     

    Section
5.1            Number of Trustees: Appointment of
Co-Trustee.

     

    The number of Trustees initially shall
be four, and:

    

    (a)           at
any time before the issuance of any Securities, the Depositor may, by written
instrument, increase or decrease the number of Trustees; and

    

    (b)           after
the issuance of any Securities, the number of Trustees may be increased or
decreased by vote of the Holders of a Majority in Liquidation Amount of the
Common Securities voting as a class at a meeting of the Holders of the Common
Securities; provided, however, that, the
number of Trustees shall in no event be less than two; provided further, that (1) one
Trustee shall be the Delaware Trustee; (2) there shall be at least one Trustee
who is an employee or officer of, or is affiliated with the Depositor (an
"Administrative Trustee"); and (3) one Trustee shall be the Property Trustee,
and such Trustee may also serve as Delaware Trustee if it meets the applicable
requirements.  Notwithstanding the above, unless an Event of Default
shall have occurred and be continuing, at any time or times, for the purpose of
meeting the requirements hereof or of any legal requirements of any jurisdiction
in which any part of the Trust's property may at the time be located, the
Holders of a Majority in Liquidation Amount of the Common Securities acting as a
class at a meeting of the Holders of the Common Securities, and the
Administrative Trustees shall have power to appoint one or more Persons either
to act as a co-trustee, jointly with the Property Trustee, of all or any part of
the Trust's property, or to act as separate trustee of any such property, in
either case with such powers as may be provided in the instrument of
appointment, and to vest in such person or persons in such capacity any
property, title, right or power deemed necessary or desirable, subject to the
provisions of this Trust Agreement.  In case an Event of Default has
occurred and is continuing, the Property Trustee alone shall have power to make
any such appointment of a co-trustee.

    

    Section
5.2            Delaware Trustee.

     

    If required by the Statutory Trust Act,
one Trustee (the "Delaware Trustee") shall be:

    

    (a)           a
natural person who is a resident of the State of Delaware; or

    

    (b)           if
not a natural person, an entity which has its principal place of business in the
State of Delaware, and otherwise meets the requirements of applicable
law,

    

    provided that, if the Property
Trustee has its principal place of business in the State of Delaware and
otherwise meets the requirements of applicable law, then the Property Trustee
shall also be the Delaware Trustee and Section 3.11 shall have no application to
the Property Trustee in its capacity as Property Trustee.

    
      
         

      

      
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    Section
5.3            Property Trustee;
Eligibility.

     

    (a)          There
shall at all times be one Trustee (the "Property Trustee") which shall act as
Property Trustee and which shall:

    

    (i) 
          not be an Affiliate
of the Depositor; and

    

    (ii)           be
a corporation or national banking association organized and doing business under
the laws of the United States of America or any State or Territory thereof or of
the District of Columbia, or a corporation or Person permitted by the Commission
to act as an institutional trustee under the Trust Indenture Act, authorized
under such laws to exercise corporate trust powers, having a combined capital
and surplus of at least U.S. $50,000,000, and subject to supervision or
examination by federal, state, territorial or District of Columbia
authority.  If such corporation or national banking association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the supervising or examining authority referred to above, then
for the purposes of this Section 5.3(a)(ii), the combined capital and surplus of
such corporation or national banking association shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published.

    

    (b)          If
at any time the Property Trustee shall cease to be eligible to so act under
Section 5.3(a), the Property Trustee shall immediately resign in the manner and
with the effect set forth in Section 5.7(c).

    

    (c)          If
the Property Trustee has or shall acquire any "conflicting interest" within the
meaning of Section 310(b) of the Trust Indenture Act, the Property Trustee and
the Holder of the Common Securities (as if it were the obligor referred to in
Section 310(b) of the Trust Indenture Act) shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture Act.

    

    (d)          The
Preferred Securities Guaranty shall be deemed to be specifically described in
this Trust Agreement for purposes of clause (i) of the first provision contained
in Section 310(b) of the Trust Indenture Act.

    

    (e)          The
initial Property Trustee shall be:

    

    Wilmington
Trust Company

    Rodney
Square North

    1100
North Market Street

    Wilmington,
Delaware 19890

    Attention:
Corporate Trust Administration

    
      
         

      

      
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    Section
5.4            Certain Qualifications of
Administrative Trustees and Delaware Trustee Generally.

     

    Each Administrative Trustee and the
Delaware Trustee (unless the Property Trustee also acts as Delaware Trustee)
shall be either a natural person who is at least 21 years of age or a legal
entity that shall act through one or more Authorized Officers.

    

    Section
5.5            Administrative
Trustees.

     

    (a)          The
initial Administrative Trustees shall be:

    

    Thomas A.
Broughton III

    c/o
ServisFirst Bancshares, Inc.

    850
Shades Creek Parkway, Suite 200

    Birmingham,
Alabama 35209

    

    William
M. Foshee

    c/o
ServisFirst Bancshares, Inc.

    850
Shades Creek Parkway, Suite 200

    Birmingham,
Alabama 35209

    

    (b)          Except
as expressly set forth in this Trust Agreement and except if a meeting of the
Administrative Trustees is called with respect to any matter over which the
Administrative Trustees have power to act, any power of the Administrative
Trustees may be exercised by, or with the consent of, any one such
Administrative Trustee.

    

    (c)          Unless
otherwise determined by the Administrative Trustees, and except as otherwise
required by the Statutory Trust Act or applicable law, any Administrative
Trustee is authorized to execute on behalf of the Trust any documents which the
Administrative Trustees have the power and authority to cause the Trust to
execute pursuant to Section 3.6; and

    

    (d)          An
Administrative Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for the
purposes of signing any documents which the Administrative Trustees have power
and authority to cause the Trust to execute pursuant to Section
3.6.

    

    Section
5.6            Delaware Trustee.

     

    The initial Delaware Trustee shall
be:

    

    Wilmington
Trust Company

    Rodney
Square North

    1100
North Market Street

    Wilmington,
Delaware 19890

    Attention:
Corporate Trust Administration

    
      
         

      

      
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    Section
5.7            Appointment, Removal and Resignation
of Trustees.

     

    (a)           Subject
to Section 5.7(b), any Trustee may be appointed or removed without cause at any
time:

    

    (i)          
 until the issuance of any Securities, by written instrument executed by
the Depositor;

    

    (ii)           in
the case of Administrative Trustees, after the issuance of any Securities, by
vote of the Holders of a Majority in Liquidation Amount of the Common Securities
voting as a class at a meeting of the Holders of the Common
Securities;

    

    (iii)          in
the case of the Property Trustee and the Delaware Trustee, unless an Event of
Default shall have occurred and be continuing after the issuance of any
Securities, by vote of the Holders of a Majority in Liquidation Amount of the
Common Securities voting as a class at a meeting of the Holders of the Common
Securities; and

    

    (iv)          in
the case of the Property Trustee and the Delaware Trustee, if an Event of
Default shall have occurred and be continuing after the issuance of the
Securities, by vote of Holders of a Majority in Liquidation Amount of the
Preferred Securities voting as a class at a meeting of Holders of the Preferred
Securities.

    

    (b)           (i)           The
Trustee that acts as Property Trustee shall not be removed in accordance with
Section 5.7(a) until a successor Trustee possessing the qualifications to act as
Property Trustee under Section 5.3 (a "Successor Property Trustee") has been
appointed and has accepted such appointment by written instrument executed by
such Successor Property Trustee and delivered to the removed Property Trustee,
the Administrative Trustees and the Depositor; and

    

    (ii)           the
Trustee that acts as Delaware Trustee shall not be removed in accordance with
this Section 5.7(a) until a successor Trustee possessing the qualifications to
act as Delaware Trustee under Sections 5.2 and 5.4 (a "Successor Delaware
Trustee") has been appointed and has accepted such appointment by written
instrument executed by such Successor Delaware Trustee and delivered to the
removed Delaware Trustee, the Administrative Trustees and the
Depositor.

    

    (c)           A
Trustee appointed to office shall hold office until his successor shall have
been appointed or until his death, removal or resignation.  Any
Trustee may resign from office (without need for prior or subsequent accounting)
by an instrument in writing signed by the Trustee and delivered to the Depositor
and the Trust, which resignation shall take effect upon such delivery or upon
such later date as is specified therein; provided, however, that:

    

    (i)          
 No such resignation of the Trustee that acts as the Property Trustee shall
be effective:

    
      
         

      

      
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    (A)          until
a Successor Property Trustee has been appointed and has accepted such
appointment by instrument executed by such Successor Property Trustee and
delivered to the Administrative Trustees, the Depositor and the resigning
Property Trustee; or

    (B)           until
the assets of the Trust have been completely liquidated and the proceeds thereof
distributed to the Holders of the Securities; and

    

    (ii)           no
such resignation of the Trustee that acts as the Delaware Trustee shall be
effective until a Successor Delaware Trustee has been appointed and has accepted
such appointment by instrument executed by such Successor Delaware Trustee and
delivered to the Administrative Trustees, the Depositor and the resigning
Delaware Trustee.

    

    (d)          The
Holders of the Common Securities shall use their best efforts to promptly
appoint a Successor Delaware Trustee or Successor Property Trustee, as the case
may be, if the Property Trustee or the Delaware Trustee delivers an instrument
of resignation in accordance with this Section 5.7.

    

    (e)          If
no Successor Property Trustee or Successor Delaware Trustee shall have been
appointed and accepted appointment as provided in this Section 5.7 within 60
days after delivery of an instrument of resignation or removal, the Property
Trustee or Delaware Trustee resigning or being removed, as applicable, may
petition any court of competent jurisdiction for appointment of a Successor
Property Trustee or Successor Delaware Trustee.  Such court may
thereupon, after prescribing such notice, if any, as it may deem proper and
prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee,
as the case may be.

    

    (f)           No
Property Trustee or Delaware Trustee shall be liable for the acts or omissions
of any Successor Property Trustee or Successor Delaware Trustee, as the case may
be.

    

    Section
5.8            Vacancies Among
Trustees.

     

    If a Trustee ceases to hold office for
any reason and the number of Trustees is not reduced pursuant to Section 5.1, or
if the number of Trustees is increased pursuant to Section 5.1, a vacancy shall
occur.  A resolution certifying the existence of such vacancy by the
Administrative Trustees or, if there are more than two, a majority of the
Administrative Trustees, shall be conclusive evidence of the existence of such
vacancy.  The vacancy shall be filled with a Trustee appointed in
accordance with Section 5.7.

    

    Section
5.9            Effect of
Vacancies.

     

    The death, resignation, retirement,
removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to
perform the duties of a Trustee shall not operate to annul the
Trust.  Whenever a vacancy in the number of Administrative Trustees
shall occur, until such vacancy is filled by the appointment of an
Administrative Trustee in accordance with Section 5.7, the Administrative
Trustees in office, regardless of their number, shall have all the powers
granted to the Administrative Trustees and shall discharge all the duties
imposed upon the Administrative Trustees by this Trust
Agreement.

    
      
         

      

      
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    Section
5.10          Meetings.

     

    If there is more than one
Administrative Trustee, meetings of the Administrative Trustees shall be held
from time to time upon the call of any Administrative
Trustee.  Regular meetings of the Administrative Trustees may be held
at a time and place fixed by resolution of the Administrative
Trustees.  Notice of any in-person meetings of the Administrative
Trustees shall be hand delivered or otherwise delivered in writing (including by
facsimile, with a hard copy by overnight courier) not less than 24 hours before
such meeting.  Notice of any telephonic meetings of the Administrative
Trustees or any committee thereof shall be hand delivered or otherwise delivered
in writing (including by facsimile, with a hard copy by overnight courier) not
less than 24 hours before a meeting.  Notices shall contain a brief
statement of the time, place and anticipated purposes of the
meeting.  The presence (whether in person or by telephone) of an
Administrative Trustee at a meeting shall constitute a waiver of notice of such
meeting except where an Administrative Trustee attends a meeting for the express
purpose of objecting to the transaction of any activity on the ground that the
meeting has not been lawfully called or convened.  Unless provided
otherwise in this Trust Agreement, any action of the Administrative Trustees may
be taken at a meeting by vote of a majority of the Administrative Trustees
present (whether in person or by telephone) and eligible to vote with respect to
such matter, provided that a Quorum is present, or without a meeting by the
written consent of the Administrative Trustees.  In the event there is
only one Administrative Trustee, any and all action of such Administrative
Trustee shall be evidenced by a written consent of such Administrative
Trustee.

    

    Section
5.11          Delegation of
Power.

     

    (a)          Any
Administrative Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for the
purpose of executing any documents contemplated in Section 3.6, including any
confidential offering memorandum or amendment thereto; and

    

    (b)          The
Administrative Trustees shall have power to delegate from time to time to such
of their number or to officers of the Trust the doing of such things and the
execution of such instruments either in the name of the Trust or the names of
the Administrative Trustees or otherwise as the Administrative Trustees may deem
expedient, to the extent such delegation is not prohibited by applicable law or
contrary to the provisions of the Trust, as set forth herein.

    

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

     

    Any Person into which the Property
Trustee or the Delaware Trustee or any Administrative Trustee that is not a
natural person, as the case may be, may be merged or converted or with which it
may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which such Trustee shall be a party, or any Person succeeding
to all or substantially all the corporate trust business of such Trustee, shall
be the successor of such Trustee hereunder without the execution or filing of
any paper or any further act on the part of any of the parties hereto, provided
such Person shall be otherwise qualified and eligible under this
Article.

    
      
         

      

      
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    Section
5.13          Appointment of Conversion
Agent.

     

         The
Conversion Agent shall convert the Preferred Securities in accordance with Annex
I hereto. The Administrative Trustees may revoke such power and remove the
Conversion Agent if such Trustees determine in their sole discretion that the
Conversion Agent shall have failed to perform its obligations under this Trust
Agreement in any material respect. The Conversion Agent shall initially be the
Debenture Trustee, and any co-paying agent chosen by the Debenture Trustee, and
acceptable to the Administrative Trustees and the Depositor. Any Person acting
as Conversion Agent shall be permitted to resign as Conversion Agent upon
30 days' written notice to the Administrative Trustees, the Property
Trustee and the Depositor. In the event that the Debenture Trustee shall no
longer be the Conversion Agent or a successor Conversion Agent shall resign or
its authority to act be revoked, the Administrative Trustees shall appoint a
successor that is acceptable to the Property Trustee and the Depositor to act as
conversion Agent (which shall be a bank or trust company). The provisions of
Sections 3.6 through 3.15 and Article X of this Trust Agreement shall apply
to any Conversion Agent appointed hereunder, mutatis mutandis, and any
Conversion Agent shall be bound by the requirements with respect to conversion
agents of securities issued pursuant to the Trust Indenture Act. Any reference
in this Trust Agreement to the Conversion Agent shall include any co-paying
agent unless the context requires otherwise.

    

    ARTICLE
VI

     

    DISTRIBUTIONS

     

    Section
6.1            Distributions.

     

    Each Holder shall receive Distributions
in accordance with the applicable terms of such Holder's
Securities.  If and to the extent that the Debenture Issuer makes a
payment of interest (including Compounded Interest (as defined in the Indenture)
and Additional Sums (as defined in the Indenture)), premium and/or principal or
any other payments on the Debentures held by the Property Trustee (the amount of
any such payment being a "Payment Amount"), the Property Trustee shall and is
directed, to the extent funds are available for that purpose, to make a
distribution (a "Distribution") of the Payment Amount to Holders in accordance
with the respective terms of the Securities held by them (each date on which
distributions are payable in accordance with this Section 6.1, a "Distribution
Date").

    
      
         

      

      
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    ARTICLE
VII

     

    ISSUANCE
OF SECURITIES

     

    Section
7.1            General Provisions Regarding
Securities.

     

    (a)          The
Administrative Trustees shall on behalf of the Trust issue one class of
Preferred Securities representing undivided beneficial interests in the assets
of the Trust having such terms as are set forth in Annex I (the "Preferred
Securities") and one class of common securities representing undivided
beneficial interests in the assets of the Trust having such terms as are set
forth in Annex I (the "Common Securities").  The Trust shall issue no
securities or other interests in the assets of the Trust other than the
Preferred Securities and the Common Securities.  The initial minimum
amount of the Preferred Securities that may be purchased by a Holder in the
initial offering is $20,000 and integral multiples of $5,000 in excess
thereof.  Thereafter, Preferred Securities may be issued in multiples
of $5,000.

    

    (b)          The
Preferred Securities rank pari
passu and payment thereon shall be made Pro Rata (as defined in Annex I hereto) with
the Common Securities except that, where an Event of Default has occurred and is
continuing, the rights of Holders of the Common Securities to payment in respect
of Distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights to payment of the Holders of the Preferred
Securities.

    

    (c)          The
consideration received by the Trust for the issuance of the Securities shall
constitute a contribution to the capital of the Trust and shall not constitute a
loan to the Trust.

    

    (d)          Upon
issuance of the Securities as provided in this Trust Agreement, the Securities
so issued shall be deemed to be validly issued, fully paid and
non-assessable.

    

    (e)           Every
Person, by virtue of having become a Holder in accordance with the terms of this
Trust Agreement, shall be deemed to have expressly assented and agreed to the
terms of, and shall be bound by, this Trust Agreement.

    

    Section
7.2            Execution and
Authentication.

     

    The Securities shall be signed on
behalf of the Trust by an Administrative Trustee.  Such signature may
be by manual or facsimile signature.  Typographical and other minor
errors or defects in any reproduction of any such signature shall not affect the
validity of any Security.  In case any Administrative Trustee who
shall have signed any of the Securities shall cease to be such Administrative
Trustee before the Securities so signed shall be delivered by the Trust, such
Securities nevertheless may be delivered as though the Person who signed such
Securities had not ceased to be such Administrative Trustee; and any Securities
may be signed on behalf of the Trust by such Persons who, at the actual date of
execution of such Security, shall be the Administrative Trustees of the Trust,
although at the date of the execution and delivery of the Trust Agreement any
such Person was not such an Administrative Trustee.

    
      
         

      

      
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    A Common Security shall be valid upon
execution by an Administrative Trustee without any act of the Property
Trustee.  A Preferred Security shall not be valid until authenticated
by the manual signature of an authorized officer of the Property
Trustee.  The signature shall be conclusive evidence that the
Preferred Security has been authenticated under this Trust
Agreement.

    

    Upon a written order of the Trust
signed by one Administrative Trustee, the Property Trustee shall authenticate
the Preferred Securities for original issue. The aggregate number of Preferred
Securities outstanding at any time shall not exceed the number set forth in the
Terms in Annex I hereto except as provided in Section 7.6.  All
Securities shall be dated the date of their authentication.

    

    The Property Trustee may appoint an
authenticating agent acceptable to the Trust to authenticate Preferred
Securities. An authenticating agent may authenticate Preferred Securities
whenever the Property Trustee may do so.  Each reference in this Trust
Agreement to authentication by the Property Trustee includes authentication by
such agent.  An authenticating agent has the same rights as the
Property Trustee to deal with the Depositor or an Affiliate.

    

    Section
7.3            Form and Dating.

     

    (a)          General.

    

    (i)           The
Preferred Securities will initially be sold only to Qualified Institutional
Buyers in reliance on Rule 144A under the Securities Act and to Accredited
Investors in reliance on Rule 506 of Regulation D under the Securities
Act.  The Preferred Securities may thereafter be transferred to, among
others, Qualified Institutional Buyers and Accredited Investors in each case,
subject to the restrictions on transfer set forth herein.

    

    (ii)           The
Preferred Securities and the Property Trustee's certificate of authentication
shall be substantially in the form of Exhibit A-1 and the Common Securities
shall be substantially in the form of Exhibit A-2, each of which is hereby
incorporated in and expressly made a part of this Trust
Agreement.  Certificates representing the Securities may be printed,
lithographed or engraved or may be produced in any other manner as is reasonably
acceptable to the Administrative Trustees, as evidenced by their execution
thereof.  The Securities may have letters, CUSIP or other numbers,
notations or other marks of identification or designation and such legends or
endorsements required by law, stock exchange rule, agreements to which the Trust
is subject, if any, or usage (provided that any such notation, legend or
endorsement is in a form acceptable to the Administration Trustees, as evidenced
by their execution thereof).  The Trust at the direction of the
Depositor shall furnish any such legend not contained in Exhibit A-1 to the
Property Trustee in writing.  Each Preferred Security shall be dated
the date of its authentication.  The terms and provisions of the
Securities set forth in Annex I and the forms of Securities set forth in
Exhibits A-1 and A-2 are part of the terms of this Trust Agreement and to the
extent applicable, the Property Trustee and the Depositor, by their execution
and delivery of this Trust Agreement, expressly agree to such terms and
provisions and to be bound thereby.

    
      
         

      

      
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    (b)          Definitive Preferred
Securities.  All Preferred Securities shall initially be issued
in the form of one or more certificates in fully registered form without
Distribution coupons with the appropriate legends set forth in Exhibit A-1
hereto, which Definitive Preferred Securities shall be delivered to the
purchasers thereof and registered in the name of such purchasers, duly executed
by the Trust and authenticated by the Property Trustee as provided
herein.

    

    (c)           Global Preferred
Securities.  The Preferred Securities offered and sold to
Qualified Institutional Buyers may, but will not initially be, issued in the
form of one or more permanent global certificates in definitive, fully
registered form without Distribution coupons with the appropriate global legends
set forth in Exhibit A-1 hereto (a "Global Preferred Security"), which, if and
when so issued, shall be deposited on behalf of the purchasers of the Preferred
Securities represented thereby with the Property Trustee or the Registrar, as
custodian for the Clearing Agency, and registered in the name of the Clearing
Agency or a nominee of the Clearing Agency, duly executed by the Trust and
authenticated by the Property Trustee as hereinafter provided.  The
number of Preferred Securities represented by the Global Preferred Security may
from time to time be increased or decreased by adjustments made on the records
of the Property Trustee and the Clearing Agency or its nominee as hereinafter
provided. Except as provided in Section 7.9, Preferred Security Beneficial
Owners will not be entitled to receive physical delivery of certificated
Preferred Securities (sometimes referred to herein as the "Definitive Preferred
Securities").

    

    (d)           Book-Entry
Provisions. In the event any Preferred Security is issued as a Global
Preferred Security, the Administrative Trustees shall execute and the Property
Trustee shall, in accordance with this Section 7.3, authenticate and make
available for delivery initially one or more Global Preferred Securities that
(i) shall be registered in the name of Cede & Co. or other nominee of such
Clearing Agency and (ii) shall be delivered by the Property Trustee to such
Clearing Agency or pursuant to such Clearing Agency's written instructions or
held by the Property Trustee or the Registrar as custodian for the Clearing
Agency.

    

    Members of, or participants in, the
Clearing Agency ("Participants") shall have no rights under this Trust Agreement
with respect to any Global Preferred Security held on their behalf by the
Clearing Agency or by the Property Trustee or the Registrar as the custodian of
the Clearing Agency or under such Global Preferred Security, and the Clearing
Agency may be treated by the Trust, the Property Trustee and any agent of the
Trust or the Property Trustee as the absolute owner of such Global Preferred
Security for all purposes whatsoever.  Notwithstanding the foregoing,
nothing herein shall prevent the Trust, the Property Trustee or any agent of the
Trust or the Property Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Clearing Agency or impair, as
between the Clearing Agency and its Participants, the operation of customary
practices of such Clearing Agency governing the exercise of the rights of a
holder of a beneficial interest in any Global Preferred
Security.

    
      
         

      

      
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    Section
7.4            Registrar and Paying
Agent.

     

    The Trust shall maintain in Wilmington,
Delaware, (i) an office or agency where Preferred Securities may be presented
for registration of transfer ("Registrar") and (ii) an office or agency where
Preferred Securities may be presented for payment ("Paying
Agent").  The Registrar shall keep a register of the Preferred
Securities and of their transfer.  The Trust may appoint the Registrar
and the Paying Agent and may appoint one or more co-registrars, one or more
additional paying agents in such other locations as it shall
determine.  The term "Registrar" includes any additional registrar and
the term "Paying Agent" includes any additional paying agent.  The
Trust may change any Paying Agent, Registrar or co-registrar without prior
notice to any Holder.  The Paying Agent shall be permitted to resign
as Paying Agent upon 30 days' written notice to the Property Trustee and the
Depositor.  The Trust shall notify the Property Trustee in writing of
the name and address of any Agent not a party to this Trust
Agreement.  If the Trust fails to appoint or maintain another entity
as Registrar or Paying Agent, the Property Trustee shall act as
such.  The Trust or any of its Affiliates may act as Paying Agent or
Registrar. The Property Trustee shall act as Paying Agent and Registrar for the
Common Securities.

    

    The Trust initially appoints the
Property Trustee as Registrar and Paying Agent for the Preferred
Securities.

    

    Section
7.5            Paying Agent to Hold Money in
Trust.

     

    The Trust shall require each Paying
Agent other than the Property Trustee to agree in writing that the Paying Agent
will hold in trust for the benefit of Holders or the Property Trustee all money
held by the Paying Agent for the payment of Liquidation Amounts or Distributions
on the Securities, and will notify the Property Trustee in writing if there are
insufficient funds for such purpose.  While any such insufficiency
continues, the Property Trustee may require a Paying Agent to pay all money held
by it to the Property Trustee.  The Trust at any time may require a
Paying Agent to pay all money held by it to the Property Trustee and to account
for any money disbursed by it.  Upon payment over to the Property
Trustee the Paying Agent (if other than the Trust or an Affiliate of the Trust)
shall have no further liability for the money.  If the Trust or the
Depositor or an Affiliate of the Trust or the Depositor acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of the Holders
all money held by it as Paying Agent.

    

    Section
7.6            Replacement
Securities.

     

    If the Holder of a Security claims that
the Security has been lost, destroyed or wrongfully taken or if such Security is
mutilated and is surrendered to the Trust or in the case of the Preferred
Securities to the Property Trustee, the Administrative Trustees shall execute
and the Property Trustee shall authenticate a replacement Security if the
Property Trustee's and the Administrative Trustees' requirements, as the case
may be, are met.  An indemnity bond must be provided by the Holder
which, in the judgment of the Property Trustee, is sufficient to protect the
Trustees, the Depositor or any authenticating agent from any loss which any of
them may suffer if a Security is replaced.  The Trust may charge such
Holder for its expenses in replacing a Security.

    

    Every replacement Security is an
additional beneficial interest in the Trust.

    
      
         

      

      
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    Section
7.7            Outstanding Preferred
Securities.

     

    The Preferred Securities outstanding at
any time are all the Preferred Securities authenticated by the Property Trustee
except for those cancelled by it, those delivered to it for cancellation, and
those described in this Section as not outstanding.

    

    If a Preferred Security is replaced,
paid or purchased pursuant to Section 7.6 hereof, it ceases to be outstanding
unless the Property Trustee receives proof satisfactory to it that the replaced,
paid or purchased Preferred Security is held by a bona fide
purchaser.

    

    If Preferred Securities are considered
paid in accordance with the terms of this Trust Agreement, they cease to be
outstanding and Distributions on them shall cease to accumulate.

    

    Except as otherwise provided herein, a
Preferred Security does not cease to be outstanding because one of the Trustees,
the Depositor or an Affiliate of the Depositor holds the Security.

    

    Section
7.8            Preferred Securities in
Treasury.

     

    In determining whether the Holders of
the required amount of Securities have concurred in any direction, waiver or
consent, Preferred Securities owned by the Trust, the Depositor or an Affiliate
of the Depositor, as the case may be, shall be disregarded and deemed not to be
outstanding, except that for the purposes of determining whether the Property
Trustee shall be fully protected in relying on any such direction, waiver or
consent, only Preferred Securities which a Responsible Officer of the Property
Trustee actually knows are so owned shall be so disregarded.

    

    Section
7.9            Temporary
Securities.

     

    (a)           Until
definitive Securities are ready for delivery, the Trust may prepare and, in the
case of the Preferred Securities, the Property Trustee shall authenticate
temporary Securities.  Temporary Securities shall be substantially in
the form of definitive Securities but may have variations that the Trust
considers appropriate for temporary Securities.  Without unreasonable
delay, the Trust shall prepare and, in the case of the Preferred Securities, the
Property Trustee shall authenticate definitive Securities in exchange for
temporary Securities.

    

    (b)           A
Global Preferred Security deposited with the Clearing Agency or with the
Property Trustee as custodian for the Clearing Agency pursuant to Section 7.3
shall be transferred to a Preferred Security Beneficial Owner thereof in the
form of Definitive Preferred Securities only if such transfer complies with
Section 9.2 and (i) the Clearing Agency notifies the Company that it is
unwilling or unable to continue as Clearing Agency for such Global Preferred
Security or if at any time such Clearing Agency ceases to be a "clearing agency"
registered under the Exchange Act and a clearing agency is not appointed by the
Depositor within 90 days of such notice, (ii) a Default or an Event of Default
has occurred and is continuing or (iii) the Trust at its sole discretion elects
to cause the issuance of Definitive Preferred Securities.

    
      
         

      

      
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    (c)           Any
Global Preferred Security that is transferable to the Preferred Security
Beneficial Owners in the form of Definitive Preferred Securities pursuant to
this Section 7.9 shall be surrendered by the Clearing Agency to the Property
Trustee located in Wilmington, Delaware, to be so transferred, in whole or from
time to time in part, without charge, and the Property Trustee shall
authenticate and make available for delivery, upon such transfer of each portion
of such Global Preferred Security, an equal aggregate Liquidation Amount of
Securities of authorized denominations in the form of Definitive Preferred
Securities.  Any portion of a Global Preferred Security transferred
pursuant to this Section shall be registered in such names as the Clearing
Agency shall direct.

    

    (d)           Subject
to the provisions of Section 7.9(c), the Holder of a Global Preferred Security
may grant proxies and otherwise authorize any Person, including Participants and
Persons that may hold interests through Participants, to take any action which
such Holder is entitled to take under this Trust Agreement or the
Securities.

    

    (e)           In
the event of the occurrence of any of the events specified in Section 7.9(b),
the Trust will promptly make available to the Property Trustee a reasonable
supply of Definitive Preferred Securities in fully registered form without
Distribution coupons.

    

    Section
7.10          Cancellation.

     

    The Trust at any time may deliver
Preferred Securities to the Property Trustee for cancellation.  The
Registrar and Paying Agent shall forward to the Property Trustee any Preferred
Securities surrendered to them for registration of transfer, redemption,
exchange or payment.  The Property Trustee shall promptly cancel all
Preferred Securities surrendered for registration of transfer, redemption,
exchange, payment, replacement or cancellation and shall dispose of canceled
Preferred Securities in accordance with its customary procedures unless any
Administrative Trustee otherwise directs the Property Trustee in
writing.  The Trust may not issue new Preferred Securities to replace
Preferred Securities that it has paid or that have been delivered to the
Property Trustee for cancellation or that any Holder has exchanged.

    

    Section
7.11          CUSIP Numbers.

     

    The Trust in issuing the Preferred
Securities may use "CUSIP" numbers (if then generally in use), and, if so,
the  Property Trustee shall use "CUSIP" numbers in notices of
redemption as a convenience to Holders of Preferred Securities; provided that
any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Preferred Securities or as contained in
any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Preferred Securities, and any such
redemption shall not be affected by any defect in or omission of such
numbers.  The Depositor will promptly notify the Property Trustee of
any change in the CUSIP numbers.

    
      
         

      

      
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    ARTICLE
VIII

     

    TERMINATION
OF TRUST

     

    Section
8.1            Termination of
Trust.

     

    (a)          The
Trust shall automatically be terminated and dissolved and its affairs wound up
upon the earliest to occur of the following events:

    

    (i)          
 upon the bankruptcy of the Depositor;

    

    (ii)           upon
the filing of a certificate of dissolution or liquidation or its equivalent with
respect to the Depositor, or the revocation of the Depositor's charter and the
expiration of 90 days after the date of revocation without a reinstatement
thereof;

    

    (iii)          following
the distribution of a Like Amount of the Debentures to the Holders of the
Securities, provided that, the Property Trustee has received written notice and
an Officer's Certificate from the Depositor directing the Property Trustee to
terminate the Trust (which direction is optional and within the discretion of
the Depositor);

    

    (iv)          upon
the entry of a decree of judicial dissolution of the Trust by a court of
competent jurisdiction;

    

    (v)           when
all of the Securities shall have been called for redemption and the amounts
necessary for redemption thereof shall have been paid to the Holders in
accordance with the terms of the Securities;

    

    (vi)          when
the Property Trustee shall have delivered the Debentures (or such portion
thereof as shall then be issued and outstanding) to the Conversion Agent for
conversion into the Conversion Stock on the Mandatory Conversion Date;
or

    

    (vii)        
the expiration of the term of the Trust provided in Section 3.14.

    

    (b)           As
soon as is practicable after the occurrence of an event referred to in Section
8.1(a) and the completion of the winding up of the Trust and after satisfaction
of all liabilities of the Trust (whether by payment or by making reasonable
provision for payment thereof), the Administrative Trustees shall file a
certificate of cancellation with the Secretary of State of the State of
Delaware.

    

    (c)           The
provisions of Section 3.9 and Article X shall survive the termination of the
Trust.

    
      
         

      

      
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    Section
8.2            Liquidation.

     

    (a)           If
an event specified in clause (i), (iii) or (iv) of Section 8.1 occurs, or upon
the Expiration Date, the Trust shall be liquidated by the Trustees as
expeditiously as the Trustees determine to be possible by distributing, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, to each Securityholder a Like Amount of Debentures, subject to Section
8.2(d).  Notice of liquidation shall be given by the Property Trustee
by first-class mail, postage prepaid mailed not later than 30 nor more than 90
days prior to the date upon which the Trust is liquidated (the "Liquidation
Date") to each Holder of Trust Securities at such Holder's address appearing in
the Securities Register.  All notices of liquidation
shall:

    

    (i)           
state the Liquidation Date;

    

    (ii)           state
that from and after the Liquidation Date the Trust Securities will no longer be
deemed to be Outstanding and any Preferred Securities certificates and/or Common
Securities certificates not surrendered for exchange will be deemed to represent
a Like Amount of Debentures; and

    

    (iii)          provide
such information with respect to the mechanics by which Holders may exchange
Preferred Securities certificates and/or Common Securities certificates for
Debentures, or if Section 8.2(d) applies receive a Liquidation Distribution, as
the Administrative Trustees or the Property Trustee shall deem
appropriate.

    

    (b)          Except
where Section 8.1(a)(v) or 8.2(d) applies, in order to effect the liquidation of
the Trust and distribution of the Debentures to Securityholders, the Property
Trustee, either itself acting as exchange agent or through the appointment of a
separate exchange agent, shall establish such procedures as it shall deem
appropriate to effect the distribution of Debentures in exchange for the
Outstanding Preferred Securities certificates and/or the Outstanding Common
Securities certificates.

    

    (c)           Except
where Section 8.1(a)(v) or 8.2(d) applies, after the Liquidation Date, (i) the
Trust Securities will no longer be deemed to be Outstanding, (ii) certificates
representing a Like Amount of Debentures will be issued to holders of Preferred
Securities certificates and/or Common Securities certificates, upon surrender of
such certificates to the Administrative Trustees or their agent for exchange,
(iii) the Depositor shall use its best efforts to have the Debentures listed on
the New York Stock Exchange or on such other exchange, interdealer quotation
system or self-regulator organization as the Preferred Securities are then
listed, if any, (iv) any Preferred Securities certificates and/or Common
Securities certificates not so surrendered for exchange will be deemed to
represent a Like Amount of Debentures, accruing interest at the rate provided
for in the Debentures, from the last Distribution Date on which a Distribution
was made on such Preferred Securities certificates and/or Common Securities
certificates until such certificates are so surrendered (and until such
certificates are so surrendered, no payments of interest or principal will be
made to Holders of Preferred Securities certificates and/or Common Securities
certificates with respect to such Debentures) and (v) all rights of
Securityholders holding Trust Securities will cease, except the right of such
Securityholders to receive Debentures upon surrender of Preferred Securities
certificates and/or Common Securities certificates.

    
      
         

      

      
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    (d)          In
the event that, notwithstanding the other provisions of this Section 8.2,
whether because of an order for dissolution entered by a court of competent
jurisdiction or otherwise, distribution of the Debentures in the manner provided
herein is determined by the Property Trustee not to be practical, the property
of the Trust shall be liquidated, and the Trust shall be dissolved, wound-up or
terminated, by the Property Trustee in such manner as the Property Trustee
determines.  In such event on the date of the dissolution, winding-up
or other termination of the Trust, Securityholders will be entitled to receive
out of the assets of the Trust available for distribution to Securityholders,
after satisfaction of liabilities to creditors of the Trust as provided by
applicable law, an amount equal to the Liquidation Amount per Trust Security
plus accumulated and unpaid Distributions thereon to the date of payment (such
amount being the "Liquidation Distribution").  If, upon any such
dissolution, winding up or termination, the Liquidation Distribution can be paid
only in part because the Trust has insufficient assets available to pay in full
the aggregate Liquidation Distribution, then, subject to the next succeeding
sentence, the amounts payable by the Trust on the Trust Securities shall be paid
on a pro rata basis (based upon Liquidation Amounts).  The holder of
the Common Securities will be entitled to receive Liquidation Distributions upon
any such dissolution, winding-up or termination pro rata (determined as
aforesaid) with Holders of Preferred Securities, except that, if a Debenture
Event of Default has occurred and is continuing, the Preferred Securities shall
have a priority over the Common Securities.  Any such determination
and liquidation by the Property Trustee shall be conclusive upon the
Securityholders and the Property Trustee shall have no liability in connection
therewith.

    

    ARTICLE
IX

     

    TRANSFER
OF INTERESTS

     

    Section
9.1            Transfer of
Securities.

     

    (a)           Securities
may only be transferred, in whole or in part, in accordance with the terms and
conditions set forth in this Trust Agreement and in the terms of the
Securities.  Any transfer or purported transfer of any Security not
made in accordance with this Trust Agreement shall be null and
void.

    

    (b)           Subject
to this Article IX, Preferred Securities may only be transferred, in whole or in
part, in accordance with the terms and conditions set forth in this Trust
Agreement and in the terms of the Preferred Securities, and upon submission by
the transferor of a duly executed Transfer Certificate, in the form attached
hereto as Exhibit B and, upon transfer to an Accredited Investor, a letter in
the form of Exhibit C hereto. If a Holder that is a Qualified Institutional
Buyer has an interest in a Global Preferred Security and wishes to transfer its
interest therein to an Accredited Investor that is not a Qualified Institutional
Buyer, such Accredited Investor transferee must take delivery of such interest
in the form of an interest in a Definitive Preferred Security, and the Property
Trustee shall effect the transfer in accordance with the procedures set forth in
this Article IX and shall make the appropriate adjustment on its books and
records and on the Preferred Security Ownership Interest Table set forth as
Schedule A to the Global Preferred Security.  If an Accredited
Investor or Qualified Institutional Buyer who is the holder of a Definitive
Preferred Security wishes to transfer their interest therein to a Qualified
Institutional Buyer, and such Qualified Institutional Buyer wishes to take
delivery of such interest in the form of a Global Preferred Security and the
Administrative Trustees approve in writing the delivery as a Global Preferred
Security, the Property Trustee shall effect the transfer in accordance with the
procedures set forth in this Article IX, and shall make the appropriate
adjustment on its books and records and on the Preferred Security Ownership
Interest Table set forth as Schedule A to the Global Preferred
Security.

    
      
         

      

      
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    (c)           Subject
to Section 3.15, the Depositor and any Related Party may only transfer the
Common Securities to the Depositor or a Related Party after the delivery to the
Property Trustee of an Officers' Certificate certifying that the transferee is
either the Depositor or a Related Party.

    

    (d)          The
Property Trustee shall provide for the registration of Securities and of the
transfer of Securities, which will be effected without charge but only upon
payment (with such indemnity as the Property Trustee may require) in respect of
any tax or other governmental charges that may be imposed in relation to
it.  Upon surrender for registration of transfer of any Securities,
the Administrative Trustees shall execute and the Property Trustee shall cause
one or more new Securities to be issued in the name of the designated transferee
or transferees.  Every Security surrendered for registration of
transfer shall be accompanied by a written instrument of transfer in form
satisfactory to the Property Trustee duly executed by the Holder or such
Holder's attorney duly authorized in writing.  Each Security
surrendered for registration of transfer shall be delivered to the Property
Trustee and canceled in accordance with Section 7.10.  A transferee of
a Security shall be entitled to the rights and subject to the obligations of a
Holder hereunder upon the receipt by such transferee of a
Security.  By acceptance of a Security, each transferee shall be
deemed to have agreed to be bound by this Trust Agreement.

    

    Section
9.2            Transfer Procedures and
Restrictions.

     

    (a)          Transfer and Exchange of
Definitive Preferred Securities.  When Definitive Preferred
Securities are presented to the Registrar or co-Registrar:

    

    (i) 
          to register the
transfer of such Definitive Preferred Securities, or

    

    (ii)           to
exchange such Definitive Preferred Securities which became mutilated, destroyed,
defaced, stolen or lost, for an equal number of Definitive Preferred
Securities,

    

    the
Registrar or co-Registrar shall register the transfer or make the exchange as
requested if its reasonable requirements for such transaction are met; provided,
however, that the Definitive Preferred Securities surrendered for registration
of transfer or exchange shall be duly endorsed or accompanied by a written
instrument of transfer in form satisfactory to the Property Trustee and the
Registrar or co-Registrar, duly executed by the Holder thereof or his attorney
duly authorized in writing.

    
      
         

      

      
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    (b)          Restrictions on Transfer of
a Definitive Preferred Security for a Beneficial Interest in a Global Preferred
Security.  A Definitive Preferred Security may not be exchanged
for a beneficial interest in a Global Preferred Security except upon
satisfaction of the requirements set forth below and written approval thereof by
the Administrative Trustees.  Upon receipt by the Property Trustee of
a Definitive Preferred Security, duly endorsed or accompanied by appropriate
instruments of transfer, in form satisfactory to the Property Trustee, together
with written instructions directing the Property Trustee to make, or to direct
the Clearing Agency to make, an adjustment on its books and records with respect
to the appropriate Global Preferred Security to reflect an increase in the
number of the Preferred Securities represented by such Global Preferred Security
and further receipt of written approval thereof by the Administrative Trustees,
then the Property Trustee shall cancel such Definitive Preferred Security and
cause, or direct the Clearing Agency to cause, the aggregate number of Preferred
Securities represented by the appropriate Global Preferred Security to be
increased accordingly. If no Global Preferred Securities are then outstanding,
the Trust shall issue and the Property Trustee shall authenticate, upon written
order of any Administrative Trustee, an appropriate number of Preferred
Securities in global form.

    

    (c)          Transfer and Exchange of
Global Preferred Securities.  Subject to Section 9.2(d), the
transfer and exchange of Global Preferred Securities or beneficial interests
therein shall be effected through the Clearing Agency, in accordance with this
Trust Agreement (including applicable restrictions on transfer set forth herein,
if any) and the procedures of the Clearing Agency therefor.

    

    (d)          Transfer of a Beneficial
Interest in a Global Preferred Security for a Definitive Preferred
Security.

    

    (i)           Any
Person having a beneficial interest in a Global Preferred Security may upon
request, but only upon 20 days' prior notice to the Property Trustee, and if
accompanied by the information specified below, exchange such beneficial
interest for a Definitive Preferred Security representing the same number of
Preferred Securities.  Upon receipt by the Property Trustee from the
Clearing Agency, or its nominee on behalf of any Person having a beneficial
interest in a Global Preferred Security, of written instructions or such other
form of instructions as is customary for the Clearing Agency, or the Person
designated by the Clearing Agency as having such a beneficial interest in a
Preferred Security, and a certification from the transferor (in a form
substantially similar to that attached hereto as the "Form of Assignment" in
Exhibit A-1), which may be submitted by facsimile, then the Property Trustee
will cause the aggregate number of Preferred Securities represented by Global
Preferred Securities to be reduced on its books and records and, following such
reduction, the Trust will execute and the Property Trustee will authenticate and
make available for delivery to the transferee a Definitive Preferred
Security;

    

    (ii)           Definitive
Preferred Securities issued in exchange for a beneficial interest in a Global
Preferred Security pursuant to this Section 9.2(d) shall be registered in such
names and in such authorized denominations as the Clearing Agency, pursuant to
instructions from its Participants or indirect participants or otherwise, shall
instruct the Property Trustee in writing.  The Property Trustee shall
deliver such Preferred Securities to the Persons in whose names such Preferred
Securities are so registered in accordance with such instructions of the
Clearing Agency.

    
      
         

      

      
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    (e)           Restrictions on Transfer and
Exchange of Global Preferred Securities.  Notwithstanding any
other provisions of this Trust Agreement (other than the provisions set forth in
subsection (g) of this Section 9.2), a Global Preferred Security may not be
transferred as a whole except by the Clearing Agency to a nominee of the
Clearing Agency or another nominee of the Clearing Agency or by the Clearing
Agency or any such nominee to a successor Clearing Agency or a nominee of such
successor Clearing Agency.

    

    (f)           Authentication of Definitive
Preferred Securities. If at any time Global Preferred Securities are
outstanding:

    

    (i)  
         there occurs a Default or
an Event of Default which is continuing,

    

    (ii)           the
Depositor, in its sole discretion, notifies the Property Trustee in writing that
it elects to cause the issuance of Definitive Preferred Securities under this
Trust Agreement, or

    

    (iii)          the
Trust is required to exchange such Global Preferred Securities for Definitive
Preferred Securities as described in Section 7.9(b),

    

    then the
Trust will execute, and the Property Trustee, upon receipt of a written order of
the Trust signed by one Administrative Trustee requesting the authentication and
delivery of Definitive Preferred Securities to the Persons designated by the
Trust, will authenticate and make available for delivery Definitive Preferred
Securities, equal in number to the number of Preferred Securities represented by
the Global Preferred Securities, in exchange for such Global Preferred
Securities.

