Document:

Share Purchase Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 SHARE PURCHASE AGREEMENT 

between 

COOLIDGE INVESTMENT PARTNERS, L.P., AS SELLER, 

and 

CIP ACQUISITION INCORPORATED, AS BUYER 

July 24, 2012 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 ARTICLE II PURCHASE AND SALE
	  	 	5	  
		
	 Section 2.01 Purchase and Sale.
	  	 	5	  
		
	 Section 2.02 Purchase Price.
	  	 	5	  
		
	 Section 2.03 Transactions to be Effected at the Closing.
	  	 	5	  
		
	 Section 2.04 Closing.
	  	 	6	  
		
	 Section 2.05 Earnest Money; Escrow.
	  	 	6	  
		
	 Section 2.06 Financing Contingency.
	  	 	8	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER
	  	 	8	  
		
	 Section 3.01 Organization and Authority of Seller.
	  	 	8	  
		
	 Section 3.02 Capitalization.
	  	 	9	  
		
	 Section 3.03 No Conflicts; Consents.
	  	 	9	  
		
	 Section 3.04 Undisclosed Liabilities.
	  	 	9	  
		
	 Section 3.05 Legal Proceedings; Governmental Orders.
	  	 	10	  
		
	 Section 3.06 Compliance With Laws; Permits.
	  	 	10	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	10	  
		
	 Section 4.01 Organization and Authority of Buyer.
	  	 	10	  
		
	 Section 4.02 No Conflicts; Consents.
	  	 	11	  
		
	 Section 4.03 Investment Purpose.
	  	 	11	  
		
	 Section 4.04 Legal Proceedings.
	  	 	11	  
		
	 Section 4.05 Undisclosed Liabilities.
	  	 	11	  
		
	 ARTICLE V COVENANTS
	  	 	12	  
		
	 Section 5.01 Conduct of Business Prior to the Closing.
	  	 	12	  
		
	 Section 5.02 No Solicitation of Other Bids.
	  	 	12	  
		
	 Section 5.03 Notice of Certain Events.
	  	 	13	  
		
	 Section 5.04 Resignations.
	  	 	13	  

  
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	 Section 5.05 Confidentiality.
	  	 	13	  
		
	 Section 5.06 Governmental Approvals and Consents.
	  	 	14	  
		
	 Section 5.07 Books and Records.
	  	 	15	  
		
	 Section 5.08 Closing Conditions.
	  	 	15	  
		
	 Section 5.09 Financing.
	  	 	15	  
		
	 Section 5.10 Public Announcements.
	  	 	15	  
		
	 Section 5.11 Further Assurances.
	  	 	15	  
		
	 ARTICLE VI CONDITIONS TO CLOSING
	  	 	16	  
		
	 Section 6.01 Conditions to Obligations of All Parties.
	  	 	16	  
		
	 Section 6.02 Conditions to Obligations of Buyer.
	  	 	16	  
		
	 Section 6.03 Conditions to Obligations of Seller.
	  	 	17	  
		
	 ARTICLE VII INDEMNIFICATION
	  	 	18	  
		
	 Section 7.01 Survival.
	  	 	18	  
		
	 Section 7.02 Indemnification By Seller.
	  	 	19	  
		
	 Section 7.03 Indemnification By Buyer.
	  	 	19	  
		
	 Section 7.04 Certain Limitations.
	  	 	20	  
		
	 Section 7.05 Indemnification Procedures.
	  	 	20	  
		
	 Section 7.06 Payments.
	  	 	23	  
		
	 Section 7.07 Tax Treatment of Indemnification Payments.
	  	 	23	  
		
	 Section 7.08 Exclusive Remedies.
	  	 	23	  
		
	 ARTICLE VIII TERMINATION
	  	 	24	  
		
	 Section 8.01 Termination.
	  	 	24	  
		
	 Section 8.02 Effect of Termination.
	  	 	25	  
		
	 ARTICLE IX MISCELLANEOUS
	  	 	25	  
		
	 Section 9.01 Expenses.
	  	 	25	  
		
	 Section 9.02 Transfer Taxes.
	  	 	25	  
		
	 Section 9.03 Notices.
	  	 	26	  
		
	 Section 9.04 Interpretation.
	  	 	26	  
		
	 Section 9.05 Headings.
	  	 	27	  
		
	 Section 9.06 Severability.
	  	 	27	  

  
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	 Section 9.07 Entire Agreement.
	  	 	27	  
		
	 Section 9.08 Successors and Assigns.
	  	 	27	  
		
	 Section 9.09 No Third-party Beneficiaries.
	  	 	27	  
		
	 Section 9.10 Amendment and Modification; Waiver.
	  	 	28	  
		
	 Section 9.11 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.
	  	 	28	  
		
	 Section 9.12 Specific Performance.
	  	 	29	  
		
	 Section 9.13 Counterparts.
	  	 	29	  

 Exhibit A – Form of Escrow Letter Agreement 
 Exhibit B – Financing Term Sheet 

  
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 STOCK PURCHASE AGREEMENT 

This Share Purchase Agreement (this “Agreement”), dated as of July 24, 2012 (the “Effective
Date”), is entered into between COOLIDGE INVESTMENT PARTNERS, L.P., a Delaware limited partnership (“Seller”), and CIP ACQUISITION INCORPORATED, a Maryland corporation (“Buyer”). 

RECITALS 

WHEREAS, Seller is the legal and beneficial owner of 194,731 shares (the “Shares”) of the issued and outstanding shares
of common stock, par value $0.01 per share (“Common Stock”), of MARCOURT INVESTMENTS INCORPORATED, a Maryland corporation (the “Company”); and 

WHEREAS, Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Shares, subject to the terms and conditions set
forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 

The following terms have the meanings specified or referred to in this Article I: 

“Acquisition Proposal” has the meaning set forth in Section 5.02(a). 

“Action” means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of
violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity. 

“Affiliate” of a Person means any other Person that directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has the meaning set forth in the preamble. 

“Balance Sheet Date” has the meaning set forth in Section 3.04. 

 “Business Day” means any day except Saturday, Sunday or any other day
on which commercial banks located in New York, New York are authorized or required by Law to be closed for business. 

“Buyer” has the meaning forth in the preamble. 

“Buyer Indemnitees” has the meaning set forth in Section 7.02. 

“Class A Shares” has the meaning set forth in Section 3.02(a). 

“Closing” has the meaning set forth in Section 2.04. 

“Closing Date” has the meaning set forth in Section 2.04. 

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

“Common Stock” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the recitals. 

“Contracts” means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings,
indentures, joint ventures and all other agreements, commitments and legally binding arrangements, whether written or oral. 

“Demanding Party” has the meaning set forth in Section 2.05(c)(i). 

“Demand Notice” has the meaning set forth in Section 2.05(c)(i). 

“Direct Claim” has the meaning set forth in Section 7.05(c). 

“Disclosure Schedules” means those certain Disclosure Schedules attached hereto and made a part hereof for all purposes.

 “Dollars or $” means the lawful currency of the United States. 

“Encumbrance” means any charge, claim, pledge, lien (statutory or other), option, security interest, mortgage,
easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer or exercise of any other attribute of ownership. 

“Escrow Agent” has the meaning set forth in Section 2.05. 

“Escrow Letter Agreement” has the meaning set forth in Section 2.05. 

“Financing” has the meaning set forth in Section 2.06. 

“FIRPTA Certificate” has the meaning set forth in Section 2.03(b)(ii). 

“Governmental Authority” means any federal, state, local or foreign government or political subdivision thereof, or
any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such
organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction. 

  
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 “Governmental Order” means any order, writ, judgment, injunction,
decree, stipulation, determination or award entered by or with any Governmental Authority. 
 “Indemnified
Party” has the meaning set forth in Section 7.05. 
 “Indemnifying Party” has the
meaning set forth in Section 7.05. 
 “Knowledge of Buyer or Buyer’s Knowledge” or any
other similar knowledge qualification, means the actual knowledge of Thomas E. Zacharias, Jiwei Yuan and Christopher Hayes. 

“Knowledge of Seller or Seller’s Knowledge” or any other similar knowledge qualification, means the actual
knowledge of Charles R. Lathem or John M. Norris. 
 “Law” means any statute, law, ordinance, regulation,
rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Authority. 
 “Liabilities” has the meaning set forth in Section 3.04. 
 “Losses” means losses, damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, Taxes, costs or expenses of whatever kind, including reasonable
attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers; provided, however, that “Losses” shall not include consequential, speculative or punitive
damages, except in the case of fraud or to the extent actually awarded to a Governmental Authority or other third party. 

“Non-Demanding Party” has the meaning set forth in Section 2.05(c)(i). 

“Notice of Objection” has the meaning set forth in Section 2.05(c)(ii). 

“Material Adverse Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be
expected to become, individually or in the aggregate, materially adverse to (a) the business, results of operations, condition (financial or otherwise) or assets of the Company, or (b) the ability of Seller to consummate the transactions
contemplated hereby. 
 “Original Shareholders” means, collectively, Corporate Property Associates 10
Incorporated, a Maryland corporation, Corporate Property Associates 11 Incorporated, a Maryland corporation, Trammell Crow Equity Partners II, Ltd., a Texas limited partnership, and PA/First Plaza Limited Partnership, a Texas limited partnership.

 “Person” means an individual, corporation, partnership, joint venture, limited liability company,
Governmental Authority, unincorporated organization, trust, association or other entity. 
 “Purchase
Price” has the meaning set forth in Section 2.02. 

  
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 “Representative” means, with respect to any Person, any and all
directors, officers, employees, consultants, financial advisors, counsel, accountants and other agents of such Person. 

“Seller” has the meaning set forth in the preamble. 

“Seller Indemnitees” has the meaning set forth in Section 7.03. 

“Shareholders’ Agreement” means that certain Shareholders’ Agreement dated as of February 10, 1992 by the
Company and the Original Shareholders, as amended by that certain First Amendment to Shareholders’ Agreement dated February 11, 1992 by the Company and the Original Shareholders, as amended by that certain Second Amendment to
Shareholders’ Agreement dated July 25, 2007 by the Company, Buyer and Seller. 
 “Shares” has
the meaning set forth in the recitals. 
 “Taxes” means all (a) taxes, charges, withholdings, fees,
levies, imposts, duties and governmental fees or other like assessments or charges of any kind whatsoever in the nature of taxes imposed by any United States federal, state, local or foreign or other Taxing Authority (including those related to
income, net income, gross income, receipts, capital, windfall profit, severance, property (real and personal), production, sales, goods and services, use, business and occupation, license, excise, registration, franchise, employment, payroll
(including social security contributions), withholding, alternative or add-on minimum, intangibles, ad valorem, transfer, gains, stamp, customs, duties, estimated, transaction, title, capital, paid-up capital, profits, premium, value added,
recording, inventory and merchandise, business privilege, federal highway use, commercial rent or environmental tax), (b) interest, penalties, fines, additions to tax or additional amounts imposed by any Taxing Authority in connection with
(i) any item described in clause (a) or (ii) the failure to comply with any requirement imposed with respect to any Tax Return, and (c) liability in respect of any items described in clause (a) and/or (b) payable by
reason of contract, assumption, transferee, successor or similar liability, operation of law (including pursuant to Treasury Regulations Section 1.1502-6 (or any predecessor or successor thereof or any analogous or similar state, local, or
foreign Law)) or otherwise. 
 “Taxing Authority” means, with respect to any Tax or Tax Return, the
Governmental Authority that imposes such Tax or requires a person to file such Tax Return and the agency (if any) charged with the collection of such Tax or the administration of such Tax Return, in each case, for such Governmental Authority.

 “Tax Return” means any return, declaration, form, report, claim for refund, information return
(including all Forms 1099) or statement or other document required to be filed with any Governmental Authority with respect to Taxes, including any schedule or attachment thereto, or any amendment thereof. 

“Third Party Claim” has the meaning set forth in Section 7.05(a) 

  
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 “Transfer Taxes” has the meaning set forth in Section 9.02.

 “Treasury Regulations” means the Treasury regulations promulgated under the Code, as such Treasury
Regulations may be amended from time to time. Any reference herein to a particular provision of the Treasury Regulations means, where appropriate, the corresponding successor provision. 

ARTICLE II 

PURCHASE AND SALE 

Section 2.01 Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing, Seller shall sell to
Buyer, and Buyer shall purchase from Seller, the Shares, free and clear of all Encumbrances, other than Encumbrances under applicable securities laws and the Shareholders’ Agreement, for the consideration specified in Section 2.02.

 Section 2.02 Purchase Price. The aggregate purchase price for the Shares shall be one hundred twenty-six million
three hundred twelve thousand dollars ($126,312,000) (the “Purchase Price”). 
 Section 2.03 Transactions to
be Effected at the Closing. 
 (a) At the Closing, Buyer shall deliver to Seller: 

(i) the Purchase Price by wire transfer of immediately available funds to an account of Seller designated in writing by Seller to Buyer
no later than two Business Days prior to the Closing Date; and 
 (ii) all other agreements, documents, instruments or
certificates required to be delivered by Buyer at or prior to the Closing pursuant to Section 6.03 of this Agreement. 
 (b) At the Closing, Seller shall deliver to Buyer: 
 (i) a duly executed affidavit
of lost stock certificate with respect to the stock certificate evidencing the Shares, free and clear of all Encumbrances, other than Encumbrances under applicable securities laws and the Shareholders’ Agreement, accompanied by stock powers or
other instruments of transfer duly executed in blank, with all required stock transfer tax stamps affixed thereto; 
 (ii) a
certificate of an officer of Seller, certifying pursuant to Treasury Regulations Section 1.1445-2(b)(2), that Seller is not a foreign person within the meaning of Sections 1445 and 897 of the Code (each such certificate, a “FIRPTA
Certificate”); provided, however, that notwithstanding anything to the contrary in this Agreement, if Buyer does not obtain a FIRPTA Certificate from Seller, Buyer shall be entitled to proceed with the Closing and withhold
from the Purchase Price the appropriate amounts required to be withheld pursuant to Section 1445 of the Code; and 

  
 5 

 (iii) all other agreements, documents, instruments or certificates required to be delivered
by Seller at or prior to the Closing pursuant to Section 6.02 of this Agreement. 
 Section 2.04 Closing.
Subject to the terms and conditions of this Agreement, the purchase and sale of the Shares contemplated hereby shall take place at a closing (the “Closing”) to be held at 9:00 a.m., Eastern Standard time, no later than two
Business Days after the last of the conditions to Closing set forth in Article VI have been satisfied or waived (other than conditions which, by their nature, are to be satisfied on the Closing Date), at the offices of Baker Botts L.L.P.,
2001 Ross Avenue, Dallas, Texas 75201, or at such other time or on such other date or at such other place as Seller and Buyer may mutually agree upon in writing (the day on which the Closing takes place being the “Closing Date”).

 Section 2.05 Earnest Money; Escrow. On or prior to the Effective Date, Buyer shall deposit with Title Associates,
a Division of Stewart Title Insurance Company (the “Escrow Agent”), the sum of one million dollars ($1,000,000) in good funds (such sum, together with any interest earned thereon, is referred to as the “Earnest
Money”). In accordance with the terms of the Escrow Letter Agreement, in the form attached hereto as Exhibit A (the “Escrow Letter Agreement”), by and among the Escrow Agent, Seller and Buyer, the Escrow Agent shall
accept the Earnest Money contemplated herein. The Earnest Money shall be held by the Escrow Agent, in trust, on the terms set forth in this Section 2.05 and as set forth in the Escrow Letter Agreement. 

(a) The Escrow Agent shall deposit the Earnest Money in an interest-bearing deposit commercial bank account mutually acceptable to Seller
and Buyer, shall not commingle the Earnest Money with any funds of the Escrow Agent or others, and shall promptly advise Seller and Buyer that the Earnest Money has been deposited, the bank name and account number. 

(b) Subject to Section 2.05(c), the Escrow Agent shall deliver the Earnest Money to Seller or to Buyer, as the case may be,
under the following conditions: 
 (i) to Seller on the Closing Date if the transaction contemplated by this
Agreement is consummated in accordance with the terms and provisions hereof, with such Earnest Money credited against the Purchase Price at the Closing; 
 (ii) to Seller if the transaction contemplated by this Agreement is not consummated on or prior to the End Date and either Buyer has failed to (A) terminate this Agreement on or prior to the End
Date, (B) timely 

  
 6 

 
apply for the Financing, (C) use commercially reasonable efforts to obtain the Financing, or (D) secure the Financing if the Financing is available on the terms set forth in
Section 2.06 and all conditions set forth in Section 6.01 and Section 6.02 have been met; or 
 (iii) to Buyer if this Agreement is terminated on or prior to the End Date and the Earnest Money is not delivered to Seller pursuant to clause (ii) above. 

(c) The following procedures shall apply with respect to any demand for, and delivery of, the Earnest Money as of the End Date:

 (i) Within five (5) Business Days of the End Date, Seller or Buyer, as the case may be (the
“Demanding Party”), shall deliver to the Escrow Agent written notice of its demand for the Earnest Money (a “Demand Notice”) pursuant to Section 2.05(b), which Demand Notice shall include the facts and
circumstances underlying such Party’s claim to the Earnest Money pursuant to Section 2.05(b). The Escrow Agent shall, within two (2) Business Days of the receipt by the Escrow Agent of the Demand Notice, send a copy of the
Demand Notice to the other Party (the “Non-Demanding Party”) by certified or registered mail, return receipt requested or overnight courier service with a signature required for delivery and as otherwise provided in the Escrow
Letter Agreement. 
 (ii) The Non-Demanding Party shall have the right to object to the delivery of the Earnest
Money by sending written notice of such objection (the “Notice of Objection”) to the Escrow Agent by certified or registered mail, return receipt requested or overnight courier service with a signature for delivery and otherwise as
provided in the Escrow Letter Agreement, which Notice of Objection shall be deemed null and void and ineffective if such Notice of Objection is not received by the Escrow Agent within five (5) Business Days after the delivery of the copy of the
Demand Notice to the Non-Demanding Party. The Notice of Objection shall set forth the basis for objecting to the delivery of the Earnest Money. Upon receipt of a Notice of Objection, the Escrow Agent shall promptly send a copy thereof to the
Demanding Party. 
 (iii) In the event the Escrow Agent shall have received the Notice of Objection within the
five (5)- Business Day period, the Escrow Agent shall continue to hold the Earnest Money until (A) the Escrow Agent receives written notice from Seller and Buyer directing the disbursements of the Earnest Money, in which case the Escrow Agent
shall then disburse the Earnest Money in accordance with such joint direction, or (B) in the event of litigation between Seller and Buyer, the Escrow Agent shall deliver the Earnest Money to the clerk of the court in which said litigation is
pending, or (C) the Escrow Agent takes such affirmative steps as the Escrow Agent may, at the Escrow Agent’s option, elect in 

  
 7 

 
order to terminate the Escrow Agent’s duties including, but not limited to, depositing the Earnest Money in the district court for New York County, New York and bringing an action for
interpleader, the costs thereof to be borne by whichever of Seller or Buyer is the losing party. 
 (d) The duties of the Escrow
Agent are only as provided in the Escrow Letter Agreement, and the Escrow Agent shall incur no liability whatsoever, and shall be indemnified as provided in the Escrow Agreement, except in connection with the actual fraud, willful misconduct or
gross negligence of the Escrow Agent. 
 Section 2.06 Financing Contingency. Within ten (10) Business Days
after the Effective Date, Buyer will apply for financing from a lender to acquire the Shares (the “Financing”) and shall provide to Seller reasonable evidence of such application. In the event that Buyer timely applies for the
Financing and thereafter uses commercially reasonable efforts to, but is unable to, obtain the Financing on or prior to the Closing in a proceeds amount greater than one hundred thirty million dollars ($130,000,000), with an interest rate of 5.10%
or less, with a 30-year amortization, and on other terms the same or better than the terms contained in the term sheet attached hereto as Exhibit B, then Buyer shall have the right to terminate this Agreement by delivering written notice to
Seller, in which case Seller shall return the Earnest Money to Buyer in accordance with Section 2.06 and, except for the rights and obligations that expressly survive the termination of this Agreement, neither Seller nor Buyer shall have
any further rights, obligations or liabilities hereunder. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Except as set forth in the correspondingly numbered Section of the Disclosure Schedules, Seller represents and warrants to Buyer that the
statements contained in this Article III are true and correct as of the date hereof. 
 Section 3.01 Organization
and Authority of Seller. Seller is a limited partnership duly formed, validly existing and in good standing under the Laws of the State of Delaware. Seller has full limited partnership power and authority to enter into this Agreement, to carry
out its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Seller of this Agreement, the performance by Seller of its obligations hereunder and the consummation by Seller of the transactions
contemplated hereby have been duly authorized by all requisite limited partnership action on the part of Seller. This Agreement has been duly executed and delivered by Seller, and (assuming due authorization, execution and delivery by Buyer) this
Agreement constitutes a legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms. 

  
 8 

 Section 3.02 Capitalization. 

