Document:

Exhibit 4.1

 

SHAREHOLDERS’ AGREEMENT

 

THIS SHAREHOLDERS’
AGREEMENT (this “Agreement”) dated as of June 3, 2010, and effective upon the Effective Date (as defined below),
is entered into by and among HCBF Holding Company, Inc., a Florida corporation (the “Company”) and each of
the Persons named in Schedule I hereto (individually, an “Investor” and, collectively, the “Investors”).

 

RECITALS

 

WHEREAS, the
Company proposes to conduct a targeted equity raise of $350 million in connection with its application to the Office of Thrift
Supervision (the “OTS”) to become a savings and loan holding company and to either: (1) fund an acquisition
of an existing depository institution, First Bank and Trust of Indiantown, which will be converted into a federal savings association
(the “Existing Bank”), or (2) obtain pre-clearance from the OTS to organize a de novo savings association
(“New Bank”) in order to assume certain liabilities and purchase certain assets of one or more failing financial
institutions through the resolutions bid process administered by the Federal Deposit Insurance
Corporation (the “FDIC”). New Bank and the Existing Bank are collectively referred to herein as the “Bank”,
and such acquisitions are referred to collectively as the “Potential Transactions” and individually
as a “Potential Transaction”);

 

WHEREAS, in
connection with the Potential Transactions, the Company shall own all of the outstanding shares of common stock of the Bank, and
the Investors will own shares of Voting Common Stock, par value $0.001 per share (the “Voting Common Stock”),
and shares of Non-Voting Common Stock, par value $0.001 per share (the “Non-Voting Common Stock”), of the Company
(shares of Voting Common Stock and Non-Voting Common Stock are collectively referred to as the “Common Shares”)
in accordance with the terms and conditions of those certain Subscription Agreements, dated as of June 3, 2010, executed by the
Company and each of the Investors (each, a “Subscription Agreement”);

 

WHEREAS, at
any time and from time to time following the closing
date of the first Drawdown (the “Closing Date”) pursuant to the
terms and conditions set forth in the Subscription Agreements, the Company may require an Investor to purchase additional Common
Shares as set forth in such Investor’s Subscription Agreement; and

 

WHEREAS, the
Company and each of the Investors desire, for their mutual benefit and protection, to enter into this Agreement to set forth their
respective rights and obligations with respect to the capital stock of the Company (whether Common Shares or preferred stock,
and whether outstanding or issued or acquired hereafter, including all shares of capital stock of the Company issuable upon the
exercise of warrants, options or other rights to acquire shares of capital stock of the Company, or upon the conversion or exchange
of any security) (collectively, the “Shares”).

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual warranties, representations, covenants and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

 

ARTICLE I DEFINITIONS

 

1.1         Certain
Definitions. For purposes of this Agreement, the following terms shall have the following
meanings (except where otherwise defined in this Agreement):

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, including any Person that is an

 

     

     

    

 

Affiliate as defined in
HOLA (as defined below), 12 C.F.R. § 574.2(d) or 12 C.F.R. § 225.2(a); provided that no Investor shall be deemed
an Affiliate of the Company or any of its subsidiaries for purposes of this Agreement; and provided further
that no Investor shall be deemed an Affiliate of any other Investor solely as a result of its ownership of interests in the Company
for purposes of this Agreement.

 

“Business
Day” means any day except Saturday, Sunday or a day on which banking institutions in New York, New York,
generally are authorized or required by law or other governmental action to close.

 

“Confidential
Material” means any information concerning the Company and/or any Person that is or becomes a subsidiary of the
Company or the financial condition, business, operations or prospects of the Company or any such Person (including notice of the
Company’s intention to file a Registration Statement) in the possession of or furnished to any Investor (including by virtue
of its affiliation with any director of the Company), including any reports, analyses, forecasts, compilations, memoranda, notes,
studies and any other written or electronic materials that reflect or are based on such information; provided that the term
Confidential Material does not include information that (i) is or becomes generally available to the public other than as a result
of a disclosure by the Investor or its partners, shareholders, members, directors, officers, employees, Affiliates, appraisers,
valuation firms, actuaries, accountants, consultants, subcontractors, experts, agents, attorneys, financial advisers or representatives
in violation of a confidentiality obligation to the Company including pursuant to Section 5.7(d) of this Agreement, (ii) is or
has been independently developed by the Investor without use of the Company’s confidential information, (iii) is or was available
to such Investor on a non-confidential basis prior to its disclosure to such Investor or its Representatives (as defined below)
by the Company, (iv) was or becomes available to such Investor on a non-confidential basis from a source other than the Company,
which source is or was (at the time of receipt of the relevant information) not, to the best of such Investor’s knowledge,
bound by a confidentiality agreement with (or other confidentiality obligation to) the Company or another Person.

 

“control”
(including, with correlative meanings, the terms “controlling,” “controlled by,” and
“under common control with”), as used with respect to any Person, shall
mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such
Person, whether through the ownership of voting securities or by contract or otherwise.

 

“Drawdown”
has the meaning specified in the Subscription Agreement.

 

“Effective Date”
means the date of the consummation of the initial Drawdown.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, or any successor or replacement federal statute, and the rules and regulations
of the SEC thereunder, all as the same shall be in effect from time to time.

 

“HOLA”
means the Home Owners’ Loan Act of 1933, as amended, or any successor or replacement federal statute, and the rules and regulations
of the OTS thereunder, all as the same shall be in effect from time to time.

 

“Investor’s
Percentage” has the meaning specified in the Subscription Agreement.

 

“Person”
means an individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company,
trust, unincorporated organization, other entity or government or other agency or political subdivision thereof.

 

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“Public Offering
Event” means the first underwritten registered public offering of Shares pursuant to a Registration Statement.

 

“Qualified Public
Offering” means a best efforts commitment underwritten public offering of shares of common stock of the Company for cash
pursuant to a Registration Statement or Registration Statements (i) pursuant to which at least fifteen percent (15%) of the Shares
outstanding immediately following such offering are distributed to the public and there is established a listing on a national
securities exchange for the Shares, and (ii) with aggregate gross proceeds of at least $75,000,000.

 

“Registration
Statement” means a registration statement filed by the Company with the SEC in compliance with the Securities Act for
a public offering and sale of Shares or other securities of the Company (other than a registration statement on Form S-4 or Form
S-8 (or any similar successor form)) or in connection with (i) a management equity plan or stock option plan or any other management
or employee benefit plan or other equity compensation agreement of the Company or securities issued or issuable pursuant to any
such plan, or (ii) a dividend reinvestment plan.

 

“register,”
“registered,” and “Registration” refer to a registration effected by preparing and filing
a Registration Statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such Registration Statement or document by the SEC.

 

“Regulatory
Agency” means any agency that regulates the Company or the Bank, including, but not limited to, the FDIC and the
OTS.

 

“Representatives”
means the subsidiaries and affiliates (as such terms are defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended),
of such party and the directors, officers, partners, employees, representatives, advisors and agents (including, without limitation,
attorneys, consultants and financial advisors) of such party and such party’s subsidiaries and affiliates.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor or replacement federal statute, and the rules and
regulations of the SEC thereunder, all as the same shall be in effect from time to time.

 

“SISA Investor”
has the meaning specified in the Subscription Agreement.

 

ARTICLE II TRANSFER RIGHTS

 

2.1         General
Restrictions on Transfer. Each Investor agrees that, except for any Transfer pursuant to Section 2.2 or Section 2.5 made in
accordance with this Article II, such Investor shall not, directly or indirectly, sell, hypothecate, give, bequeath, transfer,
assign, pledge or in any other way whatsoever encumber or dispose of (whether for or without consideration, whether voluntarily
or involuntarily or by operation of law) (any such event, a “Transfer”) any Shares now or hereafter at any time
owned by such Investor (or any interest therein) to another Person (any such Person, a “Transferee”) or agree
to do any of the foregoing.

 

2.2         Permitted
Transfers. Notwithstanding Section 2.1, Investors shall be permitted to Transfer Shares (a) to a Permitted Transferee (as defined
below); (b) pursuant to an effective Registration Statement filed with the SEC including any transfers in connection with any exercise
of registration rights pursuant to Article III hereof; (c) pursuant to and in accordance with Rule 144 promulgated under the

 

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Securities Act (“Rule
144”), provided that there is an established public market for the Shares and the Company
is timely filing periodic reports with the SEC; (d) pursuant to the consummation of a Public Offering
Event; (e) pursuant to a merger, reorganization, consolidation, exchange or other business combination transaction that
has received the approval of the Board of Directors of the Company (the “Board”); (f) pursuant to the written
direction or order of any Regulatory Agency; (g) to the Company or its designee in the event of a default pursuant to Section
2(b) of an Investor’s Subscription Agreement; (h) by way of a pledge or encumbrance of, or grant of a security interest
in, all or any portion of the Shares, provided that the Investor shall, not less than fifteen (15) days before pledging,
encumbering or granting a security interest in any Shares, provide notice to the Company of the proposed pledge, encumbrance or
other security interest (substantially in the form of Exhibit A hereto), and not less than three (3) days before the pledge,
encumbrance or grant of a security interest will furnish to the Company the pledgee’s or secured party’s agreement
(substantially in the form of Exhibit B) that any sale or other disposition of the Shares will be subject to all of the
restrictions in, and conditions of, this Agreement; (i) following compliance with the terms of Section 2.5; or (j) pursuant to
any restructuring contemplated by Section 2(c) of the Subscription Agreements (each of (a)-(j), a “Permitted Transfer”);
provided, however, that in the event the Company or the Bank purchases the assets and assumes the liabilities of
a failing financial institution from the FDIC, no Investor shall be permitted to Transfer any Shares in violation of the terms
of the Final Statement of Policy on Qualification for Failed Bank Acquisitions issued by the Federal Deposit Insurance Corporation
on August 26, 2009 (the “FDIC Policy Statement”). A “Permitted Transferee”
of an Investor means (A) any Affiliate of such Investor, and (B) if such Investor is a natural person, (1) the guardian,
conservator, heir or estate of such Investor, and (2) the spouse of such Investor, any direct or adopted lineal descendant or
ancestor of such Investor or any brother, sister, nephew or niece related by blood or adoption to such Investor or any trust or
family partnership solely for the benefit of any or all of the foregoing persons in this clause (2).

 

2.3         Compliance with Securities Laws. In addition to any other restrictions provided herein, no Investor shall Transfer any
Shares, and the Company shall not transfer on its books any Shares, unless the Transfer is either (a) pursuant to an effective
Registration Statement under the Securities Act and is in compliance with any applicable state securities or Blue Sky laws, or
(b) pursuant to an exemption from registration under the Securities Act and, if reasonably requested by the Company, such Investor
shall furnish the Company with an opinion of counsel, which opinion of counsel shall be reasonably satisfactory to the Company,
to the effect that no such registration is required because of the availability of such exemption; provided, however,
that no opinions of counsel shall be required from the transferor in connection with any Involuntary Transfer (as defined in Section
2.9).

 

2.4         Agreement
to Be Bound. Except sales (a) pursuant to an effective Registration Statement filed with the SEC; (b) following
a Public Offering Event; or (c) under Rule 144, in addition to any other restrictions
provided herein, no Transfer (including, without limitation, by means of an Involuntary Transfer and Transfers pursuant to Section
2.5) of Shares by an Investor shall be effective (and the Company shall not
transfer on its books any Shares) unless the certificates representing such Shares
issued to the Transferee shall bear the legend provided in Section 7.6, and the Transferee shall have executed and delivered to
the Company, as a condition precedent to such Transfer, an instrument or instruments in form and substance reasonably satisfactory
to the Company confirming that the Transferee agrees to be bound by the terms of this Agreement and accepts the rights and obligations
set forth hereunder as if it were the transferor of the relevant Shares.

 

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2.5         Right
of First Refusal and Tag-Along Right. Each Investor that is not a SISA Investor shall not Transfer any Shares pursuant to this
Section 2.5 prior to June 30, 2014. After June 30, 2014, such Investors shall be permitted to Transfer Shares pursuant to this
Section 2.5.

 

(a)          Proposed Transfer of
Shares. Prior to any proposed Transfer (other than a Permitted Transfer) of Shares, an Investor that desires to Transfer
any Shares (referred to for the purposes of this Section 2.5 as the “Transferring Investor”) shall deliver
to the other Investors and the Company a notice (the “Transfer Notice”) of
its intention to Transfer such Shares, which Transfer Notice shall be irrevocable for a period of forty-five (45) days after
the delivery thereof and shall state all the material terms and conditions of the proposed transfer, including (i) the total
amount of each class of Shares that such Investor intends to Transfer (the “Transfer Shares”), (ii) the
proposed Transfer price per Transfer Share (the “Transfer Price”) for
each class of Transfer Shares and other terms and conditions of payment, (iii) the proposed transferee (the
“Proposed Transferee”), (iv) the proposed date of Transfer and (v) any other information reasonably
requested by the other Investors or the Company to fully describe and confirm the bona
fide nature of the proposed Transfer. The Transfer Shares shall be Transferred in the following order of priorities,
unless otherwise waived by the applicable parties:

 

(i)          First,
the Company shall have the right, but not the obligation, to purchase all or a portion of the Transfer Shares for the applicable
Transfer Price by giving written notification of the exercise of such right to the Transferring Investor and all other Investors
within ten (10) days of delivery of the Transfer Notice.

 

(ii)         Second,
if the Company elects to purchase less than all of the Transfer Shares, the Investors (other than any Investor that delivers a
Participation Notice pursuant to Section 2.5(e)) shall be entitled to purchase their pro rata share of the Transfer
Shares not acquired by the Company for the applicable Transfer Price by giving written notification (the “Acceptance
Notice”) of the exercise of such right to the Transferring Investor and the Company within fifteen (15) days of delivery
of the Transfer Notice. For the avoidance of doubt, other than the Transfer Price, the other terms and conditions set forth in
the Transfer Notice shall not apply to a Transfer to the Company or an Investor pursuant to this Section 2.5(a). Should one or
more of such Investors elect not to participate, then the Transfer Shares not acquired
by the Company may be purchased by any other such Investor in proportion to each such other Investors’ relative ownership
percentage or such other method of allocation as otherwise agreed to by such other Investors.

 

(iii)        Third,
if the Company and the other Investors combined elect to purchase less than all of the Transfer Shares, then the Company shall
have the right, but not the obligation, for a period of thirty (30) days from the date of the Transfer Notice, to locate a substitute
third party purchaser (a “Substitute Third Party-Purchaser”) to purchase all, but not less than all, of the
unsubscribed Transfer Shares (and any shares included pursuant to Section 2.5(e)) at the applicable Transfer Price.

 

(iv)        Finally,
if the Company and the other Investors combined elect to purchase less than all of the Transfer Shares and the Company does not
locate a substitute third party purchaser to purchase all of the Transfer Shares, then the Transferring Investor shall have the
right, subject to Section 2.5(e), for a period of forty-five (45) days from the date of the Transfer Notice, to sell the Transfer
Shares to the Proposed Transferee for no less than the Transfer Price. If the Transferring Investor does not consummate the proposed
Transfer within such forty-five (45) day period plus an additional sixty (60) days, as necessary, to obtain all required regulatory
approvals from the applicable Regulatory Agency (the “Final Date”), then the Transfer Shares shall remain subject
to this

 

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Section 2.5(a), and the Transferring
Investor shall not thereafter Transfer any such Shares without again first complying
with all of the provisions of this Section 2.5(a).

 

(b)          Certain
First Offer Limitations. Notwithstanding anything herein to the contrary, neither the Company nor any Investor shall be permitted
to purchase the Transferred Shares to the extent such purchase would: (i) result in any Investor and any Affiliate of such Investor
(considered as if they were a single entity) (A) having more than 24.99% of any class of voting securities of the Company (assuming
conversion of Voting Common Stock to Non-Voting Common Stock in accordance with Article SIXTH of the Amended and Restated Articles
of Incorporation of the Company (the “Articles of Incorporation”), as the same may be amended from time to
time), (B) contributing more than 24.99% of the capital of the Company, or (C) having more than 24.99% of the capital of the Company,
determined in the case of clauses (A), (B) and (C), in accordance with the rules and regulations of the OTS; or (ii) violate
any of the provisions of the Subscription Agreement of the Proposed Transferee including, without limitation, Section 2(a)(ii),
Section 2(a)(iii) and Section 2(a)(vii) thereof; provided that, in the case of any purchases by the Company, such threshold
percentages with respect to any Investor shall be equal to its Investor’s Percentage.

 

(c)          Modifications
to Transfer. Should the Transferring Investor subsequently determine to change the amount of the Transfer Shares
to be sold (other than as a result of required deductions pursuant to Section 2.5) or the applicable Transfer Price for any class
of Transfer Shares after delivery of the Transfer Notice, the Transferring Investor
shall be required to follow the same procedures set forth in Section 2.5(a) and 2.5(e) as if it were proposing a new Transfer.

 

(d)          Closing.
The closing of any sale of Transfer Shares to the Company, the Investors, any Substitute Third-Party Purchaser pursuant
to this Section 2.5(a) shall take place at the offices of the Company no later than the Final Date. Each of the Company and/or
Investors purchasing Transfer Shares shall pay their
pro rata portion of the Transfer Price in a manner agreed to by the Company and/or Investors and the Transferring Investor.
The Transferring Investor shall deliver the Transfer Shares free and clear of all liens, security
interests and competing claims, and shall deliver to the Company and/or the Investors such instruments of transfer and other documents
as the Company and/or Investors shall reasonably request.

 

(e)          Tag-Along
Right.

 

(i)          General.
Within twenty (20) days after receipt of the Transfer Notice, each Investor that does not deliver an Acceptance Notice may give
notice (the “Participation Notice”) to the Transferring Investor and the
Company that such Investor shall sell Shares owned by it on the same terms as set forth in the Transfer Notice, which Participation
Notice shall specify the number of Shares as to which such right is being exercised. The maximum number of Shares which any Investor
delivering a Participation Notice (such Investor, a “Tag-Along Investor”) shall be entitled to sell under this
Section 2.5(e) shall be determined as of the date that is ten (10) Business Days prior to
the date of the proposed consummation of such Transfer and shall equal: (i) the number of Shares proposed to be sold by the Transferring
Investor pursuant to the Transfer Notice (or such greater number of shares of Stock as the prospective purchaser(s) are willing
to purchase); multiplied by (ii) a fraction, the numerator of which is the number of Shares owned by such Tag-Along Investor, and
the denominator of which is the total number of Shares owned by all Investors participating in the tag-along Transfer (including
the Transferring Investor). For the avoidance of doubt, the tag-along rights set forth in
this Section 2.5(e) shall not apply to any sales made pursuant to Section 2.5(a)(ii).

 

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(ii)         Participation
by Investors. If the Transferring Investor receives one or more Participation Notices in a timely manner,
the Tag-Along Investor(s) shall be entitled to sell the lesser of (i) the number of Shares that a Tag-Along Investor is
entitled to sell, determined as provided in Section 2.5(e)(i) and (ii) the number of Shares a Tag-Along Investor has requested
to sell in its Participation Notice; provided that in the event that any Investor does not provide a Participation Notice
or elects in its Participation Notice to sell less than the maximum number of Shares available for sale under the preceding sentence,
the Transferring Investor and each Tag-Along Investor that provided a Participation Notice in which such Investor included a number
of Shares available for sale that exceeds the amount allotted under Section 2.5(a) shall have the right to include additional Shares
in the Transfer in proportion to each such Investors’ relative ownership interests in the Company until full allotment in
accordance with this Section 2.5(e). The costs and expenses of the Transfer borne by the Transferring Investor and the Tag-Along
Investors, collectively, will be paid by all such Investors on a pro rata basis according to the relative number of Shares
being sold by each such Investor.

 

(iii)        Same
Terms and Conditions. Any sale of Shares by an Investor pursuant to this Section 2.5(e) will be at the Transfer Price and on
the same terms and conditions as the Transfer by the Transferring Investors that is the subject matter of the Transfer Notice.

 

(iv)        Participation:
Closing. If an Investor does not deliver a Participation Notice pursuant to this Section 2.5(e), then the Transferring Investor
and any other Tag-Along Investors shall be free to sell the Shares that are the subject of the Transfer Notice in strict accordance
with the terms stated in the Transfer Notice. The Transferring Investor and all Tag-Along Investors must close the Transfers of
the Shares no later than the Final Date. If the Transferring Investor and all Tag-Along Investors do not consummate the Proposed
Transfer by the Final Date then the subject Shares shall remain subject to this Section 2.5 and the Transferring Investor and all
Tag-Along Investors shall not thereafter transfer any such Shares without again first complying with all of the provisions of this
Section 2.5.

 

(v)         This
Section 2.5(e) will not apply to any Transfer by a SISA Investor.

 

2.6         Preemptive
Rights.

 

(a)          Right
to Purchase New Securities. The Company hereby grants to each Investor the right to purchase any or all of such Investor’s
Preemptive Share Percentage (as defined below) of all New Securities (as defined below) that the Company or any of its subsidiaries,
may, from time to time, propose to issue and sell at the cash price and on the terms on which the Company, or any of its subsidiaries,
proposes to sell such New Securities. For purposes of the remainder of this Section 2.6 only, references to the Company shall be
deemed to include the Company and its subsidiaries, as applicable. An Investor’s “Preemptive Share Percentage”
shall be equal to a fraction (A) the numerator of which is the number of Shares held by such Investor on the date of the Company’s
written notice pursuant to Section 2.6(c), and (B) the denominator of which is the aggregate number of Shares held by all holders
on such date. The right to purchase New Securities shall be subject to the following provisions of this Section 2.6.

 

(b)          New
Securities. “New Securities” shall mean any shares of capital stock, whether Common Shares or preferred
stock, of the Company whether now authorized or not, and rights, options or warrants to purchase capital stock, and securities
of any type whatsoever that are, or may by their terms become, convertible into or exchangeable for capital stock that are sold
by the Company for cash or indebtedness; provided, however, that the term New Securities shall not include (i) securities
issued in any registered public offering; (ii) securities issued as part of compensatory arrangements to

 

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employees, consultants or directors of
the Company whether or not pursuant to any management equity plan or stock option plan or any other management or employee benefit
plan or other equity compensation agreement of the Company and approved by the Board or any committee thereof; (iii) securities
issued pursuant to any stock dividend, stock split, combination or other reclassification by the Company of any of its capital
stock; (iv) securities issued in connection with debt financing transactions to which the Company and an unaffiliated third party
that is not an Investor (or an Affiliate thereof) may be a party and that are approved by the Board, including securities issued
pursuant to the exercise of warrants, rights, options or other securities issued in connection therewith; (v) securities issued
as part of the sale of the Company, including any recapitalization of the Company, or in connection with the acquisition of another
Person or any assets thereof by merger, purchase or otherwise; (vi) securities issued pursuant to the fulfillment of commitments
made in the Subscription Agreements; or (vii) shares of Voting Common Stock issued upon the conversion of shares of Non-Voting
Common Stock, shares of Non-Voting Common Stock issued upon the conversion of shares of Voting Common Stock or any other securities
issued upon the conversion, exchange or exercise of any securities that may be issued by the Company that provide for the conversion
or exchange into or exercise for any other securities.

 

(c)          Required
Notices. In the event the Company proposes to undertake an issuance of New Securities, it shall give each Investor written
notice of its intention and such notice shall describe the type of New Securities, the price, the number and type of Shares and
the general terms upon which the Company proposes to issue the same. Each Investor shall have fifteen (15) days from the date of
receipt of any such notice to agree to purchase any or all of such Investor’s Preemptive Share Percentage of such New Securities
for the price and upon the general terms specified in the notice by giving written notice to the Company and stating therein the
quantity of New Securities to be purchased.

 

(d)          Company’s
Right to Sell. In the event any Investor fails to exercise its right within such fifteen (15) day period to acquire its full
Preemptive Share Percentage of the New Securities offered, the New Securities for which such Investor’s preemptive rights
were not exercised (the “Available Preemptive Shares”) shall be offered for an additional ten (10) days to the
Investors exercising their preemptive rights in full as follows: pursuant to written notice (the “Available Preemptive
Shares Notice”), the Company shall offer to each such Investor, in addition to its Preemptive Share Percentage of the
New Securities offered, an additional number of New Securities equal to the product of (i) the Available Preemptive Shares, and
(ii) a fraction (A) the numerator of which is the number of Shares held by such Investor on the date of the Company’s written
notice pursuant to Section 2.6(c), and (B) the denominator of which is the aggregate number of Shares held on such date by all
Investors that have elected to acquire their full Preemptive Share Percentage of the New Securities offered. Each such Investor
shall have ten (10) days (the “Additional Period”) from receipt of the Available Preemptive Shares Notice to
notify the Company of its election to purchase all or part of the Available Preemptive Shares. Thereafter, the Company shall have
sixty (60) days from the end of the Additional Period to sell or enter into an agreement to sell (pursuant to which the sale of
New Securities covered thereby shall be closed, if at all, within one hundred twenty (120) days from the date of such agreement)
all such New Securities for which the Investors’ preemptive rights were not exercised, at a price and upon terms not more
favorable in any material respect to the purchasers thereof than specified in the Company’s notice delivered pursuant to
Section 2.6(c) (for the avoidance of doubt, the price shall be no less than the price stated in such written notice). In the event
the Company has not sold, or entered into any agreement to sell, all such New Securities within such sixty (60) day period (or
sold and issued all such New Securities in accordance with the foregoing within one hundred twenty (120) days from the date of
such agreement), the Company shall not thereafter issue or sell any New Securities without first offering such securities to the
Investors in the manner provided in this Section 2.6.

 

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(e)          Voting
Common Stock. Notwithstanding anything in this Section 2.6 to the contrary, upon the request of an Investor exercising its
right to purchase New Securities that the Investor not be issued Voting Common Stock in whole or in part, the Company shall reasonably
cooperate with the Investor to modify the proposed issuance of New Securities to such Investor to the extent reasonably practicable
to accommodate such request; provided that if, following such reasonable cooperation, it is not possible or practicable
for the issuance of New Securities to be restricted to accommodate such request, the Company shall only be obligated to issue
and sell to the Investor such number of shares of Voting Common Stock that the Investor has indicated it is willing to purchase
(and subject to the limitations contained in this Section 2.6) and any remaining securities shall be treated as Available Preemptive
Shares; provided, further, that if more than one Investor requests not to be issued Voting Common Stock and an insufficient
amount of Non-Voting Common Stock is available to satisfy such requests, then the Company shall allocate the Non-Voting Common
Stock on a pro rata basis among the requesting Investors.

 

(f)           Preemptive
Rights Assignable to Affiliates. Notwithstanding anything in this Section 2.6 to the contrary, the preemptive rights granted
to an Investor under this Section 2.6 may be assigned to a wholly owned Affiliate of the Investor upon written notice to the Company
of such assignment, and upon such assignment, the Affiliate will be subject to the provisions of this Section 2.6 to the same extent
the Investor is subject to the provisions of this Section 2.6.

 

(g)          Certain
Preemptive Rights Limitations. No Investor shall be permitted to purchase New Securities pursuant to this Section 2.6 to the
extent such purchase would result in such Investor and any Affiliate of such Investor (considered as if they were a single entity)
(i) having more than 24.99% of any class of voting securities of the Company (after conversion of Voting Common Stock to Non-Voting
Common Stock in accordance with Article SIXTH of the Articles of Incorporation), (ii) contributing
more than 24.99% of the capital of the Company, or (iii) having more than 24.99% of the capital of the Company, determined in the
case of clauses (i), (ii) and (iii), in accordance with the rules and regulations of the OTS.

 

2.7         Cooperation.
The Company shall provide reasonable assistance to any Investor seeking to Transfer its Shares in accordance with the terms
of this Agreement; provided, however, that the Company shall not be required to provide any Confidential Material
to any prospective Transferee that has not executed a confidentiality agreement in a form reasonably satisfactory to the Company.
Except as otherwise provided herein, any reasonable out-of-pocket costs to the Company of providing such assistance shall be paid,
on a pro rata basis, by the Investor or Investors seeking to Transfer its or their Shares. The Company shall also cooperate
with any Investor in having all stop transfer instructions or notations and restrictive legends lifted in connection with the
Transfer (other than to an Affiliate of the Company) of Shares pursuant to Rule 144 following a Public Offering Event; provided,
however, that in such a case the selling Investor may be required to provide the Company with the opinion described in
Section 2.3(b).

 

2.8         Improper
Transfer. Any purported attempt to Transfer or otherwise encumber any Shares in violation of this Agreement shall be null and
void ab initio and neither the Company nor any transfer agent of such Shares shall give any effect to such attempted Transfer
or encumbrance in its stock records.

 

2.9         Involuntary
Transfers. Upon the occurrence of an Involuntary Transfer (as defined below), the transferring Investor that is subject to
it (or his, her or its personal representative, as the case may be) (the “Involuntary Transferor”) must send
written notice of the Involuntary Transfer to the Company and the other Investors indicating that the Involuntary Transfer reportedly
has occurred, specifying the name and address of the Person to whom the Investor’s Shares have been Transferred (the

 

    	 	9	 

     

    

 

“Involuntary Transferee”),
providing a detailed description of the circumstances giving rise to, and stating the legal basis for, the Involuntary Transfer.
An Involuntary Transfer shall, upon action of the Board, be deemed to be an offer by the Involuntary Transferor to sell his, her
or its Shares for their fair market value (as determined by an independent third party appraiser selected by the Board). Other
than the determination of the purchase price, an Involuntary Transfer shall be treated as an offer to sell Shares pursuant to Section
2.5(a) hereof and any Transfer of Shares to an Involuntary Transferee will be deemed null and void ab initio unless the
Involuntary Transferee complies with Section 2.5(a) hereof and enables the Company and the Investors to exercise in full their
rights under Section 2.5(a) hereof; provided, however, that notwithstanding anything herein to the contrary, the provisions of
Section 2.5(e) hereof shall not apply to any such Transfer. If the Company and the Investors do not elect to purchase all of the
Shares subject to the Involuntary Transfer, such unpurchased Shares may be Transferred to the Involuntary Transferee, subject to
the Involuntary Transferee agreeing to abide by the terms of this Agreement. An “Involuntary Transfer” means
any Transfer, proceeding or action by which an Investor shall be involuntarily deprived or
divested by operation of law or otherwise of any right, title or interest in or to any of his, her or its Shares, including, but
not limited to (i) incompetency; (ii) any Transfer pursuant to a divorce or separation agreement or a final decree of a court in
a divorce action; (iii) any seizure under levy of attachment or execution, including any Transfer of Shares related to the satisfaction
of an obligation; (iv) any Transfer in connection with bankruptcy or other court proceeding to a debtor in possession, trustee
in bankruptcy or other officer or agency; (v) any Transfer to a state or to a public officer or agency pursuant to any statute
pertaining to escheat or abandoned property; or (vi) any Transfer similar to those set forth in clauses (i) through (v) above.
For the avoidance of doubt, a default pursuant to Section 2(b) of an Investor’s Subscription Agreement resulting in a Transfer
of Shares to the Company shall be a Permitted Transfer and not an Involuntary Transfer.

 

2.10       Equal
Treatment of the Voting Common Stock and the Non-Voting Common Stock. The Company and the Investors acknowledge and agree
that the Voting Common Stock and the Non-Voting Common Stock will be accorded equal treatment for all purposes of this Agreement;
provided, however, that provisions of this Agreement that require approval by the Company’s shareholders or
by the Investors shall be determined by the vote of the shareholders’ or the Investors’
Voting Common Stock. In furtherance (and not in limitation thereof), the Company and the Investors agree that the Non-Voting Common
Stock will have the opportunity to participate proportionately in any Transfers and shall not be subject to any discount vis-à-vis
Transfers of the Voting Common Stock.

 

2.11       In
connection with the Public Offering Event, if any, the underwriting agreement shall include provisions waiving any restrictions
imposed by this Agreement on any sale or other transactions by any Investor involving the Company’s securities that such
Investor has purchased in an initial public offering or other registered offering or on the open market following any such public
offering.

 

ARTICLE III REGISTRATION RIGHTS

 

3.1         Registration
Rights. On or prior to the date of a Public Offering Event, the Company and the Investors shall execute and deliver a registration
rights agreement (the “Registration Rights Agreement”), substantially in the form attached hereto as Exhibit
C.