    

    (g)           Cancellation or Adjustment
of Global Preferred Security.  At such time as all beneficial
interests in a Global Preferred Security have either been exchanged for
Definitive Preferred Securities to the extent permitted by this Trust Agreement
or redeemed, repurchased or canceled in accordance with the terms of this Trust
Agreement, such Global Preferred Security shall be canceled by the Property
Trustee.  At any time prior to such cancellation, if any beneficial
interest in a Global Preferred Security is exchanged for Definitive Preferred
Securities, Preferred Securities represented by such Global Preferred Security
shall be reduced and an adjustment shall be made on the books and records of the
Property Trustee (if it is then the custodian for such Global Preferred
Security) with respect to such Global Preferred Security, by the Property
Trustee or the Securities custodian, to reflect such reduction.

     

    
      
        
        

      

      
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    (h)           Obligations with Respect to
Transfers and Exchanges of Preferred Securities.
 

    (i) 
          To permit
registrations of transfers and exchanges, the Trust shall execute and the
Property Trustee shall authenticate Definitive Preferred Securities and Global
Preferred Securities at the Registrar's or co-Registrar's request in accordance
with the terms of this Trust Agreement.

    

    (ii)           Registrations
of transfers or exchanges will be effected without charge, but only upon payment
(with such indemnity as the Trust, the Property Trustee or the Depositor may
require) in respect of any tax or other governmental charge that may be imposed
in relation to it.

    

    (iii)          The
Registrar or co-registrar shall not be required to register the transfer of or
exchange (a) Preferred Securities during a period beginning at the opening of
business 15 days before the day of mailing of a notice of redemption or any
notice of selection of Preferred Securities for redemption and ending at the
close of business on the day of such mailing; or (b) any Preferred Security so
selected for redemption in whole or in part, except the unredeemed portion of
any Preferred Security being redeemed in part.

    

    (iv)          Prior
to the due presentation for registrations of transfer of any Preferred Security,
the Trust, the Property Trustee, the Paying Agent, the Registrar or any
co-registrar may deem and treat the Person in whose name a Preferred Security is
registered as the absolute owner of such Preferred Security for the purpose of
receiving Distributions on such Preferred Security and for all other purposes
whatsoever, and none of the Trust, the Property Trustee, the Paying Agent, the
Registrar or any co-registrar shall be affected by notice to the
contrary.

    

    (v)           All
Preferred Securities issued upon any registration of transfer or exchange
pursuant to the terms of this Trust Agreement shall evidence the same security
and shall be entitled to the same benefits under this Trust Agreement as the
Preferred Securities surrendered upon such registration of transfer or
exchange.

    

    (i)           No Obligation of the
Property Trustee.

    

    (i)
           The Property
Trustee shall have no responsibility or obligation to any Preferred Security
Beneficial Owner, a Participant in the Clearing Agency or other Person with
respect to the accuracy of the records of the Clearing Agency or its nominee or
of any Participant thereof, with respect to any ownership interest in the
Preferred Securities or with respect to the delivery to any Participant,
Preferred Security Beneficial Owner or other Person (other than the Clearing
Agency) of any notice (including any notice of redemption) or the payment of any
amount, under or with respect to such Preferred Securities.  All
notices and communications to be given to the Holders and all payments to be
made to Holders under the Preferred Securities shall be given or made only to or
upon the order of the registered Holders (which shall be the Clearing Agency or
its nominee in the case of a Global Preferred Security).  The rights
of Preferred Security Beneficial Owners shall be exercised only through the
Clearing Agency subject to the applicable rules and procedures of the Clearing
Agency.  The Property Trustee may conclusively rely and shall be fully
protected in relying upon information furnished by the Clearing Agency or any
agent thereof with respect to its Participants and any Preferred Security
Beneficial Owners.

    
      
         

      

      
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    (ii)           The
Property Trustee and Registrar shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed
under this Trust Agreement or under applicable law with respect to any transfer
of any interest in any Preferred Security (including any transfers between or
among Clearing Agency Participants or Preferred Security Beneficial Owners)
other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Trust Agreement, and to examine the same to
determine substantial compliance as to form with the express requirements
hereof.

    

    Section
9.3            Deemed Security
Holders.

     

    The Trustees may treat the Person in
whose name any Security shall be registered on the books and records of the
Property Trustee as the sole owner of such Security for purposes of receiving
Distributions and for all other purposes whatsoever and, accordingly, shall not
be bound to recognize any equitable or other claim to or interest in such
Security on the part of any Person, whether or not the Trustees shall have
actual or other notice thereof.

    

    Section
9.4            Restriction on
Transfers.

     

    The Securities may not be transferred
unless (i) the Property Trustee receives an Opinion of Counsel satisfactory to
the Property Trustee stating that such transfer is exempt from registration
under applicable state and federal securities laws, will not cause the Trust to
be an "Investment Company" or under the "control" of an "Investment Company"
within the meaning of the Investment Company Act of 1940, as amended, and
otherwise complies with the restrictions on transfer contained in this Trust
Agreement, (ii) the transferee certifies to the Property Trustee that it is not
(x) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to the provisions of Title I of ERISA, (y) a plan described in Section
4975(e)(1) of the Code or (z) any entity whose underlying assets include plan
assets by reason of a plan's investment in the Trust (each a "Benefit Plan") and
(iii) the Property Trustee receives the duly completed documents as required by
Section 9.1(b) hereof.  By accepting and holding a Security the
transferee thereof shall be deemed to have represented and warranted that it is
not a Benefit Plan.  The Property Trustee shall have no obligation to
determine whether or not a transferee of a Security is or is not a Benefit
Plan.

    

    Section
9.5            Book Entry
Interests.

     

    Global Preferred Securities, if any,
shall initially be registered on the books and records of the Trust in the name
of Cede & Co., the nominee of the Clearing Agency, and no Preferred Security
Beneficial Owner will receive a definitive Preferred Security certificate (a
"Preferred Security Certificate") representing such Preferred Security
Beneficial Owner's interests in such Global Preferred Securities, except as
provided in Section 9.2.  Unless and until definitive, fully
registered Preferred Securities certificates have been issued to the Preferred
Security Beneficial Owners pursuant to Section 9.2:

    
      
         

      

      
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    (a)           the
provisions of this Section 9.5 shall be in full force and effect;

    

    (b)           the
Trust and the Property Trustee and the Administrative Trustees shall be entitled
to deal with the Clearing Agency for all purposes of this Trust Agreement
(including the payment of Distributions on the Global Preferred Securities and
receiving approvals, votes or consents hereunder) as the Holder of the Preferred
Securities and the sole holder of the Global Certificates and shall have no
obligation to the Preferred Security Beneficial Owners;

    

    (c)           to
the extent that the provisions of this Section 9.5 conflict with any other
provisions of this Trust Agreement, the provisions of this Section 9.5 shall
control; and

    

    (d)           the
rights of the Preferred Security Beneficial Owners shall be exercised only
through the Clearing Agency and shall be limited to those established by law and
agreements between such Preferred Security Beneficial Owners and the Clearing
Agency and/or the Clearing Agency Participants and receive and transmit payments
of Distributions on the Global Certificates to such Clearing Agency
Participants.  DTC will make book entry transfers among the Clearing
Agency Participants.

    

    Section
9.6            Notices to Clearing
Agency.

     

    Whenever a notice or other
communication to the Preferred Security Holders is required under this Trust
Agreement, the Trustees shall give all such notices and communications specified
herein to be given to the Holders of Global Preferred Security to the Clearing
Agency, and shall have no notice obligations to the Preferred Security
Beneficial Owners.

    

    Section
9.7            Appointment of Successor Clearing
Agency.

     

    If any Clearing Agency elects to
discontinue its services as securities depositary with respect to the Preferred
Securities, the Administrative Trustees may, in their sole discretion, appoint a
successor Clearing Agency with respect to such Preferred
Securities.

    
      
         

      

      
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    ARTICLE
X

     

    LIMITATION
OF LIABILITY OF

    HOLDERS
OF SECURITIES, TRUSTEES OR OTHERS

     

    Section
10.1          Liability.

     

    (a)           Except
as expressly set forth in this Trust Agreement, the Preferred Securities
Guaranty and the terms of the Securities, the Depositor shall not
be:

    

    (i)          
 personally liable for the return of any portion of the capital
contributions (or any return thereon) of the Holders of the Securities which
shall be made solely from assets of the Trust; and

    

    (ii)           be
required to pay to the Trust or to any Holder of Securities any deficit upon
dissolution of the Trust or otherwise.

    

    (b)           The
Depositor shall be liable for all of the fees, expenses, debts and obligations
of the Trust (other than with respect to the Securities) to the extent not
satisfied out of the Trust's assets.

    

    (c)           Pursuant
to Section 3803(a) of the Statutory Trust Act, the Holders of the Preferred
Securities shall be entitled to the same limitation of personal liability
extended to stockholders of private corporations for profit organized under the
General Corporation Law of the State of Delaware.

    

    Section
10.2          Exculpation.

     

    (a)           No
Indemnified Person shall be liable, responsible or accountable in damages or
otherwise to the Trust or any Covered Person for any loss, damage or claim
incurred by reason of any act or omission performed or omitted by such
Indemnified Person in good faith on behalf of the Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Trust Agreement or by law, except
that an Indemnified Person shall be liable for any such loss, damage or claim
incurred by reason of such Indemnified Person's gross negligence or willful
misconduct with respect to such acts or omissions.

    

    (b)           An
Indemnified Person shall be fully protected in relying in good faith upon the
records of the Trust and upon such information, opinions, reports or statements
presented to the Trust by any Person as to matters the Indemnified Person
reasonably believes are within such other Person's professional or expert
competence and who has been selected with reasonable care by or on behalf of the
Trust, including information, opinions, reports or statements as to the value
and amount of the assets, liabilities, profits, losses, or any other facts
pertinent to the existence and amount of assets from which Distributions to
Holders of Securities might properly be paid.

    
      
         

      

      
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    Section
10.3          Fiduciary Duty.

     

    (a)          To
the extent that, at law or in equity, an Indemnified Person has duties
(including fiduciary duties) and liabilities relating thereto to the Trust or to
any other Covered Person, an Indemnified Person acting under this Trust
Agreement shall not be liable to the Trust or to any other Covered Person for
its good faith reliance on the provisions of this Trust
Agreement.  The provisions of this Trust Agreement, to the extent that
they restrict the duties and liabilities of an Indemnified Person otherwise
existing at law or in equity (other than the duties imposed on the Property
Trustee under the Trust Indenture Act), are agreed by the parties hereto to
replace such other duties and liabilities of such Indemnified
Person.

    

    (b)          Unless
otherwise expressly provided herein:

    

    (i)          
 whenever a conflict of interest exists or arises between any Covered
Persons; or

    

    (ii)           whenever
this Trust Agreement or any other agreement contemplated herein or therein
provides that an Indemnified Person shall act in a manner that is, or provides
terms that are, fair and reasonable to the Trust or any Holder of
Securities,

    

    each
Covered Person or Indemnified Person shall resolve such conflict of interest,
take such action or provide such terms, considering in each case the relative
interest of each party (including its own interest) to such conflict, agreement,
transaction or situation and the benefits and burdens relating to such
interests, any customary or accepted industry practices, and any applicable
generally accepted accounting practices or principles.  In the absence
of bad faith by the Indemnified Person, the resolution, action or term so made,
taken or provided by the Indemnified Person shall not constitute a breach of
this Trust Agreement or any other agreement contemplated herein or of any duty
or obligation of the Indemnified Person at law or in equity or
otherwise.

    

    (c)          Whenever
in this Trust Agreement an Indemnified Person is permitted or required to make a
decision:

    

    (i)           
in its "discretion" or under
a grant of similar authority, the Indemnified Person shall be entitled to
consider such interests and factors as it desires, including its own interests,
and shall have no duty or obligation to give any consideration to any interest
of or factors affecting the Trust or any other Person; or

    

    (ii)           in
its "good
faith" or under another express standard, the Indemnified Person shall
act under such express standard and shall not be subject to any other or
different standard imposed by this Trust Agreement or by applicable
law.

    
      
         

      

      
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    Section
10.4           Indemnification.

     

    (a)           (i)           
The Depositor shall indemnify, to the full extent permitted by law, any Company
Indemnified Person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by or in the
right of the Trust) by reason of the fact that he is or was a Company
Indemnified Person against expenses (including attorneys' fees and expenses),
judgments, fines and amounts paid in settlement actually and reasonably incurred
by him in connection with such action, suit or proceeding if he acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Trust, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his conduct was unlawful.  The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the Company Indemnified Person did not act in
good faith and in a manner which he reasonably believed to be in or not opposed
to the best interests of the Trust, and with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was
unlawful.

    

    (ii)           The
Depositor shall indemnify, to the full extent permitted by law, any Company
Indemnified Person who was or is a party or is threatened to be made a party to
any threatened, pending or completed action or suit by or in the right of the
Trust to procure a judgment in its favor by reason of the fact that he is or was
a Company Indemnified Person against expenses (including attorneys' fees and
expenses) actually and reasonably incurred by him in connection with the defense
or settlement of such action or suit if he acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the
Trust and except that no such indemnification shall be made in respect of any
claim, issue or matter as to which such Company Indemnified Person shall have
been adjudged to be liable to the Trust unless and only to the extent that the
Court of Chancery of Delaware or the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such Person is
fairly and reasonably entitled to indemnity for such expenses which such Court
of Chancery or such other court shall deem proper.

    

    (iii)          To
the extent that a Company Indemnified Person shall be successful on the merits
or otherwise (including dismissal of an action without prejudice or the
settlement of an action without admission of liability) in defense of any
action, suit or proceeding referred to in paragraphs (i) and (ii) of this
Section 10.4(a), or in defense of any claim, issue or matter therein, he shall
be indemnified, to the full extent permitted by law, against expenses (including
attorneys' fees) actually and reasonably incurred by him in connection
therewith.

    
      
         

      

      
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    (iv)          Any
indemnification under paragraphs (i) and (ii) of this Section 10.4(a) (unless
ordered by a court) shall be made by the Depositor only as authorized in the
specific case upon a determination that indemnification of the Company
Indemnified Person is proper in the circumstances because he has met the
applicable standard of conduct set forth in paragraphs (i) and
(ii).  Such determination shall be made (1) by the Administrative
Trustees by a majority vote of a quorum consisting of such Administrative
Trustees who were not parties to such action, suit or proceeding, (2) if such a
quorum is not obtainable, or, even if obtainable, if a quorum of disinterested
Administrative Trustees so directs, by independent legal counsel in a written
opinion, or (3) by the Common Security Holder of the Trust.

    

    (v)           Expenses
(including attorneys' fees and expenses) incurred by a Company Indemnified
Person in defending a civil, criminal, administrative or investigative action,
suit or proceeding referred to in paragraphs (i) and (ii) of this Section
10.4(a) shall be paid by the Depositor in advance of the final disposition of
such action, suit or proceeding upon receipt of an undertaking by or on behalf
of such Company Indemnified Person to repay such amount if it shall ultimately
be determined that he is not entitled to be indemnified by the Depositor as
authorized in this Section 10.4(a).  Notwithstanding the foregoing, no
advance shall be made by the Depositor if a determination is reasonably and
promptly made (i) by the Administrative Trustees by a majority vote of a quorum
of disinterested Administrative Trustees, (ii) if such a quorum is not
obtainable, or, even if obtainable, if a quorum of disinterested Administrative
Trustees so directs, by independent legal counsel in a written opinion or (iii)
the Common Security Holder of the Trust, that, based upon the facts known to the
Administrative Trustees, counsel or the Common Security Holder at the time such
determination is made, such Company Indemnified Person acted in bad faith or in
a manner that such Person did not believe to be in or not opposed to the best
interests of the Trust, or, with respect to any criminal proceeding, that such
Company Indemnified Person believed or had reasonable cause to believe his
conduct was unlawful.  In no event shall any advance be made in
instances where the Administrative Trustees, independent legal counsel or Common
Security Holder reasonably determine that such Person deliberately breached his
duty to the Trust or its Common or Preferred Security Holders.

    

    (vi)          The
indemnification and advancement of expenses provided by, or granted pursuant to,
the other paragraphs of this Section 10.4(a) shall not be deemed exclusive of
any other rights to which those seeking indemnification and advancement of
expenses may be entitled under any agreement, vote of stockholders or
disinterested directors of the Depositor or Preferred Security Holders of the
Trust or otherwise, both as to action in his official capacity and as to action
in another capacity while holding such office.  All rights to
indemnification under this Section 10.4(a) shall be deemed to be provided by a
contract between the Depositor and each Company Indemnified Person who serves in
such capacity at any time while this Section 10.4(a) is in
effect.  Any repeal or modification of this Section 10.4(a) shall not
affect any rights or obligations then existing.

    
      
         

      

      
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    (vii)         The
Depositor or the Trust may purchase and maintain insurance on behalf of any
Person who is or was a Company Indemnified Person against any liability asserted
against him and incurred by him in any such capacity, or arising out of his
status as such, whether or not the Depositor would have the power to indemnify
him against such liability under the provisions of this Section
10.4(a).

    

    (viii)        For
purposes of this Section 10.4(a), references to "the Trust" shall include, in
addition to the resulting or surviving entity, any constituent entity (including
any constituent of a constituent) absorbed in a consolidation or merger, so that
any Person who is or was a director, trustee, officer or employee of such
constituent entity, or is or was serving at the request of such constituent
entity as a director, trustee, officer, employee or agent of another entity,
shall stand in the same position under the provisions of this Section 10.4(a)
with respect to the resulting or surviving entity as he would have with respect
to such constituent entity if its separate existence had continued.

    

    (ix)          The
indemnification and advancement of expenses provided by, or granted pursuant to,
this Section 10.4(a) shall, unless otherwise provided when authorized or
ratified, continue as to a Person who has ceased to be a Company Indemnified
Person and shall inure to the benefit of the heirs, executors and administrators
of such a Person.

    

    (b)           The
Depositor agrees to indemnify the (i) Property Trustee, (ii) the Delaware
Trustee, (iii) any Affiliate of the Property Trustee or the Delaware Trustee,
and (iv) any officers, directors, shareholders, members, partners, employees,
representatives, custodians, nominees or agents of the Property Trustee or the
Delaware Trustee (each of the Persons in (i) through (iv) being referred to as a
"Fiduciary Indemnified Person") for, and to hold each Fiduciary Indemnified
Person harmless against, any and all loss, liability, damage, claim or expense
including taxes (other than taxes based on the income of such Fiduciary
Indemnified Person) incurred without gross negligence or bad faith on its part,
arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against or investigating
any claim or liability in connection with the exercise or performance of any of
its powers or duties hereunder.  The obligation to indemnify as set
forth in this Section 10.4(b) shall survive the resignation or removal of the
Property Trustee or the Delaware Trustee and the satisfaction and discharge of
this Trust Agreement.

    

    (c)           The
Depositor agrees to pay the Property Trustee and the Delaware Trustee, from time
to time, such compensation for all services rendered by the Property Trustee and
the Delaware Trustee hereunder including reasonable compensation expenses and
disbursements as of its agents and counsel as may be mutually agreed upon in
writing by the Depositor and the Property Trustee or the Delaware Trustee, as
the case may be, and, except as otherwise expressly provided herein, to
reimburse the Property Trustee and the Delaware Trustee upon its or their
request for all reasonable expenses, disbursements and advances incurred or made
by the Property Trustee or the Delaware Trustee, as the case may be, in
accordance with the provisions of this Trust Agreement, except any such expense,
disbursement or advance as may be attributable to its or their gross negligence
or bad faith.  No Depositor may claim any liens or charge on any Trust
Property as a result of any amount due pursuant to this Section
10.4.

    
      
         

      

      
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    Section
10.5          Outside
Businesses.

     

    Any Covered Person, the Depositor, the
Delaware Trustee and the Property Trustee may engage in or possess an interest
in other business ventures of any nature or description, independently or with
others, similar or dissimilar to the business of the Trust, and the Trust and
the Holders of Securities shall have no rights by virtue of this Trust Agreement
in and to such independent ventures or the income or profits derived therefrom,
and the pursuit of any such venture, even if competitive with the business of
the Trust, shall not be deemed wrongful or improper.  No Covered
Person, the Depositor, the Delaware Trustee, or the Property Trustee shall be
obligated to present any particular investment or other opportunity to the Trust
even if such opportunity is of a character that, if presented to the Trust,
could be taken by the Trust, and any Covered Person, the Depositor, the Delaware
Trustee and the Property Trustee shall have the right to take for its own
account (individually or as a partner or fiduciary) or to recommend to others
any such particular investment or other opportunity.  Any Covered
Person, the Delaware Trustee and the Property Trustee may engage or be
interested in any financial or other transaction with the Depositor or any
Affiliate of the Depositor, or may act as depositary for, trustee or agent for,
or act on any committee or body of holders of, securities or other obligations
of the Depositor or its Affiliates.

    

    ARTICLE
XI

     

    ACCOUNTING

     

    Section
11.1          Fiscal Year.

     

    The fiscal year ("Fiscal Year") of the
Trust shall be the calendar year, or such other year as is required by the
Code.

    

    Section
11.2          Certain Accounting
Matters.

     

    (a)           At
all times during the existence of the Trust, the Administrative Trustees shall
keep, or cause to be kept, full books of account, records and supporting
documents, which shall reflect in reasonable detail, each transaction of the
Trust.  The books of account shall be maintained on the accrual method
of accounting, in accordance with generally accepted accounting principles,
consistently applied.  The Trust shall use the accrual method of
accounting for United States federal income tax purposes.  The books
of account and the records of the Trust shall be examined by and reported upon
as of the end of each Fiscal Year of the Trust by a firm of independent
certified public accountants registered with the PCAOB selected by the
Administrative Trustees.

    

    (b)           The
Administrative Trustees shall cause to be prepared and delivered to each of the
Holders of Securities, within 90 days after the end of each Fiscal Year of the
Trust, annual financial statements of the Trust, including a balance sheet of
the Trust as of the end of such Fiscal Year, and the related statements of
income or loss.

    
      
         

      

      
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    (c)           The
Administrative Trustees shall cause to be duly prepared and delivered to each of
the Holders of Securities, any annual United States federal income tax
information statement, required by the Code, containing such information with
regard to the Securities held by each Holder as is required by the Code and the
Treasury Regulations.  Notwithstanding any right under the Code to
deliver any such statement at a later date, the Administrative Trustees shall
endeavor to deliver all such information statements within 30 days after the end
of each Fiscal Year of the Trust.

    

    (d)           The
Administrative Trustees shall cause to be duly prepared and filed with the
appropriate taxing authority, an annual United States federal income tax return,
on a Form 1041 or such other form required by United States federal income tax
law, and any other annual income tax returns required to be filed by the
Administrative Trustees on behalf of the Trust with any state or local taxing
authority.

    

    Section
11.3          Banking.

     

    The Trust shall maintain one or more
bank accounts in the name and for the sole benefit of the Trust; provided,
however, that all payments of funds in respect of the Debentures held by the
Property Trustee shall be made directly to the Property Trustee Account and no
other funds of the Trust shall be deposited in the Property Trustee
Account.  The sole signatories for such accounts shall be designated
by the Administrative Trustees; provided, however, that the Property Trustee
shall designate the signatories for the Property Trustee Account.

    

    Section
11.4          Withholding.

     

    The Trust and the Administrative
Trustees shall comply with all withholding requirements under United States
federal, state and local law.  The Trust shall request, and the
Holders shall provide to the Trust, such forms or certificates as are necessary
to establish an exemption from withholding with respect to each Holder, and any
representations and forms as shall reasonably be requested by the Trust to
assist it in determining the extent of, and in fulfilling, its withholding
obligations. The Administrative Trustees shall file required forms with
applicable jurisdictions and, unless an exemption from withholding is properly
established by a Holder, shall remit amounts withheld with respect to the Holder
to applicable jurisdictions.  To the extent that the Trust is required
to withhold and pay over any amounts to any authority with respect to
Distributions or allocations to any Holder, the amount withheld shall be deemed
to be a Distribution in the amount of the withholding to the
Holder.  In the event of any claimed over withholding, Holders shall
be limited to an action against the applicable jurisdiction.  If the
amount required to be withheld was not withheld from actual Distributions made,
the Trust may reduce subsequent Distributions by the amount of such
withholding.

    
      
         

      

      
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    ARTICLE
XII

    

    AMENDMENTS
AND MEETINGS

    

    Section
12.1          Amendments.

     

    (a)           Except
as otherwise provided in this Trust Agreement or by any applicable terms of the
Securities, this Trust Agreement may only be amended by a written instrument
approved and executed by:

    

    (i)           the
Administrative Trustees (or if there are more than two Administrative Trustees a
majority of the Administrative Trustees);

    

    (ii)           if
the amendment affects the rights, powers, duties, obligations or immunities of
the Property Trustee, the Property Trustee; and

    

    (iii)          if
the amendment affects the rights, powers, duties, obligations or immunities of
the Delaware Trustee, the Delaware Trustee.

    

    (b)           No
amendment shall be made, and any such purported amendment shall be void and
ineffective:

    

    (i)           unless,
in the case of any proposed amendment, the Property Trustee shall have first
received an Officers' Certificate from each of the Trust and the Depositor that
such amendment is permitted by, and conforms to, the terms of this Trust
Agreement (including the terms of the Securities);

    

    (ii)          unless,
in the case of any proposed amendment which affects the rights, powers, duties,
obligations or immunities of the Property Trustee, the Property Trustee shall
have first received:

    

    (A)           an
Officers' Certificate from each of the Trust and the Depositor that such
amendment is permitted by, and conforms to, the terms of this Trust Agreement
(including the terms of the Securities); and

    

    (B)           an
opinion of counsel (who may be counsel to the Depositor or the Trust) that (x)
such amendment is permitted by, and conforms to, the terms of this Trust
Agreement (including the terms of the Securities) and (y) all conditions
precedent to the execution and delivery of such amendment have been
satisfied,

    

    provided, however, that the
Property Trustee shall not be required to sign any such amendment,
and

    

    (iii)          to
the extent the result of such amendment would be to:

    
      
         

      

      
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    (A)           cause
the Trust to fail to continue to be classified for purposes of United States
federal income taxation as a grantor trust;

    

    (B)           reduce
or otherwise adversely affect the powers of the Property Trustee in
contravention of the Trust Indenture Act; or

    

    (C)           cause
the Trust to be deemed to be an Investment Company required to be registered
under the Investment Company Act;

    

    (c)           At
such time after the Trust has issued any Securities that remain outstanding, any
amendment that would adversely affect the rights, privileges or preferences of
any Holder of Securities may be effected only with such additional requirements
as may be set forth in the terms of such Securities;

    

    (d)           Section
10.1(c) and this Section 12.1 shall not be amended without the consent of all of
the Holders of the Securities;

    

    (e)           Article
IV shall not be amended without the consent of the Holders of a Majority in
Liquidation Amount of the Common Securities;

    

    (f)           The
rights of the Holders of the Common Securities under Article V to increase or
decrease the number of, and appoint and remove Trustees shall not be amended
without the consent of the Holders of a Majority in Liquidation Amount of the
Common Securities; and

    

    (g)           Notwithstanding
Section 12.1(c), this Trust Agreement may be amended without the consent of the
Holders of the Securities to:

    

    (i)           cure
any ambiguity, correct or supplement any provision in this Trust Agreement that
may be inconsistent with any other provision of this Trust Agreement or to make
any other provisions with respect to matters or questions arising under this
Trust Agreement which shall not be inconsistent with the other provisions of the
Trust Agreement; and

    

    (ii)           to
modify, eliminate or add to any provisions of the Trust Agreement to such extent
as shall be necessary to (A) ensure that the Trust will be classified for United
States federal income tax purposes as a grantor trust at all times that any
Securities are outstanding, (B) to ensure that the Trust will not be required to
register as an Investment Company under the Investment Company Act, or (C) to
ensure that the proceeds from the sale of the Securities will constitute "Tier 1
capital" under capital adequacy requirements which may be applicable to the
Depositor;

    
      
         

      

      
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    provided, however, that in the
case of clause (i), such action shall not adversely affect in any material
respect the interests of the Holders of the Securities, and any amendments of
this Trust Agreement shall become effective when notice thereof is given to the
Holders of the Securities.

    

    Section
12.2          Meetings of the Holders of
Securities; Action by Written Consent.

     

    (a)           Meetings
of the Holders of any class of Securities may be called at any time by the
Administrative Trustees (or as provided in the terms of the Securities) to
consider and act on any matter on which Holders of such class of Securities are
entitled to act under the terms of this Trust Agreement, the terms of the
Securities or the rules of any stock exchange on which the Preferred Securities
are listed or admitted for trading.  The Administrative Trustees shall
call a meeting of the Holders of such class if directed to do so by the Holders
of at least 10% in Liquidation Amount of such class of
Securities.  Such direction shall be given by delivering to the
Administrative Trustees one or more notices in a writing stating that the
signing Holders of Securities wish to call a meeting and indicating the general
or specific purpose for which the meeting is to be called.  Any
Holders of Securities calling a meeting shall specify in writing the Security
Certificates held by the Holders of Securities exercising the right to call a
meeting and only those Securities specified shall be counted for purposes of
determining whether the required percentage set forth in the second sentence of
this paragraph has been met.

    

    (b)          Except
to the extent otherwise provided in the terms of the Securities, the following
provisions shall apply to meetings of Holders of Securities:

    

    (i)           notice
of any such meeting shall be given to all the Holders of Securities having a
right to vote thereat at least seven days and not more than 60 days before the
date of such meeting.  Whenever a vote, consent or approval of the
Holders of Securities is permitted or required under this Trust Agreement or the
rules of any stock exchange on which the Preferred Securities are listed or
admitted for trading, such vote, consent or approval may be given at a meeting
of the Holders of Securities.  Any action that may be taken at a
meeting of the Holders of Securities may be taken without a meeting if a consent
in writing setting forth the action so taken is signed by the Holders of
Securities owning not less than the minimum amount of Securities in Liquidation
Amount that would be necessary to authorize or take such action at a meeting at
which all Holders of Securities having a right to vote thereon were present and
voting. Prompt notice of the taking of action without a meeting shall be given
to the Holders of Securities entitled to vote who have not consented in
writing.  The Administrative Trustees may specify that any written
ballot submitted to the Security Holder for the purpose of taking any action
without a meeting shall be returned to the Trust within the time specified by
the Administrative Trustees;

    

    (ii)           each
Holder of a Security may authorize any Person to act for it by proxy on all
matters in which a Holder of Securities is entitled to participate, including
waiving notice of any meeting, or voting or participating at a
meeting.  No proxy shall be valid after the expiration of 11 months
from the date thereof unless otherwise provided in the proxy.  Every
proxy shall be revocable at the pleasure of the Holder of Securities executing
it.  Except as otherwise provided herein, all matters relating to the
giving, voting or validity of proxies shall be governed by the General
Corporation Law of the State of Delaware relating to proxies, and judicial
interpretations thereunder, as if the Trust were a Delaware corporation and the
Holders of the Securities were stockholders of a Delaware
corporation;

    
      
         

      

      
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    (iii)         each
meeting of the Holders of the Securities shall be conducted by the
Administrative Trustees or by such other Person that the Administrative Trustees
may designate; and

    

    (iv)         unless
the Statutory Trust Act, this Trust Agreement, the terms of the Securities, the
Trust Indenture Act or the listing rules of any stock exchange on which the
Preferred Securities are then listed or trading, otherwise provides, the
Administrative Trustees, in their sole discretion, shall establish all other
provisions relating to meetings of Holders of Securities, including notice of
the time, place or purpose of any meeting at which any matter is to be voted on
by any Holders of Securities, waiver of any such notice, action by consent
without a meeting, the establishment of a record date, quorum requirements,
voting in person or by proxy or any other matter with respect to the exercise of
any such right to vote.

    

    ARTICLE
XIII

    

    REPRESENTATIONS
OF PROPERTY TRUSTEE

    AND
DELAWARE TRUSTEE

    

    Section
13.1          Representations and Warranties of
Property Trustee.

     

    The Trustee that acts as initial
Property Trustee represents and warrants to the Trust and to the Depositor at
the date of this Trust Agreement, and each Successor Property Trustee represents
and warrants to the Trust and the Depositor at the time of the Successor
Property Trustee's acceptance of its appointment as Property Trustee
that:

    

    (a)           The
Property Trustee is a Delaware banking corporation with trust powers and
authority to execute and deliver, and to carry out and perform its obligations
under the terms of, this Trust Agreement;

    

    (b)           The
execution, delivery and performance by the Property Trustee of this Trust
Agreement has been duly authorized by the Property Trustee.  This
Trust Agreement has been duly executed and delivered by the Property Trustee and
constitutes a legal, valid and binding obligation of the Property Trustee,
enforceable against it in accordance with its terms, subject to applicable
bankruptcy, reorganization, moratorium, insolvency, and other similar laws
affecting creditors' rights generally and to general principles of equity and
the discretion of the court (regardless of whether the enforcement of such
remedies is considered in a proceeding in equity or at law);
and

    
      
         

      

      
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    (c)           The
execution, delivery and performance of this Trust Agreement by the Property
Trustee does not conflict with or constitute a breach of the charter or by-laws
of the Property Trustee.

    

    Section
13.2          Representations and Warranties of
Delaware Trustee.

     

    The Trustee that acts as initial
Delaware Trustee represents and warrants to the Trust and to the Depositor at
the date of this Trust Agreement, and each Successor Delaware Trustee represents
and warrants to the Trust and the Depositor at the time of the Successor
Delaware Trustee's acceptance of its appointment as Delaware Trustee
that:

    

    (a)           The
Delaware Trustee is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware, or is a national banking
association, with trust power and authority to execute and deliver, and to carry
out and perform its obligations under the terms of, this Trust
Agreement;

    

    (b)           The
execution, delivery and performance by the Delaware Trustee of this Trust
Agreement has been duly authorized by all necessary corporate action on the part
of the Delaware Trustee and does not conflict with or constitute a breach of the
charter or by-laws of the Delaware Trustee.  This Trust Agreement has
been duly executed and delivered by the Delaware Trustee and constitutes a
legal, valid and binding obligation of the Delaware Trustee, enforceable against
it in accordance with its terms, subject to applicable bankruptcy,
reorganization, moratorium, insolvency, and other similar laws affecting
creditors' rights generally and to general principles of equity and the
discretion of the court (regardless of whether the enforcement of such remedies
is considered in a proceeding in equity or at law);

    

    (c)           No
consent, approval or authorization of, or registration with or notice to, any
federal or Delaware banking authority is required for the execution, delivery or
performance by the Delaware Trustee of this Trust Agreement; and

    

    (d)           The
Delaware Trustee is a natural person who is a resident of the State of Delaware
or, if not a natural person, an entity which has its principal place of business
in the State of Delaware.

    
      
         

      

      
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    ARTICLE
XIV

    

    MISCELLANEOUS

    

    Section
14.1          Notices.

     

    All notices provided for in this Trust
Agreement shall be in writing, duly signed by the party giving such notice, and
shall be delivered, telecopied or mailed by first class mail, as
follows:

    

    (a)           if
given to the Trust, in care of the Administrative Trustees at the Trust's
mailing address set forth below (or such other address as the Trust may give
notice of to the Holders of the Securities):

    

    ServisFirst
Capital Trust II

    c/o
ServisFirst Bancshares, Inc.

    850
Shades Creek Parkway, Suite 200

    Birmingham,
Alabama 35209

    Attention:
Thomas A. Broughton III

    Telecopy:  (205)
949-0303

    

    (b)           if
given to the Delaware Trustee, at the mailing address set forth below (or such
other address as Delaware Trustee may give notice of to the Holders of the
Securities):

    

    Wilmington
Trust Company

    Rodney
Square North

    1100
North Market Street

    Wilmington,
Delaware 19890

    Attention:  Corporate
Trust Administration

    Telecopy:  (302)
636-4145

    

    (c)           if
given to the Property Trustee, at the Property Trustee's mailing address set
forth below (or such other address as the Property Trustee may give notice of to
the Holders of the Securities):

    

    Wilmington
Trust Company

    Rodney
Square North

    1100
North Market Street

    Wilmington,
Delaware 19890

    Attention:  Corporate
Trust Administration

    Telecopy:  (302)
636-4145

    

    (d)           if
given to the Holder of the Common Securities, at the mailing address of the
Depositor set forth below (or such other address as the Holder of the Common
Securities may give notice to the Trust):

    
      
         

      

      
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    ServisFirst
Bancshares, Inc.

    850
Shades Creek Parkway, Suite 200

    Birmingham,
Alabama 35209

    Attention:  Thomas
A. Broughton III

    Telecopy:  (205)
949-0303

    

    (e)           if
given to any other Holder, at the address set forth on the books and records of
the Registrar.

    

    All such notices shall be deemed to
have been given when received in person, telecopied with receipt confirmed, or
mailed by first class mail, postage prepaid except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address
of which no notice was given, such notice or other document shall be deemed to
have been delivered on the date of such refusal or inability to
deliver.

    

    Section
14.2          Governing Law.

     

    This Trust Agreement and the rights of
the parties hereunder shall be governed by and interpreted in accordance with
the laws of the State of Delaware and all rights and remedies shall be governed
by such laws without regard to principles of conflict of laws.

    

    Section
14.3          Intention of the
Parties.

     

    It is the intention of the parties
hereto that the Trust be classified for United States federal income tax
purposes as a grantor trust.  The provisions of this Trust Agreement
shall be interpreted to further this intention of the parties.

    

    Section
14.4          Headings.

     

    Headings contained in this Trust
Agreement are inserted for convenience of reference only and do not affect the
interpretation of this Trust Agreement or any provision hereof.

    

    Section
14.5          Successors and
Assigns.

     

    Whenever in this Trust Agreement any of
the parties hereto is named or referred to, the successors and assigns of such
party shall be deemed to be included, and all covenants and agreements in this
Trust Agreement by the Depositor and the Trustees shall bind and inure to the
benefit of their respective successors and assigns, whether or not so
expressed.

    

    Section
14.6          Partial
Enforceability.

     

    If any provision of this Trust
Agreement, or the application of such provision to any Person or circumstance,
shall be held invalid, the remainder of this Trust Agreement, or the application
of such provision to Persons or circumstances other than those to which it is
held invalid, shall not be affected thereby.

    
      
         

      

      
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    Section
14.7         Counterparts.

     

    This Trust Agreement may contain more
than one counterpart of the signature page and this Trust Agreement may be
executed by the affixing of the signature of each of the Trustees to one of such
counterpart signature pages.  All of such counterpart signature pages
shall be read as though one, and they shall have the same force and effect as
though all of the signers had signed a single signature page.

    

    [Signatures
on Following Page]

    
      
         

      

      
        64

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the undersigned has
caused these presents to be executed as of the day and year first above
written.

    

    
      
        	
                /s/ Thomas A. Broughton
      III

              
	
                Thomas
      A. Broughton III, solely in his capacity as

              
	
                Administrative
      Trustee

              
	 
      
	
                /s/ William M.
      Foshee

              
	
                William
      M. Foshee, solely in his capacity as

              
	
                Administrative
      Trustee

              
	 
      
	
                WILMINGTON
      TRUST COMPANY, not in its

              
	
                individual
      capacity but solely in its capacity as

              
	
                Delaware
      Trustee

              
	 
      
	
                By:  

              	
                /s/ Christopher J.
      Slaybaugh

              
	
                Authorized
      Officer

              
	 
      
	
                WILMINGTON
      TRUST COMPANY, not in its

              
	
                individual
      capacity but solely in its capacity as

              
	
                Property
      Trustee

              
	 
      
	
                By:

              	
                /s/ Christopher J.
      Slaybaugh

              
	
                Authorized
      Officer

              
	 
      
	
                SERVISFIRST
      BANCSHARES, INC.,

              
	
                as
      Depositor

              
	 
      
	
                By:

              	
                /s/ Thomas A. Broughton
      III

              
	
                Name:  Thomas
      A. Broughton III

              
	
                Title:  President
      and Chief Executive Officer

              

      

    

     

    
      
         

      

      
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    ANNEX
I

    

    TERMS
OF THE

    6.0%
PREFERRED SECURITIES AND

    6.0%
COMMON SECURITIES

    

    Pursuant to Section 7.1 of the Amended
and Restated Trust Agreement, dated as of March 15, 2010 (as amended from time
to time, the "Trust Agreement"), the designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred
Securities and the Common Securities (collectively, the "Securities") are set
out below (each capitalized term used but not defined herein has the meaning set
forth in the Trust Agreement or, if not defined in such Trust Agreement, as
defined in the Indenture):

    

    1.            Designation and
Number.

    

    (a)           Preferred
Securities.  Up to 15,000 Preferred Securities of the Trust
with an aggregate liquidation amount with respect to the assets of the Trust of
$15,000,000 and each with a liquidation amount with respect to the assets of the
Trust of $1,000 per security (the "Preferred Liquidation Amount"), are hereby
designated for the purposes of identification only as "6.0% Preferred
Securities" (the "Preferred Securities").  The certificates evidencing
the Preferred Securities shall be substantially in the form of Exhibit A-1 to the
Trust Agreement, with such changes and additions thereto or deletions therefrom
as may be required by ordinary usage, custom or practice or to conform to the
rules of any stock exchange or quotation system on which the Preferred
Securities are listed or quoted.  The initial minimum amount of the
Preferred Securities that may be purchased by a Holder in the initial offering
is $20,000 and integral multiples of $5,000 in excess
thereof.  Thereafter, Preferred Securities may be issued in multiples
of $5,000.

    

    (b)           Common
Securities.  Up to 50,000 Common Securities of the Trust with
an aggregate liquidation amount with respect to the assets of the Trust of
$50,000 and a liquidation amount with respect to the assets of the Trust of $1
per security (the "Common Liquidation Amount" and, together with the Preferred
Liquidation Amount, the "Liquidation Amount"), are hereby designated for the
purposes of identification only as "6.0% Common Securities" (the "Common
Securities").  The certificates evidencing the Common Securities shall
be substantially in the form of Exhibit A-2 to the
Trust Agreement, with such changes and additions thereto or deletions therefrom
as may be required by ordinary usage, custom or practice.

    

    2.            Distributions.

    

    (a)           During
the Interest Period, distributions payable on each Security will be fixed at a
rate per annum of 6.0% (the "Coupon Rate") of the Liquidation
Amount.  The "Interest Period" means the period commencing on March
15, 2010 and ending on March 15, 2040.  Distributions in arrears for
more than one quarterly period will bear additional distributions thereon
compounded quarterly at the Coupon Rate (to the extent permitted by applicable
law).  The term "Distributions", as used herein, includes
distributions of any such interest payable unless otherwise stated.  A
Distribution is payable only to the extent that payments are made in respect of
the Debentures held by the Property Trustee and to the extent the Property
Trustee has funds on hand legally available therefor.

    
      
         

      

      
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    (b)          Distributions
on the Securities will be cumulative, will accumulate from the most recent date
to which Distributions have been paid or, if no Distributions have been paid,
from March 15, 2010, and will be payable quarterly in arrears on June 15,
September 15, December 15 and March 15 of each year, commencing on June 15,
2010, except as otherwise described below.  The amount of
Distributions payable for any period will be computed on the basis of the actual
number of days elapsed over a 360-day year of twelve 30-day
months.  If any date on which Distributions are payable on the
Securities is not a Business Day, then payment of the Distribution payable on
such date shall be made on the next succeeding day that is a Business Day (and
without any interest or other payment in respect of any such delay), with the
same force and effect as if made on such date (each date on which Distributions
are payable in accordance with the foregoing, each a "Distribution Date,"
correspond to the interest payment dates on the Debentures).  As long
as no Event of Default has occurred and is continuing under the Indenture, the
Debenture Issuer has the right under the Indenture to defer payments of interest
by extending the interest payment period at any time and from time to time on
the Debentures for a period not exceeding 20 consecutive quarterly periods,
including the first such quarterly period during such period (each an "Extension
Period"), provided that no Extension Period shall extend beyond the stated
maturity date of the Debentures (the "Stated Maturity").  Upon any
such election, Distributions will be deferred during such Extension
Period.  Notwithstanding such deferral, Distributions to which Holders
of Securities are entitled shall continue to accumulate with additional
Distributions thereon (to the extent permitted by applicable law but not at a
rate greater than the rate at which interest is then accruing on the Debentures)
at the Coupon Rate compounded quarterly from the relevant Distribution Date,
during any such Extension Period.  Prior to the expiration of any such
Extension Period, the Debenture Issuer may further defer payments of interest by
further extending such Extension Period; provided that such Extension Period,
together with all such previous and further extensions within such Extension
Period, may not exceed 20 consecutive quarterly periods, including the first
quarterly period during such Extension Period, or extend beyond the Stated
Maturity of the Debentures.  Upon the expiration of any Extension
Period and the payment of all amounts then due, the Debenture Issuer may
commence a new Extension Period, subject to the above requirements.

    

    (c)           Distributions
on the Securities will be payable to the Holders thereof as they appear on the
books and records of the Registrar at the close of business on the 15th day
(whether or not a Business Day) next preceding the relevant Distribution
Date.  Subject to any applicable laws and regulations and the
provisions of the Trust Agreement, each such payment in respect of the Preferred
Securities will be made as follows: (i) if the Preferred Securities are held in
global form by a Clearing Agency (or its nominee), in accordance with the
procedures of the Clearing Agency; and (ii) if the Preferred Securities are held
in definitive form by check mailed or wired to the address of the Holder thereof
as reflected in the records of the Registrar unless otherwise agreed by the
Trust. The relevant record dates for the Common Securities shall be the same as
the record dates for the Preferred Securities. Distributions payable on any
Securities that are not punctually paid on any Distribution Date, as a result of
the Debenture Issuer having failed to make a payment under the Debentures, will
cease to be payable to the Holder on the relevant record date, and such
defaulted Distribution will instead be payable to the Person in whose name such
Securities are registered on the special record date or other specified date
determined in accordance with the Indenture.

