Document:

EXHIBIT 4.1

 

THE INDEBTEDNESS EVIDENCED BY THIS SENIOR NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION (THE “FDIC”) OR ANY OTHER GOVERNMENT AGENCY OR FUND. THIS
SENIOR NOTE REPRESENTS AN UNSECURED OBLIGATION OF EAGLE BANCORP MONTANA, INC.

 

THE SECURITIES EVIDENCED BY THIS SENIOR NOTE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY APPLICABLE STATE SECURITIES
LAW AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR
THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE BORROWER, IF REQUESTED.

 

CERTAIN ERISA CONSIDERATIONS: 

 

THE HOLDER OF THIS SECURITY, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE
HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, 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 HEREIN, 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, OR ANY
INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING.
ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE
CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR
ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH
PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH
FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF
ANY OF THE SECURITIES SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SECURITIES.

 

     

     

    

 

	Registered No. [●]	Principal Amount:	$[●]
	 	 	 
	 	CUSIP:	[●]
	 	 	 
	
        EAGLE BANCORP MONTANA, INC.

         

	5.75% Fixed Rate Senior Note Due 2022
	 	 	 

1.                 
Payment.

 

(a)               
Eagle Bancorp Montana, Inc., a Delaware corporation (the “Borrower”), for value received, hereby promises
to pay to [●], or registered assigns, the principal sum of [●] (U.S.) ($[●]) on February 15, 2022 (the “Maturity
Date”) and to pay interest thereon from and including the Issue Date (as defined below) to but excluding the Maturity
Date, at the rate of 5.75% per annum, payable semi-annually in arrears on February 15 and August 15 of each year (each an “Interest
Payment Date”), beginning August 15, 2017. All interest on this Senior Note will be computed on the basis of a 360-day
year of twelve 30-day months and, for any period less than a full month, on the number of days actually elapsed.

 

(b)              
Any payment of principal of or interest on this Senior Note that would otherwise become due and payable on a day which is
not a Business Day will become due and payable on the next succeeding Business Day, with the same force and effect as if made on
the date for payment of such principal or interest, and no interest will accrue in respect of such payment for the period after
such day. A “Business Day” means any day other than a Saturday, Sunday, federal holiday or day on which banks
in the State of Montana are authorized or obligated by law or executive order to close.

 

2.                 
Senior Notes. This Senior Note is one of a duly authorized issue of Senior Notes of the Borrower designated
as the “5.75% Fixed Rate Senior Notes Due 2022” (collectively, the “Senior Notes” and each, a “Senior
Note”) and initially sold on [●] (“Issue Date”). This Senior Note ranks equally with all of
the other Senior Notes and senior in right of payment to the Borrower’s indebtedness evidenced by subordinated debentures
of the Borrower outstanding as of the date of this Senior Note. This Senior Note is an unsecured, unsubordinated obligation and
ranks equally in right of payment to all of the Borrower’s existing and future unsecured indebtedness, liabilities and other
obligations that are not subordinated in right of payment to the Senior Note, and will be effectively subordinated to any of the
Borrower’s existing and future secured indebtedness, to the extent of the value of the collateral securing such indebtedness.

 

3.                 
Consolidation, Merger and Sale of Assets. The Borrower will not consolidate with or merge into another person
or entity, or convey or transfer its properties and assets substantially as an entirety to any person or entity, unless:

 

(a)               
the person or entity formed by such consolidation or into which the Borrower is merged or the person or entity which acquires
by conveyance or transfer the properties and assets of the Borrower substantially as an entirety is a corporation, partnership,
limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or any other entity
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and expressly
assumes the due and punctual payment of the principal of and any interest on this Senior Note according to its terms, and the due
and punctual performance and observance of all covenants and conditions to be performed by the Borrower contained in this Senior
Note; and

 

     

     

    

(b)              
immediately after giving effect to such transaction, no Event of Default (as defined below), and no event which, after notice
or lapse of time or both, would become an Event of Default, will have occurred and be continuing.

