Document:

EX-10.11

 Exhibit 10.11 

FORM OF 
 NOTE PURCHASE
AGREEMENT 
 Dated as of December 22, 2014 

By and among 
 Avenue Financial
Holdings, Inc. 
 and 

Purchasers Listed on Schedule A 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I PURCHASE; CLOSING
	  	 	1	  
			
	 Section 1.1
	 	 Purchase
	  	 	1	  
	 Section 1.2
	 	 Closing
	  	 	1	  
		
	 ARTICLE II REPRESENTATIONS AND WARRANTIES
	  	 	3	  
			
	 Section 2.1
	 	 Disclosure
	  	 	3	  
	 Section 2.2
	 	 Representations and Warranties of the Company
	  	 	4	  
	 Section 2.3
	 	 Representations and Warranties of Purchaser
	  	 	9	  
	 Section 2.4
	 	 Legend
	  	 	12	  
	 Section 2.5
	 	 Registration Rights
	  	 	13	  
		
	 ARTICLE III TERMINATION
	  	 	24	  
			
	 Section 3.1
	 	 Termination
	  	 	24	  
	 Section 3.2
	 	 Effects of Termination
	  	 	24	  
		
	 ARTICLE IV MISCELLANEOUS
	  	 	25	  
			
	 Section 4.1
	 	 Survival
	  	 	25	  
	 Section 4.2
	 	 Expenses
	  	 	25	  
	 Section 4.3
	 	 Amendment; Waiver
	  	 	25	  
	 Section 4.4
	 	 Counterparts
	  	 	25	  
	 Section 4.5
	 	 Governing Law
	  	 	25	  
	 Section 4.6
	 	 WAIVER OF JURY TRIAL
	  	 	26	  
	 Section 4.7
	 	 Notices
	  	 	26	  
	 Section 4.8
	 	 Entire Agreement, Etc.
	  	 	27	  
	 Section 4.9
	 	 Interpretation; Other Definitions
	  	 	27	  
	 Section 4.10
	 	 Captions
	  	 	28	  
	 Section 4.11
	 	 Severability
	  	 	28	  
	 Section 4.12
	 	 No Third Party Beneficiaries
	  	 	28	  
	 Section 4.13
	 	 Time of Essence
	  	 	29	  
	 Section 4.14
	 	 Public Announcements
	  	 	29	  
	 Section 4.15
	 	 Specific Performance
	  	 	29	  

  
 i 

 INDEX OF DEFINED TERMS 

 

					
	 	  	Section	 
		
	 Action
	  	 	2.2(e)	  
	 Affiliate
	  	 	4.9(a)	  
	 Agreement
	  	 	Preamble	  
	 Audited Financial Statements
	  	 	2.2(g)	  
	 Bank
	  	 	2.2(b)	  
	 BHC Act
	  	 	2.2(a)	  
	 Closing
	  	 	1.2(a)	  
	 Closing Date
	  	 	1.2(a)	  
	 Code
	  	 	4.9(c)	  
	 Common Stock
	  	 	Recitals	  
	 Company
	  	 	Preamble	  
	 Company Financial Statements
	  	 	2.2(f)	  
	 Company Reports
	  	 	2.2(g)	  
	 Company Subsidiaries
	  	 	2.2(b)	  
	 Company Subsidiary
	  	 	2.2(b)	  
	 Disclosure Letter
	  	 	2.1(a)	  
	 DTC
	  	 	2.4(b)	  
	 Effective Date
	  	 	2.5(j)(i)	  
	 FDIC
	  	 	2.2(b)	  
	 Filing Suspension Events
	  	 	2.5(a)(i)	  
	 GAAP
	  	 	2.1(b)	  
	 Governmental Entity
	  	 	1.2(b)(i)	  
	 Holder
	  	 	2.5(j)(ii)	  
	 Holders’ Counsel
	  	 	2.5(j)(iii)	  
	 Indemnitee
	  	 	2.5(g)(i)	  
	 Investment
	  	 	Recitals	  
	 Investment Manager
	  	 	2.3(g)	  
	 IPO Closing Date
	  	 	2.5(a)(i)	  
	 Knowledge of the Company
	  	 	4.9(f)	  
	 Law
	  	 	2.2(j)	  
	 Liens
	  	 	2.2(c)(ii)	  
	 Lockup Termination Date
	  	 	6.9(i)	  
	 Material Adverse Effect
	  	 	2.1(b)	  
	 Person
	  	 	4.9(g)	  
	 Piggyback Registration
	  	 	2.5(a)(iii)	  
	 Previously Disclosed
	  	 	2.1(c)	  
	 Subordinated Notes
	  	 	Recitals	  
	 Purchase Price
	  	 	1.2(a)(ii)	  
	 Purchasers
	  	 	Preamble	  
	 Register
	  	 	2.5(j)(iv)	  
	 Registrable Securities
	  	 	2.5(j)(v)	  
	 Registration Expenses
	  	 	2.5(j)(vi)	  
	 Regulatory Agreement
	  	 	2.2(k)	  

  
 ii 

					
		
	 Rule 144
	  	 	2.5(j)(vii)	  
	 Rule 158
	  	 	2.5(j)(vii)	  
	 Rule 159A
	  	 	2.5(j)(vii)	  
	 Rule 405
	  	 	2.5(j)(vii)	  
	 Rule 415
	  	 	2.5(j)(vii)	  
	 Secretary’s Certificate
	  	 	1.2(b)(ii)(4)	  
	 Securities Act
	  	 	2.2(o)	  
	 Selling Expenses
	  	 	2.5(j)(viii)	  
	 Shelf Registration Statement
	  	 	2.5(a)(ii)	  
	 Special Registration
	  	 	2.5(j)(ix)	  
	 Tax Return
	  	 	4.9(h)	  
	 Transaction Documents
	  	 	4.9(i)	  

  
 iii 

 LIST OF SCHEDULES AND EXHIBITS 

 

			
		
	 Schedule A:
	  	Schedule of Purchasers
		
	 Exhibit A:
	  	Form of Note
	 Exhibit B:
	  	Form of Secretary’s Certificate

  
 iv 

 This NOTE PURCHASE AGREEMENT, dated as of December 22, 2014 (this
“Agreement”), is by and between AVENUE FINANCIAL HOLDINGS, INC. a Tennessee corporation (the “Company”), and each purchaser named on Schedule A (each, a
“Purchaser,” and together, “Purchasers”). 
 BACKGROUND 

The Company intends to sell to Purchasers, and Purchasers intend to purchase from the Company, as an investment (the
“Investment”) in the Company, Fixed/Floating Rate Subordinated Notes due 2024 in the aggregate principal amount of
[$                    ] in the form set forth on Exhibit A (the “Subordinated Notes”) from the Company
evidencing unsecured, subordinated debt of the Company. The aggregate purchase price of the Subordinated Notes is intended to constitute Tier 2 Capital (as defined in the Subordinated Note) of the Company. The Company intends to sell to other
purchasers, on or about the Closing, other Subordinated Notes that have an aggregate principal amount (and purchase price) of [$                    ]
so that the aggregate principal amount of Subordinated Notes to be sold by the Company on or about the Closing is $20,000,000. 
 NOW,
THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, the parties agree as follows: 

ARTICLE I 
 PURCHASE;
CLOSING 
 Section 1.1 Purchase. 

On the terms and subject to the conditions set forth herein, Purchasers will purchase from the Company, and the Company will sell to
Purchasers the Subordinated Notes. The principal amount of the Subordinated Note to be purchased by each Purchaser is set forth next to such Purchaser’s name on Schedule A. The purchase price to be paid by each Purchaser for the
Subordinated Note to be issued to such Purchaser is also set forth next to such Purchaser’s name on Schedule A. The initial wire instructions for payment of interest and principal by the Company to each Purchaser shall be set
forth on the signature page attached to this Agreement for each Purchaser, subject to change by written notice delivered by a Purchaser to the Company. 

Section 1.2 Closing. Subject to the satisfaction or waiver of the conditions set forth in this Agreement, the closing of the
purchase of the Subordinated Notes referred to in Section 1.1 by Purchasers pursuant hereto (the “Closing”) shall occur at 9:00 a.m., New York time, on December 29, 2014 subject to satisfaction or waiver (by the
party entitled to grant such waiver) of the conditions to the Closing set forth in this Agreement (other than those conditions that by their nature are to be satisfied at the Closing, but subject to fulfillment or waiver of those conditions), at the
offices of Bradley Arant Boult Cummings LLP, located at 1600 Division Street, Suite 700, Nashville, Tennessee 37203, or remotely via the electronic or other exchange of documents and signature pages, or such other date or location as agreed by the
parties. The date of the Closing is referred to as the “Closing Date.” 

 (a) Subject to the satisfaction or waiver on the Closing Date of the applicable conditions to the
Closing in Section 1.2(b), at the Closing: 
 (i) The Company will deliver to Purchasers, in the denominations set forth on
Schedule A, the Subordinated Notes duly executed by the Company; and 
 (ii) Each Purchaser will deliver the amount set forth
next to its name and designated as its “Purchase Price” on Schedule A to the Company by wire transfer of immediately available funds to the account provided to such Purchaser by the Company, with the aggregate principal
amount of such Subordinated Notes equaling [$                    ]. The aggregate payments by Purchasers on the Closing Date shall equal
[$                    ] (the “Purchase Price”). 

(b) Closing Conditions. 

(i) The obligation of Purchasers, on the one hand, and the Company, on the other hand, to effect the Closing is subject to the fulfillment or
written waiver by each Purchaser or the Company, as applicable, prior to the Closing that no provision of any applicable law or regulation and no judgment, injunction, order or decree shall prohibit the Closing or shall prohibit or restrict
Purchasers or their Affiliates from owning any of the Subordinated Notes in accordance with the terms thereof and no lawsuit shall have been commenced by any court, administrative agency or commission or other governmental authority or
instrumentality, whether federal, state, local or foreign, or any applicable industry self-regulatory organization (each, a “Governmental Entity”) seeking to effect any of the foregoing; and 

(ii) The obligation of Purchasers to consummate the purchase of the Subordinated Notes to be purchased by them at Closing is also subject to
the fulfillment by the Company or written waiver by each Purchaser prior to the Closing of each of the following conditions: 
 (1) the
representations and warranties of the Company set forth in this Agreement shall be true and correct in all respects on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date, except where
the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications contained therein), individually or in the aggregate, would not be reasonably likely to have a Material Adverse Effect (and except that
representations and warranties made as of a specified date shall be true and correct as of such date); 
 (2) the Company shall have
performed in all material respects all obligations required to be performed by it at or prior to the Closing, as the case may be, under this Agreement to be performed by it on or prior to the Closing Date; 

(3) Purchasers shall have received a certificate signed on behalf of the Company by a senior executive officer certifying to the effect that
the conditions set forth in Section 1.2(b)(ii)(1) and Section 1.2(b)(ii)(2) have been satisfied; 
 (4) at the Closing, the
Company shall deliver to Purchasers a certificate of the Secretary of the Company, in the form attached hereto as Exhibit B (the “Secretary’s Certificate”), dated as of the Closing Date, (i) certifying
the resolutions adopted 

  
 - 2 - 

 
by the Board of Directors of the Company or a duly authorized committee thereof approving the transactions contemplated by this Agreement and the issuance of the Subordinated Notes under this
Agreement and (ii) certifying the names of the officers of the Company authorized to execute this Agreement, the Subordinated Notes, the certificate contemplated by Section 1.2(b)(ii)(3) and the other documents provided for in this
Agreement, together with a sample of the true signature of each such officer; 
 (iii) The obligation of the Company to effect the Closing
is subject to the fulfillment or written waiver by the Company prior to the Closing of the following additional conditions: 
 (1) the
representations and warranties of each Purchaser set forth in this Agreement shall be true and correct in all respects on and as of the date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date, except
where the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications contained therein) would not materially adversely affect the ability of such Purchaser to perform its obligations hereunder; 

(2) each Purchaser shall have performed in all material respects all obligations required to be performed by it at or prior to the Closing,
as the case may be, under this Agreement to be performed by it on or prior to the Closing Date; and 
 (3) the Company shall have received
a certificate signed on behalf of each Purchaser by a duly authorized person certifying to the effect that the conditions set forth in Sections 1.2(b)(iii)(l) and 1.2(b)(iii)(2) have been satisfied. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Disclosure. 