    
      
         

      

      
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    (d)     
     In the event that there is any money or other
property held by or for the Trust that is not accounted for hereunder, such
property shall be distributed Pro Rata (as defined herein) pursuant to Section 8
among the Holders of the Securities.

    

    3.          
  Liquidation
Distribution upon Dissolution.

    

    In the event of any termination of the
Trust or the Depositor otherwise gives notice of its election to liquidate the
Trust pursuant to Section 8.1(a)(iii) of the Trust Agreement, the Trust shall be
liquidated by the Administrative Trustees as expeditiously as the Administrative
Trustees determine to be possible by distributing, after satisfaction of
liabilities to creditors of the Trust as provided by applicable law, to the
Holders of the Securities a Like Amount (as defined below) of the Debentures,
unless such distribution is determined by the Property Trustee not to be
practicable, in which event such Holders will be entitled to receive out of the
assets of the Trust legally available for distribution to Holders, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, an amount equal to the aggregate of the Liquidation Amount of the
Securities plus accumulated and unpaid Distributions thereon to the date of
payment (such amount being the "Liquidation Distribution").

    

    "Like Amount" means (i) with respect to
a redemption of the Securities, Securities having a Liquidation Amount equal to
the principal amount of Debentures to be paid in accordance with their terms and
(ii) with respect to a distribution of Debentures upon the liquidation of the
Trust, Debentures having a principal amount equal to the Liquidation Amount of
the Securities of the Holder to whom such Debentures are
distributed.

    

    If, upon any such liquidation, the
Liquidation Distribution can be paid only in part because the Trust has
insufficient assets on hand legally available to pay in full the aggregate
Liquidation Distribution, then the amounts payable directly by the Trust on the
Securities shall be paid on a Pro Rata basis as set forth in Section
8.

    

    4.         
   Redemption
and Distribution.

    

    (a)           Upon
the repayment of the Debentures on the Stated Maturity thereof or prepayment
thereof prior thereto in accordance with the terms thereof, the proceeds from
such repayment or prepayment shall be simultaneously applied by the Property
Trustee (subject to the Property Trustee having received notice no later than 45
days prior to such repayment or prepayment) to redeem a Like Amount of the
Securities at a redemption price equal to 100% of the Liquidation Amount of the
Securities, plus accumulated and unpaid Distributions thereon, if any, to the
date of such redemption (the "Redemption Price").  Holders will be
given not less than 30 nor more than 60 days' notice of such
redemption.

    

    (b)          [Reserved.]

    
      
         

      

      
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    (c)           If
at any time a Capital Event, a Tax Event or an Investment Company Event (each as
defined below, and each a "Special Event") occurs, the Debenture Issuer shall
have the right (subject to the conditions set forth in the Indenture), upon not
less than 30 nor more than 60 days' notice, to the Property Trustee to prepay
the Debentures in whole, but not in part, within the 90 days following the
occurrence of such Special Event (the "90 Day Period"), and, simultaneous with
such redemption, to cause a Like Amount of the Securities to be redeemed by the
Trust at the Redemption Price on a Pro Rata basis.

    

    "Capital Event" means the receipt by
the Company and the Trust of an opinion of Haskell Slaughter Young &
Rediker, LLC, or any other independent bank regulatory counsel experienced in
such matters, to the effect that, as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws (or any regulations
thereunder) of the United States or any rules, guidelines or policies of the
Federal Deposit Insurance Corporation, the Board of Governors of the Federal
Reserve System or any other federal bank regulatory agency or (b) any official
administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or such
pronouncement or decision is announced on or after the date the Subordinated
Debentures are issued by the Company to the Trust pursuant to the Indenture (the
"Issue Date"), (i) the Company is or within 90 days will be subject to capital
adequacy requirements and such requirements do not or will not permit the
Preferred Securities to constitute, subject to limitations on inclusion of the
Preferred Securities as Tier 1 capital imposed by Federal Reserve capital
guidelines in effect and applicable to the Company as of the date of the
Confidential Offering Memorandum, Tier 1 capital (or its then-equivalent) or
(ii) the amount of net proceeds received from the sale of the Preferred
Securities and contributed by the Company to ServisFirst Capital Trust II does
not or within 90 days will not constitute Tier 1 (core) capital (or its
then-equivalent).

    

    "Tax Event" means the receipt by the
Depositor and the Trust of an Opinion of Counsel, requested by the Depositor, (a
"Tax Event Opinion") experienced in such matters to the effect that, as a result
of any amendment to, or change (including any announced prospective change) in,
the laws or any regulations thereunder of the United States or any political
subdivision or taxing authority thereof or therein, or as a result of any
official administrative written decision or pronouncement or judicial decision
interpreting or applying such laws or regulations, which amendment or change is
effective or which pronouncement or decision is made on or after the Issue Date,
there is more than an insubstantial risk that (i) the Trust is, or will be
within 90 days following the date of such opinion, subject to United States
federal income tax with respect to income received or accrued on the Debentures,
(ii) interest payable by the Debenture Issuer on the Debentures is not, or
within 90 days following the date of such opinion, will not be, deductible by
the Debenture Issuer, in whole or in part, for United States federal income tax
purposes, or (iii) the Trust is, or will be within 90 days following the date of
such opinion, subject to more than a de minimis amount of other taxes, duties or
other governmental charges.

    

    "Investment Company Event" means the
receipt by the Depositor and the Trust of  an opinion, requested by
the Depositor of counsel experienced in practice under the Investment Company
Act, to the effect that, as a result of the occurrence of a change in law or
regulation or a change in interpretation or application of law or regulation by
any legislative body, court, governmental agency or regulatory authority (a
"Change in Investment Company Act Law"), there is more than an insubstantial
risk that the Trust is or will be considered an "investment company" which is
required to be registered under the Investment Company Act, which Change in
Investment Company Act Law becomes effective on or after the Issue
Date.

    
      
         

      

      
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    (d)      
    On and from the date fixed by the Administrative
Trustees for any distribution of Debentures and liquidation of the Trust: (i)
the Securities will no longer be deemed to be outstanding, (ii) the Clearing
Agency or its nominee (or any successor Clearing Agency or its nominee), as the
Holder of the Preferred Securities, will receive a registered global certificate
or certificates representing the Debentures to be delivered upon such
distribution and (iii) any certificates representing Securities not held by the
Clearing Agency or its nominee (or any successor Clearing Agency or its nominee)
will be deemed to represent beneficial interests in a Like Amount of Debentures
until such certificates are presented to the Administrative Trustees or their
agent for cancellation, whereupon the Debenture Issuer will issue to such
holder, and the Debenture Trustee will authenticate, a certificate representing
such Debentures.

    

    (e)           The
procedure with respect to redemptions of Securities, or distributions of
Debentures in exchange therefor, shall be as follows:

    

    (i)           If
less than all the Securities are to be redeemed, the particular Securities to be
redeemed shall be selected on a pro rata basis (as determined in accordance with
paragraph 8 below), or by such other method as the Property Trustee deems fair
and appropriate, not more than 60 days prior to the date of redemption by the
Property Trustee from the outstanding Securities not previously called for
redemption or, if the Preferred Securities are then held in the form of a Global
Preferred Security, in accordance with the customary procedures for the Clearing
Agency.

    

    (ii)             Notice
of any redemption of, or notice of distribution of Debentures in exchange for,
the Securities (a "Redemption/Distribution Notice") will be given by the Trust
by mail to each Holder of Securities to be redeemed or exchanged not fewer than
30 nor more than 60 days before the date fixed for redemption or exchange
thereof which, in the case of a redemption, will be the date fixed for repayment
or prepayment of the Debentures.  For purposes of the calculation of
the date of redemption or exchange and the dates on which notices are given
pursuant to this Section 4(e)(i), a Redemption/Distribution Notice shall be
deemed to be given on the day such notice is first mailed by first-class mail,
postage prepaid, to Holders of Securities. Each Redemption/Distribution Notice
shall be addressed to the Holders of Securities at the address of each such
Holder appearing in the books and records of the Registrar.  No defect
in the Redemption/Distribution Notice or in the mailing of either thereof with
respect to any Holder shall affect the validity of the redemption or exchange
proceedings with respect to any other Holder.

    
      
         

      

      
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    (iii)             If
Securities are to be redeemed and the Trust gives a Redemption/Distribution
Notice, (which notice will be irrevocable), then (A) with respect to Preferred
Securities registered in the name of or held of record by a Clearing Agency or
its nominee, by 12:00 noon, New York City time, on the redemption date, and
Debentures have been presented provided that the Debenture Issuer has paid the
Property Trustee a sufficient amount of cash in connection with the related
maturity or prepayment of the Debentures by 10:00 a.m., New York City time, on
the Stated Maturity or the date of prepayment, as the case may be, the Property
Trustee will deposit irrevocably with the Clearing Agency or its nominee (or
successor Clearing Agency or its nominee) funds sufficient to pay the applicable
Redemption Price with respect to such Preferred Securities and will give the
Clearing Agency irrevocable instructions and authority to pay the Redemption
Price to the relevant Clearing Agency Participants, and (B) with respect to
Preferred Securities issued in certificated form and Common Securities, provided
that the Debenture Issuer has paid the Property Trustee a sufficient amount of
cash in connection with the related maturity or prepayment of the Debentures,
the Property Trustee will pay the relevant Redemption Price to the Holders of
such Securities by check mailed or wired to the address of the relevant Holder
appearing on the books and records of the Trust on the redemption
date.  If a Redemption/Distribution Notice shall have been given and
funds deposited as required and Debentures have been presented, if applicable,
then immediately prior to the close of business on the date of such deposit, or
on the redemption date, as applicable, Distributions will cease to accumulate on
the Securities so called for redemption and all rights of Holders of such
Securities so called for redemption will cease, except the right of the Holders
of such Securities to receive the Redemption Price, but without interest on such
Redemption Price, and such Securities shall cease to be
outstanding.

    

    (iv)             Payment
of accumulated and unpaid Distributions on the Redemption Date of the Securities
will be subject to the rights of Holders of Securities on the close of business
on a regular record date in respect of a Distribution Date occurring on or prior
to such Redemption Date.

    

    (v)             Neither
the Administrative Trustees nor the Trust shall be required to register or cause
to be registered the transfer of (i) any Securities beginning on the opening of
business 15 days before the day of mailing of a notice of redemption or any
notice of selection of Securities for redemption or (ii) any Securities selected
for redemption.  If any date fixed for redemption of Securities is not
a Business Day, then payment of the Redemption Price payable on such date will
be made on the next succeeding day that is a Business Day (and without any
interest or other payment in respect of any such delay), with the same force and
effect as if made on such date fixed for redemption.  If payment of
the Redemption Price in respect of any Securities is improperly withheld or
refused and not paid either by the Property Trustee or the Paying Agent or by
the Depositor as guarantor pursuant to the Preferred Securities Guaranty,
Distributions on such Securities will continue to accumulate from the original
redemption date to the actual date of payment, in which case the actual payment
date will be considered the date fixed for redemption for purposes of
calculating the Redemption Price.

    
      
         

      

      
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    (vi)             Redemption/Distribution
Notices shall be sent by the Property Trustee on behalf of the Trust to (A) in
respect of the Preferred Securities, the Clearing Agency or its nominee (or any
successor Clearing Agency or its nominee) if the Global Certificates have been
issued or, if Definitive Preferred Security Certificates have been issued, to
the Holder thereof, and (B) in respect of the Common Securities to the Holder
thereof.

    

    (vii)            Subject
to the foregoing and applicable law (including, without limitation, United
States federal securities laws and banking laws), the Depositor or any of its
Affiliates may at any time and from time to time purchase outstanding Preferred
Securities by tender, in the open market or by private agreement.

    

    5.       
     Mandatory and Optional
Conversion.

    

    (a)      
      (i)             To
the extent not previously redeemed or converted into shares of Conversion Stock
pursuant to Section 5(b) below, all Preferred Securities will automatically and
mandatorily convert into shares of Company Common Stock on the Mandatory
Conversion Date at the Conversion Price (as defined in Section 5(c)
below).

    

     (ii)        
     In order to effect such mandatory conversion, upon
delivery of the Preferred Securities then issued and outstanding to the Trustee
by the Conversion Agent on the Mandatory Conversion Date, the Trust will
terminate and the Property Trustee, on behalf of the Trust, will deliver all of
the Debentures then issued and outstanding to the Conversion Agent on the
Mandatory Conversion Date.  The Conversion Agent shall cause the
Debenture Trustee to convert the Debentures into Company Common Stock at the
Conversion Price.  The Conversion Agent shall thereupon distribute
such Conversion Stock to the Holders of record of the Preferred Securities pro
rata in accordance with the liquidation value of the Preferred Securities owned
by each respective Holder of record as of the 15th day
prior to the Mandatory Conversion Date (which shall be the record date with
respect to the Mandatory Conversion Date), together with any accrued but unpaid
Distributions through and including the Mandatory Conversion Date subject to any
necessary regulatory approvals.

    

    (b)        
   (i)              Any
Holder of Preferred Securities may elect, at any time prior to (but not
including) a Redemption Date or the Mandatory Conversion Date, to convert such
Preferred Securities (in whole or in part) for conversion into shares of Company
Common Stock at the Conversion Price; provided, however, that a Holder of
Preferred Securities surrendering less than all Preferred Securities held by
such Holder for conversion must surrender such Preferred Securities in
increments of $5,000 in liquidation amount of Preferred Securities or any
integral multiple thereof.

    
      
         

      

      
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    (ii)          
   A Holder desiring to effect such a voluntary conversion must
submit to the Conversion Agent an irrevocable request to convert Preferred
Securities on behalf of such Holder (a "Conversion Request"), together with (if
the Preferred Securities are held in certificated form) the certificate(s)
representing the Preferred Securities to be converted.  The Conversion
Request shall be in the form contained in the certificates representing
Preferred Securities or otherwise prescribed by the Conversion
Agent.

    

    (iii)          
  Upon receipt of a properly completed and executed Conversion
Request, (A) the Conversion Agent will surrender the Preferred Securities to be
converted to the Property Trustee, who will in turn cause the Debenture Trustee
to exchange such Preferred Securities for a corresponding amount of Debentures;
(B) the Debenture Trustee will convert such Debentures into shares of Company
Common Stock at the Conversion Price; and (c) the Conversion Agent will
distribute such Conversion Stock to the Holder who surrendered Preferred
Securities for conversion.

    

    (iv)          
  Distributions accruing between Distribution Dates shall not be paid
on Preferred Securities that are converted pursuant to this Section 5(b), nor
shall any payment, allowance or adjustment be made for accumulated and unpaid
Distributions, whether or not in arrears, on converted Preferred Securities,
except that if any Preferred Security is converted on or after a record date for
payment of Distributions thereon and prior to the related Distribution Date, the
amount of the Distributions payable on the related Distribution Date with
respect to such Preferred Security shall be paid by the converting Holder to the
Trust and the Distributions payable on the related Distribution Date with
respect to such Preferred Security shall be distributed to the Holder on such
record date, despite such conversion. The Depositor shall make no payment or
allowance for distributions on the shares of Conversion Stock issued upon such
conversion, except to the extent that such shares of Conversion Stock are held
of record on the record date for any such distributions and except as provided
in Section 17.3 of the Indenture. Preferred Securities shall be deemed to
have been converted immediately prior to the close of business on the day on
which a Conversion Request relating to such Preferred Securities is received by
the Trust in accordance with the foregoing provisions of this Section 5(b)
(the "Conversion Date"). The Person or Persons entitled to receive the
Conversion Stock shall be treated for all purposes as the record holder or
holders of such Conversion Stock at such time. As promptly as practicable on or
after the Conversion Date, the Depositor shall issue and deliver at the office
of the Conversion Agent a certificate or certificates for the number of full
shares of Conversion Stock issuable upon such conversion, together with the cash
payment, if any, in lieu of any fraction of any share calculated by multiplying
the fractional interest by the Conversion Price) to the Person or Persons
entitled to receive the same herein, unless otherwise directed by the Holder in
the Conversion Request, and the Conversion Agent shall distribute such
certificate or certificates to such Person or Persons.

    
      
         

      

      
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    (v)             
Upon delivery of a Conversion Request with respect to Preferred Securities, such
Preferred Securities (and the related amount of Debentures) will represent only
the right to receive the appropriate amount of Conversion Stock (and any accrued
but unpaid Distributions through the record date for Distributions most recently
preceding, but not including, the date of the Conversion Notice); provided,
however, that if the Conversion Notice is rejected by the Conversion Agent for
any reason (e.g., failure to complete all required information), the relevant
Preferred Securities and Debentures shall remain outstanding unless an until a
Conversion Notice in proper form is received and accepted by the Conversion
Agent.

    

    (c)           The
Preferred Securities shall be convertible at the office of the Conversion Agent
into fully paid and nonassessable shares of Company Common Stock upon the
Mandatory Conversion Date, or pursuant to the Holder's delivery of a Conversion
Notice, together with (if the Preferred Securities are held in certificated
form) the certificate representing the Preferred Security to be
converted,  in proper form to the Conversion Agent, at an initial
conversion ratio provided for in the Indenture of 40 shares of Company Common
Stock per $1,000 liquidation value of Preferred Securities or principal amount
of Debentures, representing a conversion price of $25.00 per share of Conversion
Stock issued, subject to certain adjustments set forth in the terms of the
Indenture (as so adjusted, the "Conversion Price").  The
Conversion Agent shall deliver the shares of Conversion Stock to the
converting Holder (or such other Person or Persons as the converting Holder may
permissibly designate) free and clear of all liens, charges, security interests
and encumbrances, except for United States withholding taxes.

    

    (d)           Each
Holder of a Preferred Security by acceptance thereof appoints the Conversion
Agent as such Holder's agent for the purpose of effecting the conversion of
Trust Securities in accordance with this Section 5. In effecting the
conversion and transactions described in Section 5(b), the Conversion Agent
shall be acting as agent of the Holder directing it to effect such conversion
transactions. The Conversion Agent is hereby authorized (i) to exchange
Preferred Securities from time to time for Debentures held by the Trust in
connection with the conversion of such Preferred Securities under this Section
5, and (ii) to convert all or a portion of the Debentures into Company
Common Stock and thereupon to deliver such shares of Conversion Stock in
accordance with the provisions of this Section 5 and to deliver to the
Trust a new Debenture or Debentures for any resulting unconverted principal
amount.

    

    (e)           The
Depositor shall pay any and all taxes that may be payable in respect of the
issue or delivery of shares of Conversion Stock hereunder. The Depositor shall
not, however, be required to pay any tax that may be payable in respect of any
transfer involved in the issue and delivery of shares of Conversion Stock in a
name other than that in which the Preferred Securities so converted were
registered, and no such issue or delivery shall be made unless and until the
person requesting such issue or delivery has paid to the Trust the amount of any
such tax or has established to the satisfaction of the Trust that it has been
paid.

    

    (f)           Nothing
in this Section 5 shall (1) limit the requirements of the Trust to withhold
taxes pursuant to the terms of the Trust Securities or as set forth in this
Trust Agreement or (2) otherwise require the Property Trustee, the Delaware
Trustee or the Trust to pay any amount on account of such
withholdings.

    
      
         

      

      
        I-9

        
          

        

      

      
         

      

    

    

    6.            Voting Rights - Preferred
Securities.

    

    (a)           Except
as provided under Sections 6(b) and 8 and as otherwise required by law and the
Trust Agreement, the Holders of the Preferred Securities will have no voting
rights.

    

    (b)           So
long as any Debentures are held by the Property Trustee, the Trustees shall not
(i) direct the time, method and place of conducting any proceeding for any
remedy available to the Debenture Trustee, or executing any trust or power
conferred on such Debenture Trustee with respect to the Debentures, (ii) waive
any past default that is waivable under Section 5.07 of the Indenture, (iii)
exercise any right to rescind or annul a declaration of acceleration of the
maturity of the principal of the Debentures or (iv) consent to any amendment,
modification or termination of the Indenture or the Debentures, where such
consent shall be required, without, in each case, obtaining the prior approval
of the Holders of a Majority in Liquidation Amount of all outstanding Preferred
Securities; provided, however, that where a consent under the Indenture would
require the consent of each holder of Debentures affected thereby, no such
consent shall be given by the Property Trustee without the prior approval of
each Holder of the Preferred Securities.  The Trustees shall not
revoke any action previously authorized or approved by a vote of the Holders of
the Preferred Securities except by subsequent vote of such
Holders.  The Property Trustee shall notify each Holder of Preferred
Securities of any notice of default with respect to the
Debentures.  In addition to obtaining the foregoing approvals of such
Holders of the Preferred Securities, prior to taking any of the foregoing
actions, the Trustees shall obtain an opinion of counsel experienced in such
matters to the effect that the Trust will not be classified as an association
taxable as a corporation for United States federal income tax purposes on
account of such action.

    

    If an Event of Default under the Trust
Agreement has occurred and is continuing and such event is attributable to the
failure of the Debenture Issuer to pay principal of or premium, if any, or
interest on the Debentures on any due date (including any Interest Payment Date
or prepayment date or Stated Maturity), then a Holder of Preferred Securities
may directly institute a proceeding for enforcement of payment to such Holder of
the principal of or premium, if any, or interest on a Like Amount of Debentures
(a "Direct Action") on or after the respective due date specified in the
Debentures.  In connection with such Direct Action, the rights of the
Common Securities Holder will be subrogated to the rights of such Holder of
Preferred Securities to the extent of any payment made by the Debenture Issuer
to such Holder of Preferred Securities in such Direct Action.  Except
as provided in the second preceding sentence, the Holders of Preferred
Securities will not be able to exercise directly any other remedy available to
the holders of the Debentures.

    

    Any approval or direction of Holders of
Preferred Securities may be given at a separate meeting of Holders of Preferred
Securities convened for such purpose, at a meeting of all of the Holders of
Securities in the Trust or pursuant to written consent.  The Property
Trustee will cause a notice of any meeting at which Holders of Preferred
Securities are entitled to vote, or of any matter upon which action by written
consent of such Holders is to be taken, to be mailed to each Holder of record of
Preferred Securities.  Each such notice will include a statement
setting forth (i) the date of such meeting or the date by which such action is
to be taken, (ii) a description of any resolution proposed for adoption at such
meeting on which such Holders are entitled to vote or of such matter upon which
written consent is sought and (iii) instructions for the delivery of proxies or
consent.

    
      
         

      

      
        I-10

        
          

        

      

      
         

      

    

    

    No vote or consent of the Holders of
the Preferred Securities will be required for the Trust to redeem and cancel
Preferred Securities or to distribute the Debentures in accordance with the
Trust Agreement and the terms of the Securities.

    

    Notwithstanding that Holders of
Preferred Securities are entitled to vote or consent under any of the
circumstances described above, any of the Preferred Securities that are owned by
the Depositor or any Affiliate of the Depositor shall not be entitled to vote or
consent and shall, for purposes of such vote or consent, be treated as if they
were not outstanding.

    

    7.            Voting Rights - Common
Securities.

    

    (a)           Except
as provided under Sections 7(b), 7(c) and 8 as otherwise required by law and the
Trust Agreement, the Holders of the Common Securities will have no voting
rights.

    

    (b)           Unless
a Debenture Event of Default shall have occurred and be continuing, any Trustee
may be removed at any time by the Holder of the Common Securities.  If
a Debenture Event of Default has occurred and is continuing, the Property
Trustee and the Delaware Trustee may be removed at such time by the holders of a
Majority in Liquidation Amount of the outstanding Preferred
Securities.  In no event will the Holders of the Preferred Securities
have the right to vote to appoint, remove or replace the Administrative
Trustees, which voting rights are vested exclusively in the Depositor as the
holder of the Common Securities.  No resignation or removal of a
Trustee and no appointment of a successor trustee shall be effective until the
acceptance of appointment by the successor trustee in accordance with the
provisions of the Trust Agreement.

    

    (c)           So
long as any Debentures are held by the Property Trustee, the Trustees shall not
(i) direct the time, method and place of conducting any proceeding for any
remedy available to the Debenture Trustee, or executing any trust or power
conferred on such Debenture Trustee with respect to the Debentures, (ii) waive
any past default that is waivable under Section 5.07 of the Indenture, (iii)
exercise any right to rescind or annul a declaration of acceleration of the
maturity of the principal of the Debentures or (iv) consent to any amendment,
modification or termination of the Indenture or the Debentures, where such
consent shall be required, without, in each case, obtaining the prior approval
of the Holders of a Majority in Liquidation Amount of all outstanding Common
Securities; provided, however, that where a consent under the Indenture would
require the consent of each holder of Debentures affected thereby, no such
consent shall be given by the Property Trustee without the prior approval of
each Holder of the Common Securities.  The Trustees shall not revoke
any action previously authorized or approved by a vote of the Holders of the
Common Securities except by subsequent vote of such Holders.  The
Property Trustee shall notify each Holder of Common Securities of any notice of
default with respect to the Debentures.  In addition to obtaining the
foregoing approvals of such Holders of the Common Securities, prior to taking
any of the foregoing actions, the Trustees shall obtain an Opinion of Counsel
experienced in such matters to the effect that the Trust will not be classified
as an association taxable as a corporation for United States federal income tax
purposes on account of such action.

    
      
         

      

      
        I-11

        
          

        

      

      
         

      

    

    

    If an Event of Default under the Trust
Agreement has occurred and is continuing and such event is attributable to the
failure of the Debenture Issuer to pay principal of or premium, if any, or
interest on the Debentures on the due date (including any Interest Payment Date
or prepayment date or Stated Maturity) (or in the case of redemption, on the
redemption date), then a Holder of Common Securities may institute a Direct
Action for enforcement of payment to such Holder of the principal of or premium,
if any, or interest on a Like Amount of Debentures on or after the respective
due date specified in the Debentures.  In connection with Direct
Action, the rights of the Holders of Preferred Securities will be subrogated to
the rights of such Holder of Common Securities to the extent of any payment made
by the Debenture Issuer to such Holder of Common Securities in such Direct
Action.  Except as provided in the second preceding sentence, the
Holders of Common Securities will not be able to exercise directly any other
remedy available to the holders of the Debentures.

    

    Any approval or direction of Holders of
Common Securities may be given at a separate meeting of Holders of Common
Securities convened for such purpose, at a meeting of all of the Holders of
Securities in the Trust or pursuant to written consent.  The
Administrative Trustees will cause a notice of any meeting at which Holders of
Common Securities are entitled to vote, or of any matter upon which action by
written consent of such Holders is to be taken, to be mailed to each Holder of
record of Common Securities.  Each such notice will include a
statement setting forth (i) the date of such meeting or the date by which such
action is to be taken, (ii) a description of any resolution proposed for
adoption at such meeting on which such Holders are entitled to vote or of such
matter upon which written consent is sought and (iii) instructions for the
delivery of proxies or consents.

    

    No vote or consent of the Holders of
the Common Securities will be required for the Trust to redeem and cancel Common
Securities or to distribute the Debentures in accordance with the Trust
Agreement and the terms of the Securities.

    
      
         

      

      
        I-12

        
          

        

      

      
         

      

    

    

    8.         
   Amendments to
Trust Agreement and Indenture.

    

    In addition to the requirements set out
in Section 12.1 of the Trust Agreement, the Trust Agreement may be amended from
time to time by the Depositor and the Trustees, without the consent of the
Holders of the Securities (i) to cure any ambiguity, correct or supplement any
provisions in the Trust Agreement that may be inconsistent with any other
provisions, or to make any other provisions with respect to matters or questions
arising under the Trust Agreement which shall not be inconsistent with the other
provisions of the Trust Agreement, or (ii) to modify, eliminate or add to any
provisions of the Trust Agreement to such extent as shall be necessary (A) to
ensure that the Trust will be classified for United States federal income tax
purposes as a grantor trust at all times that any Securities are outstanding,
(B)to ensure that the Trust will not be required to register as an "investment
company" under the Investment Company Act, or (C) to ensure that the proceeds
from the sale of the Securities will constitute "Tier 1 capital" under capital
adequacy requirements which may be applicable to the Depositor; provided, however, that in the
case of clause (i), such action shall not adversely affect in any material
respect the interests of any Holder of Securities.  Any amendments of
the Trust Agreement pursuant to the foregoing shall become effective when notice
thereof is given to the holders of the Securities.  The Trust
Agreement also may be amended by the Trustees and the Depositor with (i) the
consent of Holders representing a Majority in Liquidation Amount of all
outstanding Securities, and (ii) receipt by the Trustees of an Opinion of
Counsel to the effect that such amendment or the exercise of any power granted
to the Trustees in accordance with such amendment will not affect the Trust's
status as a grantor trust for United States federal income tax purposes or the
Trust's exemption from status as an investment company under the Investment
Company Act, provided that, without the
consent of each Holder of Trust Securities, the Trust Agreement may not be
amended to (i) change the amount or timing of any Distribution on the Trust
Securities or otherwise adversely affect the amount of any Distribution required
to be made in respect of the Trust Securities as of a specified date or (ii)
restrict the right of a holder of Trust Securities to institute suit for the
enforcement of any such payment on or after such date.

    

    9.         
   Pro
Rata.

    

    A reference in these terms of the
Securities to any payment, distribution or treatment as being "Pro Rata" shall
mean pro rata to each Holder of Securities according to the aggregate
Liquidation Amount of the Securities held by the relevant Holder in relation to
the aggregate Liquidation Amount of all Securities outstanding unless, in
relation to a payment, an Event of Default under the Trust Agreement has
occurred and is continuing, in which case any funds available to make such
payment shall be paid first to each Holder of the Preferred Securities pro rata
according to the aggregate Preferred Liquidation Amount of Preferred Securities
held by the relevant Holder relative to the aggregate Preferred Liquidation
Amount of all Preferred Securities outstanding, and only after satisfaction of
all amounts owed to the Holders of the Preferred Securities, to each Holder of
Common Securities pro rata according to the aggregate Common Liquidation Amount
of Common Securities held by the relevant Holder relative to the aggregate
Common Liquidation Amount of all Common Securities outstanding.

    

    10.           Ranking.

    

    The Preferred Securities rank pari passu with the Common
Securities and payment thereon shall be made Pro Rata with the Common
Securities, except that, if an Event of Default under the Trust Agreement occurs
and is continuing, no payments in respect of Distributions on, or payments upon
liquidation, redemption or otherwise with respect to, the Common Securities
shall be made until the Holders of the Preferred Securities shall be paid in
full the Distributions, Redemption Price, Liquidation Distribution and other
payments to which they are entitled at such time.

    

    11.           Acceptance of Securities Guaranty and
Indenture.

    

    Each Holder of Preferred Securities and
Common Securities, by the acceptance thereof, agrees to the provisions of the
Preferred Securities Guaranty, including the subordination provisions therein,
and to the provisions of the Indenture.

    
      
         

      

      
        I-13

        
          

        

      

      
         

      

    

    

    12.           No Preemptive
Rights.

    

    The Holders of the Securities shall
have no preemptive rights or similar rights to subscribe for any additional
securities.

    

    13.           Miscellaneous.

    

    These terms constitute a part of the
Trust Agreement.

    

    The Depositor will provide a copy of
the Trust Agreement, the Preferred Securities Guaranty and the Indenture
(including any supplemental indenture) to a Holder without charge on written
request to the Depositor at its principal place of
business.

    
      
         

      

      
        I-14

        
          

        

      

      
         

      

    

    EXHIBIT
A-1

    

    FORM
OF PREFERRED SECURITY CERTIFICATE

    

    [Restricted
Securities Legend]

    

    THIS PREFERRED SECURITY WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), AND HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT, OR ANY APPLICABLE STATE SECURITIES LAW.  THIS
PREFERRED SECURITY HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO OR
FOR RESALE IN CONNECTION WITH THE DISTRIBUTION THEREOF.  NO
DISPOSITION OF THIS SECURITY MAY BE MADE IN THE ABSENCE OF (I) AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (II) PURSUANT TO AN EXEMPTION
FROM OR A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT OR APPLICABLE STATE SECURITIES LAW.

    

    EACH PURCHASER OF THIS SECURITY IS
HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A OR
REGULATION D THEREUNDER.  EACH HOLDER OF THIS SECURITY REPRESENTS TO
SERVISFIRST CAPITAL TRUST II THAT (A) SUCH HOLDER WILL NOT SELL, PLEDGE OR
OTHERWISE TRANSFER THIS SECURITY (WITHOUT THE CONSENT OF SERVISFIRST CAPITAL
TRUST II) OTHER THAN (I) TO SERVISFIRST CAPITAL TRUST II, (II) IN THE UNITED
STATES TO A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION COMPLYING WITH THE REQUIREMENTS OF RULE 144A
UNDER THE SECURITIES ACT, (III) IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES
ACT, (IV) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT SUBJECT IN THE CASE OF CLAUSE (II), (III) OR (IV) TO THE RECEIPT
BY THE REGISTRAR (AND SERVISFIRST CAPITAL TRUST II, IF IT SO REQUESTS) OF AN
OPINION OF COUNSEL OR SUCH OTHER EVIDENCE ACCEPTABLE TO SERVISFIRST CAPITAL
TRUST II THAT SUCH RESALE, PLEDGE OR TRANSFER IS EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT, AND THAT (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS REFERRED TO
HEREIN AND DELIVER TO THE TRANSFEREE (OTHER THAN A QUALIFIED INSTITUTIONAL
BUYER) PRIOR TO THE SALE A COPY OF THE TRANSFER RESTRICTIONS APPLICABLE HERETO
(COPIES OF WHICH MAY BE OBTAINED FROM THE TRUSTEE).

    
      
         

      

      
        A1-1

        
          

        

      

      
         

      

    

    

    [Certificated
Securities Legend]

    

    IN CONNECTION WITH ANY TRANSFER, THE
HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND
OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT
THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

    

    [Global
Securities Legend]

    

    THIS PREFERRED SECURITY IS A GLOBAL
PREFERRED SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE
"CLEARING AGENCY") OR A NOMINEE OF THE CLEARING AGENCY.  THIS
PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS
PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE
BY THE CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE OF
THE CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING
AGENCY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

    

    UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION ("DTC"), NEW YORK, NEW YORK, TO SERVISFIRST CAPITAL TRUST II OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

    

    TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OR PORTIONS OF THIS
GLOBABL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE TRUST AGREEMENT.

    
      
         

      

      
        A1-2

        
          

        

      

      
         

      

    

    [FORM OF
FACE OF SECURITY]

    

    
      
        	
                Certificate
      Number

              	
                Number
      of Preferred Securities

              
	 
      	
                CUSIP
      NO.

              

      

    

    

    Certificate
Evidencing Preferred Securities of

    SERVISFIRST
CAPITAL TRUST II

    

    6.0%
Preferred Securities

    (Liquidation
Amount $1,000 per Preferred Security)

    

    SERVISFIRST CAPITAL TRUST II, a
statutory trust created under the laws of the State of Delaware (the "Trust"),
hereby certifies that                       
(the "Holder") is the registered owner of                   
[or such other amount as is indicated on Schedule A hereto]* Preferred Securities of
the Trust representing undivided beneficial interests in the assets of the Trust
designated the 6.0% Preferred Securities (Liquidation Amount $1,000 per
Preferred Security) (the "Preferred Securities").  The Preferred
Securities are transferable on the books and records of the Trust, in person or
by a duly authorized attorney, upon surrender of this certificate duly endorsed
and in proper form for transfer.  The designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred
Securities represented hereby are issued and shall in all respects be subject to
the provisions of the Amended and Restated Trust Agreement of the Trust dated as
of March 15, 2010, as the same may be amended from time to time (the "Trust
Agreement"), including the designation of the terms of the Preferred Securities
as set forth in Annex I to the Trust Agreement.  Capitalized terms
used but not defined herein shall have the meaning given them in the Trust
Agreement.  The Depositor will provide a copy of the Trust Agreement,
the Preferred Securities Guaranty and the Indenture to a Holder without charge
upon written request to the Trust at its principal place of
business.

    

    Upon receipt of this certificate, the
Holder is bound by the Trust Agreement and is entitled to the benefits
thereunder and to the benefits of the Preferred Securities Guaranty to the
extent provided therein.

    

    By its acceptance hereof, the Holder
agrees to treat, for United States federal income tax purposes, the Debentures
as indebtedness and the Preferred Securities as evidence of indirect beneficial
ownership in the Debentures.

    

    IN WITNESS WHEREOF, an Administrative
Trustee on behalf of the Trust has duly executed this certificate.

    

    
      
        
          
            	
                    Date:  ___________________

                  	
                    SERVISFIRST
      CAPITAL TRUST II

                  
	 
      	 
      	 
      
	 
      	
                    By:  

                  	 
      
	 
      	 
      	
                    Name:

                  
	 
      	 
      	
                    Title:  Administrative
      Trustee

                  

          

        

      

    

     

    
      
        

      

      *
Insert in the Global Preferred Security only.

    

     

    
      
         

      

      
        A1-3

        
          

        

      

      
         

      

    

    

    PROPERTY
TRUSTEE'S CERTIFICATE OF AUTHENTICATION

    

    This is
one of the Preferred Securities referred to in the within-mentioned Trust
Agreement.

    

    
      
        
          	
                  WILMINGTON
      TRUST COMPANY,

                
	
                  as
      Property Trustee

                
	 
      	 
      
	
                  By:  

                	 
      
	 
      	
                  Authorized
      Officer

                
	 
      	 
      
	 
      	
                  [SEAL]

                

        

      

    

    
      
         

      

      
        A1-4

        
          

        

      

      
         

      

    

    [FORM OF
REVERSE OF SECURITY]

    

    During the Interest Period,
Distributions payable on each Preferred Security will be fixed at a rate per
annum of 6.0% (the "Coupon Rate") of the Liquidation Amount of $1,000 per
Preferred Security (the "Liquidation Amount"), such distribution rate being the
rate of interest payable on the Debentures to be held by the Property
Trustee.  The "Interest Period" means the period commencing on the
original issue date and ending on March 15, 2040.

    

    Distributions in arrears for more than
one quarterly period will bear interest thereon compounded quarterly at the
Coupon Rate (to the extent permitted by applicable law).  The term
"Distributions", as used herein, includes such cash distributions and any such
interest payable unless otherwise stated.  A Distribution is payable
only to the extent that payments are made in respect of the Debentures held by
the Property Trustee and to the extent the Property Trustee has funds on hand
legally available therefor.

    

    Distributions on the Preferred
Securities will be cumulative, will accumulate from the most recent date to
which Distributions have been paid or, if no Distributions have been paid, from
March 15, 2010, and will be payable quarterly in arrears, on June 15, September
15, December 15 and March 15 of each year, commencing on June 15, 2010, except
as otherwise described below and in the Trust
Agreement.  Distributions will be computed on the basis of the actual
number of days elapsed over a 360-day year of 30-day months.  As long
as no Event of Default has occurred and is continuing under the Indenture, the
Debenture Issuer has the right under the Indenture to defer payments of interest
by extending the interest payment period at any time and from time to time on
the Debentures for a period not exceeding 20 consecutive calendar quarterly
periods, including the first such quarterly period during such extension period
(each an "Extension Period"), provided that no Extension Period shall extend
beyond the Stated Maturity of the Debentures.  As a consequence of
such deferral, Distributions will also be deferred.  Despite such
deferral, quarterly Distributions will continue to accumulate with interest
thereon (to the extent permitted by applicable law, but not at a rate exceeding
the rate of interest then accruing on the Debentures) at the Coupon Rate
compounded quarterly during any such Extension Period.  Prior to the
termination of any such Extension Period, the Debenture Issuer may further defer
payments of interest by further extending such Extension Period; provided that
such Extension Period, together with all such previous and further extensions
within such Extension Period, may not exceed 20 consecutive quarterly periods,
including the first quarterly period during such Extension Period, or extend
beyond the Stated Maturity of the Debentures.  Payments of
Distributions that have accumulated but not been paid during any Extension
Period will be payable to Holders as they appear on the books and records of the
Trust on the records of the Trust on the record date for the first scheduled
Distribution Date following the expiration of such first record date after the
end of the Extension Period.  Upon the expiration of any Extension
Period and the payment of all amounts then due, the Debenture Issuer may
commence a new Extension Period, subject to the above requirements.

    

    Subject to certain conditions set forth
in the Trust Agreement and the Indenture, the Property Trustee shall, at the
direction of the Depositor, at any time liquidate the Trust and cause the
Debentures to be distributed to the holders of the Securities in liquidation of
the Trust or, simultaneous with any redemption of the Debentures, cause a Like
Amount of the Securities to be redeemed by the Trust.

    
      
         

      

      
        A1-5

        
          

        

      

      
         

      

    

    

    The Preferred Securities shall be
redeemable as provided in the Trust Agreement.

    

    Any Holder has the right, exercisable
at any time after issuance, and on or before the close of business on the
Business Day immediately preceding the date of repayment of the Preferred
Securities, whether at maturity or upon redemption, to convert the Preferred
Securities held by such holder (or any portion thereof with a liquidation amount
that is an integral multiple of $5,000) into fully paid and nonassessable shares
of Company Common Stock at an initial conversion price of $25.00 per share of
Company Common Stock, subject to adjustment under certain circumstances (the
"Conversion Price"). The number of shares of Company Common Stock issuable upon
conversion of Preferred Securities shall be determined by dividing (1) the
aggregate liquidation amount of the Preferred Securities to be converted by
(B) the Conversion Price. No fractional shares of Company Common Stock
shall be issued upon conversion and, in lieu thereof, a cash payment shall be
made for any fractional interest, based upon Conversion Price. The outstanding
liquidation of any Preferred Security shall be reduced by the portion of the
principal amount thereof converted into shares of Company Common
Stock.

    

                    To
convert a Preferred Security, a Holder must (i) complete and sign a
Conversion Request substantially in the form attached hereto,
(ii) surrender the Preferred Security (if in certificated form) to the
Conversion Agent, (iii) furnish appropriate endorsements or transfer
documents if required by the Preferred Security Registrar or Conversion Agent,
and (iv) pay any transfer or similar tax, if required. If a Conversion
Request is delivered on or after the regular record date and prior to the
subsequent Distribution Date, the Securityholder shall be required to pay to the
Company the amount of the Distribution to be made on the subsequent Distribution
Date, and shall be entitled to receive the Distribution payable on the
subsequent Distribution Date, on the portion of Preferred Securities to be
converted notwithstanding the conversion thereof prior to such Distribution
Date. Notwithstanding the foregoing, if, during an Extended Interest Payment
Period, a notice of redemption is mailed pursuant to the Trust Agreement and a
Preferred Security is converted after such mailing but prior to the relevant
redemption date, all accrued but unpaid Distributions through the date of
conversion shall be paid to the Holder on the redemption date. Except as
otherwise provided in the immediately preceding two sentences, in the case of
any Preferred Security which is converted, Distributions with a Distribution
Date which is after the date of conversion of such Preferred Security shall not
be payable, and the Trust shall not make or be required to make any other
payment, adjustment or allowance with respect to accrued but unpaid
Distributions on the Preferred Securities being converted, which shall be deemed
to be paid in full. If any Preferred Security called for redemption is
converted, any money deposited with the Debenture Trustee or with any Paying
Agent or so segregated and held in trust for the redemption of such Preferred
Security shall be paid to the Company upon Company request or, if then held by
the Company, shall be discharged from such trust.

    

    To the extent not previously prepaid
pursuant or converted into shares of Company Stock, all Preferred Securities
will automatically and mandatorily convert into shares of Company Common Stock
on the Mandatory Conversion Date, March 15, 2013, at the Conversion
Price.

    
      
         

      

      
        A1-6

        
          

        

      

      
         

      

    

    

    ASSIGNMENT

    

    FOR VALUE
RECEIVED, the undersigned assigns and transfers this Preferred Security
Certificate to:

     

                                                                                        

                                                                                        

                                                                                        

    (Insert
assignee's social security or tax identification number)

    

                                                                                        

                                                                                        

                                                                                        

    (Insert
address and zip code of assignee)

    

    and
irrevocably appoints

    

                                                                                        

                                                                                        

                                                                                         agent to transfer this
Preferred Security Certificate on the books of the Trust.  The agent
may substitute another to act for him or her.

    

    Date:
                                           

    

    Signature:
                                                                                                            

    (Sign
exactly as your name appears on the other side of this Preferred Security
Certificate)

    

    Signature
Guarantee*:                                                                                                             

    

    
      
        

      

       

    

    *           Signature
must be guaranteed by an "eligible guarantor institution" that is a bank,
stockbroker, savings and loan association or credit union meeting the
requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as in effect from time to
time.

    
      
         

      

      
        A1-7

        
          

        

      

      
         

      

    

    FORM
OF CONVERSION REQUEST

     

    
      To:          Servisfirst
Capital Trust II. and Wilmington Trust Company, or any successor Conversion
Agent:

    

     

                    The
undersigned owner of these Preferred Securities hereby irrevocably elects to
convert these Securities, or the portion below designated, into Company Common
Stock in accordance with the terms of the Amended and Restated Trust Agreement
(the "Trust Agreement"), dated as of March 15, 2010, between ServisFirst
Bancshares, Inc., and Wilmington Trust Company, as Trustee.