 

4.                 
Events of Default; Acceleration. Notwithstanding any cure periods described below, the Borrower shall immediately
notify the holder of this Senior Note (the “Holder”) in writing when the Borrower obtains knowledge of the occurrence
of any default specified below. Regardless of whether the Borrower has given the required notice, the occurrence of one or more
of the following will constitute an “Event of Default” under the Senior Note:

 

(a)               
a court or other governmental agency or body having jurisdiction enters a decree or order for the appointment of a receiver,
liquidator, trustee or similar official in any receivership, insolvency, liquidation or similar proceeding relating to the Borrower
and such decree or order remains unstayed and in effect for a period of sixty (60) consecutive days;

 

(b)              
the Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or consents to the appointment of a receiver, liquidator, trustee or other similar official in any receivership, insolvency,
liquidation, or similar proceeding with respect to the Borrower;

 

(c)               
any subsidiary of the Borrower that (i) is a federally-insured depository institution and (ii) meets the definition
of “significant subsidiary” within the meaning of Rule 405 under the Securities Act (“Major Bank Subsidiary”)
is the subject of a receivership, insolvency, liquidation or similar proceeding;

 

(d)              
the Borrower or any Major Bank Subsidiary becomes insolvent or is unable to pay its debts as they mature; or makes an assignment
for the benefit of creditors or admits in writing its inability to pay its debts as they mature; or suspends transaction of its
usual business; or if a trustee of any substantial part of the assets of the Borrower or Major Bank Subsidiary is applied for or
appointed, and if appointed, the Borrower or Major Bank Subsidiary by any action or failure to act indicates its approval of, consent
to, or acquiescence in such appointment, or within ninety (90) days after such appointment, such appointment is not vacated or
stayed on appeal or otherwise, or shall not otherwise have ceased to continue in effect;

 

(e)               
the Borrower fails to pay any principal or premium, if any, on the Senior Note on the date such payment is due;

 

(f)               
the Borrower fails to pay any interest on the Senior Note within thirty (30) days from the date on which such payment is
due; or

 

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(g)              
any default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any indebtedness for money borrowed by the Borrower (or the payment of which is guaranteed by the Borrower), whether
such indebtedness or guarantee now exists, or is created after the issue date of the Senior Notes, if that default:

 

(i)                
is caused by a failure to pay any scheduled installment of principal on such indebtedness prior to the expiration of any applicable
grace period provided in such indebtedness on the date of such default (a “Payment Default”); or

 

(ii)              
results in the acceleration of such indebtedness prior to its express maturity;

and, in each case, the principal amount of any
such indebtedness, together with the principal amount of any other such indebtedness under which there has been a Payment Default
or the maturity of which has been so accelerated, aggregates $[●] or more; or

 

(h)              
the Borrower fails to perform or observe in any material respect any agreement, term, provision, condition, or covenant
(other than any such failure that results in an Event of Default as expressly provided in any other clause of this Section 4)
required to be performed or observed by the Borrower hereunder or any other agreement with or in favor of the Holder and in each
case such failure shall continue for a period of sixty (60) days after notice thereof is given by the Holder to the Borrower.

 

5.                 
Effect of Event of Default; Remedies of Holder.

 

(a)               
Upon the occurrence of any Event of Default, the Holder shall have the right, if such Event of Default shall then be continuing,
in addition to all the remedies conferred upon the Holder by the terms of this Senior Note or under applicable law, to do any or
all of the following, concurrently or successively, without notice to the Borrower:

 

(i)                
Declare the outstanding principal amount of this Senior Note to be, and it shall thereupon become, immediately due and payable,
without presentation, demand, protest or notice of any kind, all of which are hereby expressly waived, anything contained herein
or in the Senior Note to the contrary, except that in the case of an Event of Default arising from events described in subsections
(a), (b) or (c) of Section 4, the outstanding principal amount of this Senior Note shall become immediately due and payable
without further action or notice.