 

ARTICLE IV REPRESENTATIONS AND WARRANTIES

 

4.1        Representations
and Warranties of the Company. The Company represents and warrants to each Investor as follows:

 

    	 	10	 

     

    

 

(a)          Organization.
The Company is a corporation duly organized and validly existing under the laws of the State of Florida.

 

(b)          Authority.
The Company has the requisite corporate power and authority to execute, deliver and perform this Agreement and to consummate the
transactions contemplated hereby.

 

(c)          Binding
Obligation. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action by the Company,
and, assuming the due execution by the Investor seeking enforcement against the Company, this Agreement constitutes a binding obligation
of the Company, enforceable against the Company in accordance with its terms, except insofar as enforceability may be limited by
bankruptcy, insolvency, moratorium or other similar laws that may affect creditors’ rights and remedies generally and by
principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law).

 

(d)          No
Conflict. The execution, delivery and performance of this Agreement by the Company and the consummation
by the Company of the transactions contemplated hereby will not, with or without the giving of notice or the lapse of time,
or both, (i) violate any provision of law, statute, rule or regulation to which the Company is subject, (ii) violate any order,
judgment or decree applicable to the Company, or (iii) conflict with, or result in a breach or default under, any term or condition
of the Articles of Incorporation or Bylaws or any material agreement or other material instrument to which the Company is a party
or by which the Company or its property is bound.

 

4.2         Representations
and Warranties of the Investors. Each of the Investors, severally and not jointly, represents
and warrants to each other and to the Company as follows:

 

(a)          Organization. If
the Investor is an entity, it is a corporation, limited liability company, limited partnership or other entity duly organized
and validly existing under the laws of its respective jurisdiction of organization.

 

(b)          Authority.
The Investor has the requisite power and authority to execute, deliver and perform this Agreement and to consummate the
transactions contemplated hereby.

 

(c)          Binding
Obligation. The execution, delivery and performance of this Agreement by the Investor and the consummation by the Investor
of the transactions contemplated hereby have been duly and validly authorized by all necessary action on its part, and, assuming
the due execution by the Company, this Agreement constitutes the Investor’s binding obligation, enforceable against the Investor
in accordance with its terms, except insofar as enforceability may be limited by bankruptcy, insolvency, moratorium or other similar
laws that may affect creditors’ rights and remedies generally and by principles of equity (regardless of whether enforceability
is considered in a proceeding in equity or at law).

 

(d)          No
Conflict. The execution, delivery and performance of this Agreement by the Investor and the consummation by the Investor
of the transactions contemplated hereby will not, with or without the giving of notice or the lapse of time, or both, (i) violate
any provision of law, statute, rule or regulation to which it is subject, (ii) violate any order, judgment or decree applicable
to it, or (iii) conflict with, or result in a breach or default under, any term or condition of its charter, bylaws, trust or
equivalent governing document or any material agreement or other material instrument to which it is a party or by which it or
its property is bound.

 

    	 	11	 

     

    

 

ARTICLE V COVENANTS

 

5.1         Business
Opportunities.

 

(a)          Other
Business Ventures. Any Investor or any of its Affiliates (other than any Investor who may be employed by the Company or one
of its subsidiaries) may engage in or possess an interest in other business ventures of any nature or description, independently
or with others, similar or dissimilar to the business of the Company or any subsidiary thereof,
and the Company, any subsidiary of the Company, the directors of the Company, the directors of any subsidiary of the Company and
the other Investors and shareholders shall have no rights by virtue of this Agreement in and to such ventures or the income or
profits derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Company or any subsidiary
thereof, shall not be deemed wrongful or improper or violation of any duty of such entity or individual; provided, however,
that in no event shall any Investor or any of its Affiliates use Confidential Material in connection with their engagement in
or possession of an interest in other business ventures of any nature or description, independently or with others, similar or
dissimilar to the business of the Company or any subsidiary thereof; and provided, further, that any Investor who
may be employed by the Company or one of its subsidiaries may possess an ownership interest in any publicly-traded depository
institution, bank holding company or savings and loan holding company, so long as that ownership
interest does not exceed 2.0% of the total number of shares outstanding of such entity.

 

(b)          Referral
of Business Opportunities. To the fullest extent permitted by applicable law or regulation, no Investor (other than any Investor
who may be employed by the Company or one of its subsidiaries) nor any of its Affiliates shall be obligated to refer or present
any particular business opportunity to the Company or any subsidiary thereof even if such opportunity is of a character that,
if referred or presented to the Company or any subsidiary thereof, could be taken by the Company or any subsidiary thereof, and
any such Investor or any of its Affiliates shall have the right to take for its own account (individually or as a partner, shareholder,
member, participant or fiduciary) or to recommend to others such particular opportunity; provided, however, that
(i) if a particular opportunity is solely and expressly presented by a third party to a director or, to the actual knowledge of
any director nominated by an Investor, to the Investor designating such director or an Affiliate thereof, as an opportunity specifically
for the Company or any of its subsidiaries, such opportunity shall be presented to the Board; and (ii) if both (x) the Company
or any subsidiary thereof, and (y) any such director or, to the actual knowledge of any such director, the Investor nominating
such director or an Affiliate thereof, pursue the same opportunity, such Investor and any director designated by such Investor
shall (1) abstain from any vote or approval of the shareholders or Board related to such business opportunity, and (2) be deemed
to have voted their Voting Common Stock or Board votes, as applicable, with respect to such matter in the same proportion as the
votes of the other Investors or directors, as applicable, in the aggregate on such matter.

 

5.2         Non-Solicitation.
No Investor shall, and to the extent any partner, general partner, director, officer or employee of an Investor has actual knowledge
that a controlled Affiliate of such Investor expects to or has commenced taking actions that, if taken by such Investor, would
violate this Section 5.2, such Investor shall take commercially reasonable efforts to cause such controlled Affiliate not to,
during the period beginning on the date hereof and ending on the date that is one (1) year following the date on which such Investor
ceases to be an Investor, directly or indirectly Solicit any officer or senior manager of the Company or any of its subsidiaries
to leave his or her employment with the Company or any of its subsidiaries or to become employed by an Investor or any of its
controlled Affiliates; provided that the foregoing shall not apply to any officer or senior manager (a) who has been terminated
by the Company or such subsidiary, as applicable, or (b) who has voluntarily resigned from the employ of the Company or such subsidiary,
as applicable, if such officer or senior manager has not

 

    	 	12	 

     

    

 

been employed thereby for at least six
months prior to the date of such Solicitation. For purposes of this Section 5.2, “Solicit” means any direct
or indirect communication of any kind, regardless of who initiates it, for the purpose of inviting, encouraging or requesting any
officer or senior manager to take or refrain from taking any action, other than any general advertisements or solicitations for
employment (including through employment search firms) that are not targeted at such officer or senior manager and any communications
with such officer or senior manager that result from such general advertisements or solicitations (and “Solicitation”
has a correlative meaning).

 

5.3         Covenants
on Regulatory Matters.

 

(a)          Each
Investor acknowledges and agrees that this Agreement (i) relates only to the Shares, (ii) will terminate in accordance with Section
6.1, and (iii) does not create an association or similar organization among the Investors to engage in activities other than through
the Company. Neither the Company nor any Investor shall take, permit or allow any action that
would cause any Investor or Investors to collectively hold any class of securities of the Company representing eighty percent (80%)
or more of the Common Shares or other equity interests in the Company to collectively own eighty percent (80%) or more of
the equity securities or interests of another depository institution (or any of its holding companies).

 

(b)          Notwithstanding
anything herein to the contrary, neither the Company nor any Investor shall be permitted to purchase any Common Shares (or other
securities of the Company), including, without limitation, pursuant to Section 2.5, to the extent such purchase would: result in
any Investor and any Affiliate of such Investor (considered as if they were a single entity) (i) having more than 24.99% of any
class of voting securities of the Company, (ii) contributing more than 24.99% of the capital of the Company, or (iii) having more
than 24.99% of the capital of the Company; provided that, in the case of any purchases by the Company, such threshold percentages
with respect to any Investor shall be equal to its Investor’s Percentage. In the case of each of clause (i), (ii) and (iii),
such threshold percentages shall be determined in accordance with the rules and regulations of the OTS. In addition, neither the
Company nor any Investor shall be permitted to purchase any Common Shares (or other securities of the Company) to the extent such
purchase would violate any provisions of the Subscription Agreement of the Investor.

 

(c)          Unless
approved by Requisite Approval (as defined below), no Investor shall take, permit or allow any action that would cause such Investor
or an Affiliate of such Investor to be required to register as a savings and loan holding company under Section 10(e) of HOLA and
12 C.F.R. § 574.3(a), with respect to the Company or the Bank. For purposes of this Section 5.3, the term “Requisite
Approval” shall mean the affirmative vote of shareholders holding at least 66 2/3 percent of the issued and
outstanding Voting Common Stock.

 

(d)          Unless
approved in advance by the affected Investor and by Requisite Approval, neither the Company nor any Investor shall take, permit
or allow any action that would cause another Investor or an Affiliate of another Investor to be required (i) to register as a savings
and loan holding company under Section 10(e) of HOLA and 12 C.F.R. § 574.3(a), or (ii) to file prior notice or rebut any presumption
under the Change in Bank Control Act of 1978, as amended, with respect to the Company.

 

(e)          Unless
approved by Requisite Approval, no Investor that is a savings and loan holding company or otherwise subject to the prior approval
requirement of 12 U.S.C. § 1842(a)(3) shall directly or indirectly acquire, own or control five percent (5%) or more of any
class of voting securities of the Company.

 

    	 	13	 

     

    

 

(f)           Unless approved by Requisite Approval, no Investor shall take, permit or allow any action
that would cause the Company, the Bank or any other insured depository institution that is a direct or indirect subsidiary of
the Company to become a “commonly controlled insured depository institution” (as that term is defined and
interpreted for purposes of 12 U.S.C. § 1815(e), as may be amended or supplemented from time to time, and any successor
thereto) or otherwise subject the Company or any of its Investors to cross-guarantee liability.

 

(g)          Each
Investor that breaches its obligations under this Section 5.3, or that believes it is reasonably likely to breach such obligations,
shall immediately notify the Company and shall cooperate in good faith with the Company promptly to modify any ownership or other
arrangements, or take any other action, as is necessary to cure or avoid such breach; provided that no such modification
shall (i) require any other Investor to increase or decrease its ownership interest in the Company without the consent of
such Investor, or (ii) violate or conflict with any other provision of this Section 5.3.

 

(h)          At
the request of the Company, each Investor agrees to promptly provide any such information about
it and its investment in the Company that any Regulatory Agency may reasonably and customarily request in connection with any
application or other filing required to be made by the Company, and undertakes that such information shall be true and accurate;
provided, however, that in lieu of the foregoing, any Investor may, in its sole discretion, provide directly to
the Regulatory Agency any such information that such Investor deems to be proprietary or
confidential in nature.

 

(i)           Notwithstanding anything to the contrary contained in this Agreement, the provisions of this
Section 5.3 shall supersede and control with respect to any other provisions of this Agreement that may conflict with or that
may result in a breach of any of the provisions described in this Section 5.3, and the provisions of this Section 5.3 shall
apply, mutatis mutandis, to all of the provisions of this Agreement to the extent necessary to cause such other
provisions of this Agreement to comply with this Section 5.3.

 

5.4         Subsequent
Regulatory Issues. In the event that an Investor (the “Notified Investor”) is either (a) notified by the
OTS or a state bank regulatory authority that the Notified Investor is required to register, or otherwise is subject to being regulated,
as a savings and loan holding company under Section 10(e) of HOLA or state law with respect to the Company or the Bank, or (b)
notified by the FDIC that the Notified Investor’s investment in the Company is subject to cross-guarantee liability under
12 U.S.C. § 1815(e) in the event of the failure of another insured depository institution, then the Company, each other Investor
and the Notified Investor agree that they will work together in good faith to restructure such Notified Investor’s investment
in the Company so that such Notified Investor either will no longer be required to register,
or otherwise be subject to being regulated, as a savings and loan holding company under Section 10(e) of HOLA or state law with
respect to the Company or the Bank or such Notified Investor’s investment in the Company will no longer be subject to cross-guarantee
liability under 12 U.S.C. § 1815(e) in the event of the failure of another insured depository institution; provided
that no such restructuring shall (i) require any other Investor to increase or decrease its equity interests in the Company without
the consent of such Investor, which consent shall not be unreasonably withheld, or (ii) violate or conflict with the provisions
of Section 5.3 hereof.

 

5.5         Indemnification:
D&O Insurance. All directors and executive officers of the Company and the Bank will be indemnified to the fullest
extent permissible under Florida law. Prior to the initial Drawdown, the Company shall use its commercially reasonable efforts
to obtain directors’ and officers’ insurance for all directors and officers of the Company on such terms and conditions
and in such reasonable amounts based on the size of the Company as the Board deems necessary and appropriate. The Company shall
promptly provide notice to all Investors after receipt of any claim for indemnification.

 

    	 	14	 

     

    

 

5.6         Employment
Agreements. Prior to the date hereof, the Company has entered into mutually agreeable employment arrangements with Mike Brown,
Sr., as the Chairman and Chief Executive Officer of the Company, J. Hal Roberts, Jr., as the President and Chief Operating Officer
of the Company, Mike Brown, Jr., as the Executive Vice President and Chief Lending Officer of the Company, and Randall Ezell, as
the Executive Vice President and Chief Financial Officer of the Company. Each Investor acknowledges that it has received confirmation
satisfactory to it that the employment agreements have been executed.

 

5.7         Information
Rights.

 

(a)          Books
and Records: Auditor. The Company shall keep and maintain accurate books of account for the Company in accordance with generally
accepted accounting principles (as such principles are applied in the United States of America as of the date of the financial
statement), consistently applied. Such books shall be maintained at the principal office of the Company. The books of account and
records of the Company shall be audited as of the end of each fiscal year by an independent certified public accounting firm approved
by the Board.

 

(b)          Annual
Reports. At any time in which the Company is not required to file annual, quarterly and periodic reports with the SEC pursuant
to Sections 13 or 15(d) of the Exchange Act, the Company will furnish to any requesting Investor, as soon as practicable after
the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its subsidiaries as of the end of such
fiscal year and statements of operations, changes in capital and a statement of cash flows for such fiscal year, such year-end
financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles, consistently
applied, and audited by the public accountants referred to in Section 5.7(a).

 

(c)          Quarterly
Reports. At any time in which the Company is not required to file annual, quarterly and periodic reports with the SEC pursuant
to Sections 13 or 15(d) of the Exchange Act, the Company will furnish to any requesting Investor,
as soon as practicable after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited consolidated
balance sheet of the Company and its subsidiaries as of the end of such fiscal quarter and
statements of operations, changes in capital and a statement of cash flows for such fiscal quarter, in each case prepared in accordance
with generally accepted accounting principles, consistently applied.

 

(d)          Confidentiality.
Each Investor agrees that Confidential Material furnished and to be furnished to it was and shall
be made available in connection with such Investor’s investment in the Company. Each Investor agrees that it shall
use, and that it shall cause any Person to whom Confidential Material is disclosed pursuant to clause (i) below to use, the Confidential
Material only in connection with its investment in the Company and not for any other purpose (including to disadvantage competitively
the Company, any subsidiary of the Company or any other Investor). Each Investor further acknowledges and agrees that it shall
not disclose or divulge any Confidential Material to any Person, except that Confidential Material may be disclosed:

 

(i)          on a confidential
basis, to any Representatives of the Investors that need to know such information for the purpose of assisting such Investor in
connection with its monitoring of its investment in the Company; provided that the Investor shall be responsible for any
breach by any such Person of the terms hereof;

 

(ii)         on a confidential
basis, to such Investor’s current or prospective limited partners and current and prospective investors; provided
that (x) such disclosures are limited to

 

    	 	15	 

     

    

 

information
that is customarily provided to current or prospective limited partners in private investment funds, and (y) to the extent
that compliance with the foregoing clause (x) would be impracticable (given an Investor’s relationship with its current or
prospective limited partners and current and prospective investors), to such Persons that are otherwise instructed to keep such
information confidential, in which case such Persons will be deemed Representatives of such Investor and such Investor shall be
responsible for any breach by any such Person of the terms hereof;

 

(iii)        to
the extent required by applicable law, rule or regulation (including complying with any oral or written questions, interrogatories,
requests for information or documents, subpoena, civil investigative demand or similar process to which a Investor is subject);
provided that such Investor gives the Company prompt notice of such request(s) to the extent practicable, unless such disclosure
is mandated by a state or federal freedom of information statute or regulation, so that the Company may seek an appropriate protective
order or similar relief (and the Investor shall cooperate with such efforts by the Company, and shall in any event make only the
minimum disclosure required by such law, rule or regulation);

 

(iv)        to any regulatory
authority to which the Investor or any of its Affiliates is subject, as long as such authority is advised of the confidential nature
of such information; or

 

(v)         if
the prior written consent of the OTS shall have been obtained.

 

ARTICLE
VI TERMINATION OF AGREEMENT

 

6.1         Termination.

 

(a)          Termination
With Respect to All Investors. This Agreement shall terminate with respect to all Investors on the earlier of (i) the date
of a Qualified Public Offering; (ii) the date Investors holding at least eighty percent (80%) of the Common Shares subject to
this Agreement Transfer those Common Shares to a third party not subject to this Agreement or such Common Shares are Transferred
to a third party pursuant to a merger or other business combination transaction; and (iii) the bankruptcy or dissolution of the
Company; provided, however, that in the event this Agreement terminates as a result of a Qualified Public Offering,
the following provisions shall survive indefinitely: Article III, Section 5.1 (with respect to any opportunities presented prior
to the date of termination), Section 5.2, Section 5.7(c) (for a period of one year following the date of such termination), this
Section 6.1 and Article VII; and provided further that in the event this Agreement terminates as a result of a single
shareholder becoming the owner of all of the Shares or the bankruptcy or dissolution of the Company, the following provisions
shall survive indefinitely: this Section 6.1 and Article VII; and provided further
that no such termination shall relieve any party of any liability or damages to any other
party hereto resulting from any intentional and material breach of this Agreement. Notwithstanding any of the foregoing, in the
event that the Subscription Agreements shall have terminated in accordance with Section 19 thereof and the Closing Date has not
occurred, this Agreement shall terminate and be of no further force and effect.

 

(b)          Termination
With Respect to an Investor. This Agreement shall terminate with respect to any Investor on the date that such Investor ceases
to own any Shares (other than in connection with any of the events specified in Section 6.1(a)).

 

    	 	16	 

     

    

 

ARTICLE VII GENERAL

 

7.1         Meeting
to Vote on Participation in FDIC Resolutions Bid Process.

 

(a)          On
or about the third (3rd) anniversary of the Closing Date (the “Acquisition Policy Review Date”), the Company
shall call a special meeting of the holders of Voting Common Stock, to be held as soon as practicable following the Acquisition
Policy Review Date, for the purpose of allowing such holders to consider a New Acquisition Policy Resolution. For the purpose of
this section, “New Acquisition Policy Resolution” means a resolution recommending that the Board of Directors
vote to suspend participation by the Bank as a bidder in the FDIC resolutions bid process.

 

(b)          If
a majority of the shares of Common Stock cast at such special meeting approve a New Acquisition Policy Resolution, the Bank
shall promptly cease to participate as a bidder in the FDIC resolutions bid process for as long as any Investor remains subject
to the transfer restrictions imposed by the FDIC Policy Statement.

 

7.2         Recapitalization,
Exchanges, Etc., Affecting the Shares. The provisions of this Agreement shall apply to the full extent set forth herein
with respect to (a) the Shares and any and all warrants, options, rights, or other securities to acquire Shares, and (b) any
and all shares of capital stock of the Company or any successor or assign of the Company (whether by merger, consolidation,
sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution for any Shares, by
combination, recapitalization, reclassification, merger, consolidation or otherwise, which in each case of both clauses (a)
and (b) automatically shall be deemed to be for all purposes Shares. In the event of any change in the capitalization of the
Company, as a result of any stock split, stock dividend or stock combination, the provisions of this Agreement shall be
appropriately adjusted and shall apply to such Shares as adjusted.

 

7.3         Information
Regarding Beneficial Ownership. Each Investor agrees to promptly provide to the Company any information that
the Company may reasonably request regarding such Investor’s beneficial ownership of shares of any class of the Company’s
capital stock.

 

7.4         Specific Performance. Each of the parties hereto acknowledges
that the other parties would be irreparably damaged and would not have an adequate remedy at law for money damages if any of the
covenants contained in this Agreement was not performed in accordance with its terms or otherwise was materially breached. Each
of the parties hereto therefore agrees that, without the necessity of proving actual damages or posting bond or other security,
the other party will be entitled to temporary or permanent injunction or injunctions to prevent breaches of such performance and
to specific enforcement of such covenants in addition to any other remedy to which such party may be entitled, at law or in equity.

 

7.5         Notices.
Unless otherwise specified herein, all notices, requests, instructions and other communications
required or permitted to be given under this Agreement after the date of this Agreement by any party hereto to any other
party may be delivered personally or by nationally recognized overnight courier service or sent by mail or by facsimile transmission,
at the respective addresses or facsimile numbers set forth below and is deemed delivered (a) in the case of personal delivery or
facsimile transmission or electronic mail, when received; (b) in the case of mail, upon the earlier of actual receipt or five (5)
Business Days after deposit in the United States Postal Service, first class certified or registered mail, postage prepaid, return
receipt requested; and (c) in the case of an overnight courier service, one (1) Business Day after delivery to such courier service
with instructions for overnight delivery. The parties may change their respective addresses and transmission numbers by written
notice to all other parties, sent as provided in this Section 7.5. All communications must be in writing and addressed as follows:

 

    	 	17	 

     

    

 

If to the Company,
to:

 

HCBF Holding Company, Inc.

311 South Second Street

Fort Pierce, FL 34950

Facsimile: (772) 468-0401

Attention: Chief Executive Officer

 

With a copy (which will not constitute notice) to:

 

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006-1470

Facsimile: (212) 225-3999

Attention: Paul E. Glotzer, Esq.

 

If to any Investor, to:

 

the address, facsimile number
or electronic mail address set forth next to such Investor’s name on Schedule I hereto (which address, facsimile
number or electronic mail address may be changed by the Investor by notice provided to the Company).

 

7.6         Legend.
In addition to any other legend that may be required by applicable law, each share certificate representing Shares that are subject
to this Agreement shall have endorsed, to the extent appropriate, upon its face the following words:

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS SUCH
TRANSFER COMPLIES WITH THE PROVISIONS OF A SHAREHOLDERS’ AGREEMENT DATED AS OF JUNE 3, 2010, AS SUCH MAY BE AMENDED
FROM TIME TO TIME (THE “SHAREHOLDERS’ AGREEMENT”), A COPY OF WHICH IS ON FILE AND MAY BE INSPECTED
AT THE PRINCIPAL OFFICE OF THE COMPANY. NO TRANSFER OF THE SECURITIES WILL BE MADE ON THE BOOKS OF THE COMPANY UNLESS
ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH SHAREHOLDERS’ AGREEMENT. THE SECURITIES REPRESENTED BY
THIS CERTIFICATE ARE ALSO SUBJECT TO OTHER RIGHTS AND OBLIGATIONS AS SET FORTH IN THE SHAREHOLDERS’ AGREEMENT AND
ARTICLES OF INCORPORATION.

 

To the extent the circumstances
or provisions requiring the above legend have ceased to be effective, the Company will, upon request, reissue certificates without
the applicable legend.

 

7.7         Transferees
Bound. All Shares owned by a Transferee shall, for all purposes be subject to the terms of this Agreement, whether or not such
Transferee has executed a consent to be bound by, or a joinder to, this Agreement. The foregoing shall not apply in the case of
any Shares acquired by a Transferee pursuant to a sale of Shares pursuant to an effective Registration Statement under the Securities
Act or, except for sales to an Affiliate of the Company or sales made prior to a Public Offering Event, pursuant to Rule 144.

 

7.8         Certain
Limitations. Notwithstanding anything to the contrary contained in this Agreement, prior to the issuance or sale of any shares
of the Company’s capital stock pursuant to an effective Registration Statement under the Securities Act, the Company shall
not be required to register

 

    	 	18	 

     

    

 

any transfer of Shares on the Company’s
books if in the reasonable, good faith judgment of the Company, registering such transfer would cause the Company to become subject
to registration pursuant to the Exchange Act.

 

7.9         Amendment;
Waiver.

 

(a)          Amendment.
This Agreement may be amended, altered, modified or supplemented only by a written instrument signed by the Company
and Investors that own at least 66 2/3 percent of the issued and outstanding shares of Voting Common Stock; provided,
however, that (i) no amendment, alteration, modification, or supplement that (w) decreases an Investor’s “Right
of First Refusal” pursuant to Section 2.5(a), “Tag-Along Right” pursuant to Section 2.5(e), “Preemptive
Rights” pursuant to Section 2.6 or “Piggyback Rights” pursuant to Section 2.1(c) of the form of Registration
Rights Agreement attached hereto as Exhibit C, (x) disproportionately impacts an Investor compared to the other Investors,
(y) requires an Investor to invest capital beyond that required by the applicable Subscription Agreement, or (z) that would materially
restrict the operation of an Investor, shall in each case be effective with respect to such impacted Investor without such Investor’s
written consent, (ii) no amendment, alteration, modification, or supplement may be made to Sections 5.3 and 5.4 of this Agreement
without the consent of each Investor and (iii) this proviso shall not be amended, altered, modified or supplemented without the
consent of each party hereto.

 

(b)          Waiver.
No failure to exercise, nor any delay in exercising, any right by any party will operate as a waiver thereof. No single or partial
exercise of any right, will preclude any other or further exercise thereof or the exercise of any other right. A waiver by any
party of any right or remedy on any one occasion will not be construed as a bar to any right or remedy that such party would otherwise
have on any future occasion or to any right or remedy that any other party may have.

 

7.10       Additional
Documents; Further Changes. From and after the date hereof, each party hereto agrees to use commercially reasonable
efforts to execute any and all further documents and writings and to perform such other reasonable
actions that may be or become necessary or expedient to effectuate and carry out this Agreement, to the extent reasonably requested
by the Company.

 

7.11       No
Third Party Benefits. None of the provisions of this Agreement shall be for the benefit of, or enforceable by,
any third party beneficiary.

 

7.12       Successors
and Assigns. Subject to the terms hereof, this Agreement shall be binding upon and shall inure
to the benefit of the Investors and the Company, and their respective successors and permitted assigns.

 

7.13       Severability.
In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement,
and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein; provided, however, that the parties hereto shall use their reasonable
best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such invalid, illegal or unenforceable term, provision, covenant or restriction.

 

7.14       Integration.
This Agreement (together with the exhibits and annexes attached hereto) and the Subscription Agreements (together with
the exhibit and annexes attached thereto) contain the entire understanding of the parties with respect to the subject matter hereof.
There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject

 

    	 	19	 

     

    

 

matter hereof other than those expressly
set forth or referred to herein. This Agreement supersedes all prior agreements and understandings between the parties with respect
to its subject matter.

 

7.15       Governing
Law. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO
THE CONFLICTS OF LAW PRINCIPLES THEREOF. ANY ACTION OR PROCEEDING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT
OF OR IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE BROUGHT EXCLUSIVELY IN THE COURT OF CHANCERY
OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) ANY COURT OF THE UNITED STATES LOCATED
IN THE STATE OF DELAWARE OR THE U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND THE PARTIES IRREVOCABLY SUBMIT TO
THE JURISDICTION OF SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT OR THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

7.16       Attorneys’
Fees. If attorneys’ fees or other costs are incurred to secure performance of any of the obligations herein provided
for, or to establish damages for the breach thereof, or to obtain any other appropriate relief, the prevailing party is entitled
to recover reasonable attorneys’ fees and costs incurred therein.

 

7.17       Interpretation.
The headings in this Agreement are inserted only as a matter of convenience, and in no way define, limit, extend or interpret
the scope of this Agreement or of any particular section of this Agreement. In the event an ambiguity or question of intent or
interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden
of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.
The parties intend that each representation, warranty, acknowledgment, covenant, obligation, agreement and condition contained
herein will have independent significance. The phrases “the date hereof” and terms of similar
import shall be deemed to refer to the date set forth in the first paragraph of this Agreement. The words “hereof,”
“herein,” “hereby” and other words of similar import refer to this Agreement as a whole unless otherwise
indicated. Whenever the singular is used herein, the same shall include the plural, and whenever the plural is used herein, the
same shall include the singular, where appropriate. References herein to any international or domestic, federal, state or local
law, statute, rule, regulation or ordinance (each, a “Law”) include any successor to or amendment or modification
to such Law and the rules and regulations issued thereunder, whether such amendment or modification is made, or the issuance of
such rules and regulations occurs, before or after the date of this Agreement, unless explicitly provided otherwise herein. References
to any regulatory entity shall be deemed to include any successor to such regulatory entity or, as applicable, to all or part
of its regulatory authority.

 

7.18       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

[SIGNATURE BLOCKS ON FOLLOWING PAGES]

 

    	 	20	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By: 	/s/ Michael J. Brown, Sr.
	 	 	 
	 	Title:	Chairman
	 	 	 
	 	INVESTORS

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 	 	 
	 	By:	 
	 	 	 	 	 
	 	Title:	 
	 	 	 	 	 
	 	INVESTORS:
	 	 	 	 	 
	 	TRIDENT V DEPOSITORY HOLDINGS, L.P.
	 	 	 	 	 
	 	By:	Trident V GP Depository Holdings, LLC
	 	 	 	 	 
	 	 	By:	/s/ James D. Carey
	 	 	 	Name:	James D. Carey
	 	 	 	Title:	Vice President
	 	 	 	 	 
	 	TRIDENT V PARALLEL DEPOSITORY HOLDINGS, L.P.
	 	 	 	 	 
	 	By:	Trident V GP Parallel Depository Holdings, LLC
	 	 	 	 	 
	 	 	By:	/s/ James D. Carey
	 	 	 	Name:	James D. Carey
	 	 	 	Title:	Vice President
	 	 	 	 	 
	 	TRIDENT V PF DEPOSITORY HOLDINGS, LLC
	 	 	 	 	 
	 	By:	/s/ James D. Carey
	 	 	Name:	James D. Carey
	 	 	Title:	Vice President

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Title:	         

 

	 	INVESTOR:
	 	 	 
	 	Kelso Investment Associates VIII, L.P.
	 	 	 
	 	By: Kelso GP VIII, L.P., its General Partner
	 	 	 
	 	By: Kelso GP VIII, LLC, its General Partner
	 	 	 
	 	By:	/s/
    James J. Connors, II
	 	 	Name: James J. Connors, II
	 	 	Title: Managing Member

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTOR:
	 	 	 
	 	KEP VI, LLC
	 	 	 
	 	By:	/s/ James J. Connors, II
	 	 	Name: James J. Connors, II
	 	 	Title: Managing Member

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	TINICUM CAPITAL PARTNERS II, L.P.	 
	 	 	 
	By:	TINICUM LANTERN II L.L.C., its General Partner
	 	 	 
	By:	/s/ Seth M. Hendon	 
	 	Name: Seth M. Hendon	 
	 	Title: Member	 

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	TINICUM CAPITAL PARTNERS II PARALLEL FUND, L.P.
	 	 	 
	By:	TINICUM LANTERN II L.L.C., its General Partner
	 	 	 
	By:	/s/ Seth M. Hendon	 
	 	Name: Seth M. Hendon	 
	 	Title: Member	 

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	TINICUM CAPITAL PARTNERS II EXECUTIVE FUND, L.L.C.
	 	 	 
	By:	TINICUM LANTERN II L.L.C., its Manager
	 	 	 
	By:	/s/ Seth M. Hendon	 
	 	Name: Seth M. Hendon	 
	 	Title: Member	 

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto
have duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	TINICUM CAPITAL PARTNERS II ADD-ON FUND, L.P.
	 	 	 
	By:	TINICUM LANTERN II ADD-ON  L.L.C., its General Partner
	 	 	 
	By:	/s/ Seth M. Hendon	 
	 	Name: Seth M. Hendon	 
	 	Title: Member	 

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	TINICUM CAPITAL PARTNERS II ADD-ON PARALLEL FUND, L.P.
	 	 	 