(a) On or prior to the date hereof, the Company delivered to Purchasers and Purchasers delivered to the Company a letter (a
“Disclosure Letter”) setting forth, among other things, items the disclosure of which is necessary or appropriate either in response to an express disclosure requirement contained in a provision hereof or as an exception to
one or more representations or warranties contained in Section 2.2 with respect to the Company, or in Section 2.3 with respect to Purchasers, or to one or more covenants contained in Article III; provided, that if such information is
disclosed in such a way as to make its relevance or applicability to another provision of this Agreement reasonably apparent on its face, such information shall be deemed to be responsive to such other provision of this Agreement. Notwithstanding
anything in this Agreement to the contrary, the mere inclusion of an item in a Disclosure Letter shall not be deemed an admission that such item represents a material exception or material fact, event or circumstance or that such item has had or
would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (b) As used in this Agreement, any
reference to any fact, change, circumstance or effect being “material” with respect to the Company means such fact, change, circumstance or effect is material in relation to the business, assets, results of operations or

  
 - 3 - 

 
financial condition of the Company and the Company Subsidiaries taken as a whole. As used in this Agreement, the term “Material Adverse Effect” means any change or effect
that, individually or in the aggregate, (1) is material and adverse to the business, assets, results of operations or financial condition of the Company and Company Subsidiaries taken as a whole or (2) would materially impair the ability
of the Company to perform its obligations under this Agreement or to consummate the Closing; provided, that in determining whether a Material Adverse Effect has occurred, there shall be excluded any effect to the extent resulting from the following:
(A) changes, after the date hereof, in U.S. generally accepted accounting principles (“GAAP”) or regulatory accounting principles generally applicable to banks, savings associations or their holding companies,
(B) changes, after the date hereof, in applicable laws, rules and regulations or interpretations thereof by Governmental Entities, (C) actions or omissions of the Company expressly required by the terms of this Agreement or taken with the
prior written consent of Purchasers, including expenses incurred by the Company in consummating the transactions contemplated by this Agreement, (D) changes in general economic, monetary or financial conditions affecting financial institutions
or their market prices generally, (E) changes in global or national political conditions, including the outbreak or escalation of war or acts of terrorism, (F) the failure of the Company to meet any internal projections, forecasts,
estimates or guidance for any period ending after December 31, 2013 (but not excluding the underlying causes of such failure) and (G) the public disclosure of this Agreement or the transactions contemplated by this Agreement; provided,
further, that if any event described in clause (A), (B), (D) or (E) of this Section 2.1(b) occurs and such event has a materially disproportionate effect on the Company relative to other banks, savings associations and their holding
companies in the United States, then such event will be deemed to have had a Material Adverse Effect. 
 (c) “Previously
Disclosed” with regard to a party means information set forth on its Disclosure Letter. 
 Section 2.2 Representations
and Warranties of the Company. 
 Except as Previously Disclosed, the Company hereby represents and warrants to Purchasers, as of the
date of this Agreement and as of the Closing Date (except for the representations and warranties that are as of a specific date, which shall be made as of that date), that: 

(a) Organization and Authority. Each of the Company and the Company Subsidiaries is a corporation or other entity duly organized and
validly existing under the laws of the jurisdiction of its incorporation or organization, is duly qualified to do business and is in good standing in all jurisdictions where its ownership or leasing of property or the conduct of its business
requires it to be so qualified except where any failure to be so qualified would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and has the corporate or other organizational power and authority to
own its properties and assets and to carry on its business as it is now being conducted. The Company is duly registered as a bank holding company under the Bank Holding Company Act of 1956, as amended, (“BHC Act”) and under
applicable state Laws. 

  
 - 4 - 

 (b) Company Subsidiaries. The Company owns all of the issued and outstanding capital stock
of Avenue Bank, a Tennessee banking corporation (the “Bank” or the “Company Subsidiary”) and the Company has sole control over the Bank. Except for the Bank, the Company does not own beneficially,
directly or indirectly, more than 5% of any class of equity securities or similar interests of any corporation, bank, business trust, association or similar organization, and is not, directly or indirectly, a partner in any partnership or party to
any joint venture. The Company owns, directly or indirectly, all of its interests in the Bank free and clear of any and all Liens. The deposit accounts of the Bank are insured by the Federal Deposit Insurance Corporation
(“FDIC”) to the fullest extent permitted by the Federal Deposit Insurance Act, as amended and the rules and regulations of the FDIC thereunder, and all premiums and assessments required to be paid in connection therewith have
been paid when due (after giving effect to any applicable extensions). 
 (c) Authorization; No Conflicts. 

(i) The Company has the corporate power and authority to execute and deliver this Agreement and the other Transaction Documents and to
perform its obligations hereunder and thereunder. The execution, delivery and performance of the Transaction Documents by the Company and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary
corporate action on the part of the Company. The Board of Directors has duly approved the agreements and the transactions contemplated by the Transaction Documents, including the Investment. No other corporate proceedings are necessary for the
execution and delivery by the Company of the Transaction Documents, the performance by it of its obligations hereunder or thereunder or the consummation by it of the transactions contemplated hereby or thereby. This Agreement has been and, the other
Transaction Documents will have been, at the Closing duly and validly executed and delivered by the Company and, assuming due authorization, execution and delivery by Purchasers and the other parties thereto, are, or in the case of documents
executed after the date of this Agreement, will be, upon execution, the valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, except as enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by general equity principles (whether applied in equity or at law). 

(ii) Neither the execution and delivery by the Company of this Agreement and the other Transaction Documents nor the consummation of the
transactions contemplated hereby or thereby, nor compliance by the Company with any of the provisions hereof or thereof, will (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which,
with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or result in the loss of any benefit or creation of any right on the part of any third party under, or accelerate the performance required by,
or result in a right of termination or acceleration of, or result in the creation of any liens, charges, adverse rights or claims, pledges, covenants, title defects, security interests and other encumbrances of any kind
(“Liens”) upon any of the properties or assets of the Company or any Company Subsidiary, under any of the terms, conditions or provisions of (i) the articles of incorporation or bylaws (or similar governing documents) of
the Company and each Company Subsidiary or (ii) any note, bond, mortgage, indenture, deed of trust, license, lease, contract, arrangement, 

  
 - 5 - 

 
agreement or other instrument or obligation to which the Company or any of the Company Subsidiaries is a party or by which it may be bound, or to which the Company or any of the Company
Subsidiaries, or any of the properties or assets of the Company or any of the Company Subsidiaries may be subject, or (B) violate any Law applicable to the Company or any of the Company Subsidiaries or any of their respective properties or
assets except in the case of clauses (A)(ii) and (B) of this paragraph for such violations, conflicts and breaches as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(iii) Neither the execution and delivery by the Company of this Agreement and the other Transaction Documents nor the consummation of the
transactions contemplated hereby or thereby, nor compliance by the Company with any of the provisions hereof or thereof require any approval or ratification of the holders of the outstanding capital stock of the Company or of any group thereof. 

(d) Governmental Consents. Other than the securities or blue sky laws of the various states, no Governmental Consents are necessary for
the execution and delivery of the Transaction Documents or for the consummation by the Company of the transactions contemplated hereby and thereby. 

(e) Litigation and Other Proceedings. Except as would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect, there is no pending or, to the Knowledge of the Company, threatened claim, action, suit, arbitration, complaint, charge or investigation or proceeding (each an “Action”) against the Company or any Company
Subsidiary or any of its assets, rights or properties, nor is the Company or any Company Subsidiary a party or named as subject to the provisions of any order, writ, injunction, settlement, judgment or decree of any court, arbitrator or government
agency, or instrumentality. There is no Action by the Company or any Company Subsidiary pending or which the Company or any Company Subsidiary intends to initiate (other than collection claims in the ordinary course of business). There has not been
during the past five years, and to the Company’s Knowledge, there is not pending or contemplated, any investigation by any Governmental Entity involving the Company. The Company is in compliance in all material respects with all existing
decisions, orders, and agreements of or with Governmental Entities to which it is subject or bound. 
 (f) Financial Statements. Each
of the audited consolidated balance sheets of the Company and the Company Subsidiaries as of December 31, 2013 and December 31, 2012 and the related audited consolidated statements of income (loss), statements of shareholders’ equity
and comprehensive income (loss) and cash flows, together with the notes thereto, for the each of the years in the three-year period ended December 31, 2013, previously provided or made available to Purchasers (the “Audited Financial
Statements”), (1) have been prepared from, and are in accordance with, the books and records of the Company and the Company Subsidiaries, (2) complied, as of their respective date of such filing, in all material respects with
applicable accounting requirements, (3) have been prepared in accordance with GAAP applied on a consistent basis, and (4) present fairly in all material respects the consolidated financial position of the Company and the Company
Subsidiaries at the dates and the consolidated results of operations, changes in shareholders’ equity and cash flows of the Company and the Company Subsidiaries for the periods stated therein. 

  
 - 6 - 

 (g) Reports. Since December 31, 2011, the Company and each Company Subsidiary have
filed all material reports, registrations, documents, filings, statements and submissions, together with any required amendments thereto, that it was required to file with any Governmental Entity (the foregoing, collectively, the “Company
Reports”) and have paid all material fees and assessments due and payable in connection therewith. As of their respective filing dates, the Company Reports complied in all material respects with all statutes and applicable rules and
regulations of the applicable Governmental Entities, as the case may be. 
 (h) No Undisclosed Liabilities. There are no liabilities
of the Company or any of the Company Subsidiaries of any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, except for (1) liabilities adequately reflected or reserved against in accordance with GAAP
in the Company’s audited balance sheet as of December 31, 2013 and (2) liabilities that have arisen in the ordinary and usual course of business and consistent with past practice since December 31, 2013 and that have not or would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
 (i) Absence of Certain Changes.
Since January 1, 2014, (1) the Company and the Company Subsidiaries have conducted their respective businesses in all material respects in the ordinary and usual course of business consistent with past practices, (2) none of the
Company or any Company Subsidiary has incurred any material liability or obligation, direct or contingent, for borrowed money, except borrowings in the ordinary course of business, (3) through (and including) the date of this Agreement, no
fact, event, change, condition, development, circumstance or effect has occurred that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (4) no material default (or event which,
with notice or lapse of time, or both, would constitute a material default) exists on the part of the Company or any Company Subsidiary or, to the Knowledge of the Company, on the part of any other party, in the due performance and observance of any
term, covenant or condition of any agreement to which the Company or any Company Subsidiary is a party and which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(j) Compliance with Laws. The Company and each Company Subsidiary have all material permits, licenses, franchises, authorizations,
orders and approvals of, and have made all filings, applications and registrations with, Governmental Entities that are required in order to permit them to own or lease their properties and assets and to carry on their business as presently
conducted and that are material to the business of the Company and each Company Subsidiary. The Company and each Company Subsidiary have complied in all material respects and (1) are not in default or violation in any respect of, (2) to
the Company’s Knowledge, are not under investigation with respect to, and (3) to the Company’s Knowledge, have not been threatened to be charged with or given notice of any material violation of, any applicable material domestic
(federal, state or local) or foreign law, statute, ordinance, license, rule, regulation, policy or guideline, order, demand, writ, injunction, decree or judgment of any Governmental Entity (each, a “Law”), other than such
noncompliance, defaults or violations that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Except for statutory or regulatory restrictions of general application, restrictions applicable to
recipients of funds under the SBLF, no Governmental Entity has placed any material restriction on the business or properties of the Company or any of the Company Subsidiaries. As of the date hereof, the Bank has a Community Reinvestment Act rating
of “satisfactory” or better. 

  
 - 7 - 

 (k) Agreements with Regulatory Agencies. (1) The Company and the Company Subsidiaries
(A) are not subject to any cease-and-desist or other similar order or enforcement action issued by, (B) are not a party to any written agreement, consent agreement or memorandum of understanding with, (C) are not a party to any
commitment letter or similar undertaking to, and (D) are not subject to any capital directive by, and (2) since December 31, 2013, each of the Company and the Company Subsidiaries has not adopted any board resolutions at the request
of, any Governmental Entity that currently restricts in any material respect the conduct of its business or that in any material manner relates to its capital adequacy, its liquidity and funding policies and practices, its ability to pay dividends,
its credit, risk management or compliance policies, its internal controls, its management or its operations or business (each item in this sentence, a “Regulatory Agreement”), nor has the Company nor any of the Company
Subsidiaries been advised since December 31, 2013 by any Governmental Entity that it is considering issuing, initiating, ordering, or requesting any such Regulatory Agreement. 