 

(ii)              
Following the occurrence of any Event of Default and until such Event of Default is cured by the Borrower or waived by the Holder
pursuant to Section 5(c), the Borrower shall not: (w) make any payments on any indebtedness of the Borrower that ranks
junior to the Senior Note or on any Senior Notes other than this Senior Note; (x) declare or pay any cash dividends on its
equity securities; (y) redeem or otherwise acquire any of its equity securities; or (z) make any other distributions
with respect to its equity securities or set aside any monies or properties for such purposes.

 

(iii)            
Upon the occurrence of any Event of Default, it is specifically understood and agreed that notwithstanding the curing of any such
Event of Default, the Borrower shall not be released from any of its covenants hereunder unless and until this Senior Note is paid
in full or as otherwise agreed in writing by the Holder.

 

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(iv)            
Nothing in this Section 5 is intended to restrict the Holder’s rights under the Senior Note, other related documents,
or at law or in equity, and the Holder may exercise such rights and remedies as and when they are available.

 

(b)              
In case of any Event of Default hereunder, the Borrower shall pay the Holder’s reasonable fees and expenses, including attorneys’
fees and expenses, in connection with the enforcement of this Senior Note or other related documents.

 

(c)               
In each case of an Event of Default, the Holder may elect to waive all or an individual remedy, including but not limited to Section
5(a)(ii).

 

6.                 
Certain Covenants.

 

(a)               
Payment of Principal, any Premium, Interest. The Borrower covenants and agrees for the benefit of the Holder of the
Senior Note that it will duly and punctually pay the principal of, and any premium or interest, if any, on the Senior Note in accordance
with the terms hereof.

 

(b)              
Corporate Existence. Subject to Section 3, the Borrower shall do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence and do or cause to be done all things necessary to preserve
and keep in full force and effect the corporate existence of each of its Major Bank Subsidiaries and its and their rights (charter
and statutory) and franchises; provided, however, that the foregoing shall not obligate the Borrower or any of its Major
Bank Subsidiaries to preserve any such right or franchise if the Borrower or any such subsidiary shall determine that the preservation
thereof is no longer desirable in the conduct of its business or the business of such subsidiary and that the loss thereof is not
disadvantageous in any material respect to any Holder.

 

(c)               
Payment of Taxes. The Borrower will, and will cause each of its subsidiaries to, promptly pay and discharge all lawful
taxes, assessments and governmental charges or levies imposed upon it, its income and profits, or any of its property, before the
same shall become in default, as well as all lawful claims for labor, materials and supplies, which amounts if unpaid, might become
a material lien or charge upon such properties or any part thereof. However, the Borrower or such subsidiary shall not be required
to pay and discharge any such tax, assessment, charge, levy or claim so long as the validity thereof shall be contested in good
faith by appropriate proceedings and the Borrower or such subsidiary, as the case may be, shall set aside on its books adequate
reserves with respect to any such tax, assessment, charge, levy or claim so contested.

 

(d)              
Maintenance of Property. The Borrower will, and will cause each of its subsidiaries to, at all times maintain, preserve,
protect and keep its property used or useful in the conduct of its business in good repair, working order and condition and will,
from time to time, make all necessary and proper repairs, renewals, replacements, betterments and improvements thereto.

 

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(e)               
Insurance. The Borrower will, and will cause each of its subsidiaries to, keep adequately insured, by financially
sound reputable insurers, all property of a character usually insured by similar corporations and carry such other insurance as
is usually carried by similar corporations or financial institutions, as applicable.

 

(f)               
Books and Records. The Borrower will, and will cause each of its subsidiaries to, at all times maintain books of
account in which all of its financial transactions are duly recorded in conformance with generally accepted accounting principles
and, in the case of Major Bank Subsidiaries, in conformance with applicable bank regulatory accounting principles.

 

(g)              
Other Indebtedness. Unless the Holder shall have otherwise given prior written consent, so long as this Senior Note
is outstanding, the Borrower shall not, and shall not permit any of its subsidiaries to, directly or indirectly, incur or guarantee,
assume or suffer to exist any indebtedness, other than (i) the indebtedness evidenced by the Senior Notes and (ii) Permitted
Indebtedness (as defined below).