	By:	TINICUM LANTERN II ADD-ON L.L.C., its General Partner
	 	 	 
	By:	/s/ Seth M. Hendon	 
	 	Name: Seth M. Hendon	 
	 	Title: Member	 

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto
have duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	HarbourVest Partners VIII-Buyout Fund L.P.	 
	By:	HarbourVest VIII-Buyout Associates L.P.	 
	 	Its General Partner	 
	By:	HarbourVest VIII-Buyout Associates LLC	 
	 	Its General Partner	 
	By:	HarbourVest Partners, LLC	 
	 	Its Managing Member	 

 

	By:	/s/ Robert M. Wadsworth	 
	 	Robert M. Wadsworth	 
	 	Managing Director	 

 

	HarbourVest Partners 2007 Direct Fund L.P.	 
	By:	HarbourVest 2007 Direct Associates L.P.	 
	 	Its General Partner 	 
	By:	HarbourVest 2007 Direct Associates LLC	 
	 	Its General Partner	 
	By:	HarbourVest Partners, LLC	 
	 	Its Managing Member	 

 

	By:	/s/ Robert M. Wadsworth	 
	 	Robert M. Wadsworth	 
	 	Managing Director	 

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto
have duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	 	Name:	State of Wisconsin Investment Board

 

	 	By:	/s/ Charles R. Carpenter
	 	 	Name: Charles R. Carpenter
	 	 	Title: Managing Director - Private Markets

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto
have duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS:

 

	 	INVESTURE EVERGREEN FUND, LP – 2010 SPECIAL TERM TRANCHE

 

	 	By:	/s/ William H. West, Jr.

 

	 	Title:	William H. West, Jr., Managing Director

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	 	Name:	Michael J. Brown, Sr.

 

	 	Signature:	/s/ Michael J. Brown

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	 	Name:	J. Hal Roberts Jr

 

	 	Signature:	/s/ J. Hal Roberts Jr

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	 	Name:	Michael J. Brown, Jr.

 

	 	Signature:	/s/ Michael J. Brown, Jr.

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first set forth above.

 

	 	COMPANY:
	 	 
	 	HCBF HOLDING COMPANY, INC.
	 	 	 
	 	By:	 

 

	 	Title:	 

 

	 	INVESTORS

 

	 	Name:	Randall A Ezell

 

	 	Signature:	/s/ Randall A Ezell

 

HCBF Holding Company, Inc.

Shareholders’ Agreement

 

     

     

    

  

EXHIBIT A

 

PLEDGE NOTICE

 

[Date]

 

[Address]

Attention: Chairman

 

Gentlemen:

 

Reference is hereby
made to the Shareholders’ Agreement, dated as of                     ,
2010 (the “Shareholders’ Agreement”), as it may be amended from time to time, by and among HCBF Holding
Company, Inc. (the “Company”) and certain shareholders of the Company. Terms with their initial letter capitalized
have the meanings given them in the Shareholders’ Agreement.

 

Pursuant the
Shareholders’ Agreement, the undersigned Investor hereby notifies the Company of the Investor’s intention to
pledge           Shares represented by certificate(s) number(s)                          
(the “Pledged Share(s)”) to                          
(“Pledgee”). Concurrently with the pledge, Pledgee has agreed to sign an agreement substantially in the
form of Exhibit B to the Shareholders’ Agreement that the Pledged Share(s) are subject to the Shareholders’
Agreement and will not be sold, transferred or otherwise disposed of except according to the Shareholders’
Agreement.

 

	 	Sincerely,
	 	 
	 	Investor

 

     

     

    

  

EXHIBIT B

 

ACKNOWLEDGMENT AND AGREEMENT OF PLEDGEE

 

The undersigned pledgee
(“Pledgee”) of shares (the “Shares”) of HCBF Holding Company, Inc. (“Company”)
hereby acknowledges that the Shares of the Company pledged or to be pledged to the Pledgee (the “Pledged Shares”)
are subject to that certain Shareholders’ Agreement, dated as of                         ,
2010 (the “Shareholders’ Agreement”), as it may be amended from time to time, by and among the Company
and certain shareholders of the Company, a copy of which has been furnished to the Pledgee who acknowledges receipt thereof. Pledgee
further acknowledges that under the Shareholders’ Agreement, the Pledged Shares are subject to certain restrictions on the
sale, transfer or other disposition thereof.

 

Pledgee hereby agrees
(i) to hold the Pledged Shares subject to the Shareholders’ Agreement and the restrictions and conditions contained therein,
and (ii) not to sell, transfer or otherwise to dispose of the Pledged Shares except according to the Shareholders’ Agreement.

 

Dated                      ,
20   .

 

	 	PLEDGEE:
	 	 	 
	 	NAME:	 

 

	 	TITLE (if applicable):	 

 

     

     

    

  

EXHIBIT C

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

     

     

    

  

FORM OF

 

REGISTRATION RIGHTS AGREEMENT

 

dated as of                      ,
20   

 

between

 

HCBF HOLDING COMPANY, INC.

 

and

 

CERTAIN STOCKHOLDERS OF

 

HCBF HOLDING COMPANY, INC.

 

     

     

    

  

TABLE OF CONTENTS

 

	SECTION 1.	DEFINITIONS	1
	 	 	 
	1.1.	Defined Terms	1
	 	 	 
	1.2.	General Interpretive Principles	4
	 	 	 
	SECTION 2.	REGISTRATION RIGHTS	4
	 	 	 
	2.1.	Requested Registrations	4
	 	 	 
	2.2.	Incidental Registrations	8
	 	 	 
	2.3.	Black-out Periods	9
	 	 	 
	2.4.	Registration Procedures	10
	 	 	 
	2.5.	Underwritten Offerings	14
	 	 	 
	2.6.	No Inconsistent Agreements; Additional Rights	15
	 	 	 
	2.7.	Registration Expenses	15
	 	 	 
	2.8.	Indemnification	16
	 	 	 
	2.9.	Rules 144 and 144A	19
	 	 	 
	SECTION 3.	MISCELLANEOUS	19
	 	 	 
	3.1.	Notices	19
	 	 	 
	3.2.	Successors, Assigns and Transferees	20
	 	 	 
	3.3.	Governing Law; Service of Process; Consent to Jurisdiction	20
	 	 	 
	3.4.	Headings	20
	 	 	 
	3.5.	Severability	20
	 	 	 
	3.6.	Amendment; Waiver	21
	 	 	 
	3.7.	Counterparts	21
	 	 	 
	3.8.	Recapitalizations, Exchanges Affecting the Registrable Securities	21
	 	 	 
	3.9.	Term	22
	 	 	 
	Schedule I	 	 
	 	 	 
	Schedule II	 	 
	 	 	 
	Schedule 2.1	 	 

 

     

     

    

  

REGISTRATION RIGHTS
AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT
(this “Agreement”), dated as of                  ,
20   , by and between HCBF Holding Company, Inc., a Florida corporation (the “Company”),
and each of the Persons named on the signature pages hereto (each, an “Investor”).

 

Recitals

 

A.           WHEREAS,
the Company and the Investors have entered into (i) subscription agreements (the “Subscription Agreements”)
pursuant to which the Investors have received shares of common stock of the Company and (ii) the Shareholders’ Agreement
dated as of May       , 2010 (the “Shareholders’ Agreement”); and

 

B.           WHEREAS,
as an inducement to the Investors to enter into the Subscription Agreements and the Shareholders’ Agreement, the Company
has agreed to provide the registration rights set forth in this Agreement.

 

Agreement

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

SECTION 1. DEFINITIONS

 

1.1.         Defined
Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Adverse Disclosure”
means public disclosure of material non-public information, which disclosure in the good faith judgment of the chief executive
officer or chief financial officer of the Company after consultation with counsel to the Company (i) would be required to be made
in any Registration Statement so that such Registration Statement would not be materially misleading, (ii) would not be required
to be made at such time but for the filing of such Registration Statement and (iii) the Company has a bona fide
business purpose for not disclosing publicly.

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

“Business Day”
means any day except Saturday, Sunday or a day on which banking institutions in New York, New York, generally are authorized or
required by law or other governmental action to close.

 

“Company”
has the meaning set forth in the preamble and shall include the Company’s successors by merger, acquisition, reorganization
or otherwise.

 

“Demand Investor”
has the meaning set forth in Section 2.1(a).

 

     

     

    

 

“Demand Registration”
has the meaning set forth in Section 2.1(a).

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder,
all as the same shall be in effect from time to time.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“holder”
or “holders” means any holder or holders of Registrable Securities who is/are a party hereto or who otherwise
agrees/agree in writing to be bound by the provisions of this Agreement pursuant to Section 3.2.

 

“Incidental
Registration” has the meaning set forth in Section 2.2(a).

 

“Investor”
has the meaning set forth in the preamble hereto.

 

“Loss”
has the meaning set forth in Section 2.8(a).

 

“Management
Investors” means those employees of the Company or its subsidiaries listed on Schedule I hereto.

 

“Person”
means any individual, firm, limited liability company or partnership, joint venture, corporation, joint stock company, trust or
unincorporated organization, incorporated or unincorporated association, government (or any department, agency or political subdivision
thereof) or other entity of any kind.

 

“Piggyback Election
Notice” has the meaning set forth in Section 2.1(c).

 

“Piggyback Election
Period” has the meaning set forth in Section 2.1(c).

 

“Piggyback Notice”
has the meaning set forth in Section 2.1(c).

 

“Prospectus”
means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus and all material
incorporated by reference in such prospectus.

 

“Public Offering
Event” means the first underwritten registered public offering of Shares pursuant to a Registration Statement.

 

“Registrable
Securities” means the Shares of the Company issued to the Investor pursuant to the Subscription Agreements (including
any Shares issued upon the exercise or conversion thereof); provided, however, that any of the foregoing Shares shall
cease to be “Registrable Securities” to the extent (i) a Registration Statement with respect to their sale has been
declared effective under the Securities Act and they have been disposed of pursuant to such Registration Statement, (ii) they have
been distributed pursuant to Rule 144 (or any similar provision then in force) under the Securities Act or (iii) they shall have
been otherwise transferred and (A) new certificates for them not bearing a legend restricting transfer under the Securities Act
shall have been delivered by the Company and (B) may be freely resold (without

 

    	 	2	 

     

    

 

volume or method of sale restrictions,
public information requirements or other conditions) without registration under the Securities Act. For purposes of this Agreement,
a “class” of Registrable Securities shall mean all Shares with the same terms (it being understood and agreed that
the Company’s voting common stock and non-voting common stock shall be deemed a single class for all purposes hereunder)
and a “percentage” (or a “majority") of the Registrable Securities (or, where applicable, of any other securities)
shall be determined based on the number of Shares.

 

“registration”
means a registration of the Company’s securities for sale to the public under a Registration Statement.

 

“Registration
Statement” means a registration statement filed by the Company with the SEC in compliance with the Securities Act for
a public offering and sale of Shares or other securities of the Company (other than a registration statement on Form S-4 or Form
S-8 (or any similar successor form)) or in connection with (i) a management equity plan or stock option plan or any other management
or employee benefit plan or other equity compensation agreement of the Company or securities issued or issuable pursuant to any
such plan, or (ii) a dividend reinvestment plan.

 

“Requested Registration”
means a Demand Registration or a Shelf Demand Registration.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated
thereunder, all as the same shall be in effect from time to time.

 

“Shareholders’
Agreement” has the meaning set forth in the recitals hereto.

 

“Shares”
means the capital stock of the Company (whether common stock or preferred stock, and whether outstanding or issued or acquired
hereafter, including all shares of capital stock of the Company issuable upon the exercise of warrants, options or other rights
to acquire shares of capital stock of the Company, or upon the conversion or exchange of any security).

 

“Shelf Demand
Registration” has the meaning set forth in Section 2.1(b).

 

“Shelf Registration
Statement” means a Registration Statement of the Company filed with the SEC on Form S-3 (or any successor form or other
appropriate form under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 under
the Act (or any similar rule that may be adopted by the SEC) covering the Registrable Securities.

 

“Subscription
Agreements” has the meaning set forth in the recitals hereto.

 

    	 	3	 

     

    

 

“Underwritten
Offering” means a registration in which securities of the Company are sold to an underwriter or underwriters on a firm
commitment basis for reoffering to the public.

 

“WKSI”
has the meaning set forth in Section 2.5(e).

 

1.2.         General
Interpretive Principles. Whenever used in this Agreement, except as otherwise expressly provided or unless the context otherwise
requires, any noun or pronoun shall be deemed to include the plural as well as the singular and to cover all genders. The name
assigned this Agreement and the section captions used herein are for convenience of reference only and shall
not be construed to affect the meaning, construction or effect hereof. Unless otherwise specified, the terms “hereof,”
“herein,” “hereunder” and similar terms refer to this Agreement as a whole (including the exhibits, schedules
and disclosure statements hereto), and references herein to Sections refer to Sections of this Agreement.

 

SECTION 2. REGISTRATION RIGHTS

 

2.1.         Requested
Registrations.

 

(a)          Demand
Rights. Following a Public Offering Event, each of the Investors identified on Schedule 2.1 (each, a “Demand
Investor”) shall have the right from time to time to cause the Company to file a Registration Statement with respect
to all or a portion of such Demand Investor’s and its affiliates’ Registrable Securities (a “Demand Registration”)
and to use best efforts to cause such Registration Statement to become effective and to maintain its effectiveness as provided
in Section 2.1(f); provided, however, that no Demand Investor shall be entitled to effect a Demand Registration more
than the number of times listed opposite its name on Schedule 2.1; provided, further, that the Company will not be
required to file a Registration Statement unless the aggregate amount of the securities being offered thereby (taking into account
the securities being included in the offering pursuant to Section 2.1(c)) is greater than $50 million.
Any Registration Statement with respect to a Demand Registration shall provide for the resale from time to time and pursuant
to any method or combination of methods legally available (including, without limitation, an Underwritten Offering, a direct sale
to purchasers or a sale through brokers or agents, which may include sales over the internet) by the holders of Registrable Securities
included therein. Any such Demand Registration shall be subject to piggyback rights as described under Section 2.1(c) below and
any limitations set forth in this Agreement.

 

(b)          Shelf
Registration Rights. Following a Public Offering Event, any Investor holding, collectively with its affiliates, Registrable
Securities representing at least ten percent (10%) of Shares shall have the right from time to time to cause the Company to file
a Shelf Registration Statement (provided that the Company is eligible to use such form) for the resale on a continuous basis pursuant
to Rule 415 under the Securities Act of all or a portion of such Investor’s and its affiliates’ Registrable Securities
(a “Shelf Demand Registration”) and to use best efforts to cause such Registration Statement to become effective
and to maintain its effectiveness as provided in Section 2(f). Any Shelf Registration Statement shall provide for the resale from
time to time and pursuant to any method or combination of methods legally available (including, without limitation, an Underwritten
Offering, a direct sale to purchasers or a sale

 

    	 	4	 

     

    

 

through brokers or agents, which may include
sales over the internet) by the holders of Registrable Securities included therein. Any such Shelf Demand Registration shall be
subject to piggyback rights as described under Section 2.1(c) and any limitations set forth in this Agreement.

 

(c)          Piggyback
Rights.

 

(i)          Upon
its receipt of notice of a Requested Registration, the Company shall promptly provide written notice (the “Piggyback
Notice”) to each Investor. Such Piggyback Notice shall set forth the principal
terms and conditions of the registration, including the proposed offering price (or range of offering prices) and the anticipated
filing date of the Registration Statement. Each Investor shall have a period of ten (10) Business Days from the date the Piggyback
Notice is delivered to such Investor (the “Piggyback Election Period”) within which to elect to include all
or a portion of its Registrable Securities at the price and upon the terms specified in the Piggyback Notice, by delivering an
irrevocable written notice (the “Piggyback Election Notice”) to the Company. Subject to Section 2.1(i), the
Company shall include in such Registration Statement all such Registrable Securities that are the subject of Piggyback Election
Notices in accordance with this Section 2.1(c). If any Investor does not deliver a Piggyback Election Notice within the Piggyback
Election Period, such Investor shall be deemed to have irrevocably waived any and all rights to participate in the sale under
the related Registration Statement (but not with respect to future proposed registrations).

 

(ii)         Subject
to Section 2.1 (i) below, the Company may elect to include in any Requested Registration additional securities of the class or
classes of the Registrable Securities to be registered hereunder, including securities to be sold for the Company’s own account
or for the account of Persons who are not holders of Registrable Securities.

 

(d)          Limitation
on Requested Registrations. The Company shall not be required to file more than one (1) Registration Statement for Requested
Registrations in any six (6)-month period.

 

(e)          Withdrawal.
An Investor may withdraw its Registrable Securities from a Requested Registration at any time. If all such Investors do so, the
Company shall cease all efforts to secure registration and such registration nonetheless shall be deemed a Requested Registration,
unless such withdrawal follows a delay described in Section 2.1(g).

 

(f)           Effective
Registration. The Company shall be deemed to have effected a Requested Registration if the applicable Registration Statement
is declared effective by the SEC and remains effective for not less than 180 days, or, in the case of a Shelf Registration Statement,
not less than two (2) years (or, in any case, such shorter period as will terminate when
all Registrable Securities covered by such Registration Statement have been sold or withdrawn); provided, however,
that a registration will not count as one of the permitted Demand Registrations (i) if the Registration Statement with respect
thereto has not become effective or remained effective for at least 180 days (or such shorter period as will terminate when all
Registrable Securities covered by such Registration Statement have been sold or withdrawn), (ii) if, after the related Registration
Statement has become effective, such Registration Statement becomes subject to any stop order, injunction or other order or requirement
of the SEC or other

 

    	 	5	 

     

    

 

governmental entity for any reason, unless
such order or requirement is lifted and the Registration Statement becomes effective, (iii) if the conditions to closing specified
in the purchase agreement or underwriting agreement entered into in connection with the offering and sale of the Registrable Securities
under such Registration Statement are not satisfied or waived or (iv) the Demand Investor requesting such Demand Registration and
its affiliates are not able to register and sell at least 80% of the Registrable Securities requested to be included by such Investor
in such Demand Registration.

 

(g)          Suspension
of Registration. If the filing, initial effectiveness or continued use of a Registration Statement in respect of a Requested
Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company
may, upon giving prompt written notice of such action to the Investors (including a statement that an Adverse Disclosure would
result), delay the filing or initial effectiveness of, or suspend use of, such Registration
Statement for the shortest possible period of time determined in good faith by the Company to be necessary for such purpose (such
period not to exceed sixty (60) days without the consent of the requesting Demand Investor, in the case of a Demand Registration,
or the holders of a majority of the Registrable Securities that are included in any offering pursuant to a Shelf Registration
Statement); provided, however, that the Company shall not be entitled to so
delay or suspend unless it shall (i) concurrently request the suspension of sales by other security holders under registration
statements covering securities held by such other security holders, (ii) in accordance with the Company’s policies from
time to time in effect, forbid purchases and sales in the open market by senior executives of the Company and (iii) itself refrain
from any public offering and open market purchases during the postponement; provided farther that if the Company
shall delay the filing or effectiveness of a Registration Statement pursuant to this Section 2.1(g) with respect to any Demand
Registration, the Demand Investor requesting such Demand Registration shall be entitled to withdraw such request, and, if such
request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations. In the event the
Company exercises its rights under the preceding sentence, the Investors agree to suspend, immediately upon their receipt of the
notice referred to above, their use of the Prospectus relating to the Requested Registration in connection with any sale or offer
to sell Registrable Securities and agree not to disclose to any other Person the fact that the Company has exercised such rights
or any related facts. The Company shall immediately notify the Investors of the expiration of any period during which it exercised
its rights under this Section 2.1(g). The Company may defer the filing (but not the preparation) or effectiveness or suspend the
use or filing of a prospectus supplement or post-effective amendment, as applicable, of a particular Registration Statement pursuant
to this Section 2.1(g) only once during any twelve (12)-month period.

 

(h)          Underwritten
Offering. (i) If (A) the requesting Demand Investor, in the case of a Demand Registration, or (B) the holders of a majority
of the Registrable Securities that are included in any offering pursuant to a Shelf Registration Statement so elect, such offering
shall be in the form of an Underwritten Offering. The applicable Demand Investor, in the case
of a Demand Registration, or the holders of a majority of the Registrable Securities included in such Underwritten Offering, in
the case of an offering pursuant to a Shelf Registration Statement, shall, after consulting with the Company, have the right to
select the managing underwriter or

 

    	 	6	 

     

    

 

underwriters for the offering subject to
the right of the Company to select one co-managing underwriter reasonably acceptable to such holders.

 

(ii)        In the case of
an Underwritten Offering, the aggregate number of Registrable Securities to be included in a proposed registration shall not exceed
the number of Registrable Securities that the managing underwriters in good faith advise the Company in writing that can be sold
in such offering without being likely to have a material and adverse effect on the price, timing or distribution of Shares
offered or the market for such Shares.

 

(i) 
         Priority of Securities Registered Pursuant to Requested Registrations. If the
managing underwriter or underwriters of a proposed Underwritten Offering of a class of Registrable Securities included in a
Requested Registration (or, in the case of a Requested Registration not being underwritten, the holders of a majority of a
class of Registrable Securities included in such Registration Statement), inform the holders of such Registrable Securities
and the Company in writing that, in its or their opinion, the number of Shares requested to be included in such Requested
Registration (including Shares of the Company for its own account or for the account of other Persons which are not holders
of Registrable Securities) exceeds the number which can be sold in such offering without being likely to have a significant
adverse effect on the price, timing or distribution of the class of securities offered or the market for the class of
securities offered, the amount registered shall be allocated based on the following priority:

 

(i)         first,
to the holders desiring to participate in such registration, pro rata based on the amount of Registrable Securities owned
by each such holder (but, for any holder, not to exceed the amount requested to be included in such holder’s election notice);

 

(ii)       second,
to the Company for any Shares that it proposes to issue and sell for its own account; and

 

(iii)       thereafter,
to any other Persons for whom the Company is obligated to register Shares pursuant to other registration rights agreements.

 

Notwithstanding the foregoing,
a Management Investor shall not be entitled to participate in any such registration to the extent that the managing underwriter
or underwriters (or, in the case of a Requested Registration not being underwritten, the holders of a majority of a class of Registrable
Securities included in such Registration Statement) has advised in writing (with a copy to each affected Person requesting registration
of Registrable Securities) that it has determined in good faith (taking into account the management position and the extent of
holdings of such Management Investor) that the participation of such Management Investor would likely have a significant adverse
effect on the price, timing or distribution of the class of securities offered or the market for the class of securities offered,
it being understood and agreed that there shall be included in such registration that number
of shares of such Management Investor (up to the pro rata amount specified in clause (i) above) which can be sold in such
offering without having a significant adverse effect on the price, timing or distribution of the class of securities offered or
the market for the class of securities offered.

 

    	 	7	 

     

    

 

(j) 
         Registration Statement
Form. Demand Registrations shall be on such appropriate registration form of the SEC as shall be selected by the Demand Investor
requesting any such Demand Registration and as shall be reasonably acceptable to the Company.

 

2.2.         Incidental
Registrations.

 

(a)          Participation. 
    (i) If the Company at any time proposes to file a Registration Statement with respect to any offering (other than (A) a Requested
Registration, (B) a registration on Form S-4 or S-8 or any successor form to such forms, or (C) a registration of securities solely
relating to an offering and sale to employees pursuant to any employee stock plan or other employee benefit plan arrangement) of
its securities for its own account or for the account of any holders of its securities (an “Incidental Registration”),
then, the Company shall promptly deliver a Piggyback Notice.

 

(ii)        Subject
to Section 2.2(b), the Company shall include in such Registration Statement all such Registrable Securities that are the subject
of Piggyback Election Notices in accordance with Section 2.1(c). If at any time after giving written notice of its intention to
conduct an Incidental Registration and prior to the effective date of the Registration Statement filed in connection with such
registration, the Company shall determine for any reason not to register or to delay registration of such securities, the Company
may, at its election, give written notice of such determination to each holder of Registrable Securities and, (x) in the case of
a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with
such Incidental Registration, and (y) in the case of a determination to delay registering, shall be permitted to delay registering
any Registrable Securities for the same period as the delay in registering such other securities.

 

(iii)       If
the offering pursuant to an Incidental Registration is to be an Underwritten Offering, then each holder submitting a Piggyback
Election Notice with respect to such registration must, and the Company shall make such arrangements with the underwriters so that
each such holder may, participate in such Underwritten Offering on the same terms as the Company and other Persons selling securities
in such Underwritten Offering. If the offering pursuant to such registration is to be on any other basis, then each holder that
submitted a Piggyback Election Notice for an Incidental Registration must participate in such offering on such basis.

 

(iv)      Each
holder of Registrable Securities shall be permitted to withdraw all or part of such holder’s Registrable Securities from
an Incidental Registration at any time.

 

(b) 
        Priority
of Incidental Registration. If the managing underwriter or underwriters of any proposed Underwritten Offering in an Incidental
Registration informs the holders of Registrable Securities subject of a Piggyback Election Notice in writing that, in its or their
opinion, the total amount or kind of securities which such holders and any other Persons intend to include in such offering exceeds
the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or
distribution of the class or classes of the securities offered or the market for the class or classes of securities offered, then
the securities of each class to be included in such registration shall be allocated as follows:

 

    	 	8	 

     

    

  

(i)          first,
to the Company for any Shares that it proposes to issue and sell for its own account;

 

(ii)        second,
to the holders desiring to participate in such registration, pro rata based on the amount of Registrable Securities owned
by each such holder (but, for any Investor, not to exceed the amount requested to be included in such Investor’s election
notice); and

 

(iii)       thereafter,
to any other Persons for whom the Company is obligated to register Registrable Securities pursuant to other registration rights
agreements.

 

Notwithstanding the foregoing,
a Management Investor shall not be entitled to participate in any such registration to the extent that the managing underwriter
or underwriters of any proposed Underwritten Offering in an Incidental Registration has advised in writing (with a copy to each
affected Person requesting registration of Registrable Securities) that it has determined in good faith (taking into account the
management position and the extent of holdings of such Management Investor) that the participation of such Management Investor
would likely have a significant adverse effect on the price, timing or distribution of the class of securities offered or the market
for the class of securities offered, it being understood and agreed that there shall be included in such registration that
number of shares of such Management Investor (up to the pro rata amount specified in clause (ii) above) which can be sold
in such offering without having a significant adverse effect on the price, timing or distribution of the class of securities offered
or the market for the class of securities offered.

 

2.3           Black-out
Periods

 

(a) 
         Black-out Periods for Holders. In the event of a registration
by the Company involving the offering and sale by the Company of equity securities or securities convertible into or
exchangeable for its equity securities, the holders of Registrable Securities agree, if requested by the Company (or, in the
case of an Underwritten Offering, by the managing underwriter or underwriters), not to effect any public sale or
distribution (including any sale pursuant to Rule 144 under the Securities Act) of any securities (except, in each case, as
part of the applicable registration, if permitted) which securities are the same as or similar to those being registered in
connection with such registration, or which are convertible into or exchangeable or exercisable for such securities, during
the period beginning seven days before, and ending 90 days (or such lesser period as may be permitted by the Company or such
managing underwriter or underwriters) after, the effective date of the Registration Statement filed in connection with
such registration, to the extent such holders are timely notified in writing by the Company or the managing underwriter or
underwriters.

 

(b) 
         Black-out Period for the Company and Others. In thecase of a
Requested Registration, the Company agrees, if requested by the holders of a majority of such class of Registrable Securities
to be sold pursuant to such registration (or, in the case of an Underwritten Offering, by the managing underwriter or
underwriters in such Underwritten Offering), not to effect any public sale or distribution of any securities which are the
same as or similar to those being registered, or which are convertible into or exchangeable or exercisable for such
securities, during the period beginning seven days before, and ending 90 days (or such lesser period as may

 

    	 	9	 

     

    

  

be permitted by the holders of a majority
of the Registrable Securities to be sold pursuant to such registration (or, in the case of an Underwritten Offering, by the managing
underwriter or underwriters in such Underwritten Offering) after, the effective date of the Registration Statement filed in connection
with such registration (or, in the case of an Underwritten Offering under the Shelf Registration, the date of the closing under
the underwriting agreement in connection therewith). Notwithstanding the foregoing, the Company may effect a public sale or distribution
of securities of the type described above and during the periods described above if the same (A) is made pursuant to registrations
on Forms S-4 or S-8 or any successor form to such forms, or (B) as part of any registration of securities for offering and sale
to employees or directors of the Company pursuant to any employee stock plan or other employee benefit plan arrangement.

 

2.4.         Registration
Procedures.

 

(a) 
         In
connection with the Company’s registration obligations in this Agreement, the Company will, subject to the limitations set
forth herein, use its reasonable best efforts to effect any such registration so as to permit the sale of the applicable Registrable
Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable,
and in connection therewith the Company will:

 

(i)         before
filing a Registration Statement or Prospectus, or any amendments or supplements thereto and in connection therewith, furnish to
the underwriter or underwriters, if any, and to each participating holder, copies of all documents prepared to be filed, which
documents will be subject to the review of such underwriters and such holders and their respective counsel;

 

(ii)        prepare
and file with the SEC such amendments or supplements to the applicable Registration Statement or Prospectus as may be (A) reasonably
requested by any participating holder (to the extent such request relates to information relating to such holder) or (B) necessary
to keep such registration effective for the period of time required by this Agreement;

 

(iii)       notify
the selling holders of Registrable Securities and the managing underwriter or underwriters, if any, and (if requested) confirm
such advice in writing, as soon as reasonably practicable after notice thereof is received by the Company (A) when the applicable
Registration Statement or any amendment thereto has been filed or becomes effective and when the applicable Prospectus or any amendment
or supplement thereto has been filed, (B) of any written comments by the SEC or any request by the SEC or any other federal or
state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information,
(C) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order preventing
or suspending the use of any preliminary or final Prospectus or the initiation or threat of any proceedings for such purposes and
(D) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities
for offering or sale in any jurisdiction or the initiation or threat of any proceeding for such purpose;

 

    	 	10	 

     

    

 

(iv)       promptly
notify each selling holder of Registrable Securities and the managing underwriter or underwriters, if any, when the Company
becomes aware of the happening of any event as a result of which the applicable Registration Statement or Prospectus (as then in
effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein
(in the case of the Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made) not misleading
or, if for any other reason it shall be necessary to amend or supplement such Registration Statement or Prospectus in order to
comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the
SEC an amendment or supplement to such Registration Statement or Prospectus which will correct such statement or omission or effect
such compliance;

 

(v)       make
every reasonable effort to prevent or obtain at the earliest possible moment the withdrawal of any stop order with respect to the
applicable Registration Statement or other order suspending the use of any preliminary or final Prospectus;

 

(vi)       promptly
incorporate in a Prospectus supplement or post-effective amendment to the applicable Registration Statement such information as
the managing underwriter or underwriters, if any, or the holders of a majority of the Registrable Securities included therein agree
should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required
filings of such Prospectus supplement or post-effective amendment as soon as reasonably practicable after being notified of the
matters to be incorporated in such Prospectus supplement or post-effective amendment;

 

(vii)      furnish
to each selling holder of Registrable Securities and each managing underwriter, if any, without
charge, as many conformed copies as such holder or managing underwriter may reasonably request
of the applicable Registration Statement;

 

(viii)    deliver
to each selling holder of Registrable Securities and each managing underwriter, if any, without
charge, as many copies of the applicable Prospectus (including each preliminary Prospectus) as such holder or managing underwriter
may reasonably request (it being understood that the Company consents to the use of the Prospectus by each of the selling holders
of Registrable Securities and the underwriter or underwriters, if any, in connection with the offering and sale of the Registrable
Securities covered by the Prospectus);

 

(ix)       on
or prior to the date on which the applicable Registration Statement is declared effective, use its reasonable best efforts to
register or qualify such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each
state and other jurisdiction of the United States, as any such selling holder or underwriter, if any, or their respective counsel
reasonably requests in writing, and do any and all other acts or things reasonably necessary or advisable to keep such registration
or qualification in effect so as to permit the commencement and continuance of sales and dealings in such jurisdictions for as
long as may be necessary to complete the distribution of the Registrable Securities covered by the Registration Statement; provided,
however, that the Company will not be required to qualify generally to do business in any jurisdiction where it is not
then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction
where it is not then so subject;

 

    	 	11	 

     

    

  

(x)        cooperate
with the selling holders of Registrable Securities and the managing underwriter, underwriters or agent, if any, to facilitate the
timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive
legends;

 

(xi)       use
its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof
or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;

 

(xii)      not
later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and
provide the applicable transfer agent with printed certificates for the Registrable Securities which certificates shall be in a
form eligible for deposit with The Depository Trust Company;

 

(xiii)     obtain
for delivery to the holders of each class of Registrable Securities being registered and to the underwriter or underwriters, if
any, an opinion or opinions from counsel for the Company dated the effective date of the Registration Statement or, in the event
of an Underwritten Offering, the date of the closing under the underwriting agreement, in customary form, scope and substance,
which counsel and opinions shall be reasonably satisfactory to the holders of a majority of the Registrable Securities being registered
and underwriter or underwriters, if any, and their respective counsel;

 

(xiv)     in
the case of an Underwritten Offering, obtain for delivery to the Company and the underwriter or underwriters, if any, with copies
to the holders of Registrable Securities included in such registration, a cold comfort letter from the Company’s independent
certified public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters
as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought
down to the closing under the underwriting agreement;

 

(xv)     cooperate
with each seller of Registrable Securities and each underwriter or agent, if any, participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA;

 

(xvi)     use
its reasonable best efforts to comply with all applicable rules and regulations of the SEC and make generally available to its
security holders, as soon as reasonably practicable (but not more than 15 months) after the effective date of the applicable Registration
Statement, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act;

 

(xvii)    provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration
Statement from and after a date not later than the effective date of such Registration Statement;

 

(xviii)  cause
all Registrable Securities of a class covered by the applicable Registration Statement to be listed on each securities exchange
on which any of the Company’s

 

    	 	12	 

     

    

  

securities of such class are then listed
or quoted and on each inter-dealer quotation system on which any of the Company’s securities of such class are then quoted;

 

(xix)      make
available upon reasonable notice at reasonable times and for reasonable periods for inspection by the holders of the Registrable
Securities covered by the applicable Registration Statement, by any managing underwriter or underwriters participating in any disposition
to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by such sellers
or any such managing underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the
Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have
certified its financial statements to make themselves available to discuss the business of the Company and to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement
as shall be necessary to enable them to exercise their due diligence responsibility (subject to the entry by each party referred
to in this clause (xix) into customary confidentiality agreements in a form reasonably acceptable to the Company); and

 

(xx)       in
the case of an Underwritten Offering, cause the senior executive officers of the Company to participate in the customary “road
show” presentations that may be reasonably requested by the managing underwriter in such Underwritten Offering and otherwise
to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related
thereto.