(l) Environmental Laws. The Company and the Company Subsidiaries (1) are in compliance with any and all Environmental Laws,
(2) have received all permits, licenses or other approvals required of it under applicable Environmental Laws to conduct their business, (3) are in compliance with all terms and conditions of any such permit, license or approval,
(4) have not owned or operated any property that has been contaminated with any Hazardous Substance that would reasonably be expected to result in liability pursuant to any Environmental Law, (5) to the Knowledge of the Company, are not
liable for Hazardous Substance disposal or contamination on any third party property, (6) have not received any notice, demand, letter, claim or request for information indicating that it may be in violation of or subject to liability under any
Environmental Law, and (7) are not subject to any circumstances or conditions that could reasonably be expected to result in any claims, liability, investigations, costs or restrictions on the ownership, use or transfer of any property in
connection with any Environmental Law, except where, in each of the foregoing clauses, the failure to so comply would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(m) Taxes. 
 (i) All
material Tax Returns required to be filed by, or on behalf of, the Company or the Company Subsidiaries have been timely filed, or will be timely filed, in accordance with all Laws, and all such Tax Returns are, or shall be at the time of filing,
complete and correct in all material respects. The Company and the Company Subsidiaries have timely paid all material Taxes due and payable (whether or not shown on such Tax Returns), or, where payment is not yet due, have made adequate provisions
in accordance with GAAP. There are no Liens with respect to Taxes upon any of the assets or properties of either the Company or the Company Subsidiaries other than with respect to Taxes not yet due and payable. 

(ii) No deficiencies for any material Taxes have been proposed or assessed in writing against or with respect to any Taxes due by or Tax
Returns of the Company or the Company Subsidiaries, and there is no outstanding audit, assessment, dispute or claim 

  
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concerning any material Tax liability of the Company or the Company Subsidiaries. No written claim has ever been made by any Governmental Entity in a jurisdiction where neither the Company nor
any of the Company Subsidiaries files Tax Returns that are or may be subject to material taxation by that jurisdiction. 
 (n) Brokers
and Finders. Except for the Placement Agent, neither the Company nor any of its officers, directors, employees or agents has employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or
finder’s fees, and no broker or finder has acted directly or indirectly for the Company in connection with the Transaction Documents or the transactions contemplated hereby or thereby. 

(o) Offering of Securities. Assuming the accuracy of the representations and warranties of the Purchasers as set forth in this
Agreement, it is not necessary in connection with the offer, sale and delivery of the Subordinated Notes to register the offer and sale of the Subordinated Notes to the Purchasers under the Securities Act of 1933, as amended (the
“Securities Act”). 
 (p) Investment Company Status. The Company is not, and upon consummation of the
transactions contemplated by the Transaction Documents will not be, an “investment company,” a company controlled by an “investment company” or an “affiliated Person” of, or “promoter” or “principal
underwriter” of, an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended. 

Section 2.3 Representations and Warranties of Purchasers. 

Except as Previously Disclosed, each Purchaser, severally, but not jointly, hereby represents and warrants to the Company, as of the date of
this Agreement and as of the Closing Date (except to the extent made only as of a specified date, in which case as of such date), that: 

(a) Organization and Authority. Such Purchaser is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, is duly qualified to do business and is in good standing in all jurisdictions where its ownership or leasing of property or the conduct of its business requires it to be so qualified and where failure to be so
qualified would be reasonably expected to materially and adversely affect such Purchaser’s ability to perform its obligations under this Agreement or consummate the transactions contemplated by this Agreement on a timely basis, and such
Purchaser has the corporate or other power and authority and governmental authorizations to own its properties and assets and to carry on its business as it is now being conducted. 

(b) Authorization. 
 (i)
Such Purchaser has the corporate or other power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement by such Purchaser and the consummation of the
transactions contemplated by this Agreement have been duly authorized by such Purchaser’s board of directors, general partner or managing members, as the case may be (if such authorization is required), and no further approval or authorization
by any of its partners or other equity owners, as the case may be, is required. This Agreement has been duly and validly 

  
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executed and delivered by such Purchaser and assuming due authorization, execution and delivery by the Company, is a valid and binding obligation of such Purchaser enforceable against such
Purchaser in accordance with its terms (except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’
rights or by general equity principles). 
 (ii) Neither the execution, delivery and performance by such Purchaser of this Agreement, nor
the consummation of the transactions contemplated by this Agreement, nor compliance by such Purchaser with any of the provisions hereof, will (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an
event which, with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration of, or result in the creation of
any Lien upon any of the properties or assets of such Purchaser under any of the terms, conditions or provisions of (i) its certificate of limited partnership, certificate of formation, operating agreement or partnership agreement or similar
governing documents or (ii) any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which such Purchaser is a party or by which it may be bound, or to which such Purchaser or any of the
properties or assets of such Purchaser may be subject, or (B) subject to compliance with the statutes and regulations referred to in the next paragraph, violate any law, statute, ordinance, rule or regulation, permit, concession, grant,
franchise or any judgment, ruling, order, writ, injunction or decree applicable to such Purchaser or any of its properties or assets except in the case of clauses (A) (ii) and (B) for such violations, conflicts and breaches as would
not reasonably be expected to materially and adversely affect such Purchaser’s ability to perform its respective obligations under this Agreement or consummate the transactions contemplated by this Agreement on a timely basis. 

(iii) No notice to, registration, declaration or filing with, exemption or review by, or authorization, order, consent or approval of, any
Governmental Entity, nor expiration or termination of any statutory waiting period, is necessary for the consummation by such Purchaser of the transactions contemplated by this Agreement. 

(c) Purchase for Investment. Such Purchaser acknowledges that the Subordinated Notes have not been registered under the Securities Act
or under any state securities laws. Such Purchaser (1) is acquiring the Subordinated Notes pursuant to an exemption from registration under the Securities Act solely for investment with no present intention to distribute any of the Subordinated
Notes to any person, (2) will not sell or otherwise dispose of any of the Subordinated Notes, except in compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws,
(3) has such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the Subordinated Notes and of making an informed investment
decision, and (4) is an “accredited investor” (as that term is defined by Rule 501 of the Securities Act). 
 (d)
Financial Capability. At the Closing, such Purchaser shall have available funds necessary to consummate the Closing on the terms and conditions contemplated by this Agreement. 

  
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 (e) Knowledge as to Conditions. As of the date of this Agreement, such Purchaser does not
know of any reason why any Required Approvals and, to the extent necessary, any other approvals, authorizations, filings, registrations, and notices required or otherwise a condition to the consummation by it of the transactions contemplated by this
Agreement will not be obtained. 
 (f) Brokers and Finders. Neither such Purchaser nor its Affiliates, any of their respective
officers, directors, employees or agents has employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or finder’s fees, and no broker or finder has acted directly or indirectly for
such Purchaser, in connection with this Agreement or the transactions contemplated by this Agreement, in each case, whose fees the Company would be required to pay. 

(g) Investment Decision. Such Purchaser, or the duly appointed investment manager of such Purchaser (the “Investment
Manager”), if applicable, has (1) reached its decision to invest in the Subordinated Notes independently from any other Person, (2) except with respect to other Purchasers, has not entered into any agreement or understanding
with any other Person to act in concert for the purpose of exercising a controlling influence over the Company or any Company Subsidiary, including any agreements or understandings regarding the voting or transfer of shares of the Company,
(3) except with respect to other Purchasers, has not shared with any other Person proprietary due diligence materials prepared by such Purchaser or its Investment Manager or any of its other advisors or representatives (acting in their capacity
as such) and used by its investment committee as the basis for purposes of making its investment decision with respect to the Company or any Company Subsidiary, (4) has not been induced by any other Person to enter into the transactions
contemplated by this Agreement, and (5) except with respect to other Purchasers, has not entered into any agreement with any other Person with respect to the Investment. Such Purchaser understands that nothing in this Agreement or any other
materials presented by or on behalf of the Company to such Purchaser in connection with the purchase of the Subordinated Notes constitutes legal, tax or investment advice. Such Purchaser has consulted such accounting, legal, tax and investment
advisors as it has deemed necessary or appropriate in connection with its purchase of the Subordinated Notes. Each Purchaser further acknowledges and agrees that it is not relying upon, and has not relied upon, any advice, statement, representation
or warranty made by any Person by or on behalf of the Company, including, without limitation, the Placement Agent, except for the express statements, representations and warranties of the Company made or contained in this Agreement. Furthermore, it
acknowledges that (1) the Placement Agent has not performed any due diligence review on behalf of it (2) the Placement Agent makes no representations or warranties to the Purchasers, and (3) nothing in this Agreement or any other
materials presented by or on behalf of the Company to it in connection with the purchase of the Subordinated Notes constitutes legal, tax or investment advice. 

(h) No Control. The Purchasers agree that they shall have no rights to exercise control over the Company as a result of their purchase
or holding of the Subordinated Notes and agree that neither they nor their affiliates shall acquire voting securities or otherwise contribute capital to the Company in amounts that would cause the Purchasers, or any of them, to be deemed to control
the Company for purposes of the Change in Bank Control Act of 1978, as amended, or the BHC Act. 

  
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 (i) Each of the Purchasers understands and agrees that the Placement Agent will rely upon the
truth and accuracy of the representations, warranties, covenants and agreements of each of the Purchasers as set forth in this Agreement in connection with the transactions contemplated by this Agreement, and each Purchaser agrees that if any of the
representations, warranties, covenants and agreements made by a Purchaser in this Agreement are no longer accurate by the Closing, such Purchaser shall promptly notify the Placement Agent and the Company. 

Section 2.4 Legend. 

(a) Purchasers agree that the form of the Subordinated Notes or other instruments, if any, representing the Subordinated Notes will bear a
legend and with respect to any Subordinated Notes held in book-entry form, the transfer agent of the Company will record a legend on the register substantially to the following effect: 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY
STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR
SUCH LAWS. 
 (b) Subject to Section 2.4(a), the restrictive legend set forth in Section 2.4(a) above shall be removed and the
Company shall issue replacement Subordinated Notes without such restrictive legend to the holder of the applicable Subordinated Notes or issue to such holder by electronic delivery at the applicable balance account at the Depository Trust Company
(“DTC”), if (1) such Subordinated Notes are registered for resale under the Securities Act, (2) such Subordinated Notes are sold or transferred pursuant to Rule 144 (if the transferor is not an Affiliate of the
Company), or (3) such Subordinated Notes are eligible for sale under Rule 144, without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such securities and without volume or
manner-of-sale restrictions. Following the earlier of (A) the sale of the Subordinated Notes pursuant to an effective Shelf Registration Statement or pursuant to Rule 144 or (B) Rule 144 becoming available for the resale of the
Subordinated Notes, without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to the Subordinated Notes and without volume or manner-of-sale restrictions, upon receipt by the Company
of an opinion of counsel to any Purchaser regarding the removal of such legend set forth in Section 2.4(a), the Company shall remove such legend or instruct its transfer agent to remove such legend above from the Subordinated Notes. Any fees
associated with the removal of such legend (other than with respect to a Purchaser’s counsel) shall be borne by the Company. If a legend is no longer required pursuant to the foregoing, the Company will no later than three business days
following the delivery by Purchasers to the Company or the transfer agent (with notice to the Company) of a legended certificate or instrument representing such Subordinated Note (endorsed with signatures guaranteed, and otherwise in form necessary
to affect the reissuance and/or transfer, an opinion of counsel to such Purchasers) and a representation letter 

  
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to the extent required, deliver or cause to be delivered to Purchasers a replacement Subordinated Note that is free from the restrictive legend set forth in Section 2.4(a). Subordinated
Notes free from all restrictive legends may be transmitted by the transfer agent to Purchasers by crediting the account of Purchasers’ prime broker with DTC as directed by such Purchasers. Purchasers acknowledge that the Subordinated Notes have
not been registered under the Securities Act or under any state securities laws and agrees that they will not sell or otherwise dispose of any of the Subordinated Notes, except in compliance with the registration requirements or exemption provisions
of the Securities Act and any other applicable securities laws and this Agreement. 
 Section 2.5 Registration Rights. 