     

                    The
undersigned owner of these Preferred Securities hereby directs the Conversion
Agent to convert such Preferred Securities on behalf of the undersigned, into
Company Common Stock (at the Conversion Price specified in the Trust Agreement).
The undersigned owner of these Preferred Securities also hereby notifies the
Conversion Agent that the shares issuable and deliverable upon conversion,
together with any check in payment for fractional shares, should be issued in
the name of and delivered to the undersigned, unless a different name has been
indicated in the assignment below. (If shares are to be issued in the name of a
person other than the undersigned, the undersigned shall pay all transfer taxes
payable with respect thereto.)

     

                    Date:
____________________

     

                    Liquidation
Amount of Preferred Securities to be converted ($5,000 or integral multiples
thereof):       $                         

     

                    If
a name or names other than the undersigned, please indicate in the spaces below
the name or names in which the shares of Company Common Stock are to be issued,
along with the address or addresses of such person or persons:

     

     (Sign
exactly as your name appears on the other side of this Preferred
Security)

      

                                                                               

    (for
conversion only)

     

    Please
print or type name and address, including zip code, and social security or other
identifying number:

     

    
      
        
          	
                  Name:

                	
                                                                                       

                	 
      
	
                  Address:

                	
                                                                                       

                	 
      
	 
      	
                                                                                       

                	 
      
	 
      	
                                                                                       

                	 
      
	
                  SSN/TIN:

                	
                                                                                       

                	 
      

        

      

    

     

    Signature
Guarantee:*                                                                   

     

    
      	
              *

            	
              Signature
      must be guaranteed by an eligible guarantor institution that is a bank,
      stockbroker, savings and loan association or credit union meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Securities Transfer Agents Medallion Program
      (STAMP) or such other signature guarantee program as may be
      determined by the Registrar in addition to, or in substitution for, STAMP,
      all in accordance with the Securities Exchange Act of
  1934.

            

    

    
      
         

      

      
        A1-8

        
          

        

      

      
         

      

    

    SCHEDULE
A

    

    PREFERRED
SECURITY OWNERSHIP INTEREST TABLE

    

    The initial aggregate liquidation
amount of the Preferred Securities evidenced by the Certificate to which this
Schedule A is attached is $_________________.  The notations on the
following table evidence the decreases and increases in the aggregate principal
amount of the Preferred Securities evidenced by such Certificate.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                          Decrease in

                                          Liquidation

                                          Amount of

                                          Preferred Securities

                                        	 	
                                          Increase in

                                          Liquidation Amount

                                          of Preferred

                                          Securities

                                        	 	
                                          Liquidation Amount

                                          of Preferred Securities

                                          Remaining After Such

                                          Decrease or Increase

                                        	 	
                                          Notation by

                                          Registrar

                                        
	 
      	 	 
      	 	 
      	 	 
      
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        A1-9

        
          

        

      

      
         

      

    

    EXHIBIT
A-2

    

    FORM
OF COMMON SECURITY CERTIFICATE

    

    THIS COMMON SECURITY WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), AND HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT, OR ANY APPLICABLE STATE SECURITIES LAW.  THIS COMMON
SECURITY HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO OR FOR RESALE
IN CONNECTION WITH THE DISTRIBUTION THEREOF.  NO DISPOSITION OF THIS
SECURITY MAY BE MADE IN THE ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR (II) PURSUANT TO AN EXEMPTION FROM OR A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
APPLICABLE STATE SECURITIES LAW.

    
      
         

      

      
        A2-1

        
          

        

      

      
         

      

    

    [FORM OF
FACE OF CERTIFICATE]

    

    
      	
              Certificate
      Number

            	
              Number
      of Common Securities

            

    

    

    Certificate
Evidencing Common Securities

    of

    SERVISFIRST
CAPITAL TRUST II

    6.0%
Common Securities

    (Liquidation
Amount $1 per Common Security)

    

    SERVISFIRST CAPITAL TRUST II, a
statutory trust created under the laws of the State of Delaware (the "Trust"),
hereby certifies that ServisFirst Bancshares, Inc. (the "Holder") is the
registered owner of                   
common securities of the Trust representing undivided beneficial interests in
the assets of the Trust designated the 6.0% Common Securities (liquidation
amount $1 per Common Security) (the "Common Securities").  The Common
Securities are transferable on the books and records of the Trust, in person or
by a duly authorized attorney, upon surrender of this certificate duly endorsed
and in proper form for transfer.  The designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Common
Securities represented hereby are issued and shall in all respects be subject to
the provisions of the Amended and Restated Trust Agreement of the Trust dated as
of March 15, 2010, as the same may be amended from time to time (the "Trust
Agreement"), including the designation of the terms of the Common Securities as
set forth in Annex I to the Trust Agreement.  Capitalized terms used
but not defined herein shall have the meaning given them in the Trust
Agreement.  The Depositor will provide a copy of the Trust Agreement
and the Indenture (including any supplemental indenture) to a Holder without
charge upon written request to the Depositor at its principal place of
business.

    

    Upon receipt of this certificate, the
Holder is bound by the Trust Agreement and is entitled to the benefits
thereunder.

    

    By its acceptance hereof, the Holder
agrees to treat, for United States federal income tax purposes, the Debentures
as indebtedness and the Common Securities as evidence of indirect beneficial
ownership in the Debentures.

    

    IN WITNESS WHEREOF, an Administrative
Trustee on behalf of the Trust has duly executed this certificate.

    

    
      
        	
                Date:  ___________________

              	
                SERVISFIRST
      CAPITAL TRUST II

              
	 
      	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	
                Name:

              	 
      
	 
      	
                Administrative
      Trustee

              

      

    

     

    
      
         

      

      
        A2-2

        
          

        

      

      
         

      

    

    [FORM OF
REVERSE OF SECURITY]

    

    During the Interest Period,
Distributions payable on each Common Security will be fixed at a rate per annum
of 6.0% (the "Coupon Rate") of the liquidation amount of $1 per Common Security
(the "Liquidation Amount"), such distribution rate being the rate of interest
payable on the Debentures to be held by the Property Trustee.  The
"Interest Period" means the period commencing on the issue date and ending on
March 15, 2040.

    

    Distributions in arrears for more than
one quarterly period will bear interest thereon compounded quarterly at the
Coupon Rate (to the extent permitted by applicable law).  The term
"Distributions", as used herein, includes such cash distributions and any such
interest payable unless otherwise stated.  A Distribution is payable
only to the extent that payments are made in respect of the Debentures held by
the Property Trustee and to the extent the Property Trustee has funds available
therefor.

    

    Distributions on the Common Securities
will be cumulative, will accrue from the most recent date to which Distributions
have been paid or, if no Distributions have been paid, from March 15, 2010 and
will be payable quarterly in arrears, on June 15, September 15, December 15 and
March 15 of each year, commencing on June 15, 2010, except as otherwise
described below and in the Trust Agreement.  Distributions will be
computed on the basis of the actual number of days elapsed over a 360-day
year.  As long as no Event of Default has occurred and is continuing
under the Indenture, the Debenture Issuer has the right under the Indenture to
defer payments of interest by extending the interest payment period at any time
and from time to time on the Debentures for a period not exceeding 10
consecutive calendar quarterly periods, including the first such quarterly
period during such extension period (each an "Extension Period"), provided that
no Extension Period shall extend beyond the Stated Maturity of the
Debentures.  As a consequence of such deferral, Distributions will
also be deferred.  Despite such deferral, Distributions will continue
to accumulate with interest thereon (to the extent permitted by applicable law,
but not at a rate exceeding the rate of interest then accruing on the
Debentures) at the Coupon Rate compounded quarterly during any such Extension
Period.  Prior to the termination of any such Extension Period, the
Debenture Issuer may further defer payments of interest by further extending
such Extension Period; provided that such Extension Period, together with all
such previous and further extensions within such Extension Period, may not
exceed 20 consecutive quarterly periods, including the first quarterly period
during such Extension Period, or extend beyond the Stated Maturity of the
Debentures.  Payments of Distributions that have accumulated will be
payable to Holders as they appear on the books and records of the Trust on the
record date for the first Distribution Date following the expiration of such
Extension Period.  Upon the expiration of any Extension Period and the
payment of all amounts then due, the Debenture Issuer may commence a new
Extension Period, subject to the above requirements.

    

    Subject to certain conditions set forth
in the Trust Agreement and the Indenture, the Property Trustee shall, at the
direction of the Depositor, at any time liquidate the Trust and cause the
Debentures to be distributed to the holders to the Securities in liquidation of
the Trust or, simultaneous with any redemption of the Debentures, cause a Like
Amount of the Securities to be redeemed by the Trust.

    
      
         

      

      
        A2-3

        
          

        

      

      
         

      

    

    

    The Common Securities shall be
redeemable as provided in the Trust Agreement.

    

    THIS COMMON SECURITY MAY NOT BE
TRANSFERRED EXCEPT TO SERVISFIRST BANCSHARES, INC. OR A RELATED PARTY (AS
DEFINED IN THE TRUST AGREEMENT).

    
      
         

      

      
        A2-4

        
          

        

      

      
         

      

    

    ______________________

    

    ASSIGNMENT

    

    FOR VALUE
RECEIVED, the undersigned assigns and transfers this Common Security Certificate
to:

    

                                                                                        

                                                                                        

                                                                                        

     (Insert
assignee's social security or tax identification number)

    

                                                                                        

                                                                                        

                                                                                        

    (Insert
address and zip code of assignee)

    

    and
irrevocably appoints

     

                                                                                        

                                                                                        

                                                                                        
agent to transfer this Common Security Certificate on the books of the
Trust.  The agent may substitute another to act for him or
her.

    

    Date:
                                                

    

    Signature:
                                                                                               

    (Sign
exactly as your name appears on the other side of this Common Security
Certificate)

    

    Signature
Guarantee*:                                                                                                         

    

    
      
        

      

    

    

    *           Signature
must be guaranteed by an "eligible guarantor institution" that is a bank,
stockbroker, savings and loan association or credit union meeting the
requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as in effect from time to
time.

    
      
         

      

      
        A2-5

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    FORM
OF TRANSFER CERTIFICATE

    

    In connection with any transfer of any
of the Preferred Securities evidenced by this certificate, the undersigned
confirms that such Preferred Securities are being:

    

    CHECK ONE
BOX BELOW

    

    
      	
               
      

            	
              (1)

            	
               ̈

            	
              exchanged
      for the undersigned's own account without transfer;
  or

            

    

    

    
      	
               
      

            	
              (2)

            	
               ̈

            	
              transferred
      to a person whom the undersigned reasonably believes to be a "qualified
      institutional buyer" as defined in Rule 144A under the Securities Act of
      1933, as amended (the "Securities Act"), who is purchasing such Preferred
      Securities for such buyer's own account or the account of a "qualified
      institutional buyer" in a transaction meeting the requirements of Rule
      144A under the Securities Act and any applicable securities laws of any
      state of the United States or any other jurisdiction;
  or

            

    

    

    
      	
               
      

            	
              (3)

            	
               ̈

            	
              transferred
      to an "accredited investor" within the meaning of Rule 501(a) of
      Regulation D under the Securities Act pursuant to Rule 144 (and based upon
      an opinion of counsel if the Depositor or the Trustee so requests) and, to
      the knowledge of the transferor of the Preferred Securities, such
      accredited investor to whom such Preferred Securities are to be
      transferred is not an "affiliate" (as defined in Rule 144 under the
      Securities Act) of the Company; or

            

    

    

    
      	
               
      

            	
              (4)

            	
               ̈

            	
              transferred
      pursuant to another available exemption from the registration requirements
      of the Securities Act.

            

    

    

    Unless one of the boxes is checked, the
Trustee will refuse to register any of the Preferred Securities evidenced by
this certificate in the name of any person other than the registered Holder
thereof; provided, however, that if box
(3) or (4) is checked, the Company may require, prior to registering any such
transfer of the Preferred Securities, such legal opinions, certifications and
other information as the Company has reasonably requested to confirm that such
transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act, such as the
exemption provided by Rule 144 under the Securities Act; provided, further, that if box
(2) is checked, the transferee must also certify that it is a qualified
institutional buyer as defined in Rule 144A.

    

    
      
        	 
      	 
      
	 
      	
                Signature

              

      

    

     

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

    TO
BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.

    

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

    

    Date:
                                   

    

                                                 

    

    NOTICE:  To
be executed by an executive officer.

    
      
         

      

      
        B-2

        
          

        

      

      
         

      

    

    EXHIBIT
C

    

    FORM
OF LETTER TO BE DELIVERED BY ACCREDITED INVESTORS

    

    ServisFirst Capital
Trust II

    c/o
ServisFirst Bancshares, Inc.

    850
Shades Creek Parkway, Suite 200

    Birmingham,
Alabama 35209

    

    Ladies
and Gentlemen:

    

               The
undersigned is delivering this letter in connection with the prospective
transfer of the 6.0% Trust Preferred Securities (the "Preferred Securities")
of ServisFirst Capital Trust II, a Delaware statutory trust (the
"Trust").  The undersigned understands that the Preferred Securities
were issued in connection with a transaction not involving any public
offering within the United States within the meaning of, or in transactions not
subject to registration under, the Securities Act of 1933, as amended (the
"Securities Act"), and that the Preferred Securities have not been registered
under the Securities Act or any applicable state securities law.

    

               The
undersigned agrees, on its own behalf and on behalf of each account for which
the undersigned may acquire any Preferred Securities, that prior to the
expiration of the holding period applicable to sales of restricted securities
pursuant to Rule 144 under the Securities Act, the Preferred Securities may be
offered, resold, pledged or otherwise transferred only in accordance with any
applicable securities laws of any state of the United States or any other
applicable jurisdiction (i) (a) so long as the Preferred Securities are eligible
for resale pursuant to Rule 144A, to a person the seller reasonably believes is
a "qualified institutional buyer" (as defined in Rule 144A under the Securities
Act) that purchases for its own account or for the account of a qualified
institutional buyer to whom notice is given that the resale, pledge or transfer
is being made in reliance on Rule 144A, (b) in a transaction meeting the
requirements of Rule 144 under the Securities Act, or (c) in accordance with
another exemption from the registration requirements of the Securities Act,
provided that in the case of a transfer, pledge or sale pursuant to this clause
(c), such transfer is subject to the receipt by the registrar (and ServisFirst
Bancshares, Inc (the "Company"), if it so requests) of a certification of the
transferor and an opinion of counsel to the effect that such transfer is in
compliance with the Securities Act, (ii) to the Company or its affiliates, (iii)
pursuant to an effective registration statement under the Securities Act and
(iv) in each case, in accordance with any applicable securities laws of the
United States or any other applicable jurisdiction and in accordance with the
legends set forth on the Preferred Securities.  The undersigned
further agrees to provide any person purchasing any of the Preferred Securities
from the undersigned a notice advising such purchaser that resales of such
Preferred Securities are restricted as stated herein.  The undersigned
understands that the registrar for the Preferred Securities will not be required
to accept for registration of transfer any Preferred Securities, except upon
presentation of evidence satisfactory to the Company that the foregoing
restrictions on transfer have been complied with.  The undersigned
further understands that the Preferred Securities will bear a legend reflecting
the substance of this paragraph.

    
      
         

      

      
        C-1

        
          

        

      

      
         

      

    

               The
undersigned confirms that:

    

               (i)          the
undersigned is an "accredited investor" within the meaning of Rule 501(a) under
the Securities Act (an "Accredited Investor");

    

               (ii)         any
purchase of Preferred Securities by the undersigned will be for the
undersigned's own account or for the account of one or more Accredited Investors
or as fiduciary for the account of one or more trusts, each of which is an
"accredited investor" within the meaning of Rule 501(a) under the Securities Act
and for each of which the undersigned exercises sole investment
discretion;

    

               (iii)        the
undersigned has such knowledge and experience in financial and business matters
that the undersigned is capable of evaluating the merits and risks of purchasing
Preferred Securities;

    

               (iv)        the
undersigned is not acquiring Preferred Securities with a view to distribution
thereof or with any present intention of offering or selling Preferred
Securities, except as permitted above; provided that the disposition of the
undersigned's property and property of any accounts for which the undersigned is
acting as fiduciary shall remain at all times within the undersigned's control;
and

    

    (vi)    
   the undersigned has received a copy of the Confidential
Offering Memorandum relating to the Preferred Securities and acknowledges that
the undersigned has had access to such financial and other information, and has
been afforded the opportunity to ask such questions of representatives of the
Company and receive answers thereto, as the undersigned deems necessary in
connection with the undersigned's decision to purchase Preferred
Securities.

    

               The
undersigned acknowledges that the Company, others and you will rely upon the
undersigned's confirmations, acknowledgements and agreements set forth herein,
and the undersigned agrees to notify you promptly in writing if any of the
representations or warranties herein ceases to be accurate and complete. You are
entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal
proceeding or official inquiry with respect to the matters covered
hereby.

    

               Date:                                        

    

    
      
        	
                (Institutional
      Purchaser)

              	
                  OR  

              	
                (Individual
      Purchaser)

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                Name
      of Institutional Purchaser

              	 
      	
                Name:

              
	 
      	 
      	
                Address:

              
	 
      	 
      	 
      
	
                By:

              	 
      	 
      	 
      
	
                Name:

              	 
      	 
      
	
                Title:

              	 
      	 
      
	
                Address:

              	 
      	 
      

      

    

     

    
      
         

      

      
        C-2

        
          

        

      

      
         

      

    

    EXHIBIT
D

    

    CERTIFICATE
TO TRUSTEE

    

    Pursuant to Section 2.4 of the Amended
and Restated Trust Agreement between ServisFirst Bancshares, Inc. as the Company
(the "Company'), and Wilmington Trust Company, as Trustee, dated as of March 15,
2010 (the "Trust Agreement"), the undersigned hereby certifies as
follows:

    

    
      	
               
      

            	
              1.

            	
              In
      my capacity as an officer of the Company, I would normally have knowledge
      of any default by the Company during the last fiscal year in the
      performance of any covenants of the Company contained in the
      Indenture.

            

    

    

    
      	
               
      

            	
              2.

            	
              [To
      my knowledge, the Company is not default in the performance of any
      covenants contained in the
Indenture.

            

    

    

    
      	
               
      

            	
              or,
      alternatively:

            

    

    

    
      	
               
      

            	
              I
      am aware of the default(s) in the performance of covenants in the
      Indentures, as specified below.]  PLEASE
      PICK THE ONE THAT APPLIES and DELETE THE ONE THAT DOES NOT.

            

    

    

    Capitalized terms used herein, and not
otherwise defined herein, have the respective meanings ascribed to thereto in
the Indenture.

    

    IN WITNESS WHEREOF, the undersigned has
executed this Officers' Certificate.

    

    Date:  ________
___, 20__

    

    
      
        
          	 
      	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                
	 
      	 
      
	 
      	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

    

     

    
      
         

      

      
        D-1EXHIBIT
10.2

    
      
        
          
            
              
                	
                         

                      

              

            

          

        

      

    

    
       

    

    SERVISFIRST
BANCSHARES, INC.

     

    INDENTURE

     

    
      

    

     

    WILMINGTON
TRUST COMPANY

     

    as
Trustee

     

    
      

    

     

    6.0%
JUNIOR SUBORDINATED MANDATORY CONVERTIBLE DEFERRABLE 

     

    INTEREST
DEBENTURES

     

    March
15, 2010

    
      
        
          
            
              
                
                  	
                           

                        

                

              

            

          

        

      

      
           

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      TABLE OF
CONTENTS

      
        
          
            
              	 
      	 
      	
                      Page

                    
	 
	
                      ARTICLE
      I

                    
	 
      	 
      	 
      
	
                      DEFINITIONS

                    
	 
      	 
      	 
      	 
      
	
                      Section
      1.1

                    	
                      Definitions

                    	
                      1

                    	 
      
	 
      	 
      	 
      	 
      
	
                      ARTICLE
      II

                    
	 
      	 
      	 
      
	
                      SECURITIES

                    
	 
      	 
      	 
      	 
      
	
                      Section
      2.1

                    	
                      Forms
      Generally

                    	
                      10

                    	 
      
	
                      Section
      2.2

                    	
                      Execution
      and Authentication

                    	
                      10

                    	 
      
	
                      Section
      2.3

                    	
                      Form
      and Payment

                    	
                      10

                    	 
      
	
                      Section
      2.4

                    	
                      Legends

                    	
                      11

                    	 
      
	
                      Section
      2.5

                    	
                      Global
      Security

                    	
                      11

                    	 
      
	
                      Section
      2.6

                    	
                      Interest

                    	
                      12

                    	 
      
	
                      Section
      2.7

                    	
                      Transfer
      and Exchange

                    	
                      13

                    	 
      
	
                      Section
      2.8

                    	
                      Replacement
      Securities

                    	
                      14

                    	 
      
	
                      Section
      2.9

                    	
                      Treasury
      Securities

                    	
                      14

                    	 
      
	
                      Section
      2.10

                    	
                      Temporary
      Securities

                    	
                      15

                    	 
      
	
                      Section
      2.11

                    	
                      Cancellation

                    	
                      15

                    	 
      
	
                      Section
      2.12

                    	
                      Defaulted
      Interest

                    	
                      15

                    	 
      
	
                      Section
      2.13

                    	
                      CUSIP
      Numbers

                    	
                      16

                    	 
      
	 
      	 
      	 
      	 
      
	
                      ARTICLE
      III

                    
	 
      	 
      	 
      	 
      
	
                      PARTICULAR
      COVENANTS OF THE COMPANY

                    
	 
      	 
      	 
      	 
      
	
                      Section
      3.1

                    	
                      Payment
      of Principal, Premium and Interest

                    	
                      17

                    	 
      
	
                      Section
      3.2

                    	
                      Offices
      for Notices and Payments, etc.

                    	
                      17

                    	 
      
	
                      Section
      3.3

                    	
                      Appointments
      to Fill Vacancies in Trustee’s Office

                    	
                      17

                    	 
      
	
                      Section
      3.4

                    	
                      Provision
      as to Paying Agent

                    	
                      17

                    	 
      
	
                      Section
      3.5

                    	
                      Certificate
      to Trustee

                    	
                      18

                    	 
      
	
                      Section
      3.6

                    	
                      Compliance
      with Consolidation Provisions

                    	
                      18

                    	 
      
	
                      Section
      3.7

                    	
                      Limitation
      on Dividends

                    	
                      19

                    	 
      
	
                      Section
      3.8

                    	
                      Covenants
      as to ServisFirst Capital Trust II

                    	
                      19

                    	 
      
	
                      Section
      3.9

                    	
                      Payment
      of Expenses

                    	
                      20

                    	 
      
	
                      Section
      3.10

                    	
                      Payment
      Upon Resignation or Removal

                    	
                      20

                    	 
      
	
                      Section
      3.11

                    	
                      Approval
      of Senior Debt While Securities Outstanding

                    	
                      21

                    	 
      

            

          

        

      

       

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

      

      
        
          
            
              	
                      ARTICLE
      IV

                    
	 
      	 
      	 
      	 
      
	
                      SECURITYHOLDERS’
      LISTS AND REPORTS BY THE

                    
	
                      COMPANY
      AND THE TRUSTEE

                    
	 
      	 
      	 
      	 
      
	
                      Section
      4.1

                    	
                      Securityholders’
      Lists

                    	
                      21

                    	 
      
	
                      Section
      4.2

                    	
                      Preservation
      and Disclosure of Lists

                    	
                      21

                    	 
      
	
                      Section
      4.3

                    	
                      Reports
      of the Company

                    	
                      22

                    	 
      
	
                      Section
      4.4

                    	
                      Reports
      by the Trustee

                    	
                      23

                    	 
      
	 
      	 
      	 
      	 
      
	
                      ARTICLE
      V

                    
	
                      REMEDIES
      OF THE TRUSTEE AND SECURITYHOLDERS

                    
	
                      ON
      EVENT OF DEFAULT

                    
	 
      	 
      	 
      	 
      
	
                      Section
      5.1

                    	
                      Events
      of Default

                    	
                      24

                    	 
      
	
                      Section
      5.2

                    	
                      Payment
      of Securities on Default; Suit Therefor

                    	
                      26

                    	 
      
	
                      Section
      5.3

                    	
                      Application
      of Moneys Collected by Trustee

                    	
                      27

                    	 
      
	
                      Section
      5.4

                    	
                      Proceedings
      by Securityholders

                    	
                      28

                    	 
      
	
                      Section
      5.5

                    	
                      Proceedings
      by Trustee

                    	
                      29

                    	 
      
	
                      Section
      5.6

                    	
                      Remedies
      Cumulative and Continuing

                    	
                      29

                    	 
      
	
                      Section
      5.7

                    	
                      Direction
      of Proceedings and Waiver of Defaults by Majority of
      Securityholders

                    	
                      29

                    	 
      
	
                      Section
      5.8

                    	
                      Notice
      of Defaults

                    	
                      30

                    	 
      
	
                      Section
      5.9

                    	
                      Undertaking
      to Pay Costs

                    	
                      30

                    	 
      
	 
      	 
      	 
      	 
      
	
                      ARTICLE
      VI

                    
	 
      	 
      	 
      	 
      
	
                      CONCERNING
      THE TRUSTEE

                    
	 
      	 
      	 
      	 
      
	
                      Section
      6.1

                    	
                      Duties
      and Responsibilities of Trustee

                    	
                      31

                    	 
      
	
                      Section
      6.2

                    	
                      Reliance
      on Documents, Opinions, etc.

                    	
                      32

                    	 
      
	
                      Section
      6.3

                    	
                      No
      Responsibility for Recitals, etc.

                    	
                      34

                    	 
      
	
                      Section
      6.4

                    	
                      Trustee,
      Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own
      Securities

                    	
                      34

                    	 
      
	
                      Section
      6.5

                    	
                      Moneys
      to be Held in Trust

                    	
                      34

                    	 
      
	
                      Section
      6.6

                    	
                      Compensation
      and Expenses of Trustee

                    	
                      34

                    	 
      
	
                      Section
      6.7

                    	
                      Officers’
      Certificate as Evidence

                    	
                      35

                    	 
      
	
                      Section
      6.8

                    	
                      Conflicting
      Interest of Trustee

                    	
                      35

                    	 
      
	
                      Section
      6.9

                    	
                      Eligibility
      of Trustee

                    	
                      36

                    	 
      
	
                      Section
      6.10

                    	
                      Resignation
      or Removal of Trustee

                    	
                      36

                    	 
      
	
                      Section
      6.11

                    	
                      Acceptance
      by Successor Trustee

                    	
                      37

                    	 
      
	
                      Section
      6.12

                    	
                      Successor
      by Merger, etc.

                    	
                      38

                    	 
      
	
                      Section
      6.13

                    	
                      Limitation
      on Rights of Trustee as a Creditor

                    	
                      38

                    	 
      
	
                      Section
      6.14

                    	
                      Authenticating
      Agents

                    	
                      38

                    	 
      

            

          

        

      

       

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

      

      
        
          	
                  ARTICLE
      VII

                
	 
      	 
      	 
      	 
      
	
                  CONCERNING
      THE SECURITYHOLDERS

                
	 
      	 
      	 
      	 
      
	
                  Section
      7.1

                	
                  Action
      by Securityholders

                	
                  39

                	 
      
	
                  Section
      7.2

                	
                  Proof
      of Execution by Securityholders

                	
                  40

                	 
      
	
                  Section
      7.3

                	
                  Who
      Are Deemed Absolute Owners

                	
                  40

                	 
      
	
                  Section
      7.4

                	
                  Securities
      Owned by Company Deemed Not Outstanding

                	
                  41

                	 
      
	
                  Section
      7.5

                	
                  Revocation
      of Consents; Future Holders Bound

                	
                  41

                	 
      
	 
      	 
      	 
      	 
      
	
                  ARTICLE
      VIII

                
	 
      	 
      	 
      	 
      
	
                  SECURITYHOLDERS’
      MEETINGS

                
	 
      	 
      	 
      	 
      
	
                  Section
      8.1

                	
                  Purpose
      of Meetings

                	
                  41

                	 
      
	
                  Section
      8.2

                	
                  Call
      of Meetings by Trustee

                	
                  42

                	 
      
	
                  Section
      8.3

                	
                  Call
      of Meetings by Company or Securityholders

                	
                  42

                	 
      
	
                  Section
      8.4

                	
                  Qualifications
      for Voting

                	
                  42

                	 
      
	
                  Section
      8.5

                	
                  Regulations

                	
                  42

                	 
      
	
                  Section
      8.6

                	
                  Voting

                	
                  43

                	 
      
	 
      	 
      	 
      	 
      
	
                  ARTICLE
      IX

                
	 
      	 
      	 
      	 
      
	
                  AMENDMENTS

                
	 
      	 
      	 
      	 
      
	
                  Section
      9.1

                	
                  Without
      Consent of Securityholders

                	
                  44

                	 
      
	
                  Section
      9.2

                	
                  With
      Consent of Securityholders

                	
                  45

                	 
      
	
                  Section
      9.3

                	
                  Effect
      of Supplemental Indentures

                	
                  46

                	 
      
	
                  Section
      9.4

                	
                  Notation
      on Securities

                	
                  46

                	 
      
	
                  Section
      9.5

                	
                  Evidence
      of Compliance of Supplemental Indenture to be Furnished
      Trustee

                	
                  46

                	 
      
	 
      	 
      	 
      	 
      
	
                  ARTICLE
      X

                
	 
      	 
      	 
      	 
      
	
                  CONSOLIDATION,
      MERGER, SALE, CONVEYANCE AND LEASE

                
	 
      	 
      	 
      	 
      
	
                  Section
      10.1

                	
                  Company
      May Consolidate, etc., on Certain Terms

                	
                  47

                	 
      
	
                  Section
      10.2

                	
                  Successor
      Corporation to be Substituted for Company

                	
                  47

                	 
      
	
                  Section
      10.3

                	
                  Opinion
      of Counsel to be Given Trustee

                	
                  48

                	 
      
	 
      	 
      	 
      	 
      
	
                  ARTICLE
      XI

                
	 
      	 
      	 
      	 
      
	
                  SATISFACTION
      AND DISCHARGE OF INDENTURE

                
	 
      	 
      	 
      	 
      
	
                  Section
      11.1

                	
                  Discharge
      of Indenture

                	
                  48

                	 
      

        

      

       

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

      

      
        
          
            	
                    Section
      11.2

                  	
                    Deposited
      Moneys and U.S. Government Obligations to be Held in Trust by
      Trustee

                  	
                    49

                  	 
      
	
                    Section
      11.3

                  	
                    Paying
      Agent to Repay Moneys Held

                  	
                    49

                  	 
      
	
                    Section
      11.4

                  	
                    Return
      of Unclaimed Moneys

                  	
                    49

                  	 
      
	
                    Section
      11.5

                  	
                    Defeasance
      Upon Deposit of Moneys or U.S. Government Obligations

                  	
                    49

                  	 
      
	
                    Section
      11.6

                  	
                    Reinstatement

                  	
                    51

                  	 
      
	 
      	 
      	 
      	 
      
	
                    ARTICLE
      XII

                  
	 
      	 
      	 
      	 
      
	
                    IMMUNITY
      OF INCORPORATORS, STOCKHOLDERS,

                  
	
                    OFFICERS
      AND DIRECTORS

                  
	 
      	 
      	 
      	 
      
	
                    Section
      12.1

                  	
                    Indenture
      and Securities Solely Corporate Obligations

                  	
                    51

                  	 
      
	 
      	 
      	 
      	 
      
	
                    ARTICLE
      XIII

                  
	 
      	 
      	 
      	 
      
	
                    MISCELLANEOUS
      PROVISIONS

                  
	 
      	 
      	 
      	 
      
	
                    Section
      13.1

                  	
                    Successors

                  	
                    51

                  	 
      
	
                    Section
      13.2

                  	
                    Official
      Acts by Successor Corporation

                  	
                    52

                  	 
      
	
                    Section
      13.3

                  	
                    Surrender
      of Company Powers

                  	
                    52

                  	 
      
	
                    Section
      13.4

                  	
                    Address
      for Notices, etc.

                  	
                    52

                  	 
      
	
                    Section
      13.5

                  	
                    Governing
      Law

                  	
                    52

                  	 
      
	
                    Section
      13.6

                  	
                    Evidence
      of Compliance with Conditions Precedent

                  	
                    52

                  	 
      
	
                    Section
      13.7

                  	
                    Business
      Days

                  	
                    53

                  	 
      
	
                    Section
      13.8

                  	
                    Table
      of Contents, Headings, etc.

                  	
                    53

                  	 
      
	
                    Section
      13.9

                  	
                    Execution
      in Counterparts

                  	
                    53

                  	 
      
	
                    Section
      13.10

                  	
                    Separability

                  	
                    53

                  	 
      
	
                    Section
      13.11

                  	
                    Assignment

                  	
                    53

                  	 
      
	
                    Section
      13.12

                  	
                    Acknowledgment
      of Rights

                  	
                    54

                  	 
      
	 
      	 
      	 
      	 
      
	
                    ARTICLE
      XIV

                  
	 
      	 
      	 
      	 
      
	
                    PREPAYMENT
      OF SECURITIES

                  
	 
      	 
      	 
      	 
      
	
                    Section
      14.1

                  	
                    Prepayment

                  	
                    54

                  	 
      
	
                    Section
      14.2

                  	
                    [Reserved.]

                  	
                    54

                  	 
      
	
                    Section
      14.3

                  	
                    No
      Sinking Fund

                  	
                    54

                  	 
      
	
                    Section
      14.4

                  	
                    Notice
      of Prepayment

                  	
                    54

                  	 
      
	
                    Section
      14.5

                  	
                    Payment
      of Securities Called for Prepayment

                  	
                    56

                  	 
      

          

        

      

       

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

      

      
        
          	
                  ARTICLE
      XV

                
	 
      	 
      	 
      	 
      
	
                  SUBORDINATION
      OF SECURITIES

                
	 
      	 
      	 
      	 
      
	
                  Section
      15.1

                	
                  Agreement
      to Subordinate

                	
                  56

                	 
      
	
                  Section
      15.2

                	
                  Default
      on Senior Debt

                	
                  56

                	 
      
	
                  Section
      15.3

                	
                  Liquidation;
      Dissolution; Bankruptcy

                	
                  57

                	 
      
	
                  Section
      15.4

                	
                  Subrogation

                	
                  58

                	 
      
	
                  Section
      15.5

                	
                  Trustee
      to Effectuate Subordination

                	
                  59

                	 
      
	
                  Section
      15.6

                	
                  Notice
      by the Company

                	
                  59

                	 
      
	
                  Section
      15.7

                	
                  Rights
      of the Trustee; Holders of Senior Debt

                	
                  60

                	 
      
	
                  Section
      15.8

                	
                  Subordination
      May Not Be Impaired

                	
                  61

                	 
      
	 
      	 
      	 
      	 
      
	
                  ARTICLE
      XVI

                
	 
      	 
      	 
      	 
      
	
                  EXTENSION
      OF INTEREST PAYMENT PERIOD

                
	 
      	 
      	 
      	 
      
	
                  Section
      16.1

                	
                  Extension
      of Interest Payment Period

                	
                  61

                	 
      
	
                  Section
      16.2

                	
                  Notice
      of Extension

                	
                  62

                	 
      
	 
      	 
      	 
      	 
      
	
                  ARTICLE
      XVII

                
	 
      	 
      	 
      	 
      
	
                  MANDATORY
      AND OPTION CONVERSION OF SECURITIES

                
	 
      	 
      	 
      	 
      
	
                  Section
      17.1

                	
                  Mandatory
      Conversion

                	
                  62

                	 
      
	
                  Section
      17.2

                	
                  Conversion
      at Holder’s Option

                	
                  63

                	 
      
	
                  Section
      17.3

                	
                  Adjustments
      to Conversion Price

                	
                  65

                	 
      
	
                  Section
      17.4

                	
                  Reclassification,
      Consolidation, Merger or Sale Of Assets

                	
                  70

                	 
      
	
                  Section
      17.5

                	
                  Notice
      of Adjustments of Conversion Price

                	
                  70

                	 
      
	
                  Section
      17.6

                	
                  Prior
      Notice of Certain Events

                	
                  71

                	 
      
	
                  Section
      17.7

                	
                  Certain
      Defined Terms

                	
                  72

                	 
      
	
                  Section
      17.8

                	
                  Dividend
      or Interest Reinvestment Plans

                	
                  72

                	 
      
	
                  Section
      17.9

                	
                  Certain
      Additional Rights

                	
                  73

                	 
      
	
                  Section
      17.10

                	
                  Trustee
      Not Responsible for Determining Conversion Price or
      Adjustments

                	
                  73

                	 
      
	 
      	 
      	 
      	 
      
	
                  EXHIBIT
      A Form of Debenture

                	
                  A-1

                	 
      
	
                  EXHIBIT
      B Officer’s Certificate

                	
                  B-1

                	 
      

        

      

       

      
        
           

        

        
          v

          
            

          

        

        
           

        

      

      INDENTURE

       

      THIS
INDENTURE, dated as of March 15, 2010, between ServisFirst Bancshares, Inc., a
Delaware corporation (hereinafter sometimes called the “Company”), and
Wilmington Trust Company, a Delaware banking corporation, as trustee
(hereinafter sometimes called the “Trustee”).

      

      WITNESSETH:

      

      In
consideration of the premises, and the purchase of the Securities by the holders
thereof, the Company covenants and agrees with the Trustee for the equal and
proportionate benefit of the respective holders from time to time of the
Securities, as follows:

      

      ARTICLE
I

       

      DEFINITIONS

       

      Section
1.1        Definitions.

       

      The terms defined in this Section 1.1
(except as herein otherwise expressly provided or unless the context otherwise
requires) for all purposes of this Indenture shall have the respective meanings
specified in this Section 1.1.  All other terms used in this Indenture
which are defined in the Trust Indenture Act, or which are by reference therein
defined in the Securities Act, shall (except as herein otherwise expressly
provided or unless the context otherwise requires) have the meanings assigned to
such terms in said Trust Indenture Act and in said Securities Act as in force at
the date of this Indenture as originally executed.  The following
terms have the meanings given to them in the Trust Agreement: (i) Clearing
Agency; (ii) Delaware Trustee; (iii) Property Trustee; (iv) Administrative
Trustees; (v) Distribution; (vi) Distribution Date; and (vii) Direct
Action.  All accounting terms used herein and not expressly defined
shall have the meanings assigned to such terms in accordance with
GAAP.  The words “herein”, “hereof” and “hereunder” and other words of
similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision.  Headings are used for
convenience of reference only and do not affect interpretation.  The
singular includes the plural and vice versa.

      

      “Additional Sums” has the meaning set
forth in Section 2.6(c).

      

      “Affiliate” means, with respect to a
specified Person, (a) any Person directly or indirectly owning, controlling or
holding the power to vote 10% or more of the outstanding voting securities or
other ownership interests of the specified Person, (b) any Person 10% or more of
whose outstanding voting securities or other ownership interests are directly or
indirectly owned, controlled or held with power to vote by the specified Person,
(c) any Person directly or indirectly controlling, controlled by, or under
common control with the specified Person, (d) a partnership in which the
specified Person is a general partner, (e) any officer or director of the
specified Person, and (f) if the specified Person is an individual, any entity
of which the specified Person is an officer, director or general
partner.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      “Authenticating Agent” means any agent
or agents of the Trustee which at the time shall be appointed and acting
pursuant to Section 6.14.

      

      “Bankruptcy Law” means Title 11 of the
United States Code, or any similar or successor federal or state law for the
relief of debtors.

      

      “Board of Directors” means either the
Board of Directors of the Company or any duly authorized committee of that
board.

      

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

      

      “Business Day” means, with respect to
any series of Securities, any day other than a Saturday or a Sunday or a day on
which banking institutions in The City of New York or Wilmington, Delaware are
authorized or required by law or executive order to close.

      

      “Capital Event” means the receipt by
the Company and the Administrative Trustees of an opinion of Haskell Slaughter
Young & Rediker, LLC, or any other independent bank regulatory counsel
experienced in such matters, to the effect that, as a result of (a) any
amendment to, or change (including any announced prospective change) in, the
laws (or any regulations thereunder) of the United States or any rules,
guidelines or policies of the Federal Deposit Insurance Corporation, the Board
of Governors of the Federal Reserve System (“Federal Reserve”), or any other
federal bank regulatory agency or (b) any official administrative pronouncement
or judicial decision interpreting or applying such laws or regulations, which
amendment or change is effective or such pronouncement or decision is announced
on or after the Issue Date, (i) the Company is or within 90 days will be subject
to capital adequacy requirements and such requirements do not or will not permit
the Preferred Securities to constitute, subject to limitations on inclusion of
the Preferred Securities as Tier 1 capital imposed by Federal Reserve capital
guidelines in effect and applicable to the Company as of the date of the
Confidential Offering Memorandum, Tier 1 capital (or its then-equivalent) or
(ii) the amount of net proceeds received from the sale of the Preferred
Securities and contributed by the Company to ServisFirst Bank does not or within
90 days will not constitute Tier 1 (core) capital (or its
then-equivalent).

      

      “Capital Leases” means, with respect to
the Company or its Subsidiaries, as applicable, any lease of any property that
should, in accordance with GAAP, be classified and accounted for as a capital
lease on a consolidated balance sheet of the Company and its
Subsidiaries.

      

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

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      “Common Securities” means undivided
beneficial interests in the assets of ServisFirst Capital Trust II which rank
pari passu with
Preferred Securities issued by ServisFirst Capital Trust II; provided, however, that if an
Event of Default has occurred and is continuing, no payments in respect of
Distributions on, or payments upon liquidation, redemption or otherwise with
respect to, the Common Securities shall be made until the holders of the
Preferred Securities shall be paid in full the Distributions and the
liquidation, redemption and other payments to which they are
entitled.

      

      “Company” means ServisFirst Bancshares,
Inc., a Delaware corporation, and, subject to the provisions of Article X, shall
include its successors and assigns.

      

      “Company Common Stock” means the common
stock, part value $.001 per share, of the Company or any other class of stock
resulting from changes or reclassifications of such Common Stock consisting
solely of changes in par value, or from par value to no par value, or from no
par value to par value.

      

      “Company Request” or “Company Order”
means a written request or order signed in the name of the Company by the Chief
Executive Officer, the President, a Vice President, the Chief Financial Officer,
the Controller, the Secretary or an Assistant Secretary of the Company, and
delivered to the Trustee.

      

      “Compounded Interest” has the meaning
set forth in Section 16.1.

      

      “Confidential Offering Memorandum”
means the Confidential Offering Memorandum related to the issuance of up to
$15,000,000 of Preferred Securities of ServisFirst Capital Trust II, dated
January 15, 2010.

      

      “Contingent Obligation” means, with
respect to the Company and its Subsidiaries, without duplication, any
obligation, contingent or otherwise, of any such Person pursuant to which such
Person has directly or indirectly guaranteed any debt or other obligation of any
other Person and, without limiting the generality of the foregoing, any
obligation, direct or indirect, contingent or otherwise, of any such Person (a)
to purchase or pay (or advance or supply funds for the purchase or payment of)
such debt or other obligation (whether arising by virtue of partnership
arrangements, by agreement to keep well, to purchase assets, goods, securities
or services, to take or pay, or to maintain financial statement condition or
otherwise) or (b) entered into for the purpose of assuring in any other manner
the obligee of such debt or other obligation of the payment thereof or to
protect such obligee against loss in respect thereof (in whole or in part);
provided, that the term Contingent Obligation shall not include (i) obligations
under insurance or reinsurance policies, or (ii) endorsements for collection or
deposit in the ordinary course of business.

      

      “Conversion Agent” means the Trustee,
in its capacity as Conversion Agent, or such other Conversion Agent as may be
appointed by the Company under the Trust Agreement.

      

      “Conversion Price” has the meaning set
forth in Section 17.2(a).

      

      “Conversion Stock” means one or more
shares of Company Common Stock issuable upon conversion of the Preferred
Securities or the Debentures.

      

      “Coupon Rate” has the meaning set forth
in Section 2.6(a).

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      “Custodian” means any receiver,
trustee, assignee, liquidator, or similar official under any Bankruptcy
Law.

      

      “Default” means any event, act or
condition that with notice or lapse of time, or both, would constitute an Event
of Default.

      

      “Deferred Interest” has the meaning set
forth in Section 16.1.

      

      “Definitive Securities” means those
securities issued in fully registered certificated form not otherwise in global
form.

      

      “Depositary” means, with respect to
Securities of any series, for which the Company shall determine that such
Securities will be issued as a Global Security, The Depository Trust Company,
New York, New York, another clearing agency, or any successor registered as a
clearing agency under the Exchange Act or other applicable statute or
regulation, which, in each case, shall be designated by the Company pursuant to
Section 2.5(d).

      

      “Dissolution Event” means the
liquidation of the Trust pursuant to the Trust Agreement, and the distribution
of the Securities held by the Property Trustee to the holders of the Trust
Securities issued by the ServisFirst Capital Trust II pro rata in accordance
with the Trust Agreement.

      

      “Event of Default” means any event
specified in Section 5.1, continued for the period of time, if any, and after
the giving of the notice, if any, therein designated.

      

      “Exchange Act” means the Securities
Exchange Act of 1934, as in effect from time to time.

      

      “Extension Period” has the meaning set
forth in Section 16.1.

      

      “Interest Period” means the period
commencing on the Issue Date and ending on March 15, 2040.

      

      “GAAP” means generally accepted
accounting principles, as recognized by the American Institute of Certified
Public Accountants and the Financial Accounting Standards Board, consistently
applied and maintained on a consistent basis for the Company and its
Subsidiaries throughout the period indicated and consistent with the prior
financial practice of the Company and its Subsidiaries.