 

(b)         The
Company may require each selling holder of Registrable Securities as to which any registration is being effected to furnish to
the Company such information regarding the distribution of such Securities and such other information relating to such holder and
its ownership of the applicable Registrable Securities as the Company may from time to time reasonably request. Each holder of
Registrable Securities agrees to furnish such information to the Company and to cooperate with the Company as necessary to enable
the Company to comply with the provisions of this Agreement. The Company shall have the right to exclude any holder that does not
comply with the preceding sentence from the applicable registration.

 

(c) 
         Each
holder of Registrable Securities agrees by acquisition of such Registrable Securities that, upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 2.4(a)(iv), such holder will discontinue disposition of
its Registrable Securities pursuant to such Registration Statement until such holder’s receipt of the copies of the supplemented
or amended Prospectus contemplated by Section 2.4(a)(iv), or until such holder is advised in writing by the Company that the use
of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference
in the Prospectus and, if so directed by the Company, such holder will deliver to the Company (at the Company’s expense)
all copies, other than permanent file copies then in such holder’s possession, of the Prospectus covering such Registrable
Securities which are current at the time of the receipt of such notice. In the event that the Company shall give any such notice
in respect of a Requested Registration, the period during which the applicable Registration Statement is required to be maintained
effective shall be extended by the number of days during the period from and including the date of the giving of such notice to
and including the date when each seller of Registrable Securities covered by such Registration Statement either receives

 

    	 	13	 

     

    

  

the copies of the supplemented or amended
Prospectus contemplated by Section 2.4(a)(iv) or is advised in writing by the Company that the use of the Prospectus may be resumed.

 

2.5. 
       Underwritten
Offerings.

 

(a) 
        Underwriting
Agreements. If requested by the underwriters for any Underwritten Offering in a Requested Registration, the Company and the
holders of Registrable Securities to be included therein shall enter into an underwriting agreement with such underwriters, such
agreement to be reasonably satisfactory in substance and form to the Company, the holders of a majority of the Registrable Securities
to be included in such Underwritten Offering (including each Demand Investor with Registrable Securities included therein) and
the underwriters, and to contain such terms and conditions as are generally prevailing in agreements of that type, including, without
limitation, indemnities no less favorable to the recipient thereof than those provided in Section 2.8. The holders of any Registrable
Securities to be included in any Underwritten Offering in an Incidental Registration shall enter into such an underwriting agreement
at the request of the Company. No holder shall be required in any such underwriting agreement to make any representations or warranties
to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such holder,
such holder’s Registrable Securities, such holder’s intended method of distribution and any other representations required
by law.

 

(b)         Price
and Underwriting Discounts. In the case of an Underwritten Offering in a Requested Registration, the price, underwriting discount
and other financial terms for each class of Registrable Securities of the related underwriting agreement shall be determined by
the holders of a majority of such class of Registrable Securities whose shares are included therein (including each Demand Investor
with Registrable Securities included therein). In the case of any Underwritten Offering in an Incidental Registration, such price,
discount and other terms shall be determined by the Company, subject to the right of the holders to withdraw their request to participate
in the registration pursuant to Section 2.2(a)(iv) after being advised of such price, discount and other terms.

 

(c)          Participation
in Underwritten Offerings. No Person may participate in an Underwritten Offering unless such Person (i) agrees to sell such
Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such
arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents required under the terms of such underwriting arrangements.

 

(d)          Transfer Restrictions.
In connection with the Public Offering Event, if any, the underwriting agreement shall include provisions waiving any restrictions
imposed by this Agreement on any sale or other transactions by the Investor involving the Company’s securities that the
Investor has purchased in an initial public offering or other registered offering or on the open market following any such public
offering.

 

(e)          To
the extent the Company is a well known seasoned issuer (as defined in Rule 405 under the Securities Act) (a “WKSI”)
at the time any Investor makes a request that a Shelf Registration Statement be filed pursuant to Section 2.1, the Company shall
file a Shelf

 

    	 	14	 

     

    

  

Registration Statement which covers those Registrable Securities
which are requested to be registered. The Company shall use its commercially reasonable best efforts (taking into consideration
the Company’s status as a regulated financial institution) to remain a WKSI (and not become an ineligible issuer (as defined
in Rule 405 under the Securities Act)) during the period during which such Shelf Registration Statement is required to remain
effective pursuant to Section 2.1(f) hereof. If the Company does not pay the filing fee covering the Registrable Securities at
the time the Shelf Registration Statement is filed, the Company agrees to pay such fee at such time or times as the Registrable
Securities are to be sold. If at any time when the Company is required to re-evaluate its WKSI status the Company determines that
it is not a WKSI, the Company shall use its reasonable best efforts to file a shelf registration statement on Form S-3 and, if
such form is not available, Form S-l, and keep such registration statement effective during the period during which such registration
statement is required to be kept effective pursuant to Section 2.1(f) hereof.

 

(f)            The
Company agrees not to file or make any amendment to any registration statement with respect to any Registrable Securities, or any
amendment of or supplement to the prospectus used in connection therewith, which refers to any holder of Registrable Securities,
or otherwise identifies any holder of Registrable Securities as the holder of any Registrable Securities, without the consent of
such holder (such consent not to be unreasonably withheld or delayed), unless such disclosure is required by law.

 

(g)           The
Company shall not permit any officer, director, underwriter, broker or any other person acting on behalf of the Company to use
any free writing prospectus (as defined in Rule 405 under the Securities Act) in connection with any Registration Statement covering
Registrable Securities, without the prior written consent of the holders of a majority of the Registrable Securities included therein
and any underwriter.

 

2.6.         No
Inconsistent Agreements; Additional Rights. The Company will not enter into, and is not currently a party to, any agreement
which is, or could be, inconsistent with the rights granted to the holders of Registrable Securities by this Agreement. The Company
has not provided, and shall not provide, more favorable registration rights to any other holder of securities of the Company other
than those provided to the parties to this Agreement.

 

2.7.         Registration
Expenses, (a) The Company shall pay all of the expenses in connection with a registration under this Agreement of Registrable
Securities, including, without limitation, (i) all registration and filing fees, and any other fees and expenses associated with
filings required to be made with the SEC or FINRA, (ii) all fees and expenses of compliance
with state securities or “Blue Sky” laws, (iii) all printing, duplicating, word processing, messenger, telephone, facsimile
and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit
with The Depository Trust Company and of printing Prospectuses), (iv) all fees and disbursements of counsel for the Company and
of all independent certified public accountants of the Company, (v) Securities Act liability insurance or similar insurance if
the Company so desires or the underwriter or underwriters, if any, so require in accordance with then-customary underwriting practice,
(vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or
the quotation of the Registrable Securities on any inter-dealer quotation system and (vii) all applicable rating agency fees with
respect to any applicable Registrable

 

    	 	15	 

     

    

  

Securities. In addition, in all cases (including
all Requested Registrations) the Company shall pay its internal expenses (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties), the expense of any audit and the fees and expenses of any
Person, including special experts, retained by the Company.

 

(b)           The
Company shall not be required to pay any other costs or expenses in the course of the transactions contemplated hereby,
including underwriting discounts and commissions and transfer taxes attributable to the sale of Registrable Securities and
the fees and expenses of counsel to one or more of the holders and counsel to the underwriters other than pursuant to clause
(ii) of paragraph (a) above; provided, however, that in connection with each registration initiated hereunder,
the Company shall reimburse the holders covered by such registration for the reasonable fees and disbursements of one law
firm chosen by the Demand Investor requesting such registration, if any, and to the extent such registration is not a Demand
Registration, one law firm that is reasonably acceptable to the Company and chosen by holders representing a majority of the
number of shares of Registrable Securities included in such registration.

 

2.8.          Indemnification.

 

(a)           Indemnification
by the Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each holder of Registrable
Securities and their respective officers, directors, employees and consultants and each Person who controls (within the meaning
of the Securities Act or the Exchange Act) such Persons from and against any and all losses, claims, damages, liabilities (or
actions or proceedings in respect thereof, whether or not such indemnified party is a party thereto) and expenses (including reasonable
costs of investigation and legal expenses), joint or several (each, a “Loss” and collectively “Losses”),
arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement
under which such Registrable Securities were registered under the Securities Act (including any final, preliminary or summary
Prospectus or any “issuer free writing prospectus” (as defined in Rule 433 of the Securities Act) contained therein
or used in connection with the offering of securities covered thereby or any amendment thereof or supplement thereto or any documents
incorporated by reference therein) or (ii) any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus or “issuer free
writing prospectus”, in light of the circumstances under which they were made) not misleading; provided, however,
that the Company shall not be liable to any indemnified party in any such case to the extent that any such Loss arises out of
or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon
and in conformity with written information furnished to the Company by such holder expressly for use in the preparation thereof.
This indemnity shall be in addition to any liability the Company may otherwise have and shall remain in full force and effect,
regardless of any investigation made by such indemnified party, and shall survive the transfer of such Registrable Securities
by such holder.

 

(b)           Indemnification
by the Holders. Each selling holder of Registrable Securities agrees (severally and not jointly) to indemnify and hold harmless,
to the full extent permitted by law, the Company, its directors and officers and each Person who controls the

 

    	 	16	 

     

    

  

Company (within the meaning of the Securities
Act and the Exchange Act) from and against any Losses resulting from any untrue statement of a material fact or any omission of
a material fact required to be stated in the Registration Statement under which such Registrable Securities were registered under
the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement
thereto or any documents incorporated by reference therein), or necessary to make the statements therein (in the case of a Prospectus
or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, to the extent, but only to
the extent, that such untrue statement or omission had been contained in any information furnished in writing by such selling holder
to the Company specifically for inclusion in such Registration Statement and was not corrected in a subsequent writing prior to
or concurrently with the sale of the Registrable Securities to the Person asserting such loss, claim, damage, liability or expense.
The Company and the holders of the Registrable Securities in their capacities as stockholders (but not in their capacities as officers
or directors of the Company) hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by such holders,
the only information furnished or to be furnished to the Company for use in any Registration Statement or prospectus relating to
the Registrable Securities or in any amendment, supplement or preliminary materials associated therewith are statements specifically
relating to (i) transactions between such holder and its affiliates, on the one hand, and the Company, on the other hand, (b) the
beneficial ownership of shares of common stock by such holder and its affiliates and (c) the name and address of such holder. If
any additional information about such holder or the plan of distribution (other than for an Underwritten Offering) is required
by law to be disclosed in any such document, then such holder shall not unreasonably withhold its agreement referred to in the
immediately preceding sentence of this Section 2.8(b). Such indemnity shall remain in full force and effect, regardless of any
investigation made by or on behalf of the Company or any such director or officer and shall survive the transfer of such Registrable
Securities by such holder. In no event shall the liability of any selling holder of Registrable Securities hereunder be greater
in amount than the dollar amount of the net amount of proceeds (i.e., net of expenses, underwriting discounts and commissions)
actually received by such holder under the sale of the Registrable Securities giving rise to such indemnification obligation.

 

(c)           Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that
any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate
in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (A) the
indemnifying party has agreed in writing to pay such fees or expenses, (B) the indemnifying party shall have failed to assume
the defense of such claim within a reasonable time after having received notice of such claim from the Person entitled to indemnification
hereunder and to employ counsel reasonably satisfactory to such Person, or (C) in the reasonable judgment of any such Person,
based upon advice of its counsel, a conflict of interest may exist between such Person and the indemnifying party with respect
to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate
counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such
claim on behalf of such Person). If such defense is not assumed by the indemnifying

 

    	 	17	 

     

    

  

party, the indemnifying party will not
be subject to any liability for any settlement made without its consent, but such consent may not be unreasonably withheld; provided,
however, that an indemnifying party shall not be required to consent to any settlement involving the imposition of equitable
remedies or involving the imposition of any material obligations on such indemnifying party other than financial obligations for
which such indemnified party will be indemnified hereunder. If the indemnifying party assumes the defense, the indemnifying party
shall have the right to settle such action without the consent of the indemnified party; provided, however, that
the indemnifying party shall be required to obtain such consent if the settlement includes any admission
of wrongdoing on the part of the indemnified party or any restriction on the indemnified party or its officers or directors
or any other non-monetary remedy. No indemnifying party shall consent to entry of any judgment or enter into any settlement that
does not include as an unconditional term thereof the giving by the claimant or plaintiff to each indemnified party of an unconditional
release from all liability in respect to such claim or litigation. The indemnifying party or parties shall not, in connection
with any proceeding or related proceedings, be liable for the reasonable fees, disbursements and other charges of more than one
separate firm at any one time from all such indemnified party or parties unless (x) the employment of more than one counsel has
been authorized in writing by the indemnifying party or parties or (y) a conflict or potential conflict exists or may exist (based
on advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties in each of which
cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels.

 

(d)          Contribution.
If for any reason the indemnification provided for in paragraphs (a) and (b) of this Section 2.8 is unavailable to an indemnified
party or insufficient to hold it harmless as contemplated by paragraphs (a) and (b) of this Section 2.8, then the indemnifying
party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other. The
relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the indemnifying party or the indemnified party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement
or omission. Notwithstanding anything in this Section 2.8(d) to the contrary, no indemnifying party (other than the Company) shall
be required pursuant to this Section 2.8(d) to contribute any amount in excess of the amount by which the net proceeds received
by such indemnifying party from the sale of Registrable Securities in the offering to which the Losses of the indemnified parties
relate exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason of such untrue
statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section
2.8(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable
considerations referred to in this Section 2.8(d). No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
No party shall be liable for contribution under this Section 2.8 except to the extent and under such circumstances as such party
would have been liable for indemnification under this Section 2.8 if such indemnification were enforceable under applicable law.
If indemnification is available under this Section 2.8, the indemnifying parties shall indemnify each

 

    	 	18	 

     

    

 

indemnified party to the full extent provided in Sections 2.8(a) and 2.8(b) hereof without regard to the relative fault of said
indemnifying parties or indemnified party.

 

2.9.        Rules
144 and 144A. The Company covenants that it will file the reports required to be filed by it under the Securities Act and
the Exchange Act (or, if the Company is not required to file such reports, it will, upon the request of any holder of Registrable
Securities after the transfer date, make publicly available other information so long as necessary to permit sales pursuant to
Rule 144 or 144A under the Securities Act, provided, however, that the Company shall not be required to make any
Adverse Disclosure), and it will take such further action as any holder of Registrable Securities may reasonably request, all
to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by (i) Rule 144 or 144A or Regulation S under the Securities Act, as such
Rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon written request
of any holder, the Company shall provide a statement regarding the Company’s compliance with the reporting requirements
of Rule 144 or Rule 144A.

 

SECTION 3. MISCELLANEOUS

 

3.1.         Notices.
All notices, other communications or documents provided for or permitted to be given hereunder, shall be made in writing and shall
be given either personally by hand-delivery, by facsimile transmission, by mailing the same in a sealed envelope, registered first-class
mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery:

 

(a)           if
to the Company to:

 

HCBF Holding Company, Inc.

311 South Second Street 

Fort Pierce, FL 34950

Attention:        Chief
Executive Officer

Fax:                 (772) 468-0401

 

With a copy (which will not constitute
notice) to:

 

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006-1470

Attention:        Paul E. Glotzer, Esq.

Fax:                 (212) 225-3999

 

(b) if
to any Investor, to:

 

the address, facsimile number or
electronic mail address set forth next to such Investor’s name on Schedule II hereto (which address, facsimile number or
electronic mail address may be changed by the Investor by notice provided to the Company).

 

    	 	19	 

     

    

  

Each holder, by written
notice given to the Company in accordance with this Section 3.1 may change the address to which notices, other communications
or documents are to be sent to such holder. All notices, other communications or documents shall be deemed to have been duly given:
(i) at the time delivered by hand, if personally delivered; (ii) when receipt is acknowledged in writing by addressee, if by facsimile
transmission; (iii) five business days after having been deposited in the mail, postage prepaid, if mailed by first class mail;
and (iv) on the first business day with respect to which a reputable air courier guarantees delivery; provided, however,
that notices of a change of address shall be effective only upon receipt.

 

3.2.         Successors,
Assigns and Transferees. (a) The registration rights of any holder under this Agreement with respect to any Registrable Securities
may be transferred and assigned, provided, however, that no such assignment shall be binding upon or obligate the
Company to any such assignee unless and until the Company shall have received notice of such assignment as herein provided and
a written agreement of the assignee to be bound by the provisions of this Agreement. Any transfer or assignment made other than
as provided in the first sentence of this Section 3.2 shall be null and void.

 

(b)          This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective successors and
permitted assigns.

 

3.3.         Governing
Law; Service of Process; Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. ANY ACTION OR PROCEEDING TO ENFORCE
ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY SHALL BE BROUGHT EXCLUSIVELY IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR (TO THE EXTENT SUBJECT
MATTER JURISDICTION EXISTS THEREFOR) ANY COURT OF THE UNITED STATES LOCATED IN THE STATE OF DELAWARE OR THE U.S. DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF SUCH COURTS IN RESPECT
OF ANY SUCH ACTION OR PROCEEDING. EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT ANY
SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

3.4.         Headings.
The section and paragraph headings contained in this Agreement are for reference purposes only and shall not in any way affect
the meaning or interpretation of this Agreement.

 

3.5.         Severability.
Whenever possible, each provision or portion of any provision of this Agreement will be interpreted in such manner as to be effective
and valid under applicable law but if any provision or portion of any provision of this Agreement is held to be invalid, illegal
or unenforceable in any respect under any applicable law in any jurisdiction, such invalidity, illegality or unenforceability will
not affect any other provision or portion of any

 

    	 	20	 

     

    

  

 provision in
such jurisdiction, and this agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
or unenforceable provision or portion of any provision had never been contained therein.

 

3.6.         Amendment;
Waiver.

 

(a)           This
Agreement may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given, except
by an instrument or instruments in writing making specific reference to this Agreement and signed by the Company and the holders
of a majority of Registrable Securities of each class then outstanding; provided, however, that no amendment modification, waiver
or consent may adversely affect the rights of a Demand Investor hereunder that are in addition to those of the other Investors
without such Demand Investor’s written consent; provided further, that no such amendment, modification,
waiver or consent shall (i) without an Investor’s written consent, affect adversely such Investor’s rights hereunder
in a discriminatory manner inconsistent with its effects on the rights of other Investors hereunder and (ii) without each Investor’s
written consent, reduce piggyback rights pursuant to Section 2.1(c) (including in respect of a Requested Registration or Incidental
Registration). Each holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any amendment,
modification, waiver or consent authorized by this Section 3.6(a), whether or not such Registrable Securities shall have been
marked accordingly.

 

(b)           The
waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing
waiver of such breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure
on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available
in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right,
power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

 

3.7.         Counterparts.
This Agreement may be executed in any number of separate counterparts and by the parties hereto in separate counterparts each of
which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement.

 

3.8.          Recapitalizations, Exchanges Affecting the Registrable Securities. The provisions of this Agreement shall apply, to the full extent set forth
herein, with respect to the Registrable Securities, to any and all shares of stock of the Company or any successor 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 Registrable Securities, by reason of a stock dividend, stock split, stock issuance, reverse stock split,
combination, recapitalization, reclassification, merger, consolidation or otherwise. Upon the occurrence of any such events, amounts
hereunder shall be appropriately adjusted. For the avoidance of doubt, if any subsidiary or affiliate of the Company is the registering
entity in a Public Offering Event, such registering entity shall assume all of the Company’s rights and obligations hereunder.

 

    	 	21	 

     

    

  

3.9.          Term.
This Agreement shall terminate at such time as no Investor owns any Registrable Securities. The provisions of Section 2.8 and Section
2.9 shall survive such termination.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	22	 

     

    

  

IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be duly executed as of the date first written above.

 

	 	
        HCBF HOLDING COMPANY, INC. 

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	THE INVESTORS:

 

Address:

 

     

     

    

  

SCHEDULE I TO THE REGISTRATION RIGHTS
AGREEMENT

 

MANAGEMENT INVESTORS

 

Mr. Michael Brown, Sr.

 

Mr. J. Hal Roberts, Jr.

 

Mr. Michael Brown, Jr.

 

Mr. Randall Ezell

 

     

     

    

  

SCHEDULE II TO THE REGISTRATION RIGHTS
AGREEMENT

 

LIST OF INVESTORS

 

	INVESTORS	 	ADDRESS
	Mr. Michael
    Brown, Sr.	 	HCBF Holding
    Company, Inc.
	Mr. J. Hal Roberts, Jr.	 	311 South Second Street
	Mr. Michael Brown, Jr.	 	Fort Pierce, FL 34950
	Mr. Randall Ezell	 	Facsimile: (772) 468-0401
	 	 	 
	GE Asset Management	 	GE Asset Management 

        3001 Summer Street 

        Stamford, CT 06904 

        Attention: Managing Director 

        Facsimile: (203) 326-2495

	 	 	 
	HarbourVest Partners VIII - Buyout Fund LP	 	c/o HarbourVest Partners, LLC
	HarbourVest Partners 2007 Direct Fund LP	 	One Financial Center - 44th Floor 

        Boston, MA 02111 

        Attention: Vice President 

        Facsimile: (617) 350-0305

         

        c/o Investure LLC

	Investure Evergreen Fund, LP - 2010 Special
    Term	 	126 Garrett Street, Suite J
	Tranche	 	Charlottesville, VA 22902 

        Attention: Edward P. “Ted” Meissner 

        Facsimile: (434) 220-0285

	 	 	 
	Kelso Investment Associates VIII, L.P.

        KEP VI, LLC
	 	c/o Kelso & Company 

        320 Park Ave, 24th Floor

        New York, NY 10022 

        Attention: Managing Director 

        Facsimile: (212) 223-2379

	 	 	 
	Lockheed Martin Corporation Master Retirement
    Trust	 	c/o Lockheed Martin Investment Management 

        Company

        6901 Rockledge Drive, 4th Floor 

        Bethesda, MD 20817 

        Attention: Portfolio Manager 

        Facsimile: (301) 571-7172

	 	 	 
	State of Wisconsin Investment Board	 	Lake Terrace

        121 East Wilson Street

        Madison, WI 53703

        Attention: Assistant Portfolio Manager

        Facsimile: (608) 266-2436

	 	 	 
	Tinicum Capital Partners II, L.P.	 	c/o Tinicum Incorporated
	Tinicum Capital Partners II Parallel Fund, L.P.	 	800 Third Avenue
	Tinicum Capital Partners II Executive Fund,
    LLC	 	New York, NY 10022
	Tinicum Capital Partners II Add-On Fund, L.P.	 	Attention: Member
	Tinicum Capital Partners II Add-On Parallel
    Fund, L.P.	 	Facsimile: (212) 446-9344

 

     

     

    

 

	Trident V Depository Holdings, L.P.	 	c/o Stone Point Capital LLC
	Trident V Parallel Depository Holdings, L.P.	 	20 Horseneck Lane
	Trident V PF Depository Holdings, LLC	 	Greenwich, CT 06830
	 	 	Attention: General Counsel
	 	 	Facsimile: (203) 625-8357

 

     

     

    

  

SCHEDULE 2.1 TO THE REISTRATION RIGHTS
AGREEMENT

 

DEMAND RIGHTS

 

	 	 	DEMAND
	INVESTOR	 	RIGHTS
	Mr. Michael Brown, Sr.	 	1
	 	 	 
	GE Asset Management	 	1
	 	 	 
	HarbourVest Partners VIII - Buyout Fund LP	 	1
	HarbourVest Partners 2007 Direct Fund LP	 	
	 	 	 
	Investure Evergreen Fund, LP - 2010 Special Term	 	1
	Tranche	 	 
	 	 	 
	Kelso Investment Associates VIII, L.P.	 	2
	KEP VI, LLC	 	 
	 	 	 
	Lockheed Martin Corporation Master Retirement Trust	 	1
	 	 	 
	Mr. J. Hal Roberts, Jr.	 	1
	 	 	 
	State of Wisconsin Investment Board	 	1
	 	 	 
	Tinicum Capital Partners II, L.P.	 	1
	Tinicum Capital Partners II Parallel Fund, L.P.	 	 
	Tinicum Capital Partners II Executive Fund, LLC	 	 
	Tinicum Capital Partners II Add-On Fund, L.P.	 	 
	Tinicum Capital Partners II Add-On Parallel Fund, L.P.	 	 
	 	 	 
	Trident V Depository Holdings, L.P.	 	2
	Trident V Parallel Depository Holdings, L.P.	 	 
	Trident V PF Depository Holdings, LLC	 	 

 

     

     

    

  

SCHEDULE I

 

LIST OF INVESTORS

 

	INVESTORS	 	ADDRESS
	Mr. Michael
    Brown, Sr.	 	HCBF Holding
    Company, Inc.
	Mr. J. Hal Roberts, Jr.	 	311 South Second Street
	Mr. Michael Brown, Jr.	 	Fort Pierce, FL 34950
	Mr. Randall Ezell	 	Facsimile: (772) 468-0401
	 	 	 
	GE Asset Management	 	GE Asset Management 

        3001 Summer Street 

        Stamford, CT 06904 

        Attention: Managing Director 

        Facsimile: (203) 326-2495

	 	 	 
	HarbourVest Partners VIII - Buyout Fund LP	 	c/o HarbourVest Partners, LLC
	HarbourVest Partners 2007 Direct Fund LP	 	One Financial Center - 44th Floor 

        Boston, MA 02111 

        Attention: Vice President 

        Facsimile: (617) 350-0305

         

        c/o Investure LLC

	Investure Evergreen Fund, LP - 2010 Special
    Term	 	126 Garrett Street, Suite J
	Tranche	 	Charlottesville, VA 22902 

        Attention: Edward P. “Ted” Meissner 

        Facsimile: (434) 220-0285

	 	 	 
	Kelso Investment Associates VIII, L.P. KEP VI,
    LLC	 	c/o Kelso & Company 

        320 Park Ave, 24th Floor

        New York, NY 10022 

        Attention: Managing Director 

        Facsimile: (212) 223-2379

	 	 	 
	Lockheed Martin Corporation Master Retirement
    Trust	 	c/o Lockheed Martin Investment Management

        Company

        6901 Rockledge Drive, 4th Floor 

        Bethesda, MD 20817 

        Attention: Portfolio Manager 

        Facsimile: (301) 571-7172

	 	 	 
	State of Wisconsin Investment Board	 	Lake Terrace

        121 East Wilson Street

        Madison, WI53703

        Attention: Assistant Portfolio Manager

        Facsimile: (608) 266-2436

	 	 	 
	Tinicum Capital Partners II, L.P.	 	c/o Tinicum Incorporated
	Tinicum Capital Partners II Parallel Fund, L.P.	 	800 Third Avenue
	Tinicum Capital Partners II Executive Fund,
    LLC	 	New York, NY 10022
	Tinicum Capital Partners II Add-On Fund, L.P.	 	Attention: Member
	Tinicum Capital Partners II Add-On Parallel
    Fund, L.P.	 	Facsimile: (212) 446-9344

 

     

     

    

  

	Trident V Depository Holdings, L.P.	 	c/o Stone Point Capital LLC
	Trident V Parallel Depository Holdings, L.P.	 	20 Horseneck Lane
	Trident V PF Depository Holdings, LLC	 	Greenwich, CT 06830
	 	 	Attention: General Counsel
	 	 	Facsimile: (203) 625-8357

 

     

     

    

  

SCHEDULE II

 

BOARD SEAT INVESTORS AS OF THE CLOSING
DATE

 

	INVESTORS	 	ADDRESS
	Kelso Investment Associates VIII, L.P.	 	c/o Kelso & Company 
	KEP VI, LLC	 	320 Park Ave, 24th Floor
    
	 	 	New York, NY 10022 
	 	 	Attention: Managing Director
	 	 	 
	Tinicum Capital Partners II, L.P.	 	c/o Tinicum Incorporated 
	 	 	800 Third Avenue 
	 	 	New York, NY 10022 
	 	 	Facsimile: (212) 446-9344
	 	 	 
	Trident V Depository Holdings, L.P.	 	c/o Stone Point Capital LLC
	Trident V Parallel Depository Holdings, L.P.	 	20 Horseneck Lane
	Trident V PF Depository Holdings, LLC	 	Greenwich, CT 06830 
	 	 	Attention: General Counsel 
	 	 	Facsimile: (203) 625-8357Exhibit 4.2

 

BSA FINANCIAL SERVICES, INC.,

as Company

 

INDENTURE

Dated as of October 31, 2005

 

U.S. BANK NATIONAL ASSOCIATION,

As Trustee

 

JUNIOR SUBORDINATED DEBT SECURITIES

 

Due December 15, 2035

 

(8) BSA Financial Services, Inc.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I 

DEFINITIONS
	 	 
	SECTION 1.01.	Definitions	1
	 	 	 
	Additional Interest	1
	 	 	 
	Additional Provisions	1
	 	 	 
	Authenticating Agent	1
	 	 	 
	Bankruptcy Law	1
	 	 
	Board of Directors	1
	 	 
	Board Resolution	2
	 	 
	Business Day	2
	 	 
	Calculation Agent	2
	 	 
	Capital Securities	2
	 	 
	Capital Securities Guarantee	2
	 	 
	Capital Treatment Event	2
	 	 
	Certificate	3
	 	 
	Common Securities	3
	 	 
	Company	3
	 	 
	Debt Security	3
	 	 
	Debt Security Register	3
	 	 
	Declaration	3
	 	 
	Default	3
	 	 
	Defaulted Interest	3
	 	 
	Deferred Interest	3
	 	 
	Event of Default	3

 

    	 	-i-	 

     

    

 

TABLE OF CONTENTS

(CONTINUED)

 