 

(h)              
Existence of Liens. Unless the Holder shall have otherwise given prior written consent, so long as this Senior Note
is outstanding, the Borrower shall not directly or indirectly, allow or suffer to exist any liens upon or in any property or assets
owned by the Borrower or any of its subsidiaries other than Permitted Liens (as defined below).

 

“Permitted Indebtedness”
means (A) indebtedness incurred by the Borrower that is made expressly subordinate in right of payment to the indebtedness
evidenced by this Senior Note, which indebtedness does not provide at any time for the payment, prepayment, repayment, repurchase
or defeasance, directly or indirectly, of any principal or premium, if any, thereon until after the Maturity Date; (B) indebtedness
secured by Permitted Liens; (C) indebtedness to trade creditors or for professional services incurred in the ordinary course
of business; (D) extensions, refinancings and renewals of any items of Permitted Indebtedness described above, provided that
the principal amount is not increased or the terms modified to impose more burdensome terms upon the Borrower or its subsidiaries,
as the case may be; and (E) indebtedness outstanding immediately prior to the execution of this Agreement. Permitted Indebtedness
shall include, without limitation, (i) the principal amount of such indebtedness, (ii) unpaid accrued interest thereon,
and (iii) subject to clause (D) of this definition, all other obligations of the Borrower.

 

“Permitted Liens” means (A) any
lien for taxes not yet due or delinquent or being contested in good faith; (B) any statutory lien arising in the ordinary
course of business by operation of law with respect to a liability that is not yet due or delinquent; (C) any lien created
by operation of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in the ordinary
course of business with respect to a liability that is not yet due or delinquent or that are being contested in good faith; (D) any
liens securing the Borrower’s obligations under the Senior Notes; (D) liens (i) upon or in any equipment acquired
or held by the Borrower or any of its Subsidiaries to secure the purchase price of such equipment or indebtedness incurred solely
for the purpose of financing the acquisition or lease of such equipment, or (ii) existing on such equipment at the time of
its acquisition, provided that the lien is confined solely to the property so acquired and improvements thereon, and the proceeds
of such equipment; (E) liens in existence prior to the execution of this Agreement; (F) liens securing Permitted Indebtedness;
(G) leases or subleases and licenses and sublicenses granted to others in the ordinary course of the Borrower’s business,
not interfering in any material respect with the business of the Borrower and its subsidiaries taken as a whole, and (H) liens
incurred in connection with the extension, renewal or refinancing of the indebtedness secured by liens of the type described above,
provided that any extension, renewal or replacement lien shall be limited to the property encumbered by the existing lien and the
principal amount of the indebtedness being extended, renewed or refinanced does not increase.

 

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7.                 
Payment Procedures. Payment of the principal and interest payable on the Maturity Date will be made by wire
transfer in immediately available funds to a bank account in the United States designated by the Holder, upon presentment and surrender
of this Senior Note at the main office of the Borrower or at such other place or places as the Borrower will designate by notice
to the Holder, provided that this Senior Note is presented to the Borrower in time for the Borrower to make such payments in such
funds in accordance with its normal procedures. Payments of interest (other than interest payable on the Maturity Date) will be
made by wire transfer in immediately available funds or check mailed to the person in whose name this Senior Note is registered
as of the close of business on the Regular Record Date with respect to such Interest Payment Date, which will be the 15th
calendar day immediately preceding such Interest Payment Date (“Regular Record Date”), at such Holder’s
address as it appears in the Security Register or to such other address or to such account as the Holder may designate in a form
and manner satisfactory to the Borrower. Any interest on this Senior Note that is payable, but not punctually paid or duly provided
for, on any Interest Payment Date will cease to be payable to the person in whose name this Senior Note is registered as of the
close of business on the Regular Record Date, and may be paid by the Borrower to the person in whose name this Senior Note is registered
at the close of business on a Special Record Date fixed by the Borrower (a “Special Record Date”), notice of
which will be given to the Holder not less than 15 calendar days prior to such Special Record Date, or in any other lawful manner.
To the extent permitted by applicable law, interest will accrue at the rate at which interest accrues on the principal of this
Senior Note, on any amount of principal of or interest on this Senior Note not paid when due. All payments on this Senior Note
will be applied first to accrued interest and then the balance, if any, to principal.