(a) Seller is the beneficial owner of 194,731 Class A shares of Common Stock (“Class A Shares”), all of which
constitute the Shares. Neither Seller nor any Affiliate of the Seller owns, directly or indirectly, any shares or other equity interests in the Company other than the Shares. To Seller’s Knowledge, all of the Shares have been duly authorized,
are validly issued, fully paid and non-assessable. The Shares are owned of record and beneficially by Seller, free and clear of all Encumbrances, other than Encumbrances under applicable securities laws and the Shareholders’ Agreement. Except
as set forth in the Shareholders’ Agreement, Seller has sole voting power and sole power of disposition with respect to all of the Shares. Upon consummation of the transactions contemplated by this Agreement, Seller shall transfer to Buyer all
of the Shares, free and clear of all Encumbrances, other than Encumbrances under applicable securities laws and the Shareholders’ Agreement. 
 (b) To Seller’s Knowledge, none of the Shares were issued in violation of any agreement, arrangement or commitment to which any Original Shareholder or the Company is a party or is subject to or in
violation of any pre-emptive or similar rights of any Person. Except as set forth in the Shareholders’ Agreement, there are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements or
commitments of any character relating to the Shares or obligating Seller to sell any Shares. 
 Section 3.03 No
Conflicts; Consents. The execution, delivery and performance by Seller of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not: (a) result in a violation or breach of, or default under, any
provision of the certificate of incorporation, by-laws or other organizational documents of Seller; (b) result in a violation or breach of any provision of any Law or Governmental Order applicable to Seller; or (c) require the consent,
notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or
create in any party the right to accelerate, terminate, modify or cancel any Contract to which Seller is a party that relates to the Shares or the Company. No consent, approval, permit, Governmental Order, declaration or filing with, or notice to,
any Governmental Authority or any other third party is required by or with respect to Seller in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. 

Section 3.04 Undisclosed Liabilities. To Seller’s Knowledge, the Company has no liabilities, obligations or commitments
of any nature whatsoever (including any liability, obligation or commitment related to Taxes), asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise (“Liabilities”)
directly attributable to any action or inaction by or on behalf any person listed in Section 5.04, Seller, any Affiliate of Seller or any of their respective 

  
 9 

 
representatives or agents, except (a) those which are adequately reflected or reserved against in the balance sheet of the Company as of December 31, 2011 (the “Balance Sheet
Date”), and (b) those which have been incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date and which are not, individually or in the aggregate, material in amount. 

Section 3.05 Legal Proceedings; Governmental Orders. 

(a) To Seller’s Knowledge, there are no Actions pending or threatened (i) against or by the Company affecting any of its
properties or assets (or by or against Seller or any Affiliate thereof and relating to the Company) which, if decided adversely to the Company, would result in a Liability of the Company in excess of $50,000 or that is not covered by insurance; or
(ii) against or by the Company, Seller or any Affiliate of Seller that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. To Seller’s Knowledge, no event has occurred or circumstances
exist that may give rise to, or serve as a basis for, any such Action. 
 (b) To Seller’s Knowledge, there are no
outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the Company or any of its properties or assets. To Seller’s Knowledge, no event has occurred or circumstances exist that may constitute or
result in (with or without notice or lapse of time) a Governmental Order. 
 Section 3.06 Compliance with Laws.
Seller has complied in all material respects with all Laws applicable to Seller’s actions in connection with the conduct of the business of the Company. 
 ARTICLE IV 
 REPRESENTATIONS AND
WARRANTIES OF BUYER 
 Buyer represents and warrants to Seller that the
statements contained in this Article IV are true and correct as of the date hereof. 
 Section 4.01 Organization
and Authority of Buyer. Buyer is a corporation duly organized, validly existing and in good standing under the Laws of the State of Maryland. Buyer has full corporate power and authority to enter into this Agreement, to carry out its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Buyer of this Agreement, the performance by Buyer of its obligations hereunder and the consummation by Buyer of the transactions contemplated hereby have
been duly authorized by all requisite corporate action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery by Seller) this Agreement constitutes a legal, valid
and binding obligation of Buyer enforceable against Buyer in accordance with its terms. 

  
 10 

 Section 4.02 No Conflicts; Consents. The execution, delivery and performance by
Buyer of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the certificate of incorporation, by-laws or
other organizational documents of Buyer; (b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to Buyer; or (c) require the consent, notice or other action by any Person under any
Contract to which Buyer is a party. No consent, approval, permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to Buyer in connection with the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby. 
 Section 4.03 Investment Purpose. Buyer is
an accredited investor within the meaning of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). Buyer is knowledgeable, sophisticated and experienced in business and financial matters of the type contemplated
by this Agreement, is able to evaluate the risks and merits of an investment in the Shares and is financially able to bear the risks thereof. Buyer is acquiring the Shares solely for its own account for investment purposes and not with a view to, or
for offer or sale in connection with, any distribution thereof. Buyer acknowledges that the Shares are not registered under the Securities Act or any state securities laws, and that the Shares may not be transferred or sold except pursuant to the
registration provisions of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable. 
 Section 4.04 Legal Proceedings. To Buyer’s knowledge, there are no Actions pending or threatened against or by the Company, Buyer or any Affiliate of Buyer that challenge or seek to
prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. To Buyer’s Knowledge, no event has occurred or circumstances exist that may give rise or serve as a basis for any such Action. 

Section 4.05 Undisclosed Liabilities. To Buyer’s knowledge, the Company has no Liabilities directly attributable to any
action or inaction by or on behalf any person appointed by Buyer as an officer or director of the Company, Buyer, any Affiliate of Buyer or any of their respective representatives or agents, except (a) those which are adequately reflected or
reserved against in the balance sheet of the Company as of the Balance Sheet Date, and (b) those which have been incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date and which are not,
individually or in the aggregate, material in amount. 

  
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 ARTICLE V 
 COVENANTS 
 Section 5.01 Conduct of Business Prior
to the Closing. From the date hereof until the Closing or earlier termination of this Agreement, except as otherwise provided in this Agreement or consented to in writing by Buyer (which consent shall not be unreasonably withheld or delayed),
(a) Seller shall take no action that would cause the Company to conduct the business of the Company outside the ordinary course of business consistent with past practice; and (b) Seller shall take no action that would adversely affect the
current organization, business and franchise of the Company or the rights, franchises, goodwill and relationships of its lenders, regulators and others having business relationships with the Company. 

Section 5.02 No Solicitation of Other Bids. From the date hereof until the Closing or earlier termination of this Agreement:

 (a) Seller shall not, and shall not authorize or permit any of its Affiliates or any of its or their Representatives to,
directly or indirectly, (i) solicit, initiate or continue inquiries regarding an Acquisition Proposal; (ii) enter into discussions or negotiations with, or provide any information to, any Person concerning a possible Acquisition Proposal;
or (iii) enter into any agreements or other instruments (whether or not binding) regarding an Acquisition Proposal. Seller shall immediately cease and cause to be terminated, and shall cause its Affiliates and all of its and their
Representatives to immediately cease and cause to be terminated, all existing discussions or negotiations with any Persons conducted heretofore with respect to, or that could be reasonably expected to lead to, an Acquisition Proposal. For purposes
hereof, “Acquisition Proposal” shall mean any inquiry, proposal or offer from any Person (other than Buyer or any of its Affiliates) concerning (i) a merger, consolidation, liquidation, recapitalization, share exchange or other
business combination transaction involving the Company; (ii) the issuance or acquisition of the Shares; or (iii) the sale, lease, exchange or other disposition of any significant portion of the Company’s properties or assets.

 (b) In addition to the other obligations under this Section 5.02, Seller shall promptly (and in any event within
three Business Days after receipt thereof by Seller or its Representatives) advise Buyer orally and in writing (which may be by electronic mail to the persons listed in Section 9.02 hereof) of any Acquisition Proposal, any request for
information with respect to any Acquisition Proposal, or any inquiry with respect to or which could reasonably be expected to result in an Acquisition Proposal, the material terms and conditions of such request, Acquisition Proposal or inquiry, and
the identity of the Person making the same. 
 (c) Seller agrees that the rights and remedies for non-compliance with this
Section 5.02 shall include having such provision specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable injury to Buyer and that
money damages would not provide an adequate remedy to Buyer. 

  
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 Section 5.03 Notice of Certain Events. 

(a) From the date hereof until the Closing or earlier termination of this Agreement, Seller shall promptly notify Buyer in writing of:

 (i) any fact, circumstance, event or action the existence, occurrence or taking of which (A) has resulted in, or could
reasonably be expected to result in, any representation or warranty made by Seller hereunder not being true and correct or (B) has resulted in, or could reasonably be expected to result in, the failure of any of the conditions set forth in
Section 6.02 to be satisfied; 
 (ii) any notice or other communication from any Person alleging that the consent of
such Person is or may be required in connection with the transactions contemplated by this Agreement; 
 (iii) any notice or
other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement; and 

(iv) any Actions commenced or, to Seller’s Knowledge, threatened against, relating to or involving or otherwise affecting Seller or
the Company that, if pending on the date of this Agreement, would have been required to have been disclosed pursuant to Section 3.04 or that relates to the consummation of the transactions contemplated by this Agreement. 

(b) Buyer’s receipt of information pursuant to this Section 5.03 shall not operate as a waiver or otherwise affect any
representation, warranty or agreement given or made by Seller in this Agreement (including Section 7.02 and Section 8.01(b)) and shall not be deemed to amend or supplement the Disclosure Schedules. 

Section 5.04 Resignations. Seller shall deliver to Buyer written resignations at least one Business Day prior to the Closing,
effective as of the Closing Date, of the following officers or directors of the Company appointed or designated by Seller: 
  

			
	Charles R. Lathem	  	Vice President and Director
		
	John M. Norris	  	Vice President and Director
		
	David Whorton	  	Assistant Treasurer and Assistant Secretary

 Section 5.05 Confidentiality. From and after the Closing, Seller shall, and shall cause its
Affiliates to, hold, and shall use commercially reasonable efforts to cause its or their respective Representatives to hold, in confidence any and all confidential or proprietary information, whether written or oral, concerning the Company, except
to the extent that Seller can show that such information (a) is generally available to and 

  
 13 

 
known by the public through no fault of Seller, any of its Affiliates or their respective Representatives; or (b) is lawfully acquired by Seller, any of its Affiliates or their respective
Representatives from and after the Closing from sources which are not prohibited from disclosing such information by a legal, contractual or fiduciary obligation. If Seller or any of its Affiliates or their respective Representatives are compelled
to disclose any information by judicial or administrative process or by other requirements of Law, Seller shall promptly notify Buyer in writing and shall disclose only that portion of such information which Seller is advised by its counsel in
writing is legally required to be disclosed, provided that Seller shall use commercially reasonable efforts to obtain an appropriate protective order or other reasonable assurance that confidential treatment will be accorded such information.

 Section 5.06 Governmental Approvals and Consents 

(a) Each party hereto shall, as promptly as possible, (i) make, or cause or be made, all filings and submissions required under any
Law applicable to such party or any of its Affiliates; and (ii) use commercially reasonable efforts to obtain, or cause to be obtained, all consents, authorizations, orders and approvals from all Governmental Authorities that may be or become
necessary for its execution and delivery of this Agreement and the performance of its obligations pursuant to this Agreement. Each party shall cooperate fully with the other party and its Affiliates in promptly seeking to obtain all such consents,
authorizations, orders and approvals. The parties hereto shall not willfully take any action that will have the effect of delaying, impairing or impeding the receipt of any required consents, authorizations, orders and approvals. 

(b) Without limiting the generality of the parties’ undertakings pursuant to subsection (a) above, each of the parties hereto
shall use commercially reasonable efforts to: 
 (i) respond to any inquiries by any Governmental Authority regarding antitrust
or other matters with respect to the transactions contemplated by this Agreement or any agreement or document contemplated hereby; 
 (ii) avoid the imposition of any order or the taking of any action that would restrain, alter or enjoin the transactions contemplated by this Agreement or any agreement or document contemplated hereby;
and 
 (iii) in the event any Governmental Order adversely affecting the ability of the parties to consummate the transactions
contemplated by this Agreement or any agreement or document contemplated hereby has been issued, to have such Governmental Order vacated or lifted. 

  
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 Section 5.07 Books and Records. 

(a) In order to facilitate the resolution of any claims made against or incurred by Seller prior to the Closing, or for any other
reasonable purpose, for a period of seven (7) years after the Closing, Buyer shall: 
 (i) retain the books and records of
the Company relating to periods prior to the Closing in a manner reasonably consistent with the prior practices of the Company; and 
 (ii) upon reasonable notice, afford the Representatives of Seller reasonable access (including the right to make, at Seller’s expense, photocopies), during normal business hours, to such books and
records. 
 (b) In order to facilitate the resolution of any claims made by or against or incurred by Buyer or the Company after
the Closing, or for any other reasonable purpose, for a period of seven (7) years following the Closing, Seller shall: 

(i) retain the books and records (including personnel files) of Seller which relate to the Company and its operations for periods prior
to the Closing; and 
 (ii) upon reasonable notice, afford the Representatives of Buyer or the Company reasonable access
(including the right to make, at Buyer’s expense, photocopies), during normal business hours, to such books and records. 

(c) Neither Buyer nor Seller shall be obligated to provide the other party with access to any books or records (including personnel
files) pursuant to this Section 5.07 where such access would violate any Law. 
 Section 5.08 Closing
Conditions. From the date hereof until the Closing or earlier termination of this Agreement, each party hereto shall, and each of Buyer and Seller shall cause the Company to, use commercially reasonable efforts to take such actions as are
necessary to expeditiously satisfy the closing conditions set forth in Article VI hereof. 
 Section 5.09
Financing. Seller shall cooperate with any commercially reasonable request from Buyer in connection with the Financing. 

Section 5.10 Public Announcements. Unless otherwise required by applicable Law (based upon the reasonable advice of counsel),
no party to this Agreement shall make any public announcements in respect of this Agreement or the transactions contemplated hereby or otherwise communicate with any news media without the prior written consent of the other party (which consent
shall not be unreasonably withheld or delayed), and the parties shall cooperate as to the timing and contents of any such announcement. 
 Section 5.11 Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents,
instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement. 

  
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 ARTICLE VI 
 CONDITIONS TO CLOSING 

Section 6.01 Conditions to Obligations of All Parties. The obligations of each party to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of the following condition: no Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in
effect and has the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such transactions or causing any of the transactions contemplated hereunder to be rescinded following
completion thereof. 
 Section 6.02 Conditions to Obligations of Buyer. The obligations of Buyer to consummate the
transactions contemplated by this Agreement shall be subject to the fulfillment or Buyer’s waiver, at or prior to the Closing, of each of the following conditions: 
 (a) Other than the representations and warranties of Seller contained in Section 3.01, Section 3.02 and Section 3.03, the representations and warranties of Seller
contained in this Agreement and any certificate or other writing delivered pursuant hereto shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or Material Adverse Effect) or in all
material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) on and as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date
(except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects). The representations and warranties of Seller contained in
Section 3.01, Section 3.02 and Section 3.03 shall be true and correct in all respects on and as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date
(except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects). 

(b) Seller shall have duly performed and complied with all agreements, covenants and conditions required by this Agreement to be
performed or complied with by it prior to or on the Closing Date; provided, that, with respect to agreements, covenants and conditions that are qualified by materiality, Seller shall have performed such agreements, covenants and conditions,
as so qualified, in all respects. 
 (c) No Action shall have been commenced against Buyer, Seller or the Company, which would
prevent the Closing. No injunction or restraining order shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits any transaction contemplated hereby. 

  
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 (d) From the date of this Agreement, there shall not have occurred any Material Adverse
Effect, nor shall any event or events have occurred that, individually or in the aggregate, with or without the lapse of time, could reasonably be expected to result in a Material Adverse Effect. 

(e) Buyer shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Seller, that each of the
conditions set forth in Section 6.02(a) and Section 6.02(b) have been satisfied. 
 (f) Buyer shall have
received a certificate from the general partner of Seller certifying that attached thereto are true and complete copies of all resolutions adopted by the general partner of Seller authorizing the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby, and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated hereby. 

(g) Buyer shall have received resignations of the directors and officers of the Company pursuant to Section 5.04. 

(h) Seller shall have delivered, or caused to be delivered, to Buyer a duly executed affidavit of lost stock certificate with respect to
the stock certificate evidencing the Shares, free and clear of Encumbrances, other than Encumbrances under applicable securities laws and the Shareholders’ Agreement, accompanied by stock powers or other instruments of transfer duly executed in
blank with all required stock transfer tax stamps affixed thereto. 
 (i) Seller shall have delivered to Buyer such other
documents or instruments as Buyer reasonably requests and are reasonably necessary to consummate the transactions contemplated by this Agreement. 
 Section 6.03 Conditions to Obligations of Seller. The obligations of Seller to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or Seller’s
waiver, at or prior to the Closing, of each of the following conditions: 
 (a) Other than the representations and warranties of
Buyer contained in Section 4.01 and Section 4.02, the representations and warranties of Buyer contained in this Agreement and any certificate or other writing delivered pursuant hereto shall be true and correct in all
respects (in the case of any representation or warranty qualified by materiality or Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) on and
as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be
determined 

  
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as of that specified date in all respects). The representations and warranties of Buyer contained in Section 4.01 and Section 4.02 shall be true and correct in all
respects on and as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date. 
 (b) Buyer shall have duly performed and complied with all agreements, covenants and conditions required by this Agreement to be performed or complied with by it prior to or on the Closing Date;
provided, that, with respect to agreements, covenants and conditions that are qualified by materiality, Buyer shall have performed such agreements, covenants and conditions, as so qualified, in all respects. 

(c) No Action shall have been commenced against Buyer, Seller or the Company, which would prevent the Closing. No injunction or
restraining order shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits any material transaction contemplated hereby. 
 (d) Seller shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Buyer, that each of the conditions set forth in Section 6.03(a) and
Section 6.03(b) have been satisfied. 
 (e) Seller shall have received a certificate of the Secretary or an
Assistant Secretary (or equivalent officer) of Buyer certifying that attached thereto are true and complete copies of all resolutions adopted by the board of directors of Buyer authorizing the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby, and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated hereby. 

(f) Buyer shall have delivered to Seller cash in an amount equal to the Purchase Price by wire transfer in immediately available funds,
to an account or accounts designated at least two Business Days prior to the Closing Date by Seller in a written notice to Buyer. 
 (g) Buyer shall have delivered to Seller such other documents or instruments as Seller reasonably requests and are reasonably necessary to consummate the transactions contemplated by this Agreement.

 ARTICLE VII 
 INDEMNIFICATION 
 Section 7.01 Survival. Subject
to the limitations and other provisions of this Agreement, the representations and warranties contained herein shall survive the Closing and shall remain in full force and effect until the date that is one (1) year from the Closing Date;
provided, that the representations and warranties in Section 3.01, Section 3.02, Section 4.01 and Section 4.02 shall survive until the date that is sixty (60) days following the expiration
of the applicable statute of limitations. All covenants and 

  
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agreements of the parties contained herein shall survive the Closing indefinitely or for the period explicitly specified therein. Notwithstanding the foregoing, any claims asserted in good faith
with reasonable specificity (to the extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration date of the applicable survival period shall not thereafter be barred by the
expiration of the relevant representation or warranty and such claims shall survive until finally resolved. 

Section 7.02 Indemnification By Seller. Subject to the other terms and conditions of this Article VII, from and after
the Closing Seller shall indemnify and defend each of Buyer and its Affiliates (including the Company) and their respective directors, officers and employees (collectively, the “Buyer Indemnitees”) against, and shall hold each of
them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon, arising out of, with respect to or by reason of: 

(a) any inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement or in any certificate
or instrument delivered by or on behalf of Seller pursuant to this Agreement as of the date such representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for representations and
warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date); 
 (b) any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement; or 

(c) subject to Section 7.04, any Liability or Loss of the Company with respect or attributable to any period (or any portion
thereof) ending on or prior to the Closing Date; provided, however, that Seller shall only be responsible to such Buyer Indemnitee for Seller’s pro rata share (which shall be 52.63% based on its beneficial ownership of the Shares) of
such Liability or Loss. 
 Section 7.03 Indemnification By Buyer. Subject to the other terms and conditions of
this Article VII, from and after the Closing Buyer shall indemnify and defend each of Seller and its Affiliates and their respective directors, officers and employees (collectively, the “Seller Indemnitees”) against, and
shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Seller Indemnitees based upon, arising out of, with respect to or by reason of:

 (a) any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or in any
certificate or instrument delivered by or on behalf of Buyer pursuant to this Agreement, as of the date such representation or warranty was made or as if such representation or warranty was made on and as of the

  
 19 

 
Closing Date (except for representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date);

 (b) any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this
Agreement; or 
 (c) subject to Section 7.04, any Liability or Loss of any Seller Indemnitee with respect or attributable
to any period (or any portion thereof) ending on or prior to the Closing Date only if the Seller Indemnitee incurs the Liability or Loss in lieu of the Company and/or Buyer; provided, however, that Buyer shall only be responsible to such
Seller Indemnitee for Buyer’s pro rata share (which shall be 47.37% based on its beneficial ownership of shares of the Company prior to the Closing) of such Liability or Loss. 

Section 7.04 Certain Limitations. 
 (a) For purposes of this Article VII, any inaccuracy in or breach of any representation or warranty shall be determined without regard to any materiality, Material Adverse Effect or other similar
qualification contained in or otherwise applicable to such representation or warranty. 
 (b) Seller shall not be liable for any
Losses under Section 7.02(c) and Buyer shall not be liable for any Losses under Section 7.03(c), in each case, unless and until the aggregate amount of all such Losses by the other Party exceeds $100,000, in which event the
Losses may be recovered from the first dollar. 
 (c) Seller’s indemnity obligations under Section 7.02(c) and
Buyer’s indemnity obligations under Section 7.03(c), in each case, shall survive the Closing for a period of three (3) years beginning on the Closing Date. 