	 	Page
	 	 
	Extension Period	3
	 	 
	Federal Reserve	3
	 	 
	Fixed Rate	3
	 	 
	Fixed Rate Period	3
	 	 
	Indenture	3
	 	 
	Initial Purchaser	4
	 	 
	Institutional Trustee	4
	 	 
	Interest Payment Date	4
	 	 
	Interest Rate	4
	 	 
	Investment Company Event	4
	 	 
	LIBOR	4
	 	 
	LIBOR Banking Day	4
	 	 
	LIBOR Business Day	4
	 	 
	LIBOR Determination Date	4
	 	 
	Liquidation Amount	4
	 	 
	Maturity Date	4
	 	 
	Notice	4
	 	 
	Officers' Certificate	4
	 	 
	Opinion of Counsel	5
	 	 
	OTS	5
	 	 
	Outstanding	5
	 	 
	Paying Agent	5
	 	 
	Person	5
	 	 
	Predecessor Security	5

 

    	 	-ii-	 

     

    

 

TABLE OF CONTENTS

(CONTINUED)

 

	 	Page
	 	 
	Principal Office of the Trustee	5
	 	 
	Redemption Date	5
	 	 
	Redemption Price	6
	 	 
	Responsible Officer	6
	 	 
	Securityholder	6
	 	 
	Senior Indebtedness	6
	 	 
	Special Event	6
	 	 
	Special Redemption Date	7
	 	 
	Subsidiary	7
	 	 
	Tax Event	7
	 	 
	Trust  	8
	 	 
	Trust Indenture Act	8
	 	 
	Trust Securities	8
	 	 
	Trustee	8
	 	 
	United States	8
	 	 
	U.S. Person	8
	 	 
	Variable Rate	8
	 
	
        ARTICLE II

        DEBT SECURITIES

	 	 	 
	SECTION 2.01.	Authentication and Dating	8
	 	 	 
	SECTION 2.02.	Form of Trustee's Certificate of Authentication	9
	 	 	 
	SECTION 2.03.	Form and Denomination of Debt Securities	9
	 	 	 
	SECTION 2.04.	Execution of Debt Securities	9
	 	 	 
	SECTION 2.05.	Exchange and Registration of Transfer of Debt Securities	10

 

    	 	-iii-	 

     

    

 

TABLE OF CONTENTS

(CONTINUED)

 

	 	 	Page
	 	 	 
	SECTION 2.06.	Mutilated, Destroyed, Lost or Stolen Debt Securities	13
	 	 	 
	SECTION 2.07.	Temporary Debt Securities	14
	 	 	 
	SECTION 2.08.	Payment of Interest	14
	 	 	 
	SECTION 2.09.	Cancellation of Debt Securities Paid, etc.	15
	 	 	 
	SECTION 2.10.	Computation of Interest	16
	 	 	 
	SECTION 2.11.	Extension of Interest Payment Period	18
	 	 	 
	SECTION 2.12.	CUSIP Numbers	19
	 	 	 
	
        ARTICLE III

        PARTICULAR COVENANTS OF THE COMPANY

	 
	SECTION 3.01.	Payment of Principal, Premium and Interest; Agreed Treatment of the Debt Securities	19
	 	 	 
	SECTION 3.02.	Offices for Notices and Payments, etc.	20
	 	 	 
	SECTION 3.03.	Appointments to Fill Vacancies in Trustee's Office	20
	 	 	 
	SECTION 3.04.	Provision as to Paying Agent	21
	 	 	 
	SECTION 3.05.	Certificate to Trustee	22
	 	 	 
	SECTION 3.06.	Additional Interest	22
	 	 	 
	SECTION 3.07.	Compliance with Consolidation Provisions	22
	 	 	 
	SECTION 3.08.	Limitation on Dividends	22
	 	 	 
	SECTION 3.09.	Covenants as to the Trust	23
	 	 	 
	ARTICLE IV

LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	 	 	 
	SECTION 4.01.	Securityholders' Lists	24
	 	 	 
	SECTION 4.02.	Preservation and Disclosure of Lists	24

 

    	 	-iv-	 

     

    

 

TABLE OF CONTENTS

(CONTINUED)

 

	 	 	Page
	 	 	 
	ARTICLE V 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT
	 	 	 
	SECTION 5.01.	Events of Default	25
	 	 	 
	SECTION 5.02.	Payment of Debt Securities on Default; Suit Therefor	28
	 	 	 
	SECTION 5.03.	Application of Moneys Collected by Trustee	29
	 	 	 
	SECTION 5.04.	Proceedings by Securityholders	29
	 	 	 
	SECTION 5.05.	Proceedings by Trustee	30
	 	 	 
	SECTION 5.06.	Remedies Cumulative and Continuing	30
	 	 	 
	SECTION 5.07.	Direction of Proceedings and Waiver of Defaults by Majority of Securityholders	30
	 	 	 
	SECTION 5.08.	Notice of Defaults	31
	 	 	 
	SECTION 5.09.	Undertaking to Pay Costs	32
	 	 	 
	ARTICLE VI 

CONCERNING THE TRUSTEE
	 	 	 
	SECTION 6.01.	Duties and Responsibilities of Trustee	32
	 	 	 
	SECTION 6.02.	Reliance on Documents, Opinions, etc.	33
	 	 	 
	SECTION 6.03.	No Responsibility for Recitals, etc.	34
	 	 	 
	SECTION 6.04.	Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own Debt Securities	35
	 	 	 
	SECTION 6.05.	Moneys to be Held in Trust	35
	 	 	 
	SECTION 6.06.	Compensation and Expenses of Trustee	35
	 	 	 
	SECTION 6.07.	Officers’ Certificate as Evidence	36
	 	 	 
	SECTION 6.08.	Eligibility of Trustee	36
	 	 	 
	SECTION 6.09.	Resignation or Removal of Trustee, Calculation Agent, Paying Agent or Debt Security Registrar	37
	 	 	 
	SECTION 6.10.	Acceptance by Successor	38

 

    	 	-v-	 

     

    

 

 

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(CONTINUED)

 

	 	 	Page
	 	 	 
	SECTION 6.11.	Succession by Merger, etc.	39
	 	 	 
	SECTION 6.12.	Authenticating Agents	39
	 	 	 
	ARTICLE VII 

CONCERNING THE SECURITYHOLDERS
	 	 	 
	SECTION 7.01.	Action by Securityholders	41
	 	 	 
	SECTION 7.02.	Proof of Execution by Securityholders	41
	 	 	 
	SECTION 7.03.	Who Are Deemed Absolute Owners	42
	 	 	 
	SECTION 7.04.	Debt Securities Owned by Company Deemed Not Outstanding	42
	 	 	 
	SECTION 7.05.	Revocation of Consents; Future Securityholders Bound	42
	 	 	 
	ARTICLE VIII 

SECURITYHOLDERS’ MEETINGS
	 	 	 
	SECTION 8.01.	Purposes of Meetings	43
	 	 	 
	SECTION 8.02.	Call of Meetings by Trustee	43
	 	 	 
	SECTION 8.03.	Call of Meetings by Company or Securityholders	43
	 	 	 
	SECTION 8.04.	Qualifications for Voting	44
	 	 	 
	SECTION 8.05.	Regulations	44
	 	 	 
	SECTION 8.06.	Voting	44
	 	 	 
	SECTION 8.07.	Quorum; Actions	45
	 	 	 
	SECTION 8.08.	Written Consent Without a Meeting	46
	 	 	 
	ARTICLE IX 

SUPPLEMENTAL INDENTURES
	 	 	 
	SECTION 9.01.	Supplemental Indentures without Consent of Securityholders	46
	 	 	 
	SECTION 9.02.	Supplemental Indentures with Consent of Securityholders	47
	 	 	 
	SECTION 9.03.	Effect of Supplemental Indentures	48
	 	 	 
	SECTION 9.04.	Notation on Debt Securities	49

 

    	 	-vi-	 

     

    

 

 

TABLE OF CONTENTS

(CONTINUED)

 

	 	 	Page
	 	 	 
	SECTION 9.05.	Evidence of Compliance of Supplemental Indenture to be furnished to Trustee	49
	 	 	 
	ARTICLE X
 REDEMPTION OF SECURITIES
	 	 	 
	SECTION 10.01.	Optional Redemption	49
	 	 	 
	SECTION 10.02.	Special Event Redemption	49
	 	 	 
	SECTION 10.03.	Notice of Redemption; Selection of Debt Securities	50
	 	 	 
	SECTION 10.04.	Payment of Debt Securities Called for Redemption	50
	 	 	 
	ARTICLE XI
 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	 
	SECTION 11.01.	Company May Consolidate, etc., on Certain Terms	51
	 	 	 
	SECTION 11.02.	Successor Entity to be Substituted	52
	 	 	 
	SECTION 11.03.	Opinion of Counsel to be Given to Trustee	52
	 	 	 
	 	ARTICLE XII

SATISFACTION AND DISCHARGE OF INDENTURE	 
	 	 	 
	SECTION 12.01.	Discharge of Indenture	52
	 	 	 
	SECTION 12.02.	Deposited Moneys to be Held in Trust by Trustee	53
	 	 	 
	SECTION 12.03.	Paying Agent to Repay Moneys Held	53
	 	 	 
	SECTION 12.04.	Return of Unclaimed Moneys	53
	 	 	 
	ARTICLE XIII
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 	 
	SECTION 13.01.	Indenture and Debt Securities Solely Corporate Obligations	54
	 	 	 
	ARTICLE XIV
 MISCELLANEOUS PROVISIONS
	 	 	 
	SECTION 14.01.	Successors	54
	 	 	 
	SECTION 14.02.	Official Acts by Successor Entity	54
	 	 	 
	SECTION 14.03.	Surrender of Company Powers	54

 

    	 	-vii-	 

     

    

 

TABLE OF CONTENTS

(CONTINUED)

 

	 	 	Page
	 	 	 
	SECTION 14.04.	Addresses for Notices, etc.	55
	 	 	 
	SECTION 14.05.	Governing Law	55
	 	 	 
	SECTION 14.06.	Evidence of Compliance with Conditions Precedent	55
	 	 	 
	SECTION 14.07.	Non-Business Days	56
	 	 	 
	SECTION 14.08.	Table of Contents, Headings, etc.	56
	 	 	 
	SECTION 14.09.	Execution in Counterparts	56
	 	 	 
	SECTION 14.10.	Severability	56
	 	 	 
	SECTION 14.11.	Assignment	56
	 	 	 
	SECTION 14.12.	Acknowledgment of Rights	56
	 	 	 
	ARTICLE XV

SUBORDINATION OF DEBT SECURITIES
	 	 	 
	SECTION 15.01.	Agreement to Subordinate	57
	 	 	 
	SECTION 15.02.	Default on Senior Indebtedness	57
	 	 	 
	SECTION 15.03.	Liquidation; Dissolution; Bankruptcy	58
	 	 	 
	SECTION 15.04.	Subrogation	59
	 	 	 
	SECTION 15.05.	Trustee to Effectuate Subordination	60
	 	 	 
	SECTION 15.06.	Notice by the Company	60
	 	 	 
	SECTION 15.07.	Rights of the Trustee, Holders of Senior Indebtedness	61
	 	 	 
	SECTION 15.08.	Subordination May Not Be Impaired	61
	 	 	 
	EXHIBITS	 	 
	 	 	 
	EXHIBIT A	FORM OF DEBT SECURITY	 

 

    	 	-viii-	 

     

    

 

THIS INDENTURE, dated as
of October 31, 2005, between BSA Financial Services, Inc., a bank holding company incorporated in Florida (hereinafter sometimes
called the “Company”), and U.S. Bank National Association as trustee (hereinafter sometimes called the “Trustee”).

 

W I T N E S
S E T H:

 

WHEREAS, for its lawful
corporate purposes, the Company has duly authorized the issuance of its Junior Subordinated Debt Securities due December 15, 2035
(the “Debt Securities”) under this Indenture and to provide, among other things, for the execution and authentication,
delivery and administration thereof, the Company has duly authorized the execution of this Indenture.

 

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

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01. Definitions.

 

The terms defined in this
Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this
Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All accounting
terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted
accounting principles and the term “generally accepted accounting principles” means such accounting principles as are
generally accepted in the United States at the time of any computation. The words “herein,” “hereof and “hereunder”
and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 

“Additional Interest” shall have the meaning
set forth in Section 3.06.

 

“Additional Provisions” shall have the meaning
set forth in Section 15.01.

 

“Authenticating
Agent” means any agent or agents of the Trustee which at the time shall be appointed and acting pursuant to Section 6.12.

 

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

 

“Board of Directors”
means the board of directors or the executive committee or any other duly authorized designated officers of the Company.

 

     

     

    

 

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

 

“Business Day”
means any day other than a Saturday, Sunday or any other day on which banking institutions in Boston, Massachusetts, New York City
or the city of the Principal Office of the Trustee or the Company are permitted or required by any applicable law or executive
order to close.

 

“Calculation Agent”
means the Person identified as “Trustee” in the first paragraph hereof with respect to the Debt Securities and the
Institutional Trustee with respect to the Trust Securities.

 

“Capital Securities”
means undivided beneficial interests in the assets of the Trust which are designated as “TP Securities” and rank pari
passu with Common Securities issued by the Trust; provided, however, that if an Event of Default (as defined in the Declaration)
has occurred and is continuing, the rights of holders of such Common Securities to payment in respect of distributions and payments
upon liquidation, redemption and otherwise are subordinated to the rights of holders of such Capital Securities.

 

“Capital Securities
Guarantee” means the guarantee agreement that the Company will enter into with U.S. Bank National Association or other Persons
that operates directly or indirectly for the benefit of holders of Capital Securities of the Trust.

 

“Capital Treatment
Event” means, if the Company is organized and existing under the laws of the United States or any state thereof or the District
of Columbia, the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters to the effect that,
as a result of (a) any amendment to, or change in, the laws, rules or regulations of the United States or any political subdivision
thereof or therein, or any rules, guidelines or policies of any applicable regulatory authority for the Company or (b) any official
or administrative pronouncement or action or decision interpreting or applying such laws, rules or regulations, which amendment
or change is effective or which pronouncement, action or decision is announced on or after the date of original issuance of the
Debt Securities, there is more than an insubstantial risk that, within 90 days of the receipt of such opinion, the aggregate Liquidation
Amount of the Capital Securities will not be eligible to be treated by the Company as “Tier 1 Capital” (or the then
equivalent thereof) for purposes of the capital adequacy guidelines of the Federal Reserve (or any successor regulatory authority
with jurisdiction over bank or financial holding companies), as then in effect and applicable to the Company (or if the Company
is not a bank holding company, such guidelines applied to the Company as if the Company were subject to such guidelines); provided,
however, that the inability of the Company to treat all or any portion of the aggregate Liquidation Amount of the Capital Securities
as Tier 1 Capital shall not constitute the basis for a Capital Treatment Event, if such inability results from the Company having
cumulative preferred stock, minority interests in consolidated subsidiaries, or any other class of security or interest which the
Federal Reserve or OTS, as applicable, may now or hereafter accord Tier 1 Capital treatment in excess of the amount which may now
or hereafter qualify for treatment as Tier 1 Capital under applicable capital adequacy guidelines; provided further, however, that
the distribution of the Debt Securities in connection with the liquidation of

 

    	 	-2-	 

     

    

 

the Trust by the Company shall not in and of
itself constitute a Capital Treatment Event unless such liquidation shall have occurred in connection with a Tax Event or an Investment
Company Event.

 

“Certificate”
means a certificate signed by any one of the principal executive officer, the principal financial officer or the principal accounting
officer of the Company.

 

“Common Securities”
means undivided beneficial interests in the assets of the Trust which are designated as “Common Securities” and rank
pari passu with Capital Securities issued by the Trust; provided, however, that if an Event of Default (as defined in the Declaration)
has occurred and is continuing, the rights of holders of such Common Securities to payment in respect of distributions and payments
upon liquidation, redemption and otherwise are subordinated to the rights of holders of such Capital Securities.

 

“Company”
means BSA Financial Services, Inc., a bank holding company incorporated in Florida, and, subject to the provisions of Article XI,
shall include its successors and assigns.

 

“Debt Security” or “Debt Securities”
has the meaning stated in the first recital of this Indenture.

 

“Debt Security Register” has the meaning
specified in Section 2.05.

 

“Declaration”
means the Amended and Restated Declaration of Trust of the Trust dated as of October 31, 2005, as amended or supplemented
from time to time.

 

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

 

“Defaulted Interest” has the meaning set
forth in Section 2.08.

 

“Deferred Interest” has the meaning set
forth in Section 2.11.

 

“Event of Default”
means any event specified in Section 5.01, which has continued for the period of time, if any, and after the giving of the notice,
if any, therein designated.

 

“Extension Period” has the meaning set forth
in Section 2.11.

 

“Federal Reserve” means the Board of Governors
of the Federal Reserve System.

 

“Fixed Rate”
means a per annum rate of interest, equal to 6.46% commencing October 31, 2005.

 

“Fixed Rate Period” has the meaning assigned
to it in Section 2.10(a).

 

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

 

    	 	-3-	 

     

    

 

“Initial Purchaser” means the initial purchaser
of the Capital Securities.

 

“Institutional Trustee” has the meaning set
forth in the Declaration.

 

“Interest Payment
Date” means March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2005, during the term
of this Indenture.

 

“Interest Payment
Period” means the period from and including an Interest Payment Date, or in the case of the first Interest Payment Period,
the original date of issuance of the Debt Securities, to, but excluding, the next succeeding Interest Payment Date or, in the case
of the last Interest Payment Period, the Redemption Date, Special Redemption Date or Maturity Date, as the case may be.

 

“Interest Rate” means the Fixed Rate and
Variable Rate, as applicable.

 

“Investment Company
Event” means the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters to the effect
that, as a result of a change in law or regulation or written change in interpretation or application of law or regulation by any
legislative body, court, governmental agency or regulatory authority, there is more than an insubstantial risk that the Trust is
or, within 90 days of the date of such opinion will be, considered an “investment company” that is required to be registered
under the Investment Company Act of 1940, as amended, which change or prospective change becomes effective or would become effective,
as the case may be, on or after the date of the original issuance of the Debt Securities.

 

“LIBOR” means
the London Interbank Offered Rate for U.S. Dollar deposits in Europe as determined by the Calculation Agent according to Section
2.10(b).

 

“LIBOR Banking Day” has the meaning set forth
in Section 2.10(b)(1).

 

“LIBOR Business Day” has the meaning set
forth in Section 2.10(b)(1).

 

“LIBOR Determination Date” has the meaning
set forth in Section 2.10(b).

 

“Liquidation Amount” means the liquidation
amount of $1,000 per Trust Security.

 

“Maturity Date” means December 15, 2035.

 

“Notice” has the meaning set forth in Section
2.11.

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, the Vice Chairman, the President or any Vice President,
and by the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Comptroller, an Assistant Comptroller, the Secretary
or an Assistant Secretary of the Company, and delivered to the Trustee. Each such certificate shall include the statements provided
for in Section 14.06 if and to the extent required by the provisions of such Section.

 

    	 	-4-	 

     

    

 

“Opinion of Counsel”
means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or may be other counsel
reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided for in Section 14.06 if and to
the extent required by the provisions of such Section.

 

“OTS” means
the Office of Thrift Supervision and any successor federal agency that is primarily responsible for regulating the activities of
savings and loan holding companies.

 

“Outstanding”
means, when used with reference to Debt Securities, subject to the provisions of Section 7.04, as of any particular time, all Debt
Securities authenticated and delivered by the Trustee or the Authenticating Agent under this Indenture, except

 

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

 

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

 

(c)       Debt
Securities paid pursuant to Section 2.06 or in lieu of or in substitution for which other Debt Securities shall have been authenticated
and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Company and the Trustee is presented that
any such Debt Securities are held by bona fide holders in due course.

 

“Paying Agent” has the meaning set forth
in Section 3.04(e).

 

“Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof.

 

“Predecessor Security”
of any particular Debt Security means every previous Debt Security evidencing all or a portion of the same debt as that evidenced
by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated and delivered under
Section 2.06 in lieu of a lost, destroyed or stolen Debt Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Debt Security.

 

“Principal Office
of the Trustee” means the office of the Trustee, at which at any particular time its corporate trust business shall be principally
administered, which at all times shall be located within the United States and at the time of the execution of this Indenture
shall be One Federal Street, 3rd Floor, Boston, Massachusetts 02110.

 

“Redemption Date” has the meaning set forth
in Section 10.01.

 

    	 	-5-	 

     

    

 

“Redemption Price”
means 100% of the principal amount of the Debt Securities being redeemed plus accrued and unpaid interest on such Debt Securities
to the Redemption Date.

 

“Responsible Officer”
means, with respect to the Trustee, any officer within the Principal Office of the Trustee with direct responsibility for the administration
of the Indenture, including any vice-president, any assistant vice-president, any secretary, any assistant secretary, the treasurer,
any assistant treasurer, any trust officer or other officer of the Principal Office of the Trustee customarily performing functions
similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the
particular subject.

 

“Securityholder,”
“holder of Debt Securities” or other similar terms, means any Person in whose name at the time a particular Debt Security
is registered on the Debt Security Register.

 

“Senior Indebtedness”
means, with respect to the Company, (i) the principal, premium, if any, and interest in respect of (A) indebtedness of the Company
for money borrowed and (B) indebtedness evidenced by securities, debentures, notes, bonds or other similar instruments issued by
the Company; (ii) all capital lease obligations of the Company; (iii) all obligations of the Company issued or assumed as the deferred
purchase price of property, all conditional sale obligations of the Company and all obligations of the Company under any title
retention agreement (but excluding trade accounts payable arising in the ordinary course of business); (iv) all obligations of
the Company for the reimbursement of any letter of credit, any banker’s acceptance, any security purchase facility, any repurchase
agreement or similar arrangement, any interest rate swap, any other hedging arrangement, any obligation under options or any similar
credit or other transaction; (v) all obligations of the type referred to in clauses (i) through (iv) above of other Persons for
the payment of which the Company is responsible or liable as obligor, guarantor or otherwise; and (vi) all obligations of the type
referred to in clauses (i) through (v) above of other Persons secured by any lien on any property or asset of the Company (whether
or not such obligation is assumed by the Company), whether incurred on or prior to the date of this Indenture or thereafter incurred,
unless, with the prior approval of the Federal Reserve if not otherwise generally approved, it is provided in the instrument creating
or evidencing the same or pursuant to which the same is outstanding, that such obligations are not superior or are pari passu in
right of payment to the Debt Securities; provided, however, that Senior Indebtedness shall not include (A) any debt securities
issued to any trust other than the Trust (or a trustee of such trust) that is a financing vehicle of the Company (a “financing
entity”), in connection with the issuance by such financing entity of equity or other securities in transactions substantially
similar in structure to the transactions contemplated hereunder and in the Declaration, (B) any guarantees of the Company in respect
of the equity or other securities of any financing entity referred to in clause (A) above or (C) any other instruments allowed
as subordinated securities for purposes of the Debt Securities by the Federal Reserve from time to time hereafter.

 

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

 

    	 	-6-	 

     

    

 

“Special Redemption Date” has the meaning
set forth in Section 10.02.

 

“Special Redemption
Price” means, with respect to the redemption of any Debt Security following a Special Event, an amount in cash equal to 103.525%
of the principal amount of Debt Securities to be redeemed prior to December 15, 2006 and thereafter equal to the percentage of
the principal amount of the Debt Securities that is specified below for the Special Redemption Date plus, in each case, unpaid
interest accrued thereon to the Special Redemption Date:

 

	Special Redemption
    During the	 
	12-Month
    Period Beginning December 15	Percentage
    of Principal Amount
	 	 
	2006	103.140%
	2007	102.355%
	2008	101.570%
	2009	100.785%
	2010 and thereafter	100.000%

 

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

 

“Tax Event”
means the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters to the effect that, as a result
of any amendment to or change (including any announced prospective change) in the laws or any regulations thereunder of the United
States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement
(including any private letter ruling, technical advice memorandum, regulatory procedure, notice or announcement (an “Administrative
Action”)) or judicial decision interpreting or applying such laws or regulations, regardless of whether such Administrative
Action or judicial decision is issued to or in connection with a proceeding involving the Company or the Trust and whether or not
subject to review or appeal, which amendment, clarification, change, Administrative Action or decision is enacted, promulgated
or announced, in each case on or after the date of original issuance of the Debt Securities, there is more than an insubstantial
risk that: (i) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal income tax
with respect to income received or accrued on the Debt Securities; (ii) interest payable by the Company on the Debt Securities
is not, or within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United
States federal income tax purposes; or (iii) the Trust is, or will be within 90

 

    	 	-7-	 

     

    

 

days of the date of such opinion, subject to
or otherwise required to pay, or required to withhold from distributions to holders of Trust Securities, more than a de minimis
amount of other taxes (including withholding taxes), duties, assessments or other governmental charges.

 

“Trust” means
BSA Financial Statutory Trust I, the Connecticut statutory trust, or any other similar trust created for the purpose of issuing
Capital Securities in connection with the issuance of Debt Securities under this Indenture, of which the Company is the sponsor.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended from time-to-time, or any successor legislation.

 

“Trust Securities”
means Common Securities and Capital Securities of BSA Financial Statutory Trust I.

 

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

 

“United States” means the United States
of America and the District of Columbia.

 

“U.S. Person”
has the meaning given to United States Person as set forth in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended.

 

“Variable Rate”
means a per annum rate of interest, equal to LIBOR plus 1.55%, as determined on the LIBOR Determination Date preceding each Interest
Payment Date, reset quarterly, commencing upon expiration of the Fixed Rate Period.

 

ARTICLE II

 

DEBT SECURITIES

 

SECTION 2.01. Authentication and Dating.

 

Upon the execution and
delivery of this Indenture, or from time to time thereafter, Debt Securities in an aggregate principal amount not in excess of
$5,155,000 may be executed and delivered by the Company to the Trustee for authentication, and the Trustee shall thereupon authenticate
and make available for delivery said Debt Securities to or upon the written order of the Company, signed by its Chairman of the
Board of Directors, Vice Chairman, President or Chief Financial Officer or one of its Vice Presidents, without any further action
by the Company hereunder. In authenticating such Debt Securities, and accepting the additional responsibilities under this Indenture
in relation to such Debt Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected
in relying upon a copy of any Board Resolution or Board Resolutions relating thereto and, if applicable, an appropriate record
of any action taken pursuant to such resolution, in each case certified by the Secretary or an Assistant Secretary or other officers
with appropriate delegated authority of the Company as the case may be.

 

    	 	-8-	 

     

    

 

The Trustee shall have
the right to decline to authenticate and deliver any Debt Securities under this Section if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken or if a Responsible Officer of the Trustee in good faith shall determine
that such action would expose the Trustee to personal liability to existing Securityholders. The Trustee shall also be entitled
to receive an opinion of counsel to the effect that (1) all conditions precedent to the execution, delivery and authentication
of the Securities have been complied with; (2) the Securities are not required to be registered under the Securities Act; and (3)
the Indenture is not required to be qualified under the Trust Indenture Act.

 

The definitive Debt Securities
shall be typed, printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Debt Securities, as evidenced by their execution of such Debt Securities.

 

SECTION 2.02. Form of Trustee’s Certificate
of Authentication.

 

The Trustee’s certificate
of authentication on all Debt Securities shall be in substantially the following form:

 

This is one of the Debt Securities referred to in the
within-mentioned Indenture.

 

U.S. Bank National Association, not in its individual capacity
but solely as Trustee

 

By______________________________

Authorized Signatory

 

SECTION 2.03. Form and Denomination of Debt Securities.

 

The Debt Securities shall
be substantially in the form of Exhibit A hereto. The Debt Securities shall be in registered, certificated form without coupons
and in minimum denominations of $100,000 and any
multiple of $1,000 in excess thereof. The Debt Securities shall be numbered, lettered, or otherwise distinguished in such manner
or in accordance with such plans as the officers executing the same may determine with the approval of the Trustee as evidenced
by the execution and authentication thereof.

 

SECTION 2.04. Execution of Debt Securities.

 

The Debt Securities shall
be signed in the name and on behalf of the Company by the manual or facsimile signature of any of its Chairman of the Board of
Directors, Vice Chairman, President or Chief Financial Officer or one of its Executive Vice Presidents, Senior Vice Presidents
or Vice Presidents, under its corporate seal (if legally required), which may be affixed thereto or printed, engraved or otherwise
reproduced thereon, by facsimile or otherwise, and which need not be attested. Only such Debt Securities as shall bear thereon
a certificate of authentication substantially in the form herein before recited, executed by the Trustee or the Authenticating
Agent by the manual signature of an authorized officer, shall be entitled to the benefits of this Indenture or be valid or obligatory
for any purpose. Such certificate by the Trustee or the Authenticating Agent upon any Debt Security executed by the Company shall
be

 

    	 	-9-	 

     

    

 

conclusive evidence that the Debt Security
so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture.

 

In case any officer of
the Company who shall have signed any of the Debt Securities shall cease to be such officer before the Debt Securities so signed
shall have been authenticated and delivered by the Trustee or the Authenticating Agent, or disposed of by the Company, such Debt
Securities nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Debt Securities
had not ceased to be such officer of the Company; and any Debt Security may be signed on behalf of the Company by such Persons
as, at the actual date of the execution of such Debt Security, shall be the proper officers of the Company, although at the date
of the execution of this Indenture any such person was not such an officer.

 

Every Debt Security shall be dated the date of its authentication.

 

SECTION 2.05. Exchange and Registration of Transfer
of Debt Securities.

 

The Company shall cause
to be kept, at the office or agency maintained for the purpose of registration of transfer and for exchange as provided in Section
3.02, a register (the “Debt Security Register”) for the Debt Securities issued hereunder in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the registration and transfer of all Debt Securities
as provided in this Article II. Such register shall be in written form or in any other form capable of being converted into written
form within a reasonable time.

 

Debt Securities to be
exchanged may be surrendered at the Principal Office of the Trustee or at any office or agency to be maintained by the Company
for such purpose as provided in Section 3.02, and the Company shall execute, the Company or the Trustee shall register and the
Trustee or the Authenticating Agent shall authenticate and make available for delivery in exchange therefor the Debt Security or
Debt Securities which the Securityholder making the exchange shall be entitled to receive. Upon due presentment for registration
of transfer of any Debt Security at the Principal Office of the Trustee or at any office or agency of the Company maintained for
such purpose as provided in Section 3.02, the Company shall execute, the Company or the Trustee shall register and the Trustee
or the Authenticating Agent shall authenticate and make available for delivery in the name of the transferee or transferees a new
Debt Security for a like aggregate principal amount. Registration or registration of transfer of any Debt Security by the Trustee
or by any agent of the Company appointed pursuant to Section 3.02, and delivery of such Debt Security, shall be deemed to complete
the registration or registration of transfer of such Debt Security.

 

All Debt Securities presented
for registration of transfer or for exchange or payment shall (if so required by the Company or the Trustee or the Authenticating
Agent) be duly endorsed by, or be accompanied by, a written instrument or instruments of transfer in form satisfactory to the Company
and either the Trustee or the Authenticating Agent duly executed by, the holder or such holder’s attorney duly authorized
in writing.

 

Neither the Trustee nor
the Debt Security Registrar shall be responsible for ascertaining whether any transfer hereunder complies with the registration
provisions of or any

 

    	 	-10-	 

     

    

 

exemptions from the Securities Act (under and
as defined in the Declaration), applicable state securities laws or the applicable laws of any other jurisdiction, ERISA, the United
States Internal Revenue Code of 1986, as amended, or the Investment Company Act (under and as defined in the Declaration).

 

No service charge shall
be made for any exchange or registration of transfer of Debt Securities, but the Company or the Trustee may require payment of
a sum sufficient to cover any tax, fee or other governmental charge that may be imposed in connection therewith.

 

The Company or the Trustee
shall not be required to exchange or register a transfer of any Debt Security for a period of 15 days immediately preceding the
date of selection of Debt Securities for redemption.

 

Notwithstanding the foregoing,
Debt Securities may not be transferred except in compliance with the restricted securities legend set forth below, unless otherwise
determined by the Company in accordance with applicable law, which legend shall be placed on each Debt Security:

 

THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR
ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF
AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”) TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT
THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO A “NON U.S. PERSON” IN AN “OFFSHORE TRANSACTION”
PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES
ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN “ACCREDITED INVESTOR,” FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT IN ACCORDANCE WITH THE INDENTURE, A COPY OF WHICH MAY BE

 

    	 	-11-	 

     

    

 

OBTAINED FROM THE COMPANY. THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

 

THE HOLDER OF THIS SECURITY
BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY
UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT.