 

8.                 
Form of Payment. Payments of principal of and interest on this Senior Note will be made in such coin or currency
of the United States of America as at the time of payment are legal tender for the payment of public and private debts.

 

9.                 
Security Register. The Borrower will maintain a register of the Senior Notes (the “Security Register”)
and of their transfer and exchange. Prior to due presentment of this Senior Note for registration of transfer, the Borrower may
deem and treat the person in whose name this Senior Note is registered in the Security Register as the absolute owner of this Senior
Note for all purposes, whether or not this Senior Note is overdue, and neither the Borrower nor any agent of the Borrower will
be affected by any notice to the contrary.

 

10.             
Denominations; Registration of Transfer and Exchange. The Senior Notes are issuable only in registered form
without interest coupons in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. Except as otherwise
provided herein, upon surrender for registration of transfer of this Senior Note, the Borrower will execute and deliver, in the
name of the designated transferee or transferees, one or more Senior Notes denominated as authorized herein of a like aggregate
principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions. Except as otherwise
provided herein, at the option of the Holder, this Senior Note may be exchanged for other Senior Notes containing identical terms
and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of this Senior Note.
To be properly presented or surrendered for registration of transfer or for exchange or otherwise, this Senior Note must be presented
or surrendered at the main office of the Borrower or at such other place or places as the Borrower will designate by notice to
the Holder, duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Borrower, and will
be accompanied by such evidence of due authorization and guarantee of signature as may reasonably be required by the Borrower in
form satisfactory to the Borrower, duly executed by the Holder or his attorney duly authorized in writing, with such tax identification
number or other information for each person in whose name a Senior Note is to be issued. The Borrower may also request evidence
of compliance with any restrictive legends appearing on this Senior Note. The Borrower will not be required to register the transfer
of or exchange this Senior Note within fifteen (15) calendar days of the Maturity Date.

 

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11.             
Charges and Transfer Taxes. No service charge (other than any cost of delivery) will be imposed for any exchange
or registration of transfer of this Senior Note, but the Borrower may require payment of a sum sufficient to cover any stamp or
other tax or governmental charge that may be imposed in connection with the exchange or transfer of this Senior Note.

 

12.             
Notices. All notices and other communications to the Borrower under this Senior Note will be in writing and
addressed to the Borrower at Eagle Bancorp Montana, Inc., 1400 Prospect Avenue, Helena, MT 59601-0000, Attention: President and
Chief Executive Officer, with a copy to (which copy alone shall not constitute notice): Holland & Knight LLP, 800 17th
Street, NW, Suite 1100, Washington, DC 20006, Attention: Norman B. Antin and Jeffrey D. Haas, or to such other address as the Borrower
may provide by notice to the Holder, and will be deemed given when actually received by the Borrower. Any notice required or permitted
to be given to a Holder under the provisions of this Senior Note will be deemed to be properly given if deposited in a post office
letter box in the United States first-class postage prepaid and addressed to the Holder at such Holder’s address as set forth
in the Security Register.

 

13.             
Absolute and Unconditional Obligation of the Borrower. Nothing contained in this Senior Note will alter or
impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of and interest on this Senior
Note as and when the same will become due and payable in accordance with its terms.

 

14.             
Waiver and Consent.

 

(a)               
Unless otherwise expressly stated in any written consent or waiver, any consent or waiver given by the Holder will be conclusive
and binding upon the Holder and upon all future holders of this Senior Note and of any Senior Note issued upon the registration
of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Senior Note.

 

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(b)              
No delay or omission of the Holder to exercise any right or remedy accruing upon any Event of Default will impair such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.

 

(c)               
Any insured depository institution which will be a Holder or which otherwise will have any beneficial ownership interest
in this Senior Note will, by its acceptance of this Senior Note (or beneficial interest therein), be deemed to have waived any
right of offset with respect to the indebtedness evidenced thereby.