(a) Registration. 
 (i)
Subject to the terms and conditions of this Agreement, the Company covenants and agrees that, after the date upon which the Company consummates the initial public offering to its Common Stock or other securities (the “IPO Closing
Date”) as promptly as practicable and in any event, no later than the date that is 90 days following the IPO Closing Date, the Company shall have prepared and filed with the SEC a Shelf Registration Statement covering the resale of all
of the Registrable Securities (or, if permitted by the rules of the SEC, otherwise designate an existing Shelf Registration Statement filed with the SEC to cover the Registrable Securities), and, to the extent the Shelf Registration Statement has
not theretofore been declared effective, the Company shall use commercially reasonable efforts to cause such Shelf Registration Statement to be declared or become effective as soon as practicable and to keep such Shelf Registration Statement
continuously effective and in compliance with the Securities Act and usable for resale of such Registrable Securities for a period from the date of its initial effectiveness until such time as there are no Registrable Securities remaining (including
by refiling such Shelf Registration Statement (or a new Shelf Registration Statement) if the initial Shelf Registration Statement expires). The Shelf Registration, to the extent it only provides for the registration of the Registrable Securities,
shall contain a “plan of distribution” and disclosure regarding the selling Holders approved by, and in form and substance reasonably satisfactory to, the Holders. Notwithstanding the registration obligations set forth in this
Section 2.5(a)(i), in the event the SEC informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the
Company agrees to promptly (i) inform each of the Holders thereof and use its commercially reasonable efforts to file amendments to the initial Shelf Registration Statement as required by the SEC and/or (ii) withdraw the initial Shelf
Registration Statement and file a new Shelf Registration Statement, in either case covering the maximum number of Registrable Securities permitted to be registered by the SEC, on such form available to the Company to register for resale the
Registrable Securities as a secondary offering; provided, that prior to filing such amendment or new Shelf Registration Statement, the Company shall be obligated to use its commercially reasonable efforts to advocate with the SEC for the
registration of all of the Registrable Securities in accordance with the applicable SEC guidance, including without limitation, Compliance and Disclosure Interpretation 612.09. In the event the Company amends the initial Shelf Registration Statement
or files a new Shelf Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially reasonable efforts to file with the SEC, as promptly as allowed by the SEC or SEC guidance provided to
the Company or to registrants of securities in 

  
 - 13 - 

 
general, one or more registration statements on such form available to the Company to register for resale those Registrable Securities that were not registered for resale on the initial Shelf
Registration Statement, as amended, or the new Shelf Registration Statement. No Holder shall be named as an “underwriter” in any Registration Statement without such Holder’s prior written consent. 

If, before a registration statement pursuant to this Section 2.5(a)(i) is filed with the SEC or declared effective, the Board of
Directors of the Company determines in its good faith judgment, that the filing of a registration statement or the declaration of effectiveness of a registration statement, in each case with respect to the Registrable Securities (i) would
require disclosure of material non-public information the disclosure of which would have a Material Adverse Effect on the Company or would otherwise adversely affect a material financing, acquisition, disposition, merger, reorganization or other
comparable transaction involving the Company, or (ii) would otherwise adversely affect a public offering of shares of common stock or other equity securities of the Company for the account of the Company, (such circumstances being referred to
as “Filing Suspension Events”), the Company shall deliver a certificate to such effect signed by the principal or chief executive officer or principal financial officer of the Company to the Holders. The Company shall not be
required to file a registration statement pursuant to Section 2.5(a)(i) or may suspend pursuing the effectiveness of such registration statement until (A) with respect to the Filing Suspension Event described in clause (i) above, the
earlier of the date upon which such material information is disclosed to the public or ceases to be material or 90 days after the Company makes such good faith determination, or (B) with respect to the Filing Suspension Event described in
clause (ii) above, 90 days after the Company makes such good faith determination; provided however, that in no event shall Filing Suspension Events be permitted to take effect more than once in any 12-month period. 

(ii) Any registration pursuant to this Section 2.5(a) shall be effected by means of a shelf registration under the Securities Act (a
“Shelf Registration Statement”) in accordance with the methods and distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act. If Purchasers or any other Holder of Registrable Securities
to whom the registration rights conferred by this Agreement have been transferred in compliance with this Agreement intends to distribute any Registrable Securities by means of an underwritten offering, they shall promptly so advise the Company and
the Company shall take all reasonable steps to facilitate such distribution, including the actions required pursuant to Section 2.5(c). The lead underwriters in any such distribution shall be selected by the Holders of a majority of the
Registrable Securities to be distributed, subject to approval of the Company not to be unreasonably withheld. 
 (iii) Whenever the Company
proposes to register any of its securities substantially similar to the Registrable Securities, whether or not for its own account, other than a registration pursuant to Section 2.5(a)(i) or a Special Registration, and the registration form to
be filed may be used for the registration or qualification for distribution of Registrable Securities, the Company will give prompt written notice to Purchasers and all other Holders of its intention to effect such a registration (but in no event
less than 15 days prior to the anticipated filing date) and will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten business days after the date of
the Company’s notice (a “Piggyback Registration”). Any such person that has made 

  
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such a written request may withdraw its Registrable Securities from such Piggyback Registration by giving written notice to the Company and the managing underwriter, if any, on or before the
tenth business day prior to the planned effective date of such Piggyback Registration. The Company may terminate or withdraw any registration under this Section 2.5(a)(iii) prior to the effectiveness of such registration, whether or not
Purchasers or any other Holders have elected to include Registrable Securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5(b). 

(iv) If the registration referred to in Section 2.5(a)(iii) is proposed to be underwritten, the Company will so advise and all other
Holders as a part of the written notice given pursuant to Section 2.5(a)(iii). In such event, the right of Purchasers and all other Holders to registration pursuant to this Section 2.5(a) will be conditioned upon such persons’
participation in such underwriting and the inclusion of such person’s Registrable Securities in the underwriting, and each such person will (together with the Company and the other persons distributing their securities through such
underwriting) enter into an underwriting agreement in customary and reasonable form with the underwriter or underwriters selected for such underwriting by the Company. If any participating person disapproves of the terms of the underwriting, such
person may elect to withdraw therefrom by written notice to the Company, the managing underwriter and Purchasers (if Purchasers are participating in the underwriting). 

(v) If a Piggyback Registration relates to an underwritten primary offering on behalf of the Company, and the managing underwriters advise
the Company that in their reasonable opinion the number of securities requested to be included in such registration exceeds the number which can be sold without adversely affecting the marketability of such offering (including an adverse effect on
the per security offering price), the Company will include in such registration or prospectus only such number of securities that in the reasonable opinion of such underwriters can be sold without adversely affecting the marketability of the
offering (including an adverse effect on the per security offering price), which securities will be so included in the following order of priority: (A) first, the securities the Company proposes to sell; (B) second, Registrable Securities
of Purchasers and all other Holders who have requested registration of Registrable Securities, pro rata on the basis of the aggregate number of such securities or shares owned by each such person; and (C) third, any other securities of the
Company that have been requested to be so included, subject to the terms of this Agreement. 
 (vi) In the event that Form S-3 is not
available for the registration of the resale of Registrable Securities under Section 2.5(a)(i), the Company shall (A) register the resale of the Registrable Securities on another appropriate form, including, without limitation, Form S-1
and (B) undertake to register the Registrable Securities on Form S-3 promptly after such form is available, provided that the Company shall maintain the effectiveness of the Shelf Registration Statement then in effect until such time as a Shelf
Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the SEC. 
 (b) Expenses of
Registration. All Registration Expenses incurred in connection with any registration, qualification or compliance hereunder shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder shall be
borne by the holders of the securities selling in such registration pro rata on the basis of the aggregate number of securities or shares being sold. 

  
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 (c) Obligations of the Company. The Company shall use its commercially reasonable efforts
for so long as there are Registrable Securities outstanding, to take such actions as are under its control to not become an ineligible issuer (as defined in Rule 405 under the Securities Act). In addition, whenever required to effect the
registration of any Registrable Securities or facilitate the distribution of Registrable Securities pursuant to an effective registration statement, the Company shall, unless prohibited by law, rule or regulation, as expeditiously as reasonably
practicable: 
 (i) By 9:30 a.m. New York City time on the first business day after the Effective Date of a Shelf Registration Statement,
file a final prospectus with the SEC, as required by Rule 424(b) under the Securities Act. 
 (ii) Provide to each Holder a copy of any
disclosure regarding the plan of distribution of the selling Holders, in each case, with respect to such Holder, at least three business days in advance of any filing with the SEC of any registration statement or any amendment or supplement thereto
that amends such information, and shall not file any such disclosure to which such Holder reasonably objects if the Shelf Registration Statement only provides for the registration of the Registrable Securities. 

(iii) Prepare and file with the SEC a prospectus supplement with respect to a proposed offering of Registrable Securities pursuant to an
effective registration statement and, subject to Section 2.5(d), keep such registration statement effective or such prospectus supplement current. 

(iv) Prepare and file with the SEC such amendments and supplements to the applicable registration statement and the prospectus or prospectus
supplement used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement. 

(v) Furnish to the Holders and any underwriters such number of copies of the applicable registration statement and each such amendment and
supplement thereto (including in each case all exhibits) and of a prospectus, including a preliminary prospectus and any amendment or supplement thereto, in conformity with the requirements of the Securities Act, and such other documents as they may
reasonably request in order to facilitate the disposition of Registrable Securities owned or to be distributed by them. 
 (vi) Use its
commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders or any managing
underwriter(s), to keep such registration or qualification in effect for so long as such registration statement remains in effect, and to take any other action which may be reasonably necessary to enable such seller to consummate the disposition in
such jurisdictions of the securities owned by such Holder; provided, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such
states or jurisdictions. 

  
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 (vii) Notify each Holder at any time when a prospectus relating thereto is required to be
delivered under the Securities Act of the happening of any event as a result of which the applicable prospectus, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances then existing (which notice shall not contain any material non-public information). 

(viii) Promptly and, in any event, not more than one business day after such event or, in the case of the events set forth in clauses (3),
(4), (5) and (6) below, immediately after such event, give written notice to the Holders (which notice shall not contain any material non-public information): 

(1) when any registration statement filed pursuant to Section 2.5(a)(i) or any amendment thereto has been filed with the SEC and when
such registration statement or any post-effective amendment thereto has become effective; 
 (2) of
any request by the SEC for amendments or supplements to any registration statement or the prospectus included therein or for additional information; 

(3) of the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any
proceedings for that purpose; 
 (4) of the receipt by the Company or its legal counsel of any notification with respect to the suspension
of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

(5) of the happening of any event that requires the Company to make changes in any effective registration statement or the prospectus related
to the registration statement in order to make the statements therein not misleading (which notice shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made); and 

(6) if at any time the representations and warranties of the Company contained in any underwriting agreement contemplated by
Section 2.5(c)(xii) true and correct. 
 (ix) Use its commercially reasonable efforts to prevent the issuance or obtain the withdrawal
of any order suspending the effectiveness of any registration statement referred to in Section 2.5(c)(viii)(3) at the earliest practicable time. 

(x) Upon the occurrence of any event contemplated by Section 2.5(c)(vii) or Section 2.5(c)(viii)(5), promptly prepare a
post-effective amendment to such registration statement or a supplement to the related prospectus or file any other required document so that, as thereafter delivered to the Holders and any underwriters, the prospectus will not contain an untrue
statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. Subject to Section 2.5(d), if the Company notifies the Holders
in accordance with 

  
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Section 2.5(c)(viii)(5) to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Holders and any underwriters shall suspend use of such
prospectus and use their commercially reasonable efforts to return to the Company all copies of such prospectus (at the Company’s expense) other than permanent file copies then in such Holder’s or underwriter’s possession. The total
number of days that any such suspension may be in effect in any 180 day period shall not exceed 60 days. 
 (xi) Provide a transfer agent
and registrar, which may be a single entity, for the Registrable Securities not later than the effective date of the applicable registration statement; use commercially reasonable efforts to procure the cooperation of the Company’s transfer
agent in settling any offering or sale of Registrable Securities, including with respect to the transfer of the Subordinated Notes into book-entry form in accordance with any procedures reasonably requested by the Holders or any managing
underwriter(s) and the prompt and timely removal of any restrictive legend; and cooperate with Purchasers or other Holders to facilitate the timely preparation and delivery of Subordinated Notes or book-entry statements representing Registrable
Securities, and enable such Subordinated Notes or book-entry statements to be in such denominations or amounts, as the case may be, as may be reasonably requested and registered in such names as Purchasers or other Holders may request. 