 

THE HOLDER OF THIS SECURITY
BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT
OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (EACH A “PLAN”), OR AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY AND NO PERSON
INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER
OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT PROHIBITED
BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY
OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE
BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE
OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE
BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

IN CONNECTION WITH ANY
TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE COMPANY AND TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE
REQUIRED BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

THIS SECURITY WILL BE
ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS
THEREOF. ANY ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A PRINCIPAL AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO
BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SECURITY
FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE

 

    	 	-12-	 

     

    

 

RECEIPT OF DISTRIBUTIONS ON THIS SECURITY,
AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SECURITY.

 

THIS OBLIGATION IS NOT
A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE
CORPORATION. THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF DEPOSITORS AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE
COMPANY, IS INELIGIBLE AS COLLATERAL FOR A LOAN BY THE COMPANY OR ANY OF ITS SUBSIDIARIES AND IS NOT SECURED.

 

SECTION 2.06. Mutilated, Destroyed, Lost or Stolen
Debt Securities.

 

In case any Debt Security
shall become mutilated or be destroyed, lost or stolen, the Company shall execute, and upon its written request the Trustee shall
authenticate and deliver, a new Debt Security bearing a number not contemporaneously outstanding, in exchange and substitution
for the mutilated Debt Security, or in lieu of and in substitution for the Debt Security so destroyed, lost or stolen. In every
case the applicant for a substituted Debt Security shall furnish to the Company and the Trustee such security or indemnity as may
be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish
to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of such Debt Security and of the
ownership thereof.

 

The Trustee may authenticate
any such substituted Debt Security and deliver the same upon the written request or authorization of any officer of the Company.
Upon the issuance of any substituted Debt Security, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Debt
Security which has matured or is about to mature or has been called for redemption in full shall become mutilated or be destroyed,
lost or stolen, the Company may, instead of issuing a substitute Debt Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Debt Security) if the applicant for such payment shall furnish to the Company
and the Trustee such security or indemnity as may be required by them to save each of them harmless and, in case of destruction,
loss or theft, evidence satisfactory to the Company and to the Trustee of the destruction, loss or theft of such Security and of
the ownership thereof.

 

Every substituted Debt
Security issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any such Debt Security is destroyed,
lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen
Debt Security shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Debt Securities duly issued hereunder. All Debt Securities shall be held and owned upon the express condition
that, to the extent permitted by applicable law, the foregoing provisions are exclusive with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Debt Securities and shall preclude any and all other rights or remedies notwithstanding
any law or statute existing or hereafter enacted to the

 

    	 	-13-	 

     

    

 

contrary with respect to the replacement or
payment of negotiable instruments or other securities without their surrender.

 

SECTION 2.07. Temporary Debt Securities.

 

Pending the preparation
of definitive Debt Securities, the Company may execute and the Trustee shall authenticate and make available for delivery temporary
Debt Securities that are typed, printed or lithographed. Temporary Debt Securities shall be issuable in any authorized denomination,
and substantially in the form of the definitive Debt Securities but with such omissions, insertions and variations as may be appropriate
for temporary Debt Securities, all as may be determined by the Company. Every such temporary Debt Security shall be executed by
the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with the same
effect, as the definitive Debt Securities. Without unreasonable delay, the Company will execute and deliver to the Trustee or the
Authenticating Agent definitive Debt Securities and thereupon any or all temporary Debt Securities may be surrendered in exchange
therefor, at the Principal Office of the Trustee or at any office or agency maintained by the Company for such purpose as provided
in Section 3.02, and the Trustee or the Authenticating Agent shall authenticate and make available for delivery in exchange for
such temporary Debt Securities a like aggregate principal amount of such definitive Debt Securities. Such exchange shall be made
by the Company at its own expense and without any charge therefor except that in case of any such exchange involving a registration
of transfer the Company may require payment of a sum sufficient to cover any tax, fee or other governmental charge that may be
imposed in relation thereto. Until so exchanged, the temporary Debt Securities shall in all respects be entitled to the same benefits
under this Indenture as definitive Debt Securities authenticated and delivered hereunder.

 

SECTION 2.08. Payment of Interest.

 

During the Fixed Rate
Period, each Debt Security will bear interest at the Fixed Rate. Thereafter each Debt Security will bear interest at the then applicable
Variable Rate from and including each Interest Payment Date or, in the case of the first Interest Payment Period, the original
date of issuance of such Debt Security to, but excluding, the next succeeding Interest Payment Date or, in the case of the last
Interest Payment Period, the Redemption Date, Special Redemption Date or Maturity Date, as applicable, on the principal thereof,
on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on Deferred Interest
and on any overdue installment of interest (including Defaulted Interest), payable (subject to the provisions of Article XII) on
each Interest Payment Date commencing on December 15, 2005. Interest and any Deferred Interest on any Debt Security that is payable,
and is punctually paid or duly provided for by the Company, on any Interest Payment Date shall be paid to the Person in whose name
said Debt Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for
such interest installment, except that interest and any Deferred Interest payable on the Maturity Date shall be paid to the Person
to whom principal is paid. In case (i) the Maturity Date of any Debt Security or (ii) the event that any Debt Security or portion
thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment
Date and either on or prior to such Interest Payment Date, interest on such Debt Security will be paid upon presentation and surrender
of such Debt Security.

 

    	 	-14-	 

     

    

 

Any interest on any Debt
Security, other than Deferred Interest, that is payable, but is not punctually paid or duly provided for by the Company, on any
Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder
on the relevant regular record date by virtue of having been such holder, and such Defaulted Interest shall be paid by the Company
to the Persons in whose names such Debt Securities (or their respective Predecessor Securities) are registered at the close of
business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the
Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Debt Security
and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements reasonably satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special
record date for the payment of such Defaulted Interest which shall not be more than fifteen nor less than ten days prior to the
date of the proposed payment and not less than ten days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class
postage prepaid, to each Securityholder at his or her address as it appears in the Debt Security Register, not less than ten days
prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor
having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Debt Securities (or their
respective Predecessor Securities) are registered on such special record date and thereafter the Company shall have no further
payment obligation in respect of the Defaulted Interest.

 

Any interest scheduled
to become payable on an Interest Payment Date occurring during an Extension Period shall not be Defaulted Interest and shall be
payable on such other date as may be specified in the terms of such Debt Securities.

 

The term “regular
record date” as used in this Indenture shall mean the fifteenth day prior to the applicable Interest Payment Date whether
or not such date is a Business Day.

 

Subject to the foregoing
provisions of this Section, each Debt Security delivered under this Indenture upon registration of transfer of or in exchange for
or in lieu of any other Debt Security shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by
such other Debt Security.

 

SECTION 2.09. Cancellation of Debt Securities Paid,
etc.

 

All Debt Securities surrendered
for the purpose of payment, redemption, exchange or registration of transfer, shall, if surrendered to the Company or any Paying
Agent, be surrendered to the Trustee and promptly canceled by it, or, if surrendered to the Trustee, shall be promptly canceled
by it, and no Debt Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture.
The Trustee shall dispose of all canceled Debt Securities in accordance with its customary practices, unless the Company

 

    	 	-15-	 

     

    

 

otherwise directs the Trustee in writing, in
which case the Trustee shall dispose of such Debt Securities as directed by the Company. If the Company shall acquire any of the
Debt Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by
such Debt Securities unless and until the same are surrendered to the Trustee for cancellation.

 

SECTION 2.10. Computation of Interest.

 

(a)       From
October 31, 2005 until December 15, 2010 (the “Fixed Rate Period”), the interest shall be computed on the basis of
a 360-day year of twelve 30-day months and the amount payable for any partial period shall be computed on the basis of the number
of days elapsed in a 360-day year of twelve 30-day months. Upon expiration of the Fixed Rate Period, the amount of interest payable
for any Interest Payment Period will be computed on the basis of a 360-day year and the actual number of days elapsed in the relevant
interest period; provided, however, that upon the occurrence of a Special Event Redemption pursuant to Section 10.02
the amounts payable pursuant to this Indenture shall be calculated as set forth in the definition of Special Redemption Price.

 

(b)       Upon
expiration of the Fixed Rate Period, LIBOR, for any Interest Payment Period, shall be determined by the Calculation Agent in accordance
with the following provisions:

 

(1)      On the
second LIBOR Business Day (provided, that on such day commercial banks are open for business (including dealings in foreign currency
deposits) in London (a “LIBOR Banking Day”), and otherwise the next preceding LIBOR Business Day that is also a LIBOR
Banking Day) prior to March 15, June 15, September 15 and December 15 (or, with respect to the first Interest Payment Period upon
expiration of the Fixed Rate Period, on December 15, 2010) (each such day, a “LIBOR Determination Date” for the following
Interest Payment Period), the Calculation Agent shall obtain the rate for three-month U.S. Dollar deposits in Europe, which appears
on Telerate Page 3750 (as defined in the International Swaps and Derivatives Association, Inc. 2000 Interest Rate and Currency
Exchange Definitions) or such other page as may replace such Telerate Page 3750 on the Moneyline Telerate, Inc. service (or such
other service or services as may be nominated by the British Banker’s Association as the information vendor for the purpose
of displaying London Interbank offered rates for U.S. dollar deposits), as of 11:00 a.m. (London time) on such LIBOR Determination
Date, and the rate so obtained shall be LIBOR for such Interest Payment Period. “LIBOR Business Day” means any day
that is not a Saturday, Sunday or other day on which commercial banking institutions in The City of New York or Boston, Massachusetts
are authorized or obligated by law or executive order to be closed. If such rate is superseded on Telerate Page 3750 by a corrected
rate before 12:00 noon (London time) on the same LIBOR Determination Date, the corrected rate as so substituted will be LIBOR for
that Interest Payment Period.

 

    	 	-16-	 

     

    

 

(2)       If,
on any LIBOR Determination Date, such rate does not appear on Telerate Page 3750 or such other page as may replace such Telerate
Page 3750 on the Moneyline Telerate, Inc. service (or such other service or services as may be nominated by the British Banker’s
Association as the information vendor for the purpose of displaying London Interbank offered rates for U.S. dollar deposits), the
Calculation Agent shall determine the arithmetic mean of the offered quotations of the Reference Banks (as defined below) to leading
banks in the London Interbank market for three-month U.S. Dollar deposits in Europe (in an amount determined by the Calculation
Agent) by reference to requests for quotations as of approximately 11:00 a.m. (London time) on the LIBOR Determination Date made
by the Calculation Agent to the Reference Banks. If, on any LIBOR Determination Date, at least two of the Reference Banks provide
such quotations, LIBOR shall equal the arithmetic mean of such quotations. If, on any LIBOR Determination Date, only one or none
of the Reference Banks provide such a quotation, LIBOR shall be deemed to be the arithmetic mean of the offered quotations that
at least two leading banks in the City of New York (as selected by the Calculation Agent) are quoting on the relevant LIBOR Determination
Date for three-month U.S. Dollar deposits in Europe at approximately 11:00 a.m. (London time) (in an amount determined by the Calculation
Agent). As used herein, “Reference Banks” means four major banks in the London Interbank market selected by the Calculation
Agent.

 

(3)       If
the Calculation Agent is required but is unable to determine a rate in accordance with at least one of the procedures provided
above, LIBOR for the applicable Interest Payment Period shall be LIBOR in effect for the immediately preceding Interest Payment
Period.

 

(c)       All
percentages resulting from any calculations on the Debt Securities will be rounded, if necessary, to the nearest one hundred-thousandth
of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) being rounded
to 9.87655% (or .0987655)), and all dollar amounts used in or resulting from such calculation will be rounded to the nearest cent
(with one-half cent being rounded upward).

 

(d)       As
soon as practicable following each LIBOR Determination Date, but in no event later than the 30th day following such
LIBOR Determination Date, the Calculation Agent shall notify, in writing, the Company, the Institutional Trustee and the Paying
Agent of the applicable Variable Rate in effect for the related Interest Payment Period. The Calculation Agent shall, upon the
request of the holder of any Debt Securities, provide the Variable Rate then in effect. All calculations made by the Calculation
Agent in the absence of manifest error shall be conclusive for all purposes and binding on the Company and the Holders of the
Debt Securities. Any error in a calculation of the Coupon Rate by the Calculation Agent may be corrected at any time by the delivery
of notice of such corrected Coupon Rate as provided above. The Paying Agent shall be entitled to rely on information received
from the Calculation Agent or the Company as to the Variable Rate. The Company shall, from time to time, provide any necessary
information to the Paying Agent relating to any original issue discount and interest on the Debt Securities that is included in
any payment and reportable for taxable income calculation purposes. Failure to notify the Company, the Institutional Trustee or
the Paying Agent of the

 

    	 	-17-	 

     

    

 

applicable Coupon Rate shall not affect the
obligation of the Company to make payment on Debentures at such Coupon Rate.

 

SECTION 2.11. Extension of Interest Payment Period.

 

As long as it is acting
in good faith, and so long as no Event of Default pursuant to paragraphs (c), (e) or (f) of Section 5.01 of the Indenture has
occurred and is continuing the Company shall have the right, from time to time and without causing an Event of Default, to defer
payments of interest on the Debt Securities by extending the interest distribution period on the Debt Securities at any time and
from time to time during the term of the Debt Securities, for up to twenty consecutive quarterly periods (each such extended interest
distribution period, an “Extension Period”), during which Extension Period no interest shall be due and payable (except
any Additional Interest that may be due and payable). No Extension Period may end on a date other than an Interest Payment Date
or extend beyond the Maturity Date, any Redemption Date (to the extent redeemed) or any Special Redemption Date, as the case may
be. During any Extension Period, interest will continue to accrue on the Debt Securities, and interest on such accrued interest
(such accrued interest and interest thereon referred to herein as “Deferred Interest”) will accrue at an annual rate
equal to the Interest Rate applicable during such Extension Period, compounded quarterly from the date such Deferred Interest
would have been payable were it not for the Extension Period, to the extent permitted by law. No interest or Deferred Interest
shall be due and payable during an Extension Period, except at the end thereof. At the end of any such Extension Period the Company
shall pay all Deferred Interest then accrued and unpaid on the Debt Securities; provided, however, that no
Extension Period may extend beyond the Maturity Date; and provided further, however, that during
any such Extension Period, the Company shall be subject to the restrictions set forth in Section 3.08 of this Indenture. Prior
to the termination of any Extension Period, the Company may further extend such period, provided, that such period together
with all such previous and further consecutive extensions thereof shall not exceed twenty consecutive quarterly periods, or extend
beyond the Maturity Date. Upon the termination of any Extension Period and upon the payment of all Deferred Interest, the Company
may commence a new Extension Period, subject to the foregoing requirements. The Company must give the Trustee notice of its election
to begin such Extension Period (“Notice”) at least one Business Day prior to the earlier of (i) the next succeeding
date on which interest on the Debt Securities would have been payable except for the election to begin any Extension Period or
(ii) the date such interest is payable, but in any event not later than the related regular record date for the relevant Interest
Payment Date. The Notice shall describe why the Company has elected to begin an Extension Period. The Notice shall acknowledge
and affirm the Company’s understanding that it is prohibited from issuing dividends and other distributions during the Extension
Period. Upon receipt of the Notice, an Initial Purchaser shall have the right, at its sole discretion, to disclose the name of
the Company, the fact that the Company has elected to begin an Extension Period and other information that such Initial Purchaser,
at its sole discretion, deems relevant to the Company’s election to begin an Extension Period. The Trustee shall give notice
of the Company’s election to begin a new Extension Period to the Securityholders.

 

    	 	-18-	 

     

    

 

SECTION 2.12. CUSIP Numbers.

 

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

 

SECTION 2.13. Income Tax Certification.

 

As a condition to the
payment of any principal of or interest on the Debt Securities without the imposition of withholding tax, the Trustee shall require
the previous delivery of properly completed and signed applicable U.S. federal income tax certifications (generally, an Internal
Revenue Service Form W-9 (or applicable successor form) in the case of a person that is a “United States person” within
the meaning of Section 7701 (a)(30) of the Code (under and as defined in the Declaration) or an Internal Revenue Service Form W
- 8 (or applicable successor form) in the case of a person that is not a “United States person” within the meaning
of Section 7701(a)(30) of the Code, and any other certification acceptable to it to enable the Trustee or any Paying Agent to determine
their respective duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or
withhold in respect of such Debt Securities.

 

ARTICLE III

 

PARTICULAR COVENANTS
OF THE COMPANY

 

SECTION 3.01. Payment of Principal, Premium
and Interest; Agreed Treatment of the Debt Securities.

 

(a)       The
Company covenants and agrees that it will duly and punctually pay or cause to be paid all payments due on the Debt Securities at
the place, at the respective times and in the manner provided in this Indenture and the Debt Securities. At the option of the Company,
each installment of interest on the Debt Securities may be paid (i) by mailing checks for such interest payable to the order of
the holders of Debt Securities entitled thereto as they appear on the Debt Security Register or (ii) by wire transfer to any account
with a banking institution located in the United States designated by such holders to the Paying Agent no later than the related
record date. Notwithstanding anything to the contrary contained in this Indenture or any Debt Security, if the Trust or the Trustee
of the Trust is the holder of any Debt Security, then all payments in respect of such Debt Security shall be made by the Company
in immediately available funds when due.

 

(b)       The
Company will treat the Debt Securities as indebtedness, and the interest payable in respect of such Debt Securities as interest,
for all U.S. federal income tax purposes. As a condition to the payment of any principal of or interest on any Debt Security

 

    	 	-19-	 

     

    

 

without the imposition of withholding tax,
the Company shall require the previous delivery of properly completed and signed applicable U.S. federal income tax certifications
(generally, an Internal Revenue Service Form W-9 (or applicable successor form) in the case of a Person that is a U.S. Person or
an Internal Revenue Service Form W-8 (or applicable successor form) in the case of a Person that is not a U.S. Person and any other
certification acceptable to it to enable the Company and the Trustee to determine their respective duties and liabilities with
respect to any taxes or other charges that they may be required to pay or withhold in respect of such Debt Security or the holder
of such Debt Security under any present or future law or regulation of the United States or any political subdivision thereof or
taxing authority therein or to comply with any reporting or other requirements under any such law or regulation.

 

(c)       As of the date of
this Indenture, the Company represents that it has no intention to exercise its right under Section 2.11 to defer payments of interest
on the Debt Securities by commencing an Extension Period.

 

SECTION 3.02. Offices for Notices and Payments, etc.

 

So long as any of the Debt
Securities remain outstanding, the Company will maintain in New York, New York an office or agency where the Debt Securities may
be presented for payment, an office or agency where the Debt Securities may be presented for registration of transfer and for
exchange as provided in this Indenture and an office or agency where notices and demands to or upon the Company in respect of
the Debt Securities or of this Indenture may be served. The Company hereby appoints the Trustee at U.S. Bank National Association,
100 Wall Street, 19th Floor, New York, New York 10005, Attention: Corporate Trust Services – BSA Financial Statutory
Trust I as such office or agency. In case the Company shall fail to maintain any such office or agency in New York, New York or
shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made
and notices may be served at the Principal Office of the Trustee.

 

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

 

SECTION 3.03. Appointments to Fill Vacancies in Trustee’s
Office.

 

The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.09, a Trustee,
so that there shall at all times be a Trustee hereunder.

 

    	 	-20-	 

     

    

 

SECTION 3.04. Provision as to Paying Agent.

 

(a)       If
the Company shall appoint a Paying Agent other than the Trustee, it will cause such Paying Agent to execute and deliver to
the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provision of this Section
3.04:

 

(1)       that
it will hold all sums held by it as such agent for the payment of all payments due on the Debt Securities (whether such sums have
been paid to it by the Company or by any other obligor on the Debt Securities) in trust for the benefit of the holders of the Debt
Securities;

 

(2)       that
it will give the Trustee prompt written notice of any failure by the Company (or by any other obligor on the Debt Securities) to
make any payment on the Debt Securities when the same shall be due and payable; and

 

(3)       that
it will, at any time during the continuance of any Event of Default, upon the written request of the Trustee, forthwith pay to
the Trustee all sums so held in trust by such Paying Agent.

 

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

 

Whenever the Company
shall have one or more Paying Agents for the Debt Securities, it will, on or prior to each due date of the payments on the Debt
Securities, deposit with a Paying Agent a sum sufficient to pay all payments so becoming due, such sum to be held in trust for
the benefit of the Persons entitled thereto and (unless such Paying Agent is the Trustee) the Company shall promptly notify the
Trustee in writing of its action or failure to act.

 

(c)       Anything
in this Section 3.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge with respect to the Debt Securities, or for any other reason, pay, or direct any Paying Agent to pay to the Trustee
all sums held in trust by the Company or any such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions
herein contained.

 

(d)       Anything
in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.04 is subject
to Sections 12.03 and 12.04.

 

(e)       The
Company hereby initially appoints the Trustee to act as Paying Agent (the “Paying Agent”).

 

    	 	-21-	 

     

    

 

SECTION 3.05. Certificate to Trustee.

 

The Company will deliver
to the Trustee on or before 120 days after the end of each fiscal year, so long as Debt Securities are outstanding hereunder, a
Certificate stating that in the course of the performance by the signers of their duties as officers of the Company they would
normally have knowledge of any default by the Company in the performance of any covenants of the Company contained herein, stating
whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge
and the nature thereof.

 

SECTION 3.06. Additional Interest.

 

If and for so long as the
Trust is the holder of all Debt Securities and is subject to or otherwise required to pay, or is required to withhold from distributions
to holders of Trust Securities, any additional taxes (including withholding taxes), duties, assessments or other governmental
charges as a result of a Tax Event, the Company will pay such additional amounts (the “Additional Interest”) on the
Debt Securities as shall be required so that the net amounts received and retained by the Trust for distribution to holders of
Trust Securities after paying all taxes (including withholding taxes), duties, assessments or other governmental charges will
be equal to the amounts the Trust would have received and retained for distribution to holders of Trust Securities after paying
all taxes (including withholding taxes on distributions to holders of Trust Securities), duties, assessments or other governmental
charges if no such additional taxes, duties, assessments or other governmental charges had been imposed. Whenever in this Indenture
or the Debt Securities there is a reference in any context to the payment of principal of or premium, if any, or interest on the
Debt Securities, such mention shall be deemed to include mention of payments of the Additional Interest provided for in this paragraph
to the extent that, in such context, Additional Interest is, was or would be payable in respect thereof pursuant to the provisions
of this paragraph and express mention of the payment of Additional Interest (if applicable) in any provisions hereof shall not
be construed as excluding Additional Interest in those provisions hereof where such express mention is not made; provided, however,
that, notwithstanding anything to the contrary contained in this Indenture or any Debt Security, the deferral of the payment of
interest during an Extension Period pursuant to Section 2.11 shall not defer the payment of any Additional Interest that may be
due and payable.

 

SECTION 3.07. Compliance with Consolidation Provisions.

 

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

 

SECTION 3.08. Limitation on Dividends.

 

If Debt Securities are
initially issued to the Trust or a trustee of such Trust in connection with the issuance of Trust Securities by the Trust (regardless
of whether Debt Securities continue to be held by such Trust) and (i) there shall have occurred and be continuing an Event of Default,
(ii) the Company shall be in default with respect to its payment of any

 

    	 	-22-	 

     

    

 

obligations under the Capital Securities Guarantee
or (iii) the Company shall have given notice of its election to defer payments of interest on the Debt Securities by extending
the interest distribution period as provided herein and such period, or any extension thereof, shall have commenced and be continuing,
then the Company may not (A) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation
payment with respect to, any of the Company’s capital stock or (B) make any payment of principal of or interest or premium,
if any, on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or
junior in interest to the Debt Securities or (C) make any payment under any guarantees of the Company that rank pari passu in
all respects with or junior in interest to the Capital Securities Guarantee (other than (a) repurchases, redemptions or other acquisitions
of shares of capital stock of the Company (I) in connection with any employment contract, benefit plan or other similar arrangement
with or for the benefit of one or more employees, officers, directors or consultants, (II) in connection with a dividend reinvestment
or stockholder stock purchase plan or (III) in connection with the issuance of capital stock of the Company (or securities convertible
into or exercisable for such capital stock), as consideration in an acquisition transaction entered into prior to the occurrence
of (i), (ii) or (iii) above, (b) as a result of any exchange, reclassification, combination or conversion of any class or series
of the Company’s capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company’s
capital stock or of any class or series of the Company’s indebtedness for any class or series of the Company’s capital
stock, (c) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange
provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection
with any stockholder’s rights plan, or the issuance of rights, stock or other property under any stockholder’s rights
plan, or the redemption or repurchase of rights pursuant thereto, or (e) any dividend in the form of stock, warrants, options or
other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same
stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock).

 

SECTION 3.09. Covenants as to the Trust.

 

For so long as such Trust
Securities remain outstanding, the Company shall maintain 100% ownership of the Common Securities; provided, however,
that any permitted successor of the Company under this Indenture that is a U.S. Person may succeed to the Company’s ownership
of such Common Securities. The Company, as owner of the Common Securities, shall use commercially reasonable efforts to cause
the Trust (a) to remain a statutory trust, except in connection with a distribution of Debt Securities to the holders of Trust
Securities in liquidation of the Trust, the redemption of all of the Trust Securities or certain mergers, consolidations or amalgamations,
each as permitted by the Declaration, (b) to otherwise continue to be classified as a grantor trust for United States federal
income tax purposes and (c) to cause each holder of Trust Securities to be treated as owning an undivided beneficial interest
in the Debt Securities.

 

    	 	-23-	 

     

    

 

ARTICLE IV

 

LISTS AND REPORTS BY THE COMPANY
AND THE TRUSTEE

 

SECTION 4.01. Securityholders’ Lists.

 

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

the Trustee:

 

(a)       on
each regular record date for an Interest Payment Date, a list, in such form as the Trustee may reasonably require, of the names
and addresses of the Securityholders of the Debt Securities as of such record date; and

 

(b)       at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, except that no such
lists need be furnished under this Section 4.01 so long as the Trustee is in possession thereof by reason of its acting as Debt
Security registrar.

 

SECTION 4.02. Preservation and Disclosure of Lists.

 

(a)       The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the
holders of Debt Securities (1) contained in the most recent list furnished to it as provided in Section 4.01 or (2) received by
it in the capacity of Debt Securities registrar (if so acting) hereunder. The Trustee may destroy any list furnished to it as provided
in Section 4.01 upon receipt of a new list so furnished.

 

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

 

(1)       afford
such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection
(a) of this Section 4.02, or

 

(2)       inform
such applicants as to the approximate number of holders of Debt Securities whose names and addresses appear in the information
preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, and as to the approximate
cost of mailing to such Securityholders the form of proxy or other communication, if any, specified in such application.

 

    	 	-24-	 

     

    

 

If the Company shall
elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants,
mail to each Securityholder of Debt Securities whose name and address appear in the information preserved at the time by the Trustee
in accordance with the provisions of subsection (a) of this Section 4.02 a copy of the form of proxy or other communication which
is specified in such request with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment,
or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender, the Trustee shall
mail to such applicants, and file with the Securities and Exchange Commission, if permitted or required by applicable law, together
with a copy of the material to be mailed, a written statement of the Company to the effect that such mailing would be contrary
to the best interests of the holders of all Debt Securities, as the case may be, or would be in violation of applicable law. Such
written statement shall specify the basis of such opinion. If said Commission, as permitted or required by applicable law, after
opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain
any of such objections or if, after the entry of an order sustaining one or more of such objections, said Commission shall find,
after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring,
the Trustee shall mail copies of such material to all such Securityholders with reasonable promptness after the entry of such order
and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting
their application.

 

(c) Each and every holder
of Debt Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any Paying Agent shall be held accountable by reason of the disclosure of any such information as to the names and
addresses of the holders of Debt Securities in accordance with the provisions of subsection (b) of this Section 4.02, regardless
of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under said subsection (b).

 

ARTICLE V

 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
UPON AN EVENT OF DEFAULT

 

SECTION 5.01. Events of Default.

 

The following events shall be “Events of Default”
with respect to Debt Securities:

 

(a)       the
Company defaults in the payment of any interest upon any Debt Security when it becomes due and payable (unless the Company has
elected and may defer interest payments pursuant to Section 2.11), and continuance of such default for a period of 30 days; for
the avoidance of doubt, an extension of any interest distribution period by the Company in accordance with Section 2.11 of this
Indenture shall not constitute a default under this clause 5.01(a); or

 

(b)       the
Company defaults in the payment of all or any part of the principal of (or premium, if any, on) any Debt Securities as and when
the same shall become due and payable

 

    	 	-25-	 

     

    

 

either at maturity, upon redemption, by declaration
of acceleration pursuant to Section 5.01 of this Indenture or otherwise; or

 

(c)       the
Company defaults in the payment of any interest upon any Debt Security when it becomes due and payable following the nonpayment
of any such interest as a result of Extension Period for 20 or more consecutive quarterly periods; or

 

(d)       the
Company defaults in the performance of, or breaches, any of its covenants or agreements in Sections 3.06, 3.07, 3.08 or 3.09 of
this Indenture (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the holders of not less than 25% in aggregate
principal amount of the outstanding Debt Securities, a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or

 

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

 

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

 

(g)       the
Trust shall have voluntarily or involuntarily liquidated, dissolved, wound-up its business or otherwise terminated its
existence except in connection with (1) the distribution of the Debt Securities to holders of the Trust Securities in
liquidation of their interests in the Trust, (2) the redemption of all of the outstanding Trust Securities or (3)
certain mergers, consolidations or amalgamations, each as permitted by the Declaration.

 

If an Event of Default
specified under clause (c) of this Section 5.01 occurs and is continuing with respect to the Debt Securities, then, and in each
and every such case, unless the principal of the Debt Securities shall have already become due and payable, either the Trustee
or the holders of not less than 25% in aggregate principal amount of the Debt Securities then outstanding hereunder, by notice
in writing to the Company (and to the Trustee if given by Securityholders), may declare the entire principal of the Debt Securities
and any premium and interest accrued, but unpaid, thereon, if any, to be due and payable immediately, and upon any such declaration
the same shall become immediately due and payable. If an Event of Default specified under clause (e) or (f) of this Section 5.01
occurs, then, in each and every such case, the entire principal amount of the Debt Securities and any premium and interest accrued,
but unpaid,

 

    	 	-26-	 

     

    

 

thereon shall ipso facto become immediately
due and payable without further action. Notwithstanding anything to the contrary in this Section 5.01, if at any time during the
period in which this Indenture remains in force and effect, the Company ceases or elects to cease to be subject to the supervision
and regulations of the Federal Reserve, OTS, OCC or similar regulatory authority overseeing bank, thrift, savings and loan or financial
holding companies or similar institutions requiring specifications for the treatment of capital similar in nature to the capital
adequacy guidelines under the Federal Reserve rules and regulations, then the first sentence of this paragraph shall be deemed
to include clauses (a), (b) and (d) under this Section 5.01 as an Event of Default resulting in an acceleration of payment of the
Debt Securities to the same extent as provided herein for clause (c).

 

With respect to clause
(d) of this Section 5.01, the Company agrees that in the event of a breach by the Company of its covenants or agreements mentioned
therein, any remedy at law or in damages may prove inadequate and therefore the Company agrees that the Trustee shall be entitled
to injunctive relief against the Company in the event of any breach or threatened breach by the Company, in addition to any other
relief (including damages) available to the Trustee under this Indenture or under law.

 

The foregoing provisions,
however, are subject to the condition that if, at any time after the principal of the Debt Securities shall have been so declared
due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, (i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest
upon all the Debt Securities and all payments on the Debt Securities which shall have become due otherwise than by acceleration
(with interest upon all such payments and Deferred Interest, to the extent permitted by law) and such amount as shall be sufficient
to cover reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and
all other amounts due to the Trustee pursuant to Section 6.06, if any, and (ii) all Events of Default under this Indenture, other
than the non-payment of the payments on Debt Securities which shall have become due by acceleration, shall have been cured, waived
or otherwise remedied as provided herein, and in each and every such case the holders of a majority in aggregate principal amount
of the Debt Securities then outstanding, by written notice to the Company and to the Trustee, may waive all defaults and rescind
and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect
any subsequent default or shall impair any right consequent thereon; provided, however, that if the Debt Securities are held by
the Trust or a trustee of the Trust, such waiver or rescission and annulment shall not be effective until the holders of a majority
in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have consented to such waiver or rescission
and annulment.