      

      “Global Security” means, with respect
to the Securities, a Security executed by the Company and delivered by the
Trustee to the Depositary or pursuant to the Depositary’s instruction, all in
accordance with the Indenture, which shall be registered in the name of the
Depositary or its nominee.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      

      “Indebtedness for Money Borrowed” means
any obligation of, or any obligation guaranteed by, the Company for the
repayment of borrowed money, whether or not evidenced by bonds, debentures,
notes or other written instruments.

      

      “Indenture” means this instrument as
originally executed or, if amended as herein provided, as so
amended.

      

      “Interest Payment Date” has the meaning
set forth in Section 2.6.

      

      “Investment Company Event” means that
ServisFirst Capital Trust II and the Company shall have received an opinion,
requested by the Company, of counsel experienced in practice under the
Investment Company Act of 1940, as amended (the “1940 Act”), to the effect that,
as a result of the occurrence of a change in law or regulation or a change in
interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority (a “Change in 1940 Act Law”),
there is more than an insubstantial risk that ServisFirst Capital Trust II is or
will be considered an “investment company” which is required to be registered
under the 1940 Act, which Change in 1940 Act Law becomes effective on or after
the Issue Date.

      

       “Issue Date” means March 15,
2010.

      

      “Lien” means, with respect to any
asset, any Mortgage, lien, pledge, charge, security interest or encumbrance of
any kind with respect to such asset.  For the purposes of this
Indenture, a Person shall be deemed to own subject to a Lien any asset which it
has acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, Capital Lease or other title retention agreement
relating to such asset.

      

      “Mortgage” means and includes any
mortgage, pledge, lien, security interest, conditional sale or other title
retention agreement or other similar encumbrance.

      

      “Non Book-Entry Preferred Securities”
has the meaning set forth in Section 2.5.

      

      “Officers” means any of the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief
Financial Officer, the Treasurer or the Secretary of the Company.

      

      “Officers’ Certificate” means a
certificate signed by two Officers and delivered to the Trustee.

      

      “Opinion of Counsel” means a written
opinion of counsel, who may be an employee of the Company, and who shall be
acceptable to the Trustee.

      

      “Other Debentures” means all junior
subordinated debentures issued by the Company from time to time and sold to
trusts to be established by the Company (if any), in each case similar to
ServisFirst Capital Trust II.

      
        
           

        

        
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      “Other Guarantees” means all guarantees
to be issued by the Company with respect to capital securities (if any) and
issued to other trusts to be established by the Company (if any), in each case
similar to the ServisFirst Capital Trust II.

      

       “outstanding” when used with
reference to Securities, shall, subject to the provisions of Section 7.4, mean,
as of any particular time, all Securities authenticated and delivered by the
Trustee or an Authenticating Agent under this Indenture, except

      

      (a)           Securities
theretofore cancelled by the Trustee or an Authenticating Agent or delivered to
the Trustee for cancellation;

      

      (b)           Securities,
or portions thereof, for the payment or prepayment of which moneys in the
necessary amount shall have been deposited in trust with the Trustee or with any
paying agent (other than the Company) or shall have been set aside and
segregated in trust by the Company (if the Company shall act as its own paying
agent); provided that, if such Securities, or portions thereof, are to be
prepaid prior to maturity thereof, notice of such prepayment shall have been
given as in Article XIV provided or provision satisfactory to the Trustee shall
have been made for giving such notice; and

      

      (c)           Securities
in lieu of or in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section 2.8 unless proof
satisfactory to the Company and the Trustee is presented that any such
Securities are held by bona fide holders in due course.

      

      “Person” means a legal person,
including any individual, corporation, estate, partnership, joint venture,
association, joint stock company, limited liability company, trust,
unincorporated association, or government or any agency or political subdivision
thereof, or any other entity of whatever nature.

      

      “Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of
the same debt as that evidenced by such particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under
Section 2.8 in lieu of a lost, destroyed or stolen Security shall be deemed to
evidence the same debt as the lost, destroyed or stolen Security.

      

      “Preferred Securities” means undivided
beneficial interests in the assets of ServisFirst Capital Trust II which rank
pari passu with the
Common Securities issued by ServisFirst Capital Trust II; provided, however, that if an
Event of Default has occurred and is continuing, no payments in respect of
Distributions on, or payments upon liquidation, redemption or otherwise with
respect to, the Common Securities shall be made until the holders of the
Preferred Securities shall be paid in full the Distributions and the
liquidation, redemption and other payments to which they are
entitled.

      

      “Preferred Securities Guaranty” means
any guarantee that the Company may enter into with any Person or Persons that
operate directly or indirectly for the benefit of holders of Preferred
Securities of ServisFirst Capital Trust II.

      
        
           

        

        
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      “Prepayment Price” means, with respect
to any prepayment of the Securities pursuant to Section 14.1 hereof, an amount
in cash equal to 100% of the principal amount of the Securities to be prepaid,
plus accrued and unpaid interest thereon, including Compounded Interest and
Additional Sums, if any, to the date of such prepayment.

      

      “Principal Office of the Trustee”, or
other similar term, means the principal office of the Trustee, at which at any
particular time its corporate trust business shall be administered, which office
at the date of execution of this Indenture is located at the office of the
Trustee, Wilmington Trust Company, 1100 N. Market Street, Wilmington, Delaware
19890,  Attention: Corporate Trust Administration, Facsimile:
302.636.4145.

      

      “Property Trustee” shall have the same
meaning as set forth in the Trust Agreement.

      

      “Qualified Debt Obligations” means,
without duplication and other than the Securities, (a) debt securities of the
Company, provided that the terms of any such debt security (i) permit the
deferral of principal and interest payments for a period of up to five years
(but not beyond the maturity date), as elected by the Company, (ii) have a
maturity for payment of principal of not less than 10 years after the date of
issuance, and (iii) include provisions making the debt security expressly
subordinate to all other debt of the Company, (b) preferred securities issued by
a Subsidiary, the sole purpose of which is to issue such preferred securities
and invest the proceeds thereof in debt securities of the type described in
clause (a) above, and which preferred securities are payable solely out of the
proceeds of payments on account of such debt securities; and (c) the obligations
recorded on the consolidated balance sheet of the Company and its Subsidiaries
with respect to debt securities of the type described in clause (a) above and
preferred securities of the type described in clause (b) above.

      

      “Responsible Officer”, when used with
respect to the Trustee, means any officer assigned to the Principal Office of
the Trustee with direct responsibility for the administration of the Indenture
including any managing director, vice president, assistant vice president,
assistant treasurer, assistant secretary or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and having direct responsibility for the administration of
this Indenture and also means, with respect to a particular matter, any other
officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.

      

      “Securities” means the Company’s 6.0%
Junior Subordinated Mandatory Convertible Deferrable Interest Debentures due
March 15, 2040, as authenticated and issued under this Indenture.

      

      “Securities Act” means the Securities
Act of 1933, as in effect from time to time.

      

      “Securityholder”, “holder of
Securities”, or other similar terms, means any Person in whose name at the time
a particular Security is registered on the register kept by the Company or the
Trustee for that purpose in accordance with the terms hereof.

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      “Security Register” means (i) prior to
a Dissolution Event, the list of holders provided to the Trustee pursuant to
Section 4.1, and (ii) following a Dissolution Event, any security register
maintained by a security registrar for the securities appointed by the Company
following the execution of a supplemental indenture providing for transfer
procedures as provided for in Section 2.7(a).

      

      “Senior Debt” means, with respect to
the Company: (a) all liabilities, obligations and indebtedness for borrowed
money, whether or not evidenced by bonds, debentures, notes or other similar
instruments, (b) all obligations to pay the deferred purchase price of property
or services (other than trade payables due and arising in the ordinary course of
business), (c) all Capital Leases, (d) all debt of any other Person secured by a
Lien on any asset of the Company or any of its Subsidiaries, (e) all Contingent
Obligations, and (f) all obligations, contingent or otherwise, relating to the
face amount of letters of credit, whether or not drawn, and banker’s acceptance,
but excluding any obligation relating to an undrawn letter of credit if the
undrawn letter of credit is issued in connection with a liability for which a
reserve has been established by the Company or the applicable Subsidiary in
accordance with GAAP.  Notwithstanding the foregoing, the term “Senior
Debt” shall not include (a) the Securities, (b) the Preferred Securities
Guaranty, (c) Qualified Debt Obligations, (d) to the extent any such line of
credit may be in place from time to time, any working capital line of credit
available to the Company in the amount of $500,000 or any replacement
indebtedness of equal dollar amount, (e) any indebtedness of the Company or any
Subsidiary with the Federal Home Loan Bank or the Federal Reserve Bank; (f) any
Lien incurred by any Subsidiary to collateralize deposits under the Alabama SAFE
program; (g) indebtedness under  or related to the Company’s 8.5%
Junior Subordinated Deferrable Interest Debentures due September 1, 2038, (h)
indebtedness of ServisFirst Bank (or of the Company, if any) under ServisFirst
Bank’s 8.25% Subordinated Note due June 1, 2016 or (i) any trade accounts
payables of the Company or any Subsidiary arising in the normal course of
business.

      

      “ServisFirst Capital Trust II” means
ServisFirst Capital Trust II, a Delaware statutory trust created for the purpose
of issuing its undivided beneficial interests in connection with the issuance of
Securities under this Indenture.

      

      “Special Event” means a Capital Event,
a Tax Event or an Investment Company Event.

      

      “Stated Maturity” means March 15,
2040.

      

      “Subsidiary” means with respect to any
Person, (i) any corporation at least a majority of whose outstanding voting
stock of which is owned, directly or indirectly, by such Person or by one or
more of its Subsidiaries, or by such Person and one or more of its Subsidiaries,
(ii) any general partnership, joint venture or similar entity, at least a
majority of whose outstanding partnership or similar interests shall at the time
be owned by such Person, or by one or more of its Subsidiaries, or by such
Person and one or more of its Subsidiaries and (iii) any limited partnership of
which such Person or any of its Subsidiaries is a general
partner.  For the purposes of this definition, “voting stock” means
shares, interests, participations or other equivalents in the equity interest
(however designated) in such Person having ordinary voting power for the
election of a majority of the directors (or the equivalent) of such Person,
other than shares, interests, participations or other equivalents having such
power only by reason of the occurrence of a contingency.

      
        
           

        

        
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      “Tax Event” means the receipt by
ServisFirst Capital Trust II and the Company of an opinion, requested by the
Company, of counsel experienced in such matters to the effect that, as a result
of any amendment to, or change (including any announced prospective change) in,
the laws or any regulations thereunder of the United States or any political
subdivision or taxing authority thereof or therein or as a result of any
official administrative written decision or pronouncement or judicial decision
interpreting or applying such laws or regulations, which amendment or change is
effective or which pronouncement or decision is made on or after the Issue Date,
there is more than an insubstantial risk that (i) ServisFirst Capital Trust II
is, or will be within 90 days of the date of such opinion, subject to United
States Federal income tax with respect to income received or accrued on the
Securities, (ii) interest payable by the Company on the Securities is not, or
within 90 days of the date of such opinion, will not be, deductible by the
Company, in whole or in part, for United States Federal income tax purposes, or
(iii) ServisFirst Capital Trust II is, or will be within 90 days of the date of
such opinion, subject to more than a de minimis amount of other taxes, duties or
other governmental charges.

      

      “Trust” has the meaning ascribed to
such term in the Trust Agreement.

      

                 “Trust
Agreement” means the Amended and Restated Trust Agreement of ServisFirst Capital
Trust II, dated as of March 15, 2010.

      

      “Trust Indenture Act” means the Trust
Indenture Act of 1939 as in force at the date of execution of this Indenture
except as provided in Section 9.3; provided, however, that, in the
event the Trust Indenture Act of 1939 is amended after such date, “Trust
Indenture Act” shall mean, to the extent required by any such amendment, the
Trust Indenture Act of 1939 as so amended.

      

      “Trust Securities” means the Preferred
Securities and the Common Securities, collectively.

      

      “Trustee” means the Person identified
as “Trustee” in the first paragraph hereof, and, subject to the provisions of
Article VI hereof, shall also include its successors and assigns as Trustee
hereunder.

      

      “U.S. Government Obligations” means
securities that are (i) direct obligations of the United States of America for
the payment of which its full faith and credit is pledged or (ii) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of
America, which, in either case under clauses (i) or (ii) are not callable or
redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect
to any such U.S. Government Obligation or a specific payment of interest on or
principal of any such U.S.  Government Obligation held by such
custodian for the account of the holder of a depository receipt, provided that
(except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of interest on or principal of the U.S.
Government Obligation evidenced by such depository receipt.

      
        
           

        

        
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      ARTICLE
II

       

      SECURITIES

       

      Section
2.1        Forms Generally.

       

      The Securities and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A, the terms
of which are incorporated in and made a part of this Indenture.  The
Securities may have notations, legends or endorsements required by law, stock
exchange rule, agreements to which the Company is subject or
usage.  Each Security shall be dated the date of its
authentication.  The Securities shall be issued in denominations of $1
and in integral multiples thereof.

      

      Section
2.2        Execution and
Authentication.

       

      The Securities shall be signed on
behalf of the Company by the Chief Executive Officer, the President, the Chief
Operating Officer or the Chief Financial Officer under corporate seal and
attested by its Secretary.  Any signature may be in the form of a
manual or facsimile signature.  If an Officer whose signature is on a
Security no longer holds that office at the time the Security is authenticated,
the Security shall nevertheless be valid.

      

      A Security shall not be valid until
authenticated by the manual signature of the Trustee.  The signature
of the Trustee shall be conclusive evidence that the Security has been
authenticated under this Indenture.  The form of Trustee’s certificate
of authentication to be borne by the Securities shall be substantially as set
forth in Exhibit
A hereto.  A Security shall be dated the date of its
authentication.

      

      The Trustee shall, upon a Company
Order, authenticate for original issue up to, and the aggregate principal amount
of Securities outstanding at any time may not exceed, $15,050,000 aggregate
principal amount of the Securities, except as provided in Sections 2.7, 2.8,
2.10 and 14.5.

      

      Section
2.3        Form and Payment.

       

      Except as provided in Section 2.5, the
Securities shall be issued in fully registered certificated form without
interest coupons.  Principal of and premium, if any, and interest on
the Securities issued in certificated form will be payable, the transfer of such
Securities will be registrable and such Securities will be exchangeable for
Securities bearing identical terms and provisions at the office or agency of the
Trustee; provided, however, that payment
of interest with respect to the Securities (other than Securities issued in
global form, the payment of interest on which shall be made in immediately
available funds) may be made at the option of the Company (i) by check mailed to
the holder at such address as shall appear in the Security Register or (ii) by
wire transfer to an account maintained by the Person entitled thereto, provided
that proper transfer instructions have been received in writing by the relevant
record date.  Notwithstanding the foregoing, so long as the holder of
any Securities is the Property Trustee, the payment of the principal of and
premium, if any, and interest (including Compounded Interest and Additional
Sums, if any) on such Securities held by the Property Trustee will be made in
immediately available funds at such place and to such account as may be
designated by the Property Trustee.

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

       

       Section
2.4        Legends.

       

      Except as otherwise determined by the
Company in accordance with applicable law, each Security shall bear the
applicable legends relating to restrictions on transfer pursuant to the
securities laws in substantially the form set forth on Exhibit A hereto, if
any.

      

      Section
2.5      Global Security.

       

      (a)           In
connection with a Dissolution Event,

      

      (i)           if
any Preferred Securities are held in book-entry form, the related certificate
representing the Preferred Securities shall be presented to the Trustee (if an
arrangement with the Depositary has been maintained) by the Property Trustee in
exchange for one or more Global Securities (as may be required pursuant to
Section 2.7) in an aggregate principal amount equal to the aggregate principal
amount of all outstanding Securities held in book-entry form, to be registered
in the name of the Depositary, or a custodian therefor, or its nominee, and
delivered by the Trustee to the Depositary, or its custodian, for crediting to
the accounts of its participants pursuant to the instructions of the
Administrative Trustees; the Company upon any such presentation shall execute
one or more Global Securities in such aggregate principal amount and deliver the
same to the Trustee for authentication and delivery in accordance with this
Indenture; and payments on the Securities issued as a Global Security will be
made to the Depositary; and

      

      (ii)           if
any Preferred Securities are held in certificated form, the related Definitive
Securities may be presented to the Trustee by the Property Trustee and any
certificate which represents Preferred Securities other than Preferred
Securities in book-entry form (“Non Book-Entry Preferred Securities”) will be
deemed to represent beneficial interests in Securities presented to the Trustee
by the Property Trustee having an aggregate principal amount equal to the
aggregate liquidation amount of the Non Book-Entry Preferred Securities until
such certificates are presented to the Security Registrar for transfer or
reissuance, at which time such certificates will be cancelled and a Security,
registered in the name of the holder of the certificate, with an aggregate
principal amount equal to the aggregate liquidation amount of the certificate
cancelled, will be executed by the Company and delivered to the Trustee for
authentication and delivery in accordance with this Indenture.  Upon
the issuance of such Securities, Securities with an equivalent aggregate
principal amount that were presented by the Property Trustee to the Trustee will
be deemed to have been cancelled.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      (b)           The
Global Securities shall represent the aggregate amount of outstanding Securities
from time to time endorsed thereon; provided, that the
aggregate amount of outstanding Securities represented thereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges and
prepayments.  Any endorsement of a Global Security to reflect the
amount of any increase or decrease in the amount of outstanding Securities
represented thereby shall be made by the Trustee, in accordance with
instructions given by the Company as required by this Section 2.5.

      

      (c)           The
Global Securities may be transferred, in whole but not in part, only to another
nominee of the Depositary, or to a successor Depositary selected or approved by
the Company or to a nominee of such successor Depositary.

      

      (d)           If
at any time the Depositary notifies the Company that it is unwilling or unable
to continue as Depositary or the Depositary has ceased to be a clearing agency
registered under the Exchange Act, and a successor Depositary is not appointed
by the Company within 90 days after the Company receives such notice or becomes
aware of such condition, as the case may be, the Company will execute, and the
Trustee, upon receipt of a Company Order, will authenticate and make available
for delivery the Definitive Securities, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security
in exchange for such Global Security.  If there is an Event of
Default, the Depositary shall have the right to exchange the Global Securities
for Definitive Securities.  In addition, the Company may at any time
determine that the Securities shall no longer be represented by a Global
Security.  In the event of such an Event of Default or such a
determination, the Company shall execute, and subject to Section 2.7, the
Trustee, upon receipt of an Officers’ Certificate evidencing such determination
by the Company, will authenticate and make available for delivery the Definitive
Securities, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Security in exchange for such Global
Security.  Upon the exchange of the Global Security for such
Definitive Securities, in authorized denominations, the Global Security shall be
cancelled by the Trustee.  Such Definitive Securities issued in
exchange for the Global Security shall be registered in such names and in such
authorized denominations as the Depositary, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the
Trustee.  The Trustee shall deliver such Definitive Securities to the
Persons in whose names such Definitive Securities are so
registered.

      

      Section
2.6      Interest.

       

      (a)           During
the Interest Period, each Security will bear interest at the rate of 6.0% per
annum (the “Coupon Rate”).  Each security will bear interest at the
Coupon Rate and be paid quarterly, in arrears, on June 15, September 15,
December 15 and March 15 (each, an “Interest Payment Date”), commencing on June
15, 2010, from the most recent date to which interest has been paid or, if no
interest has been paid, from the Issue Date to the next Interest Payment Date
(each such quarterly cycle referred to as a “Distribution
Period”).  Interest shall be paid for each Distribution Period, until
the principal thereof becomes due and payable, and on any overdue principal and
(to the extent that payment of such interest is enforceable under applicable
law) on any overdue installment of interest at the Coupon Rate, compounded
quarterly, payable (subject to the provisions of Article XVI) quarterly in
arrears on each Interest Payment Date commencing on June 15,
2010.  Interest shall be paid to the Person in whose name such
Security or any predecessor Security is registered at the close of business on
the regular record date for such interest installment, which shall be such date
as is 15 days prior to the relevant Interest Payment Date.

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

       

      (b)           Interest
will be computed on the basis of the actual number of days elapsed over a
360-day year of twelve 30-day months.  In the event that any Interest
Payment Date falls on a day that is not a Business Day, then payment of interest
payable on such date will be made on the next succeeding day which is a Business
Day (and without any interest or other payment in respect of any such delay),
with the same force and effect as if made on such date.

      

      (c)           During
such time as the Property Trustee is the holder of any Securities, the Company
shall pay any additional amounts on the Securities as may be necessary in order
that the amount of Distributions then due and payable by ServisFirst Capital
Trust II on the outstanding Trust Securities shall not be reduced as a result of
any additional taxes, duties and other governmental charges to which ServisFirst
Capital Trust II has become subject as a result of a Tax Event (“Additional
Sums”).

      

      Section
2.7      Transfer and
Exchange.

       

      (a)           Transfer
Restrictions.  The Securities may not be transferred except in
compliance with this section and any legend contained in Exhibit A, if any,
unless otherwise determined by the Company in accordance with applicable
law.  Upon any distribution of the Securities following a Dissolution
Event, the Company and the Trustee shall enter into a supplemental indenture
pursuant to Section 9.1 to provide for the transfer restrictions and procedures
with respect to the Securities substantially similar to those contained in the
Trust Agreement, if any, to the extent applicable in the circumstances existing
at such time.

      

      (b)           Conditions to
Transfer.  The Securities may not be transferred unless (i) the
Trustee receives an Opinion of Counsel satisfactory to the Trustee stating that
such transfer is exempt from registration under applicable state and federal
securities laws, will not cause the Company to be an “Investment Company” or
under the “control” of an “Investment Company” within the meaning of the
Investment Company Act of 1940, as amended, and otherwise complies with the
restrictions on transfer contained in this Indenture, and (ii) the transferee
certifies to the Trustee that it is not (x) an employee benefit plan (as defined
in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA,
(y) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986
as amended or (z) any entity whose underlying assets include plan assets by
reason of a plan’s investment in the Company (each a “Benefit
Plan”).  By accepting and holding a Security the transferee thereof
shall be deemed to have represented and warranted that it is not a Benefit
Plan.  The Trustee shall have no obligation to determine whether or
not a transferee of a Security is or is not a Benefit
Plan.  Notwithstanding the foregoing, the conditions of transfer shall
not apply in the event the Securities are issued to the Holders of the Preferred
Securities.

      

      (c)           General Provisions Relating
to Transfers and Exchanges.  To permit registrations of
transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Definitive Securities or Global Securities, as
applicable.  All Definitive Securities or Global Securities issued
upon any registration of transfer or exchange of Definitive Securities or Global
Securities shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Definitive
Securities or Global Securities surrendered upon such registration of transfer
or exchange.

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

       

      No service charge shall be made to a
holder for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith.

      

      The Company shall not be required to
(i) issue or register the transfer of or exchange Securities during a period
beginning at the opening of business 15 days before the day of mailing of a
notice of prepayment or any notice of selection of Securities for prepayment
under Article XIV hereof and ending at the close of business on the day of such
mailing; or (ii) register the transfer of or exchange any Security so selected
for prepayment in whole or in part, except the unprepaid portion of any Security
being prepaid in part.

      

      Prior to due presentment for the
registration of a transfer of any Security, the Trustee, any agent and the
Company may deem and treat the Person in whose name any Security is registered
as the absolute owner of such Security for the purpose of receiving payment of
principal of and premium, if any, and interest on such Securities, and neither
the Trustee, any agent nor the Company shall be affected by notice to the
contrary.

      

      Section
2.8        Replacement
Securities.

       

      If any mutilated Security is
surrendered to the Trustee, or the Company and the Trustee receive evidence to
their satisfaction of the destruction, loss or theft of any Security, the
Company shall issue and the Trustee shall authenticate a replacement Security if
the Trustee’s requirements for replacements of Securities are met.  An
indemnity bond must be supplied by the holder that is sufficient in the judgment
of the Trustee and the Company to protect the Company, the Trustee and any
authenticating agent from any loss that any of them may suffer if a Security is
replaced.  The Company or the Trustee may charge for its expenses in
replacing a Security.

      

      Every replacement Security is an
obligation of the Company and shall be entitled to all of the benefits of this
Indenture equally and proportionately with all other Securities duly issued
hereunder.

      

      Section
2.9        Treasury
Securities.

       

      In determining whether the holders of
the required principal amount of Securities have concurred in any direction,
waiver or consent, Securities owned by the Company or any Affiliate of the
Company shall be considered as though not outstanding, except that for purposes
of determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Securities that a Responsible Officer of the
Trustee actually knows to be so owned shall be so considered.

       

      
        
          
          

        

        
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      Section
2.10      Temporary
Securities.

      Pending the preparation of Global
Securities or Definitive Securities, the Company may execute, and upon Company
Order the Trustee shall authenticate and make available for delivery, temporary
Securities that are printed, typewritten, lithographed, mimeographed or
otherwise reproduced, in any authorized denomination, substantially of the tenor
of the Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as conclusively evidenced by their
execution of such Securities.

      

      If temporary Securities are issued, the
Company shall cause Global Securities or Definitive Securities, as applicable,
to be prepared without unreasonable delay.  The Global Securities or
Definitive Securities shall be printed, typewritten, lithographed or engraved,
or provided by any combination thereof, or in any other manner permitted by the
rules and regulations of any applicable securities exchange, all as determined
by the officers executing such Global Securities or Definitive
Securities.  After the preparation of Global Securities or Definitive
Securities, the temporary Securities shall be exchangeable for Global Securities
or Definitive Securities, as applicable, upon surrender of the temporary
Securities at the office or agency maintained by the Company for such purpose
pursuant to Section 3.2 hereof, without charge to the Holder.  Upon
surrender for cancellation of any one or more temporary Securities, the Company
shall execute, and the Trustee shall authenticate and make available for
delivery, in exchange therefor the same aggregate principal amount of Global
Securities or Definitive Securities of authorized
denominations.  Until so exchanged, the temporary Securities shall in
all respects be entitled to the same benefits under this Indenture as Global
Securities or Definitive Securities.

      

      Section
2.11      Cancellation.

       

      The Company at any time may deliver
Securities to the Trustee for cancellation.  The Trustee and no one
else shall cancel all Securities surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall retain or destroy
cancelled Securities in accordance with its normal practices (subject to the
record retention requirement of the Exchange Act) unless the Company directs
them to be returned to it.  The Company may not issue new Securities
to replace Securities that have been redeemed or paid or that have been
delivered to the Trustee for cancellation.  All cancelled Securities
not destroyed by the Trustee shall be delivered to the Company.

      

      Section
2.12      Defaulted
Interest.

       

      Any interest on any Security that is
payable, but is not punctually paid or duly provided for, on any Interest
Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be
payable to the holder on the relevant regular record date by virtue of having
been such holder; and such Defaulted Interest shall be paid by the Company, at
its election, as provided in clause (a) or clause (b) below:

       

      
        
           

        

        
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      (a)           The
Company may make payment of any Defaulted Interest on Securities to the Persons
in whose names such Securities (or their respective Predecessor Securities) are
registered at the close of business on a special record date for the payment of
such Defaulted Interest, which shall be fixed in the following manner: the
Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as  provided in this Section
2.12(a).  Thereupon the Trustee shall fix a special record date for
the payment of such Defaulted Interest, which shall not be more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days
after the receipt by the Trustee of the notice of the proposed
payment.  The Trustee shall promptly notify the Company of such
special record date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and the special
record date therefor to be mailed, first class postage prepaid, to each
Securityholder at his or her address as it appears in the Security Register, not
less than 10 days prior to such special record date.  Notice of the
proposed payment of such Defaulted Interest and the special record date therefor
having been mailed as aforesaid, such Defaulted Interest shall be paid to the
Persons in whose names such Securities (or their respective Predecessor
Securities) are registered on such special record date and shall be no longer
payable pursuant to Section 2.12(b).

      

      (b)           The
Company may make payment of any Defaulted Interest on any Securities in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be
required by such exchange, if, after written notice given by the Company to the
Trustee of the proposed payment pursuant to Section 2.12(a), such manner of
payment shall be deemed practicable by the Trustee.

      

      Section
2.13      CUSIP Numbers.

       

      The Company in issuing the Securities
may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP” numbers in notices of prepayment as a convenience to
Securityholders; provided that any
such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice
of a prepayment and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such prepayment shall not be affected
by any defect in or omission of such numbers.  The Company will
promptly notify the Trustee in writing of any change in the CUSIP
numbers.

       

      
        
           

        

        
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      ARTICLE
III

       

      PARTICULAR
COVENANTS OF THE COMPANY

       

      Section
3.1        Payment of Principal, Premium and
Interest

       

      The Company covenants and agrees for
the benefit of the holders of the Securities that it will duly and punctually
pay or cause to be paid the principal of and premium, if any, and interest on
the Securities at the place, at the respective times and in the manner provided
herein.

      

      Section
3.2        Offices for Notices and Payments,
etc.

       

      So long as any of the Securities
remains outstanding, the Company will maintain in Wilmington, Delaware, an
office or agency where the Securities may be presented for payment, an office or
agency where the Securities may be presented for registration of transfer and
for exchange as in this Indenture provided and an office or agency where notices
and demands to or upon the Company in respect of the Securities or of this
Indenture may be served.  The Company will give to the Trustee prompt
written notice of the location of any such office or agency and of any change of
location thereof.  Until otherwise designated from time to time by the
Company in a notice to the Trustee, any such office or agency for all of the
above purposes shall be the office or agency of the Principal Office of the
Trustee in the Wilmington, Delaware.  In case the Company shall fail
to maintain any such office or agency in Wilmington, Delaware, or shall fail to
give such notice of the location or of any change in the location thereof,
presentations and demands may be made and notices may be served at the principal
corporate trust office of the Trustee.

      

      In addition to any such office or
agency, the Company may from time to time designate one or more offices or
agencies outside Wilmington, Delaware, where the Securities may be presented for
registration of transfer and for exchange in the manner provided in this
Indenture, and the Company may from time to time rescind such designation, as
the Company may deem desirable or expedient; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain any such office or agency in Wilmington, Delaware, for
the purposes above mentioned.  The Company will give to the Trustee
prompt written notice of any such designation or rescission thereof; provided,
further, that the Company shall at all times maintain a paying agent in each
such office or agency.

      

      Section
3.3        Appointments to Fill Vacancies in
Trustee’s Office.

       

      The Company, whenever necessary to
avoid or fill a vacancy in the office of Trustee, will appoint, in the manner
provided in Section 6.10, a Trustee, so that there shall at all times be a
Trustee hereunder.

      

      Section
3.4        Provision as to Paying
Agent.

       

      (a)           If
the Company shall appoint a paying agent other than the Trustee with respect to
the Securities, it will cause such paying agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provision of this Section 3.4,

      
        
           

        

        
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      (i)           that
it will hold all sums held by it as such agent for the payment of the principal
of and premium, if any, or interest on the Securities (whether such sums have
been paid to it by the Company or by any other obligor on the Securities) in
trust for the benefit of the holders of the Securities; and

      

      (ii)           that
it will give the Trustee written notice of any failure by the Company (or by any
other obligor on the Securities) to make any payment of the principal of and
premium or interest on the Securities when the same shall be due and
payable.

      

      (b)           If
the Company shall act as its own paying agent, it will, on or before each due
date of the principal of and premium, if any, or interest on the Securities, set
aside, segregate and hold in trust for the benefit of the holders of the
Securities a sum sufficient to pay such principal, premium or interest so
becoming due and will notify the Trustee in writing of any failure to take such
action and of any failure by the Company (or by any other obligor under the
Securities) to make any payment of the principal of and premium, if any, or
interest on the Securities when the same shall become due and
payable.

      

      (c)           Anything
in this Section 3.4 to the contrary notwithstanding, the Company may, at any
time, for the purpose of obtaining a satisfaction and discharge with respect to
the Securities hereunder, or for any other reason, pay or cause to be paid to
the Trustee all sums held in trust for any such Securities by the Trustee or any
paying agent hereunder, as required by this Section 3.4, such sums to be held by
the Trustee upon the trusts herein contained.

      

      (d)           Anything
in this Section 3.4 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 3.4 is subject to Sections 11.3 and
11.4.

      

      Section
3.5      Certificate to
Trustee.

       

      The Company will deliver to the Trustee
on or before 120 days after the end of each fiscal year in each year, commencing
with the first fiscal year ending after the date hereof, so long as Securities
are outstanding hereunder, an Officers’ Certificate as set forth in Exhibit B to this
Indenture, one of the signers of which shall be the principal executive,
principal financial or principal accounting officer of the Company, stating that
in the course of the performance by the signers of their duties as officers of
the Company they would normally have knowledge of any default by the Company in
the performance of any covenants contained herein, stating whether or not they
have knowledge of any such default and, if so, specifying each such default of
which the signers have knowledge and the nature thereof.  For the
purpose of this Section 3.5, compliance shall be determined without regard to
any grace period or requirement of notice provided pursuant to the terms of this
Indenture.

      

      Section
3.6      Compliance with Consolidation
Provisions.

       

      The Company will not, while any of the
Securities remain outstanding, consolidate with, or merge into, or merge into
itself, or sell or convey all or substantially all of its property to, any other
Person unless the provisions of Article X hereof are complied
with.

      
        
           

        

        
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      Section
3.7        Limitation on
Dividends.

       

      So long as any Securities remain
outstanding and (i) there shall have occurred any event of which the Company has
actual knowledge that (a) with the giving of notice or the lapse of time, or
both, would constitute an Event of Default and (b) in respect of which the
Company shall not have taken reasonable steps to cure, (ii) if such Securities
are held by the Property Trustee, the Company shall be in default with respect
to its payment of any obligations under the Preferred Securities Guaranty or
(iii) the Company shall have given notice of its election of the exercise of its
right to extend the interest payment period pursuant to Section 16.1 and any
such extension shall be continuing, the Company will not (i) declare or pay any
dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Company’s capital stock (which
includes common and preferred stock) or (ii) make any payment of principal,
interest or premium, if any, on or repay or repurchase or redeem any debt
securities of the Company (including any Other Debentures) that rank pari passu with or junior in
right of payment to the Securities or (iii) make any guarantee payments with
respect to any guarantee by the Company of the debt securities of any Subsidiary
of the Company (including Other Guarantees) if such guarantee ranks pari passu or junior in right
of payment to the Securities (other than (a) dividends or distributions in
shares of, or options, warrants or rights to subscribe for or purchase shares
of, Common Stock of the Company, (b) any declaration of a dividend in connection
with the implementation of a stockholder’s rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (c) payments under the Preferred Securities Guaranty,
(d) as a result of a reclassification of the Company’s capital stock or the
exchange or the conversion of one class or series of the Company’s capital stock
for another class or series of the Company’s capital stock, (e) the purchase of
fractional interests in shares of the Company’s capital stock pursuant to the
conversion or exchange provisions of such capital stock or the security being
converted or exchanged, and (f) purchases or issuances of Common Stock in
connection with any of the Company’s stock option, stock purchase, stock loan or
other benefit plans for its directors, officers or employees or any of the
Company’s dividend reinvestment plans, in each case as now existing or hereafter
established or amended).  Notwithstanding anything herein to the
contrary, in no event shall this provision be deemed to limit the Company from
issuing shares of its common stock to any Person whether in a public or private
transaction.

      

      Section
3.8        Covenants as to ServisFirst Capital
Trust II

       

      In the event Securities are issued to
ServisFirst Capital Trust II or a trustee of such Trust in connection with the
issuance of Trust Securities by ServisFirst Capital Trust II, for so long as
such Trust Securities remain outstanding, the Company will (i) directly or
indirectly maintain 100% ownership of the Common Securities of ServisFirst
Capital Trust II; provided, however, that any
successor of the Company, permitted pursuant to Article X, may succeed to the
Company’s ownership of such Common Securities, (ii) use its reasonable efforts
to cause ServisFirst Capital Trust II (a) to remain a statutory trust, except in
connection with a distribution of Securities to the holders of the Trust
Securities in a liquidation of ServisFirst Capital Trust II, the redemption of
all of the Trust Securities of ServisFirst Capital Trust II or certain mergers,
consolidations or amalgamations, each as permitted by the Trust Agreement of
ServisFirst Capital Trust II, and (b) to continue to be treated as a grantor
trust and not as an association taxable as a corporation or a partnership for
United States federal income tax purposes and (iii) to use its reasonable
efforts to cause each holder of Trust Securities to be treated as owning an
undivided beneficial interest in the Securities.

      
        
           

        

        
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      Section
3.9        Payment of
Expenses.

       

      In connection with the offering, sale
and issuance of the Securities to ServisFirst Capital Trust II and in connection
with the sale of the Trust Securities by ServisFirst Capital Trust II, the
Company, in its capacity as borrower with respect to the Securities,
shall:

      

      (a)         pay
all costs and expenses relating to the offering, sale and issuance of the
Securities, including compensation of the Trustee in accordance with the
provisions of Section 6.6;

      

      (b)         pay
all costs and expenses of ServisFirst Capital Trust II (including, but not
limited to, costs and expenses relating to the organization of ServisFirst
Capital Trust II, the offering, sale and issuance of the Trust Securities, the
fees and expenses of the Property Trustee and the Delaware Trustee, the costs
and expenses relating to the operation of the Trust, including without
limitation, costs and expenses of accountants, attorneys, statistical or
bookkeeping services, expenses for printing and engraving and computing or
accounting equipment, paying agent(s), registrar(s), transfer agent(s),
duplicating, sending notices, travel and telephone and other telecommunications
expenses and costs and expenses incurred in connection with the acquisition,
financing and disposition of the assets of ServisFirst Capital Trust
II;

      

      (c)         be
primarily and fully liable for any indemnification obligations arising with
respect to the Trust Agreement;

      

      (d)         pay
any and all taxes (other than United States withholding taxes attributable to
ServisFirst Capital Trust II or its assets) and all liabilities, costs and
expenses with respect to such taxes of ServisFirst Capital Trust II;
and

      

      (e)         pay
all other fees, expenses, debts and obligations (other than the Trust
Securities) related to ServisFirst Capital Trust II.

      

      Section
3.10      Payment Upon Resignation or
Removal.

       

      Upon termination of this Indenture or
the removal or resignation of the Trustee, unless otherwise stated, the Company
shall pay to the Trustee all amounts accrued and owing to the date of such
termination, removal or resignation.  Upon termination of the Trust
Agreement or the removal or resignation of the Delaware Trustee or the Property
Trustee, as the case may be, pursuant to Section 5.7 of the Trust Agreement, the
Company shall pay to the Delaware Trustee or the Property Trustee, as the case
may be, all amounts accrued and owing to the date of such termination, removal
or resignation.

      
        
           

        

        
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      Section
3.11      Approval of Senior Debt While
Securities Outstanding.

       

      As long as any Securities are
outstanding, the Company may not incur any Senior Debt in excess of 0.5% of the
Company’s average assets for the Company’s immediately preceding fiscal year
without the approval of the holders of a majority of the Preferred
Securities.

      

      ARTICLE
IV

       

      SECURITYHOLDERS’
LISTS AND REPORTS BY THE

      COMPANY
AND THE TRUSTEE

       

      Section
4.1        Securityholders’
Lists.

       

      The Company covenants and agrees that
it will furnish or cause to be furnished to the Trustee:

      

      (a)         on
a quarterly basis on each regular record date for the Securities, a list, in
such form as the Trustee may reasonably require, of the names and addresses of
the Securityholders as of such record date; and

      

      (b)         at
such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is
furnished;

      

      except
that, no such lists need be furnished so long as the Trustee is in possession
thereof by reason of its acting as Security registrar.

      

      Section
4.2        Preservation and Disclosure of
Lists.

       

      (a)           The
Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of the Securities (1)
contained in the most recent list furnished to it as provided in Section 4.1 or
(2) received by it in the capacity of Securities registrar (if so acting)
hereunder.  The Trustee may destroy any list furnished to it as
provided in Section 4.1 upon receipt of a new list so furnished.

      

      (b)           In
case three or more holders of Securities (hereinafter referred to as
“applicants”) apply in writing to the Trustee and furnish to the Trustee
reasonable proof that each such applicant has owned a Security for a period of
at least six months preceding the date of such application, and such application
states that the applicants desire to communicate with other holders of
Securities or with holders of all Securities with respect to their rights under
this Indenture and is accompanied by a copy of the form of proxy or other
communication which such applicants propose to transmit, then the Trustee shall
within 5 Business Days after the receipt of such application, at its election,
either:

      
        
           

        

        
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      (i)           afford
such applicants access to the information preserved at the time by the Trustee
in accordance with the provisions of subsection (a) of this Section 4.2;
or

      

      (ii)           inform
such applicants as to the approximate number of holders of all Securities, whose
names and addresses appear in the information preserved at the time by the
Trustee in accordance with the provisions of subsection (a) of this Section 4.2,
and as to the approximate cost of mailing to such Securityholders the form of
proxy or other communication, if any, specified in such
application.

      

      If the Trustee shall elect not to
afford such applicants access to such information, the Trustee shall, upon the
written request of such applicants, mail to each Securityholder whose name and
address appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.2 a copy of
the form of proxy or other communication which is specified in such request with
reasonable promptness after a tender to the Trustee of the material to be mailed
and of payment, or provision for the payment, of the reasonable expenses of
mailing, unless within five days after such tender, the Trustee shall mail to
such applicants, together with a copy of the material to be mailed, a written
statement to the effect that, in the opinion of the Trustee, such mailing would
be contrary to the best interests of the holders of all Securities or would be
in violation of applicable law.  Such written statement shall specify
the basis of such opinion.

      

      (c)           Each
and every holder of Securities, by receiving and holding the same, agrees with
the Company and the Trustee that neither the Company nor the Trustee nor any
paying agent shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the holders of Securities in
accordance with the provisions of subsection (b) of this Section 4.2, regardless
of the source from which such information was derived, and that the Trustee
shall not be held accountable by reason of mailing any material pursuant to a
request made under said subsection (b).

      

      Section
4.3      Reports of the
Company.

       

      (a)           General.  The
Company will furnish to the Trustee:

      

      (i)           unless
the Company is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within
45 days after the end of the first, second and third quarterly accounting
periods of each fiscal year (commencing with the quarter ending March 31, 2010),
the Company’s unaudited consolidated balance sheet as of the last day of such
quarterly period and the related consolidated statements of income and cash
flows during such quarterly period prepared in accordance with GAAP and (in the
case of second and third quarterly periods) for the portion of the fiscal year
ending with the last day of such quarterly period, setting forth in each case in
comparative form corresponding unaudited figures from the preceding fiscal
year;

      
        
           

        

        
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      (ii)           unless
the Company is then filing comparable reports pursuant to the reporting
requirements of the Exchange Act, as soon as practicable and in any event within
90 days after the end of each fiscal year (commencing with the fiscal year
ending December 31, 2009), the Company’s consolidated balance sheet as of the
end of such year and the related consolidated statements of income, cash flows,
and shareholders’ equity during such year setting forth in each case in
comparative form corresponding figures from the preceding fiscal year
accompanied by an audit report thereon of a firm of independent public
accountants registered with the Public Company Accounting Oversight Board (the
“PCAOB”);

      

      (iii)           promptly
after the Company obtains actual knowledge of the occurrence thereof, written
notice of the occurrence of any event or condition which constitutes an Event of
Default, and an Officers’ Certificate of the Company specifically stating that
such Event of Default has occurred and setting forth the details thereof and the
action which the Company is taking or proposes to take with respect
thereto.

      

      (b)           All
such information provided to the Trustee as indicated above also will be
provided by the Trustee upon written request to the Trustee (which may be a
single continuing request), by (x) holders of Securities, (y) holders of
beneficial interests (reasonably confirmed to the Trustee) in the Securities or
(z) prospective purchasers of the Securities (and of beneficial interests in the
Securities).  The Company will furnish to the Trustee, upon its
request, sufficient copies of all such information to accommodate the requests
of such holders of Securities (and holders of beneficial interests therein) and
prospective purchasers of Securities (and of beneficial interests in the
Securities).

      

      (c)           Upon
the request of any holder of Securities, any holder of a beneficial interest in
the Securities, or the Trustee (on behalf of a holder of Securities or a holder
of a beneficial interest in the Securities), the Company will furnish such
information as is specified in paragraph (d)(4) of Rule 144A under the
Securities Act, or any successor rule or regulation, to holders of Securities
(and to holders of beneficial interests in the Securities), prospective
purchasers of the Securities (and of beneficial interests in the Securities) who
are “qualified institutional buyers” within the meaning of Rule 144A under the
Securities Act or “accredited investors” within the meaning of Rule 506(a) of
Regulation D under the Securities Act or to the Trustee for delivery to such
holders of Securities (or holders of beneficial interests in Securities) or
prospective purchasers of the Securities (or beneficial interests therein), as
the case may be, unless, at the time of such request, the Company is subject to
the reporting requirements of Section 13 or 15(d) of the Exchange
Act.

      

      Section
4.4      Reports by the
Trustee.

       

      (a)           The
Trustee shall transmit to Securityholders such reports concerning the Trustee
and its actions under this Indenture pursuant to the requirements of the Trust
Indenture Act at the times and in the manner provided pursuant
thereto.  If required by Section 313(a) of the Trust Indenture Act,
the Trustee shall, within 60 days after each anniversary following the date of
this Indenture, commencing March 15, 2011, deliver to Securityholders a brief
report, dated as of such date, which complies with the provisions of such
Section 313(a) of the Trust Indenture Act.

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

       

      (b)           A
copy of each such report shall, at the time of such transmission to
Securityholders, be filed by the Trustee with the Company.  The
Company will promptly notify the Trustee if and when the Securities are listed
on any stock exchange.

      

      ARTICLE
V

      REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS

      ON
EVENT OF DEFAULT

       

      Section
5.1      Events of
Default.