(xii) In the event of an underwritten offering, enter into and perform its obligations under an underwriting agreement in customary form,
scope and substance and take all such other actions reasonably requested by the Holders of a majority of the Registrable Securities being sold in connection therewith or by the managing underwriter(s), if any, to expedite or facilitate the
underwritten disposition of such Registrable Securities, and in connection therewith in any underwritten offering (including making members of management and executives of the Company available to participate in a “road show,” similar
sales events and other marketing activities), (A) make representations and warranties to the Holders that are selling noteholders and the managing underwriter(s), if any, with respect to the business, industry, operations, management, stock
ownership, financial statements and other matters and affairs relating to the Company and its subsidiaries, and the registration statement, prospectus and .documents, if any, incorporated or deemed to be incorporated by reference therein, in each
case, in customary form, substance and scope, and, if true, confirm the same if and when requested, (B) use its commercially reasonable efforts to furnish underwriters opinions of counsel to the Company, addressed to the managing
underwriter(s), if any, covering the matters customarily covered in such opinions requested in underwritten offerings, (C) use its commercially reasonable efforts to obtain “cold comfort” letters from the independent certified public
accountants of the Company (and, if necessary, any other independent certified public accountants of any business acquired by the Company for which financial statements and financial data are included in the registration statement) who have
certified the financial statements included in such registration statement, addressed to each of the managing underwriter(s}, if any, such letters to be in customary form and covering matters of the type customarily covered in “cold
comfort” letters, (D) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures customary in underwritten offerings, and (E) deliver such documents and certificates as may be
reasonably requested by the Holders of a majority of the Registrable Securities being sold in connection therewith, their counsel and-the managing underwriter{s), if any, to evidence the continued validity of the representations and warranties made
pursuant to clause (A) above and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 

  
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 (xiii) Make available for inspection by a representative of Holders that are selling
noteholders, the managing underwriter(s), if any, and any attorneys or accountants retained by such Holders or managing underwriter(s), at the offices where normally kept, during reasonable business hours, financial and other records, pertinent
corporate documents and properties of the Company, and cause the officers, directors and employees of the Company to supply all information in each case reasonably requested by any such representative, managing underwriter(s), attorney or accountant
in connection with such registration statement. 
 (xiv) Cause all such Registrable Securities to be listed on each securities exchange on
which similar securities issued by the Company are then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its commercially reasonable efforts to cause all such Registrable Securities to be
listed on the New York Stock Exchange or the NASDAQ Global Select Market, as determined by the Company. 
 (xv) If requested by Holders of
a majority of the Registrable Securities being registered and/or sold in connection therewith, or the managing underwriter(s), if any, promptly include in a prospectus supplement or amendment such information as the Holders of a majority of the
Registrable Securities being registered and/or sold in connection therewith or managing underwriter(s), if any, may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such
prospectus supplement or such amendment as soon as practicable after the Company has received such request. 
 (xvi) Timely provide to its
securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 

(xvii) Take such further actions as may be reasonably necessary or advisable in connection with the distribution of the Registrable
Securities by the Holders, including, without limitation, cooperating with any broker-dealer through which a Holder proposes to resell is Registrable Securities in effecting a filing with Financial Industry Regulatory Authority, as requested by such
Holder, paying any filing fee required in connection with such filing, and complying with all applicable rules and regulations of the SEC. 

(d) Suspension of Sales. Upon receipt of written notice from the Company pursuant to Section 2.5(c)(vii) or
Section 2.5(c)(viii)(5) (which notice shall not contain any material non-public information), Purchasers and each other Holder shall forthwith discontinue disposition of Registrable Securities pursuant to such registration statement until such
Holder has received copies of a supplemented or amended prospectus or prospectus supplement, or until such Holder is advised in writing by the Company that the use of the prospectus and, if applicable, prospectus supplement may be resumed; provided,
that the Company shall use its reasonable best efforts to promptly prepare and file with the SEC such amendments and supplements to such registration statement or amendment as shall be reasonably necessary to cure any untrue statement or omission,
unless the Company’s board of directors in good faith determines that such amendments or supplements would require disclosure of material non-public information that, if disclosed at such time, would be materially harmful to the Company and its
stockholders; provided further, that the total number of days that any such suspension may be in effect in any 180 day period shall not exceed 60 days; and the aggregate of all Suspension Periods during any 365 day period shall not exceed an
aggregate of 120 days. 

  
 - 19 - 

 (e) Termination of Registration Rights. A Holder’s registration rights as to any
securities held by such Holder (and its Affiliates, partners, members and former members) shall not be available unless such securities are Registrable Securities. 

(f) Furnishing Information. 

(i) No Purchaser nor any Holder shall use any free writing prospectus (as defined in Rule 405) in connection with the sale of Registrable
Securities without the prior written consent of the Company. 
 (ii) It shall be a condition precedent to the obligations of the Company to
take any action pursuant to Section 2.5(c) that Purchasers and/or the selling Holders and the underwriters, if any, shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended
method of disposition of such securities as shall be required to effect the registered offering of their Registrable Securities. 
 (g)
Indemnification and Contribution. 
 (i) The Company agrees to indemnify each Holder and, if a Holder is a person other than an
individual, such Holder’s officers, directors, employees, agents, representatives and Affiliates, and each person, if any, that controls a Holder within the meaning of the Securities Act (each, an “Indemnitee”), against
any and all losses, claims, damages, actions, liabilities, costs and expenses (including reasonable fees, expenses and disbursements of attorneys and other professionals incurred in connection with investigating, defending, settling, compromising or
paying any such losses, claims, damages, actions, liabilities, costs and expenses), joint or several, arising out of or based upon any untrue statement or alleged untrue statement of material fact contained in any registration statement, including
any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto or any documents incorporated therein by reference or contained in any free writing prospectus (as such term is defined in Rule 405) prepared
by the Company or authorized by it in writing for use by such Holder (or any amendment or supplement thereto); or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Company shall reimburse each Indemnitee within 30 business days of written notice thereof, as such expenses are incurred and are due and payable, for any legal
fees or other reasonable expenses incurred by them in connection with investigating or defending any such foregoing claims, damages, actions or liabilities. Notwithstanding the first sentence of this Section 2.5(g)(i), the Company shall not be
liable to such Indemnitee in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon (A) an untrue statement or omission made in such
registration statement, including any such preliminary prospectus or final prospectus contained therein or any such amendments or supplements thereto or contained in any free writing prospectus (as such term is defined in Rule 405) prepared by the
Company or authorized by it in writing for use by 

  
 - 20 - 

 
such Holder (or any amendment or supplement thereto), in reliance upon and in conformity with information regarding such Indemnitee or its plan of distribution or ownership interests which was
furnished in writing to the Company by such Indemnitee expressly for use in connection with such registration statement, including any such preliminary prospectus or final prospectus contained therein or any such amendments or supplements thereto,
or (B) offers or sales effected by or on behalf of such Indemnitee “by means of” (as defined in Rule 159A) a “free writing prospectus” (as defined in Rule 405) that was not authorized in writing by the Company. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnitee and shall survive the transfer of the Registrable Securities by the Holders. 

(ii) If the indemnification provided for in Section 2.5(g)(i) is unavailable to an Indemnitee with respect to any losses, claims,
damages, actions, liabilities, costs or expenses referred to therein or is insufficient to hold the Indemnitee harmless as contemplated therein, then the Company, in lieu of indemnifying such Indemnitee, shall contribute to the amount paid or
payable by such Indemnitee as a result of such losses, claims, damages, actions, liabilities, costs or expenses (A) in such proportion as is appropriate to reflect the relative fault of the Indemnitee, on the one hand, and the Company, on the
other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, actions, liabilities, costs or expenses as well as any other relevant equitable considerations or (B) otherwise to the fullest extent
permitted by law. The relative fault of the Company, on the one hand, and of the Indemnitee, on the other hand, shall be determined by reference to, among other factors, whether the untrue statement of a material fact or omission to state a material
fact relates to information supplied by the Company or by the Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; the Company and each Holder agree that
it would not be just and equitable if contribution pursuant to this Section 2.5(g)(ii) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
Section 2.5(g)(i). No Indemnitee guilty of fraudulent misrepresentation (within the meaning of Section 11(t) of the Securities Act) shall be entitled to contribution from the Company if the Company was not guilty of such fraudulent
misrepresentation. 
 (iii) The Company shall notify the Holders promptly of the institution, threat or assertion of any investigation,
claim or litigation arising from or in connection with the transactions contemplated by this Section 2.5 of which the Company is aware. 

(iv) The Company shall not, except with the consent of each Indemnitee (which consent shall not be unreasonably withheld) consent to entry of
any judgment or enter into any settlement which does not include the giving by the claimant to such Indemnitee a release from all liability in respect to such claim or litigation. 

(v) The indemnification and contribution agreements contained herein shall be in addition to (A) any cause of action or similar right of
the Indemnitee against the indemnifying party or others and (B) any liabilities the indemnifying party may be subject to pursuant to law. 

  
 - 21 - 

 (h) Assignment of Registration Rights. The rights of each Holder to registration of
Registrable Securities pursuant to Section 2.5(a) may be assigned by any Holder to a transferee or assignee of Registrable Securities provided, that such transferee or assignee has received no less than (1) ten percent (10%) of the
Registrable Securities or (2) all of Holders’ Registrable Securities then held; provided, that the Company shall have no obligations with respect to such transferee or assignee until such time as Holder or such transferee or assignee shall
have furnished to the Company written notice of the name and address of such transferee or assignee and the number and type of Registrable Securities that were assigned. For purposes of determining the value of the Registrable Securities transferred
under clause (1) of this paragraph, each Subordinated Note shall be ascribed a value equal to the principal amount thereof. 
 (i)
Holdback. With respect to any underwritten offering of Registrable Securities by Holders pursuant to this Section 2.5, the Company agrees not to effect (other than pursuant to such registration or pursuant to a Special Registration) any
public sale or distribution, or to file any registration statement (other than such registration or a Special Registration) covering any of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities,
during the period not to exceed ten days prior and 120 days following the effective date of such offering, or such longer period up to 120 days as may be requested by the managing underwriter. The Company also agrees to cause each of its directors
and senior executive officers to execute and deliver customary lock-up agreements in such form and for such time period up to 90 days as may be requested by the managing underwriter. 

(j) As used in this Section 2.5, the following terms shall have the following respective meanings: 

(i) “Effective Date” means the date that the Shelf Registration Statement filed pursuant to Section 2.5(a)(i) is
first declared effective by the SEC. 
 (ii) “Holder” means Purchasers and any other holder of Registrable
Securities to whom the registration rights conferred by this Agreement have been transferred in compliance with Section 2.5(h) hereof or similar provisions thereof, respectively. 

(iii) “Holders’ Counsel” means one counsel for the selling Holders chosen by Holders holding a majority interest
in the Registrable Securities being registered. 
 (iv) “Register,” “registered,” and
“registration” shall refer to a registration effected by preparing and (A) filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or
ordering of effectiveness of such registration statement or (B) filing a prospectus and/or prospectus supplement in respect of an appropriate effective registration statement. 

(v) “Registrable Securities” means the Subordinated Notes; provided, that, once issued, such Subordinated Notes will
not be Registrable Securities (A) after they are sold pursuant to an effective registration statement under the Securities Act, (B) when they may be immediately sold by the Holder thereof pursuant to Rule 144 without limitation thereunder
on volume or manner of sale and without requirement for the Company to be in compliance with the current public information required under Rule 144(c)(l) (or Rule 144(i)(2), if applicable), (C) 

  
 - 22 - 

 
after they shall have ceased to be outstanding, or (D) after they have been sold in a private transaction in which the transferor’s rights under this Section 2.5 are not assigned
to the transferee of the securities. Except as otherwise provided herein, no Registrable Securities may be registered under more than one registration statement at any one time. 

(vi) “Registration Expenses” mean all fees and expenses incident to the performance of any registration pursuant to
this Agreement (whether or not any registration or prospectus becomes effective or final) or compliance with the Company’s obligations under this Section 2.5, including, without limitation, all registration, filing and listing fees,
printing expenses, fees and disbursements of counsel for the Company, blue sky fees and expenses, expenses incurred in connection with any “road show,” the reasonable fees and disbursements of Holders’ Counsel, and the fees and
expenses of the Company’s independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration, but shall not include the compensation of regular employees of the Company which
shall be paid in any event by the Company and does not include Selling Expenses. 
 (vii) “Rule 144,”
“Rule 158,” “Rule 159A,” “Rule 405” and “Rule 415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as
the same shall be amended from time to time. 
 (viii) “Selling Expenses” mean all discounts, selling commissions
and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of Holders’ Counsel included in Registration Expenses). 

(ix) “Special Registration” means the registration of (1) equity securities and/or options or other rights in
respect thereof solely registered on Form S-4 or Form S-8 (or successor form), (2) shares of equity securities and/or options or other rights in respect thereof to be offered to directors, members of management, employees, consultants,
customers, lenders or vendors of the Company or the Company Subsidiaries or in connection with dividend reinvestment plans, or (3) the initial public offering by the Company of its Common Stock. 