(d) Seller shall not be liable for any Losses under Section 7.02(c) solely to the extent that, to Buyer’s Knowledge,
such Liability or Loss existed as of the date hereof. 
 (e) Buyer shall not be liable for any Losses under
Section 7.03(c) solely to the extent that, to Seller’s Knowledge, such Liability or Loss existed as of the date hereof. 
 Section 7.05 Indemnification Procedures. The party making a claim under this Article VII is referred to as the “Indemnified Party”, and the party against whom such
claims are asserted under this Article VII is referred to as the “Indemnifying Party”. 
 (a) Third
Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a director, officer or
employee of the foregoing (a “Third Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the
Indemnifying Party 

  
 20 

 
reasonably prompt written notice thereof, but in any event not later than thirty (30) calendar days after receipt of such notice of such Third Party Claim. The failure to give such prompt
written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified
Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the
Indemnified Party. The Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to assume the defense of any Third Party Claim at the Indemnifying Party’s expense and by the Indemnifying
Party’s own counsel, and the Indemnified Party shall cooperate in good faith in such defense; provided, that if the Indemnifying Party is Seller, such Indemnifying Party shall not have the right to defend or direct the defense of any
such Third Party Claim that (x) is asserted directly by or on behalf of a Person that is a supplier or customer of the Company, or (y) seeks an injunction or other equitable relief against the Indemnified Party. In the event that the
Indemnifying Party assumes the defense of any Third Party Claim, subject to Section 7.05(b), it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims pertaining to any such
Third Party Claim in the name and on behalf of the Indemnified Party. The Indemnified Party shall have the right to participate in the defense of any Third Party Claim with counsel selected by it subject to the Indemnifying Party’s right to
control the defense thereof. The fees and disbursements of such counsel shall be at the expense of the Indemnified Party, provided, that if in the reasonable opinion of counsel to the Indemnified Party, (A) there are legal defenses
available to an Indemnified Party that are different from or additional to those available to the Indemnifying Party; or (B) there exists a conflict of interest between the Indemnifying Party and the Indemnified Party that cannot be waived, the
Indemnifying Party shall be liable for the reasonable fees and expenses of counsel to the Indemnified Party in each jurisdiction for which the Indemnified Party determines counsel is required. If the Indemnifying Party elects not to compromise or
defend such Third Party Claim, fails to promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement, or fails to diligently prosecute the defense of such Third Party Claim, the Indemnified Party may,
subject to Section 7.05(b), pay, compromise, defend such Third Party Claim and seek indemnification for any and all Losses based upon, arising from or relating to such Third Party Claim. Seller and Buyer shall cooperate with each other
in all reasonable respects in connection with the defense of any Third Party Claim, including making available (subject to the provisions of Section 5.05) records relating to such Third Party Claim and furnishing, without expense (other
than reimbursement of actual out-of-pocket expenses) to the defending party, management employees of the non-defending party as may be reasonably necessary for the preparation of the defense of such Third Party Claim. 

  
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 (b) Settlement of Third Party Claims. Notwithstanding any other provision of this
Agreement, the Indemnifying Party shall not enter into settlement of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 7.05(b). If a firm offer is made to settle a Third
Party Claim without leading to liability or the creation of a financial or other obligation on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified Party from all liabilities and
obligations in connection with such Third Party Claim and the Indemnifying Party desires to accept and agree to such offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party. If the Indemnified Party fails to
consent to such firm offer within ten (10) days after its receipt of such notice, the Indemnified Party may continue to contest or defend such Third Party Claim and in such event, the maximum liability of the Indemnifying Party as to such Third
Party Claim shall not exceed the amount of such settlement offer. If the Indemnified Party fails to consent to such firm offer and also fails to assume defense of such Third Party Claim, the Indemnifying Party may settle the Third Party Claim upon
the terms set forth in such firm offer to settle such Third Party Claim. If the Indemnified Party has assumed the defense pursuant to Section 7.05(a), it shall not agree to any settlement without the written consent of the Indemnifying
Party (which consent shall not be unreasonably withheld or delayed). 
 (c) Direct Claims. Any Action by an Indemnified
Party on account of a Loss which does not result from a Third Party Claim (a “Direct Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof, but in any event not
later than thirty (30) calendar days after the Indemnified Party becomes aware of such Direct Claim. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except
and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the Direct Claim in reasonable detail, shall include copies of all material written
evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have thirty (30) days after its receipt of such notice to
respond in writing to such Direct Claim. The Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the matter or circumstance alleged to give rise to the Direct Claim, and whether and to what extent any
amount is payable in respect of the Direct Claim and the Indemnified Party shall assist the Indemnifying Party’s investigation by giving such information and assistance (including access to the Company’s premises and personnel and the
right to examine and copy any accounts, documents or records) as the Indemnifying Party or any of its professional advisors may reasonably request. If the Indemnifying Party does not so respond within such 30-day period, the Indemnifying Party shall
be deemed to have rejected such claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on the terms and subject to the provisions of this Agreement. 

  
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 (d) Cooperation. Upon a reasonable request by the Indemnifying Party, each
Indemnified Party seeking indemnification hereunder in respect of any Direct Claim, hereby agrees to consult with the Indemnifying Party and act reasonably to take actions reasonably requested by the Indemnifying Party in order to attempt to reduce
the amount of Losses in respect of such Direct Claim. Any costs or expenses associated with taking such actions shall be included as Losses hereunder. 
 Section 7.06 Payments. Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this Article VII, the Indemnifying Party shall satisfy its
obligations within fifteen (15) Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations
within such fifteen (15) Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding the date such payment has been made
at a rate per annum equal to the prime rate then in effect plus five percent (5%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding. 

Section 7.07 Tax Treatment of Indemnification Payments. Buyer and Seller agree to treat any amounts payable after the Closing
by Seller to Buyer pursuant to this Agreement as an adjustment to the Purchase Price, unless a final determination by the appropriate Taxing Authority or court causes any such payment not to be treated as an adjustment to the Purchase Price for Tax
purposes. 
 Section 7.08 Exclusive Remedies. Subject to Section 9.12, the parties acknowledge and agree
that their sole and exclusive remedy with respect to any and all claims (other than claims arising from fraud, criminal activity or willful misconduct on the part of a party hereto in connection with the transactions contemplated by this Agreement)
for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement, shall be pursuant to the indemnification provisions set forth in this Article
VII. In furtherance of the foregoing, each party hereby waives, to the fullest extent permitted under Law, any and all rights, claims and causes of action for any breach of any representation, warranty, covenant, agreement or obligation set
forth herein or otherwise relating to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates and each of their respective officers, directors and employees arising under or based upon any Law, except
pursuant to the indemnification provisions set forth in this Article VII. Nothing in this Section 7.08 shall limit any Person’s right (i) to seek and obtain any equitable relief to which any Person shall be entitled,
(ii) to assert and obtain any rights to indemnification or advancement of expenses in accordance with the terms of the Company’s articles of incorporation, bylaws or other operational agreements or (iii) to seek any remedy on account
of any Person’s fraudulent, criminal or intentional misconduct. 

  
 23 

 ARTICLE VIII 
 TERMINATION 
 Section 8.01 Termination. This
Agreement may be terminated at any time prior to the Closing: 
 (a) by the mutual written consent of Seller and Buyer;

 (b) by Buyer by written notice to Seller if: 
 (i) Buyer is not then in material breach of any provision of this Agreement and there has been a breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by
Seller pursuant to this Agreement that would give rise to the failure of any of the conditions specified in Article VI and such breach, inaccuracy or failure has not been cured by Seller within ten (10) calendar days of Seller’s
receipt of written notice of such breach from Buyer; or 
 (ii) any of the conditions set forth in Section 6.01 or
Section 6.02 shall not have been, or if it becomes apparent that any of such conditions will not be, fulfilled by November 20, 2012 (the “End Date”), unless such failure shall be due to the failure of Buyer
to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing; 
 (c) by Seller by written notice to Buyer if: 
 (i) Seller is not then in material
breach of any provision of this Agreement and there has been a breach, inaccuracy in or failure to perform any representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement that would give rise to the failure of any of the
conditions specified in Article VI and such breach, inaccuracy or failure has not been cured by Buyer within ten (10) calendar days of Buyer’s receipt of written notice of such breach from Seller; or 

(ii) any of the conditions set forth in Section 6.01 or Section 6.03 shall not have been, or if it becomes
apparent that any of such conditions will not be, fulfilled by the End Date, unless such failure shall be due to the failure of Seller to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied with
by it prior to the Closing; 
 (d) by Buyer in accordance with Section 2.06 hereof; or 

(e) by Buyer or Seller in the event that (i) there shall be any Law that makes consummation of the transactions contemplated by this
Agreement illegal or otherwise prohibited or (ii) any Governmental Authority shall have issued a Governmental Order restraining or enjoining the transactions contemplated by this Agreement, and such Governmental Order shall have become final
and non-appealable. 

  
 24 

 Section 8.02 Effect of Termination. In the event of the termination of this
Agreement in accordance with this Article, this Agreement shall forthwith become void and there shall be no liability on the part of any party hereto except: 
 (a) as set forth in this Article VIII and Section 2.06, Section 5.05 and Article IX hereof; and 
 (b) that nothing herein shall relieve any party hereto from liability for any willful breach of any provision hereof. 
 ARTICLE IX 
 MISCELLANEOUS 

Section 9.01 Expenses. Except as otherwise expressly provided herein, all costs and expenses, including, without limitation,
fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the Closing shall
have occurred. 
 Section 9.02 Transfer Taxes. Buyer shall pay fifty percent (50%) of, and Seller shall pay
fifty percent (50%) of, all transfer, real property transfer, documentary, sales, use, stamp, duty, recording and similar Taxes (including any penalties, interest and additions to Tax) incurred in connection with this Agreement and the
transactions contemplated hereby (together, “Transfer Taxes”). Buyer shall be responsible for preparing and filing all Tax Returns or other applicable documents in connection with all Transfer Taxes, to the extent permitted by
applicable Law, provided, however, that Seller shall reasonably cooperate with Buyer in the preparation and filing of all Tax Returns or other applicable documents for or with respect to Transfer Taxes, including timely signing and delivering
such Tax Returns, documents, and certificates as may be necessary or appropriate to file such Tax Returns or establish an exemption from (or otherwise reduce) Transfer Taxes. 

  
 25 

 Section 9.03 Notices. All notices, requests, consents, claims, demands, waivers
and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized
overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal
business hours of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or
at such other address for a party as shall be specified in a notice given in accordance with this Section 9.03): 
  

			
	If to Seller:	  	 c/o Clarion Partners, LLC
 2650
Cedar Springs Road, Suite 850
 Dallas, TX 75201
 Facsimile: 214-775-7600
 E-mail: charles.lathem@clarionpartners.com

Attention: Charles R. Lathem

		
	with a copy to:	  	 Baker Botts L.L.P.
 2001 Ross
Avenue, Suite 600
 Dallas, Texas 75201

Facsimile: 214-661-4835
 E-mail:
rachel.donnelly@bakerbotts.com
 Attention: Rachel Donnelly

		
	If to Buyer:	  	 CIP Acquisition Incorporated
  

c/o W.P. Carey & Co. LLC
 50 Rockerfeller
Plaza, 2nd Floor

New York, New York 10022

Facsimile:      (212) 492-8922
 E-mail: CHayes@wpcarey.com
 Attention:       Christopher
Hayes

		
	with a copy to:	  	 Reed Smith LLP
 599 Lexington
Avenue
 New York, New York 10022

Facsimile: (212) 521-5450
 E-mail:
dsharlach@reedsmith.com;
 jlashin@reedsmith.com
 Attention: Darren Sharlach; Jodi Lashin

 Section 9.04 Interpretation. For purposes of this Agreement, (a) the words
“include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,”
“hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure Schedules and Exhibits mean
the Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from
time to time to the extent permitted by the provisions 

  
 26 

 
thereof and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall
be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Disclosure Schedules and Exhibits referred to herein shall be
construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein. 

Section 9.05 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this
Agreement. 
 Section 9.06 Severability. If any term or provision of this Agreement is invalid, illegal or
unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such
determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 
 Section 9.07 Entire Agreement. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all
prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this Agreement, the Exhibits and Disclosure Schedules (other
than an exception expressly set forth as such in the Disclosure Schedules), the statements in the body of this Agreement will control. 
 Section 9.08 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither
party may assign its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed; provided, however, that prior to the Closing Date, Buyer may, without the
prior written consent of Seller, assign this Agreement and all or any portion of its rights under this Agreement to one or more of its Affiliates or one or more Affiliates of W.P. Carey & Co. LLC. No assignment shall relieve the assigning
party of any of its obligations hereunder. 
 Section 9.09 No Third-party Beneficiaries. Other than with respect to
the Buyer Indemnitees and the Seller Indemnitees as set forth in Article VII, this Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is
intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

  
 27 

 Section 9.10 Amendment and Modification; Waiver. This Agreement may only be
amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver
by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No
failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

Section 9.11 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect
to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of New York. 

(b) ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE
INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE CITY OF NEW YORK AND COUNTY OF NEW YORK, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH
COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY
SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (c) EACH PARTY ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS

  
 28 

 
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF
THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11(c). 

Section 9.12 Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement
were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity. 

Section 9.13 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all
of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original
signed copy of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first written above by their respective officers thereunto duly authorized. 
  

							
	COOLIDGE INVESTMENT PARTNERS, L.P., as Seller
		
	By:	 	 Coolidge Management, L.L.C.,
 its general partner

			
		 	By:	 	 Clarion Partners, LLC,
 its manager

				
		 		 	By:	 	 /s/ John M. Norris

		 		 		 	John M. Norris
		 		 		 	Vice President

  

			
	CIP ACQUISITION INCORPORATED, as Buyer
		
	By:	 	 /s/ Chris Hayes

		 	Chris Hayes
		 	Director

  
 30 

 EXHIBIT A – FORM OF ESCROW LETTER AGREEMENT 

July 24, 2012 
 Title Associates, a Division of Stewart Title Insurance Company 
 825 Third Avenue, 30th Floor 
 New York, New York 10022 

Attention: Joe DeCiutiis 
  

	Re:	Letter agreement (this “Letter Agreement”) regarding escrow arrangement among Coolidge Investment Partners, L.P. (“Seller”), CIP
Acquisition Incorporated (“Buyer”) and Title Associates, a Division of Stewart Title Insurance Company (the “Escrow Agent”) 

 Dear Mr. DeCiutiis: 
 This Letter Agreement sets forth our mutual understanding regarding the
escrow services to be provided by the Escrow Agent to Seller and Buyer in connection with the Share Purchase Agreement, dated as of July 24, 2012 (the “Share Purchase Agreement”), by and between Seller and Buyer. All defined
terms used but not defined herein shall have the meanings ascribed to them in the Share Purchase Agreement, a copy of which has been delivered to the Escrow Agent. 
 1. Deposit of the Earnest Money. On or prior to the Effective Date, Buyer shall deposit with the Escrow Agent the sum of one million dollars ($1,000,000) in good funds (such sum, together
with any interest earned thereon, is referred to as the “Earnest Money”). In accordance with the terms hereof, the Escrow Agent shall accept the Earnest Money and shall hold the Earnest Money in trust on the terms set forth in this
Letter Agreement. The Escrow Agent shall deposit the Earnest Money in an interest-bearing deposit commercial bank account mutually acceptable to Seller and Buyer, shall not commingle the Earnest Money with any funds of the Escrow Agent or others,
and shall promptly advise Seller and Buyer that the Earnest Money has been deposited, the bank name and account number. 
 2. Release and
Delivery of the Earnest Money. Subject to Paragraph 3 hereof, the Escrow Agent shall deliver the Earnest Money to Seller or to Buyer, as the case may be, under the following conditions: 

(a) to Seller if the transaction contemplated by the Share Purchase Agreement is consummated in accordance with the terms
and provisions thereof, with such Earnest Money credited against the Purchase Price at the Closing; 

 (b) to Seller if the transaction contemplated by the Share Purchase
Agreement is not consummated on or prior to the End Date and either Buyer has failed to (i) terminate this Agreement on or prior to the End Date, (ii) timely apply for the Financing, (iii) use commercially reasonable efforts to obtain
the Financing, or (iv) secure the Financing if the Financing is available on the terms set forth in Section 2.06 of the Share Purchase Agreement and all conditions set forth in Section 6.01 and Section 6.02 of the Share Purchase
Agreement have been met; or 
 (c) to Buyer if the Share Purchase Agreement is terminated on or prior to the End
Date. 
 3. Release and Delivery Procedures. The following procedures shall apply with respect to any demand for, and delivery of,
the Earnest Money as of the End Date: 
 (a) Within five (5) Business Days of the End Date, Seller or Buyer,
as the case may be (the “Demanding Party”), shall deliver to the Escrow Agent written notice of its demand for the Earnest Money (a “Demand Notice”) pursuant to Paragraph 2 hereof, which Demand Notice shall include
the facts and circumstances underlying such Party’s claim to the Earnest Money pursuant to Paragraph 2 hereof. The Escrow Agent shall, within two (2) Business Days of the receipt by the Escrow Agent of the Demand Notice, send a copy of the
Demand Notice to the other Party (the “Non-Demanding Party”) by certified or registered mail, return receipt requested or overnight courier service with a signature required for delivery and as otherwise provided in this Letter
Agreement. 
 (b) The Non-Demanding Party shall have the right to object to the delivery of the Earnest Money by
sending written notice of such objection (the “Notice of Objection”) to the Escrow Agent by certified or registered mail, return receipt requested or overnight courier service with a signature for delivery and otherwise as provided
in this Letter Agreement, which Notice of Objection shall be deemed null and void and ineffective if such Notice of Objection is not received by the Escrow Agent within five (5) Business Days after the delivery of the copy of the Demand Notice
to the Non-Demanding Party. The Notice of Objection shall set forth the basis for objecting to the delivery of the Earnest Money. Upon receipt of a Notice of Objection, the Escrow Agent shall promptly send a copy thereof to the Demanding Party.

 (c) In the event the Escrow Agent shall have received the Notice of Objection within the five (5)- Business
Day period, the Escrow Agent 

 
shall continue to hold the Earnest Money until (i) the Escrow Agent receives written notice from Seller and Buyer directing the disbursements of the Earnest Money, in which case the Escrow
Agent shall then disburse the Earnest Money in accordance with such joint direction, or (ii) in the event of litigation between Seller and Buyer, the Escrow Agent shall deliver the Earnest Money to the clerk of the court in which said
litigation is pending, or (iii) the Escrow Agent takes such affirmative steps as the Escrow Agent may, at the Escrow Agent’s option, elect in order to terminate the Escrow Agent’s duties including, but not limited to, depositing the
Earnest Money in the district court for New York County, New York, and bringing an action for interpleader, the costs thereof to be borne by whichever of Seller or Buyer is the losing party. 
 4. Limitation of Liability of the Escrow Agent. The duties of the Escrow Agent are only as provided in this Letter Agreement, and the Escrow Agent shall incur no liability whatever except
for actual fraud, willful misconduct or gross negligence as long as the Escrow Agent has acted in good faith. Upon making delivery of the Earnest Money in the manner herein provided, the Escrow Agent shall have no further liability hereunder. Seller
and Buyer, jointly and severally, agree to and do hereby indemnify and hold harmless Escrow Agent from all suits, actions, loss, costs, claims, damages, liabilities, and expenses (including, without limitation, attorneys’ fees and
disbursements) which may be incurred by reason of its acting as Escrow Agent pursuant to this Letter Agreement; provided that such indemnity shall not apply in the event of actual fraud, willful misconduct or gross negligence of the Escrow Agent.

 5. Miscellaneous. This Letter Agreement, and any statements, conduct, claims, causes of action, liabilities or other matters
relating to or arising out of or in connection with this Letter Agreement, shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to choice of law or conflict of law principles. This Letter
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Fax copies of signatures shall be treated as originals for all purposes. This Letter
Agreement contains the entire agreement by and among the Escrow Agent, on the one hand, and Seller and Buyer, on the other hand, to date with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral
or written, with respect to such matters. This Letter Agreement may not be amended except by a written instrument signed by all parties. This Agreement may not be assigned without the prior written consent of all parties. Notices to be sent to the
Escrow Agent shall be in writing and shall be deemed to have been given on the date sent by e-mail if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, and shall be
sent to the following persons: Gelsomina.Gambardella@titleassociates.com, with a copy to Elaine.Ho@titleassociates.com. All notices to be sent to Buyer and Seller shall be delivered in accordance with Section 9.03 of the Share Purchase
Agreement. 

 If this Letter Agreement accurately sets forth your understanding of the terms with respect to the matters
discussed above, please so indicate by executing a copy of this Letter Agreement below and returning the executed copy to us. 
  