 

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

 

    	 	-27-	 

     

    

 

SECTION 5.02. Payment of Debt Securities
on Default; Suit Therefor.

 

The Company covenants
that upon the occurrence of an Event of Default pursuant to clause 5.01(a), 5.01(b) or 5.01(c), and upon demand of the Trustee,
the Company will pay to the Trustee, for the benefit of the holders of the Debt Securities, the whole amount that then shall have
become due and payable on all Debt Securities including Deferred Interest accrued on the Debt Securities; and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, including a reasonable compensation to
the Trustee, its agents, attorneys and counsel, and any other amounts due to the Trustee under Section 6.06. In case the Company
shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final
decree against the Company or any other obligor on such Debt Securities and collect in the manner provided by law out of the property
of the Company or any other obligor on such Debt Securities wherever situated the moneys adjudged or decreed to be payable.

 

In case there shall be
pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Debt Securities under
Bankruptcy Law, or in case a receiver or trustee shall have been appointed for the property of the Company or such other obligor,
or in the case of any other similar judicial proceedings relative to the Company or other obligor upon the Debt Securities, or
to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Debt
Securities shall then be due and payable as therein expressed or by declaration of acceleration or otherwise and irrespective of
whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.02, shall be entitled and empowered,
by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Debt Securities and, in case of any judicial proceedings, to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable
compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement
of all other amounts due to the Trustee under Section 6.06) and of the Securityholders allowed in such judicial proceedings relative
to the Company or any other obligor on the Debt Securities, or to the creditors or property of the Company or such other obligor,
unless prohibited by applicable law and regulations, to vote on behalf of the holders of the Debt Securities in any election of
a trustee or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or Person
performing similar functions in comparable proceedings, and to collect and receive any moneys or other property payable or deliverable
on any such claims, and to distribute the same after the deduction of its charges and expenses; and any receiver, assignee or trustee
in bankruptcy or reorganization is hereby authorized by each of the Securityholders to make such payments to the Trustee, and,
in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee
such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective
agents, attorneys and counsel, and all other amounts due to the Trustee under Section 6.06.

 

    	 	-28-	 

     

    

 

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

 

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

 

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

 

SECTION 5.03. Application of Moneys Collected by
Trustee.

 

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

 

First: To the payment
of costs and expenses incurred by, and reasonable fees of, the Trustee, its agents, attorneys and counsel, and of all other amounts
due to the Trustee under Section 6.06;

 

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

 

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

 

Fourth: The balance, if any, to the Company.

 

SECTION 5.04. Proceedings by Securityholders.

 

No holder of any Debt
Security shall have any right to institute any suit, action or proceeding for any remedy hereunder, unless such holder previously
shall have given to the Trustee written notice of an Event of Default with respect to the Debt Securities and unless the holders
of not less than 25% in aggregate principal amount of the Debt Securities then outstanding shall have given the Trustee a written
request to institute such action, suit or proceeding and shall have offered to the Trustee such reasonable indemnity as it may
require against the costs, expenses and liabilities to be incurred thereby, and the Trustee for 60 days after its receipt of such
notice, request and offer of indemnity shall have failed to institute any such

 

    	 	-29-	 

     

    

 

action, suit or proceeding; provided,
that no holder of Debt Securities shall have any right to prejudice the rights of any other holder of Debt Securities, obtain
priority or preference over any other such holder or enforce any right under this Indenture except in the manner herein provided
and for the equal, ratable and common benefit of all holders of Debt Securities.

 

Notwithstanding any other
provisions in this Indenture, however, the right of any holder of any Debt Security to receive payment of the principal of, premium,
if any, and interest on such Debt Security when due, or to institute suit for the enforcement of any such payment, shall not be
impaired or affected without the consent of such holder. For the protection and enforcement of the provisions of this Section,
each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

SECTION 5.05. Proceedings by Trustee.

 

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

 

SECTION 5.06. Remedies Cumulative and Continuing.

 

Except as otherwise provided
in Section 2.06, all powers and remedies given by this Article V to the Trustee or to the Securityholders shall, to the extent
permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders
of the Debt Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture or otherwise established with respect to the Debt Securities, and no delay or omission of the Trustee
or of any holder of any of the Debt Securities to exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence
therein; and, subject to the provisions of Section 5.04, every power and remedy given by this Article V or by law to the Trustee
or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the
Securityholders.

 

SECTION 5.07. Direction of Proceedings
and Waiver of Defaults by Majority of Securityholders.

 

The holders of a majority
in aggregate principal amount of the Debt Securities affected (voting as one class) at the time outstanding and, if the Debt Securities
are held by the Trust or a trustee of the Trust, the holders of a majority in aggregate liquidation amount of the outstanding
Capital Securities of the Trust shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such Debt Securities;
provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such time, method
and

 

    	 	-30-	 

     

    

 

place or such exercise, as the case may be,
may not be so directed until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of
the Trust shall have directed such time, method and place or such exercise, as the case may be; provided, further, that (subject
to the provisions of Section 6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee being
advised by counsel shall determine that the action so directed would be unjustly prejudicial to the holders not taking part in
such direction or if the Trustee being advised by counsel determines that the action or proceeding so directed may not lawfully
be taken or if a Responsible Officer of the Trustee shall determine that the action or proceedings so directed would involve the
Trustee in personal liability. Prior to any declaration of acceleration, or ipso facto acceleration, of the maturity of the Debt
Securities, the holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding may on behalf
of the holders of all of the Debt Securities waive (or modify any previously granted waiver of) any past default or Event of Default
and its consequences, except a default (a) in the payment of principal of, premium, if any, or interest on any of the Debt Securities,
(b) in respect of covenants or provisions hereof which cannot be modified or amended without the consent of the holder of each
Debt Security affected, or (c) in respect of the covenants contained in Section 3.09; provided, however, that if
the Debt Securities are held by the Trust or a trustee of the Trust, such waiver or modification to such waiver shall not be effective
until the holders of a majority in Liquidation Amount of the Trust Securities of the Trust shall have consented to such waiver
or modification to such waiver; provided, further, that if the consent of the holder of each outstanding Debt Security
is required, such waiver or modification to such waiver shall not be effective until each holder of the outstanding Capital Securities
of the Trust shall have consented to such waiver or modification to such waiver. Upon any such waiver or modification to such
waiver, the Default or Event of Default covered thereby shall be deemed to be cured for all purposes of this Indenture and the
Company, the Trustee and the holders of the Debt Securities shall be restored to their former positions and rights hereunder,
respectively; but no such waiver or modification to such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted
by this Section 5.07, said Default or Event of Default shall for all purposes of the Debt Securities and this Indenture be deemed
to have been cured and to be not continuing.

 

SECTION 5.08. Notice of Defaults.

 

The Trustee shall, within
90 days after a Responsible Officer of the Trustee shall have actual knowledge or received written notice of the occurrence of
a Default with respect to the Debt Securities, mail to all Securityholders, as the names and addresses of such holders appear upon
the Debt Security Register, notice of all Defaults with respect to the Debt Securities known to the Trustee, unless such defaults
shall have been cured before the giving of such notice (the term “defaults” for the purpose of this Section 5.08 being
hereby defined to be the events specified in subsections (a), (b), (c), (d), (e) and (f) of Section 5.01, not including periods
of grace, if any, provided for therein); provided, that, except in the case of default in the payment of the principal of,
premium, if any, or interest on any of the Debt Securities, the Trustee shall be protected in withholding such notice if and so
long as a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the interests of
the Securityholders.

 

    	 	-31-	 

     

    

 

SECTION 5.09. Undertaking to Pay Costs.

 

All parties to this Indenture
agree, and each holder of any Debt Security by such holder’s acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section 5.09 shall not apply to any suit instituted by the Trustee, to
any suit instituted by any Securityholder, or group of Securityholders, holding in the aggregate more than 10% in principal amount
of the Debt Securities (or, if such Debt Securities are held by the Trust or a trustee of the Trust, more than 10% in liquidation
amount of the outstanding Capital Securities), to any suit instituted by any Securityholder for the enforcement of the payment
of the principal of (or premium, if any) or interest on any Debt Security against the Company on or after the same shall have become
due and payable, or to any suit instituted in accordance with Section 14.12.

 

ARTICLE VI

 

CONCERNING THE TRUSTEE

 

SECTION 6.01. Duties and Responsibilities of Trustee.

 

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

 

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

 

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

 

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

 

    	 	-32-	 

     

    

 

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

 

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

 

(c)       the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith, in accordance with the
direction of the Securityholders pursuant to Section 5.07, relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

 

(d)       the
Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Debt Securities unless either
(1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default
or Event of Default shall have been given to the Trustee by the Company or any other obligor on the Debt Securities or by any holder
of the Debt Securities, except with respect to an Event of Default pursuant to Sections 5.01(a), 5.01(b) or 5.01(c) hereof (other
than an Event of Default resulting from the default in the payment of Additional Interest or premium, if any, if the Trustee does
not have actual knowledge or written notice that such payment is due and payable), of which the Trustee shall be deemed to have
knowledge; and

 

(e)       in
the absence of bad faith on the part of the Trustee, the Trustee may seek and rely on reasonable instructions from the Company.

 

None of the provisions
contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers.

 

SECTION 6.02. Reliance on Documents, Opinions, etc.

 

Except as otherwise provided in Section 6.01:

 

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

 

(b)       any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate
(unless other evidence in respect

 

    	 	-33-	 

     

    

 

thereof be herein specifically prescribed);
and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary
of the Company;

 

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

 

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

 

(e)       the
Trustee shall not be liable for any action taken or omitted by it in good faith and reasonably believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture; nothing contained herein shall, however, relieve
the Trustee of the obligation, upon the occurrence of an Event of Default with respect to the Debt Securities (that has not been
cured or waived) to exercise with respect to the Debt Securities such of the rights and powers vested in it by this Indenture,
and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs;

 

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

 

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

 

SECTION 6.03. No Responsibility for Recitals, etc.

 

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

 

    	 	-34-	 

     

    

 

Debt Securities or the proceeds of any Debt
Securities authenticated and delivered by the Trustee or the Authenticating Agent in conformity with the provisions of this Indenture.

 

SECTION 6.04. Trustee, Authenticating Agent,
Paving Agents, Transfer Agents or Registrar May Own Debt Securities.

 

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

 

SECTION 6.05. Moneys to be Held in Trust.

 

Subject to the provisions
of Section 12.04, all moneys received by the Trustee or any Paying Agent shall, until used or applied as herein provided, be held
in trust for the purpose for which they were received, but need not be segregated from other funds except to the extent required
by law. The Trustee and any Paying Agent shall be under no liability for interest on any money received by it hereunder except
as otherwise agreed in writing with the Company. So long as no Event of Default shall have occurred and be continuing, all interest
allowed on any such moneys, if any, shall be paid from time to time to the Company upon the written order of the Company, signed
by the Chairman of the Board of Directors, the President, the Chief Operating Officer, a Vice President, the Treasurer or an Assistant
Treasurer of the Company.

 

SECTION 6.06. Compensation and Expenses of Trustee.

 

Other than as provided
in the Fee Agreement of even date herewith between Cohen Bros. & Company, the Trustee, and the Company (as defined in the Declaration),
the Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation
as shall be agreed to in writing between the Company and the Trustee (which shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust), and the Company will pay or reimburse the Trustee upon its written request
for all documented reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the
provisions of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its counsel
and of all Persons not regularly in its employ) except any such expense, disbursement or advance that arises from its negligence,
willful misconduct or bad faith. The Company also covenants to indemnify each of the Trustee (including in its individual capacity)
and any predecessor Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any and all
loss, damage, claim, liability or expense including taxes (other than taxes based on the income of the Trustee), except to the
extent such loss, damage, claim, liability or expense results from the negligence, willful misconduct or bad faith of such indemnitee,
arising out of or in connection with the acceptance or administration of this Trust, including the costs and expenses of defending
itself against any claim or liability in the premises. The obligations of the Company under this Section 6.06 to compensate and
indemnify the Trustee and to pay or reimburse the Trustee for documented expenses, disbursements and advances shall constitute
additional indebtedness hereunder. Such additional indebtedness shall be secured by (and the Company hereby grants and pledges
to the Trustee) a lien prior to that of the Debt Securities upon all

 

    	 	-35-	 

     

    

 

property and funds held or collected by the
Trustee as such, except funds held in trust for the benefit of the holders of particular Debt Securities.

 

Without prejudice to any
other rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in connection
with an Event of Default specified in subsections (e), (f) or (g) of Section 5.01, the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under
any applicable federal or state bankruptcy, insolvency or other similar law.

 

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

 

Notwithstanding anything
in this Indenture or any Debt Security to the contrary, the Trustee shall have no obligation whatsoever to advance funds to pay
any principal of or interest on or other amounts with respect to the Debt Securities or otherwise advance funds to or on behalf
of the Company.

 

SECTION 6.07. Officers’ Certificate as Evidence.

 

Except as otherwise provided
in Sections 6.01 and 6.02, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary
or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other
evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence, willful misconduct or bad faith
on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to
the Trustee, and such certificate, in the absence of negligence, willful misconduct or bad faith on the part of the Trustee, shall
be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.

 

SECTION 6.08. Eligibility of Trustee.

 

The Trustee hereunder
shall at all times be a U.S. Person that is a banking corporation or national association organized and doing business under the
laws of the United States of America or any state thereof or of the District of Columbia and authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000) and subject
to supervision or examination by federal, state, or District of Columbia authority. If such corporation or national association
publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section 6.08 the combined capital and surplus of such corporation or national association
shall be deemed to be its combined capital and surplus as set forth in its most recent records of condition so published.

 

The Company may not, nor
may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee, notwithstanding
that such corporation or national association shall be otherwise eligible and qualified under this Article.

 

    	 	-36-	 

     

    

 

In case at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section 6.08, the Trustee shall resign immediately
in the manner and with the effect specified in Section 6.09.

 

If the Trustee has or
shall acquire any “conflicting interest” within the meaning of § 310(b) of the Trust Indenture Act, the Trustee
shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to this Indenture.

 

SECTION 6.09. Resignation
or Removal of Trustee, Calculation Agent, Paying Agent or Debt Security Registrar.

 

(a)       The
Trustee, or any trustee or trustees hereafter appointed, the Calculation Agent, the Paying Agent and any Debt
Security Registrar may at any time resign by giving written notice of such resignation to the Company and by mailing notice
thereof, at the Company’s expense, to the holders of the Debt Securities at their addresses as they shall appear on the
Debt Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor or
successors by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument
shall be delivered to the resigning party and one copy to the successor. If no successor shall have been so appointed and
have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders,
the resigning party may petition any court of competent jurisdiction for the appointment of a successor, or
any Securityholder who has been a bona fide holder of a Debt Security or Debt Securities for at least six months may,
subject to the provisions of Section 5.09, on behalf of himself or herself and all others similarly situated, petition
any such court for the appointment of a successor. Such court may thereupon, after such notice, if any, as it may
deem proper and prescribe, appoint a successor.

 

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

 

(1)       the
Trustee shall fail to comply with the provisions of the last paragraph of Section 6.08 after written request therefor by the Company
or by any Securityholder who has been a bona fide holder of a Debt Security or Debt Securities for at least six months,

 

(2)       the
Trustee shall cease to be eligible in accordance with the provisions of Section 6.08 and shall fail to resign after written request
therefor by the Company or by any such Securityholder, or

 

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

 

then, in any such case,
the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee,
or, subject to the provisions of Section 5.09, if no successor Trustee shall have been so appointed and have accepted appointment
within 30 days of the occurrence of any of (1),

 

    	 	-37-	 

     

    

 

(2) or (3) above, any Securityholder who has
been a bona fide holder of a Debt Security or Debt Securities for at least six months may, on behalf of himself or herself and
all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee
and appoint a successor Trustee.

 

(c)       Upon
prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debt Securities
at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as
successor Trustee unless within ten Business Days after such nomination the Company objects thereto, in which case or in the case
of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and
conditions and otherwise as in subsection (a) of this Section 6.09 provided, may petition any court of competent jurisdiction for
an appointment of a successor.

 

(d)       Any
resignation or removal of the Trustee, the Calculation Agent, the Paying Agent and any Debt Security Registrar and appointment
of a successor pursuant to any of the provisions of this Section 6.09 shall become effective upon acceptance of appointment by
the successor as provided in Section 6.10.

 

SECTION 6.10. Acceptance by Successor.

 

Any successor Trustee,
Calculation Agent, Paying Agent or Debt Security Registrar appointed as provided in Section 6.09 shall execute, acknowledge and
deliver to the Company and to its predecessor an instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the retiring party shall become effective and such successor, without any further act, deed or conveyance, shall
become vested with all the rights, powers, duties and obligations with respect to the Debt Securities of its predecessor hereunder,
with like effect as if originally named herein; but, nevertheless, on the written request of the Company or of the successor, the
party ceasing to act shall, upon payment of the amounts then due it pursuant to the provisions of Section 6.06, execute and deliver
an instrument transferring to such successor all the rights and powers of the party so ceasing to act and shall duly assign, transfer
and deliver to such successor all property and money held by such retiring party hereunder. Upon reasonable request of any such
successor, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming
to such successor all such rights and powers. Any party ceasing to act shall, nevertheless, retain a lien upon all property or
funds held or collected to secure any amounts then due it pursuant to the provisions of Section 6.06.

 

If a successor Trustee
is appointed, the Company, the retiring Trustee and the successor Trustee shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Debt Securities as to which the predecessor Trustee is not retiring shall continue
to be vested in the predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the Trust hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees

 

    	 	-38-	 

     

    

 

co-trustees of the same trust and that each
such Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee.

 

No successor Trustee
shall accept appointment as provided in this Section 6.10 unless at the time of such acceptance such successor Trustee shall be
eligible and qualified under the provisions of Section 6.08.

 

In no event shall a retiring
Trustee, Calculation Agent, Paying Agent or Debt Security Registrar be liable for the acts or omissions of any successor hereunder.

 

Upon acceptance of appointment
by a successor Trustee, Calculation Agent, Paying Agent or Debt Security Registrar as provided in this Section 6.10, the Company
shall mail notice of the succession to the holders of Debt Securities at their addresses as they shall appear on the Debt Security
Register. If the Company fails to mail such notice within ten Business Days after the acceptance of appointment by the successor,
the successor shall cause such notice to be mailed at the expense of the Company.

 

SECTION 6.11. Succession by Merger, etc.

 

Any Person into which the
Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further
act on the part of any of the parties hereto; provided, that such Person shall be otherwise eligible and qualified under
this Article.

 

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

 

SECTION 6.12. Authenticating Agents.

 

There may be one or more
Authenticating Agents appointed by the Trustee upon the request of the Company with power to act on its behalf and subject to its
direction in the authentication and delivery of Debt Securities issued upon exchange or registration of transfer thereof as fully
to all intents and purposes as though any such Authenticating Agent had been expressly authorized to authenticate and deliver Debt
Securities; provided, that the Trustee shall have no liability to the Company for any acts or omissions of the Authenticating Agent
with respect to the authentication and delivery of Debt Securities. Any such Authenticating Agent

 

    	 	-39-	 

     

    

 

shall at all times be a Person organized and
doing business under the laws of the United States or of any state or territory thereof or of the District of Columbia authorized
under such laws to act as Authenticating Agent, having a combined capital and surplus of at least $50,000,000 and being subject
to supervision or examination by federal, state, territorial or District of Columbia authority. If such Person publishes reports
of condition at least annually pursuant to law or the requirements of such authority, then for the purposes of this Section 6.12
the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with the effect herein specified in this Section.

 

Any Person into which
any Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger,
consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to all or substantially
all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder,
if such successor Person is otherwise eligible under this Section 6.12 without the execution or filing of any paper or any further
act on the part of the parties hereto or such Authenticating Agent.

 

Any Authenticating Agent
may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate
the agency of any Authenticating Agent with respect to the Debt Securities by giving written notice of termination to such Authenticating
Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating
Agent shall cease to be eligible under this Section 6.12, the Trustee may, and upon the request of the Company shall, promptly
appoint a successor Authenticating Agent eligible under this Section 6.12, shall give written notice of such appointment to the
Company and shall mail notice of such appointment to all holders of Debt Securities as the names and addresses of such holders
appear on the Debt Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all rights, powers, duties and responsibilities with respect to the Debt Securities of its predecessor hereunder, with
like effect as if originally named as Authenticating Agent herein.

 

Other than as provided
in the Fee Agreement of even date herewith between Cohen Bros. & Company, the Company, and the Trustee (as defined in the Declaration),
the Company agrees to pay to any Authenticating Agent from time to time reasonable compensation for its services. Any Authenticating
Agent shall have no responsibility or liability for any action taken by it as such in accordance with the directions of the Trustee
and shall receive such reasonable indemnity as it may require against the costs, expenses and liabilities incurred in furtherance
of its duties under this Section 6.12.

 

    	 	-40-	 

     

    

 

ARTICLE VII

 

CONCERNING THE SECURITYHOLDERS

 

SECTION 7.01. Action by Securityholders.

 

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

 

If the Company shall solicit
from the Securityholders any request, demand, authorization, direction, notice, consent, waiver or other action or revocation
of the same, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for
such Debt Securities for the determination of Securityholders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other action or revocation of the same, but the Company shall have no obligation to do so. If such
a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action or revocation
of the same may be given before or after the record date, but only the Securityholders of record at the close of business on the
record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion
of outstanding Debt Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice,
consent, waiver or other action or revocation of the same, and for that purpose the outstanding Debt Securities shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders
on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not
later than six months after the record date.

 

SECTION 7.02. Proof of Execution by Securityholders.

 

Subject to the provisions
of Sections 6.01, 6.02 and 8.05, proof of the execution of any instrument by a Securityholder or such Securityholder’s agent
or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee
or in such manner as shall be satisfactory to the Trustee. The ownership of Debt Securities shall be proved by the Debt Security
Register or by a certificate of the Debt Security Registrar. The Trustee may require such additional proof of any matter referred
to in this Section as it shall deem necessary.

 

    	 	-41-	 

     

    

 

The record of any Securityholders’
meeting shall be proved in the manner provided in Section 8.06.

 

SECTION 7.03. Who Are Deemed Absolute Owners.

 

Prior to due presentment
for registration of transfer of any Debt Security, the Company, the Trustee, any Authenticating Agent, any Paying Agent, any transfer
agent and any Debt Security registrar may deem the Person in whose name such Debt Security shall be registered upon the Debt Security
Register to be, and may treat such Person as, the absolute owner of such Debt Security (whether or not such Debt Security shall
be overdue) for the purpose of receiving payment of or on account of the principal of, premium, if any, and interest on such Debt
Security and for all other purposes; and neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent
nor any transfer agent nor any Debt Security registrar shall be affected by any notice to the contrary. All such payments so made
to any holder for the time being or upon such holder’s order shall be valid, and, to the extent of the sum or sums so paid,
effectual to satisfy and discharge the liability for moneys payable upon any such Debt Security.

 

SECTION 7.04. Debt Securities Owned by Company
Deemed Not Outstanding.

 

In determining whether the
holders of the requisite aggregate principal amount of Debt Securities have concurred in any direction, consent or waiver under
this Indenture, Debt Securities which are owned by the Company or any other obligor on the Debt Securities or by any Person directly
or indirectly controlling or controlled by or under direct or indirect common control with the Company (other than the Trust)
or any other obligor on the Debt Securities shall be disregarded and deemed not to be outstanding for the purpose of any such
determination; provided, that for the purposes of determining whether the Trustee shall be protected in relying on any
such direction, consent or waiver, only Debt Securities which a Responsible Officer of the Trustee actually knows are so owned
shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for the
purposes of this Section 7.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote
such Debt Securities and that the pledgee is not the Company or any such other obligor or Person directly or indirectly controlling
or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute
as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

SECTION 7.05. Revocation of Consents; Future Securityholders
Bound.

 

At any time prior to
(but not after) the evidencing to the Trustee, as provided in Section 7.01, of the taking of any action by the holders of the percentage
in aggregate principal amount of the Debt Securities specified in this Indenture in connection with such action, any holder (in
cases where no record date has been set pursuant to Section 7.01) or any holder as of an applicable record date (in cases where
a record date has been set pursuant to Section 7.01) of a Debt Security (or any Debt Security issued in whole or in part in exchange
or substitution therefor) the serial number of which is shown by the evidence to be included in the Debt Securities the holders
of which have consented to such action may, by filing written notice with the Trustee at the Principal Office of the Trustee and
upon proof of holding as provided in

 

    	 	-42-	 

     

    

 

Section 7.02, revoke such action so far as
concerns such Debt Security (or so far as concerns the principal amount represented by any exchanged or substituted Debt Security).
Except as aforesaid any such action taken by the holder of any Debt Security shall be conclusive and binding upon such holder and
upon all future holders and owners of such Debt Security, and of any Debt Security issued in exchange or substitution therefor
or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon such Debt Security
or any Debt Security issued in exchange or substitution therefor.

 

ARTICLE VIII

 

SECURITYHOLDERS’ MEETINGS

 

SECTION 8.01. Purposes of Meetings.

 

A meeting of Securityholders
may be called at any time and from time to time pursuant to the provisions of this Article VIII for any of the following purposes:

 

(a)       to
give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any
default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders pursuant to any of
the provisions of Article V;

 

(b)       to
remove the Trustee and nominate a successor trustee pursuant to the provisions of Article VI;

 

(c)       to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 9.02; or

 

(d)       to
take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of such
Debt Securities under any other provision of this Indenture or under applicable law.

 

SECTION 8.02. Call of Meetings by Trustee.

 

The Trustee may at any
time call a meeting of Securityholders to take any action specified in Section 8.01, to be held at such time and at such place
in The City of New York, the Borough of Manhattan, or Boston, Massachusetts, as the Trustee shall determine. Notice of every meeting
of the Securityholders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken
at such meeting, shall be mailed to holders of Debt Securities affected at their addresses as they shall appear on the Debt Securities
Register. Such notice shall be mailed not less than 20 nor more than 180 days prior to the date fixed for the meeting.

 

SECTION 8.03. Call of Meetings by Company or Securityholders.

 

In case at any time the
Company pursuant to a Board Resolution, or the holders of at least 10% in aggregate principal amount of the Debt Securities, as
the case may be, then outstanding, shall have requested the Trustee to call a meeting of Securityholders, by written

 

    	 	-43-	 

     

    

 

request setting forth in reasonable detail
the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days
after receipt of such request, then the Company or such Securityholders may determine the time and the place in for such meeting
and may call such meeting to take any action authorized in Section 8.01, by mailing notice thereof as provided in Section 8.02.

 

SECTION 8.04. Qualifications for Voting.

 

To be entitled to vote
at any meeting of Securityholders a Person shall be (a) a holder of one or more Debt Securities with respect to which the meeting
is being held or (b) a Person appointed by an instrument in writing as proxy by a holder of one or more such Debt Securities. The
only Persons who shall be entitled to be present or to speak at any meeting of Securityholders shall be the Persons entitled to
vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company
and its counsel.

 

SECTION 8.05. Regulations.

 

Notwithstanding any other
provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Securityholders,
in regard to proof of the holding of Debt Securities and of the appointment of proxies, and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such
other matters concerning the conduct of the meeting as it shall deem appropriate.

 

The Trustee shall, by
an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company
or by Securityholders as provided in Section 8.03, in which case the Company or the Securityholders calling the meeting, as the
case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall
be elected by majority vote at the meeting.

 

Subject to the provisions
of Section 7.04, at any meeting each holder of Debt Securities with respect to which such meeting is being held or proxy therefor
shall be entitled to one vote for each $1,000 principal amount of Debt Securities held or represented by such holder; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Debt Security challenged as not outstanding
and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other
than by virtue of Debt Securities held by such chairman or instruments in writing as aforesaid duly designating such chairman
as the Person to vote on behalf of other Securityholders. Any meeting of Securityholders duly called pursuant to the provisions
of Section 8.02 or 8.03 may be adjourned from time to time by a majority of those present, whether or not constituting a quorum,
and the meeting may be held as so adjourned without further notice.

 

SECTION 8.06. Voting.

 

The vote upon any resolution
submitted to any meeting of holders of Debt Securities with respect to which such meeting is being held shall be by written ballots
on which shall be subscribed the signatures of such holders or of their representatives by proxy and the

 

    	 	-44-	 

     

    

 

serial number or numbers of the Debt Securities
held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes
cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in triplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Securityholders
shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors
of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth
a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 8.02. The record shall show
the serial numbers of the Debt Securities voting in favor of or against any resolution. The record shall be signed and verified
by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company
and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 

SECTION 8.07. Quorum; Actions.

 

The Persons entitled
to vote a majority in outstanding principal amount of the Debt Securities shall constitute a quorum for a meeting of
Securityholders; provided, however, that if any action is to be taken at such meeting with respect to a
consent, waiver, request, demand, notice, authorization, direction or other action which may be given by the holders of not
less than a specified percentage in outstanding principal amount of the Debt Securities, the Persons holding or representing
such specified percentage in outstanding principal amount of the Debt Securities will constitute a quorum. In the absence of
a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of
Securityholders, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as
determined by the permanent chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at
any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as
determined by the permanent chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in Section 8.02, except that such notice need be given only
once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening
of an adjourned meeting shall state expressly the percentage, as provided above, of the outstanding principal amount of the
Debt Securities which shall constitute a quorum.

 

Except as limited by the
proviso in the first paragraph of Section 9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which
a quorum is present as aforesaid may be adopted by the affirmative vote of the holders of not less than a majority in outstanding
principal amount of the Debt Securities; provided, however, that, except as limited by the proviso in the first paragraph
of Section 9.02, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other
action that this Indenture expressly provides may be given by the holders of not less than a specified percentage in outstanding
principal amount of the Debt Securities may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum
is present as aforesaid only by the affirmative vote of the holders of not less than such specified percentage in outstanding principal
amount of the Debt Securities.

 

    	 	-45-	 

     

    

 

Any resolution passed
or decision taken at any meeting of holders of Debt Securities duly held in accordance with this Section shall be binding on all
the Securityholders, whether or not present or represented at the meeting.

 

SECTION 8.08. Written Consent Without a Meeting.

 

Whenever under this Indenture,
Securityholders are required or permitted to take any action by vote, such action may be taken without a meeting on written consent,
setting forth the action so taken, signed by the Securityholders of all outstanding Debt Securities entitled to vote thereon. No
consent shall be effective to take the action referred to therein unless, within sixty days of the earliest dated consent delivered
in the manner required by this paragraph to the Trustee, written consents signed by a sufficient number of Securityholders to take
action are delivered to the Trustee at its Principal Office. Delivery made to the Trustee at its Principal Office, shall be by
hand or by certificated or registered mail, return receipt requested. Written consent thus given by the Securityholders of such
number of Debt Securities as is required hereunder, shall have the same effect as a valid vote of Securityholders of such number
of Debt Securities.

 

ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

SECTION 9.01. Supplemental Indentures without
Consent of Securityholders.

 

The Company, when authorized
by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental
hereto, without the consent of the Securityholders, for one or more of the following purposes:

 

(a)       to
evidence the succession of another Person to the Company, or successive successions, and the assumption by the successor Person
of the covenants, agreements and obligations of the Company, pursuant to Article XI hereof;

 

(b)       to
add to the covenants of the Company such further covenants, restrictions or conditions for the protection of the holders of Debt
Securities as the Board of Directors shall consider to be for the protection of the holders of such Debt Securities, and to make
the occurrence, or the occurrence and continuance, of a Default in any of such additional covenants, restrictions or conditions
a Default or an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as
herein set forth; provided, however, that in respect of any such additional covenant, restriction or condition
such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer
than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the
remedies available to the Trustee upon such default;

 

(c)       to
cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective
or inconsistent with any other provision contained herein or in any supplemental indenture, or to make or amend such other

 

    	 	-46-	 

     

    

 

provisions in regard to matters or questions
arising under this Indenture; provided, that any such action shall not adversely affect the interests of the holders of
the Debt Securities;

 

(d)       to
add to, delete from, or revise the terms of Debt Securities, including, without limitation, any terms relating to the issuance,
exchange, registration or transfer of Debt Securities, including to provide for transfer procedures and restrictions substantially
similar to those applicable to the Capital Securities, as required by Section 2.05 (for purposes of assuring that no registration
of Debt Securities is required under the Securities Act of 1933, as amended); provided, that any such action shall not adversely
affect the interests of the holders of the Debt Securities then outstanding (it being understood, for purposes of this proviso,
that transfer restrictions on Debt Securities substantially similar to those applicable to Capital Securities shall not be deemed
to adversely affect the holders of the Debt Securities);

 

(e)       to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Debt Securities and
to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.10;

 

(f)       to
make any change (other than as elsewhere provided in this paragraph) that does not adversely affect the rights of any Securityholder
in any material respect; or

 

(g)       to
provide for the issuance of and establish the form and terms and conditions of the Debt Securities, to establish the form of any
certifications required to be furnished pursuant to the terms of this Indenture or the Debt Securities, or to add to the rights
of the holders of Debt Securities.