(k) No Inconsistent Agreements. The Company shall not, on or after the date of this Agreement, enter into any agreement, whether with
respect to its securities or otherwise, that may impair the rights granted to Purchasers and the Holders under this Section 2.5 or that otherwise conflicts with the provisions hereof in any manner. 

(l) Certain Offerings by Purchasers. In the case of any securities held by Purchasers or their Affiliates that cease to be Registrable
Securities solely by reason of clause (B) in the definition of “Registrable Securities,” the provisions of Sections 2.5(a)(v), Sections 2.5(c)(vi) and (xi) through (xiv), Section 2.5(g) and Section 2.5(i)
shall continue to apply until such securities otherwise cease to be Registrable Securities. In any such case, an “underwritten” offering or other disposition shall include any distribution of such securities on behalf of a Holder by one or
more broker-dealers, an “underwriting agreement” shall include any purchase agreement entered into by such broker-dealers, and any “registration statement” or “prospectus” shall include any offering document approved by
the Company and used in connection with such distribution. 

  
 - 23 - 

 ARTICLE III 

TERMINATION 

Section 3.1 Termination. 

This Agreement may be terminated prior to the Closing: 

(a) by mutual written agreement of the Company and Purchasers; 

(b) by the Company or Purchasers, upon written notice to the other parties, in the event that the Closing does not occur on or before
December 31, 2014; provided, that the right to terminate this Agreement pursuant to this Section 3.1(b) shall not be available to any party whose failure to fulfill any obligation under this Agreement shall have been the cause of, or shall
have resulted in, the failure of the Closing to occur on or prior to such date; 
 (c) by the Company or Purchasers, upon written notice to
the other parties, in the event that any Governmental Entity shall have issued any order, decree or injunction or taken any other action restraining, enjoining or prohibiting any of the transactions contemplated by this Agreement, and such order,
decree, injunction or other action shall have become final and nonappealable; 
 (d) by Purchasers, upon written notice to the Company, if
there has been a breach of any representation, warranty, covenant or agreement made by the Company in this Agreement, or any such representation or warranty shall have become untrue after the date of this Agreement, in each case such that a closing
condition in Section 1.2(b)(ii)(1) or Section 1.2(b)(ii)(2) would not be satisfied and such breach or condition is not curable or, if curable, is not cured by the date set forth in Section 3.1(b); 

(e) by the Company, upon written notice to Purchasers, if there has been a breach of any representation, warranty, covenant or agreement made
by any Purchaser in this Agreement, or any such representation or warranty shall have become untrue after the date of this Agreement, in each case such that a closing condition in Section 1.2(b)(iii)(1) or Section 1.2(b)(iii)(2) would not
be satisfied and such breach or condition is not curable or, if curable, is not cured by the date set forth in Section 3.1(b); 

Section 3.2 Effects of Termination. 

In the event of any termination of this Agreement as provided in Section 3.1, this Agreement (other than this Article III and Article IV,
which shall remain in full force and effect) shall forthwith become wholly void and of no further force and effect; provided, that nothing herein shall relieve any party from liability for intentional breach of this Agreement. 

  
 - 24 - 

 ARTICLE IV 

MISCELLANEOUS 

Section 4.1 Survival. 

Each of the representations and warranties set forth in this Agreement shall not survive the Closing under this Agreement. Except as otherwise
provided herein, all covenants and agreements contained herein shall survive until, by their respective terms, they are no longer operative, other than those which by their terms are to be performed in whole or in part prior to or on the Closing
Date, which shall terminate as of the Closing Date. 
 Section 4.2 Expenses. 

Each of the parties will bear and pay all costs and expenses incurred by it or on its behalf in connection with the transactions contemplated
pursuant to this Agreement. 
 Section 4.3 Amendment; Waiver. 

No amendment or waiver of any provision of this Agreement will be effective with respect to any party unless made in writing and signed by an
officer of a duly authorized representative of such party. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. The conditions to each party’s obligation to consummate the Closing are for the sole benefit of such party and may be waived by such party in whole or in part
to the extent permitted by applicable Law. No waiver of any party to this Agreement will be effective unless it is in a writing signed by a duly authorized officer of the waiving party that makes express reference to the provision or provisions
subject to such waiver. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

Section 4.4 Counterparts. 

For the convenience of the parties hereto, this Agreement may be executed in any number of separate counterparts, each such counterpart being
deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Executed signature pages to this Agreement may be delivered by facsimile transmission or by e-mail delivery of a “pdf” format data
file and such signature pages will be deemed as sufficient as if actual signature pages had been delivered. 
 Section 4.5 Governing
Law. 
 This Agreement will be governed by and construed in accordance with the laws of the State of Tennessee applicable to contracts
made and to be performed entirely within such State. The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the City of Nashville, State of Tennessee for any
actions, suits or proceedings arising out of or relating to this Agreement and the transactions contemplated by this Agreement. The parties hereby irrevocably and unconditionally consent to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such 

  
 - 25 - 

 
action, suit or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of the venue of any such action, suit or
proceeding in any such court or that any such action, suit or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such action, suit or proceeding may be served on any party anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 4.7 shall be deemed effective service of process on such party. 

Section 4.6 WAIVER OF JURY TRIAL. 

EACH OF THE PARTIES HERETO HEREBY, KNOWINGLY AND VOLUNTARILY, IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE SUBORDINATED NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE SUBORDINATED NOTES. 

Section 4.7 Notices. 

Any notice, request, instruction or other document to be given hereunder by any party to the other will be in writing and will be deemed to
have been duly given (a) on the date of delivery if delivered personally or by telecopy or facsimile, upon confirmation of receipt, (b) on the first business day following the date of dispatch if delivered by a recognized next-day courier
service, or (c) on the third business day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such
other instructions as may be designated in writing by the party to receive such notice. 
 (i) If to Purchasers at the addresses set forth
on the signature page for each Purchaser attached to this Agreement. 
 (ii) If to the Company: 

Avenue Financial Holdings, Inc. 

111 10th Avenue South 

Suite 400 

Nashville, TN 37203 

Attention: Chief Executive Officer 

Telephone: 615-736-6940 

Fax: [—] 

Email: ron.samuels@avenuenashville.com 

with a copy to (which copy alone shall not constitute notice): 

Bradley Arant Boult Cummings LLP 

Roundabout Plaza 

1600 Division Street 

Suite 700 

Nashville, TN 37203 

Attention: John W. Titus 

Telephone: 615-252-2341 

Fax: 615-252-6341 

Email: jtitus@babc.com 

  
 - 26 - 

 Section 4.8 Entire Agreement, Etc. 

(a) This Agreement (including the Exhibits and Disclosure Letters hereto) constitutes the entire agreement, and supersedes all other prior
agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof; and 

(b) this Agreement will not be assignable by operation of law or otherwise (any attempted assignment in contravention hereof being null and
void); provided that Purchasers may assign their rights and obligations under this Agreement (1) to any Affiliate, but only if the transferee agrees in writing for the benefit of the Company (with a copy thereof to be furnished to the Company)
to be bound by the terms of this Agreement (any such transferee shall be included in the term “Purchasers”); provided, further, that no such assignment shall relieve such Purchaser of its obligations hereunder and (2) as
provided in Section 2.5. 
 Section 4.9 Interpretation; Other Definitions. 

Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall
include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. All article,
section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex, letter and schedule references not attributed to a particular document shall be references
to such exhibits, annexes, letters and schedules to this Agreement. In addition, the following terms are ascribed the following meanings: 

(a) the term “Affiliate” means, with respect to any person, any person directly or indirectly controlling, controlled
by or under common control with, such other person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect to
any person, means the possession, directly or indirectly, of the power to cause the direction of management or policies of such person, whether through the ownership of voting securities by contract or otherwise; 

(b) “business day” means any day that is not Saturday or Sunday and that, in New York City, is not a day on which banking
institutions generally are authorized or obligated by law or executive order to be closed; 
 (c) the term “Code”
means the Internal Revenue Code of 1986, as amended; 

  
 - 27 - 

 (d) the terms “herein,” “hereof’ and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 
 (e) the words
“including,” “includes,” “included” and “include” are deemed to be followed by the words “without limitation”; 

(f) the term “Knowledge of the Company” or “Company’s Knowledge” means the actual
knowledge after due inquiry of the Chief Executive Officer, the President or the Chief Financial Officer of the Company; 
 (g) the term
“Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act; 

(h) the term “Placement Agent” means Keefe, Bruyette & Woods, Inc. 

(i) the term “Tax Return” means any return, declaration, report or similar statement required to be filed with respect
to any income Taxes (including any attached schedules), including, without limitation, any information return, claim or refund, amended return and declaration of estimated Tax; 

(j) the term “Transaction Documents” means this Agreement and the Subordinated Note, as the same may be amended or
modified from time to time. 
 Section 4.10 Captions. 

The article, section, paragraph and clause captions herein are for convenience of reference only, do not constitute part of this Agreement and
will not be deemed to limit or otherwise affect any of the provisions hereof. 
 Section 4.11 Severability. 

If any provision of this Agreement or the application thereof to any person (including the officers and directors of the parties hereto) or
circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to persons or circumstances other than those as to which it has been held
invalid or unenforceable, will remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any
manner materially adverse to any party. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the parties. 

Section 4.12 No Third Party Beneficiaries. 

Nothing contained in this Agreement, expressed or implied, is intended to confer upon any person other than the parties hereto, any benefit
right or remedies, except that the provisions of Section 2.5 shall inure to the benefit of the persons referred to in that Section. 

  
 - 28 - 

 Section 4.13 Time of Essence. 

Time is of the essence in the performance of each and every term of this Agreement. 

Section 4.14 Public Announcements. 

Subject to each party’s disclosure obligations imposed by Law, each of the parties hereto will cooperate with each other in the
development and distribution of all news releases and other public information disclosures with respect to this Agreement and any of the transactions contemplated by this Agreement, and except as otherwise permitted in the next sentence, neither the
Company nor Purchasers will make any such news release or public disclosure without first consulting with the other, and, in each case, also receiving the other’s consent (which shall not be unreasonably withheld or delayed) and all parties
shall coordinate with the party whose consent is required with respect to any such news release or public disclosure. In the event a party hereto is advised by its outside legal counsel that a particular disclosure is required by Law, such party
shall be permitted to make such disclosure but shall be obligated to use its commercially reasonable efforts to consult with the other parties hereto and take their comments into account with respect to the content of such disclosure before issuing
such disclosure. 
 Section 4.15 Specific Performance. 

The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in
accordance with their specific terms. It is accordingly agreed that the parties shall be entitled to seek specific performance of the terms hereof, this being in addition to any other remedies to which they are entitled at law or equity. 

[signatures on following page] 

  
 - 29 - 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
officers of the parties hereto as of this 22nd day of December, 2014. 
  

									
	PURCHASER:	 		 	COMPANY:
			
	[—]	 		 	AVENUE FINANCIAL HOLDINGS, INC.
					
	By:	 	 	 		 	By:	 	 
	Name:	 	 	 		 		 	 G. Kent Cleaver

	Title:	 	 	 		 		 	 President

				
	Address for notice purposes:	 		 		 	
				
	 	 		 		 	
	 	 		 		 	
	 	 		 		 	
	 	 		 		 	
	 	 		 		 	
				
	Wire Transfer Instructions for Payments to Purchaser under the Subordinated Notes:	 		 		 	
				
	 	 		 		 	
	 	 		 		 	
	 	 		 		 	
	 	 		 		 	
	 	 		 		 	

  
 - 30 - 

 SCHEDULE A 

SCHEDULE OF PURCHASERS 
  

					
	 NAME OF
PURCHASER
	 	 PRINCIPAL AMOUNT OF
SUBORDINATED
NOTES TO BE PURCHASED
	 	 PURCHASE PRICE

	Total	 		 	[$                    ]

 EXHIBIT A 

FORM OF NOTE 

 EXHIBIT B 

FORM OF SECRETARY’S CERTIFICATEEX-10.12

 Exhibit 10.12 

AVENUE FINANCIAL HOLDINGS, INC. 
 THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING
THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 
 THIS
SECURITY IS NOT A DEPOSIT, BANK ACCOUNT OR OBLIGATION OF ANY BANK. THIS SECURITY IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER AGENCY, AND IS SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. 

 AVENUE FINANCIAL HOLDINGS, INC. 