			
	 TITLE ASSOCIATES, A DIVISION OF
 STEWART TITLE INSURANCE COMPANY,
 as the Escrow Agent

		
	By:	 	  

		 	Name:
		 	Title:

  

							
	Agreed to and acknowledged by:
	COOLIDGE INVESTMENT PARTNERS, L.P., as Seller
		
	By:	 	 Coolidge Management, L.L.C.,
 its general partner

			
		 	By:	 	 Clarion Partners, LLC,
 its manager

				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  

			
	CIP ACQUISITION INCORPORATED, as Buyer
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT B – FINANCING TERM SHEET 

 SELLER DISCLOSURE SCHEDULES 

TO SHARE PURCHASE AGREEMENT 
 Section 3.01: Organization and Authority of Seller 
 None 

Section 3.02: Capitalization 
 None

 Section 3.03: No Conflicts; Consents 
 None 
 Section 3.04: Undisclosed Liabilities 

None 
 Section 3.05: Legal Proceedings;
Governmental Orders 
 None 

Section 3.06: Compliance with Laws 

NoneEX-10.1

 Exhibit 10.1 
 Execution Version 
 INVESTMENT AGREEMENT 

by and between 
 TGR FINANCIAL, INC. 
 and 

THE INVESTORS REFERRED TO HEREIN 
 Dated as of 
 September 19, 2012 

 TABLE OF CONTENTS 

 

									
	1.	  	PURCHASE AND SALE OF COMMON SHARES	  	 	2	  
				
		  	(a)	 	Capital Commitments	  	 	2	  
		  	(b)	 	Subsequent Drawdowns	  	 	2	  
			
	2.	  	REPRESENTATIONS AND WARRANTIES OF EACH INVESTOR	  	 	4	  
				
		  	(a)	 	No Public Sale or Distribution; No Other Agreements with Respect to Shares	  	 	4	  
		  	(b)	 	Investor Status	  	 	4	  
		  	(c)	 	General Solicitation	  	 	4	  
		  	(d)	 	Reliance on Exemptions	  	 	5	  
		  	(e)	 	Review of Information and Consultation with Advisors	  	 	5	  
		  	(f)	 	No Reliance	  	 	6	  
		  	(g)	 	No Public Market; No Governmental Review; Purchased Shares Not Insured	  	 	7	  
		  	(h)	 	Brokers and Finders	  	 	7	  
		  	(i)	 	No Conflicts	  	 	7	  
		  	(j)	 	Investment Risk	  	 	7	  
		  	(k)	 	Residency	  	 	8	  
		  	(l)	 	Organization; Authorization	  	 	8	  
		  	(m)	 	Ownership of Purchased Shares and Non-Exercise of Controlling Influence	  	 	8	  
		  	(n)	 	Bank Investment Agreement and Bank Subscription Agreements	  	 	9	  
			
	3.	  	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	 	9	  
				
		  	(a)	 	Organization and Qualification; Capitalization	  	 	9	  
		  	(b)	 	Authorization; Enforcement; Validity	  	 	11	  
		  	(c)	 	Subsidiaries	  	 	12	  
		  	(d)	 	Issuance of Purchased Shares	  	 	13	  
		  	(e)	 	No Conflicts	  	 	13	  
		  	(f)	 	No Violation	  	 	14	  
		  	(g)	 	Consents	  	 	14	  
		  	(h)	 	No Registration	  	 	14	  
		  	(i)	 	No General Solicitation; Placement Agent’s Fees	  	 	14	  
		  	(j)	 	Ownership	  	 	14	  
		  	(k)	 	No Integrated Offering	  	 	15	  
		  	(l)	 	Adequate Capitalization	  	 	15	  
		  	(m)	 	Financial Statements	  	 	15	  
		  	(n)	 	Regulatory Enforcement Matters	  	 	16	  
		  	(o)	 	Compliance with Law, Certain Banking Regulations and Other Matters	  	 	16	  
		  	(p)	 	Questionable Payments	  	 	16	  
		  	(q)	 	Regulatory Permits and Reports	  	 	17	  
		  	(r)	 	Transactions With Insiders and Affiliates	  	 	17	  
		  	(s)	 	Indebtedness and Other Contracts	  	 	18	  
		  	(t)	 	Absence of Litigation and Other Proceedings	  	 	18	  
		  	(u)	 	Loan Portfolio	  	 	19	  

  
 i 

									
		  	(v)	 	Tax Status	  	 	20	  
		  	(w)	 	Off Balance Sheet Arrangements	  	 	22	  
		  	(x)	 	Transfer Taxes	  	 	22	  
		  	(y)	 	Disclosure	  	 	22	  
		  	(z)	 	Private Placement Documents	  	 	22	  
		  	(aa)	 	Approval of Directors	  	 	23	  
		  	(bb)	 	Absence of Certain Changes	  	 	23	  
		  	(cc)	 	Initial Drawdown	  	 	23	  
			
	4.	  	COVENANTS	  	 	23	  
				
		  	(a)	 	Further Action	  	 	23	  
		  	(b)	 	Notice Filings	  	 	24	  
		  	(c)	 	Company Reports	  	 	25	  
		  	(d)	 	Holding Company Reorganization	  	 	25	  
		  	(e)	 	Additional Regulatory Matters	  	 	26	  
			
	5.	  	CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL	  	 	27	  
			
	6.	  	CONDITIONS TO EACH INVESTOR’S OBLIGATIONS TO PURCHASE OR FUND INTO ESCROW, AS APPLICABLE	  	 	28	  
			
	7.	  	TRANSFER AGENT INSTRUCTIONS	  	 	31	  
			
	8.	  	TERMINATION	  	 	32	  
			
	9.	  	MISCELLANEOUS	  	 	32	  
				
		  	(a)	 	Binding Effect; Benefit	  	 	32	  
		  	(b)	 	Governing Law; Jurisdiction	  	 	33	  
		  	(c)	 	Counterparts	  	 	33	  
		  	(d)	 	Headings	  	 	33	  
		  	(e)	 	Severability	  	 	33	  
		  	(f)	 	Entire Agreement; Amendments	  	 	33	  
		  	(g)	 	Notices	  	 	34	  
		  	(h)	 	Successors and Assigns	  	 	35	  
		  	(i)	 	No Third Party Beneficiaries	  	 	35	  
		  	(j)	 	Survival	  	 	35	  
		  	(k)	 	Further Assurances	  	 	36	  
		  	(l)	 	No Strict Construction	  	 	36	  
		  	(m)	 	Payment Set Aside	  	 	36	  
		  	(n)	 	Publicity	  	 	36	  
		  	(o)	 	Indemnification	  	 	36	  
		  	(p)	 	MFN Provision	  	 	38	  
		  	(q)	 	Recapitalizations, Exchanges, Etc., Affecting Shares	  	 	38	  
		  	(r)	 	No Recourse	  	 	38	  
		
	EXHIBIT A         ACCREDITED INVESTOR QUESTIONNAIRE	  			

  
 ii 

 INVESTMENT AGREEMENT 

THIS INVESTMENT AGREEMENT (the “Agreement”), by and between TGR Financial, Inc., a Florida corporation
(the “Company”), on the one hand, and the investors identified on the signature pages hereto (each an “Investor” and collectively, the “Investors”), on the other hand, shall be
effective as of the date it is executed by the parties hereto (the “Effective Date”). 
 WHEREAS:

 A. The Transaction. Pursuant to the Investment Agreement (the “Bank Investment
Agreement”), dated April 15, 2011, by and between First National Bank of the Gulf Coast, a national banking association (the “Bank”), and the parties thereto, and the Subscription Agreements (collectively,
the “Bank Subscription Agreements”), dated April 15, 2011, by and between the Bank and the parties thereto, the Investors acquired a number of shares of common stock of the Bank in the Initial Drawdown (as such term is
defined in the Bank Investment Agreement and the Bank Subscription Agreements). Under the Bank Investment Agreement and the Bank Subscription Agreements, the Investors and the Bank also agreed that the Bank would form a holding company and effect
the reorganization of the Bank into a wholly-owned subsidiary of the Company (the “Holding Company Reorganization”), and that the Company would, when combined with the Initial Drawdown, complete an aggregate private placement
of up to $135,415,495 (the “Private Placement”) of capital stock of the Bank and the Company, in each case subject to the terms set forth in the Bank Investment Agreement, the Bank Subscription Agreements, this Agreement and
the Stockholders’ Agreement (defined below). In connection with the formation of the Company as the proposed holding company of the Bank and the Holding Company Reorganization, all of the shares of common stock of the Bank will be exchanged for
shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”) and, if applicable, shares of the Company’s Series A Nonvoting Convertible Preferred Stock, par value $1.00 per share (the
“Preferred Stock”). The parties hereto intend that the Holding Company Reorganization and the Private Placement together constitute a tax-free contribution of property to the Company in exchange for Common Stock and Preferred
Stock pursuant to Section 351 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 B.
The Investment. Pursuant to the Bank Investment Agreement, the Bank Subscription Agreements, this Agreement and the Stockholders’ Agreement, each of the Investors, severally and not jointly, has committed to make capital contributions to
the Company during the Capital Raising Period (as defined in the Stockholders’ Agreement). Upon the terms and subject to the conditions set forth in this Agreement and the Stockholders’ Agreement, during the Capital Raising Period, the
Company may, from time to time, require each Investor, severally and not jointly, to purchase shares (each, a “Share”) of Common Stock (and, if applicable, Preferred Stock) (the “Purchased Shares”)
from the Company as set forth on such Investor’s signature page hereto up to each Investor’s Maximum Dollar Investment and Maximum Committed Percentage (and subject to such Investor’s Maximum Voting Percentage) pursuant to the
procedures described herein (each time, a “Subsequent Drawdown”), including the delivery of a Drawdown Notice or Escrow Funding Notice (each as hereinafter defined), as applicable, and satisfaction or waiver of the conditions
in Section 5 and Section 6 of this Agreement. Concurrently with the execution of this Agreement, the Company and the Investors, 

 
together with certain other stockholders of the Company, have executed and delivered the agreements set forth in Section 4(d) of this Agreement, providing for certain rights, obligations and
arrangements among the parties thereto, including with respect to the purchase of the Purchased Shares and the obligations with respect to Subsequent Drawdowns. Proceeds from the Subsequent Drawdowns will be used to support the Company’s growth
strategies which include, among other things, organic growth, whole bank acquisitions and, through the Bank, one or more failed bank acquisitions located in Florida (each, a “Target Bank”) in Federal Deposit Insurance
Corporation (“FDIC”) assisted transactions (a “FDIC Bid”). The Company and the Investors are executing and delivering this Agreement in reliance upon the exemptions from securities registration
afforded by the Securities Act of 1933, as amended (the “1933 Act”); specifically Section 4(2) of the 1933 Act and Rule 506 of Regulation D (“Regulation D”) as promulgated by the United States
Securities and Exchange Commission (the “Commission”) under the 1933 Act. The purchase and sale of the Purchased Shares by and to the Investors pursuant to this Agreement is intended to be in connection with the closing of
the Initial Drawdown (as defined in the Bank Investment Agreement) which occurred on April 29, 2011, and the Private Placement, inclusive of the Initial Drawdown and the Purchased Shares, shall be up to $135,415,495. The shares of Common Stock
and Preferred Stock sold to the Investors pursuant to this Agreement are sometimes referred to herein as the “Common Shares” and “Preferred Shares”, respectively. 

NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements contained in this
Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Investors hereby agree as follows: 
 1. PURCHASE AND SALE OF COMMON SHARES. 
 (a) Capital Commitments. On
the terms set forth in the Bank Investment Agreement, the Bank Subscription Agreements, this Agreement and the Stockholders’ Agreement, each Investor, severally and not jointly, commits to make capital contributions to the Company up to the
number of shares of Common Stock (and, if applicable, Preferred Stock) represented by such Investor’s maximum dollar investment in the Private Placement (the “Maximum Dollar Investment”), not to exceed such
Investor’s committed ownership percentage in the Company (the “Maximum Committed Percentage”), and such Investor’s maximum voting percentage in the Company (the “Maximum Voting Percentage”)
each as set forth on such Investor’s signature page hereto. 
 (b) Subsequent Drawdowns. During the Capital Raising
Period (as such term is defined the Stockholders’ Agreement), the Company may, from time to time, require each of the Investors to purchase from the Company, subject to the satisfaction (or waiver) of the conditions set forth in Section 5
and Section 6 of this Agreement, Common Stock (or subject to Section 3.01 of the Stockholders’ Agreement, Preferred Stock) in one or more Subsequent Drawdowns, subject to each Investor’s Maximum Dollar Investment and Maximum
Committed Percentage and Maximum Voting Percentage. The Company shall conduct any Subsequent Drawdown during the Capital Raising Period as follows: 

  
 2 

 (i) The Company shall deliver to each Investor a written notice (each such notice, a
“Drawdown Notice”) setting forth with respect to such Subsequent Drawdown (A) the aggregate amount to be funded (which aggregate amount shall be no less than $10,000,000 for each Subsequent Drawdown), (B) the amount
of Purchased Shares, determined pursuant to this Agreement and the Stockholders’ Agreement, to be purchased by the Investor, (C) the Purchase Price (as such term is defined in the Stockholders’ Agreement) per share of Common Stock or
Preferred Stock and the amount to be funded by each Investor, and (D) the date on which the closing (the “Drawdown Closing”) of the Subsequent Drawdown is set to take place (which date shall not be fewer than ten
(10) business days after the date of such Drawdown Notice) (the “Drawdown Closing Date”). Each Drawdown Closing shall be subject to the satisfaction (or waiver) of the conditions set forth in Section 5 and
Section 6 of this Agreement. 
 (ii) If the Subsequent Drawdown is to support an FDIC Bid for a Target Bank acquisition
from the FDIC, the Drawdown Notice will include such intention (an “Escrow Funding Notice”), and each Investor shall, subject to the satisfaction (or waiver) of the conditions set forth in Section 5 and Section 6 of
this Agreement as if such conditions were conditions precedent to such Investor’s obligations to fund into escrow mutatis mutandis, fund its subscription funds into an escrow account at least five (5) business days prior to
the Bank submitting its bid to the FDIC (or such other period required by the bank regulators), provided that the applicable Drawdown Notice shall be delivered to each Investor no fewer than ten (10) business days prior to such funding date
(the “Escrow Funding Date”). If (A) the FDIC Bid is accepted by the FDIC, (B) the Bank shall have executed a purchase and assumption agreement (a “P&A Agreement”) with the FDIC with
respect to the Target Bank and (C) all conditions precedent to the closing of the acquisition under the P&A Agreement have been met, satisfied or waived, then the funds in escrow will be released to the Company immediately prior to the
Target Bank acquisition and shares of Common Stock (and, if applicable, Preferred Stock) will be issued to the Investors. If (1) the FDIC notifies the Bank that it shall not be permitted to enter a FDIC Bid, (2) the Bank’s FDIC Bid is
rejected by the FDIC, (3) the Bank has not submitted a FDIC Bid by the deadline for submitting bids established by the FDIC, (4) the FDIC notifies the Bank that it is not the winning bidder for the Target Bank, (5) no FDIC Bid by the
Bank has been accepted by the FDIC within two (2) weeks after the funding of the Subsequent Drawdown or (6) if the Bank has been selected as the winning bidder for the Target Bank, the closing of the acquisition under the P&A Agreement
has not occurred within four (4) weeks after such selection, then, in each case, the funds (plus interest incurred thereon and less escrow expenses not to exceed $25,000) will be promptly returned (and in any event no later than three
(3) business days after any of the events described earlier in this sentence to the Investors), unless otherwise agreed. 

(iii) On each Drawdown Closing Date, each Investor shall have either delivered the applicable funds to the Company by means of (a) a
check payable to “TGR Financial, Inc.,” 3560 Kraft Road, Naples, Florida 34105, or (b) by wire transfer to the following operating account: TGR Financial, Inc. – Escrow for Private Placement, ABA No. 067016325, Credit: TGR
Financial, Inc., Account No. 1000637, Attention: Terry Walston, and the Company shall deliver to each Investor the Purchased Shares (allocated in the amounts as such Investor shall request), that such Investor is purchasing, duly executed on
behalf of the Company and registered in the name of such Investor or its designee. 

  
 3 

 2. REPRESENTATIONS AND WARRANTIES OF EACH INVESTOR. 

Each Investor represents and warrants as of the Effective Date and as of each Drawdown Closing Date or Escrow Funding Date, as applicable
(except (i) for the representations and warranties in Section 2(e), Section 2(f) and Section 2(j), which are made only as of the Effective Date, and (ii) for the representations and warranties that are as of a specific date,
which shall be made as of such date), to the Company that: 
 (a) No Public Sale or Distribution; No Other Agreements with
Respect to Shares. 
 The Investor understands that the Purchased Shares have not been registered pursuant to the 1933 Act or
any applicable state securities law and are therefore considered “restricted securities” under the 1933 Act, and that the Investor is acquiring the Purchased Shares in the ordinary course of its business, as principal for its own account
and not with a view towards, or for resale in connection with, the public sale or distribution thereof. The Investor does not presently have any agreement or understanding, directly or indirectly, with any Person (as defined below) to:
(i) distribute any of the Purchased Shares; (ii) hold or to dispose of the Purchased Shares; (iii) vote the Purchased Shares; or (iv) acquire any Common Shares or Preferred Shares from any other Person other than from the Company
pursuant to this Agreement. In the absence of an effective registration statement covering the resale of the Purchased Shares or an available exemption under the 1933 Act, the Purchased Shares must be held indefinitely. In connection herewith, the
Investor represents that it is aware of and understands the resale limitations imposed under the 1933 Act. Notwithstanding the foregoing, subject to applicable banking regulations or agreements, by making the representations herein, the Investor
does not agree to hold any of the Purchased Shares for any minimum or other specific term and reserves the right to sell or dispose of the Purchased Shares at any time in accordance with or pursuant to an effective registration statement or an
exemption under the 1933 Act and in accordance with applicable state securities laws. For purposes of this Agreement, “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization and a government or any department or agency thereof. 
 (b) Investor Status.

 The Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D and has
provided the information in the Accredited Investor Questionnaire attached as Exhibit A hereto. The Investor is not a registered broker-dealer under Section 15 of the Securities Exchange Act of 1934, as amended (the “1934
Act”) or an unregistered broker-dealer engaged in the business of being a broker-dealer. To the extent that the Investor is utilizing or has utilized a representative to assist it in the evaluation of an investment in the Purchased
Shares, the Investor has provided the requested information about such representative as set forth on the Investor’s signature page hereto. 
 (c) General Solicitation. 
 The Investor is not purchasing the Purchased
Shares as a result of any advertisement, article, notice or other communication regarding the Purchased Shares, published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other
general advertisement. 

  
 4 

 (d) Reliance on Exemptions. 

The Investor understands that the Purchased Shares are being offered and sold to it in reliance on specific exemptions from the
registration requirements of United States federal and state securities laws and regulations and that the Company is relying in part upon the truth and accuracy of, and the Investor’s compliance with, the representations, warranties,
agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire the Purchased Shares. 

(e) Review of Information and Consultation with Advisors. 
 The Investor has, either alone or through its representatives: 
 (i) consulted
with its own legal, regulatory, tax, business, investment, financial and accounting advisers in connection herewith to the extent it has deemed necessary; 
 (ii) had a reasonable opportunity to ask such questions as it has deemed necessary of, and to receive answers from, the officers and representatives of the Company concerning the Company’s financial
condition and results of operations, the business plan for the Company, all employment agreements and benefit plans and other contractual arrangements among the Company and its respective management teams, the terms and conditions of the Private
Placement and any additional relevant information that the Company possesses, and any such questions have been answered to its satisfaction; 
 (iii) had the opportunity to review and evaluate the following in connection with its investment decision with respect to the Purchased Shares: (A) all publicly available records and filings
concerning the Company, as well as all other documents, records, filings, reports, agreements and other materials provided by the Company regarding its business, operations and financial condition sufficient to enable it to evaluate its investment;
(B) the investor presentation materials (as supplemented from time to time), (collectively, the “Offering Materials”) that summarizes the Private Placement; and (C) the Private Placement Documents (as defined in the
Bank Investment Agreement); and 
 (iv) made its own investment decisions based upon its own judgment, due diligence and advice
from such advisers as it has deemed necessary and not upon any view expressed by the Company or the Placement Agents (as such term is defined in the Bank Investment Agreement and the Bank Subscription Agreements) or any of their respective
directors, officers, employees, Affiliates (as defined below), stockholders, agents, representatives or advisors (including, without limitation, attorneys, accountants, consultants, financing sources and financial advisors) (collectively, including
the Company and the Placement Agents, the “Company Persons”). Neither such inquiries nor any other due diligence investigations conducted by such Investor or its advisors or representatives, if any, shall modify, amend or
affect the Investor’s right to rely on the Company’s representations and warranties contained herein. For purposes of this Agreement, “Affiliate” means, with respect to

  
 5 

 
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. 
 (f) No
Reliance. 
 The Investor acknowledges that the information in the Offering Materials is as of the date thereof, and may not
contain all of the terms and conditions of the Private Placement, and understands and acknowledges that it is the Investor’s responsibility to conduct its own independent investigation and evaluation of the Company, including without
limitation, (i) the business prospects and future operations of the Company, and (ii) the existing management team that will continue to operate and manage the Company following each Drawdown Closing. The Investor acknowledges that
the Company has not produced an offering memorandum with respect to the Private Placement. The Investor is not relying upon, and has not relied upon, any advice, statement, representation or warranty made by any Company Person, including, without
limitation, the Placement Agents, except for the statements, representations and warranties of the Company made or contained in this Agreement and the other Private Placement Documents. Furthermore, such Investor acknowledges and agrees that:
(A) the Placement Agents have not performed any due diligence review on behalf of the Investor; (B) the Investor has made, and has relied upon, its own independent examination in purchasing the Purchased Shares, including, without
limitation, of the Company and the existing management team of the Company that will continue to operate and manage the Company after each Drawdown Closing; (C) nothing in this Agreement or any other materials presented by or on behalf of the
Company to the Investor in connection with the purchase of the Purchased Shares constitutes legal, tax or investment advice and such Investor has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary
or appropriate in connection with its purchase of the Purchased Shares; and (D) the Investor has received or had access to all of the information the Investor deemed necessary in order to make its investment decision in the Purchased Shares.
Each of the Placement Agents is a third-party beneficiary to this Section 2(f) solely with respect to responding to any claims brought by an Investor (or its shareholders, limited partners or members) against such Placement Agent. 

  
 6 

 (g) No Public Market; No Governmental Review; Purchased Shares Not Insured.

 The Investor understands that there is no established market for the Purchased Shares and that no public market for the
Purchased Shares may develop. The Investor understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Purchased Shares or the fairness or
suitability of the investment in the Purchased Shares nor have such authorities passed upon or endorsed the merits of the offering of the Purchased Shares. The Investor understands that the Purchased Shares are not savings accounts, deposits or
other obligations of a depository institution and are not insured by the FDIC, including the FDIC’s Deposit Insurance Fund, or any other governmental agency. 
 (h) Brokers and Finders. 
 Other than the Placement Agents, no Person will
have, as a result of the transactions contemplated by this Agreement, any valid right, interest or claim against or upon the Company, or the Investor, for any commission, fee or other compensation pursuant to any agreement, arrangement or
understanding entered into by or on behalf of the Investor. 
 (i) No Conflicts. 