       

      One or more of the following events of
default shall constitute an Event of Default hereunder (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

      

      (a)           default
in the payment of any interest upon any Security or any Other Debentures when it
becomes due and payable, and continuance of such default for a period of 30
days; provided,
however, that a valid extension of an interest payment period by the Company in
accordance with the terms hereof or, in the case of any Other Debentures, the
indenture related thereto, shall not constitute a default in the payment of
interest for this purpose; or

      

      (b)           default
in the payment of all or any part of the principal of (or premium, if any, on)
any Security or any Other Debentures as and when the same shall become due and
payable either at maturity, upon prepayment, by declaration of acceleration of
maturity or otherwise; or

      

      (c)           default
in any material respect in the performance, or breach, of any covenant or
warranty of the Company in this Indenture (other than a covenant or warranty a
default in whose performance or whose breach is elsewhere in this Section
specifically dealt with), and continuance of such default or breach for a period
of 90 days after there has been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the holders of at
least 25% in aggregate principal amount of the outstanding Securities a written
notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder; or

      

      (d)           a
court having jurisdiction in the premises shall enter a decree or order for
relief in respect of the Company in an involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of the Company or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs and such
decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or

      
        
           

        

        
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    (e)           the
Company shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, shall consent to the
entry of an order for relief in an involuntary case under any such law, or shall
consent to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of the
Company or of any substantial part of its property, or shall make any general
assignment for the benefit of creditors, or shall fail generally to pay its
debts as they become due.

    

    If an Event of Default (other than an
Event of Default specified in Section 5.1(d) or 5.1(e)) with respect to
Securities at the time outstanding occurs and is continuing, then in every such
case the Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities then outstanding may declare the principal amount of
all Securities to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the holders of the outstanding
Securities), and upon any such declaration the same shall become immediately due
and payable.  If an Event of Default specified in Section 5.1(d) or
5.1(e) with respect to Securities at the time outstanding occurs, the principal
amount of all the Securities shall automatically, and without any declaration or
other action on the part of the Trustee or any Holder, become immediately due
and payable.

    

    The foregoing provisions, however, are
subject to the condition that if, at any time after the principal of the
Securities shall have been so declared due and payable, and before any judgment
or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, (i) the Company shall pay or shall deposit with the
Trustee a sum sufficient to pay (A) all matured installments of interest
(including Compounded Interest, and Additional Sums, if any) upon all the
Securities and the principal of and premium, if any, on any and all Securities
which shall have become due otherwise than by acceleration (with interest upon
such principal and premium, if any, and, to the extent that payment of such
interest is enforceable under applicable law, on overdue installments of
interest, at the same rate as the rate of interest specified in the Securities
to the date of such payment or deposit) and (B) such amount as shall be
sufficient to pay to the Trustee and each predecessor Trustee all amounts
payable pursuant to Section 6.6, and (ii) any and all Events of Default under
the Indenture shall have been cured, waived or otherwise remedied as provided
herein, then, in every such case, the holders of a majority in aggregate
principal amount of the Securities then outstanding, by written notice to the
Company and to the Trustee, may rescind and annul such declaration and its
consequences, but no such waiver or rescission and annulment shall extend to or
shall affect any subsequent default or shall impair any right consequent
thereon.

    

    In case the Trustee shall have
proceeded to enforce any right under this Indenture and such proceedings shall
have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee,
then and in every such case the Company, the Trustee and the holders of the
Securities shall be restored respectively to their several positions and rights
hereunder, and all rights, remedies and powers of the Company, the Trustee and
the holders of the Securities shall continue as though no such proceeding had
been taken.

     

    
      
        
        

      

      
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    Section
5.2        Payment of Securities on Default;
Suit Therefor.

     

    The Company covenants that (a) in case
default shall be made in the payment of any installment of interest upon any of
the Securities as and when the same shall become due and payable, and such
default shall have continued for a period of 30 days, or (b) in case default
shall be made in the payment of the principal of or premium, if any, on any of
the Securities as and when the same shall have become due and payable, whether
at maturity of the Securities or upon prepayment or by declaration of
acceleration of maturity or otherwise, then, upon demand of the Trustee, the
Company will pay to the Trustee, for the benefit of the holders of the
Securities, the whole amount that then shall have become due and payable on all
such Securities for principal and premium, if any, or interest, or both, as the
case may be, with interest upon the overdue principal and premium, if any, and
(to the extent that payment of such interest is enforceable under applicable law
and, if the Securities are held by ServisFirst Capital Trust II or a trustee of
such trust, without duplication of any other amounts paid by ServisFirst Capital
Trust II or a trustee in respect thereof) upon the overdue installments of
interest at the rate borne by the Securities; and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, including a reasonable compensation to the Trustee, its agents,
attorneys and counsel, and any expenses or liabilities incurred by the Trustee
hereunder other than through its gross negligence or bad faith.

    

    In case the Company shall fail
forthwith to pay such amounts upon such demand, the Trustee, in its own name and
as trustee of an express trust, shall be entitled and empowered to institute any
actions or proceedings at law or in equity for the collection of the sums so due
and unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company or
any other obligor on the Securities and collect in the manner provided by law
out of the property of the Company or any other obligor on the Securities
wherever situated the moneys adjudged or decreed to be payable.

    

    In case there shall be pending
proceedings for the bankruptcy or for the reorganization of the Company or any
other obligor on the Securities under Title 11, United States Code, or any other
applicable law, or in case a receiver or trustee shall have been appointed for
the property of the Company or such other obligor, or in the case of any other
similar judicial proceedings relative to the Company or other obligor upon the
Securities, or to the creditors or property of the Company or such other
obligor, the Trustee, irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section 5.2, shall be entitled and empowered,
by intervention in such proceedings or otherwise, to file and prove a claim or
claims for the whole amount of principal and interest owing and unpaid in
respect of the Securities and, in case of any judicial proceedings, to file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for all amounts
payable pursuant to Section 6.6 to the Trustee and each predecessor Trustee) and
of the Securityholders allowed in such judicial proceedings relative to the
Company or any other obligor on the Securities, or to the creditors or property
of the Company or such other obligor, unless prohibited by applicable law and
regulations, to vote on behalf of the holders of the Securities in any election
of a trustee or a standby trustee in arrangement, reorganization, liquidation or
other bankruptcy or insolvency proceedings or Person performing similar
functions in comparable proceedings, and to collect and receive any moneys or
other property payable or deliverable on any such claims, and to distribute the
same after the deduction of its charges and expenses; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the
Securityholders to make such payments to the Trustee, and, in the event that the
Trustee shall consent to the making of such payments directly to the
Securityholders, to pay to the Trustee such amounts as shall be sufficient to
pay to the Trustee and each predecessor Trustee all amounts payable pursuant to
Section 6.6.

     

    
      
        
        

      

      
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    To the extent that the payment of any
such compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 6.6
hereof out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any
and all distributions, dividends, money, securities and other properties that
the Securityholders may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or
otherwise.

    

    Nothing herein contained shall be
construed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any holder
thereof or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding.

    

    All rights of action and of asserting
claims under this Indenture, or under any of the Securities, may be enforced by
the Trustee without the possession of any of the Securities, or the production
thereof in any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall be for the ratable
benefit of the holders of the Securities.

    

    In any proceedings brought by the
Trustee (and also any proceedings involving the interpretation of any provision
of this Indenture to which the Trustee shall be a party) the Trustee shall be
held to represent all the holders of the Securities, and it shall not be
necessary to make any holders of the Securities parties to any such
proceedings.

    

    Section
5.3        Application of Moneys Collected by
Trustee.

     

    Any moneys collected by the Trustee
shall be applied in the order following, at the date or dates fixed by the
Trustee for the distribution of such moneys, upon presentation of the Securities
in respect of which moneys have been collected, and stamping thereon the
payment, if only partially paid, and upon surrender thereof if fully
paid:

    

    First: To the payment
of all amounts due the Trustee under Section 6.6, including the costs and
expenses of collection applicable to the Securities and reasonable compensation
to the Trustee, its agents, attorneys and counsel, and of all other expenses and
liabilities incurred, and all advances made, by the Trustee except as a result
of its gross negligence or bad faith;

     

    
      
        
        

      

      
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    Second: To the
payment of all Senior Debt of the Company if and to the extent required by
Article XV;

    

    Third: To the payment
of the amounts then due and unpaid upon Securities for principal of (and
premium, if any) and interest on the Securities, in respect of which or for the
benefit of which money has been collected, ratably, without preference of
priority of any kind, according to the amounts due on such Securities for
principal (and premium, if any) and interest, respectively; and

    

    Fourth: To the
Company.

    

    Section
5.4        Proceedings by
Securityholders.

     

    Except as contemplated by this Section
5.4, no holder of any Security shall have any right by virtue of or by availing
of any provision of this Indenture to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Indenture or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless
such holder previously shall have given to the Trustee written notice of an
Event of Default and of the continuance thereof with respect to the Securities
specifying such Event of Default, as hereinbefore provided, and unless also the
holders of not less than 25% in aggregate principal amount of the Securities
then outstanding shall have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee hereunder and shall
have offered to the Trustee indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred therein or thereby, and the Trustee for
60 days after its receipt of such notice, request and offer of indemnity shall
have failed to institute any such action, suit or proceeding, it being
understood and intended, and being expressly covenanted by the taker and holder
of every Security with every other taker and holder and the Trustee, that no one
or more holders of Securities shall have any right in any manner whatsoever by
virtue of or by availing of any provision of this Indenture to affect, disturb
or prejudice the rights of any other holder of Securities, or to obtain or seek
to obtain priority over or preference to any other such holder, or to enforce
any right under this Indenture, except in the manner herein provided and for the
equal, ratable and common benefit of all holders of Securities.

    

    Notwithstanding any other provisions in
this Indenture, however, the right of any holder of any Security to receive
payment of the principal of (premium, if any) and interest on such Security, on
or after the same shall have become due and payable, or to institute suit for
the enforcement of any such payment, shall not be impaired or affected without
the consent of such holder and by accepting a Security hereunder it is expressly
understood, intended and covenanted by the taker and holder of every Security
with every other such taker and holder and the Trustee, that no one or more
holders of Securities shall have any right in any manner whatsoever by virtue or
by availing of any provision of this Indenture to affect, disturb or prejudice
the rights of the holders of any other Securities, or to obtain or seek to
obtain priority over or preference to any other such holder, or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal, ratable and common benefit of all holders of Securities.  For
the protection and enforcement of the provisions of this Section, each and every
Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity.

     

    
      
        
        

      

      
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    The Company and the Trustee acknowledge
that pursuant to the Trust Agreement, the holders of Preferred Securities are
entitled, in the circumstances and subject to the limitations set forth therein,
to commence a Direct Action with respect to any Event of Default under this
Indenture and the Securities.

    

    Section
5.5        Proceedings by
Trustee.

     

    In case an Event of Default occurs with
respect to Securities and is continuing, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of such rights, either by suit in equity or by action at
law or by proceeding in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid
of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by
law.

    

    Section
5.6        Remedies Cumulative and
Continuing.

     

    All powers and remedies given by this
Article V to the Trustee or to the Securityholders shall, to the extent
permitted by law, be deemed cumulative and not exclusive of any other powers and
remedies available to the Trustee or the holders of the Securities, by judicial
proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established
with respect to the Securities, and no delay or omission of the Trustee or of
any holder of any of the Securities to exercise any right or power accruing upon
any Event of Default occurring and continuing as aforesaid shall impair any such
right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section 5.4, every power
and remedy given by this Article V or by law to the Trustee or to the
Securityholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders.

    

    Section
5.7        Direction of Proceedings and Waiver
of Defaults by Majority of Securityholders.

     

    The holders of a majority in aggregate
principal amount of the Securities at the time outstanding shall have the right
to direct the time, method, and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee; provided, however, that
(subject to the provisions of Section 6.1) the Trustee shall have the right to
decline to follow any such direction if the Trustee shall determine that the
action so directed would be unjustly prejudicial to the holders not taking part
in such direction or if the Trustee being advised by counsel determines that the
action or proceeding so directed may not lawfully be taken or if the Trustee in
good faith by its board of directors or trustees, executive committee, or a
trust committee of directors or trustees and/or Responsible Officers shall
determine that the action or proceedings so directed would involve the Trustee
in personal liability.  Prior to any declaration accelerating the
maturity of the Securities, the holders of a majority in aggregate principal
amount of the Securities at the time outstanding may on behalf of the holders of
all of the Securities waive any past default or Event of Default and its
consequences except a default (a) in the payment of principal of or premium, if
any, or interest on any of the Securities or (b) in respect of covenants or
provisions hereof which cannot be modified or amended without the consent of the
holder of each Security affected; provided, however, that if the
Securities are held by the Property Trustee, such waiver or modification to such
waiver shall not be effective until the holders of a majority in aggregate
liquidation amount of Trust Securities shall have consented to such waiver or
modification to such waiver; provided further, that if the
consent of the holder of each outstanding Security is required, such waiver
shall not be effective until each holder of the Trust Securities shall have
consented to such waiver.  Upon any such waiver, the default covered
thereby shall be deemed to be cured for all purposes of this Indenture and the
Company, the Trustee and the holders of the Securities shall be restored to
their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right consequent
thereon.  Whenever any default or Event of Default hereunder shall
have been waived as permitted by this Section 5.7, said default or Event of
Default shall for all purposes of the Securities and this Indenture be deemed to
have been cured and to be not continuing.

     

    
      
        
        

      

      
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    Section
5.8        Notice of
Defaults.

     

    The Trustee shall, within 90 days after
the occurrence of a default with respect to the Securities actually known to a
Responsible Officer of the Trustee, mail to all Securityholders, as the names
and addresses of such holders appear upon the Security register, notice of all
defaults known to the Trustee, unless such defaults shall have been cured before
the giving of such notice (the term “defaults” for the purpose of this Section
5.8 being hereby defined to be the events specified in clauses (a), (b), (c),
(d) and (e) of Section 5.1, not including periods of grace, if any, provided for
therein, and irrespective of the giving of written notice specified in clause
(c) of Section 5.1); and provided that, except in the case of default in the
payment of the principal of or premium, if any, or interest on any of the
Securities, the Trustee shall be fully protected in withholding such notice if
and so long as the board of directors, the executive committee, or a trust
committee of directors and/or Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the interests of the
Securityholders; and provided further, that in the case of any default of the
character specified in Section 5.1(c) no such notice to Securityholders shall be
given until at least 60 days after the occurrence thereof but shall be given
within 90 days after such occurrence.

    

    Section
5.9        Undertaking to Pay
Costs.

     

    All parties to this Indenture agree,
and each holder of any Security by his acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any
party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in such
suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section 5.9 shall not
apply to any suit instituted by the Trustee, to any suit instituted by any
Securityholder, or group of Securityholders, holding in the aggregate more than
10% in aggregate principal amount of the Securities outstanding, or to any suit
instituted by any Securityholder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security against the
Company on or after the same shall have become due and payable.

    

    
      
        
        

      

      
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    ARTICLE
VI

     

    CONCERNING
THE TRUSTEE

     

    Section
6.1        Duties and Responsibilities of
Trustee.

     

    With respect to the holders of the
Securities issued hereunder, the Trustee, prior to the occurrence of an Event of
Default and after the curing or waiving of all Events of Default which may have
occurred, undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture.  In case an Event of Default
of which a Responsible Officer of the Trustee has actual knowledge has occurred
(which has not been cured or waived) the Trustee shall exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of
care and skill in their exercise, as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs.

    

    No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own grossly negligent
action, its own grossly negligent failure to act or its own willful misconduct,
except that

    

    (a)           prior
to the occurrence of an Event of Default and after the curing or waiving of all
Events of Default which may have occurred

    

    (i)           the
duties and obligations of the Trustee shall be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

    

    (ii)           in
the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but, in the case
of any such certificates or opinions that by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture;

    

    (b)           the
Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Officers of the Trustee, unless it shall be proved that
the Trustee was grossly negligent in ascertaining the pertinent facts;
and

     

    
      
        
        

      

      
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    (c)           the
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith, in accordance with the direction of the
Securityholders pursuant to Section 5.7, relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this
Indenture.

    

    None of the provisions contained in
this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there is reasonable
ground for believing that the repayment of such funds or liability is not
reasonably assured to it under the terms of this Indenture and that indemnity
satisfactory to it against such risk is not reasonably assured to
it.

    

    Whether or not therein expressly so
provided, every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section.

    

    Section
6.2        Reliance on Documents, Opinions,
etc.

     

    Except as otherwise provided in Section
6.1:

    

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

    

    (b)           any
request, direction, order or demand of the Company mentioned herein may be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in
respect thereof be herein specifically prescribed); and any Board Resolution may
be evidenced to the Trustee by a copy thereof certified by the Secretary or an
Assistant Secretary  of the Company;

    

    (c)           the
Trustee may consult with counsel of its selection and any advice or Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken or suffered omitted by it hereunder in good faith and in
accordance with such advice or Opinion of Counsel;

    

    (d)           the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Securityholders, pursuant to the provisions of this Indenture, unless such
Securityholders shall have offered to the Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities which may be
incurred therein or thereby;

     

    
      
        
        

      

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

    

    (f)           the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, debenture, coupon or other
paper or document, unless requested in writing to do so by the holders of a
majority in aggregate principal amount of the outstanding Securities; provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require indemnity satisfactory to it against such expense or
liability as a condition to so proceeding;

    

    (g)           the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents (including any Authenticating
Agent) attorneys, custodians or nominees, and the Trustee shall not be
responsible for any misconduct or negligence on the part of any such agent,
attorney, custodian or nominee appointed by it with due care;

    

    (h)           the
Trustee shall not be bound to ascertain or inquire as to the performance or
observance of any covenants, conditions or agreements on the part of the
Company, except as otherwise set forth herein, but the Trustee may require of
the Company full information and advice as to the performance of the covenants,
conditions and agreements contained herein and shall be entitled in connection
herewith to examine the books, records and premises of the Company;

    

    (i)           in
no event shall the Trustee be liable for the selection of investments or for
investment losses incurred thereon.  The Trustee shall have no
liability in respect of losses incurred as a result of the liquidation of any
such investment prior to its stated maturity or the failure of the party
directing such investment to provide timely written investment
direction.  The Trustee shall have no obligation to invest or reinvest
any amounts held hereunder in the absence of such written investment direction;
and

    

    (j)           in
the event that the Trustee is also acting as paying agent, security registrar,
exchange agent or transfer agent hereunder, the rights and protections afforded
to the Trustee pursuant to this Article VI shall also be afforded to such paying
agent, security registrar, exchange agent or transfer agent.

     

    
      
        
        

      

      
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    Section
6.3        No Responsibility for Recitals,
etc.

     

    The recitals contained herein and in
the Securities (except in the certificate of authentication of the Trustee or
the Authenticating Agent) shall be taken as the statements of the Company and
the Trustee and the Authenticating Agent assume no responsibility for the
correctness of the same.  The Trustee and the Authenticating Agent
make no representations as to the validity or sufficiency of this Indenture or
of the Securities.  The Trustee and the Authenticating Agent shall not
be accountable for the use or application by the Company of any Securities or
the proceeds of any Securities authenticated and delivered by the Trustee or the
Authenticating Agent in conformity with the provisions of this
Indenture.

    

    Section
6.4        Trustee, Authenticating Agent, Paying
Agents, Transfer Agents or Registrar May Own Securities.

     

    The Trustee or any Authenticating Agent
or any paying agent or any transfer agent or any Security registrar, in its
individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Trustee, Authenticating Agent,
paying agent, transfer agent or Security registrar.

    

    Section
6.5        Moneys to be Held in
Trust.

     

    Subject to the provisions of Section
11.4, all moneys received by the Trustee or any paying agent shall, until used
or applied as herein provided, be held in trust for the purpose for which they
were received, but need not be segregated from other funds except to the extent
required by law.  The Trustee and any paying agent shall be under no
liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company.

    

    Section
6.6        Compensation and Expenses of
Trustee.

     

    The Company, as borrower, covenants and
agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, such compensation as shall be agreed to in writing between the
Company and the Trustee (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust), and the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all Persons not
regularly in its employ) except any such expense, disbursement or advance as may
arise from its gross negligence or bad faith.  The Company also
covenants to indemnify each of the Trustee (and its officers, agents, directors
and employees) or any predecessor Trustee (and its officers, agents, directors
and employees) for, and to hold each of them harmless against, any and all loss,
damage, claim, liability or expense including taxes (other than taxes based on
the income of the Trustee) incurred without gross negligence or bad faith on the
part of the Trustee and arising out of or in connection with the acceptance or
administration of this trust, including the costs and expenses of defending
itself against any claim of liability in the premises.  The
obligations of the Company under this Section 6.6 shall constitute additional
indebtedness hereunder.  Such additional indebtedness shall be secured
by a lien prior to that of the Securities upon all property and funds held or
collected by the Trustee as such, except funds held in trust for the benefit of
the holders of particular Securities.

    

    When the Trustee incurs expenses or
renders services in connection with an Event of Default specified in Section
5.1(d) or Section 5.1(e), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to
constitute expenses of administration under any applicable federal or state
bankruptcy, insolvency or other similar law.

     

    
      
        
        

      

      
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    The provisions of this Section shall
survive the resignation or removal of the Trustee and the defeasance or other
termination of this Indenture.

    

    Since ServisFirst Capital Trust II is
being formed solely to facilitate an investment in the Trust Securities, the
Company, as Holder of the Common Securities, hereby covenants to pay all debts
and obligations (other than with respect to the Preferred Securities and the
Common Securities) and all reasonable costs and expenses of ServisFirst Capital
Trust II (including without limitation all reasonable costs and expenses
relating to the organization of ServisFirst Capital Trust II, the fees and
expenses of the Trustees and all costs and expenses relating to the operation of
ServisFirst Capital Trust II) and to pay any and all taxes, duties, assessments
or governmental charges of whatever nature (other than withholding taxes)
imposed on ServisFirst Capital Trust II and the Property Trustee after paying
such expenses will be equal to the amounts ServisFirst Capital Trust II and the
Property Trustee would have received had no such costs or expenses been incurred
by or imposed on ServisFirst Capital Trust II.  The foregoing
obligations of the Company are for the benefit of, and shall be enforceable by,
any person to whom any such debts, obligations, costs, expenses and taxes are
owed (each, a “Creditor”) whether or not such Creditor has received notice
thereof.  Any such Creditor may enforce such obligations directly
against the Company, and the Company irrevocably waives any right or remedy to
require that any such Creditor take any action against ServisFirst Capital Trust
II or any other person before proceeding against the Company.  The
Company shall execute such additional agreements as may be necessary or
desirable to give full effect to the foregoing.

    

    Section
6.7        Officers’ Certificate as
Evidence.

     

    Except as otherwise provided in
Sections 6.1 and 6.2, whenever in the administration of the provisions of this
Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or omitting any action hereunder, such
matter (unless other evidence in respect thereof is herein specifically
prescribed) may, in the absence of gross negligence or bad faith on the part of
the Trustee, be deemed to be conclusively proved and established by an Officers’
Certificate delivered to the Trustee, and such certificate, in the absence of
gross negligence or bad faith on the part of the Trustee, shall be full warrant
to the Trustee for any action taken or omitted by it under the provisions of
this Indenture upon the faith thereof.

    

    Section
6.8        Conflicting Interest of
Trustee.

     

    If the Trustee has or shall acquire any
“conflicting interest” within the meaning of Section 310(b) of the Trust
Indenture Act, the Trustee and the Company shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture Act.

     

    
      
        
        

      

      
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    Section
6.9        Eligibility of
Trustee.

     

    The Trustee hereunder shall at all
times be a corporation or a national banking association organized and doing
business under the laws of the United States of America or any state or
territory thereof or of the District of Columbia or a corporation or other
Person permitted to act as trustee by the Commission authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at
least 50 million U.S. dollars ($50,000,000) and subject to supervision or
examination by federal, state, territorial, or District of Columbia
authority.  If such corporation or a national banking association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 6.9 the combined capital and surplus of such
corporation or national banking association shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published.

    

    The Company may not, nor may any Person
directly or indirectly controlling, controlled by, or under common control with
the Company, serve as Trustee.

    

    In case at any time the Trustee shall
cease to be eligible in accordance with the provisions of this Section 6.9, the
Trustee shall resign immediately in the manner and with the effect specified in
Section 6.10.

    

    Section
6.10      Resignation or Removal of
Trustee.

     

    (a)           The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign
by giving written notice of such resignation to the Company and by mailing
notice thereof to the holders of the Securities at their addresses as they shall
appear on the Security Register.  Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee or trustees
by written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor
trustee.  If no successor trustee shall have been so appointed and
have accepted appointment within 60 days after the mailing of such notice of
resignation to the affected Securityholders, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee,
or any Securityholder who has been a bona fide holder of a Security for at least
six months may, subject to the provisions of Section 5.9, on behalf of himself
and all others similarly situated, petition any such court for the appointment
of a successor trustee.  Such court may thereupon, after such notice,
if any, as it may deem proper and prescribe, appoint a successor
trustee.

    

    (b)           In
case at any time any of the following shall occur:

    

    (1)           the
Trustee shall fail to comply with the provisions of Section 6.8 after written
request therefor by the Company or by any Securityholder who has been a bona
fide holder of a Security or Securities for at least six months, or

    

    (2)           the
Trustee shall cease to be eligible in accordance with the provisions of Section
6.8 and shall fail to resign after written request therefor by the Company or by
any such Securityholder, or

    

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

     

    
      
        
        

      

      
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    then, in
any such case, the Company may remove the Trustee and appoint a successor
trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee,
or, subject to the provisions of Section 5.9, any Securityholder who has been a
bona fide holder of a Security for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor
trustee.  Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor
trustee.

    

    (c)           The
holders of a majority in aggregate principal amount of the Securities at the
time outstanding may at any time remove the Trustee and nominate a successor
trustee, which shall be deemed appointed as successor trustee unless within 10
days after such nomination the Company objects thereto or if no successor
trustee shall have been so appointed and shall have accepted appointment within
30 days after such removal, in which case the Trustee so removed or any
Securityholder, upon the terms and conditions and otherwise as in subsection (a)
of this Section 6.10 provided, may petition any court of competent jurisdiction
for an appointment of a successor trustee.

    

    (d)           Any
resignation or removal of the Trustee and appointment of a successor trustee
pursuant to any of the provisions of this Section 6.10 shall become effective
upon acceptance of appointment by the successor trustee as provided in Section
6.11.

    

    Section
6.11      Acceptance by Successor
Trustee.

     

    Any successor trustee appointed as
provided in Section 6.10 shall execute, acknowledge and deliver to the Company
and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the retiring trustee
shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally
named as trustee herein; but, nevertheless, on the written request of the
Company or of the successor trustee, the trustee ceasing to act shall, upon
payment of any and all amounts then due and owing to it hereunder, execute and
deliver an instrument transferring to such successor trustee all the rights and
powers of the trustee so ceasing to act and shall duly assign, transfer and
deliver to such successor trustee all property and money held by such retiring
trustee thereunder.  Upon request of any such successor trustee, the
Company shall execute any and all instruments in writing for more fully and
certainly vesting in and confirming to such successor trustee all such rights
and powers.  Any trustee ceasing to act shall, nevertheless, retain a
lien upon all property or funds held or collected by such trustee to secure any
amounts then due it pursuant to the provisions of Section 6.6.

    

    No successor trustee shall accept
appointment as provided in this Section 6.11 unless at the time of such
acceptance such successor trustee shall be qualified under the provisions of
Section 6.8 and eligible under the provisions of Section 6.9.

     

    
      
        
        

      

      
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    Upon acceptance of appointment by a
successor trustee as provided in this Section 6.10, the Company shall mail
notice of the succession of such trustee hereunder to the holders of Securities
at their addresses as they shall appear on the Security register.  If
the Company fails to mail such notice within 10 days after the acceptance of
appointment by the successor trustee, the successor trustee shall cause such
notice to be mailed at the expense of the Company.

    

    Section
6.12      Successor by Merger,
etc.

     

    Any corporation into which the Trustee
may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto.

    

    In case at the time such successor to
the Trustee shall succeed to the trusts created by this Indenture any Securities
shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of any predecessor trustee,
and deliver such Securities so authenticated; and in case at that time any of
the Securities shall not have been authenticated, any successor to the Trustee
may authenticate such Securities either in the name of any predecessor hereunder
or in the name of the successor trustee; and in all such cases such certificates
shall have the full force which the Securities or this Indenture elsewhere
provides that the certificate of the Trustee shall have; provided, however, that
the right to adopt the certificate of authentication of any predecessor Trustee
or authenticate Securities in the name of any predecessor Trustee shall apply
only to its successor or successors by merger, conversion or
consolidation.

    

    Section
6.13      Limitation on Rights of Trustee as a
Creditor.

     

    The Trustee shall comply with Section
311(a) of the Trust Indenture Act, excluding any creditor relationship described
in Section 311(b) of the Trust Indenture Act.  A Trustee who has
resigned or been removed shall be subject to the provisions in Section 311(a) of
the Trust Indenture Act to the extent included therein.

    

    Section
6.14      Authenticating
Agents.

     

    There may be one or more Authenticating
Agents appointed by the Trustee upon the request of the Company with power to
act on its behalf and subject to its direction in the authentication and
delivery of Securities issued upon exchange or registration of transfer thereof
as fully to all intents and purposes as though any such Authenticating Agent had
been expressly authorized to authenticate and deliver Securities; provided, that
the Trustee shall have no liability to the Company for any acts or omissions of
the Authenticating Agent with respect to the authentication and delivery of
Securities.  Any such Authenticating Agent shall at all times be a
corporation organized and doing business under the laws of the United States or
of any state or territory thereof or of the District of Columbia authorized
under such laws to act as Authenticating Agent, having a combined capital and
surplus of at least U.S. $50,000,000 and being subject to supervision or
examination by federal, state, territorial or District of Columbia
authority.  If such corporation publishes reports of condition at
least annually pursuant to law or the requirements of such authority, then for
the purposes of this Section 6.14 the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.  If at any time
an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect herein specified in this Section.

     

    
      
        
        

      

      
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    Any corporation into which any
Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, consolidation or
conversion to which any Authenticating Agent shall be a party, or any
corporation succeeding to the corporate trust business of any Authenticating
Agent, shall be the successor of such Authenticating Agent hereunder, if such
successor corporation is otherwise eligible under this Section 6.14 without the
execution or filing of any paper or any further act on the part of the parties
hereto or such Authenticating Agent.

    

    Any Authenticating Agent may at any
time resign by giving written notice of resignation to the Trustee and to the
Company.  The Trustee may at any time terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company.  Upon receiving such a notice
of resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible under this Section 6.14, the
Trustee may, and upon the request of the Company shall, promptly appoint a
successor Authenticating Agent eligible under this Section 6.14, shall give
written notice of such appointment to the Company and shall mail notice of such
appointment to all Securityholders as the names and addresses of such holders
appear on the Security Register.  Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all
rights, powers, duties and responsibilities of its predecessor hereunder, with
like effect as if originally named as Authenticating Agent herein.

    

    The Company, as borrower, agrees to pay
to any Authenticating Agent from time to time reasonable compensation for its
services.  Any Authenticating Agent shall have no responsibility or
liability for any action taken by it as such in accordance with the directions
of the Trustee.

    

    ARTICLE
VII

     

    CONCERNING
THE SECURITYHOLDERS

     

    Section
7.1        Action by
Securityholders.

     

    Whenever in this Indenture it is
provided that the holders of a specified percentage in aggregate principal
amount of the Securities may take any action (including the making of any demand
or request, the giving of any notice, consent or waiver or the taking of any
other action) the fact that at the time of taking any such action the holders of
such specified percentage have joined therein may be evidenced (a) by any
instrument or any number of instruments of similar tenor executed by such
Securityholders in person or by agent or proxy appointed in writing, or (b) by
the record of such holders of Securities voting in favor thereof at any meeting
of such Securityholders duly called and held in accordance with the provisions
of Article VIII, or (c) by a combination of such instrument or instruments and
any such record of such a meeting of such Securityholders.

     

    
      
        
        

      

      
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    If the Company shall solicit from the
Securityholders any request, demand, authorization, direction, notice, consent,
waiver or other action, the Company may, at its option, as evidenced by an
Officers’ Certificate, fix in advance a record date for the determination of
Securityholders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other action, but the Company shall have no
obligation to do so.  If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other action may be
given before or after the record date, but only the Securityholders of record at
the close of business on the record date shall be deemed to be Securityholders
for the purposes of determining whether Securityholders of the requisite
proportion of Outstanding Securities have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or other
action, and for that purpose the Outstanding Securities shall be computed as of
the record date; provided, however, that no such authorization, agreement or
consent by such Securityholders on the record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture
not later than six months after the record date.

    

    Section
7.2        Proof of Execution by
Securityholders.

     

    Subject to the provisions of Sections
6.1, 6.2 and 8.5, proof of the execution of any instrument by a Securityholder
or his agent or proxy shall be sufficient if made in accordance with such
reasonable rules and regulations as may be prescribed by the Trustee or in such
manner as shall be satisfactory to the Trustee.  The ownership of
Securities shall be proved by the Security Register or by a certificate of the
Security registrar.  The Trustee may require such additional proof of
any matter referred to in this Section as it shall deem necessary.

    

    The record of any Securityholders’
meeting shall be proved in the manner provided in Section 8.6.

    

    Section
7.3        Who Are Deemed Absolute
Owners.

     

    Prior to due presentment for
registration of transfer of any Security, the Company, the Trustee, any
Authenticating Agent, any paying agent, any transfer agent and any Security
registrar may deem the Person in whose name such Security shall be registered
upon the Security Register to be, and may treat him as, the absolute owner of
such Security (whether or not such Security shall be overdue) for the purpose of
receiving payment of or on account of the principal of and premium, if any, and
interest on such Security and for all other purposes; and neither the Company
nor the Trustee nor any Authenticating Agent nor any paying agent nor any
transfer agent nor any Security registrar shall be affected by any notice to the
contrary.  All such payments so made to any holder for the time being
or upon his order shall be valid, and, to the extent of the sum or sums so paid,
effectual to satisfy and discharge the liability for moneys payable upon any
such Security.

     

    
      
        
        

      

      
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    Section
7.4        Securities Owned by Company Deemed
Not Outstanding.

     

    In determining whether the holders of
the requisite aggregate principal amount of Securities have concurred in any
direction, consent or waiver under this Indenture, Securities which are owned by
the Company or any other obligor on the Securities or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Company, except for the Securities owned by or on behalf of
ServisFirst Capital Trust II, or any other obligor on the Securities shall be
disregarded and deemed not to be outstanding for the purpose of any such
determination; provided that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, consent or waiver, only
Securities which a Responsible Officer of the Trustee actually knows are so
owned shall be so disregarded.  Securities so owned which have been
pledged in good faith may be regarded as outstanding for the purposes of this
Section 7.4 if the pledgee shall establish to the satisfaction of the Trustee
the pledgee’s right to vote such Securities and that the pledgee is not the
Company or any such other obligor or Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company or
any such other obligor.  In the case of a dispute as to such right,
any decision by the Trustee taken upon the advice of counsel shall be full
protection to the Trustee.

    

    Section
7.5        Revocation of Consents; Future
Holders Bound.

     

    At any time prior to (but not after)
the evidencing to the Trustee, as provided in Section 7.1, of the taking of any
action by the holders of the percentage in aggregate principal amount of the
Security specified in this Indenture in connection with such action, any holder
of a Security (or any Security issued in whole or in part in exchange or
substitution therefor) the serial number of which is shown by the evidence to be
included in the Securities the holders of which have consented to such action
may, by filing written notice with the Trustee at its principal office and upon
proof of holding as provided in Section 7.2, revoke such action so far as
concerns such Security (or so far as concerns the principal amount represented
by any exchanged or substituted Security).  Except as aforesaid, any
such action taken by the holder of any Security shall be conclusive and binding
upon such holder and upon all future holders and owners of such Security, and of
any Security issued in exchange or substitution therefor, irrespective of
whether or not any notation in regard thereto is made upon such Security or any
Security issued in exchange or substitution therefor.

    

    ARTICLE
VIII

     

    SECURITYHOLDERS’
MEETINGS

     

    Section
8.1        Purpose of
Meetings.

     

    A meeting of Securityholders may be
called at any time and from time to time pursuant to the provisions of this
Article VIII for any of the following purposes:

    

    (a)           to
give any notice to the Company or to the Trustee, or to give any directions to
the Trustee, or to consent to the waiving of any Default hereunder and its
consequences, or to take any other action authorized to be taken by
Securityholders pursuant to any of the provisions of Article V;

    

    (b)           to
remove the Trustee and nominate a successor trustee pursuant to the provisions
of Article VI;

     

    
      
        
        

      

      
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    (c)           to
consent to the execution of an indenture or indentures supplemental hereto
pursuant to the provisions of Section 9.2; or

    

    (d)           to
take any other action authorized to be taken by or on behalf of the holders of
any specified aggregate principal amount of such Securities under any other
provision of this Indenture or under applicable law.

    

    Section
8.2        Call of Meetings by
Trustee.

     

    The Trustee may at any time call a
meeting of Securityholders to take any action specified in Section 8.1, to be
held at such time and such place as the Trustee shall
determine.  Notice of every meeting of the Securityholders, setting
forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be mailed to holders of Securities
at their addresses as they shall appear on the Securities
Register.  Such notice shall be mailed not less than 20 nor more than
180 days prior to the date fixed for the meeting.

    

    Section
8.3        Call of Meetings by Company or
Securityholders.

     

    In case at any time the Company
pursuant to a resolution of the Board of Directors, or the holders of at least
10% in aggregate principal amount of the Securities then outstanding, shall have
requested the Trustee to call a meeting of Securityholders, by written request
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have mailed the notice of such meeting within
20 days after receipt of such request, then the Company or such Securityholders
may determine the time and the place for such meeting and may call such meeting
to take any action authorized in Section 8.1, by mailing notice thereof as
provided in Section 8.2.

    

    Section
8.4        Qualifications for
Voting.

     

    To be entitled to vote at any meeting
of Securityholders a Person shall be (a) a holder of one or more Securities or
(b) a Person appointed by an instrument in writing as proxy by a holder of one
or more Securities.  The only Persons who shall be entitled to be
present or to speak at any meeting of Securityholders shall be the Persons
entitled to vote at such meeting and their counsel and any representatives of
the Trustee and its counsel and any representatives of the Company and its
counsel.

    

    Section
8.5        Regulations.

     

    Notwithstanding any other provisions of
this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Securityholders, in regard to proof of the holding
of Securities and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other
matters concerning the conduct of the meeting as it shall think
fit.

     

    
      
        
        

      

      
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    The Trustee shall, by an instrument in
writing, appoint a temporary chairman of the meeting, unless the meeting shall
have been called by the Company or by Securityholders as provided in Section
8.3, in which case the Company or the Securityholders calling the meeting, as
the case may be, shall in like manner appoint a temporary chairman.  A
permanent chairman and a permanent secretary of the meeting shall be elected by
majority vote of the meeting.

    

    Subject to the provisions of Section
8.4, at any meeting each holder of Securities or proxy therefor shall be
entitled to one vote for each $1 principal amount of Securities held or
represented by him; provided, however, that no vote shall be cast or counted at
any meeting in respect of any Security challenged as not outstanding and ruled
by the chairman of the meeting to be not outstanding.  The chairman of
the meeting shall have no right to vote other than by virtue of Securities held
by him or instruments in writing as aforesaid duly designating him as the person
to vote on behalf of other Securityholders.  Any meeting of
Securityholders duly called pursuant to the provisions of Section 8.2 or 8.3 may
be adjourned from time to time by a majority of those present, whether or not
constituting a quorum, and the meeting may be held as so adjourned without
further notice.

    

    Section
8.6        Voting.

     

    The vote upon any resolution submitted
to any meeting of holders of Securities shall be by written ballots on which
shall be subscribed the signatures of such holders or of their representatives
by proxy and the serial number or numbers of the Securities held or represented
by them.  The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against
any resolution and who shall make and file with the secretary of the meeting
their verified written reports in triplicate of all votes cast at the
meeting.  A record in duplicate of the proceedings of each meeting of
Securityholders shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of votes
on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was mailed as provided in Section 8.2.  The
record shall show the serial numbers of the Securities voting in favor of or
against any resolution.  The record shall be signed and verified by
the affidavits of the permanent chairman and secretary of the meeting and one of
the duplicates shall be delivered to the Company and the other to the Trustee to
be preserved by the Trustee, the latter to have attached thereto the ballots
voted at the meeting.

    

    Any record so signed and verified shall
be conclusive evidence of the matters therein stated.

     

    
      
        
        

      

      
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    ARTICLE
IX

     

    AMENDMENTS

     

    Section
9.1        Without Consent of
Securityholders.

     

    The Company, when authorized by a Board
Resolution, and the Trustee may from time to time and at any time amend this
Indenture, without the consent of the Securityholders, for one or more of the
following purposes:

    

    (a)           to
evidence the succession of another corporation to the Company, or successive
successions, and the assumption by the successor corporation of the covenants,
agreements and obligations of the Company pursuant to Article X
hereof;

    

    (b)           to
add to the covenants of the Company such further covenants, restrictions or
conditions for the protection of the Securityholders as the Board of Directors
and the Trustee shall consider to be for the protection of the Securityholders,
and to make the occurrence, or the occurrence and continuance, of a default in
any of such additional covenants, restrictions or conditions a Default or an
Event of Default permitting the enforcement of all or any of the remedies
provided in this Indenture as herein set forth; provided, however, that in
respect of any such additional covenant, restriction or condition such amendment
may provide for a particular period of grace after default (which period may be
shorter or longer than that allowed in the case of other Defaults) or may
provide for an immediate enforcement upon such default or may limit the remedies
available to the Trustee upon such default;

    

    (c)           to
provide for the issuance under this Indenture of Securities in coupon form
(including Securities registrable as to principal only) and to provide for
exchangeability of such Securities with the Securities issued hereunder in fully
registered form and to make all appropriate changes for such
purpose;

    

    (d)           to
cure any ambiguity or to correct or supplement any provision contained herein or
in any supplemental indenture which may be defective or inconsistent with any
other provision contained herein or in any supplemental indenture, or to make
such other provisions in regard to matters or questions arising under this
Indenture; provided that any such action shall not materially adversely affect
the interests of the holders of the Securities;

    

    (e)           to
evidence and provide for the acceptance of appointment hereunder by a successor
trustee with respect to the Securities;

    

    (f)           to
make provision for transfer procedures, certification, book-entry provisions,
the form of restricted securities legends, if any, to be placed on Securities,
and all other matters required pursuant to Section 2.7 or otherwise necessary,
desirable or appropriate in connection with the issuance of Securities to
holders of Preferred Securities in the event of a distribution of Securities by
ServisFirst Capital Trust II following a Dissolution Event;

     

    
      
        
        

      

      
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    (g)           to
qualify or maintain qualification of this Indenture under the Trust Indenture
Act; or

    

    (h)           to
make any change that does not adversely affect the rights of any Securityholder
in any material respect.

    

    The Trustee is hereby authorized to
join with the Company in the execution of any supplemental indenture to effect
such amendment, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer and
assignment of any property thereunder, but the Trustee shall not be obligated
to, but may in its discretion, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

    

    Any amendment to this Indenture
authorized by the provisions of this Section 9.1 may be executed by the Company
and the Trustee without the consent of the holders of any of the Securities at
the time outstanding, notwithstanding any of the provisions of Section
9.2.

    

    Section
9.2        With Consent of
Securityholders.

     

    With the consent (evidenced as provided
in Section 7.1) of the holders of a majority in aggregate principal amount of
the Securities at the time outstanding, the Company, when authorized by a Board
Resolution, and the Trustee may from time to time and at any time amend this
Indenture for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the holders of the Securities; provided, however,
that no such amendment shall without the consent of the holders of each Security
then outstanding and affected hereby (i) extend the Stated Maturity of any
Security, or reduce the rate or extend the time of payment of interest thereon
(except as contemplated by Article XVI), or reduce the principal amount thereof
(including in the case of a discounted Security the amount payable thereon in
the event of acceleration or the amount provable in bankruptcy), or reduce any
amount payable on redemption thereof, or make the principal thereof or any
interest or premium thereon payable in any coin or currency other than that
provided in the Securities, or impair or affect the right of any Securityholder
to institute suit for payment thereof, or (ii) reduce the aforesaid percentage
of Securities the holders of which are required to consent to any such amendment
to this Indenture, provided, however, that if the
Securities are held by ServisFirst Capital Trust II, such amendment shall not be
effective until the holders of a majority in liquidation amount of Trust
Securities shall have consented to such amendment; provided, further, that if the
consent of the holder of each outstanding Security is required, such amendment
shall not be effective until each holder of the Trust Securities shall have
consented to such amendment.

    

    Upon the request of the Company
accompanied by a copy of a resolution of the Board of Directors certified by its
Secretary or Assistant Secretary authorizing the execution of any supplemental
indenture affecting such amendment, and upon the filing with the Trustee of
evidence of the consent of Securityholders as aforesaid, the Trustee shall join
with the Company in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental
indenture.

     

    
      
        
        

      

      
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    Promptly after the execution by the
Company and the Trustee of any supplemental indenture pursuant to the provisions
of this Section, the Trustee shall transmit by mail, first class postage
prepaid, a notice, prepared by the Company, setting forth in general terms the
substance of such supplemental indenture, to the Securityholders as their names
and addresses appear upon the Security Register.  Any failure of the
Trustee to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental
indenture.

    

    It shall not be necessary for the
consent of the Securityholders under this Section 9.2 to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such
consent shall approve the substance thereof.