FIXED/FLOATING RATE SUBORDINATED NOTE DUE 2024 

Certificate No.: [—] 
  

			
	U.S. $[—]	 	Dated: December 29, 2014

 FOR VALUE RECEIVED, the undersigned, AVENUE FINANCIAL HOLDINGS, INC. a Tennessee corporation (the
“Company”), promises to pay to the order of [—], or registered assigns (collectively, the “Holder”), the principal amount of $[—], in the lawful currency of the United States of America, or such lesser or greater amount as shall then remain outstanding under this Note, at the times and in the manner provided herein, but no later
than December 29, 2024 (the “Maturity Date”), or such other date upon which this Note shall become due and payable, whether by reason of extension, acceleration or otherwise. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 [Signatures follow on the next page.] 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	AVENUE FINANCIAL HOLDINGS, INC.
		
	By:	 	 
		 	 Name: G. Kent Cleaver
 Title:
President

 ATTEST: 

	
	
	   

	 Jeremy Yeagle
 Corporate
Secretary

 [REVERSE SIDE OF NOTE] 

AVENUE FINANCIAL HOLDINGS, INC. 

Fixed/Floating Rate Subordinated Note due 2024 

The Company promises to pay interest on the principal amount of this Subordinated Note (the “Note”), commencing on
December 29, 2014 until December 29, 2024 (the “Maturity Date”), or such earlier date as this Note is paid in full, at the interest rate set forth below. The unpaid principal balance of this Note plus all accrued but
unpaid interest thereon shall be due and payable on the Maturity Date, or such earlier date on which such amount shall become due and payable. This Note is one of the Subordinated Notes referred to in that certain Note Purchase Agreement, dated
December 22, 2014, among the Company, the Holder and the other Purchasers and is entitled to the benefits thereof (the “Purchase Agreement”). Capitalized terms not otherwise defined herein shall have the meanings ascribed to
such terms in the Purchase Agreement. 
 1. Computation and Payment of Interest. From and including the date on which the
Subordinated Notes are issued to, but excluding, January 1, 2020 the rate at which the Subordinated Notes including this Note shall bear interest at a rate of 6.75% per annum, computed on the basis of a 360-day year consisting of twelve
30-day months, and payable quarterly in arrears; from and including January 1, 2020 to but excluding the Maturity Date, the rate at which the Subordinated Notes shall bear interest shall be a floating rate equal to Three-Month LIBOR determined
on the determination date of the applicable Interest Period plus 495 basis points, computed on the basis of a 360-day year and the actual number of days elapsed, and payable quarterly in arrears. The date from which interest shall accrue on the
Subordinated Notes shall be December 29, 2014 or the most recent Interest Payment Date to which interest has been paid or duly provided for; the “Interest Payment Dates” for the Subordinated Notes shall be
January 1, April 1, July 1 and October 1 of each year, beginning on April 1, 2015 through the Maturity Date or earlier date of redemption of all of the Subordinated Notes. In the event that any scheduled Interest
Payment Date for the Notes falls on a day that is not a business day, then payment of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a business day (and no interest on such payment will accrue
for the period from and after such scheduled Interest Payment Date). “Interest Period” means each three-month period beginning on a scheduled Interest Payment Date. Interest on this Note shall be paid in arrears on each Interest
Payment Date to holders of record (each a “Holder”) on the Applicable Record Date. The initial Interest Payment Date shall be April 1, 2015. “Applicable Record Date” shall mean December 15 with respect to
any Interest Payment Date on January 1, March 15 with respect to any Interest Payment Date on April 1, June 15 with respect to any Interest Payment Date on July 1, and September 15 with respect to any Interest
Payment Date on October 1. For purposes of this Subordinated Note, the “Three-Month LIBOR” shall mean that rate for deposits in United States dollars for a three-month period as published by Reuters on Reuters Screen LIBOR03
(or such other page that may replace that page on that service or a successor service) as of 11:00 a.m., London, England, time on the day that is two LIBOR Business Days preceding the first day of such Interest Period (or if not so reported, then as
determined by the Company from another recognized source or interbank quotation, and disclosed to the Holders of the Subordinated Notes). If such rate cannot be so determined for any reason, the Company will request the principal London offices of
at least two banks to 

 
provide a quotation of their rates for deposits in United States dollars for a period comparable to the applicable Interest Period and the Three-Month LIBOR for such Interest Period shall be the
arithmetic mean of such quotations. A “LIBOR Business Day” shall mean a day on which the office of the Company is open for business and on which dealings in United States dollar deposits are carried out on the London interbank
market. 
 2. Payment Procedures. Unless and until the Subordinated Notes shall be evidenced by a global note held by Depository
Trust Company, payment of the principal and interest payable on the Maturity Date will be made by check, or by wire transfer in immediately available funds to a bank account in the United States designated by the registered Holder of this Note if
such Holder shall have previously provided wire instructions to the Company, upon presentation and surrender of this Note at the principal executive office of the Company located at 111 11th
Avenue South, Suite 400, Nashville, Tennessee 37203 (the “Payment Office”), or at such other place or places as the Company shall designate by notice to the registered Holders as the Payment Office, provided that this Note is presented to
the Company in time for the Company to make such payments in such funds in accordance with its normal procedures. Payments of interest (other than interest payable on the Maturity Date) shall be made by wire transfer in immediately available funds
or check mailed to the registered Holder, as such person’s address appears on the Security Register. Interest payable on any Interest Payment Date shall be payable to the Holder in whose name this Note is registered at the close of business on
the Applicable Record Date, next preceding such Interest Payment Date for such Interest Payment Date, except that interest not paid on the Interest Payment Date, if any, will be paid to the Holder in whose name this Note is registered at the close
of business on a Special Record Date fixed by the Company (a “Special Record Date”) notice of which shall be given to the Holder not less than ten (10) calendar days prior to such Special Record Date. (The Applicable Record
Date and Special Record Date are referred to herein collectively as the “Record Dates”). To the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any
amount of principal or interest on this Note not paid when due. All payments on this Note shall be applied first to accrued interest and then the balance, if any, to principal. 

3. Late Payments. If any payment of interest or principal is not paid in full when the same becomes due and payable and such default
continues for a period of fifteen (15) or more business days, the Company shall pay an additional amount equal to four percent (4%) of such late payment to the Holder. 

4. Non-Business Days. Whenever any payment to be made by the Company hereunder shall be stated to be due on a day which is not a
business day, such payment shall be made on the next succeeding business day without change in any computation of interest with respect to such payment (or any succeeding payment). 

5. Subordinated Notes. This Note is one of a duly authorized issue of Subordinated Notes of the Company designated as Fixed/Floating
Rate Subordinated Notes due 2024 (the “Subordinated Notes”), to be issued from time to time by the Company. This Note is entitled to the benefits and subject to the terms of the Purchase Agreement. 

  
 2 

 6. Subordination. The indebtedness of Company evidenced by the Subordinated Notes,
including the principal and interest on this Note, shall be subordinate and junior in right of payment to the following, whether now outstanding or subsequently created, assumed or incurred (collectively, “Senior Indebtedness”):
(a) all indebtedness of the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other written instruments; (b) any deferred obligations of the Company for the payment of the purchase price of
property or assets acquired other than in the ordinary course of business; (c) all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security purchase facilities and similar
credit transactions; (d) any capital lease obligations of the Company; (e) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements,
currency future or option contacts, commodity contracts and other similar arrangements; (f) all obligations of the type referred to in clauses (a) through (e) of other persons for the payment of which Company is responsible or liable
as obligor, guarantor or otherwise; (g) all indebtedness of any Subsidiary of Company including, but not limited to, all obligations and indebtedness referred to clauses (a) through (f) (but in each case referring to such Subsidiary
of Company); and (h) all obligations of the types referred to in clauses (a) through (g) of other persons secured by a lien on any property or asset of the Company; provided, that “Senior Indebtedness” does not include
(i) the Subordinated Notes, (ii) any obligation that by its terms is on parity with the Subordinated Notes, (iii) any indebtedness between Company and any of its Subsidiaries or affiliates, or (iv) the Junior Subordinated
Indebtedness (as defined below). 
 In the event of any insolvency, dissolution, assignment for the benefit of creditors, reorganization,
restructuring of debt, marshaling of assets and liabilities or similar proceedings or any liquidation or winding up of or relating to the Company, whether voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full
before any payment shall be made on account of the principal of or interest on the Subordinated Notes, including this Note. In the event of any such proceeding, after payment in full of all sums owing with respect to the Senior Indebtedness, the
registered holders of the Subordinated Notes from time to time, together with the holders of any obligations of the Company ranking on a parity with the Subordinated Notes, shall be entitled to be paid from the remaining assets of the Company the
unpaid principal thereof, and the unpaid interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any present or future obligations of the Company ranking
junior to the Subordinated Notes (collectively, “Junior Subordinated Indebtedness”), which includes any obligation that by its terms is subordinated to the Subordinated Notes. 

If there shall have occurred and be continuing (a) a default in any payment with respect to any Senior Indebtedness or (b) an event
of default with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default or event of default shall have been cured or waived or shall have ceased to exist, no payments shall
be made by the Company with respect to the Subordinated Notes. The provisions of this paragraph shall not apply to any payment with respect to which the immediately preceding paragraph of this Section 6 would be applicable. 

  
 3 

 Nothing herein shall impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note in accordance with its terms. Nothing herein shall act to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the Subordinated Notes or which may
be junior or senior in rank to the Subordinated Notes. 
 7. Transfer. Except as otherwise provided herein, this Note is transferable
in whole or in part, and may be exchanged for a like aggregate principal amount of Subordinated Notes of other authorized denominations, by the Holder in person, or by his attorney duly authorized in writing, at the Payment Office. The Company shall
maintain a register providing for the registration of the Subordinated Notes and any exchange or transfer thereof (the “Security Register”). Upon surrender or presentation of this Note for exchange or registration of transfer, the
Company shall execute and deliver in exchange therefor a Subordinated Note or Subordinated Notes of like aggregate principal amount, each in a minimum denomination of $50,000 or any amount in excess thereof which is an integral multiple of $1,000
(and, in the absence of an opinion of counsel satisfactory to the Company to the contrary, bearing the restrictive legend(s) set forth hereinabove) and that is or are registered in such name or names requested by the Holder. Any Note presented or
surrendered for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such form as is attached hereto and incorporated herein, duly executed by the Holder or his attorney duly
authorized in writing, with such tax identification number or other information for each person in whose name a Subordinated Note is to be issued, and accompanied by evidence of compliance with any restrictive legend(s) appearing on such
Subordinated Note or Subordinated Notes as the Company may reasonably request to comply with applicable law. No exchange or registration of transfer of this Note shall be made on or after the fifteenth day immediately preceding the Maturity Date.
This Note is subject to the restrictions on transfer of the Purchase Agreement between the Company and the original Holders, a copy of which is on file with the Company. 

NOTWITHSTANDING ANY PROVISIONS CONTAINED HEREIN TO THE CONTRARY, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $50,000 AND
MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS NOTE IN A DENOMINATION OF LESS THAN $50,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF
THIS NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS NOTE. 

8. Optional Redemption. The Company, in its discretion, shall have the right to redeem or prepay any or all of the Subordinated Notes,
including this Note, without premium or penalty prior to the Maturity Date: (a) in whole or in part, at any time on or after January 1, 2020 and prior to the Maturity Date, but in all cases in a principal amount with integral multiples of
$1,000, on any Interest Payment Date; or (b) in whole, at any time, or in part from time to time, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an investment company pursuant to the
Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) Any such redemption will be at a price equal to 100% of the principal amount of the Note to be redeemed or prepaid on such date, plus interest accrued and unpaid to, but excluding, the date of
redemption or prepayment. Any such redemption or prepayment shall be subject to receipt of any and all required regulatory approvals. 

  
 4 

 In the case of any redemption or prepayment of this Note, the Company will give the
Holders of the Subordinated Notes to be redeemed or prepaid notice not less than 30 nor more than 45 calendar days prior to the redemption or prepayment date as to the aggregate principal amount to be redeemed or prepaid. In a case where the Company
is making a redemption or prepayment with respect to the Subordinated Notes in an amount less than the aggregate principal amount of all of the Subordinated Notes then outstanding, the Company shall make such redemption or prepayment on a pro
rata basis among all outstanding Subordinated Notes based on the relative outstanding principal amounts of each such Subordinated Note; provided, however that the Company may elect to redeem in full any Subordinated Note with an outstanding
principal amount less than $1,000. 
 “Tax Event” shall mean the receipt by the Company of an opinion of independent
tax 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 pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is
announced on or after the date of original issuance of the Notes, there is more than an insubstantial risk that the interest payable by the Company on the Subordinated Notes is not, or within 90 days of the date of such opinion will not be,
deductible by the Company, in whole or in part, for United States federal income tax purposes. 
 “Tier 2 Capital Event”
shall mean the receipt by the Company of an opinion of 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 an applicable regulatory authority for the Company or (b) any official administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Subordinated Notes, the Subordinated Notes do not constitute, or within 90 days of the date
of such opinion will not constitute, Tier 2 Capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any
successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the Company. “Tier 2 Capital” has the meaning in Appendix A to 12 C.F.R. Part 222 (“Capital Adequacy
Guidelines for Bank Holding Companies: Risk-Based Measure”), as amended, modified and supplemented and in effect from time to time or any replacement thereof. 