 

The Trustee is hereby
authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements
and stipulations which may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder,
but the Trustee shall not be obligated to, but may in its discretion, enter into any such supplemental indenture which affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture
authorized by the provisions of this Section 9.01 may be executed by the Company and the Trustee without the consent of the holders
of any of the Debt Securities at the time outstanding, notwithstanding any of the provisions of Section 9.02.

 

SECTION 9.02. Supplemental Indentures with Consent
of Securityholders.

 

With the consent (evidenced
as provided in Section 7.01) of the holders of not less than a majority in aggregate principal amount of the Debt Securities at
the time outstanding affected by such supplemental indenture, the Company, when authorized by a Board Resolution, and the Trustee
may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions
of the Trust Indenture Act, then in effect, applicable to indentures qualified thereunder) for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying
in any manner the rights of the holders of the Debt Securities; provided, however, that no such supplemental indenture
shall without such consent of

 

    	 	-47-	 

     

    

 

the holders of each Debt Security then outstanding
and affected thereby (i) change the Maturity Date of any Debt Security, or reduce the principal amount thereof or any premium
thereon, or reduce the rate (or manner of calculation of the rate) or extend the time of payment of interest thereon, or reduce
(other than as a result of the maturity or earlier redemption of any such Debt Security in accordance with the terms of this Indenture
and such Debt Security) or increase the aggregate principal amount of Debt Securities then outstanding, or change any of the redemption
provisions, or make the principal thereof or any interest or premium thereon payable in any coin or currency other than United
States Dollars, or impair or affect the right of any Securityholder to institute suit for payment thereof or impair the right
of repayment, if any, at the option of the holder, or (ii) reduce the aforesaid percentage of Debt Securities the holders of which
are required to consent to any such supplemental indenture; and provided, further, that if the Debt Securities
are held by the Trust or a trustee of such trust, such supplemental indenture shall not be effective until the holders of a majority
in Liquidation Amount of the outstanding Capital Securities shall have consented to such supplemental indenture; provided,
further, that if the consent of the Securityholder of each outstanding Debt Security is required, such supplemental indenture
shall not be effective until each holder of the outstanding Capital Securities shall have consented to such supplemental indenture.

 

Upon the request of the
Company accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the filing with
the Trustee of evidence of the consent of Securityholders (and holders of Capital Securities, if required) as aforesaid, the Trustee
shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall
not be obligated to, enter into such supplemental indenture.

 

Promptly after the execution
by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit
by mail, first class postage prepaid, a notice, prepared by the Company, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders as their names and addresses appear upon the Debt Security Register. Any failure of the Trustee
to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

 

It shall not be necessary
for the consent of the Securityholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such consent shall approve the substance thereof.

 

SECTION 9.03. Effect of Supplemental Indentures.

 

Upon the execution of
any supplemental indenture pursuant to the provisions of this Article IX, this Indenture shall be and be deemed to be modified
and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under
this Indenture of the Trustee, the Company and the holders of Debt Securities shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

    	 	-48-	 

     

    

 

SECTION 9.04. Notation on Debt Securities.

 

Debt Securities authenticated
and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article IX may bear a notation
as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Debt Securities
so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of this Indenture contained
in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee or the Authenticating
Agent and delivered in exchange for the Debt Securities then outstanding.

 

SECTION 9.05. Evidence of Compliance of
Supplemental Indenture to be furnished to Trustee.

 

The Trustee, subject to
the provisions of Sections 6.01 and 6.02, shall, in addition to the documents required by Section 14.06, receive an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies
with the requirements of this Article IX. The Trustee shall receive an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant to this Article IX is authorized or permitted by, and conforms to, the terms of this Article IX and
that it is proper for the Trustee under the provisions of this Article IX to join in the execution thereof.

 

ARTICLE X

 

REDEMPTION OF SECURITIES

 

SECTION 10.01. Optional Redemption.

 

At any time the Company
shall have the right, subject to the receipt by the Company of prior approval from any regulatory authority with jurisdiction over
the Company if such approval is then required under applicable capital guidelines or policies of such regulatory authority, to
redeem the Debt Securities, in whole or (provided that all accrued and unpaid interest has been paid on all Debt Securities for
all Interest Periods terminating on or prior to such date) from time to time in part, on any March 15, June 15, September 15 or
December 15 on or after December 15, 2010 (the “Redemption Date”), at the Redemption Price.

 

SECTION 10.02. Special Event Redemption.

 

If a Special Event shall
occur and be continuing, the Company shall have the right, subject to the receipt by the Company of prior approval from any regulatory
authority with jurisdiction over the Company if such approval is then required under applicable capital guidelines or policies
of such regulatory authority, to redeem the Debt Securities, in whole or in part, at any time within 90 days following the occurrence
of such Special Event (the “Special Redemption Date”), at the Special Redemption Price.

 

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SECTION 10.03. Notice of Redemption: Selection of
Debt Securities.

 

In case the Company shall
desire to exercise the right to redeem all, or, as the case may be, any part of the Debt Securities, it shall fix a date for redemption
and shall mail, or cause the Trustee to mail (at the expense of the Company) a notice of such redemption at least 30 and not more
than 60 days prior to the date fixed for redemption to the holders of Debt Securities so to be redeemed as a whole or in part at
their last addresses as the same appear on the Debt Security Register. Such mailing shall be by first class mail. The notice if
mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the holder receives
such notice. In any case, failure to give such notice by mail or any defect in the notice to the holder of any Debt Security designated
for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Debt Security.

 

Each such notice of redemption
shall specify the CUSIP number, if any, of the Debt Securities to be redeemed, the date fixed for redemption, the redemption price
(or manner of calculation of the price) at which Debt Securities are to be redeemed, the place or places of payment, that payment
will be made upon presentation and surrender of such Debt Securities, that interest accrued to the date fixed for redemption will
be paid as specified in said notice, and that on and after said date interest thereon or on the portions thereof to be redeemed
will cease to accrue. If less than all the Debt Securities are to be redeemed the notice of redemption shall specify the numbers
of the Debt Securities to be redeemed. In case the Debt Securities are to be redeemed in part only, the notice of redemption shall
state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption,
upon surrender of such Debt Security, a new Debt Security or Debt Securities in principal amount equal to the unredeemed portion
thereof will be issued.

 

Prior to 10:00 a.m. New
York City time on the Redemption Date or the Special Redemption Date specified in the notice of redemption given as provided in
this Section, the Company will deposit with the Trustee or with one or more Paying Agents an amount of money sufficient to redeem
on the redemption date all the Debt Securities so called for redemption at the appropriate redemption price, together with unpaid
interest accrued to such date.

 

The Company will give
the Trustee notice not less than 45 nor more than 60 days prior to the Redemption Date as to the Redemption Price at which the
Debt Securities are to be redeemed and the aggregate principal amount of Debt Securities to be redeemed and the Trustee shall select,
in such manner as in its sole discretion it shall deem appropriate and fair, the Debt Securities or portions thereof (in integral
multiples of $1,000) to be redeemed.

 

SECTION 10.04. Payment of Debt Securities Called
for Redemption.

 

If notice of redemption
has been given as provided in Section 10.03, the Debt Securities or portions of Debt Securities with respect to which such notice
has been given shall become due and payable on the Redemption Date or the Special Redemption Date (as the case may be) and at the
place or places stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for
redemption, and on and after said Redemption Date or the Special Redemption Date (unless the Company shall default in the payment
of such Debt Securities at the redemption price, together with unpaid interest accrued thereon to said

 

    	 	-50-	 

     

    

 

date) interest on the Debt Securities or portions
of Debt Securities so called for redemption shall cease to accrue. On presentation and surrender of such Debt Securities at a place
of payment specified in said notice, such Debt Securities or the specified portions thereof shall be paid and redeemed by the Company
at the applicable redemption price, together with unpaid interest accrued thereon to the Redemption Date or the Special Redemption
Date (as the case may be).

 

Upon presentation of any
Debt Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and make available for delivery
to the holder thereof, at the expense of the Company, a new Debt Security or Debt Securities of authorized denominations in principal
amount equal to the unredeemed portion of the Debt Security so presented.

 

ARTICLE XI

 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND
LEASE

 

SECTION 11.01. Company May Consolidate, etc., on Certain
Terms.

 

Nothing contained in this
Indenture or in the Debt Securities shall prevent any consolidation or merger of the Company with or into any other corporation
or corporations (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its
successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of all
or substantially all of the property or capital stock of the Company or its successor or successors to any other corporation (whether
or not affiliated with the Company, or its successor or successors) authorized to acquire and operate the same; provided, however,
that the Company hereby covenants and agrees that, (i) upon any such consolidation, merger (where the Company is not the surviving
corporation), sale, conveyance, transfer or other disposition, the successor entity shall be a corporation organized and existing
under the laws of the United States or any state thereof or the District of Columbia (unless such corporation has (1) agreed to
make all payments due in respect of the Debt Securities or, if outstanding, the Capital Securities and Capital Securities Guarantee
without withholding or deduction for, or on account of, any taxes, duties, assessments or other governmental charges under the
laws or regulations of the jurisdiction of organization or residence (for tax purposes) of such corporation or any political subdivision
or taxing authority thereof or therein unless required by applicable law, in which case such corporation shall have agreed to
pay such additional amounts as shall be required so that the net amounts received and retained by the holders of such Debt Securities
or Capital Securities, as the case may be, after payment of all taxes (including withholding taxes), duties, assessments or other
governmental charges, will be equal to the amounts that such holders would have received and retained had no such taxes (including
withholding taxes), duties, assessments or other governmental charges been imposed, (2) irrevocably and unconditionally consented
and submitted to the jurisdiction of any United States federal court or New York state court, in each case located in The City
of New York, Borough of Manhattan, in respect of any action, suit or proceeding against it arising out of or in connection with
this Indenture, the Debt Securities, the Capital Securities Guarantee or the Declaration and irrevocably and unconditionally waived,
to the fullest extent permitted by law, any objection to the laying of venue in any such court or that any such action, suit or
proceeding has been brought in an inconvenient forum and (3) irrevocably appointed an agent in The City of

 

    	 	-51-	 

     

    

 

New York for service of process in any action,
suit or proceeding referred to in clause (2) above) and such corporation expressly assumes all of the obligations of the Company
under the Debt Securities, this Indenture, the Capital Securities Guarantee and the Declaration and (ii) after giving effect to
any such consolidation, merger, sale, conveyance, transfer or other disposition, no Default or Event of Default shall have occurred
and be continuing.

 

SECTION 11.02. Successor Entity to be Substituted.

 

In case of any such consolidation,
merger, sale, conveyance, transfer or other disposition contemplated in Section 11.01 and upon the assumption by the successor
entity, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the Trustee, of
the due and punctual payment of the principal of and premium, if any, and interest on all of the Debt Securities and the due and
punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by the
Company, such successor entity shall succeed to and be substituted for the Company, with the same effect as if it had been named
herein as the Company, and thereupon the predecessor entity shall be relieved of any further liability or obligation hereunder
or upon the Debt Securities. Such successor entity thereupon may cause to be signed, and may issue either in its own name or in
the name of the Company, any or all of the Debt Securities issuable hereunder which theretofore shall not have been signed by the
Company and delivered to the Trustee or the Authenticating Agent; and, upon the order of such successor entity instead of the Company
and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee or the Authenticating Agent
shall authenticate and deliver any Debt Securities which previously shall have been signed and delivered by the officers of the
Company, to the Trustee or the Authenticating Agent for authentication, and any Debt Securities which such successor entity thereafter
shall cause to be signed and delivered to the Trustee or the Authenticating Agent for that purpose. All the Debt Securities so
issued shall in all respects have the same legal rank and benefit under this Indenture as the Debt Securities theretofore or thereafter
issued in accordance with the terms of this Indenture as though all of such Debt Securities had been issued at the date of the
execution hereof.

 

SECTION 11.03. Opinion of Counsel to be Given to Trustee.

 

The Trustee, subject to
the provisions of Sections 6.01 and 6.02, shall receive, in addition to the Opinion of Counsel required by Section 9.05, an Opinion
of Counsel as conclusive evidence that any consolidation, merger, sale, conveyance, transfer or other disposition, and any assumption,
permitted or required by the terms of this Article XI complies with the provisions of this Article XI.

 

ARTICLE XII

 

SATISFACTION AND DISCHARGE OF INDENTURE

 

SECTION 12.01. Discharge of Indenture.

 

When (a) the Company shall deliver to the Trustee
for cancellation all Debt Securities theretofore authenticated (other than any Debt Securities which shall have been

 

    	 	-52-	 

     

    

 

destroyed, lost or stolen and which shall have
been replaced or paid as provided in Section 2.06) and not theretofore canceled, or (b) all the Debt Securities not theretofore
canceled or delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and
payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption, and the Company shall deposit with the Trustee, in trust, funds, which shall be immediately due
and payable, sufficient to pay at maturity or upon redemption all of the Debt Securities (other than any Debt Securities which
shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.06) not theretofore
canceled or delivered to the Trustee for cancellation, including principal and premium, if any, and interest due or to become due
to such date of maturity or redemption date, as the case may be, but excluding, however, the amount of any moneys for the payment
of principal of, and premium, if any, or interest on the Debt Securities (1) theretofore repaid to the Company in accordance with
the provisions of Section 12.04, or (2) paid to any state or to the District of Columbia pursuant to its unclaimed property or
similar laws, and if in the case of either clause (a) or clause (b) the Company shall also pay or cause to be paid all other sums
payable hereunder by the Company, then this Indenture shall cease to be of further effect except for the provisions of Sections
2.05, 2.06, 3.01, 3.02, 3.04, 6.06, 6.09 and 12.04 hereof, which shall survive until such Debt Securities shall mature or are redeemed,
as the case may be, and are paid in full. Thereafter, Sections 6.06, 6.09 and 12.04 shall survive, and the Trustee, on demand of
the Company accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been complied with, and at the cost and expense
of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture, the Company, however,
hereby agreeing to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee in
connection with this Indenture or the Debt Securities.

 

SECTION 12.02. Deposited Moneys to be Held in Trust
by Trustee.

 

Subject to the provisions
of Section 12.04, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the
payment, either directly or through any Paying Agent (including the Company if acting as its own Paying Agent), to the holders
of the particular Debt Securities for the payment of which such moneys have been deposited with the Trustee, of all sums due and
to become due thereon for principal, and premium, if any, and interest.

 

SECTION 12.03. Paying Agent to Repay Moneys Held.

 

Upon the satisfaction
and discharge of this Indenture, all moneys then held by any Paying Agent of the Debt Securities (other than the Trustee) shall,
upon demand of the Company, be repaid to the Company or paid to the Trustee, and thereupon such Paying Agent shall be released
from all further liability with respect to such moneys.

 

SECTION 12.04. Return of Unclaimed Moneys.

 

Any moneys deposited with
or paid to the Trustee or any Paying Agent for payment of the principal of, and premium, if any, or interest on Debt Securities
and not applied

 

    	 	-53-	 

     

    

 

but remaining unclaimed by the holders of Debt
Securities for two years after the date upon which the principal of, and premium, if any, or interest on such Debt Securities,
as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee or such Paying Agent on written
demand; and the holder of any of the Debt Securities shall thereafter look only to the Company for any payment which such holder
may be entitled to collect and all liability of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease.

 

ARTICLE XIII

 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
AND DIRECTORS

 

SECTION 13.01. Indenture and Debt Securities Solely
Corporate Obligations.

 

No recourse for the payment
of the principal of or premium, if any, or interest on any Debt Security, or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental
indenture, or in any such Debt Security, or because of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer, director, employee or agent, as such, past, present or future, of the Company or of any
predecessor or successor corporation of the Company, either directly or through the Company or any successor corporation of the
Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise;
it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration
for, the execution of this Indenture and the issue of the Debt Securities.

 

ARTICLE XIV

 

MISCELLANEOUS PROVISIONS

 

SECTION 14.01. Successors.

 

All the covenants, stipulations,
promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or
not.

 

SECTION 14.02. Official Acts by Successor Entity.

 

Any act or proceeding
by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company
shall and may be done and performed with like force and effect by the like board, committee, officer or other authorized Person
of any entity that shall at the time be the lawful successor of the Company.

 

SECTION 14.03. Surrender of Company Powers.

 

The Company by instrument
in writing executed by authority of 2/3 (two-thirds) of its Board of Directors and delivered to the Trustee may surrender any of
the powers reserved to the Company and thereupon such power so surrendered shall terminate both as to the Company and as to any
permitted successor.

 

    	 	-54-	 

     

    

 

SECTION 14.04. Addresses for Notices, etc.

 

Any notice or demand which
by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Securityholders on the
Company may be given or served in writing, duly signed by the party giving such notice, and shall be delivered, telecopied (which
telecopy shall be followed by notice delivered or mailed by first class mail) or mailed by first class mail to the Company at:

 

BSA Financial Services, Inc.

120 S.R. 312 West

St. Augustine, Florida 32086

Attention: H. Jeff Bell

 

Any notice, direction,
request or demand by any Securityholder or the Company to or upon the Trustee shall be deemed to have been sufficiently given or
made, for all purposes, if given or made in writing at the office of U.S. Bank National Association at:

 

One Federal Street, 3rd Floor

Boston, Massachusetts 02110

Attn: Corporate Trust Services – BSA Financial
Statutory Trust I

 

SECTION 14.05. Governing Law.

 

This Indenture and the
Debt Securities shall each be governed by, and construed in accordance with, the laws of the State of New York, without regard
to conflict of laws principles of said State other than Section 5-1401 of the New York General Obligations Law.

 

SECTION 14.06. Evidence of Compliance with Conditions
Precedent.

 

Upon any application or
demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish
to the Trustee an Officers’ Certificate stating that in the opinion of the signers all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion
of such counsel, all such conditions precedent have been complied with (except that no such Opinion of Counsel is required to be
furnished to the Trustee in connection with the authentication and issuance of Debt Securities issued on the date of this Indenture).

 

Each certificate or opinion
provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for
in this Indenture (except certificates delivered pursuant to Section 3.05) shall include (a) a statement that the person making
such certificate or opinion has read such covenant or condition and the definitions relating thereto; (b) a brief statement as
to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate
or opinion are based; (c) a statement that, in the opinion of such person, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied
with; and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

    	 	-55-	 

     

    

 

SECTION 14.07. Non-Business Days.

 

Notwithstanding anything
to the contrary contained herein, if any Interest Payment Date, other than on the Maturity Date, any Redemption Date or the Special
Redemption Date, falls on a day that is not a Business Day, then any interest payable will be paid on, and such Interest Payment
Date will be moved to, the next succeeding Business Day, and additional interest will accrue for each day that such payment is
delayed as a result thereof. If the Maturity Date, any Redemption Date or the Special Redemption Date falls on a day that is not
a Business Day, then the principal, premium, if any, and/or interest payable on such date will be paid on the next succeeding Business
Day, and no additional interest will accrue in respect of such payment made on such next succeeding Business Day.

 

SECTION 14.08. Table of Contents, Headings, etc.

 

The table of contents
and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only,
are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

SECTION 14.09. Execution in Counterparts.

 

This Indenture may be
executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but
one and the same instrument.

 

SECTION 14.10. Severability.

 

In case any one or more
of the provisions contained in this Indenture or in the Debt Securities shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture
or of such Debt Securities, but this Indenture and such Debt Securities shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein or therein.

 

SECTION 14.11. Assignment.

 

Subject to Article XI, the
Company will have the right at all times to assign any of its rights or obligations under this Indenture and the Debt Securities
to a direct or indirect wholly owned Subsidiary of the Company; provided, however, that, in the event of any such
assignment, the Company will remain liable for all such obligations. Subject to the foregoing, this Indenture is binding upon
and inures to the benefit of the parties hereto and their respective successors and assigns. This Indenture may not otherwise
be assigned by the parties thereto.

 

SECTION 14.12. Acknowledgment of Rights.

 

The Company acknowledges
that, with respect to any Debt Securities held by the Trust or the Institutional Trustee of the Trust, if the Institutional Trustee
of the Trust fails to enforce its rights under this Indenture as the holder of Debt Securities held as the assets of the Trust
after the holders of a majority in Liquidation Amount of the Capital Securities of the Trust

 

    	 	-56-	 

     

    

 

have so directed in writing such Institutional
Trustee, a holder of record of such Capital Securities may to the fullest extent permitted by law institute legal proceedings directly
against the Company to enforce such Institutional Trustee’s rights under this Indenture without first instituting any legal
proceedings against such Institutional Trustee or any other Person. Notwithstanding the foregoing, if an Event of Default has occurred
and is continuing and such event is attributable to the failure of the Company to pay interest (or premium, if any) or principal
on the Debt Securities on the date such interest (or premium, if any) or principal is otherwise due and payable (or in the case
of redemption, on the redemption date), the Company acknowledges that a holder of record of Capital Securities of the Trust may
directly institute a proceeding against the Company for enforcement of payment to such holder directly of the principal of (or
premium, if any) or interest on the Debt Securities having an aggregate principal amount equal to the aggregate Liquidation Amount
of the Capital Securities of such holder on or after the respective due date specified in the Debt Securities.

 

ARTICLE XV

 

SUBORDINATION OF DEBT SECURITIES

 

SECTION 15.01. Agreement to Subordinate.

 

The Company covenants
and agrees, and each holder of Debt Securities issued hereunder and under any supplemental indenture (the “Additional Provisions”)
by such Securityholder’s acceptance thereof likewise covenants and agrees, that all Debt Securities shall be issued subject
to the provisions of this Article XV; and each holder of a Debt Security, whether upon original issue or upon transfer or assignment
thereof, accepts and agrees to be bound by such provisions.

 

The payment by the Company
of the payments due on all Debt Securities issued hereunder and under any Additional Provisions shall, to the extent and in the
manner hereinafter set forth, be subordinated and junior in right of payment to the prior payment in full of all Senior Indebtedness
of the Company, whether outstanding at the date of this Indenture or thereafter incurred.

 

No provision of this
Article XV shall prevent the occurrence of any Default or Event of Default hereunder.

 

SECTION 15.02. Default on Senior Indebtedness.

 

In the event and during
the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior
Indebtedness of the Company following any applicable grace period, or in the event that the maturity of any Senior Indebtedness
of the Company has been accelerated because of a default, and such acceleration has not been rescinded or canceled and such Senior
Indebtedness has not been paid in full, then, in either case, no payment shall be made by the Company with respect to the payments
due on the Debt Securities.

 

In the event that, notwithstanding
the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this
Section 15.02,

 

    	 	-57-	 

     

    

 

such payment shall, subject to Section 15.06,
be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness or their respective
representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been
issued, as their respective interests may appear, but only to the extent that the holders of the Senior Indebtedness (or their
representative or representatives or a trustee) notify the Trustee in writing within 90 days of such payment of the amounts then
due and owing on the Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders
of Senior Indebtedness.

 

SECTION 15.03. Liquidation; Dissolution; Bankruptcy.

 

Upon any payment by the
Company or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors
upon any dissolution or winding-up or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, all amounts due upon all Senior Indebtedness of the Company shall first be paid
in full, or payment thereof provided for in money in accordance with its terms, before any payment is made by the Company on the
Debt Securities; and upon any such dissolution or winding-up or liquidation or reorganization, any payment by the Company, or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, to which the Securityholders or the
Trustee would be entitled to receive from the Company, except for the provisions of this Article XV, shall be paid by the Company,
or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by
the Securityholders or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Indebtedness
of the Company (pro rata to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders, as
calculated by the Company) or their representative or representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing such Senior Indebtedness may have been issued, as their respective interests may appear, to
the extent necessary to pay such Senior Indebtedness in full, in money or money’s worth, after giving effect to any concurrent
payment or distribution to or for the holders of such Senior Indebtedness, before any payment or distribution is made to the Securityholders.

 

In the event that, notwithstanding
the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
prohibited by the foregoing, shall be received by the Trustee before all Senior Indebtedness of the Company is paid in full, or
provision is made for such payment in money in accordance with its terms, such payment or distribution shall be held in trust for
the benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness or their representative or representatives,
or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness may have
been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior
Indebtedness of the Company remaining unpaid to the extent necessary to pay such Senior Indebtedness in full in money in accordance
with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the holders of such Senior
Indebtedness.

 

For purposes of this Article
XV, the words “cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized
or readjusted, or securities

 

    	 	-58-	 

     

    

 

of the Company or any other corporation provided
for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article
XV with respect to the Debt Securities to the payment of all Senior Indebtedness of the Company, that may at the time be outstanding,
provided, that (a) such Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization
or readjustment, and (b) the rights of the holders of such Senior Indebtedness are not, without the consent of such holders, altered
by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into, another corporation
or the liquidation or dissolution of the Company following the conveyance, transfer or other disposition of its property as an
entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article XI of this
Indenture shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 15.03 if
such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated
in Article XI of this Indenture. Nothing in Section 15.02 or in this Section 15.03 shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.06 of this Indenture.

 

SECTION 15.04. Subrogation.

 

Subject to the payment
in full of all Senior Indebtedness of the Company, the Securityholders shall be subrogated to the rights of the holders of such
Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to such Senior
Indebtedness until all payments due on the Debt Securities shall be paid in full; and, for the purposes of such subrogation, no
payments or distributions to the holders of such Senior Indebtedness of any cash, property or securities to which the Securityholders
or the Trustee would be entitled except for the provisions of this Article XV, and no payment over pursuant to the provisions of
this Article XV to or for the benefit of the holders of such Senior Indebtedness by Securityholders or the Trustee, shall, as between
the Company, its creditors other than holders of Senior Indebtedness of the Company, and the holders of the Debt Securities be
deemed to be a payment or distribution by the Company to or on account of such Senior Indebtedness. It is understood that the provisions
of this Article XV are and are intended solely for the purposes of defining the relative rights of the holders of the Debt Securities,
on the one hand, and the holders of such Senior Indebtedness, on the other hand.

 

Nothing contained in this
Article XV or elsewhere in this Indenture, any Additional Provisions or in the Debt Securities is intended to or shall impair,
as between the Company, its creditors other than the holders of Senior Indebtedness of the Company, and the holders of the Debt
Securities, the obligation of the Company, which is absolute and unconditional, to pay to the holders of the Debt Securities all
payments on the Debt Securities as and when the same shall become due and payable in accordance with their terms, or is intended
to or shall affect the relative rights of the holders of the Debt Securities and creditors of the Company, other than the holders
of Senior Indebtedness of the Company, nor shall anything herein or therein prevent the Trustee or the holder of any Debt Security
from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if
any, under this Article XV of the holders of such Senior Indebtedness in respect of cash, property or securities of the Company
received upon the exercise of any such remedy.

 

    	 	-59-	 

     

    

 

Upon any payment or distribution
of assets of the Company referred to in this Article XV, the Trustee, subject to the provisions of Article VI of this Indenture,
and the Securityholders shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction
in which such dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver,
trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee
or to the Securityholders, for the purposes of ascertaining the Persons entitled to participate in such distribution, the holders
of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article XV.

 

SECTION 15.05. Trustee to Effectuate Subordination.

 

Each Securityholder by
such Securityholder’s acceptance thereof authorizes and directs the Trustee on such Securityholder’s behalf to take
such action as may be necessary or appropriate to effectuate the subordination provided in this Article XV and appoints the Trustee
such Securityholder’s attorney-in-fact for any and all such purposes.

 

SECTION 15.06. Notice by the Company.

 

The Company shall give
prompt written notice to a Responsible Officer of the Trustee at the Principal Office of the Trustee of any fact known to the Company
that would prohibit the making of any payment of moneys to or by the Trustee in respect of the Debt Securities pursuant to the
provisions of this Article XV. Notwithstanding the provisions of this Article XV or any other provision of this Indenture or any
Additional Provisions, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making
of any payment of moneys to or by the Trustee in respect of the Debt Securities pursuant to the provisions of this Article XV,
unless and until a Responsible Officer of the Trustee at the Principal Office of the Trustee shall have received written notice
thereof from the Company or a holder or holders of Senior Indebtedness or from any trustee therefor; and before the receipt of
any such written notice, the Trustee, subject to the provisions of Article VI of this Indenture, shall be entitled in all respects
to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided
for in this Section 15.06 at least two Business Days prior to the date upon which by the terms hereof any money may become payable
for any purpose (including, without limitation, the payment of the principal of (or premium, if any) or interest on any Debt Security),
then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such
money and to apply the same to the purposes for which they were received, and shall not be affected by any notice to the contrary
that may be received by it within two Business Days prior to such date.

 

The Trustee, subject
to the provisions of Article VI of this Indenture, shall be entitled to conclusively rely on the delivery to it of a written notice
by a Person representing himself or herself to be a holder of Senior Indebtedness of the Company (or a trustee or representative
on behalf of such holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a trustee or
representative on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence
is required with respect to the right of any Person as a holder of such Senior Indebtedness to participate in

 

    	 	-60-	 

     

    

 

any payment or distribution pursuant to this
Article XV, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount
of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under this Article XV, and, if such evidence is not furnished,
the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such
payment.

 

SECTION 15.07. Rights of the Trustee, Holders of Senior
Indebtedness.

 

The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article XV in respect of any Senior Indebtedness at any time held
by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture or any Additional Provisions
shall deprive the Trustee of any of its rights as such holder.

 

With respect to the holders
of Senior Indebtedness of the Company, the Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article XV, and no implied covenants or obligations with respect to the holders of such Senior
Indebtedness shall be read into this Indenture or any Additional Provisions against the Trustee. The Trustee shall not owe or be
deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and, subject to the provisions of Article VI of this
Indenture, the Trustee shall not be liable to any holder of such Senior Indebtedness if it shall pay over or deliver to Securityholders,
the Company or any other Person money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue of
this Article XV or otherwise.

 

Nothing in this Article
XV shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06.

 

SECTION 15.08. Subordination May Not Be Impaired.

 

No right of any present
or future holder of any Senior Indebtedness of the Company to enforce subordination as herein provided shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of the Company, or by any act or failure to act, in good
faith, by any such holder, or by any noncompliance by the Company, with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof that any such holder may have or otherwise be charged with.

 

Without in any way limiting
the generality of the foregoing paragraph, the holders of Senior Indebtedness of the Company may, at any time and from time to
time, without the consent of or notice to the Trustee or the Securityholders, without incurring responsibility to the Securityholders
and without impairing or releasing the subordination provided in this Article XV or the obligations hereunder of the holders of
the Debt Securities to the holders of such Senior Indebtedness, do any one or more of the following: (a) change the manner, place
or terms of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness, or otherwise amend or supplement
in any manner such Senior Indebtedness or any instrument evidencing the same or any agreement under which such Senior Indebtedness
is outstanding; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing such Senior
Indebtedness; (c) release any Person liable in any manner for the collection

 

    	 	-61-	 

     

    

 

of such Senior Indebtedness; and (d) exercise
or refrain from exercising any rights against the Company, and any other Person.

 

U.S. Bank National Association,
in its capacity as Trustee, hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions herein
above set forth.

 

    	 	-62-	 

     

    

 

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

 

	 	BSA Financial Services, Inc.
	 	 
	 	By:	/s/ Harry J. Bell
	 	Name:	 Harry J. Bell
	 	Title:	President

 

	 	U.S. Bank National Association,
    as Trustee
	 	 
	 	By:	/s/ Paul D. Allen
	 	Name:	Paul D. Allen
	 	Title:	Vice President

 

(8) BSA Financial Services, Inc.

 

    	 	-63-

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