The execution, delivery and performance by the Investor of the Private Placement Documents to which it is a party and the consummation by
the Investor of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of the Investor, or (ii) conflict with, or constitute a default (or an event which with notice or lapse of
time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Investor is a party, or (iii) result in a violation of any
law, rule, regulation, order, judgment or decree (including federal and state securities and banking laws and regulations, assuming the correctness of the representations and warranties made by the Company herein) applicable to the Investor, except
in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to materially adversely affect the ability of the Investor to perform
its obligations hereunder and thereunder. 
 (j) Investment Risk. 

The Investor understands that (i) its investment in the Purchased Shares involves a high degree of risk, (ii) no representation
is being made as to the business or prospects of the Company after the Closing or the future value of the Purchased Shares, and (iii) no representation is being made as to any projections or estimates delivered to or made available to the
Investor (or any of its Affiliates or representatives) of the Company’s future assets, liabilities, stockholders’ equity, regulatory capital ratios, net interest income, net income or any component of any of the foregoing or any ratios
derived therefrom, except as may be set forth in the statements, representations and warranties of the Company made or contained in this Agreement 

  
 7 

 
and the other Private Placement Documents. The Investor, either alone or together with its representatives, if any, has the knowledge, sophistication and experience in financial and business
matters to fully understand and be capable of evaluating the merits and risks of an investment in the Purchased Shares and has the ability to bear the economic risks of an investment in the Purchased Shares and, at the present time, is able to
afford a complete loss of such investment. 
 (k) Residency. The Investor has, if an entity, its principal place of
business or, if an individual, its primary residence, in the jurisdiction indicated below the Investor’s name on the signature pages hereto. 
 (l) Organization; Authorization. 
 The Investor, if an entity, is duly
organized, validly existing and in good standing (to the extent such concept is applicable) under the laws of the jurisdiction in which it is organized and has the requisite organizational power and authority to carry on its business as now being
conducted. The Investor, if an entity, has the requisite organizational power and authority to enter into and perform its obligations under the Private Placement Documents to which it is a party and to consummate the transactions contemplated by
such Private Placement Documents. The execution and delivery of the Private Placement Documents by the Investor and performance by the Investor of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate
or, if the Investor is not a corporation, such partnership, limited liability company or other applicable like action, on the part of the Investor, and no further consent or authorization in connection therewith is required by the Investor, its
board of directors or its shareholders, or if the Investor is not a corporation, such partnership, limited liability company or other applicable like action, on the part of the Investor. The Private Placement Documents to which the Investor is a
party have been (or upon delivery will have been) duly executed by the Investor, and when delivered by the Investor in accordance with terms of this Agreement and thereof, will constitute the legal, valid and binding obligations of the Investor,
enforceable against it in accordance with its respective terms, subject to (i) the application of bankruptcy, receivership, conservatorship, reorganization, insolvency and similar laws affecting creditors’ rights generally and
(ii) equitable principles being applied at the discretion of a court before which any proceeding may be brought (the “Bankruptcy and Equity Exception”). 

(m) Ownership of Purchased Shares and Non-Exercise of Controlling Influence. 

Assuming the accuracy of the representations and warranties of the Company contained in this Agreement, after giving effect to the
issuance and sale of the Purchased Shares to be sold hereunder, the Investor, either acting alone or together with any other Person that may be affiliated with the Investor, or deemed to be acting in concert with the Investor pursuant to 12 C.F.R.
§ 225.41 will not beneficially own, control or have the power to vote in excess of 24.9% of the shares of Common Stock outstanding (or 4.9% in the event that the Investor is a bank or bank holding company). Without limiting the foregoing,
the Investor represents and warrants that the Investor: (i) has no present intention of acquiring control (“Control”) of the Company or the Bank, as “control” is defined in 12 C.F.R. § 225.2(e)(1);
(ii) will not acquire Control in the future without the prior approval of the applicable Governmental Entity (defined below) with 

  
 8 

 
respect to the Company; (iii) is not participating and has not participated with any Person in any agreement, joint activity or parallel action towards a common goal between or among such
Persons of acquiring Control of the Company; (iv) knows of no other Person holding Common Stock, or presently proposing to acquire Common Stock, that is (A) a member of the Investor’s immediate family (if the Investor is an
individual), (B) under common Control with the Investor, or (C) a controlling shareholder, partner, trustee, officer, or director of the Investor or has policy-making functions with respect to such Investor, unless, with regard to this
Section 2(m), all such Persons together with such Investor would, after giving effect to the issuance and sale of the Purchased Shares to be sold hereunder, beneficially own no more than 24.9% of the issued and outstanding shares of Common
Stock, subject to applicable determinations of non-control by applicable Governmental Entities (defined below); (v) has reached a decision, independent from any other unaffiliated Investor, to acquire the Common Stock; and (vi) except as
contemplated by this Agreement, will not, without first determining whether the prior approval of the applicable Governmental Entities is required and, if such approval is required, obtaining such approval, directly or indirectly seek to appoint any
director or executive officer to the Company or otherwise attempt to direct the management or policies of the Company (it being understood that the foregoing shall not limit such Investor’s right to vote its shares at any meeting of the
stockholders (the “Stockholders”) of the Company or pursuant to a written request sought by the Company or to act in a manner that is consistent with passivity commitments made by the Investor to a Governmental Entity).

 (n) Bank Investment Agreement and Bank Subscription Agreements. Other than with respect to the survival of
representations and warranties relating to the Initial Drawdown (as such term is defined in the Bank Investment Agreement and the Bank Subscription Agreements) and with respect to Sections 5(a), 5(c) and 5(f) of the Bank Investment Agreement, the
Investor acknowledges that upon completion of the Holding Company Reorganization, this Agreement and the Stockholders’ Agreement (as defined in Section 4(d)) shall supersede and replace the obligations of the Company and the Bank set forth
in the Bank Investment Agreement and Bank Subscription Agreements, to the extent such obligations are duplicative of those expressly set forth in this Agreement and the Stockholders’ Agreement and each Subsequent Drawdown shall only be made
pursuant to this Agreement and the Stockholders’ Agreement. 
 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

The Company hereby represents and warrants as of the Effective Date and as of each Drawdown Closing Date or Escrow Funding Date, as
applicable (except for the representations and warranties that are as of a specific date which shall be made as of that date), to each Investor that: 
 (a) Organization and Qualification; Capitalization. 
 (i) The Company has
been duly organized and is validly existing as a corporation in good standing under the laws of the State of Florida. The Company has the requisite corporate power and authority to carry on its business as now being conducted, and will have obtained
any requisite regulatory approval required in order to conduct its business, in the same manner as now being conducted, following the formation of the Company and the closing of each Subsequent Drawdown, and, if necessary, has been duly qualified as
a foreign 

  
 9 

 
corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties, or conducts its business in a manner or to an
extent that would require such qualification, other than such failures to be so qualified or in good standing as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. The Company has furnished or made
available to the Investors, prior to the date hereof and each Drawdown Closing Date or Escrow Funding Date, as applicable, true, correct and complete copies of the Company’s Articles of Incorporation, as amended (the “Articles of
Incorporation”), and the Company Bylaws, as amended (the “Bylaws”). For purposes of this Agreement, a “Material Adverse Effect” means any circumstance, event, change, development or effect
that, individually or in the aggregate, would reasonably be expected to (A) have a material and adverse effect on the business, results of operations, prospects or condition (financial or otherwise) of the Company and its Subsidiaries (as
defined below), taken as a whole, or (B) materially impair or delay the ability of the Company to perform its obligations under the Private Placement Documents and to consummate the issuance and sale of the Purchased Shares in the Private
Placement; provided, however, that a Material Adverse Effect shall not be deemed to include the effects of (1) changes after the date of this Agreement in general business, economic or market conditions (including changes generally in
prevailing interest rates, credit availability and liquidity, currency exchange rates and price levels or trading volumes in the United States or foreign securities or credit markets), or any outbreak or escalation of hostilities, declared or
undeclared acts of war or terrorism, in each case generally affecting the industries in which the Company operates, or (2) changes or proposed changes after the date of this Agreement in generally accepted accounting principles as applied in
the United States (“GAAP”) or regulatory accounting requirements, or authoritative interpretations thereof, (in the case of each of these clauses (1) and (2), other than changes or occurrences to the extent that such
changes or occurrences have or would reasonably be expected to have a disproportionate adverse effect on the Company and its Subsidiaries, taken as a whole, relative to comparable U.S. banking or financial services organizations). 

(ii) Immediately prior to the Effective Date, the authorized capital stock of the Company will consist of 1,000 shares of stock, $1.00
par value, and there will be 3 shares issued and outstanding. Immediately following consummation of the Holding Company Reorganization and prior to any Subsequent Drawdown, the authorized capital stock of the Company will consist of 500,000,000
shares of Common Stock and 20,000,000 shares of preferred stock. Of the preferred stock, 7,050,000 shares will be designated Preferred Stock, and there will be 14,060,143 shares of Common Stock issued and outstanding (assuming that none of the Bank
shareholders exercise dissenters’ rights) and 0 shares of Preferred Stock issued and outstanding. As of the Effective Date and each Drawdown Closing Date or Escrow Funding Date, as applicable, all outstanding shares of Common Stock and
Preferred Stock have been duly authorized and validly issued and are fully paid and non-assessable, have been issued in compliance in all material respects with all applicable federal and state securities laws and none of the outstanding shares of
Common Stock or Preferred Stock has been issued in violation of preemptive rights or any similar rights of any Person, with no personal liability attaching to the ownership thereof. Except as disclosed on Schedule 3(a)(ii), as of the Effective
Date and each Drawdown Closing Date or Escrow Funding Date, as applicable, (A) there are no Stock Equivalents (as defined below) authorized, issued or outstanding, and (B) no equity security of the Company is or may be required to be
issued by reason of any option, warrant, scrip, preemptive right, right to subscribe to, gross-up right, call or commitment of any character 

  
 10 

 
whatsoever relating to, or security or right convertible into, shares of any capital stock of the Company, and there are no contracts, commitments, understandings or arrangements by which the
Company is bound to issue additional shares of its capital stock, or any option, warrant or right to purchase or acquire any additional shares of its capital stock. Notwithstanding the foregoing, each Stock Equivalent, if any, (X) was granted
in compliance with all applicable laws and all of the terms and conditions of the Stock Equivalent plans pursuant to which it was issued, (Y) has an exercise price per share equal to or greater than the fair market value of a share of Common
Stock on the date of such grant and (Z) has a grant date identical to the date on which the Board of Directors (defined below) or compensation committee of the Board of Directors actually awarded such Stock Equivalent. Other than the
Stockholders’ Agreement and Registration Rights Agreement (each as defined below), neither the Company nor any of its officers, directors, or employees is a party to any right of first refusal, right of first offer, proxy, voting agreement,
voting trust, registration rights agreement, or shareholders agreement with respect to the sale or voting of any securities of the Company. Except as set forth in this Agreement and the Registration Rights Agreement, there are no agreements or
arrangements under which the Company is obligated to register the sale of any shares of capital stock of the Company under the 1933 Act. There are no outstanding securities or instruments of the Company which contain any redemption or similar
provisions, and there are no contracts, commitments, understandings or arrangements by which the Company is or may become bound to redeem a security of the Company. There are no securities or instruments containing anti-dilution or similar
provisions, including, but not limited to, any that will be triggered by the issuance of the Purchased Shares in the Private Placement. The Company has no stock appreciation rights or “phantom stock” plans or agreements or any similar plan
or agreement. For purposes of this Agreement, “Stock Equivalent” means, with respect to any Person, options, warrants, calls, contracts, convertible securities or other rights entered into or issued by such Person which
confer upon the holders thereof the right (whether or not contingent) to acquire any common stock, voting securities or securities convertible into or exchangeable for common stock or voting securities of such Person. The Company has no liabilities
or obligations required to be disclosed but not so disclosed as of the date of this Agreement. 
 (b) Authorization;
Enforcement; Validity. The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the Private Placement Documents and to issue the Purchased Shares in accordance with the terms
of this Agreement. The execution and delivery of the Private Placement Documents by the Company and the consummation by the Company of the transactions contemplated by such Private Placement Documents, including, without limitation, each Subsequent
Drawdown and the issuance and sale of the Purchased Shares pursuant to this Agreement have been duly authorized by the Board of Directors of the Company (the “Board of Directors”) and no further consent or authorization in
connection therewith is required by the Company, its Board of Directors or its shareholders that has not been obtained, except that the Company’s ability to deliver a Drawdown Notice in connection with a Subsequent Drawdown shall require
approval pursuant to Section 3.01 of the Stockholders’ Agreement. The Private Placement Documents have been duly executed and delivered by the Company, and constitute the legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with their respective terms, subject to the Bankruptcy and Equity Exception, and except that rights to indemnification and contribution thereunder may be limited by virtue of public policy under federal or state
securities and banking laws. The Board of Directors has resolved that the 

  
 11 

 
transactions contemplated hereby and by the Private Placement Documents are in the best interests of the Stockholders and recommended to the Stockholders the approval of the Holding Company
Reorganization and other matters in connection with the Subsequent Drawdowns and related transactions. If the Subsequent Drawdown relates to an FDIC Bid on a Target Bank, such FDIC Bid was also approved by a majority vote of the Executive Committee
of the Board of Directors and by a majority vote of the Board of Directors. 
 (c) Subsidiaries. 

(i) The Bank has been duly organized and is validly existing as a national bank in good standing under the laws of the United States of
America and is supervised and regulated by the Office of the Comptroller of the Currency (the “OCC”) and its deposits are insured up to applicable limits by the FDIC, and all premiums and assessments required to be paid in
connection therewith have been paid when due. The Bank has the requisite corporate power and authority to carry on its business as now being conducted, and, will have obtained any requisite regulatory approval required in order to conduct its
business, in the same manner as now being conducted, following the closing of each Drawdown Closing, and, if necessary, has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each
other jurisdiction in which it owns or leases properties, or conducts its business in a manner or to an extent that would require such qualification, other than such failures to be so qualified or in good standing as, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. All of the issued and outstanding shares of capital stock of the Bank have been duly authorized and validly issued, are fully paid and non-assessable and, following the
Holding Company Reorganization, are directly owned by the Company free and clear of any Lien (defined below). None of the outstanding shares of the Bank’s capital stock was issued in violation of any preemptive or similar rights. 

(ii) Other than the Bank and any Persons disclosed on Schedule 3(c)(ii), the Company does not have any direct or indirect subsidiaries
(each, a “Subsidiary”), and the Company does not, directly or indirectly, own any interest in any joint venture or similar entity or any capital stock or hold any equity or similar interests in any Person or other entity. No
equity security of any Subsidiary is or may be required to be issued by reason of any option, warrant, scrip, preemptive right, right to subscribe to, gross-up right, call or commitment of any character whatsoever relating to, or security or right
convertible into, shares of any capital stock of such Subsidiary, and there are no contracts, commitments, understandings or arrangements by which any Subsidiary is bound to issue additional shares of its capital stock, or any option, warrant or
right to purchase or acquire any additional shares of its capital stock. The Company owns, directly or indirectly, all of the capital stock or comparable equity interests of each Subsidiary free and clear of any and all liens, charges, claims,
encumbrances, security interests, rights of first refusal, preemptive rights or other restrictions of any kind (“Liens”), and all the issued and outstanding shares of capital stock or comparable equity interests of each
Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. Each Subsidiary is a corporation duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation. Each Subsidiary has the requisite corporate power and authority to carry on its business as now being conducted, and, if necessary, has been duly qualified as a foreign corporation for the transaction

  
 12 

 
of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties, or conducts its business in a manner or to an extent that would require such
qualification, other than such failures to be so qualified or in good standing as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

(d) Issuance of Purchased Shares. The Purchased Shares to be issued and sold to the Investors by the Company pursuant to this
Agreement have been duly authorized and, when issued and delivered to the Investors against full payment therefor in accordance with the terms of this Agreement, will be validly issued, fully paid and non-assessable, will have been issued in
compliance with all applicable state and federal securities laws, and such issuance will not result in the violation or triggering of any price-based anti-dilution adjustments under any agreement to which the Company or any Subsidiary is a party,
and will not subject the holders thereof to personal liability. The delivery of the Purchased Shares being issued and sold pursuant to the terms of this Agreement will pass valid title to such Purchased Shares free and clear of any Liens or defect
in title to purchaser thereof, which is purchasing such Purchased Shares in good faith and without notice of any Lien or defect in title. The Purchased Shares being sold hereby will be held in book-entry form (or, upon request of the Investor, a
stock certificate may be issued in the Company’s sole discretion) and will validly represent the Investor’s ownership in the Purchased Shares. 
 (e) No Conflicts. Neither the execution, delivery and performance by the Company of the Private Placement Documents nor the consummation of the transactions contemplated by this Agreement
(including, without limitation, the issuance and sale of the Purchased Shares) (i) conflicts with or will conflict with or constitutes or will constitute a breach of, or a default under, the Company’s Articles of Incorporation or Bylaws or
the organizational documents of any Subsidiary, or (ii) violates any law, rule, regulation, order, judgment or decree (including federal and state securities and banking laws and regulations), assuming the correctness of the representations and
warranties of the Investors contained in this Agreement, applicable to the Company or any Subsidiary or any of their respective properties or assets or (iii) results in a breach of, default, event of default, or Debt Repayment Triggering Event
under, or results in the creation or imposition of any Lien upon, any property or assets of the Company or any Subsidiary pursuant to, or requires the consent of any other party to, any (A) Indebtedness to which the Company or any Subsidiary is
a party or as to which any of their respective assets or properties are subject, or (B) any other contract or agreement to which the Company or any Subsidiary is a party or as to which any of their respective assets are subject ((A) and
(B) collectively, the “Existing Instruments”), except, in the cases of clauses (ii) and (iii) above, for such conflicts, breaches, defaults or Liens that do not, individually or in the aggregate, constitute
material conflicts, breaches, defaults or Liens. As used herein, (1) a “Debt Repayment Triggering Event” shall mean any event or condition that gives, or with the giving of notice or lapse of time would give, the holder
of any Indebtedness, whether secured or unsecured (or any indenture trustee or other Person acting on such holder’s behalf) the right to accelerate any payment or maturity of such Indebtedness, to require the Company or any Subsidiary to
repurchase, redeem or repay all or a portion of such Indebtedness, or to increase the interest rates or charges or fees on any such Indebtedness and (2) “Indebtedness” shall have the meaning set forth in
Section 3(s) of this Agreement. 

  
 13 

 (f) No Violation. Neither the Company nor any Subsidiary is currently in breach of or
in default under (A) the Articles of Incorporation or the Bylaws or the organizational documents of such Subsidiary, (B) any law, rule, regulation, order, judgment or decree of any court, tribunal, commission, self-regulatory organization
or other Governmental Entity (defined below) applicable to the Company or such Subsidiary or any of their respective properties or assets, or (C) any of the Existing Instruments, except in the case of (B) or (C) above, for any
breaches or defaults that would not, individually or in the aggregate, have a Material Adverse Effect. 
 (g) Consents.
Except for any report or notice required under Regulation D or any applicable state securities laws, any approvals, consents or non-objections of Governmental Entities required by the Investors to acquire the Purchased Shares or by the Company
to operate as a bank holding company under the BHC Act, or any bank regulatory approval required under the Bank’s business plan or Operating Agreement, neither the Company nor any Subsidiary is required to obtain any consent, waiver,
authorization or order of, give any notice to, or make any filing or registration with, any court, tribunal, commission, regulatory or self-regulatory agency or other Governmental Entity or any other Person in order for the Company to execute,
deliver or perform any of its obligations under the Private Placement Documents to which it is a party in accordance with the terms of this Agreement or thereof. The Company is unaware of any facts or circumstances that might prevent the Company
from obtaining or effecting any of the registrations, applications or filings pursuant to the preceding sentence required to be obtained or effected, or otherwise from satisfying a condition for the consummation of the transactions contemplated by
this Agreement or the Private Placement Documents. 
 (h) No Registration. Assuming the accuracy of the representations
and warranties made by each Investor in this Agreement, the issuance and sale to the Investors of the Purchased Shares in the manner contemplated by this Agreement are exempt from the registration requirements of the 1933 Act and applicable state
securities laws (or are in compliance therewith). 
 (i) No General Solicitation; Placement Agent’s Fees. Neither
the Company nor any of its Affiliates, nor, to the Company’s knowledge after due inquiry, any Person acting on its or their behalf, has engaged in any form of “general solicitation” or “general advertising” (within the
meaning of Rule 502 of Regulation D) in connection with the offer or sale of the Purchased Shares in connection with this Agreement. Except as set forth herein, at the Effective Date and each Drawdown Closing, the Company shall be responsible
for the payment of any placement agent’s fees, financial advisory fees, or brokers’ commissions, relating to or arising out of the transactions contemplated hereby. Other than the Placement Agents, the Company has not engaged any placement
agent or other agent in connection with the sale of the Purchased Shares. 
 (j) Ownership. The Company acknowledges,
represents, warrants and agrees that, assuming the accuracy of the representations made by an Investor herein, and after giving effect to the purchase of the Purchased Shares hereunder, no Investor will be issued more than its Maximum Committed
Percentage and Maximum Voting Percentage in any Drawdown Closing. The Company acknowledges that each Investor is relying on the capitalization information in the Offering Materials that have been provided by the Company and the Company’s
representations and warranties herein in order for such Investor to determine its percentage ownership of the Common Shares and Preferred Shares as of any Drawdown Closing Date. 