The Company shall have the right to purchase any of the Subordinated Notes at any time in the open market, private transactions or otherwise.
If the Company purchases any Subordinated Notes, it may, in its discretion, hold, resell or cancel any of the purchased Subordinated Notes. 

  
 5 

 9. Merger and Sale of Assets. The Company shall not merge into another entity or convey,
transfer or lease its properties and assets substantially as an entirety to any person, unless: 
 (a) the continuing entity into which the
Company is merged or the person which acquires by conveyance or transfer or which leases the properties and assets of the Company substantially as an entirety shall be a corporation, association or other legal entity organized and existing under the
laws of the United States of America, any State thereof or the District of Columbia and expressly assumes the due and punctual payment of the principal of and any premium and interest on the Subordinated Notes according to their terms, and the due
and punctual performance of all covenants and conditions hereof on the part of the Company to be performed or observed; and 
 (b)
immediately after giving effect to such transaction, no Event of Default (as defined below), and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing. 

10. Affirmative Covenants of the Company. During the time that any portion of the principal balance of this Note is unpaid and
outstanding, the Company shall take or cause to be taken the actions set forth below. 
 (a) Notice of Certain Events. The Company
shall provide written notice to the Holder of the occurrence of the following events as soon as practicable but in no event later than fifteen (15) business days following the Company’s becoming aware of the occurrence of such event: 

(i) the ratio of Tier I capital to average assets (the “Leverage Ratio”) of the Company or the Leverage Ratio of any of the
Company’s banking subsidiaries becomes less than six percent (6.0%); 
 (ii) the Company or any of its banking subsidiaries become
less than “well capitalized” under the then-current regulations of the appropriate federal banking agency; 
 (iii) the Company,
any of the Company’s banking subsidiaries, or any officer of the Company or the Company’s banking subsidiaries becomes subject to a formal, written regulatory enforcement action from the appropriate federal banking agency; or 

(iv) the ratio of (A) non-accrual loans and any other loans that are 90 days or more past due plus other real estate owned (excluding
any such loans that are guaranteed or covered by any governmental agency or government-sponsored entity) to (B) total assets of any banking subsidiary of the Company becomes greater than two and one-half percent (2.5%). 

(b) Compliance with Laws. The Company and each of its subsidiaries shall comply with the requirements of all laws, regulations, orders,
and decrees applicable to it or its properties, except for such noncompliance which would not reasonably be expected to result in a material adverse effect (i) in the condition (financial or otherwise), or in the earnings of the Company and its
subsidiaries considered as one enterprise, without or not arising in the ordinary course of business or (ii) on the ability of the Company to perform its obligations under this Note. 

  
 6 

 (c) Taxes and Assessments. The Company and each of its subsidiaries shall punctually pay
and discharge all taxes, assessments, and other governmental charges or levies imposed upon it or upon its income or upon any of its properties; provided, that no such taxes, assessments or other governmental charges need be paid if they are being
contested in good faith by the Company. 
 (d) Compliance Certificate. Not later than forty-five (45) days following the end of
each fiscal quarter (or, in the case of any fiscal quarter ending on December 31, not later than ninety (90) days from the end of such quarter), the Company shall provide the Holder with a certificate (the “Compliance
Certificate”), executed by the principal executive officer and principal financial officer of the Company in their capacities as such, stating whether (i) the Company has complied with all notice provisions and covenants contained in
this Note; (ii) whether an Event of Default has occurred or not; (iii) whether an event of default has occurred or not under any other indebtedness of the Company; and (iv) whether an event or events have occurred or not that in the
reasonable judgment of the management of the Company would have a material adverse effect on the ability of the Company to perform its obligations under this Note. 

11. Events of Default. An “Event of Default” shall occur under this Note only if: 

(a) there shall be entered a decree or order by a court having jurisdiction in the premises constituting an order for relief in respect of the
Company under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or other similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator, or similar official of the Company or of any substantial part of its properties, or ordering the winding-up or liquidation of the affairs of the Company and any such decree or order shall continue in effect for a period of forty-five
(45) consecutive days; or 
 (b) the Company shall file a petition, answer, or consent seeking relief under Title 11 of the United
States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or other similar law, or the Company shall consent to the institution of proceedings thereunder or to the filing of any such petition or to
the appointment of or taking of possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Company or of any substantial part of properties, or the Company shall fail generally to pay its debts
as such debts become due, or the Company shall take any corporate action in furtherance of any such action. 
 12. General Remedies of
Holders. Upon the occurrence of an Event of Default, the Holders of this Note may at any time thereafter, at the Holder’s option, by written notice delivered to the Company, declare the principal of this Note to be immediately due and
payable, whereupon all such amounts shall immediately become absolute and due and payable, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, anything in this Note to the contrary notwithstanding.
The Company, within 30 calendar days after the receipt of written notice from any Holder of the occurrence of an Event of Default with respect to this Note, shall mail to all Holders of Subordinated Notes, at their addresses shown on the security
register, such written notice of Event of Default, unless such Event of Default shall have been cured or waived before the giving of such notice as certified by the Company in writing. 

  
 7 

 13. Failure to Make Payment. In the event of failure by the Company to make any required
payment of principal or interest when due on this Note (and, in the case of payment of interest, such failure to pay shall have continued for 30 calendar days), the Company will, upon demand of the Holder, pay to the Holder the whole amount then due
and payable on this Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law. If the Company fails to pay such amount upon
such demand, the Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company and collect the
amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company. 
 Upon the occurrence of a
failure by the Company to make any required payment of principal or interest on the Note, the Company shall not (a) 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, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or
(c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any
class of Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of
any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s capital stock for another class or series of Company’s capital
stock; (iv) the purchase of fractional interests in shares of Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class
of Company’s common stock related to the issuance of common stock or rights under any of benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment plans. 

14. Successors to the Company. 

(a) Conditions Applicable to Successors. The Company shall not merge with or into, nor sell all or substantially all of its assets to,
any Person unless: 
 (i) such person executes, and delivers to the Holder, a copy of an instrument pursuant to which such person assumes
the due and punctual payment of the principal of and interest on this Note and the performance and observance of all the obligations of the Company under this Note, and 

(ii) immediately after giving effect to the transaction, no Event of Default and no event which after notice or lapse of time or both would
become an Event of Default shall have occurred. 

  
 8 

 (b) Successor As Company. Upon compliance with this Section 14, the Successor shall
succeed to and be substituted for the Company under this Note with the same effect as if the Successor had been named as the Company herein, and the Company shall be released from the obligation to pay the principal of and interest accrued on the
Note. 
 15. Amendments and Waivers. 

(a) Amendment of Notes. Except as otherwise provided in Section 14 hereof, and subject to any necessary regulatory approval, the
Subordinated Notes may, with the consent of the Company and the Holders of at least 51% of the aggregate outstanding principal amount of the Subordinated Notes then outstanding, be amended or any provision, past default, or non-compliance thereof
waived; provided, however, that, without the consent of each Holder of an affected Note, no such amendment or waiver may: 

(i) reduce the principal amount of the Note; 

(ii) reduce the rate of or change the time for payment of interest on any Note; 

(iii) reduce the amount of principal or extend the maturity of any Note; 

(iv) make any change in this Section 15 or in Sections 8 through 13 hereof; 

(v) make any change in Section 6 hereof that adversely affects the rights of any Holder of a Note; or 

(vi) disproportionately affect any of the Holders of the then outstanding Notes. 

(b) Effectiveness of Amendments. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every
Holder of the Subordinated Notes, unless otherwise provided by Section 15(a) above. After an amendment or waiver becomes effective, the Company shall mail to each Holder a copy of such amendment or waiver. The Company may require each Holder to
surrender this Note so that an appropriate notation concerning the amendment or waiver may be placed thereon or a new Note, reflecting the amendment or waiver, exchanged therefor. Even if such a notation is not made or such a new Note is not issued,
such amendment or waiver and any consent given thereto by a Holder of this Note shall be binding according to its terms on any subsequent Holder of this Note. 

(c) Amendments Without Consent of Holders. Notwithstanding Section 15(a) hereof, the Company may amend or supplement this Note
without the consent of the Holders of the Subordinated Notes to cure any ambiguity, defect or inconsistency or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to make any change that does not adversely affect
the rights of any Holder of one of the Subordinated Notes. 

  
 9 

 16. Order of Payments. Any payments made hereunder shall be applied first against costs
and expenses of each Holder hereunder; then against interest due hereunder; and then against principal due hereunder. 
 17. Notices.
All notices and other communications hereunder shall be in writing and, for purposes of this Note, shall be delivered in accordance with, and effective as provided in, the Purchase Agreement. 

18. Conflicts; Governing Law; Venue. In the case of any conflict between the provisions of this Note and the Purchase Agreement, the
provisions of this Note shall control. This Note shall be construed in accordance with, and be governed by the laws of, the State of Tennessee without giving effect to any conflicts of law provisions of such laws. The jurisdiction and venue with
respect to any disputes related to this Note shall be as set forth in the Purchase Agreement. 
 19. Successors and Assigns. This
Note shall be binding upon the Company and inure to the benefit of the Holder and its respective successors and permitted assigns. The Holder may assign all, or any part of, or any interest in, the Holder’s rights and benefits hereunder only to
the extent and in the manner permitted in the Purchase Agreement. To the extent of any such assignment, such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the terms and
conditions of the Purchase Agreement as it would have had if it were the Holder hereunder. 
 20. Waivers. Neither any failure nor
any delay on the part of the Holder in exercising any right, power or privilege under this Note shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any other right, power or
privilege. 
 21. Priority. The Subordinated Notes rank pani passu among themselves and pani passu, in the event of any
insolvency proceeding, dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar proceeding or any liquidation or winding up of the Company, with all other present or
future unsecured subordinated debt obligations of the Company, except any unsecured subordinated debt that may be expressly stated to be senior to or subordinate to the Subordinated Notes. 

  
 10 

 ASSIGNMENT FORM 

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

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

 
 (Insert assignee’s social security
or tax I.D. No.) 
 and irrevocably appoint
                         agent to transfer this Note on the books of the Company. The agent may substitute another to act
for him. 
  

			
	Date:	 	Your Signature:                                
                                         
                

  

			
		
	Signature Guarantee:	 	 

 (Signature must be guaranteed) 
  

 
 Sign exactly as your name appears on the other side of
this Note. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

The undersigned hereby certifies that it  ̈ is /  ̈ is not an
Affiliate of the Company and that, to its knowledge, the proposed transferee  ̈ is /  ̈ is not an Affiliate of the Company. 

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

CHECK ONE BOX BELOW: 
  

					
			
	            (1)	 	 ̈	  	acquired for the undersigned’s own account, without transfer; or
			
	            (2)	 	 ̈	  	transferred to the Company; or
			
	            (3)	 	 ̈	  	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	            (4)	 	 ̈	  	transferred pursuant to an effective registration statement under the Securities Act; or
			
	            (5)	 	 ̈	  	transferred pursuant to and in compliance with Regulation S under the Securities Act; or
			
	            (6)	 	 ̈	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the
Securities Act), that has furnished to Company a signed letter containing certain satisfactory representations and agreements establishing such status; or
			
	            (7)	 	 ̈	  	transferred pursuant to another available exemption from the registration requirements of the Securities Act.

 Unless one of the boxes is checked, the Company will refuse to register this Note in the name of any person other than
the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such transfer of this Note, in its sole discretion, such legal opinions, certifications and
other information as the  

  
 11 

 
Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act
such as the exemption provided by Rule 144 under such Act. 

	
	   

	Signature

 Signature Guarantee: 

			
		
	  
 (Signature must be guaranteed)
	  	  
 Signature

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
 TO BE COMPLETED BY
PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its
own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and it is aware that the
sale to it is being made in reliance on Rule 144A, and it 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. 

	
	   

	Signature
	   

	Date

  
 12

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