    

    Section
9.3        Effect of Supplemental
Indentures.

     

    Upon the execution of any supplemental
indenture pursuant to the provisions of this Article IX, this Indenture shall be
and be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities
under this Indenture of the Trustee, the Company and the holders of Securities
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

    

    Section
9.4        Notation on
Securities.

     

    Securities authenticated and delivered
after the execution of any supplemental indenture affecting such series pursuant
to the provisions of this Article IX may bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental
indenture.  If the Company or the Trustee shall so determine, new
Securities so modified as to conform, in the opinion of the Trustee and the
Board of Directors, to any modification of this Indenture contained in any such
supplemental indenture may be prepared and executed by the Company,
authenticated by the Trustee or the Authenticating Agent and delivered in
exchange for the Securities then outstanding.

    

    Section
9.5        Evidence of Compliance of
Supplemental Indenture to be Furnished Trustee.

     

    The Trustee, subject to the provisions
of Sections 6.1 and 6.2, may receive an Officers’ Certificate and an Opinion of
Counsel as conclusive evidence that any supplemental indenture executed pursuant
to this Article is authorized or permitted by, and conforms to, the terms of
this Article and that it is proper for the Trustee under the provisions of this
Article to join in the execution thereof.

    

    
      
        
        

      

      
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    ARTICLE
X

     

    CONSOLIDATION,
MERGER, SALE, CONVEYANCE AND LEASE

     

    Section
10.1      Company May Consolidate, etc., on
Certain Terms.

     

    Nothing contained in this Indenture or
in any of the Securities shall prevent any consolidation or merger of the
Company with or into any other Person (whether or not affiliated with the
Company, as the case may be), or successive consolidations or mergers in which
the Company, as the case may be, or its successor or successors shall be a party
or parties, or shall prevent any sale, conveyance, transfer or lease of the
property of the Company, as the case may be, or its successor or successors as
an entirety, or substantially as an entirety, to any other Person (whether or
not affiliated with the Company, as the case may be, or its successor or
successors) authorized to acquire and operate the same; provided, that (a) the
Company is the surviving Person or the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale,
conveyance, transfer or lease of property is made is a Person organized and
existing under the laws of the United States or any State thereof or the
District of Columbia, and (b) upon any such consolidation, merger, sale,
conveyance, transfer or lease, the due and punctual payment of the principal of
(and premium, if any) and interest on the Securities according to their tenor
and the due and punctual performance and observance of all the covenants and
conditions of this Indenture to be kept or performed by the Company shall be
expressly assumed, by supplemental indenture (which shall conform to the
provisions of the Trust Indenture Act, as then in effect) satisfactory in form
to the Trustee, and executed and delivered to the Trustee by the Person formed
by such consolidation, or into which the Company, as the case may be, shall have
been merged, or by the Person which shall have acquired such property, and (c)
after giving effect to such consolidation, merger, sale, conveyance, transfer or
lease, no Default or Event of Default shall have occurred and be
continuing.

    

    Section
10.2      Successor Corporation to be
Substituted for Company.

     

    In case of any such consolidation,
merger, conveyance or transfer and upon the assumption by the successor
corporation, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of the due and punctual payment of the
principal of and premium, if any, and interest on all of the Securities and the
due and punctual performance and observance of all of the covenants and
conditions of this Indenture to be performed or observed by the Company, such
successor Person shall succeed to and be substituted for the Company, with the
same effect as if it had been named herein as the party of the first part, and
the Company thereupon shall be relieved of any further liability or obligation
hereunder or upon the Securities.  Such successor Person thereupon may
cause to be signed, and may issue either in its own name or in the name of
ServisFirst Bancshares, Inc., any or all of the Securities issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the
Trustee or the Authenticating Agent; and, upon the order of such successor
Person instead of the Company and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee or the Authenticating
Agent shall authenticate and deliver any Securities which previously shall have
been signed and delivered by the officers of the Company to the Trustee or the
Authenticating Agent for authentication, and any Securities which such successor
Person thereafter shall cause to be signed and delivered to the Trustee or the
Authenticating Agent for that purpose.  All the Securities so issued
shall in all respects have the same legal rank and benefit under this Indenture
as the Securities theretofore or thereafter issued in accordance with the terms
of this Indenture as though all of such Securities had been issued at the date
of the execution hereof.

     

    
      
        
        

      

      
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    Section
10.3      Opinion of Counsel to be Given
Trustee.

     

    The Trustee, subject to the provisions
of Sections 6.1 and 6.2, may receive an Opinion of Counsel as conclusive
evidence that any consolidation, merger, sale, conveyance, transfer or lease,
and any assumption, permitted or required by the terms of this Article X
complies with the provisions of this Article X.

    

    ARTICLE
XI

     

    SATISFACTION
AND DISCHARGE OF INDENTURE

     

    Section
11.1      Discharge of
Indenture.

     

    When (a) the Company shall deliver to
the Trustee for cancellation all Securities theretofore authenticated (other
than any Securities which shall have been destroyed, lost or stolen and which
shall have been replaced or paid as provided in Section 2.8) and not theretofore
cancelled, or (b) all the Securities not theretofore cancelled or delivered to
the Trustee for cancellation shall have become due and payable, or are by their
terms to become due and payable within one year or are to be called for
prepayment within one year under arrangements satisfactory to the Trustee for
the giving of notice of prepayment, and the Company shall deposit or cause to be
deposited with the Trustee, in trust, funds sufficient to pay on the Stated
Maturity or upon prepayment all of the Securities (other than any Securities
which shall have been destroyed, lost or stolen and which shall have been
replaced or paid as provided in Section 2.8) not theretofore cancelled or
delivered to the Trustee for cancellation, including principal (and premium, if
any) and interest due or to become due to the Stated Maturity or prepayment
date, as the case may be, but excluding, however, the amount of any moneys for
the payment of principal (or premium, if any) or interest on the Securities (1)
theretofore repaid to the Company in accordance with the provisions of Section
11.4, or (2) paid to any State or to the District of Columbia pursuant to its
unclaimed property or similar laws, and if in either case the Company shall also
pay or cause to be paid all other sums payable hereunder by the Company, then
this Indenture shall cease to be of further effect except for the provisions of
Sections 2.2, 2.7, 2.8, 3.1, 3.2, 3.4, 6.6, 6.10, 11.2 and 11.4 hereof shall
survive until such Securities shall mature and be paid.  Thereafter,
Sections 6.6, 6.10 and 11.4 shall survive, and the Trustee, on demand of the
Company accompanied by any Officers’ Certificate and an Opinion of Counsel to
the effect that all conditions to the satisfaction and discharge of this
Indenture have been satisfied and at the cost and expense of the Company, shall
execute proper instruments acknowledging satisfaction of and discharging this
Indenture, the Company, however, hereby agreeing to reimburse the Trustee for
any costs or expenses thereafter reasonably and properly incurred by the Trustee
in connection with this Indenture or the Securities.

     

    
      
        
        

      

      
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    Section
11.2      Deposited Moneys and U.S. Government
Obligations to be Held in Trust by Trustee.

     

    Subject to the provisions of Section
11.4, all moneys and U.S. Government Obligations deposited with the Trustee
pursuant to Sections 11.1 or 11.5 shall be held in trust and applied by it to
the payment, either directly or through any paying agent (including the Company
if acting as its own paying agent), to the holders of the particular Securities
for the payment of which such moneys or U.S.  Government Obligations
have been deposited with the Trustee, of all sums due and to become due thereon
for principal, premium, if any, and interest.

    

    The Company shall pay and indemnify the
Trustee and its officers, directors, agents and employees against any tax, fee
or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 11.5 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the holders of outstanding Securities.

    

    Section
11.3      Paying Agent to Repay Moneys
Held.

     

    Upon the satisfaction and discharge of
this Indenture all moneys then held by any paying agent of the Securities (other
than the Trustee) shall, upon written demand of the Company, be repaid to it or
paid to the Trustee, and thereupon such paying agent shall be released from all
further liability with respect to such moneys.

    

    Section
11.4      Return of Unclaimed
Moneys.

     

    Any moneys deposited with or paid to
the Trustee or any paying agent for payment of the principal of or premium, if
any, or interest on Securities and not applied but remaining unclaimed by the
holders of Securities for two years after the date upon which the principal of
or premium, if any, or interest on such Securities, as the case may be, shall
have become due and payable, shall be repaid to the Company by the Trustee or
such paying agent on written demand; and the holder of any of the Securities
shall thereafter look only to the Company for any payment which such holder may
be entitled to collect and all liability of the Trustee or such paying agent
with respect to such moneys shall thereupon cease.

    

    Section
11.5      Defeasance Upon Deposit of Moneys or
U.S. Government Obligations.

     

    The Company shall be deemed to have
been Discharged (as defined below) from its respective obligations with respect
to the Securities on the 91st day after the applicable conditions set forth
below have been satisfied with respect to the Securities at any time after the
applicable conditions set forth below have been satisfied:

    

    (a)           The
Company shall have deposited or caused to be deposited irrevocably with the
Trustee or the Defeasance Agent (as defined below) as trust funds in trust,
specifically pledged as security for, and dedicated solely to, the benefit of
the holders of the Securities (i) money in an amount, or (ii) U.S. Government
Obligations which through the payment of interest and principal in respect
thereof in accordance with their terms will provide, not later than one day
before the due date of any payment, money in an amount, or (iii) a combination
of (i) and (ii), sufficient, in the opinion (with respect to (ii) and (iii)) of
independent public accountants registered with the PCAOB expressed in a written
certification thereof delivered to the Trustee and the Defeasance Agent, if any,
to pay and discharge each installment of principal of and interest and premium,
if any, on the outstanding Securities on the dates such installments of
principal, premium or interest are due;

     

    
      
        
        

      

      
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    (b)           if
the Securities are then listed on any national securities exchange, the Company
shall have delivered to the Trustee and the Defeasance Agent, if any, an Opinion
of Counsel to the effect that the exercise of the option under this Section 11.5
would not cause such Securities to be delisted from such exchange;

    

    (c)           no
Default or Event of Default with respect to the Securities shall have occurred
and be continuing on the date of such deposit;

    

    (d)           the
Company shall have delivered to the Trustee and the Defeasance Agent, if any, an
Opinion of Counsel to the effect that holders of the Securities will not
recognize income, gain or loss for United States federal income tax purposes as
a result of the exercise of the option under this Section 11.5 and will be
subject to United States federal income tax on the same amount and in the same
manner and at the same times as would have been the case if such option had not
been exercised, and such opinion shall be accompanied by a private letter ruling
to that effect received from the United States Internal Revenue Service or a
revenue ruling pertaining to a comparable form of transaction to that effect
published by the United States Internal Revenue Service; and

    

    (e)           the
Company shall have delivered to the Trustee and the Defeasance Agent, if any, an
Officers’ Certificate and an Opinion of Counsel each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this
Indenture have been complied with.

    

    “Discharged” means that the Company
shall be deemed to have paid and discharged the entire indebtedness represented
by, and obligations under, the Securities and to have satisfied all the
obligations under this Indenture relating to the Securities (and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging the
same), except (A) the rights of holders of Securities to receive, from the trust
fund described in clause (1) above, payment of the principal of and the interest
and premium, if any, on the Securities when such payments are due; (B) the
Company’s obligations with respect to the Securities under Sections 2.7, 2.8,
5.2 and 11.4; and (C) the rights, powers, trusts, duties and immunities of the
Trustee hereunder.

    

    “Defeasance Agent” means another
financial institution which is eligible to act as Trustee hereunder and which
assumes all of the obligations of the Trustee necessary to enable the Trustee to
act hereunder.  In the event such a Defeasance Agent is appointed
pursuant to this Section, the following conditions shall apply:

     

    
      
        
        

      

      
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    (a)           The
Trustee shall have approval rights over the document appointing such Defeasance
Agent and the document setting forth such Defeasance Agent’s rights and
responsibilities; and

    

    (b)           The
Defeasance Agent shall provide verification to the Trustee acknowledging receipt
of sufficient money and/or U.S. Government Obligations to meet the applicable
conditions set forth in this Section 11.5.

    

    Section
11.6      Reinstatement.

     

    If the Trustee or any Defeasance Agent
is unable to apply any money in accordance with Section 11.5 by reason of any
legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to
Section 11.5 until such time as the Trustee or any Defeasance Agent is permitted
to apply all such money in accordance with Section 11.5.

    

    ARTICLE
XII

     

    IMMUNITY
OF INCORPORATORS, STOCKHOLDERS,

    OFFICERS
AND DIRECTORS

     

    Section
12.1      Indenture and Securities Solely
Corporate Obligations.

     

    No recourse for the payment of the
principal of or premium, if any, or interest on any Security, or for any claim
based thereon or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of the Company in this Indenture, or in any
Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, officer or director, as
such, past, present or future, of the Company or of any successor Person to the
Company, either directly or through the Company any constitution, statute or
rule of law, or by the enforcement of any assessment or penalty or otherwise; it
being expressly understood that all such liability is hereby expressly waived
and released as a condition of, and as a consideration for, the execution of
this Indenture and the issue of the Securities.

    

    ARTICLE
XIII

     

    MISCELLANEOUS
PROVISIONS

     

    Section
13.1      Successors.

     

    All the covenants, stipulations,
promises and agreements in this Indenture contained by the Company shall bind
its successors and assigns whether so expressed or not.

     

    
      
        
        

      

      
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    Section
13.2      Official Acts by Successor
Corporation.

     

    Any act or proceeding by any provision
of this Indenture authorized or required to be done or performed by any board,
committee or officer of the Company shall and may be done and performed with
like force and effect by the like board, committee or officer of any corporation
that shall at the time be the lawful sole successor of the Company.

    

    Section
13.3      Surrender of Company
Powers.

     

    The Company by instrument in writing
executed by authority of 2/3 (two-thirds) of its Board of Directors and
delivered to the Trustee may surrender any of the powers reserved to the
Company, and thereupon such power so surrendered shall terminate both as to the
Company, as the case may be, and as to any successor Person.

    

    Section
13.4      Address for Notices,
etc.

     

    Any notice or demand which by any
provision of this Indenture is required or permitted to be given or served by
the Trustee or by the holders of Securities on the Company may be given or
served by being deposited postage prepaid by registered or certified mail in a
post office letter box addressed (until another address is filed by the Company
with the Trustee for the purpose) to the Company, 3300 Cahaba Road, Suite 300,
Birmingham, Alabama 35223 Attention: Thomas A. Broughton III.  Any
notice, direction, request or demand by any Securityholder to or upon the
Trustee shall be deemed to have been sufficiently given or made, for all
purposes, if given or made in writing at the Principal Office of the Trustee,
(unless another address is provided by the Trustee to the Company for the
purpose).  All such notices shall be deemed to have been given when
received in person, telecopied with receipt confirmed, and mailed by first class
mail, postage prepaid, except that if a notice or other document is refused
delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered
on the date of such refusal or inability to deliver.

    

    Section
13.5      Governing Law.

     

    This Indenture and each Security shall
be deemed to be a contract made under the laws of the State of Delaware, and for
all purposes shall be governed by and construed in accordance with the laws of
said State, without regard to conflicts of laws principles thereof.

    

    Section
13.6      Evidence of Compliance with
Conditions Precedent.

     

    (a)           Upon
any application or demand by the Company to the Trustee to take any action under
any of the provisions of this Indenture, the Company shall furnish to the
Trustee an Officers’ Certificate stating that in the opinion of the signers all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent have been complied
with.

     

    
      
        
        

      

      
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    (b)           Each
certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in
this Indenture shall include (1) a statement that the person making such
certificate or opinion has read such covenant or condition; (2) a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based; (3) a statement that, in the opinion of such person, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

    

    Section
13.7      Business Days.

     

    In any case where the date of payment
of principal of or premium, if any, or interest on the Securities will not be a
Business Day, the payment of such principal of or premium, if any, or interest
on the Securities need not be made on such date but shall be made on the next
succeeding Business Day (and without any interest or other payment in respect of
any such delay), with the same force and effect as if made on the date of
payment and no interest shall accrue for the period from and after such
date.

    

    Section
13.8      Table of Contents, Headings,
etc.

     

    The table of contents and the titles
and headings of the articles and sections of this Indenture have been inserted
for convenience of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions
hereof.

    

    Section
13.9      Execution in
Counterparts.

     

    This Indenture may be executed in any
number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same
instrument.

    

    Section
13.10    Separability.

     

    In case any one or more of the
provisions contained in this Indenture or in the Securities shall for any reason
be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this
Indenture or of the Securities, but this Indenture and the Securities shall be
construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

    

    Section
13.11    Assignment.

     

    The Company will have the right at all
times to assign any of its respective rights or obligations under this Indenture
to a direct or indirect wholly owned Subsidiary of the Company, provided that,
in the event of any such assignment, the Company, as the case may be, will
remain liable for all such obligations.  Subject to the foregoing, the
Indenture is binding upon and inures to the benefit of the parties thereto and
their respective successors and assigns.  This Indenture may not
otherwise be assigned by the parties hereto.

     

    
      
        
        

      

      
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    Section
13.12    Acknowledgment of
Rights.

     

    The Company acknowledges that, with
respect to any Securities held by ServisFirst Capital Trust II or a trustee of
such trust, if the Property Trustee of such Trust fails to enforce its rights
under this Indenture as the holder of the Securities held as the assets of
ServisFirst Capital Trust II any holder of Preferred Securities may institute
legal proceedings directly against the Company to enforce such Property
Trustee’s rights under this Indenture without first instituting any legal
proceedings against such Property Trustee or any other
Person.  Notwithstanding the foregoing, if an Event of Default has
occurred and is continuing and such event is attributable to the failure of the
Company to pay principal of or premium, if any, or interest on the Securities
when due, the Company acknowledges that a holder of Preferred Securities may
directly institute a proceeding for enforcement of payment to such holder of the
principal of or premium, if any, or interest on the Securities having a
principal amount equal to the aggregate liquidation amount of the Preferred
Securities of such holder on or after the respective due date specified in the
Securities.

    

    ARTICLE
XIV

     

    PREPAYMENT
OF SECURITIES

     

    Section
14.1      Prepayment.

     

    If a Special Event has occurred and is
continuing, then the Company shall have the right upon (i) not less than 45 days
written notice to the Trustee and (ii) not less than 30 days nor more than 60
days written notice to the Securityholders, to prepay the Securities, in whole
(but not in part), at any time within 90 days following the occurrence of such
Special Event, at the Prepayment Price.  The Prepayment Price shall be
paid prior to 12:00 noon, New York City time, on the date of such prepayment or
such earlier time as the Company determines, provided that the Company shall
deposit with the Trustee an amount sufficient to pay the Prepayment Price by
10:00 a.m., New York City time, on the date such Prepayment Price is to be
paid.

    

    Section
14.2      [Reserved.]

     

    Section
14.3      No Sinking Fund.

     

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

    

    Section
14.4      Notice of
Prepayment.

     

    In case the Company shall desire to
exercise the right to prepay all of the Securities in accordance with their
terms, which shall be done pursuant to a Board Resolution, it shall fix a date
for prepayment and shall mail a notice of such prepayment at least 30 and not
more than 60 days prior to the date fixed for prepayment to the holders of
Securities so to be prepaid as a whole or in part at their last addresses as the
same appear on the Security Register.  Such mailing shall be by first
class mail.  The notice if mailed in the manner herein provided shall
be conclusively presumed to have been duly given, whether or not the holder
receives such notice.  In any case, failure to give such notice by
mail or any defect in the notice to the holder of any Security designated for
prepayment as a whole or in part shall not affect the validity of the
proceedings for the prepayment of any other Security.

    
      
         

      

      
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    Each such notice of prepayment shall
specify the CUSIP number of the Securities to be prepaid, the date fixed for
prepayment, the prepayment price at which the Securities are to be prepaid (or
the method by which such prepayment price is to be calculated), the place or
places of payment that payment will be made upon presentation and surrender of
the Securities, that interest accrued to the date fixed for prepayment will be
paid as specified in said notice, and that on and after said date interest
thereon or on the portions thereof to be prepaid will cease to
accrue.  If less than all the Securities are to be prepaid the notice
of prepayment shall specify the numbers of the Securities to be
prepaid.

    

    In the event the Securities are issued
in book-entry form with the Depositary: (i) the Trustee may deal with the
Depositary as the authorized representative of the Securityholders; (ii) the
rights of the Securityholders shall be exercised only through the Depositary and
shall be limited to those established by law and agreement between the
Securityholders and the Depositary and/or direct participants of the Depositary;
(iii) the Depositary will make book-entry transfers among the direct
participants of the Depositary and will receive and transmit distributions of
principal and interest on the Securities to such direct participants; and (iv)
the direct participants of the Depositary shall have no rights under this
Indenture under or with respect to any of the Securities held on their behalf by
the Depositary, and the Depositary may be treated by the Trustee and its agents,
employees, officers and directors as the absolute owner of the Securities for
all purposes whatsoever.

    

    Prior to 10:00 a.m., New York City
time, on the prepayment date specified in the notice of prepayment given as
provided in this Section, the Company will deposit with the Trustee or with one
or more paying agents an amount of money sufficient to prepay on the prepayment
date all the Securities so called for prepayment at the appropriate Prepayment
Price, together with accrued interest to the date fixed for
prepayment.

    

    The Company will give the Trustee
written notice not less than 45 days prior to the prepayment date as to the
aggregate principal amount of Securities to be prepaid.

    

    If less than all the Securities of any
series are to be prepaid, the particular Securities to be prepaid shall be
selected, not more than 60 days prior to the date of prepayment, by the Trustee
from the Outstanding Securities not previously called for prepayment, on a pro
rata basis or by such other method as the Trustee shall deem fair and
appropriate and which may provide for the selection for prepayment of a portion
of the principal amount of any Security, provided that the remaining portion of
the principal amount of any Security shall be in an authorized denomination
(which shall not be less than the minimum authorized denomination) for such
Security, or, if the Securities are then held in the form of a Global Security,
in accordance with the customary procedures for the Depositary.

    

    The Trustee shall promptly notify the
Company in writing of the Securities selected for partial redemption and the
principal amount thereof to be redeemed.  For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities shall relate, in the case of any Security redeemed or
to be redeemed only in part, to the portion of the principal amount of such
Security that has been or is to be redeemed.

    
      
         

      

      
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    Section
14.5          Payment of Securities Called for
Prepayment.

     

    If notice of prepayment has been given
as provided in Section 14.4, the Securities with respect to which such notice
has been given shall become due and payable on the date and at the place or
places stated in such notice at the applicable Prepayment Price, together with
interest accrued, if any, to the date fixed for prepayment (subject to the
rights of holders of Securities on the close of business on a regular record
date in respect of an Interest Payment Date occurring on or prior to the
prepayment date), and on and after said date (unless the Company shall default
in the payment of such Securities at the Prepayment Price, together with
interest, if any, accrued to said date) interest on the Securities so called for
prepayment shall cease to accrue.  On presentation and surrender of
such Securities at a place of payment specified in said notice, the said
Securities shall be paid and prepaid by the Company at the applicable Prepayment
Price, together with interest accrued thereon to the date fixed for prepayment
(subject to the rights of holders of Securities on the close of business on a
regular record date in respect of an Interest Payment Date occurring on or prior
to the prepayment date).

    

    ARTICLE
XV

     

    SUBORDINATION
OF SECURITIES

     

    Section
15.1          Agreement to
Subordinate.

     

    The Company covenants and agrees, and
each holder of Securities issued hereunder likewise covenants and agrees, that
the Securities shall be issued subject to the provisions of this Article XV; and
each holder of a Security, whether upon original issue or upon transfer or
assignment thereof, accepts and agrees to be bound by such
provisions.

    

    The payment by the Company of the
principal of and premium, if any, and interest on all Securities issued
hereunder shall, to the extent and in the manner hereinafter set forth, be
subordinated and junior in right of payment to the prior payment in full of all
amounts with respect to Senior Debt, whether outstanding at the date of this
Indenture or thereafter incurred.

    

    No provision of this Article XV shall
prevent the occurrence of any Default or Event of Default
hereunder.

    

    Section
15.2          Default on Senior
Debt.

     

    In the event and during the
continuation of any default by the Company in the payment of principal, premium,
interest or any other payment due on any Senior Debt, or in the event that the
maturity of any Senior Debt has been accelerated because of a default, then, in
either case, no payment shall be made by the Company with respect to the
principal (including prepayments) of or premium, if any, or interest on the
Securities.

    
      
         

      

      
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    In the event of the acceleration of the
maturity of the Securities, then no payment shall be made by the Company with
respect to the principal (including prepayments) of or premium, if any, or
interest on the Securities until the holders of all Senior Debt outstanding at
the time of such acceleration shall receive payment in full of all amounts due
in respect of such Senior Debt (including any amounts due upon
acceleration).

    

    In the event that, notwithstanding the
foregoing, any payment shall be received by the Trustee when such payment is
prohibited by the preceding paragraph of this Section 15.2, such payment shall
be held in trust for the benefit of, and shall be paid over or delivered to, the
holders of Senior Debt or their respective representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Debt may have
been issued, as their respective interests may appear, but only to the extent of
the amounts due in respect of such Senior Debt and only to the extent that the
holders of the Senior Debt (or their representative or representatives or a
trustee) notify the Trustee in writing, within 90 days of such payment, of the
amounts then due and owing on such Senior Debt and only the amounts specified in
such notice to the Trustee shall be paid to the holders of such Senior
Debt.

    

    Section
15.3          Liquidation; Dissolution;
Bankruptcy.

     

    Upon any payment by the Company or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, to creditors upon any dissolution or winding-up or
liquidation or reorganization of the Company, whether voluntary or involuntary
or in bankruptcy, insolvency, receivership or other proceedings, all amounts due
upon all Senior Debt of the Company shall first be paid in full, or payment
thereof provided for in money in accordance with its terms, before any payment
is made by the Company on account of the principal (and premium, if any) or
interest on the Securities; and upon any such dissolution or winding-up or
liquidation or reorganization, any payment by the Company, or distribution of
assets of the Company of any kind or character, whether in cash, property or
securities, to which the Securityholders or the Trustee would be entitled to
receive from the Company, except for the provisions of this Article XV, shall be
paid by the Company or by any receiver, trustee in bankruptcy, liquidating
trustee, agent or other Person making such payment or distribution, or by the
Securityholders or by the Trustee under this Indenture if received by them or
it, directly to the holders of Senior Debt of the Company (pro rata to such
holders on the basis of the respective amounts of Senior Debt held by such
holders, as calculated by the Company) or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Senior Debt may have been issued, as their
respective interests may appear, to the extent necessary to pay such Senior Debt
in full, in money or money’s worth, after giving effect to any concurrent
payment or distribution to or for the holders of such Senior Debt, before any
payment or distribution is made to the Securityholders or to the
Trustee.

    

    In the event that, notwithstanding the
foregoing, any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, prohibited by the foregoing,
shall be received by the Trustee before all Senior Debt is paid in full, or
provision is made for such payment in money in accordance with its terms, such
payment or distribution shall be held in trust for the benefit of and shall be
paid over or delivered to the holders of such Senior Debt or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior Debt may have
been issued, and their respective interests may appear, as calculated by the
Company, for application to the payment of all Senior Debt remaining unpaid to
the extent necessary to pay all amounts due in respect of such Senior Debt in
full in money in accordance with its terms, after giving effect to any
concurrent payment or distribution to or for the benefit of the holders of such
Senior Debt.

    
      
         

      

      
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    For purposes of this Article XV, the
words “cash, property or securities” shall not be deemed to include shares of
stock of the Company as reorganized or readjusted, or securities of the Company
or any other corporation provided for by a plan of reorganization or
readjustment, the payment of which is subordinated at least to the extent
provided in this Article XV with respect to the Securities to the payment of
Senior Debt that may at the time be outstanding, provided that (i) such Senior
Debt is assumed by the new corporation, if any, resulting from any such
reorganization or readjustment, and (ii) the rights of the holders of such
Senior Debt are not, without the consent of such holders, altered by such
reorganization or readjustment.  The consolidation of the Company
with, or the merger of the Company into, another Person or the liquidation or
dissolution of the Company following the sale, conveyance, transfer or lease of
its property as an entirety, or substantially as an entirety, to another Person
upon the terms and conditions provided for in Article X of this Indenture shall
not be deemed a dissolution, winding-up, liquidation or reorganization for the
purposes of this Section 15.3 if such other Person shall, as a part of such
consolidation, merger, sale, conveyance, transfer or lease, comply with the
conditions stated in Article X of this Indenture.  Nothing in Section
15.2 or in this Section 15.3 shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.6 of this Indenture.

    

    Section
15.4          Subrogation.

     

    Subject to the payment in full of all
amounts due in respect of Senior Debt, the rights of the Securityholders shall
be subrogated to the rights of the holders of such Senior Debt to receive
payments or distributions of cash, property or securities of the Company, as the
case may be, applicable to such Senior Debt until the principal of (and premium,
if any) and interest on the Securities shall be paid in full; and, for the
purposes of such subrogation, no payments or distributions to the holders of
such Senior Debt of any cash, property or securities to which the
Securityholders or the Trustee would be entitled except for the provisions of
this Article XV, and no payment over pursuant to the provisions of this Article
XV to or for the benefit of the holders of such Senior Debt by Securityholders
or the Trustee, shall, as between the Company, its creditors other than holders
of Senior Debt of the Company, and the holders of the Securities, be deemed to
be a payment by the Company to or on account of such Senior Debt.  It
is understood that the provisions of this Article XV are and are intended solely
for the purposes of defining the relative rights of the holders of the
Securities, on the one hand, and the holders of such Senior Debt, on the other
hand.

    

    Nothing contained in this Article XV or
elsewhere in this Indenture or in the Securities is intended to or shall impair,
as between the Company, its creditors other than the holders of Senior Debt of
the Company, and the holders of the Securities, the obligation of the Company,
which is absolute and unconditional, to pay to the holders of the Securities the
principal of (and premium, if any) and interest on the Securities as and when
the same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the holders of the Securities
and creditors of the Company, as the case may be, other than the holders of
Senior Debt of the Company, as the case may be, nor shall anything herein or
therein prevent the Trustee or the holder of any Security from exercising all
remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article XV of the holders
of such Senior Debt in respect of cash, property or securities of the Company,
as the case may be, received upon the exercise of any such
remedy.

    
      
         

      

      
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    Upon any payment or distribution of
assets of the Company referred to in this Article XV, the Trustee, subject to
the provisions of Article VI of this Indenture, and the Securityholders shall be
entitled to conclusively rely upon any order or decree made by any court of
competent jurisdiction in which such dissolution, winding-up, liquidation or
reorganization proceedings are pending, or a certificate of the receiver,
trustee in bankruptcy, liquidation trustee, agent or other Person making such
payment or distribution, delivered to the Trustee or to the Securityholders, for
the purposes of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Debt and other indebtedness of the Company,
as the case may be, the amount thereof or payable thereon, the amount or amounts
paid or distributed thereon and all other facts pertinent thereto or to this
Article XV.

    

    Section
15.5          Trustee to Effectuate
Subordination.

     

    Each Securityholder by such
Securityholder’s acceptance thereof authorizes and directs the Trustee on such
Securityholder’s behalf to take such action as may be necessary or appropriate
to effectuate the subordination provided in this Article XV and appoints the
Trustee such Securityholder’s attorney-in-fact for any and all such
purposes.

    

    Section
15.6          Notice by the
Company.

     

    The Company shall give prompt written
notice to a Responsible Officer of the Trustee of any fact known to the Company
that would prohibit the making of any payment of monies to or by the Trustee in
respect of the Securities pursuant to the provisions of this Article
XV.  Notwithstanding the provisions of this Article XV or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts that would prohibit the making of any payment of
monies to or by the Trustee in respect of the Securities pursuant to the
provisions of this Article XV, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof from the Company or a holder
or holders of Senior Debt or from any trustee therefor; and before the receipt
of any such written notice, the Trustee, subject to the provisions of Article VI
of this Indenture, shall be entitled in all respects to assume that no such
facts exist; provided, however, that if the Trustee shall not have received the
notice provided for in this Section 15.6 at least two Business Days prior to the
date upon which by the terms hereof any money may become payable for any purpose
(including, without limitation, the payment of the principal of (or premium, if
any) or interest on any Security), then, anything herein contained to the
contrary notwithstanding, the Trustee shall have full power and authority to
receive such money and to apply the same to the purposes for which they were
received, and shall not be affected by any notice to the contrary that may be
received by it within two Business Days prior to such date.

    
      
         

      

      
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    The Trustee, subject to the provisions
of Article VI of this Indenture, shall be entitled to conclusively rely on the
delivery to it of a written notice by a Person representing himself to be a
holder of Senior Debt of the Company, as the case may be (or a trustee on behalf
of such holder), to establish that such notice has been given by a holder of
such Senior Debt or a trustee on behalf of any such holder or
holders.  In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a holder
of such Senior Debt to participate in any payment or distribution pursuant to
this Article XV, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of such Senior Debt held
by such Person, the extent to which such Person is entitled to participate in
such payment or distribution and any other facts pertinent to the rights of such
Person under this Article XV, and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment.

    

    Upon any payment or distribution of
assets of the Company referred to in this Article XV, the Trustee and the
Securityholders shall be entitled to conclusively rely upon any order or decree
entered by any court of competent jurisdiction in which such insolvency,
bankruptcy, receivership, liquidation, reorganization, dissolution, winding up
or similar case or proceeding is pending, or a certificate of the trustee in
bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit
of creditors, agent or other Person making such payment or distribution,
delivered to the Trustee or to the Securityholders, for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, the holders of Senior Debt and other indebtedness of the Company,
the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article
XV.

    

    Section
15.7          Rights of the Trustee; Holders of
Senior Debt.

     

    The Trustee in its individual capacity
shall be entitled to all the rights set forth in this Article XV in respect of
any Senior Debt at any time held by it, to the same extent as any other holder
of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder.

    

    With respect to the holders of Senior
Debt of the Company, the Trustee undertakes to perform or to observe only such
of its covenants and obligations as are specifically set forth in this Article
XV, and no implied covenants or obligations with respect to the holders of such
Senior Debt shall be read into this Indenture against the
Trustee.  The Trustee shall not be deemed to owe any fiduciary duty to
the holders of such Senior Debt and, subject to the provisions of Article VI of
this Indenture, the Trustee shall not be liable to any holder of such Senior
Debt if it shall pay over or deliver to Securityholders, the Company or any
other Person money or assets to which any holder of such Senior Debt shall be
entitled by virtue of this Article XV or otherwise.

    

    Nothing in this Article XV shall apply
to claims of, or payments to, the Trustee under or pursuant to Section
6.6.

    
      
         

      

      
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    Section
15.8          Subordination May Not Be
Impaired.

     

    No right of any present or future
holder of any Senior Debt of the Company to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any act or failure to act, in
good faith, by any such holder, or by any noncompliance by the Company with the
terms, provisions and covenants of this Indenture, regardless of any knowledge
thereof that any such holder may have or otherwise be charged with.

    

    Without in any way limiting the
generality of the foregoing paragraph, the holders of Senior Debt of the Company
may, at any time and from time to time, without the consent of or notice to the
Trustee or the Securityholders, without incurring responsibility to the
Securityholders and without impairing or releasing the subordination provided in
this Article XV or the obligations hereunder of the holders of the Securities to
the holders of such Senior Debt, do any one or more of the following: (i) change
the manner, place or terms of payment or extend the time of payment of, or renew
or alter, such Senior Debt, or otherwise amend or supplement in any manner such
Senior Debt or any instrument evidencing the same or any agreement under which
such Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal
with any property pledged, mortgaged or otherwise securing such Senior Debt;
(iii) release any Person liable in any manner for the collection of such Senior
Debt; and (iv) exercise or refrain from exercising any rights against the
Company and any other Person.

    

    ARTICLE
XVI

     

    EXTENSION
OF INTEREST PAYMENT PERIOD

     

    Section
16.1          Extension of Interest Payment
Period.

     

    (a)           So
long as no Event of Default has occurred and is continuing, the Company shall
have the right, at any time and from time to time during the term of the
Securities, to defer payments of interest by extending the interest payment
period of such Securities for a period not exceeding 20 consecutive quarterly
periods, including the first such quarterly period during such extension period
(the “Extension Period”), during which Extension Period no interest shall be due
and payable; provided that no Extension
Period may extend beyond the Stated Maturity.  To the extent permitted
by applicable law, interest, the payment of which has been deferred because of
the extension of the interest payment period pursuant to this Section 16.1, will
bear interest thereon at the Coupon Rate compounded quarterly for each quarterly
period of the Extension Period (“Compounded Interest”).  At the end of
the Extension Period, the Company shall pay all interest accrued and unpaid on
the Securities, including any Additional Sums and Compounded Interest (together,
“Deferred Interest”) that shall be payable to the holders of the Securities in
whose names the Securities are registered in the Security Register on the first
record date after the end of the Extension Period.

    
      
         

      

      
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    (b)           Before
the termination of any Extension Period, the Company may further defer payments
of interest by further extending such period, provided that such
period, together with all such previous and further extensions within such
Extension Period, shall not exceed 20 consecutive quarterly periods, including
the first such quarterly period during such Extension Period, or extend beyond
the Stated Maturity of the Securities.  Upon the termination of any
Extension Period and the payment of all Deferred Interest then due, the Company
may elect to commence a new Extension Period, subject to the foregoing
requirements.  No interest shall be due and payable during an
Extension Period, except at the end thereof, but the Company may prepay at any
time all or any portion of the interest accrued during an Extension
Period.

    

    Section
16.2          Notice of
Extension.

     

    (a)           If
the Property Trustee is the only registered holder of the Securities at the time
the Company selects an Extension Period, the Company shall give written notice
to the Administrative Trustees, the Property Trustee and the Trustee of its
selection of such Extension Period at least five Business Days before the
earlier of (i) the next succeeding date on which distributions on the Trust
Securities issued by ServisFirst Capital Trust II would have been payable except
for such election, or (ii) the date the Administrative Trustees are required to
give notice of the record date, or the date such Distributions are payable, to
any national securities exchange or to holders of the Preferred Securities
issued by ServisFirst Capital Trust II, but in any event at least five Business
Days before such record date.

    

    (b)           If
the Property Trustee is not the only holder of the Securities at the time the
Company selects an Extension Period, the Company shall give the holders of the
Securities and the Trustee written notice of its selection of such Extension
Period at least 10 Business Days before the earlier of (i) the next succeeding
Interest Payment Date, or (ii) the date the Company is required to give notice
of the record or payment date of such interest payment to any national
securities exchange.

    

    (c)           The
quarterly period in which any notice is given pursuant to paragraphs (a) or (b)
of this Section 16.2 shall be counted as one of the 20 quarterly periods
permitted in the maximum Extension Period permitted under Section
16.1.  There is no limitation on the number of times that the Company
may elect to begin an Extension Period.

    

    ARTICLE
XVII

     

    MANDATORY
AND OPTION CONVERSION OF SECURITIES

     

    Section
17.1          Mandatory
Conversion.

     

    (a)           To
the extent not previously prepaid pursuant to Article XIV above or converted
into shares of Conversion Stock pursuant to Section 17.2 below, all Securities
will automatically and mandatorily convert into shares of Company Common Stock
on the Mandatory Conversion Date at the Conversion Price.

    

    (b)           In
order to effect such mandatory conversion, upon delivery of the Preferred
Securities then issued and outstanding to the Trustee by the Conversion Agent on
the Mandatory Conversion Date, as provided for in Section 5(a) of Annex I to the
Trust Agreement, the Trustee shall issue Securities in exchange for such
Preferred Securities and shall thereupon convert such Securities into Company
Common Stock at the Conversion Price and deliver such Conversion Stock to the
Conversion Agent.  The Conversion Agent shall thereupon distribute
such Conversion Stock as provided for in Section 5(a)(ii) of Annex I to the
Trust Agreement, together with any accrued but unpaid Distributions through and
including the Mandatory Conversion Date subject to any necessary regulatory
approvals.

    
      
         

      

      
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    (c)           The
Company’s delivery upon conversion of the appropriate number of shares of
Conversion Stock (together with the cash payment, if any, in lieu of fractional
shares) shall be deemed to satisfy the Company’s obligation to pay the principal
amount at maturity of the portion of Securities so converted and any unpaid
interest accrued on such Securities at the time of such conversion.

    

    (d)           No
fractional shares of Company Common Stock shall be issued as a result of
conversion, but in lieu thereof, such fractional interest shall be paid in cash
(calculated by multiplying the fractional interest by the Conversion Price), and
the Conversion Agent in turn shall make such payment to the Securityholder or
the holder of the Preferred Securities so converted.

    

    Section
17.2          Conversion at Holder’s
Option.

     

    (a)           Subject
to and upon compliance with the provisions of this Article XVII, the
Securities are convertible, at the option of the Securityholder, at any time on
or before the close of business on the Business Day immediately preceding the
later to occur of (i) the Mandatory Conversion Date and (ii) the date of
repayment of such Debentures, whether at maturity or upon redemption, into fully
paid and nonassessable shares of Company Common Stock at an initial conversion
ratio of 40 shares of Company Common Stock per $1,000 principal amount of
Securities, representing a conversion price of $25.00 per share of Conversion
Stock issued, subject to adjustment as provided in Section 17.3 below (as so
adjusted, the “Conversion Price”);  provided, however, that a Holder
of Securities surrendering less than all Securities held by such Holder for
conversion must surrender such Securities in increments of $5,000 in principal
amount of Securities or any integral multiple thereof.  In case a
Security or portion thereof is called for redemption, such conversion right in
respect of the Security or portion so called shall expire at the close of
business on the Business Day immediately preceding the corresponding redemption
date, unless the Company defaults in making the payment due upon
redemption.

    

    (b)           A
Holder desiring to effect such a voluntary conversion must submit to the
Conversion Agent an irrevocable request to convert Securities on behalf of such
Holder (a “Conversion Request”), together with (if the Securities are held in
certificated form) the certificate(s) representing the Securities to be
converted.  As long as Wilmington Trust Company, as the Property
Trustee, is the holder of the Debentures, no request need be
submitted.  The Conversion Request shall be in the form contained in
the certificates representing Securities or otherwise prescribed by the
Conversion Agent.  In addition, a holder of Preferred Securities may
exercise its right under the Trust Agreement to exchange such Preferred
Securities for Securities which shall be converted into Company Common Stock by
delivering to the Conversion Agent an irrevocable Conversion Request setting
forth the information called for by the preceding sentence and directing the
Conversion Agent (i) to exchange such Preferred Security for a portion of
the Securities held by the Trust (at an exchange rate of $1,000 principal amount
of Securities for each Preferred Security), and (ii) to immediately convert
such Securities, on behalf of such Securityholder, into Company Common Stock
pursuant to this Section 17.2 and, if such Preferred Securities are in
certificate form, surrendering such Preferred Securities, duly endorsed or
assigned to the Company or in blank. So long as any Preferred Securities are
outstanding, the Trust shall not convert any Securities except pursuant to a
Conversion Request delivered to the Conversion Agent by a holder of Preferred
Securities or as provided in Section 17.1 above.

    
      
         

      

      
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    (c)           Upon
receipt of a properly completed and executed Conversion Request, the Trustee
shall issue (if applicable) Securities in exchange for such Preferred Securities
and shall thereupon convert such Securities into Company Common Stock at the
Conversion Price and deliver such Conversion Stock to the Conversion
Agent.  The Conversion Agent shall thereupon distribute such
Conversion Stock as provided for in Section 5(b)(iii) of Annex I to the Trust
Agreement, together with any accrued but unpaid Distributions to the extent
required under the Trust Agreement.

    

    (d)           Interest
accruing between Interest Payment Dates shall not be paid on Securities that are
converted pursuant to this Section 17.2, nor shall any payment, allowance or
adjustment be made for accumulated and unpaid interest, whether or not in
arrears, on converted Securities, except that if any Security is converted on or
after a record date for payment of interest thereon and prior to the related
Interest Payment Date, the amount of the interest payable on the related
Interest Payment Date with respect to such Preferred Security shall be paid by
the converting Holder to the Company prior to such Holder’s receipt of
Conversion Stock and the interest payable on the related Interest Payment Date
with respect to such Security shall be distributed to the Holder on such record
date, despite such conversion. The Company shall make no payment or allowance
for distributions on the shares of Conversion Stock issued upon such conversion,
except to the extent that such shares of Conversion Stock are held of record on
the record date for any such distributions and except as provided in
Section 17.3 hereof. Securities shall be deemed to have been converted
immediately prior to the close of business on the day on which a Conversion
Request relating to such Securities is received by the Trustee in accordance
with the foregoing provisions of this Section 17.2 (the “Conversion Date”).
The Person or Persons entitled to receive the Conversion Stock shall be treated
for all purposes as the record holder or holders of such Conversion Stock at
such time. As promptly as practicable on or after the Conversion Date, the
Company shall issue and deliver at the office of the Conversion Agent a
certificate or certificates for the number of full shares of Conversion Stock
issuable upon such conversion, together with the cash payment, if any, in lieu
of any fraction of any share to the Person or Persons entitled to receive the
same herein, unless otherwise directed by the Holder in the Conversion Request,
and the Conversion Agent shall distribute such certificate or certificates to
such Person or Persons.

    

    (e)           The
Company’s delivery upon conversion of the appropriate number of shares of
Conversion Stock (together with the cash payment, if any, in lieu of fractional
shares) shall be deemed to satisfy the Company’s obligation to pay the principal
amount at maturity of the portion of Securities so converted and any unpaid
interest accrued on such Securities at the time of such
conversion.