  
 14 

 (k) No Integrated Offering. Neither the Company nor any of its Affiliates, nor any
Person acting on its or their behalf, has, directly or indirectly made any offers or sales of any Company security or solicited any offers to buy any security, under circumstances that would require registration of the issuance of any of the
Purchased Shares under the 1933 Act, whether through integration with prior offerings or otherwise. 
 (l) Adequate
Capitalization. The Company’s Subsidiaries meet or exceed the standards necessary to be considered “well capitalized” under the FDIC’s regulatory framework for prompt corrective action and are in compliance with all minimum
capital adequacy requirements of the FDIC and the OCC, as applicable. As of each Drawdown Closing Date, the Company is in compliance with all minimum capital adequacy requirements of the Federal Reserve (as defined below). The Company and its
Subsidiaries are not aware of, have not been advised of, and, to the Company’s or any Subsidiary’s knowledge, have no reason to believe that any facts or circumstances exist, which would cause the Company or any Subsidiary to be deemed to
be not in compliance with any of the foregoing regulatory capital requirements. 
 (m) Financial Statements. 

(i) From and after the Effective Date and as of each Drawdown Closing Date or Escrow Funding Date, as applicable, all financial
statements of the Company and its Subsidiaries present fairly in all material respects the consolidated financial position of the Company and its Subsidiaries as of and at the date thereof and the results of its operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal year-end audit adjustments which would not be material, either individually or in the aggregate (the “Financial Statements”). The Financial
Statements complied as to form in all material respects with applicable accounting requirements, and have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved (except (A) as may be otherwise
indicated in such financial statements or the notes thereto and (B) in the case of unaudited interim financial statements, to the extent they may exclude footnotes, may be subject to customary year-end adjustments or may be condensed or summary
statements). The books and records of the Company and its Subsidiaries have been, and are being, maintained in all material respects in accordance with GAAP and all other applicable legal and accounting requirements. 

(ii) Since the Effective Date and as of each Drawdown Closing Date or Escrow Funding Date, as applicable, (A) each of the Company
and its Subsidiaries has conducted its businesses in the ordinary and usual course, consistent with past practice, (B) no event has occurred or circumstance arisen that, individually or taken together with all other facts, circumstances and
events, has had or is reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, (C) each of the Company and its Subsidiaries has not incurred any material liabilities (contingent or otherwise) other than trade
payables, accrued expenses, and other liabilities incurred in the ordinary course of business consistent with past practice, (D) each of the Company and its Subsidiaries has not altered its critical accounting policies or the identity of its
auditors, (E) the Company has not purchased, redeemed or made 

  
 15 

 
any agreements to purchase or redeem any shares of its Common Stock or Preferred Stock, (F) each of the Company and its Subsidiaries has not issued any equity securities or Stock Equivalents
to any officer, director or Affiliate (except for equity securities or Stock Equivalents described in the Offering Materials and Common Stock and, if applicable, Preferred Stock issued in connection with the Holding Company Reorganization), and
(G) each of the Company and its Subsidiaries has not suffered any material damage, destruction, or other casualty loss with respect to any material asset or property owned, leased, or otherwise used by the Company or its Subsidiaries, whether
or not covered by insurance. 
 (n) Regulatory Enforcement Matters. Except as set forth on Schedule 3(n), none of
the Company, any Subsidiary or any of their respective officers, directors or employees, is subject or is party to, or has received any notice from 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” and collectively, “Governmental Entities”) that any of them shall become
subject or party to any investigation with respect to any cease-and-desist order, agreement, civil monetary penalty, consent agreement, memorandum of understanding, informal agreement or other regulatory enforcement action, proceeding or order with
or by, or is a party to any commitment letter or similar undertaking to, or is subject to any directive by, or has been a recipient of any supervisory letter from, or has adopted any board resolutions or undertaken other actions, at the formal or
informal request or suggestion of, any Governmental Entity that, in any such case, currently restricts in any material respect the conduct of the business of the Company or such Subsidiary or that in any manner relates to their capital adequacy,
credit policies, management (including risk management), compliance policies, internal controls or operations or business (each, a “Regulatory Action”), nor has the Company or any Subsidiary been advised by any Governmental
Entity that it is considering issuing, initiating, ordering or requesting any such Regulatory Action; and there is no unresolved material violation, criticism or exception by any Governmental Entity with respect to any report or statement relating
to any examinations of the Company or any Subsidiary. 
 (o) Compliance with Law, Certain Banking Regulations and Other
Matters. 
 The Company and each Subsidiary are in material compliance with all, and the condition and use of their
respective properties do not violate or infringe in any material respect with any, applicable material domestic (federal, state or local) or foreign laws, statutes, ordinances, licenses, rules, regulations, judgments, demands, writs, injunctions,
orders or decrees applicable thereto or to employees conducting their respective businesses, including the Equal Credit Opportunity Act, the Fair Housing Act, the Community Reinvestment Act, the Home Mortgage Disclosure Act and all other applicable
fair lending laws or other laws relating to discrimination; 
 (p) Questionable Payments. 

To the best of the Company’s and any Subsidiary’s knowledge, none of the Company, any Subsidiary or any directors, officers,
employees, agents or other persons acting at the direction of or on behalf of the Company or a Subsidiary has, in the course of its or their actions for, or on behalf of, the Company or a Subsidiary: (i) directly or indirectly, used any

  
 16 

 
corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to foreign or domestic political activity; (ii) made any direct or indirect unlawful
payments to any foreign or domestic governmental officials or employees or to any foreign or domestic political parties or campaigns from corporate funds; (iii) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended; or
(iv) made any other unlawful bribe, rebate, payoff, influenced payment, kickback or other material unlawful payment to any foreign or domestic government official or employee. 

(q) Regulatory Permits and Reports. 
 Each of the Company and its Subsidiaries possesses all material certificates, authorizations and permits issued by the Bank Regulatory Authorities and other Governmental Entities, as applicable, necessary
to conduct its business as presently conducted. None of the Company or its Subsidiaries has not received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit. Each of the Company and
its Subsidiaries has filed all 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 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. There are no outstanding comments from any Governmental Entity with respect to any Company Report. The Company Reports, including the documents incorporated by
reference in each of them, each contained all of the information required to be included in it and, when it was filed and as of the date of each such Company Report filed, such Company Report did not, as of its date or as of the date of any
amendment, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made in it not misleading and complied as to form in all material respects with the applicable requirements of the
1933 Act and the 1934 Act. 
 (r) Transactions With Insiders and Affiliates. 

Except as set forth on Schedule 3(r), none of the officers, directors or employees of the Company or any Subsidiary, is, directly or
indirectly, presently a party to any transaction with the Company or any Subsidiary (other than for ordinary course services as employees, officers or directors), which is, taken individually or in the aggregate with other unreported transactions,
material, including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any such officer, director
or employee or any corporation, partnership, trust or other entity in which any such officer, director, or employee has a substantial interest or is an officer, director, trustee or partner. The transactions set forth on Schedule 3(r) were each
conducted on an arm’s length basis and on terms and conditions at least as favorable to the Company as those that would reasonably be expected to be available from an unrelated third party. The Company and each Subsidiary, as applicable, is in
compliance with, Sections 23A and 23B of the Federal Reserve Act, its implementing regulations, and the Federal Reserve’s Regulation O. 

  
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 (s) Indebtedness and Other Contracts. 

None of the Company or its Subsidiaries (i) has any outstanding Indebtedness (as defined below) other than Indebtedness incurred in
the ordinary course of business for liquidity purposes (e.g., Federal Home Loan Bank advances), (ii) is a party to any contract, agreement or instrument, the violation of which, or default under which, by the other party(ies) to such contract,
agreement or instrument would result in a Material Adverse Effect, or (iii) is in violation of any term of or in default under any contract, agreement or instrument relating to any Indebtedness, except where such violations and defaults would
not result, individually or in the aggregate, in a Material Adverse Effect. For purposes of this Agreement: (A) “Indebtedness” of any Person means, without duplication (1) all indebtedness for borrowed money,
(2) all obligations issued, undertaken or assumed as the deferred purchase price of property or services, including (without limitation) “capital leases” in accordance with GAAP (other than trade payables entered into in the ordinary
course of business), (3) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (4) all obligations evidenced by notes, bonds, debentures or similar instruments, including
obligations so evidenced incurred in connection with the acquisition of property, assets or businesses, (5) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as a financing, in either
case, with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such
property), (6) all monetary obligations under any leasing or similar arrangement which, in connection with GAAP, consistently applied for the periods covered thereby, is classified as a capital lease, (7) all indebtedness referred to in
clauses (1) through (6) above secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in any property or assets (including accounts and contract rights)
owned by any Person, even though the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (8) all Contingent Obligations in respect of indebtedness or obligations of others of the
kinds referred to in clauses (1) through (7) above; and (B) “Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any
Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability
will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto. 

(t) Absence of Litigation and Other Proceedings. 
 Except in the ordinary course of the Company’s or its Subsidiaries’ businesses, there is no action, suit, proceeding, inquiry or investigation before or by any court, tribunal, commission,
self-regulatory organization or other Governmental Entity pending or, to the knowledge of the Company and any Subsidiary, threatened against or affecting the Company or the Subsidiaries, the proposed issuance of the Common Shares (and, if
applicable, Preferred Shares) in the Private Placement, any Subsequent Drawdown or any of the Company’s officers or directors. Neither the Company nor its Subsidiaries are subject to any injunction, order, judgment or decree and, to the
knowledge of the Company and any Subsidiary, no such proceedings with respect to the foregoing are pending or threatened. No order or decree preventing the use of the Offering Materials, or any order asserting that the transactions

  
 18 

 
contemplated by this Agreement are subject to the registration requirements of the 1933 Act has been issued and no proceeding for that purpose has commenced or is pending or, to the knowledge of
the Company and any Subsidiary, is contemplated. 
 (u) Loan Portfolio. 

A. Each Loan of the Company and its Subsidiaries in original principal amount in excess of $10,000 (i) is evidenced by notes,
agreements or other evidences of indebtedness that are true, genuine and what they purport to be, (ii) to the extent secured, has been secured by valid Liens which have been perfected and (iii) to the Company’s knowledge, is the
legal, valid and binding obligation of the obligor named therein, enforceable in accordance with its terms, subject to the Bankruptcy and Equity Exception. 
 B. Except as set forth in Schedule 3(u), none of the agreements pursuant to which the Company or any Subsidiary has sold Loans or pools of Loans or participations in Loans or pools of Loans contains any
obligation to repurchase such Loans or interests therein. 
 C. The Company and its Subsidiaries have complied in all material
respects with, and all documentation in connection with the origination, processing, underwriting and credit approval of any mortgage loan originated, purchased or serviced by the Company or its Subsidiaries materially satisfied, (A) the
Company’s underwriting standards (and, in the case of Loans held for resale to investors, the underwriting standards, if any, of the applicable investors); (B) all applicable federal, state and local laws, rules and regulations with
respect to the origination, insuring, purchase, sale, pooling, servicing, subservicing, or filing of claims in connection with mortgage loans, including all laws relating to real estate settlement procedures, consumer credit protection, truth in
lending laws, usury limitations, fair housing, transfers of servicing, collection practices, equal credit opportunity and adjustable rate mortgages, (C) the responsibilities and obligations relating to mortgage loans set forth in any agreement
between the Company or a Subsidiary and any Agency, Loan Investor or Insurer, (D) the applicable rules, regulations, guidelines, handbooks and other requirements of any Agency, Loan Investor or Insurer and (E) the terms and provisions of
any mortgage or other collateral documents and other loan documents with respect to each mortgage loan; and 
 D. To the
knowledge of the Company, since the Effective Date, no Agency, Loan Investor or Insurer has (A) claimed in writing that the Company or its Subsidiaries has violated or has not complied with the applicable underwriting standards with respect to
mortgage loans sold by the Company or its Subsidiaries to a Loan Investor or Agency, or with respect to any sale of mortgage servicing rights to a Loan Investor, (B) imposed in writing restrictions on the activities (including commitment
authority) of the Company or its Subsidiaries or (C) indicated in writing to the Company or its Subsidiaries that it has terminated or intends to terminate its relationship with the Company or its Subsidiaries for poor performance, poor loan
quality or concern with respect to the Company’s or its Subsidiaries’ compliance with laws. 
 E. To the knowledge of
the Company, each Loan included in a pool of Loans originated, acquired or serviced by the Company or its Subsidiaries (a “Pool”) meets all eligibility requirements (including all applicable requirements for obtaining
mortgage insurance certificates and loan guaranty certificates) for inclusion in such Pool. All such Pools have been 

  
 19 

 
finally certified or, if required, recertified in accordance with all applicable laws, rules and regulations, except where the time for certification or recertification has not yet expired. To
the knowledge of the Company, no Pools have been improperly certified, and no Loan has been bought out of a Pool without all required approvals of the applicable investors. 
 F. For purposes of this Section 3(u): 
 (1) “Agency”
shall mean the Federal Housing Administration, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Government National Mortgage Association, or any other federal or state agency with authority to
(i) determine any investment, origination, lending or servicing requirements with regard to mortgage loans originated, purchased or serviced by the Company or any Company Subsidiary or (ii) originate, purchase, or service mortgage loans,
or otherwise promote mortgage lending, including, without limitation, state and local housing finance authorities; 
 (2)
“Loan” shall mean loan, loan agreement, note or borrowing arrangement (including leases, credit enhancements, commitments, guarantees and interest-bearing assets); 

(3) “Loan Investor” shall mean any Person (including an Agency) having a beneficial interest in any mortgage
loan originated, purchased or serviced by the Company or any Subsidiary or a security backed by or representing an interest in any such mortgage loan; and 
 (4) “Insurer” shall mean a Person who insures or guarantees for the benefit of the mortgagee all or any portion of the risk of loss upon borrower default on any of the mortgage
loans originated, purchased or serviced by the Company or any Subsidiary, including the Federal Housing Administration, the United States Department of Veterans’ Affairs, the Rural Housing Service of the U.S. Department of Agriculture and any
private mortgage insurer, and providers of hazard, title or other insurance with respect to such mortgage loans or the related collateral. 
 (v) Tax Status. 
 Each of the Company and its Subsidiaries (i) has
prepared and timely filed all Tax Returns required to be filed since the Effective Date, subject to permitted extensions, (ii) has paid all Taxes and other governmental assessments, fines and charges whether or not shown or determined to be due
on such Tax Returns, and (iii) has set aside on its books reasonably adequate provision for the payment of all Taxes for periods subsequent to the periods to which such Tax Returns apply. All of the Tax Returns filed by the Company or any of
its Subsidiaries are true, complete and accurate in all material respects. There are no unpaid Taxes in any material amount that have heretofor been claimed to be due by the taxing authority of any jurisdiction, and, to the knowledge of the Company,
there is no reasonable basis for any such claim. The Company and its Subsidiaries have made reasonably adequate charges, accruals and reserves in the Financial Statements in respect of all federal, state and foreign income and franchise Taxes for
all periods as to which the tax liability of the Company or any of its Subsidiaries has not been finally determined. Neither the Company nor any of its Subsidiaries 

  
 20 

 
executed any waiver or extended the statute of limitations (or been asked to execute a waiver or extend a statute of limitation) with respect to any tax year, the audit of any Tax Return or
report or the assessment or collection of any Tax. Neither the Company nor any of its Subsidiaries (i) has ever been a member of an affiliated group filing a consolidated Tax Return and (ii) has any liability for Taxes of any Person
arising from the application of Treasury Regulation Section 1.1502-6 or any analogous provision of state, local or foreign law, or as a transferee or successor, by contract, or otherwise. Neither the Company nor any of its Subsidiaries is a
party to, is bound by, or has any obligation under, any tax allocation or sharing agreement or similar contract or arrangement or any agreement that obligates it to make any payment computed by reference to the Taxes, taxable income or taxable
losses of any other Person. No closing agreement pursuant to Section 7121 of the Code (or any similar provision of state, local or foreign law) has been entered into by or with respect to the Company. 

Neither the Company nor any of its Subsidiaries has been either a “distributing corporation” or a “controlled
corporation” in a distribution occurring during the last two (2) years in which the parties to such distribution treated the distribution as one to which Section 355 of the Code is applicable. 

All Taxes required to be withheld, collected or deposited by the Company or any of its Subsidiaries have been timely withheld, collected
or deposited as the case may be, and to the extent required, have been paid to the relevant taxing authority. The Company and its Subsidiaries have complied in all material respects with all information reporting requirements imposed by the Code (or
any similar provision under any state, local or foreign law). 
 There are no Tax Liens upon any of the assets or properties of
the Company or any of its Subsidiaries other than liens for Taxes not yet due or payable. 
 Neither the Company nor any of its
Subsidiaries has participated in a “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2) subsequent to such transaction becoming listed. 

For purposes of this Agreement: 
 A. “Tax or Taxes” shall mean all United States federal, state, local or foreign taxes, charges, fees, levies or other assessments, including, without limitation, income,
gross receipts, excise, real and personal property, profits, estimated, severance, occupation, production, capital gains, capital stock, goods and services, environmental, employment, withholding, stamp, value added, alternative or add-on minimum,
sales, transfer, use, license, payroll and franchise taxes or any other tax, custom, duty or governmental fee, or other like assessment or charge of any kind whatsoever, imposed by the United States, or any state, county, local or foreign government
or subdivision or agency thereof, and such term shall include any interest, penalties, fines, related liabilities or additions to tax attributable to such taxes, charges, fees, levies or other assessments; 

B. “Tax Return” shall mean any report, return, declaration or other information required
to be supplied to any taxing authority in connection with 

  
 21 

 
Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax; and 

C. “Treasury Regulations” shall mean the regulations promulgated under the Code. 

(w) Off Balance Sheet Arrangements. 
 There is no transaction, arrangement, or other relationship between the Company or its Subsidiaries and an unconsolidated or other off-balance sheet entity. 

(x) Transfer Taxes.   On each Drawdown Closing Date, all stock transfer or other taxes (other than income or similar
taxes) which are required to be paid in connection with the sale and transfer of the Purchased Shares to be sold to the Investor hereunder will be, or will have been, fully paid or provided for by the Company, and all laws imposing such taxes will
be or will have been complied with. 
 (y) Disclosure. 

The Company understands and confirms that each Investor will rely on the representations and warranties in the Bank Investment Agreement,
the Bank Subscription Agreements, this Agreement and the Risk Factors (as defined in the Bank Investment Agreement and the Bank Subscription Agreements) in purchasing the Purchased Shares. All disclosure provided to the Investors regarding the
Company and its businesses and the transactions contemplated hereby, furnished by or on behalf of the Company on or prior to the date of this Agreement, including without limitation information in the Offering Materials and the Risk Factors, when
taken as a whole, does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. Any
forward-looking information contained in such disclosure was prepared on the basis of assumptions that the Company reasonably believed in good faith at the time of preparation to be reasonable and the Company has no knowledge of any fact or
information that would lead it to believe that such assumptions are incorrect or misleading in any material respect. 
 (z)
Private Placement Documents. 
 Except for the Bank Investment Agreement, the Stockholders’ Agreement and the
Registration Rights Agreement, none of the Company or its Subsidiaries has provided any Investors with governance, economic, liquidity or other terms that are more favorable or in addition to the terms provided in this Agreement. No Investor has
been offered any rights under any “side letter” to any Private Placement Documents, or under any other agreement in connection with the transactions contemplated hereby, which have not also been offered to each Key Investor (defined
below). 

  
 22 

 (aa) Approval of Directors. 

A majority of the members of the Board of Directors voted in favor of the entering into of this Agreement and the consummation of the
transactions contemplated by this Agreement and the Private Placement Documents, including the issuance of Purchased Shares. 

(bb) Absence of Certain Changes. 
 Since the Effective Date and as of each Drawdown Closing Date or Escrow Funding Date, as applicable, the business and operations of the Company and its Subsidiaries have been conducted in the ordinary
course of business consistent with past practice, and there has not been, except as previously disclosed, any circumstance, occurrence, or development which, individually or in the aggregate with other circumstances, occurrences, or developments,
has had or is reasonably likely to have a Material Adverse Effect on the Company. 
 (cc) Initial Drawdown. 

Pursuant to the Investment Agreement, the Bank Subscription Agreements and the Director Subscription Agreements dated April 15,
2011, by and between the Bank and each of the subscribers identified on the signature pages thereto, the Bank sold 8,089,731 shares of common stock of the Bank at $5.00 per share in the Initial Drawdown (as such term is defined in the Bank
Investment Agreement and the Bank Subscription Agreements), and the aggregate Maximum Dollar Investments by the Investors in the Company, together with the Initial Drawdown, shall be up to $135,415,495. 