 

15.             
Further Sales. The Borrower may, from time to time, without the consent of the Holder, create and sell additional
notes having the same terms and conditions of this Senior Note in all respects (except for the issue date, issue price and initial
Interest Payment Date) so that such additional notes would form a single series with the Senior Notes and rank equally and ratably
with the Senior Notes or would form a new series. No additional Senior Notes may be issued if any Event of Default has occurred
and is continuing with respect to the Senior Notes.

 

16.             
No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in this
Senior Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder,
employee, officer, or director, as such, of the Borrower or of any predecessor or successor, either directly or through the Borrower
or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance
of this Senior Note by the Holder and as part of the consideration for the issuance of this Senior Note.

 

17.             
Restricted Securities Legend. The legend contained on this Senior Note evidencing the transfer restrictions
based on the Securities Act will be removed and a new Senior Note of like tenor and principal amount without such restrictive legend
will be executed and delivered to the Holder by the Borrower upon the due surrender of this Senior Note, together with an opinion
of counsel acceptable to the Borrower to the effect that this Senior Note is eligible for immediate resale, without any remaining
holding period, under Rule 144 under the Securities Act without the requirement for the Borrower to be in compliance with the current
public information requirement under Rule 144 as to such securities.

 

18.             
Governing Law; Interpretation. This Senior Note will be governed by and construed in accordance with the laws
of the State of Delaware, without regard to conflict of laws principles.

 

 

[Signature Page Follows]

 

 

 

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IN WITNESS WHEREOF, the undersigned has caused
this Senior Note to be duly executed and attested.

 

	 	 	EAGLE BANCORP MONTANA, INC.
	 	 	 
	 	 	By:  	
	 	 	 	Peter J. Johnson
	 	 	 	President and Chief Executive Officer
	 	 	 	 
	 	 	 
	 	 	 
	ATTEST:	 	 
	 	 	 
	Name:  	                                                                   	 	 
	Title: 	 	 	 
	 	 	 

 

 

Dated:   [●]

 

 

[Signature Page to 5.75% Fixed Rate Senior Note
Due 2022]

 

 

     

     

    

ASSIGNMENT FORM

 

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

 

 

	 
	(Print or type assignee’s name, address and zip code)
	 
	 
	(Insert assignee’s social security or tax I.D. No.)
	 
	and irrevocably appoint	 	  agent to transfer this Senior Note on the books of
the Borrower. The agent may substitute another to act for him.
	 	 	 

 

	Date: 	 	 	Your signature: 	 
	 	 	(Sign exactly as your name appears on the face of this Senior Note)
	 	 	 
	 	 	Tax Identification No: 	 
	 	 	 

 

	Signature Guarantee: 	 

(Signatures must be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion
program), pursuant to Exchange Act Rule 17Ad-15).

 

The undersigned certifies that it [is / is not]
an “affiliate” of the Borrower (as defined in the Securities Act) and that, to its knowledge, the proposed transferee
[is / is not] an affiliate of the Borrower.

 

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

CHECK ONE BOX BELOW:

 

	☐		(1)  	acquired for the undersigned’s own account, without transfer;
	 	 	 	 
	☐	 	(2)	transferred to the Borrower;
	 	 	 	 
	☐  	 	(3)	transferred in accordance and in compliance
with Rule 144A under the Securities Act of 1933, as amended;
	 	 	 	 
	☐	 	(4)	transferred under an effective registration statement under the Securities
Act;
	 	 	 	 
	

     

     

    

	 	 	 	 
	 	 	 	 
	☐	 	(5)      	transferred in accordance with and in compliance
with Regulation S under the Securities Act;
	 	 	 	 
	☐	 	(6)	transferred to an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited
investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain
representations and agreements; or
	 	 	 	 
	☐	 	(7)	transferred in accordance with another available
exemption from the registration requirements of the Securities Act of 1933, as amended.

 

 

Unless one of the boxes is checked, the Borrower will refuse to
register this Senior Note in the name of any person other than the registered Holder thereof; provided, however, that if box (5),
(6) or (7) is checked, the Borrower may require, prior to registering any such transfer of this Senior Note, in its sole discretion,
such legal opinions, certifications and other information as the Borrower may reasonably request to confirm that such transfer
is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act such as the exemption provided by Rule 144 under such Act.