    
      
         

      

      
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    (f)           No
fractional shares of Company Common Stock shall be issued as a result of
conversion, but in lieu thereof, such fractional interest shall be paid in cash
(based on the Conversion Price), and the Conversion Agent in turn shall make
such payment to the Securityholder or the holder of the Preferred Securities so
converted.

    

    (g)           In
the event of the conversion of any Security in part only, a new Security or
Securities for the unconverted portion thereof shall be issued in the name of
the Securityholder thereof upon the cancellation thereof.

    

    (h)           All
shares of Company Common Stock issued as Conversion Stock shall be duly
authorized, validly issued, fully paid and nonassessable. The Company shall at
all times reserve and keep available out of its authorized and unissued Company
Common Stock, solely for issuance upon the conversion of the Securities, free
from any preemptive or other similar rights, such number of shares of Company
Common Stock as shall from time to time be issuable upon the conversion of all
of the Securities then outstanding. Notwithstanding the foregoing sentence, the
Company shall be entitled to deliver, upon conversion of Securities, shares of
Common Stock reacquired and held in the treasury of the Company (in lieu of the
issuance of authorized and unissued shares of Common Stock), so long as any such
treasury shares are free and clear of all liens, charges, security interests or
encumbrances.

    

    (i)           In
effecting the conversion transactions described in this Section 17.2, the
Conversion Agent is acting as agent of the holders of Preferred Securities (in
the exchange of Preferred Securities for Securities) and as agent of the
Securityholders (in the conversion of Securities into Conversion Stock), as the
case may be, directing it to effect such conversion transactions. The Conversion
Agent is hereby authorized (i) to exchange Preferred Securities for
Securities held by the Trust from time to time in connection with the conversion
of such Preferred Securities in accordance with this Article XVII, and
(ii) to convert all or a portion of the Securities into Company Common
Stock and thereupon to deliver such shares of Conversion Stock in accordance
with the provisions of this Article XVII and to deliver to the Trust a new
Security or Securities for any resulting unconverted principal
amount.

    

    Section
17.3          Adjustments to Conversion
Price.

     

    The Conversion Price shall be subject
to adjustment (without duplication) from time to time as follows:

    

    (a)           In
case the Company shall, while any of the Securities are outstanding,
(i) pay a dividend or make a distribution with respect to Company Common
Stock in shares of Company Common Stock, (ii) subdivide its outstanding
shares of Company Common Stock, (iii) combine its outstanding shares of
Company Common Stock into a smaller number of shares, or (iv) issue by
reclassification of its shares of Company Common Stock any shares of capital
stock of the Company, then the Conversion Price in effect immediately prior to
such action shall be adjusted so that the holders of any Securities thereafter
surrendered for conversion shall be entitled to receive the number of shares of
capital stock of the Company which they would have owned immediately following
such action had such Securities been converted immediately prior thereto. An
adjustment made pursuant to this Section 17.3(a) shall become effective
immediately after the record date in the case of a dividend or other
distribution and shall become effective immediately after the effective date in
case of a subdivision, combination or reclassification (or immediately after the
record date if a record date shall have been established for such event). If, as
a result of an adjustment made pursuant to this Section 17.3(a), the holder
of any Security thereafter surrendered for conversion shall become entitled to
receive shares of two or more classes or series of capital stock of the Company,
the Board of Directors (whose determination shall be conclusive and shall be
described in a Board Resolution filed with the Indenture Trustee) shall
determine the allocation of the adjusted Conversion Price between or among
shares of such classes or series of capital stock.

    
      
         

      

      
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    (b)           In
case the Company shall, while any of the Securities are outstanding, issue
rights or warrants to all holders of Company Common Stock entitling them (for a
period expiring within 45 days after the record date mentioned in this
Section 17.3(b)) to subscribe for or purchase shares of Company Common
Stock at a price per share less than the Current Market Price (as defined below)
per share of Company Common Stock on such record date, then the Conversion Price
for the Securities shall be adjusted based on the ratio determined by
multiplying the Conversion Price in effect immediately prior to the date of
issuance of such rights or warrants by a fraction of which the numerator shall
be the number of shares of Company Common Stock outstanding on the date of
issuance of such rights or warrants plus the number of additional shares of
Company Common Stock offered for subscription or purchase, and of which the
denominator shall be the number of shares of Company Common Stock outstanding on
the date of issuance of such rights or warrants plus the number of shares which
the aggregate offering price of the total number of shares so offered for
subscription or purchase would purchase at such Current Market Price. Such
adjustment shall become effective immediately after the record date for the
determination of shareholders entitled to receive such rights or warrants. For
the purposes of this Section 17.3(b), the number of shares of Company
Common Stock at any time outstanding shall not include shares held in the
treasury of the Company. The Company shall not issue any rights or warrants in
respect of the shares of Company Common Stock held in the treasury of the
Company. In case any rights or warrants referred to in this Section 17.3
(b) in respect of which an adjustment shall have been made shall expire
unexercised within 45 days after the same shall have been distributed or
issued by the Company, the Conversion Price shall be readjusted at the time of
such expiration to the Conversion Price that would have been in effect if no
adjustment had been made on account of the distribution or issuance of such
expired rights or warrants.

    
      
         

      

      
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    (c)           Subject
to the last sentence of this Section 17.3(c), in case the Company shall, by
dividend or otherwise, distribute to all holders of Company Common Stock
evidences of its indebtedness, shares of any class or series of capital stock,
cash or assets (including securities, but excluding any rights or warrants
referred to in Section 17.3(b), any dividend or distribution paid
exclusively in cash and any dividend or distribution referred to in
Section 17.3(a)), then the Conversion Price shall be increased based upon
the ratio determined by multiplying the Conversion Price in effect immediately
prior to the effectiveness of the Conversion Price increase contemplated by this
Section 17.3(c) by a fraction, the numerator or which shall be the Current
Market Price per share of Company Common Stock on the date fixed for the payment
of such distribution (the “Reference Date”), and the denominator of which shall
be the Current Market Price per share of the Company Common Stock on the
Reference Date less the fair market value (as determined in good faith by the
Board of Directors, whose determination shall be conclusive and described in a
Board Resolution), on the Reference Date, of the portion of the evidences of
indebtedness, shares of capital stock, cash and assets so distributed applicable
to one share of Company Common Stock, such increase to become effective
immediately prior to the opening of business on the day following the Reference
Date. In the event that such dividend or distribution is not so paid or made,
the Conversion Price shall again be adjusted to be the Conversion Price which
would then be in effect if such dividend or distribution had not occurred. If
the Board of Directors determines the fair market value of any distribution for
purposes of this Section 17.3(c) by reference to the actual or when issued
trading market for any securities comprising such distribution, it must in doing
so consider the prices in such market over the same period used in computing the
Current Market Price per share of Company Common Stock. For purposes of this
Section 17.3(c), any dividend or distribution that includes shares of
Company Common Stock or rights or warrants to subscribe for or purchase shares
of Company Common Stock shall be deemed instead to be (1) a dividend or
distribution of the evidences of indebtedness, shares of capital stock, cash or
assets other than such shares of Company Common Stock or such rights or warrants
(making any Conversion Price increase required by this Section 17.3(c))
immediately followed by (2) a dividend or distribution of such shares of
Company Common Stock or such rights or warrants (making any further Conversion
Price increase required by Section 17.3(a) or 17.3(b)), except (A) the
Reference Date of such dividend or distribution as defined in this
Section 17.3(c) shall be substituted as (x) the record date in the
case of a dividend or other distribution, and (y) the record date for the
determination of shareholders entitled to receive such rights or warrants, and
(c) the date fixed for such determination within the meaning of
Sections 17.3(a) and 17.3(b), and (B) any shares of Common Stock
included in such dividend or distribution shall not be deemed outstanding for
purposes of computing any adjustment of the Conversion Price in
Section 17.3(a).

    
      
         

      

      
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    (d)           In
case the Company shall pay or make a dividend or other distribution on Company
Common Stock exclusively in cash (excluding all cash dividends paid out of the
retained earnings of the Company), then the Conversion Price shall be increased
based upon the ratio determined by multiplying the Conversion Price in effect
immediately prior to the effectiveness of the Conversion Price increase
contemplated by this Section 17.3(d) by a fraction, the numerator of which
shall be the Current Market Price per share of Company Common Stock, and the
denominator of which shall be the Current Market Price per share of Company
Common Stock on the date fixed for the payment of such distribution less the
amount of cash so distributed and not excluded as provided applicable to one
share of Company Common Stock on the date fixed for the payment of such
distribution, such increase to become effective immediately prior to the opening
of business on the day following the date fixed for the payment of such
distribution; provided, however, that in the event the portion of the cash so
distributed applicable to one share of Company Common Stock is equal to or
greater than the Current Market Price per share of Company Common Stock on the
record date mentioned above, in lieu of the foregoing adjustment, adequate
provision shall be made so that each Securityholder shall have the right to
receive upon conversion the amount of cash such Securityholder would have
received had such Securityholder converted each Security immediately prior to
the record date for the distribution of the cash. In the event that such
dividend or distribution is not so paid or made, the Conversion Price shall
again be adjusted to be the Conversion Price which would then be in effect if
such record date had not been fixed.

    

    (e)           In
case a tender or exchange offer (other than an odd-lot offer) made by the
Company or any subsidiary of the Company for all or any portion of the Company
Common Stock shall expire and such tender or exchange offer shall involve the
payment by the Company or such subsidiary of consideration per share of Company
Common Stock having a fair market value (as determined in good faith by the
Board of Directors, whose determination shall be conclusive and described in a
Board Resolution) at the last time (the “Expiration Time”) tenders or exchanges
may be made pursuant to such tender or exchange offer (as it shall have been
amended) that exceeds 110% of the Current Market Price per share of Company
Common Stock on the Trading Day (as defined in Section 17.7(b)) next succeeding
the Expiration Time, then the Conversion Price shall be increased based upon the
ratio determined by multiplying the Conversion Ratio in effect immediately prior
to the effectiveness of the Conversion Ratio increase contemplated by this
Section 17.3(e) by a fraction, the numerator of which shall be the sum of
(x) the fair market value (determined as aforesaid) of the aggregate
consideration payable to shareholders based on the acceptance (up to any maximum
specified in the terms of the tender or exchange offer) of all shares validly
tendered or exchanged and not withdrawn as of the Expiration Time (the shares
deemed so accepted, up to any such maximum, being referred to as the Purchased
Shares), and (y) the product of the number of shares of Company Common
Stock outstanding (less any Purchased Shares) at the Expiration Time and the
Current Market Price per share of Company Common Stock on the Trading Day next
succeeding the Expiration Time, and the denominator of which shall be the number
of shares of Company Common Stock outstanding (including any tendered or
exchanged shares) at the Expiration Time multiplied by the Current Market Price
per share of Company Common Stock on the Trading Day next succeeding the
Expiration Time, such increase to become effective immediately prior to the
opening of business on the day following the Expiration Time.

    
      
         

      

      
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    (f)           For
the purpose of any computation under Sections 17.3(b), (c), (d) or
(e), the Current Market Price per share of Company Common Stock on any date in
question shall be deemed to be the average of the daily Closing Prices (as
defined in Section 17.7) for the five consecutive Trading Days selected by
the Company commencing not more than 20 Trading Days before, and ending not
later than the earlier of the day in question or, if applicable, the day before
the ex date (defined below) with respect to the issuance or distribution
requiring such computation; provided, however, that if another event occurs that
would require an adjustment pursuant to Sections 17.3(a) through (e),
inclusive, the Board of Directors may make such adjustments to the Closing
Prices during such five-Trading Day period as it deems appropriate to effectuate
the intent of the adjustments in this Section 17.3, in which case any such
determination by the Board of Directors shall be set forth in a Board Resolution
and shall be conclusive. For purposes of this Section 17.3(f), the term ex
date, (i) when used with respect to any issuance or distribution, means the
first date on which the Company Common Stock trades regular way in the relevant
market from which the Closing Prices were obtained without the right to receive
such issuance or distribution, and (ii) when used with respect to any
tender or exchange offer, means the first date on which the Company Common Stock
trades regular way in such market after the Expiration Time of such
offer.

    

    (g)           The
Company may make such decreases in the Conversion Price, in addition to those
required by Sections (a) through (e), as it considers to be advisable to
avoid or diminish any income tax to holders of Company Common Stock or rights to
purchase Company Common Stock resulting from any dividend or distribution of
stock (or rights to acquire stock) or from any event treated as such for income
tax purposes. The Company from time to time may decrease the Conversion Price by
any amount for any period of time if the period is at least 20 days, the
decrease is irrevocable during the period, and the Board of Directors shall have
made a determination that such decrease would be in the best interest of the
Company, which determination shall be conclusive. Whenever the Conversion Price
is decreased pursuant to the preceding sentence, the Company shall mail to
Securityholders of record a notice of the decrease at least fifteen days prior
to the date the increased Conversion Price takes effect, and such notice shall
state the increased Conversion Price and the period it shall be in
effect.

    

    (h)           No
adjustment in the Conversion Price shall be required unless such adjustment
would require an increase or decrease of at least 1% in the Conversion Price;
provided, however, that any adjustments which by reason of this
Section 17.3(h) are not required to be made shall be carried forward and
taken into account in determining whether any subsequent adjustment shall be
required. The adjusted Conversion Price will be rounded to two decimal
places.

    

    (i)           If
any action would require adjustment of the Conversion Price pursuant to more
than one of the provisions described above, only one adjustment shall be made
and such adjustment shall be the amount of adjustment that has the highest
absolute value to the Securityholders.

    
      
         

      

      
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    Section
17.4          Reclassification, Consolidation,
Merger or Sale Of Assets.

     

    In the event that the Company shall be
a party to any transaction, including without limitation (a) any
recapitalization or reclassification of the Company Common Stock (other than a
change in par value, or from par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination of the Company Common
Stock), (b) any consolidation of the Company with, or merger of the Company
into any other Person, any merger of another Person into the Company (other than
a merger which does not result in a reclassification, conversion, exchange or
cancellation of outstanding shares of Common Stock of the Company), (c) any
sale, transfer or lease of all or substantially all of the assets of the
Company, or (d) any compulsory share exchange, in each case pursuant to
which the Company Common Stock is converted into the right to receive other
securities, cash or other property, then lawful provision shall be made as part
of the terms of such transaction whereby the holder of each Security then
outstanding shall have the right thereafter to convert each Security only into
the kind and amount of securities, cash or other property receivable upon
consummation of such transaction by a holder of the number of shares of Company
Common Stock into which such Security could have been converted immediately
prior to such transaction.

    

    The Company or the Person formed by
such consolidation or resulting from such merger or which acquired such assets
or which acquires the shares of the Company, as the case may be, shall make
provision in its certificate or articles of incorporation or other constituent
document to establish such right. Such certificate or articles of incorporation
or other constituent document shall provide for adjustments which, for events
subsequent to the effective date of such certificate or articles of
incorporation or other constitution document, shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article XVII.
The above provisions shall similarly apply to successive transactions of the
foregoing type.

    

    Section
17.5          Notice of Adjustments of Conversion
Price.

     

    Whenever the Conversion Price is
adjusted as herein provided:

    

    (a)           The
Company shall compute the adjusted or readjusted Conversion Price and shall
prepare an Officers’ Certificate setting forth the adjusted Conversion Price and
showing in reasonable detail the facts upon which such adjustment is based, and
such certificate shall forthwith be filed with the Trustee, the Conversion Agent
and the transfer agent for the Preferred Securities and the Securities;
and

    

    (b)          
a notice stating that the Conversion Price has been adjusted and setting forth
the adjusted Conversion Ratio shall as soon as practicable be mailed by the
Company to all record holders of Preferred Securities and Securities at their
last addresses as they appear upon the Securities Register of the Trust (as
defined in the Trust Agreement) and the Security Register of the
Company.

    
      
         

      

      
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    Section
17.6          Prior Notice of Certain
Events.

     

    In case:

    

    (a)           the
Company shall (i) declare any dividend (or any other distribution) on
Company Common Stock, other than (A) a dividend payable in shares of
Company Common Stock, or (B) a dividend payable in cash that would not
require an adjustment pursuant to Section 17.3(c) or (d), or
(ii) authorize a tender or exchange offer that would require an adjustment
pursuant to Section 17.3(e);

    

    (b)           the
Company shall authorize the granting to all holders of Company Common Stock of
rights or warrants to subscribe for or purchase any shares of stock of any class
or series or of any other rights or warrants;

    

    (c)           of
any reclassification of Company Common Stock (other than a subdivision or
combination of the outstanding Company Common Stock, or a change in par value,
or from par value to no par value, or from no par value to par value), or of any
consolidation or merger to which the Company is a party and for which approval
of any shareholders of the Company shall be required, or the sale or transfer of
all or substantially all of the assets of the Company or of any compulsory share
exchange whereby the Company Common Stock is converted into other securities,
cash or other property; or

    

    (d)           of
the voluntary or involuntary dissolution, liquidation or winding up of the
Company;

    

    then the
Company shall (1) if any Preferred Securities are outstanding, cause to be
filed with the transfer agent for the Preferred Securities, and shall cause to
be mailed to the holders of record of the Preferred Securities, at their last
addresses as they shall appear upon the Securities Register of the Trust (as
defined in the Trust Agreement), or (2) shall cause to be mailed to all
Securityholders at their last addresses as they shall appear in the Security
Register, at least 15 days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record (if
any) is to be taken for the purpose of such dividend, distribution, rights or
warrants or, if a record is not to be taken, the date as of which the holders of
Company Common Stock of record to be entitled to such dividend, distribution,
rights or warrants are to be determined, or (y) the date on which such
reclassification, consolidation, merger, sale, transfer, share exchange,
dissolution, liquidation or winding up is expected to become effective, and the
date as of which it is expected that holders of Company Common Stock of record
shall be entitled to exchange their shares of Company Common Stock for
securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer, share exchange, dissolution, liquidation
or winding up (but no failure to mail such notice or any defect therein or in
the mailing thereof shall affect the validity of the corporate action required
to be specified in such notice).

    
      
         

      

      
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    Section
17.7          Certain Defined
Terms.

     

    The following definitions shall apply
to terms used in this Article XVII:

    

    (a)           “Closing
Price” of any security on any day means the last reported sale price for such
security on such day or, if no sale takes place on such day, the average of the
reported closing bid and asked prices on such day of such security, in either
case as reported on the principal quotation system or securities exchange on
which such security is listed or admitted to trading or quoted, or, if not
listed or admitted to trading or quoted on any national securities exchange or
quotation system, the average of the closing bid and asked prices of such
security in the over-the-counter market on the day in question as reported by
the National Quotation Bureau Incorporated, or a similar generally accepted
reporting service, or, if not so available in such manner, as furnished by any
Nasdaq member firm selected from time to time by the Board of Directors for that
purpose or, if not so available in such manner, as otherwise determined in good
faith by the Board of Directors.

    

    (b)           “Trading
Day” means a day on which securities are traded on the national securities
exchange or quotation system used to determine the Closing Price or, if the
Closing Price is determined based upon one of the other permitted methods in
Section 17.7(a), a day on which securities are traded on the Nasdaq Global
Market.

    

    Section
17.8           Dividend or Interest Reinvestment
Plans.

     

    Notwithstanding the foregoing
provisions, the issuance of any shares of Company Common Stock pursuant to any
plan providing for the reinvestment of dividends or interest payable on
securities of the Company and the investment of additional optional amounts in
shares of Company Common Stock under any such plan, and the issuance of any
shares of Company Common Stock or options or rights to purchase such shares
pursuant to any employee benefit plan or program of the Company or pursuant to
any option, warrant, right or exercisable, exchangeable or convertible security
outstanding as of the date the Securities were first issued, shall not be deemed
to constitute an issuance of Company Common Stock or exercisable, exchangeable
or convertible securities by the Company to which any of the adjustment
provisions described above shall apply. There also shall be no adjustment of the
Conversion Price in case of the issuance of any stock (or securities convertible
into or exchangeable for stock) of the Company except as specifically described
in this Article XVII.

    
      
         

      

      
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    Section
17.9          Certain Additional
Rights.

     

    In case the Company shall, by dividend
or otherwise, declare or make a distribution on Company Common Stock referred to
in Section 17.3(c) or (d) (including, without limitation, dividends or
distributions referred to in the last sentence of Section 17.3(c)), then
the Securityholders, upon the conversion thereof subsequent to the close of
business on the date fixed for the determination of shareholders entitled to
receive such distribution and prior to the effectiveness of the Conversion Price
adjustment in respect of such distribution, also shall be entitled to receive
for each share of Company Common Stock into which the Securities are converted,
the portion of the shares of Company Common Stock, rights, warrants, evidences
of indebtedness, shares of capital stock, cash and assets so distributed
applicable to one share of Company Common Stock; provided, however, that, at the
election of the Company (whose election shall be evidenced by a Board
Resolution) with respect to all Securityholders so converting, the Company may,
in lieu of distributing to such Securityholder any portion of such distribution
not consisting of cash or securities of the Company, pay such Securityholder an
amount in cash equal to the fair market value thereof (as determined in good
faith by the Board of Directors, whose determination shall be conclusive and
described in a Board Resolution). If any conversion of Securities described in
the immediately preceding sentence occurs prior to the payment date for a
distribution to holders of Company Common Stock which the Securityholders so
converted is entitled to receive in accordance with the immediately preceding
sentence, the Company may elect (such election to be evidenced by a Board
Resolution) to distribute to such Securityholder a due bill for the shares of
Company Common Stock, rights, warrants, evidences of indebtedness, shares of
capital stock, cash or assets to which such Securityholder is so entitled,
provided, that such due bill (i) meets any applicable requirements of the
principal national securities quotation system or other market in, on or by
which the Company Common Stock is then traded, listed or quoted, and
(ii) requires payment or delivery of such shares of Company Common Stock,
rights, warrants, evidences of indebtedness, shares of capital stock, cash or
assets no later than the date of payment or delivery thereof to holders of
shares of Company Common Stock receiving such distribution.

    

    Section
17.10        Trustee Not Responsible for
Determining Conversion Price or Adjustments.

     

    Neither the Trustee nor any Conversion
Agent shall at any time be under any duty or responsibility to any
Securityholder or holder of Preferred Securities to determine whether any facts
exist which may require any adjustment of the Conversion Price, or with respect
to the nature or extent of any such adjustment when made, or with respect to the
method employed, or herein or in any supplemental indenture provided to be
employed, in making the same. Neither the Trustee nor any Conversion Agent shall
be accountable with respect to the validity or value (or the kind of account) of
any shares of Company Common Stock or of any securities or property, which may
at any time be issued or delivered upon the conversion of any Security; and
neither the Trustee nor any Conversion Agent makes any representation with
respect thereto. Neither the Trustee nor any Conversion Agent shall be
responsible for any failure of the Company to make any cash payment or to issue,
transfer or deliver any shares of Company Common Stock or stock certificates or
other securities or property upon the surrender of any Security or Preferred
Security for the purpose of conversion, or, except as expressly herein provided,
to comply with any of the covenants of the Company contained in Article III
or this Article XVII.

     

    
      
         

      

      
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    IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed by their respective officers
thereunto duly authorized, as of the day and year first above
written.

    

    
      
        
          
            
              
                
                  	
                          SERVISFIRST
      BANCSHARES, INC.

                        
	 
      	 
      
	
                          By:

                        	
                          /s/ Thomas A. Broughton
      III

                        
	 	Thomas
      A. Broughton III 
	
                          Title:

                        	
                          President
      and Chief Executive Officer

                        
	 
      
	
                          WILMINGTON
      TRUST COMPANY,

                        
	
                          as
      Trustee

                        
	 
      	 
      
	
                          By

                        	
                          /s/ Christopher J.
      Slaybaugh

                        
	 
      	
                          Authorized
      Officer

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
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    EXHIBIT
A

    

    (FORM OF
FACE OF SECURITY)

    

    THIS SECURITY WAS ORIGINALLY ISSUED IN
A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT, OR ANY APPLICABLE STATE SECURITIES LAW.  THIS SECURITY HAS BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO OR FOR RESALE IN CONNECTION WITH
THE DISTRIBUTION THEREOF.  NO DISPOSITION OF THIS SECURITY MAY BE MADE
IN THE ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR (II) PURSUANT TO AN EXEMPTION FROM OR A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR APPLICABLE STATE SECURITIES
LAW.

    

    [Certificated
Securities Legend]

    

    IN CONNECTION WITH ANY TRANSFER, THE
HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND
OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT
THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

    

    [Global
Securities Legend]

    

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

    

    UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), NEW YORK, NEW YORK, TO SERVISFIRST BANCSHARES, INC. OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    

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

    

    [If the
security is issued upon dissolution of ServisFirst Capital

    Trust II
pursuant to Section 2.5 of the Indenture, insert: ]

    

    EACH PURCHASER OF THIS SECURITY IS
HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF Section 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A OR
REGULATION D THEREUNDER OR ANOTHER AVAILABLE EXEMPTION.  EACH HOLDER
OF THIS SECURITY REPRESENTS TO SERVISFIRST BANCSHARES, INC. THAT (A) SUCH HOLDER
WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY (WITHOUT THE CONSENT
OF SERVISFIRST BANCSHARES, INC.) OTHER THAN (I) TO SERVISFIRST BANCSHARES, INC.,
(II) IN THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) IN A TRANSACTION COMPLYING WITH THE REQUIREMENTS
OF RULE 144A UNDER THE SECURITIES ACT, (III) IN ACCORDANCE WITH RULE 144 UNDER
THE SECURITIES ACT, (IV) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT SUBJECT IN THE CASE OF CLAUSE (II), (III)
OR (IV) TO THE RECEIPT BY THE REGISTRAR (AND SERVISFIRST BANCSHARES, INC., IF IT
SO REQUESTS) OF AN OPINION OF COUNSEL OR SUCH OTHER EVIDENCE ACCEPTABLE TO
SERVISFIRST BANCSHARES, INC. THAT SUCH RESALE, PLEDGE OR TRANSFER IS EXEMPT FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (V) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT, AND THAT (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY OF THE
RESALE RESTRICTIONS REFERRED TO HEREIN AND DELIVER TO THE TRANSFEREE (OTHER THAN
A QUALIFIED INSTITUTIONAL BUYER) PRIOR TO THE SALE A COPY OF THE TRANSFER
RESTRICTIONS APPLICABLE HERETO (COPIES OF WHICH MAY BE OBTAINED FROM THE
TRUSTEE).

     

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

     

    
      	No. 	
              CUSIP No.     

            

    

     

    SERVISFIRST
BANCSHARES, INC.

    6.0%
JUNIOR SUBORDINATED MANDATORY CONVERTIBLE DEFERRABLE

    INTEREST
DEBENTURE

    DUE
MARCH 15, 2040

    

    ServisFirst Bancshares, Inc., a
Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby
promises to pay to ______________, or registered assigns, the principal sum of
$__________ Dollars on March 15, 2040 (the “Stated Maturity”), unless previously
prepaid, and to pay interest on the outstanding principal amount hereof from
___________, 20__, or from the most recent interest payment date to which
interest has been paid or duly provided for, quarterly (subject to deferral as
set forth herein) in arrears on June 15, September 15, December 15 and March 15
of each year (each such date, an “Interest Payment Date”), commencing June 15,
2010, until the principal hereof shall have become due and payable, and on any
overdue principal and premium, if any, and (without duplication and to the
extent that payment of such interest is enforceable under applicable law) on any
overdue installment of interest at the same rate per annum compounded
quarterly.  The amount of interest payable on any Interest Payment
Date shall be computed on the basis of the actual number of days elapsed over a
360-day year of twelve 30-day months.  In the event that any date on
which the principal of (or premium, if any) or interest on this Security is
payable is not a Business Day, then payment payable on such date will be made on
the next succeeding day that is a Business Day (and without any interest or
other payment in respect of any such delay), with the same force and effect as
if made on such date.

    

    This Security will bear interest during
the Interest Period at the rate of 6.0% per annum during its term from the Issue
Date and ending on March 15, 2040.

    

    The interest installment so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or
one or more Predecessor Securities, as defined in said Indenture) is registered
at the close of business on the regular record date for such interest
installment, which shall be the fifteenth day (whether or not a Business Day)
next preceding the relevant Interest Payment Date.  Any such interest
installment not punctually paid or duly provided for shall forthwith cease to be
payable to the holders on such regular record date and may be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a special record date to be fixed by the
Trustee for the payment of such defaulted interest, notice whereof shall be
given to the holders of Securities not less than 10 days prior to such special
record date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

    

    The principal of (and premium, if any)
and interest on this Security shall be payable at the office or agency of the
Property Trustee (or other paying agent appointed by the Company) maintained for
that purpose in any coin or currency of the United States of America that at the
time of payment is legal tender for payment of public and private debts;
provided, however, that, payment of interest may be made at the option of the
Company by (i) check mailed to the holder at such address as shall appear in the
Security Register or (ii) by wire transfer to an account maintained by the
Person entitled thereto, provided that proper written transfer instructions have
been received by the relevant record date; provided that if this Security is in
global form, the interest hereon shall be made in immediately available
funds.  Notwithstanding the foregoing, so long as the Holder of this
Security is the Property Trustee, the payment of the principal of (and premium,
if any) and interest on this Security will be made at such place and to such
account as may be designated by the Property Trustee.

    

    The indebtedness evidenced by this
Security is, to the extent provided in the Indenture, subordinate and junior in
right of payment to the prior payment in full of Senior Debt, and this Security
is issued subject to the provisions of the Indenture with respect
thereto.  Each holder of this Security, by accepting the same, (a)
agrees to and shall be bound by such provisions, (b) authorizes and directs the
Trustee on his or her behalf to take such action as may be necessary or
appropriate to acknowledge or effectuate the subordination so provided and (c)
appoints the Trustee his or her attorney-in-fact for any and all such
purposes.  Each holder hereof, by his or her acceptance hereof, hereby
waives all notice of the acceptance of the subordination provisions contained
herein and in the Indenture by each holder of Senior Debt, whether now
outstanding or hereafter incurred, and waives reliance by each such holder upon
said provisions.

    

    This Security shall not be entitled to
any benefit under the Indenture hereinafter referred to, be valid or become
obligatory for any purpose until the Certificate of Authentication hereon shall
have been signed by or on behalf of the Trustee.

    

    The provisions of this Security are
continued on the reverse side hereof and such provisions shall for all purposes
have the same effect as though fully set forth at this place.

    

    IN WITNESS WHEREOF, the Company, under
its corporate seal, has caused this instrument to be executed.

    

    Dated:                                                                        

    

    
      
        
          	
                  SERVISFIRST
      BANCSHARES, INC.

                
	 
      	 
      
	
                  By:

                	 
      
	 
      	
                  Thomas
      A. Broughton III

                
	 
      	
                  Its:  President
      and CEO

                

        

      

    

    Attest:

    

    
      
        
          	
                  By:

                	 
      
	 
      	
                  William
      M. Foshee

                
	 
      	
                  Secretary

                
	 
      	 
      

        

      

    

    [SEAL]

    
      
         

      

      
        A-4

        
          

        

      

      
         

      

    

    (FORM OF
CERTIFICATE OF AUTHENTICATION)

    

    CERTIFICATE
OF AUTHENTICATION

    

    This is
one of the Securities referred to in the within-mentioned
Indenture.

    

    
      
        
          	
                  WILMINGTON
      TRUST COMPANY,

                
	
                  as
      Trustee

                
	 
      	 
      
	
                  By:

                	 
      
	 
      	
                  Authorized
      Officer

                

        

      

    

    

    [SEAL]

    
      
         

      

      
        A-5

        
          

        

      

      
         

      

    

    (FORM OF
REVERSE OF SECURITY)

    

    This Security is one of the Securities
of the Company (herein sometimes referred to as the “Securities”), specified in
the Indenture, all issued or to be issued under and pursuant to an Indenture,
dated as of March 15, 2010 (the “Indenture”), duly executed and delivered
between the Company and Wilmington Trust Company, as Trustee (the “Trustee”), to
which Indenture reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and the holders of the Securities.

    

    Upon the occurrence and continuation of
a Special Event, the Company shall have the right to prepay this Security in
whole (but not in part) at the Prepayment Price.

    

     “Prepayment Price” means, with
respect to any prepayment of the Securities, an amount in cash equal to 100% of
the principal amount of the Securities to be prepaid, plus accrued and unpaid
interest thereon, including Compounded Interest and Additional Sums, if any, to
the date of such prepayment.

    

    The Prepayment Price shall be paid
prior to 12:00 noon, New York City time, on the date of such prepayment,
provided, that the Company shall deposit with the Trustee an amount sufficient
to pay the Prepayment Price by 10:00 a.m., New York City time, on the date the
Prepayment Price is to be paid.  Any prepayment pursuant to this
paragraph will be made upon not less than 30 days’ nor more than 60 days’
notice.

    

    Any Securityholder has the right,
exercisable at any time after issuance, and on or before the close of business
on the Business Day immediately preceding the date of repayment of the
Securities, whether at maturity or upon redemption, to convert the principal
amount thereof (or any portion thereof that is an integral multiple of $5,000)
into fully paid and nonassessable shares of Company Common Stock at an initial
conversion price of $25.00 per share of Company Common Stock, subject to
adjustment under certain circumstances (the “Conversion Price”). The number of
shares of Company Common Stock issuable upon conversion of a principal amount of
Securities shall be determined by dividing (1) the aggregate principal amount of
the Securities to be converted by (B) the Conversion Price. No fractional
shares of Company Common Stock shall be issued upon conversion and, in lieu
thereof, a cash payment shall be made for any fractional interest, based upon
Conversion Price. The outstanding principal amount of any Security shall be
reduced by the portion of the principal amount thereof converted into shares of
Company Common Stock.

    

                    To
convert a Security, a Securityholder must (i) complete and sign a
Conversion Request substantially in the form attached hereto,
(ii) surrender the Security to the Conversion Agent, (iii) furnish
appropriate endorsements or transfer documents if required by the Security
Registrar or Conversion Agent, and (iv) pay any transfer or similar tax, if
required. If a Conversion Request is delivered on or after the regular record
date and prior to the subsequent Interest Payment Date, the Securityholder shall
be required to pay to the Company the interest payment to be made on the
subsequent Interest Payment Date, and shall be entitled to receive the interest
payable on the subsequent Interest Payment Date, on the portion of Securities to
be converted notwithstanding the conversion thereof prior to such Interest
Payment Date. Notwithstanding the foregoing, if, during an Extended Interest
Payment Period, a notice of redemption is mailed pursuant to the Indenture and a
Security is converted after such mailing but prior to the relevant redemption
date, all accrued but unpaid interest through the date of conversion shall be
paid to the Securityholder on the redemption date. Except as otherwise provided
in the immediately preceding two sentences, in the case of any Security which is
converted, interest with an Interest Payment Date which is after the date of
conversion of such Security shall not be payable, and the Company shall not make
or be required to make any other payment, adjustment or allowance with respect
to accrued but unpaid interest on the Securities being converted, which shall be
deemed to be paid in full. If any Security called for redemption is converted,
any money deposited with the Trustee or with any Paying Agent or so segregated
and held in trust for the redemption of such Security shall be paid to the
Company upon Company request or, if then held by the Company, shall be
discharged from such trust.

    
      
         

      

      
        A-6

        
          

        

      

      
         

      

    

    

    To the extent not previously prepaid
pursuant to Article XIV of the Indenture or converted into shares of Company
Stock pursuant to Section 17.2 of the Indenture, all Securities will
automatically and mandatorily convert into shares of Company Common Stock on the
Mandatory Conversion Date, March 15, 2013, at the Conversion Price.

    

    In case an Event of Default, as defined
in the Indenture, shall have occurred and be continuing, the principal of all of
the Securities may be declared, and upon such declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions provided
in the Indenture.

    

    The Indenture contains provisions
permitting the Company and the Trustee, with the consent of the holders of a
majority in aggregate principal amount of the Securities at the time
outstanding, as defined in the Indenture, to execute supplemental indentures for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of modifying in any manner the rights
of the holders of the Securities; provided, however, that no such supplemental
indenture shall, without the consent of each holder of Securities then
outstanding and affected thereby, (i) extend the Stated Maturity of any
Securities, or reduce the principal amount thereof, or reduce any amount payable
on prepayment thereof, or reduce the rate or extend the time of payment of
interest thereon (subject to Article XVI of the Indenture), or make the
principal of, or interest or premium on, the Securities payable in any coin or
currency other than U.S. dollars, or impair or affect the right of any holder of
Securities to institute suit for the payment thereof, or (ii) reduce the
aforesaid percentage of Securities, the holders of which are required to consent
to any such supplemental indenture.  The Indenture also contains
provisions permitting the holders of a majority in aggregate principal amount of
the Securities at the time outstanding affected thereby, on behalf of all of the
holders of the Securities, to waive any past default in the performance of any
of the covenants contained in the Indenture, or established pursuant to the
Indenture, and its consequences, except a default in the payment of the
principal of or premium, if any, or interest on any of the Securities or a
default in respect of any covenant or provision under which the Indenture cannot
be modified or amended without the consent of each holder of Securities then
outstanding.  Any such consent or waiver by the holder of this
Security (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such holder and upon all future holders and owners of this Security
and of any Security issued in exchange heretofore or in place hereof (whether by
registration of transfer or otherwise), irrespective of whether or not any
notation of such consent or waiver is made upon this Security.

    
      
         

      

      
        A-7

        
          

        

      

      
         

      

    

    

    No reference herein to the Indenture
and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of and premium, if any, and interest on this Security at the time and
place and at the rate and in the money herein prescribed.

    

    The Company shall have the right, at
any time and from time to time during the term of the Securities, to defer
payments of interest by extending the interest payment period of such Securities
for a period not exceeding 20 consecutive quarterly periods, including the first
such quarterly period during such extension period, and not to extend beyond the
Stated Maturity of the Securities (an “Extension Period”), at the end of which
period the Company shall pay all interest then accrued and unpaid together with
interest thereon at the rate specified for the Securities (to the extent that
payment of such interest is enforceable under applicable law).  Before
the termination of any such Extension Period, the Company may further defer
payments of interest by further extending such Extension Period, provided that
such Extension Period, together with all such previous and further extensions
within such Extension Period, shall not exceed 20 consecutive quarterly periods,
including the first quarterly period during such Extension Period, or extend
beyond the Stated Maturity of the Securities.  Upon the termination of
any such Extension Period and the payment of all accrued and unpaid interest and
any additional amounts then due, the Company may commence a new Extension
Period, subject to the foregoing requirements.

    

    The Company has agreed that it will not
(i) declare or pay any dividends or distributions on, or redeem, purchase,
acquire, or make a liquidation payment with respect to, any of the Company’s
capital stock (which includes common and preferred stock) or (ii) make any
payment of principal, interest or-premium, if any, on or repay or repurchase or
redeem any debt securities of the Company that rank pari passu with or junior in
right of payment to the Securities or make any guarantee payments with respect
to any guarantee by the Company of the debt securities or any Subsidiary of the
Company if such guarantee ranks pari passu or junior in right
of payment to the Securities (other than (a) dividends or distributions in
shares of, or options, warrants or rights to subscribe for or purchase shares
of, Common Stock of the Company, (b) any declaration of a dividend in connection
with the implementation of a stockholder’s rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (c) payments under the Preferred Securities Guaranty,
(d) as a result of a reclassification of the Company’s capital stock or the
exchange or the conversion of one class or series of the Company’s capital stock
for another class or series of the Company’s capital stock, (e) the purchase of
fractional interests in shares of the Company’s capital stock pursuant to the
exchange or conversion of such capital stock or the security being exchanged or
converted, and (f) purchases or issuances of Common Stock in connection with any
of the Company’s stock option, stock purchase, stock loan or other benefit plans
for its directors, officers or employees or any of the Company’s dividend
reinvestment plans, in each case as now existing or hereinafter established or
amended) if at such time (i) there shall have occurred any event of which the
Company has actual knowledge that (a) is, or with the giving of notice or the
lapse of time, or both, would be, an Event of Default and (b) in respect of
which the Company shall not have taken reasonable steps to cure, (ii) if such
Securities are held by ServisFirst Capital Trust II, the Company shall be in
default with respect to its payment of any obligations under the Preferred
Securities Guaranty or (iii) the Company shall have given notice of its election
of the exercise of its right to extend the interest payment period and any such
extension shall be continuing.

    
      
         

      

      
        A-8

        
          

        

      

      
         

      

    

    

    The Company will have the right at any
time to liquidate ServisFirst Capital Trust II and cause the Securities to be
distributed to the holders of the Trust Securities in liquidation of ServisFirst
Capital Trust II.

    

    The Securities are issuable only in
registered form without coupons in denominations of $1 and any integral multiple
thereof.  As provided in the Indenture and subject to the transfer
restrictions limitations as may be contained herein and therein from time to
time, the transfer of this Security is registrable by the holder hereof on the
Security Register of the Company, upon surrender of this Security for
registration of transfer at the office or agency of the Trustee accompanied by a
written instrument or instruments of transfer in form satisfactory to the
Company or the Trustee duly executed by the holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of authorized
denominations and for the same aggregate principal amount and series will be
issued to the designated transferee or transferees.  No service charge
will be made for any such registration of transfer, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in relation thereto.

    

    Prior to due presentment for
registration of transfer of this Security, the Company, the Trustee, any paying
agent and the registrar may deem and treat the registered holder hereof as the
absolute owner hereof (whether or not this Security shall be overdue and
notwithstanding any notice of ownership or writing hereon made by anyone other
than the Security Registrar) for the purpose of receiving payment of or on
account of the principal hereof and premium, if any, and interest due hereon and
for all other purposes, and neither the Company nor the Trustee nor any paying
agent nor any registrar shall be affected by any notice to the
contrary.

    

    No recourse shall be had for the
payment of the principal of or premium, if any, or interest on this Security, or
for any claim based hereon, or otherwise in respect hereof, or based on or in
respect of the Indenture, against any incorporator, stockholder, officer or
director, past, present or future, as such, of the Company or of any predecessor
or successor Person, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of the consideration for
the issuance hereof, expressly waived and released.

    

    All terms used in this Security that
are defined in the Indenture shall have the meanings assigned to them in the
Indenture.

    

    THE INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

    
      
         

      

      
        A-9

        
          

        

      

      
         

      

    

    FORM
OF CONVERSION REQUEST

     

    To:          Servisfirst
Bancshares, Inc. and Wilmington Trust Company, or any successor Conversion
Agent:

     

                    The
undersigned owner of these Securities hereby irrevocably elects to convert these
Securities, or the portion below designated, into Company Common Stock in
accordance with the terms of the Indenture (the “Indenture”), dated as of March
15, 2010, between ServisFirst Bancshares, Inc., and Wilmington Trust Company, as
Trustee.

     

                    The
undersigned owner of these Securities hereby directs the Conversion Agent to
convert such Securities on behalf of the undersigned, into Company Common Stock
(at the Conversion Price specified in the Indenture). The undersigned owner of
these Securities also hereby notifies the Conversion Agent that the shares
issuable and deliverable upon conversion, together with any check in payment for
fractional shares, should be issued in the name of and delivered to the
undersigned, unless a different name has been indicated in the assignment below.
(If shares are to be issued in the name of a person other than the undersigned,
the undersigned shall pay all transfer taxes payable with respect
thereto.)

     

                    Date:
____________________

     

                    Principal
Amount of Securities to be converted ($25,000 or integral multiples
thereof): $                    

     

                    If
a name or names other than the undersigned, please indicate in the spaces below
the name or names in which the shares of Company Common Stock are to be issued,
along with the address or addresses of such person or persons:

     

    (Sign
exactly as your name appears on the other side of this Security)

     

    _____________________________________

    (for
conversion only)

     

    Please
print or type name and address, including zip code, and social security or other
identifying number:

     

    Name:                                                                                     

     

    Address:                                                                                   

     

                                     
_______________________________________

       

                                       
_______________________________________

       

    

    SSN/TIN:                                                                                     

     

         Signature
Guarantee:*                                                                                                           

     

    
      	
              *

            	
              Signature
      must be guaranteed by an eligible guarantor institution that is a bank,
      stockbroker, savings and loan association or credit union meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Securities Transfer Agents Medallion Program
      (STAMP) or such other signature guarantee program as may be
      determined by the Registrar in addition to, or in substitution for, STAMP,
      all in accordance with the Securities Exchange Act of
  1934.

            

    

    
      
         

      

      
        A-10

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    CERTIFICATE
TO TRUSTEE

    

    Pursuant to Section 3.5 of the
Indenture between ServisFirst Bancshares, Inc. as the Company (the “Company’),
and Wilmington Trust Company, as Trustee, dated as of March 15, 2010 (the
“Indenture”), the undersigned hereby certifies as follows:

    

    
      	
               
      

            	
              1.

            	
              In
      my capacity as an officer of the Company, I would normally have knowledge
      of any default by the Company during the last fiscal year in the
      performance of any covenants of the Company contained in the
      Indenture.

            

    

    

    
      	
               
      

            	
              2.

            	
              [To
      my knowledge, the Company is not default in the performance of any
      covenants contained in the
Indenture.

            

    

    

    or, alternatively:

    

    I am
aware of the default(s) in the performance of covenants in the Indentures, as
specified below.]  PLEASE
PICK THE SENTENCE THAT APPLIES and DELETE THE ONE THAT DOES NOT.

    

    Capitalized terms used herein, and not
otherwise defined herein, have the respective meanings ascribed to thereto in
the Indenture.

    

    IN WITNESS WHEREOF, the undersigned has
executed this Officers’ Certificate.

    

    Date:  ____________,
20___

    

    
      
        
          
            	  
      
	
                    Name:

                  
	
                    Title:

                  
	 
      
	  
      
	
                    Name:

                  
	
                    Title:

                  

          

        

      

    

     

    
      
         

      

      
        B-1

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