4. COVENANTS. 
 (a)
Further Action. 
 Subject to the terms and conditions of this Agreement, each party hereto shall cooperate and consult
with the other and use its commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary, proper or desirable, or advisable under applicable laws, so as to permit consummation of the
issuance of the Purchased Shares, including the Preferred Shares (if applicable), as promptly as practicable and otherwise to enable consummation of the transactions contemplated hereby and shall use its commercially reasonable efforts to cooperate
with the other party to that end. Each of the parties hereto shall execute and deliver both before and after each Drawdown Closing such further certificates, agreements and other documents and take such other actions as the other parties may
reasonably request to consummate or implement such transactions or to evidence such events or matters. Each Investor agrees to use its commercially reasonable efforts to cooperate with the Company to prepare and file any notices and other filings
that may be required by the Company under applicable federal and state securities and banking laws and regulations in connection with the foregoing and in connection with acquisitions of failed depository institutions from the FDIC. In connection
with the foregoing, each Investor agrees to (i) if required by the Board of Governors of the Federal Reserve System (the “Federal Reserve”), submit to the Federal Reserve’s standard passivity and anti-association
commitments as of the date of this Agreement including informational requests specified therein, (ii) if required by the FDIC, submit to the provisions applicable to investors provided for in the FDIC’s Final Statement of Policy on
Qualifications for Failed Bank Acquisitions (the “FDIC Statement”) as interpreted in Questions 

  
 23 

 
and Answers issued by the FDIC as of the date of the Bank Investment Agreement and the Bank Subscription Agreements, including the informational requirements specified therein but excluding the
“cross support” pledge requirements therein and (iii) make filings and provide information as required under the Change in Bank Control Act of 1978, as amended, in each case in connection with the transactions contemplated hereby
(each of the foregoing items (i), (ii) and (iii), a “Usual Regulatory Condition”); provided, however, that notwithstanding anything in this Agreement to the contrary, in no event shall any Investor be required to
(x) take any action that would result in such Investor being deemed in control of the Company for purposes of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), or the cross-guaranty liability provisions
of the Federal Deposit Insurance Act or otherwise being regulated as a bank holding company within the meaning of the BHC Act, (y) accept, agree to or suffer to exist any condition, limitation, restriction or requirement other than a Usual
Regulatory Condition (other than, following the date of the Bank Investment Agreement and the Bank Subscription Agreements, any specific condition, limitation, restriction or requirement of which the Company can demonstrate that the Investor was
explicitly aware prior to the date of the Bank Investment Agreement and the Bank Subscription Agreements), or (z) agree to provide capital to the Company or any subsidiary thereof other than the amounts set forth on its signature page attached
hereto or any amount agreed to by such Investor and the Company in any investment agreement entered into by such Investor and the Company after the date hereof, not to exceed such Investor’s Maximum Committed Percentage and Maximum Voting
Percentage. The Investors and the Company will have the right to review in advance, and to the extent practicable each will consult with the other, in each case subject to applicable laws relating to the exchange of information and confidential
information related to the Investors, all the information (other than confidential information) relating to such other party, and any of their respective Affiliates, which appears in any filing made with, or written materials submitted to, any third
party or any Governmental Entity in connection with the transactions to which it will be party contemplated by this Agreement. In exercising the foregoing right, each of the parties hereto agrees to act reasonably and as promptly as practicable.
Each party hereto agrees to keep the other party apprised of the status of matters referred to in this Section 4(a). Notwithstanding anything herein to the contrary, no Investor shall be required to provide (A) information on its investors
solely in their capacities as limited partners or other similar passive equity investors, and shall be entitled to request confidential treatment from any Governmental Agency and not disclose to the Company any information that is confidential and
proprietary to the Investor or (B) any information, the disclosure of which either (x) is prohibited by applicable law or contract (and such Investor shall not be obligated to seek the consent of any person to such disclosure) or
(y) in the reasonable judgment of such Investor’s investment adviser, would be adverse to the interests of the Investor or such investment adviser or their respective partners or clients. To the extent consistent with applicable law, the
Company shall promptly furnish to the Investors copies of all written communications received by the Company from, or delivered by the Company to, any Governmental Entity in connection with the transactions contemplated by this Agreement.

 (b) Notice Filings. 
 The Company agrees to timely file any notices and other filings that may be required under applicable federal and state securities and banking laws and regulations in connection with the transactions
contemplated by the Private Placement Documents. 

  
 24 

 (c) Company Reports. 

Each of the Company and its Subsidiaries, as applicable, will file all Company Reports on a timely basis. As of their respective filing
dates, the Company Reports will comply in all material respects with all statutes and applicable rules and regulations of the applicable Governmental Entities, as the case may be, and none of the Company Reports, when filed, will contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(d) Holding Company Reorganization. 
 The Company (or, on behalf of the Company, the Bank) has filed all required regulatory applications and shall take all actions to cause the Company to have sufficient authorized Common Stock and Preferred
Stock to complete any Subsequent Drawdown, and in connection therewith to complete the Holding Company Reorganization as soon as permissible in accordance with applicable requirements of the BHC Act and the laws of the State of Florida and any other
applicable law. To the extent the Company receives the necessary approvals to complete the Holding Company Reorganization, the Company shall promptly undertake and complete the Holding Company Reorganization in which all issued and outstanding
common stock of the Bank shall be exchanged for Common Stock and, if applicable, Preferred Stock; provided that the parties hereto acknowledge that the Holding Company Reorganization and the Private Placement together are intended to
constitute a tax-free contribution of property to the Company in exchange for Common Stock and, if applicable, Preferred Stock pursuant to Section 351 of the Code, and shall file all Tax Returns consistent with such treatment. Each Investor,
severally and not jointly, has committed to make capital contributions to the Company on the terms set forth in this Agreement and the agreements referred to in clauses (X), (Y) and (Z) below and in connection therewith to acquire up to
that number of shares of Company Common Stock and, if applicable, Preferred Stock represented by such Investor’s Maximum Dollar Investment, not to exceed such Investor’s Maximum Committed Percentage and Maximum Voting Percentage, each as
set forth on such Investor’s signature page hereto. Each Investor’s obligation to make such capital contributions shall be contingent solely upon satisfaction of the conditions precedent to the obligations of the parties in this Agreement
and in the Private Placement Documents in connection with the Subsequent Drawdowns, which shall without limitation include (A) approval of each Subsequent Drawdown by both the Executive Committee and the Board of Directors of the Company and
(B) receipt of all required approvals, consents or non-objections of Governmental Entities including non-control determinations with respect to each Investor’s Maximum Committed Percentage and Maximum Voting Percentage; provided
that no Investor shall be required to invest more than such Investor’s Maximum Committed Percentage and Maximum Voting Percentage as set forth on such Investor’s signature page hereto. The Company and the Investors shall execute and
deliver (X) this Agreement substantially in the form of Exhibit C to the Bank Investment Agreement and to the Bank Subscription Agreements providing for certain rights, obligations and arrangements among the Investors and the Company with
respect to purchases of the Company Common Stock and, if applicable Preferred Stock and the obligations with respect to Subsequent Drawdowns up to the Maximum Committed Percentage and Maximum Voting Percentage, which shall require, among other
things, each Investor to subscribe for and purchase Company Common Stock and, if 

  
 25 

 
applicable, Preferred Stock in one or more Subsequent Drawdowns, at a purchase price per share equal to (i) $5.00 during the twenty-four (24) month period from and after April 29,
2011, which is the closing date of the Initial Drawdown (as defined in the Bank Investment Agreement), and (ii) “TBV” (as such term is defined in the Stockholders’ Agreement) during the subsequent twelve (12) month period,
up to such Investor’s Maximum Dollar Investment, not to exceed such Investor’s Maximum Committed Percentage and Maximum Voting Percentage, over a thirty-six (36) month period from and after April 29, 2011, which is the closing
date of the Initial Drawdown (as defined in the Bank Investment Agreement), subject to satisfaction of the conditions precedent to the obligations of the parties thereto, which agreement shall become effective upon receipt of all applicable required
approvals, consent or non-objections of Governmental Entities, (Y) an agreement substantially in the form of Exhibit D to the Bank Investment Agreement and the Bank Subscription Agreements providing for certain rights, obligations and
arrangements among certain Stockholders and the Company and the governance of the Company (the “Stockholders’ Agreement”) and (Z) an agreement substantially in the form of Exhibit E to the Bank Investment Agreement
and the Bank Subscription Agreements providing for certain rights with respect to the registration of the Company capital stock under the federal securities laws (the “Registration Rights Agreement”); provided that any
modifications to the Private Placement Documents (other than the Bank Investment Agreement and the Bank Subscription Agreements) required by applicable Governmental Entities shall only require the consent of the Company and each of the parties,
other than the Bank, to the Bank Investment Agreement (the “Key Investors”), except that any material modifications shall require the consent of the Company and each of the parties to the applicable Private Placement Document
and any modification that would reasonably be expected to adversely alter the rights or obligations of an Investor in a manner disproportionate to the effect such modification has on other Investors (including the Key Investors) (other than based on
the relative ownership interests of such Investor) shall require the consent of such Investor. 
 (e) Additional Regulatory
Matters. 
 (i) The Company and each Investor agree to cooperate and use their reasonable best efforts to ensure (without
the imposition of unreasonable expense upon either party) that neither any Investor nor any of its Affiliates will be deemed to control the Company or otherwise be deemed a “bank holding company” for purposes of the BHC Act or to own an
amount of voting securities of the Company which would cause such Investor (together with its Affiliates) to exceed its Maximum Voting Percentage. 
 (ii) The Company shall not knowingly take any action which would reasonably be expected to pose a substantial risk that any of the Investor or its Affiliates will be deemed to control the Company or
otherwise be deemed a “bank holding company” for purposes of the BHC Act or to exceed such Investor’s Maximum Voting Percentage, including undertaking any redemption, recapitalization, or repurchase of Common Stock, of securities or
rights, options, or warrants to purchase Common Stock, or securities of any type whatsoever that are, or may become, convertible into or exchangeable into or exercisable for Common Stock in each case, where the Investor is not given the right to
participate in such redemption, recapitalization, or repurchase to the extent of the Investor’s pro rata proportion. 

  
 26 

 (iii) Notwithstanding anything in this Agreement to the contrary, no Investor or Affiliate
of an Investor shall be required (A) to become a “bank holding company” within the meaning of the BHC Act, a “savings and loan holding company” within the meaning of the Home Owners’ Loan Act, or a similarly regulated
entity under any similar or successor law; (B) to support or maintain the capital, liquidity, or financial condition of the Company or the Company’s subsidiaries (other than through the investment expressly contemplated herein);
(C) to modify or limit its operations or commercial practices (except as they relate to the Company and the Company’s subsidiaries); (D) to modify or limit its governance, structure, or compensation arrangements; (E) to modify
the terms of this Agreement, including, for the avoidance of doubt, the terms or the amount of the Purchased Shares to be delivered by the Company under this Agreement; (F) to become subject to or otherwise permit or accept any other condition,
limitation, restriction, or restraint that would reasonably be expected to adversely affect (with respect to the Investor or its Affiliates) any material financial term of the transactions contemplated by this Agreement or the anticipated benefits
or burdens to such Investor and its Affiliates of the transactions contemplated hereby; or (G) to propose, agree, or accept any of the items described in clauses (A) through (F) as a condition to receiving any regulatory or
governmental approval or consent. 
 5. CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL. 

The obligation of the Company hereunder to issue and sell the Purchased Shares to the Investors at each Drawdown Closing is subject to the
satisfaction, at or before the Drawdown Closing Date or Escrow Funding Date, as applicable, of each of the following conditions, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in
its sole discretion by providing the Investor with prior written notice thereof: 
 (a) Each Investor shall have each duly
executed a fully completed Accredited Investor Questionnaire in the forms attached as Exhibit A. 
 (b) The
representations and warranties of each Investor contained in Section 2(a), Section 2(b), Section 2(c) and Section 2(g) of this Agreement shall be true and correct as of the date when made and as of the Drawdown Closing Date or
Escrow Funding Date, as applicable, as though made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specified date), and each Investor shall have performed,
satisfied and complied in all material respects with the covenants, agreements and conditions required by the Private Placement Documents to which it is a party to be performed, satisfied or complied with by the Investor at or prior to the Drawdown
Closing Date or Escrow Funding Date, as applicable, and the Company shall have received a certificate executed by an authorized officer of each Investor, dated as of the Drawdown Closing Date or Escrow Funding Date, as applicable, certifying to the
foregoing. 
 (c) The Company, and to the extent applicable, each Investor, shall have received all approvals, consents or
non-objections of Governmental Entities required prior to the Drawdown Closing Date or Escrow Funding Date, as applicable, for the transactions contemplated by this Agreement. 

  
 27 

 (d) No provisions of any applicable law or regulation and no judgment, injunction, order or
decree of any Governmental Entity shall prohibit the Drawdown Closing or any of the transactions contemplated by the Private Placement Documents to be executed at the Drawdown Closing Date or Escrow Funding Date, as applicable, and no lawsuit or
formal administrative proceeding shall have been commenced by any Governmental Entity seeking to effect any of the foregoing. 
 6.
CONDITIONS TO EACH INVESTOR’S OBLIGATIONS TO PURCHASE OR FUND INTO ESCROW, AS APPLICABLE. 
 The obligation of each
Investor to either (i) purchase the Purchased Shares at the Drawdown Closing or (ii) fund its subscription funds into an escrow in connection with a FDIC Bid at the Escrow Funding Date, as applicable, is subject to the satisfaction, at or
before the Drawdown Closing Date or Escrow Funding Date, as applicable, of each of the following conditions, any of which may be waived on behalf of, and such waiver shall be binding on all Investors, by Investors holding a majority of the Common
Stock held by all Investors at such time in their sole discretion by providing the Company with prior written notice thereof (except that any such waiver that would reasonably be expected to adversely alter the rights or obligations of an
Investor(s) in a manner disproportionate to the effect such waiver has on other Investors shall require the consent of such Investor(s) (other than based on the relative ownership interests of such Investor(s)): 

(a) The Holding Company Reorganization shall have been completed and the Company shall be registered as a bank holding company under the
BHC Act. 
 (b) This Agreement and the other Private Placement Documents shall have been duly executed and delivered by the
Company and each other Investor and shall be in full force and effect. 
 (c) The Management Agreements (as defined in the
Stockholders’ Agreement) shall have been executed by the parties thereto and assigned by the Bank to the Company pursuant to the terms thereof and of the Stockholders’ Agreement, and shall be in full force and effect. Each of the parties
to the Management Agreements shall not be in material breach of, and have performed in all material respects all of, the agreements, covenants, obligations and conditions set forth therein that are required to be performed by it thereunder as of the
Drawdown Closing Date or Escrow Funding Date, as applicable. 
 (d) All approvals, consents or non-objections of Governmental
Entities required to have been obtained in connection with the execution, delivery or performance of this Agreement and the Private Placement Documents shall have been obtained and be in full force and effect, in each case without the imposition of
a specific condition, limitation, restriction or requirement as described in Section 4(a) and Section 4(e)(iii). 

(e) All approvals, consents or non-objections of Governmental Entities required to have been obtained at or prior to the Drawdown Closing
Date and the consummation of the Subsequent Drawdown and the transactions contemplated thereby and hereby shall have been obtained and be in full force and effect, in each case without the imposition of a specific condition, limitation, restriction
or requirement as described in Section 4(a) and Section 4(e)(iii). 

  
 28 

 (f) The representations and warranties of the Company (i) contained in
Section 3(a), Section 3(b), Section 3(c), Section 3(d), Section 3(i), Section 3(y) and Section 3(cc) shall be true and correct in all respects at and as of the Drawdown Closing Date or Escrow Funding Date, as
applicable, as though made at and as of the Drawdown Closing Date or Escrow Funding Date, as applicable (except for such representations and warranties that expressly speak as of an earlier date, which representations and warranties shall be true as
of such specified date), and (ii) contained in all other subsections of Section 3 hereof shall, without giving effect to any materiality or Material Adverse Effect qualifications therein, be true and correct at and as of the Drawdown
Closing Date or Escrow Funding Date, as applicable, as though made at and as of the Drawdown Closing Date or Escrow Funding Date, as applicable (except for such representations and warranties that expressly speak as of an earlier date, which
representations and warranties shall be true as of such specified date), except for such failures to be true and correct as, individually or in the aggregate, would not be material and do not constitute a Material Adverse Effect; and the Company
shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Drawdown Closing Date or
Escrow Funding Date, as applicable, and each Investor shall have received a certificate executed by the Chief Executive Officer or Chief Administrative Officer of the Company, dated as of the Drawdown Closing Date or Escrow Funding Date, as
applicable, certifying to the foregoing. 
 (g) The representations and warranties of each other Investor (i) contained in
Section 2(a), Section 2(b), Section 2(h) and Section 2(j) hereof shall be true and correct in all respects at and as of the Drawdown Closing Date or Escrow Funding Date, as applicable, as though made at and as of the Drawdown
Closing Date or Escrow Funding Date, as applicable (except for such representations and warranties that expressly speak as of an earlier date, which representations and warranties shall be true as of such specified date), and (ii) those
contained in all other subsections of Section 2 hereof shall, without giving effect to any materiality or material adverse effect qualifications therein, be true and correct at and as of the Drawdown Closing Date or Escrow Funding Date, as
applicable, as though made at and as of the Drawdown Closing Date or Escrow Funding Date, as applicable (except for such representations and warranties that expressly speak as of an earlier date, which representations and warranties shall be true as
of such specified date), except for such failures to be true and correct as would not materially adversely affect an Investor’s ability to perform its obligations under this Agreement or any Private Placement Document or consummate the
transactions contemplated hereby on a timely basis. 
 (h) Each other Investor shall have performed in all material respects all
of the agreements, covenants, obligations and conditions set forth herein and the Private Placement Documents that are required to be performed by it hereunder and thereunder as of or prior to the Effective Date, the Drawdown Closing Date or the
Escrow Funding Date, as applicable. 
 (i) No Material Adverse Effect shall have occurred since the date of this Agreement.

 (j) The Investors shall have delivered their respective Purchase Price to the Company. 

  
 29 

 (k) Each Investor, to the extent applicable, shall have received all approvals, consents or
non-objections of Governmental Entities required prior to the Drawdown Closing Date or Escrow Funding Date, as applicable, for the transactions contemplated by this Agreement, and such approvals, consents and non-objections shall be in full force
and effect, in each case without the imposition of a specific condition, limitation, restriction or requirement as described in Section 4(a) and Section 4(e)(iii). 
 (l) The Company shall have obtained any third party consents and approvals, if any, necessary for the completion of the transactions contemplated by this Agreement and the Subscription Agreements, and
such consents and approvals shall be in full force and effect. 
 (m) The Company shall have delivered or caused to have been
delivered to each Investor the number of Purchased Shares to be purchased by each Investor as indicated in the Drawdown Notice registered in the name of the Investor. 
 (n) No provisions of any applicable law or regulation and no judgment, injunction, order or decree of any Governmental Entity shall prohibit the Drawdown Closing or any of the transactions contemplated by
this Agreement to be executed at the Drawdown Closing or Escrow Funding Date, as applicable, and no lawsuit or formal administrative proceeding shall have been commenced against the Company or any of its Subsidiaries by any Governmental Entity
seeking to effect any of the foregoing. 
 (o) The Company shall have delivered to each Investor a certificate, executed by the
Secretary of the Company and dated as of the Drawdown Closing Date or Escrow Funding Date, as applicable, as to (i) the adoption of resolutions by the Board of Directors that is consistent with Section 3(b) of this Agreement and
(ii) the effectiveness of the Articles of Incorporation and Bylaws, each as of the Effective Date and immediately prior to the Drawdown Closing Date or Escrow Funding Date, as applicable, which shall certify that the rights of the Investors
provided under the Stockholders’ Agreement (including, but not limited to, certain preemptive rights) are in full force and effect in accordance with the terms thereof. 
 (p) The Company shall have delivered to each Investor such other documents relating to the purchase and sale of the Purchased Shares contemplated by this Agreement as the Investor or its counsel may
reasonably request. 
 (q) Each Investor shall have determined in its reasonable judgment that the purchase of the Purchased
Shares in the Subsequent Drawdown shall not (i) cause the Investor or any of its Affiliates to violate any bank regulation, (ii) cause the Investor or any of its Affiliates to be deemed in control of the Company for purposes of the BHC Act
or the cross-guaranty liability provisions of the Federal Deposit Insurance Act or otherwise being regulated as a bank holding company within the meaning of the BHC Act, or (iii) cause the Investor, together with any other person whose Company
securities would be aggregated with such Investor’s Company securities for purposes of any bank regulation or law, to collectively be deemed to own, control or have the power to vote securities which (assuming, for this purpose only, full
conversion and/or exercise of such securities by the Investor) would represent more than its Maximum Committed Percentage or Maximum Voting Percentage at such time. 

  
 30 

 (r) The Investor Designees (as defined in the Stockholders’ Agreement) shall have
received all required approvals, consents or non-objections of the Governmental Entities to be a director of the Company and shall have been appointed to the Board of Directors and any other applicable committee thereof (including the Executive
Committee) effective as of the Effective Date. 
 (s) The Articles of Incorporation, the Bylaws, the Stockholders’
Agreement and the Registration Rights Agreement of the Company shall have been approved in a form reasonably satisfactory to the Company and each Investor and shall be in full force and effect. 

(t) Each Investor shall have each duly executed a fully completed Accredited Investor Questionnaire in the forms attached as Exhibit
A. 
 7. TRANSFER AGENT INSTRUCTIONS. 
 (a) Each Investor hereby represents, warrants and covenants that such Investor: 

(i) agrees to the imprinting on certificates for Purchased Shares, or the coding of Purchased Shares held in book entry form with the
Company’s transfer agent, so long as is required by this Section 7, of the following legends on the Purchased Shares purchased pursuant to this Agreement, in substantially the following form: 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER FEDERAL OR STATE SECURITIES LAWS IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF FEDERAL AND STATE SECURITIES LAWS (INCLUDING THE REGULATIONS OF THE OFFICE OF THE COMPTROLLER OF THE CURRENCY) AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
FEDERAL SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS UNDER FEDERAL SECURITIES LAWS AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 
 THESE SECURITIES ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN THE STOCKHOLDERS’ AGREEMENT DATED AS OF SEPTEMBER 19, 2012, AS AMENDED FROM TIME TO TIME, COPIES OF WHICH MAY
BE OBTAINED UPON REQUEST FROM THE COMPANY OR ANY SUCCESSOR THERETO, AND THESE SECURITIES MAY NOT BE VOTED OR OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. 

(ii) acknowledges that the certificates for Purchased Shares or book entry position evidencing the Purchased Shares purchased pursuant to
this Agreement shall not 

  
 31 

 
contain the legend set forth in this Section 7: (A) while a registration statement covering the resale of such security is effective under the 1933 Act, (B) following any sale of
such securities pursuant to an exemption under the 1933 Act which permits the removal of the legend (i.e., Rule 144), or (C) when the Purchased Shares 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(c)(1) (or Rule 144(i)(2), if applicable) as to such securities and without volume or manner-of-sale restrictions; and 

(iii) agrees that the removal of the legend from the certificates for Purchased Shares or book entry position evidencing the Purchased
Shares purchased pursuant to this Agreement as set forth in this Section 7 is predicated upon the Company’s reliance that such Investor will sell any Purchased Shares purchased in the Private Placement pursuant to either the registration
requirements set forth in the 1933 Act regulations, including any applicable prospectus delivery requirements, or an exemption therefrom. 
 (b) If required by the Company’s transfer agent, each Investor may cause its counsel to issue a legal opinion to the Company’s transfer agent to effect the removal of the legend set forth in
this Section 7. The Company agrees that at such time as such legend is no longer required under this Section 7, it will, as soon as possible, but in any event within three (3) business days, following the delivery by an Investor to
the Company, or its transfer agent, of a certificate or other instrument representing securities issued with a restrictive legend, together with any required legal opinion, deliver or cause to be delivered to such Investor a certificate or
instrument (as the case may be) representing such securities that is free from such first restrictive legend. 
 8. TERMINATION.
Notwithstanding the foregoing, this Agreement shall terminate automatically and immediately and be of no further force or effect upon the earliest to occur of the following: 
 (a) termination of the Stockholders’ Agreement; 
 (b) April 29, 2014
(which is thirty-six (36) months from the closing of the Initial Drawdown (as defined in the Bank Investment Agreement)); and 
 (c) the completion of the last Drawdown Closing at which each Investor shall have reached its respective Maximum Dollar Investment. 
 9. MISCELLANEOUS. 
 (a) Binding Effect; Benefit. 

This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors, legal
representatives and permitted assigns. Any Investor that ceases to own beneficially any Company capital stock shall cease to be bound by the terms hereof (other than Section 9(a), Section 9(b), Section 9(f), Section 9(j),
Section 9(n), Section 9(o) and Section 9(q)). 

  
 32 

 (b) Governing Law; Jurisdiction. 

All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than
the State of New York. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 (c) Counterparts. 
 This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party; provided that a facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original, not a facsimile
signature. 
 (d) Headings. 
 The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. 

(e) Severability. 
 If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this
Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. 

(f) Entire Agreement; Amendments. 
 (i) This Agreement and the other Private Placement Documents, together with the appendices, schedules and exhibits hereto and thereto, supersede all other prior oral or written agreements between the
Investors, the Company, their Affiliates and Persons acting on their behalf with respect to the matters discussed herein, and this Agreement, the other Private Placement Documents and the instruments referenced herein and therein contain the entire
understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Investors makes any representation, warranty, covenant or undertaking with
respect to such matters. 
 (ii) No amendment to this Agreement may limit the right of an Investor to waive any provision which
it has the right to waive, and no provision of this Agreement may be amended other than by an instrument in writing signed by the Company and the Investors. No provision of this Agreement may be waived other than by an instrument in writing signed
by the party against whom enforcement is sought; provided, however, that no modification, amendment or waiver may cause an Investor (together with its Affiliates) to be deemed to “control” the Company or any of its subsidiaries for
purposes of the BHC Act, by reason of the purchase of the Purchased Shares or the consummation of the other transactions contemplated by this Agreement or the Private Placement Documents. 

  
 33 

 (g) Notices. 
 Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing, which, unless otherwise provided for in this Agreement,
includes an e-mail, and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or one (1) business day after deposit with an overnight courier service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

  

			
	If to the Company:
	
	TGR Financial, Inc.
	3560 Kraft Road
	Naples, Florida 34105
	Telephone:	  	(239) 325-3700
	Facsimile:	  	(239) 325-3777
	Email:	  	garytice@fnbofgc.com
	Attention:	  	Gary L. Tice
		  	Chairman and Chief Executive Officer
	
	with copies (for informational purposes only) to:
	
	Nelson Mullins Riley & Scarborough LLP
	 Atlantic Station

201 17th Street, Suite 1700
 Atlanta, Georgia 30363

	Telephone:	  	(404) 322-6218
	Facsimile:	  	(404) 817-6041
	Email:	  	brennan.ryan@nelsonmullins.com
	Attention:	  	J. Brennan Ryan, Esq.
		
	and	  	
	
	 Smith, Gambrell & Russell, LLP
 Promenade II, Suite 3100
 1230 Peachtree Street NE

	Atlanta, Georgia 30309
	Telephone:	  	(404) 815-3758
	Facsimile:	  	(404) 685-7058
	Email:	  	rschwartz@sgrlaw.com
	Attention:	  	Robert C. Schwartz, Esq.

  
 34 

 If to an Investor, to its address and facsimile number set forth under such Investor’s
name on the signature page hereto, with copies to such Investor’s representative as set forth under such Investor’s name on the signature page hereto, or to such other address and/or facsimile number and/or to the attention of such other
Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or
other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission, or (C) provided by an
overnight courier service, shall be rebuttable evidence of personal service, receipt by facsimile or e-mail or receipt from an overnight courier service in accordance with clause (A), (B) or (C) above, respectively. 

(h) Successors and Assigns. 
 This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. The Company shall not assign this Agreement or any rights or obligations
hereunder. An Investor may assign some or all of its rights hereunder to its Affiliates or Persons that share a common discretionary investment adviser with the Investor without the consent of the Company if in compliance with this Agreement and
applicable law, in which event such assignee shall be deemed to be an Investor hereunder with respect to such assigned rights and shall be bound by the terms and conditions of this Agreement that apply to an “Investor.” 

(i) No Third Party Beneficiaries. 
 Except as expressly set forth herein, this Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any
provision of this Agreement be enforced by, any other Person. 
 (j) Survival. 

Each of the representations and warranties set forth in this Agreement shall survive the applicable Drawdown Closing Date or Escrow
Funding Date, as applicable, under this Agreement but only for a period of thirty-six (36) months following the applicable Drawdown Closing Date or Escrow Funding Date, as applicable, (or until final resolution of any claim or action arising
from the breach of any such representation and warranty, if notice of such breach was provided prior to the end of such period) and thereafter shall expire and have no further force and effect; provided that the representations and warranties in
Section 3(a), Section 3(b), Section 3(c), Section 3(d) and Section 3(f) shall survive indefinitely and the representations and warranties in Section 3(v) and Section 3(x) shall survive until ninety (90) days
after the expiration of the applicable statutory periods of limitations. Except as otherwise provided herein, all covenants and agreements contained herein shall survive for the duration of any statutes of limitations applicable thereto or until, by
their respective terms, they are no longer operative. 

  
 35 

 (k) Further Assurances. 

Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated by the
Private Placement Documents. 
 (l) No Strict Construction. 

The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules
of strict construction will be applied against any party. 
 (m) Payment Set Aside. 

To the extent that the Company makes a payment or payments to an Investor hereunder or pursuant to the other Private Placement Documents
or an Investor enforces or exercises its rights hereunder or thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set
aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal law,
common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or
such enforcement or setoff had not occurred. 
 (n) Publicity. 

Subject to each party’s disclosure obligations imposed by law or regulation, 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 specific details of the transactions contemplated by this Agreement (other than disclosure of the Private
Placement and the aggregate size of the Private Placement without reference to any specific Investor), and no party hereto will make any such news release or public disclosure without first consulting with the other party hereto and, in each case,
also receiving the other party’s consent (which shall not be unreasonably withheld or delayed) and each party shall coordinate with the party whose consent is required with respect to any such news release or public disclosure. Except as may be
required by applicable law, the Company will not, and will cause each of its Affiliates and representatives (including the Placement Agents) not to, issue any press release or public statement that identifies the Investors or any investment advisor
to an Investor, or otherwise make any public statement with respect to any Investor or any investment advisor to an Investor hereby without the prior written consent of such Investor. Any such press release or public statement required by applicable
law shall only be made by the Company after reasonable notice and opportunity for review by the Key Investors. 
 (o)
Indemnification. 
 (i) Indemnification of Investor. Subject to any and all applicable federal and state laws and
regulations, including 12 U.S.C. 1828(k) and the regulations thereunder, the 

  
 36 

 
Company will indemnify and hold each Investor and its directors, officers, stockholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Investor (within the meaning of Section 15 of the 1933 Act and Section 20 of the 1934 Act), and the directors, officers,
stockholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling person (each, a
“Investor Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable
attorneys’ fees and costs of investigation that any such Investor Party may suffer or incur as a result of (i) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the
other Private Placement Documents or (ii) any action instituted against an Investor Party in its capacity, or any of them or their respective Affiliates, as a Stockholder of the Company with respect to any of the transactions contemplated by
this Agreement and the ownership of the Common Stock and Preferred Stock. The Company will not be liable to any Investor Party under this Agreement to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any
Investor Party’s breach of any of the representations, warranties, covenants or agreements made by such Investor Party in this Agreement or in the other Private Placement Documents; provided that such limitation shall not be deemed to apply
absent a judgment of a court of competent jurisdiction to such effect. The rights of any Investor Party to indemnification hereunder will be in addition to any other rights any such party may have under any other agreement or instrument referenced
above or any other agreement or instrument to which such Investor Party is or becomes a party or is or otherwise becomes a beneficiary of under applicable law. 
 (ii) Conduct of Indemnification Proceedings. Promptly after receipt by any Person (the “Indemnified Person”) of notice of any demand, claim or circumstances which would or
might give rise to a claim or the commencement of any action, proceeding or investigation in respect of which indemnity may be sought pursuant to this Section 9(o), such Indemnified Person shall promptly notify the Company in writing and the
Company shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Person, and shall assume the payment of all fees and expenses; provided, however, that the failure of any Indemnified Person so
to notify the Company shall not relieve the Company of its obligations hereunder except to the extent that the Company is actually and materially and adversely prejudiced by such failure to notify. In any such proceeding, any Indemnified Person
shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention of such
counsel; or (ii) the Company shall have failed promptly to assume the defense of such proceeding and to employ counsel reasonably satisfactory to such Indemnified Person in such proceeding. The Company shall not be liable for any settlement of
any proceeding effected without its written consent. Without the prior written consent of the Indemnified Person, which consent shall not be unreasonably withheld, delayed or conditioned, the Company shall not effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified
Person from all liability arising out of such proceeding. 

  
 37 

 (iii) The Company acknowledges that the Investor Designees (as defined in the
Stockholders’ Agreement) and Investor Parties may have certain rights to indemnification, advancement of expenses and/or insurance provided by the Investors, as applicable, and/or certain of their respective Affiliates (collectively, the
“Investor Indemnitors”). The Company hereby agrees (A) that it is the indemnitor of first resort (i.e., its obligations to Investor Designees and Investor Parties are primary and any obligation of the Investor
Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by the Investor Designees or the Investor Party are secondary), and (B) that it shall be required to advance the full amount of expenses
incurred by the Investor Designee or Investor Party, as applicable, and shall be liable for the full amount of all expenses and liabilities to the extent legally permitted and as required by the terms of this Agreement and the Articles of
Incorporation and Bylaws of the Company (and any other agreement regarding indemnification between the Company and the Investor Designee or the Investor Party, as the case may be), without regard to any rights an Investor Designee or Investor Party
may have against the Investor Indemnitor. The Company further agrees that no advancement or payment by the Investor Indemnitor on behalf of an Investor Designee or Investor Party with respect to any claim for which the Investor Designee or Investor
Party has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of the
Investor Designee or Investor Party against the Company. The Company and each Investor Designee and Investor Party agree that the Investor Indemnitors are express third party beneficiaries of the terms of this Section 9(o). 

(p) MFN Provision. 
 If the Company, in connection with the Private Placement, enters into an agreement that contains terms more favorable to any investor than the terms provided to the Key Investors under this Agreement or
any Private Placement Document, then at the election of each Key Investor, the Company will modify or revise the terms of this Agreement or any Private Placement Document as it relates to such Key Investor in order for the transactions contemplated
hereby to reflect any more favorable terms provided to any other investor in connection with the Private Placement. 
 (q)
Recapitalizations, Exchanges, Etc., Affecting Shares. 
 The provisions of this Agreement shall apply, to the full extent
set forth herein with respect to the Purchased Shares, and to any and all shares of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange
for, or in substitution of the Shares, by reason of any stock dividend, stock split, stock issuance, reverse stock split, combination, recapitalization, reclassification, merger, consolidation or otherwise. Upon the occurrence of any of such events,
amounts hereunder shall be appropriately adjusted. 
 (r) No Recourse. 

This Agreement affects the Investors only in their capacities as Stockholders. Notwithstanding anything that may be expressed or implied
in this Agreement, the Company and 

  
 38 

 
each Investor covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or
future, director, officer, employee, general or limited partner or member of any Investor or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute,
regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future, officer, agent or employee of any Investor or any
current or future member of any Investor or any current or future director, officer, employee, partner or member of any Investor or of any Affiliate or assignee thereof, as such for any obligation of any Investor under this Agreement or any
documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. With respect to the Company, no recourse shall be had to any of the Stockholders of the
Company or the Stockholders of any of its Affiliates (in each case in their capacity as Stockholders). 
 [Signatures
appear on the following pages.] 

  
 39 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above. 
  

			
	TGR FINANCIAL, INC.
		
	By:	 	 /s/ Gary L. Tice

	Name:	 	Gary L. Tice
	Title:	 	Chairman and Chief Executive Officer

 [Remainder of page intentionally left blank.] 

[Signature pages for the Investors appear on the following pages.] 

Company Signature Page to Investment Agreement 

 
	
	NAME OF INVESTOR:
	
	By:                             
                                         
           
	
	       Name:                      
                                         
       
	
	       Title:                     
                                         
          
	
	       Address:
                                         
                       
	
	       Contact Name:
                                         
             
	
	       Telephone:
                                         
                   
	
	       Facsimile:
                                         
                     
	
	       E-mail:
                                         
                          
	
	       Maximum Committed Percentage:
                    
	
	       Maximum Voting Percentage:
                           
	
	       Maximum Dollar Investment:
                            
	
	       Tax ID No. (for entities):
                                    
	
	       Social Security Number
	       (for natural persons):
                                         
 

  

	
	Information about Investor Representative:
	
	 Name:
                                         
                                

	
	
Title:                       
                                         
            

	
	
Address:                      
                                         
      

	
	 Telephone:
                                         
                       

	
	 Facsimile:
                                         
                          

	
	
E-mail:                       
                                         
          

 Investor Signature Page to Investment Agreement 

 EXHIBITS 
 EXHIBIT A     ACCREDITED INVESTOR QUESTIONNAIRE 

 EXHIBIT A 
 TGR FINANCIAL, INC.  
 ACCREDITED INVESTOR QUESTIONNAIRE

 Note to Investor: 
 For Corporations, Partnerships, Trusts, Foundations, Joint Investors (other than married couples) and Other Entities, please provide the information requested by Exhibit A-1. 

For Individuals (including married couples), please provide the information requested by Exhibit A-2. 

Capitalized terms not defined herein have the meaning ascribed to them in the Investment Agreement 

  
 A-1

 EXHIBIT A-1 
 Accredited Investor Questionnaire for 
 Corporations, Partnerships,
Trusts, Foundations, 
 Joint Investors (other than married couples) and Other Entities 

If the undersigned is a corporation, partnership, trust, pension plan, foundation, joint Investor (other than a married couple) or other
entity, an authorized officer, partner, or trustee must complete, date and sign this Certificate. 
 CERTIFICATE 

The undersigned certifies that the representations and responses below are true and accurate: 

(a) The undersigned has been duly formed and is validly existing and has full power and authority to invest in the Company. The person
signing on behalf of the undersigned has the authority to execute and deliver the Investment Agreement on behalf of the undersigned and to take other actions with respect thereto. 

(b) Indicate the form of entity of the undersigned: 
  

			
	    	  	Limited Partnership
		
	    	  	General Partnership
		
	    	  	Corporation
		
	    	  	Revocable Trust (identify each grantor and indicate under what circumstances the trust is revocable by the grantor):
		
		  	  

		
		  	  

		
		  	  

		
		  	(Continue on a separate piece of paper, if necessary.)
		
	    	  	Other Type of Trust (indicate type of trust and, for trusts other than pension trusts, name the grantors and beneficiaries):
		
		  	  

		
		  	(Continue on a separate piece of paper, if necessary.)
		
	    	  	Other form of organization (indicate form of organization):
		
		  	  

 (c) Indicate the approximate date the undersigned entity was formed:
                     

  
 A-1-1

 (d) In order for the Company to offer and sell the Purchased Shares in conformance with
state and federal securities laws and regulations, the following information must be obtained regarding your investor status. Please initial each category applicable to you as an Investor of the Purchased Shares of the Company. 

 

					
	    	 	(1)	  	A bank as defined in Section 3(a)(2) of the 1933 Act, or any savings and loan association or other institution pursuant to Section 3(a)(5)(A) of the 1933 Act whether
acting in its individual or fiduciary capacity;
			
	    	 	(2)	  	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934;
			
	    	 	(3)	  	An insurance company as defined in Section 2(13) of the 1933 Act;
			
	    	 	(4)	  	An investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that act;
			
	    	 	(5)	  	A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of
1958;
			
	    	 	(6)	  	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its
employees, if such plan has total assets in excess of $5,000,000;
			
	    	 	(7)	  	An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in
Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with
investment decisions made solely by persons that are accredited investors;
			
	    	 	(8)	  	A business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;
			
	    	 	(9)	  	An organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation, Massachusetts or similar business trust, or partnership, not formed for the specific
purpose of acquiring the Purchased Shares, with total assets in excess of $5,000,000;
			
	    	 	(10)	  	A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Purchased Shares, whose purchase is directed by a sophisticated person who
has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of investing in the Company;

  
 A-1-2

					
	    	 	(11)	  	A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his or her purchase exceeds $1,000,000 (excluding in such calculation
the value of your primary residence and the related amount of indebtedness secured by your primary residence up to its fair market value and including in such calculation, if applicable, the related amount of indebtedness secured by your primary
residence that exceeds its fair market value);
			
	    	 	(12)	  	A natural person who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with that person’s spouse in excess of $300,000, in
each of those years, and has a reasonable expectation of reaching the same income level in the current year;
			
	    	 	(13)	  	An entity (including a corporation, a partnership, an unincorporated association or other similar entity) in which all of the equity owners qualify under any of the above
subparagraphs. An entity may be newly formed for the purpose of purchasing the Purchased Shares. If the undersigned belongs to this investor category only, list the equity owners of the undersigned, and the investor category which each such equity
owner satisfies:
			
		 		  	  

			
		 		  	  

			
		 		  	  

			
		 		  	(Continue on a separate piece of paper, if necessary.)

 Dated:              , 2012 

 

			
	Name of Investor:
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 An Authorized Officer, Partner or Trustee 

  
 A-1-3

 Accredited Investor Questionnaire 

for 

Individuals (including married couples) 
 If the undersigned is an Individual (or married couple), the undersigned must complete, date and sign this Certificate. 
 CERTIFICATE 
 I certify that the representations and responses below are
true and accurate: 
 (a) In order for the Company to offer and sell the Purchased Shares in conformance with state and federal
securities laws, the following information must be obtained regarding your investor status. Please initial each category applicable to you as an Investor of the Purchased Shares of the Company. 

 

					
	    	 	(1)	  	A natural person whose net worth, either individually or jointly with such person’s spouse, at the time of the purchase, exceeds $1,000,000. In calculating your net worth,
please take the following into account: (A) If the fair market value of your primary residence is less than the amount of indebtedness secured by your primary residence (including first and second mortgage, equity lines, etc.) then
include in such calculation as a liability the amount by which the indebtedness on your primary residence exceeds its fair market value. (B) If the fair market value of your primary residence exceeds the amount of
indebtedness secured by your primary residence (including first and second mortgage, equity lines, etc.), then exclude from such calculation the value of your primary residence and the amount of indebtedness secured by your primary
residence. (C) Notwithstanding the foregoing, if you have increased the amount of indebtedness on your primary residence in the last 60 days before the date you submit this questionnaire, then include as a liability in such
calculation the amount by which such indebtedness has increased in the last 60 days. For example, if you have drawn on a home equity line during the last 60 days, include the amount of that incremental debt as a liability in calculating
your net worth. Similarly, if you have refinanced your mortgage during the last 60 days with a mortgage loan that has a higher amount, you must include as a liability the amount, if any, that the new mortgage loan exceeds the old mortgage
loan. If you purchased your primary residence in the last 60 days, however, do not include as a liability in such calculation the amount, if any, by which the amount of the mortgage loan on your new primary residence exceeds the amount
of the mortgage loan on your old primary residence;
			
	    	 	(2)	  	A natural person who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with that person’s spouse in excess of $300,000, in
each of those years, and has a reasonable expectation of reaching the same income level in the current year;
			
	    	 	(3)	  	An executive officer or director of the Company.

  
 A-1-1

 (b) Set forth in the space provided below the state(s), if any, in the U.S. in which you
maintained your residence during the past two years and the dates during which you resided in each state: 
  

 

					
		 	  
	  	
			
		 	  
	  	
			
		 	Dated:              , 2012	  	
			
		 	Name(s) of Investor:	  	
			
		 	Signature:	  	
			
		 	Signature:                            
                                         
                                         
                                         
             	  	
		 	(If joint ownership, both individuals must execute this Certificate.)

  
 A-1-2

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