 

	 	Signature: 	 

 

 

	Signature Guarantee: 	 

(Signatures must be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion
program), pursuant to Exchange Act Rule 17Ad-15).

 

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS
CHECKED.

 

The undersigned represents and warrants that
it is purchasing this Senior Note for its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Borrower as the undersigned has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing
representations in order to claim the exemption from registration provided by Rule 144A.

 

 

	Date:  	 	 	Signature:Exhibit 10.1

 

 

 

PURCHASE AGREEMENT

 

$10,000,000

 

5.75% Fixed Rate Senior
Notes due 2022

 

February 13, 2017

 

Ladies and Gentlemen:

 

Eagle Bancorp Montana,
Inc., a Delaware corporation (the “Company”), agrees with the several purchasers named in Schedule I
hereto (the “Purchasers”) as follows:

 

1.                 
Issuance of Notes. Subject to the terms and conditions herein contained, the Company agrees to issue and sell
to the Purchasers $10,000,000 in aggregate principal amount of the Company’s 5.75% Fixed Rate Senior Notes due 2022 (each
a “Senior Note” and, collectively, the “Senior Notes”).

 

This Purchase Agreement
and the Senior Notes are collectively referred to herein as the “Documents,” and the transactions contemplated
hereby and thereby are collectively referred to herein as the “Transactions.”

 

2.                 
Purchase, Sale and Delivery.

 

(a)               
On the basis of the representations, warranties, agreements and covenants herein contained and subject to the terms and
conditions herein set forth, the Company agrees to sell to each Purchaser, severally and not jointly, and each Purchaser, severally
and not jointly, agrees to purchase from the Company, at a purchase price of 100% of the aggregate principal amount thereof, the
aggregate principal amount of the Senior Notes set forth in Schedule I opposite the name of such Purchaser. Delivery to
the Purchasers of, and payment for, the Senior Notes will be made at a closing (the “Closing”) to be held at
9:00 a.m., Eastern Time, on February 13, 2017 (the “Closing Date”) at the offices of Holland & Knight LLP,
800 17th Street, NW, Suite 1100, Washington, D.C. 20006 (or at such other place as will be reasonably acceptable to
the Purchasers).

 

(b)              
The Company will deliver to the respective Purchasers one or more Senior Notes in the form set forth on Exhibit A
hereto, registered in such names and denominations as such Purchasers may request, against payment by such Purchasers of the purchase
price therefor by immediately available federal funds bank wire transfer to such bank account or accounts as the Company will designate
to the Purchasers at least two business days prior to the Closing.

 

(c)               
In conjunction with and as additional (but independent) supporting evidence for certain of the covenants, representations
and warranties made by the Company herein, at the Closing, the Company will deliver or cause to be delivered to each Purchaser
each of the following, the delivery of which will be a condition to the Purchaser’s obligation to purchase the Senior Notes:

 

    1 

     

    

(i)                
A copy, certified by the Secretary or Assistant Secretary of the Company, of (1) the certificate of formation of the Company,
including all amendments thereto, (2) the bylaws of the Company and (3) the resolutions of the Board of Directors of the Company,
including all amendments thereto, authorizing the execution, delivery and performance of the Documents;

 

(ii)              
A good standing certificate of the Company issued by the Secretary of State of the State of Delaware dated no more than
ten (10) days prior to the Closing Date; and

 

(iii)            
An incumbency certificate of the Secretary or Assistant Secretary of the Company certifying the names of the officer or
officers of the Company authorized to sign the Documents and any other documents provided for in this Purchase Agreement, together
with a sample of the true signature of each such officer.

 

3.                 
Representations and Warranties of the Company. Except as set forth in any of the reports (the “SEC
Reports”) the Company files with the U.S. Securities and Exchange Commission (the “SEC”) pursuant
to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated
thereunder, or as otherwise set forth in the disclosure schedules delivered by the Company to the Purchasers as of the date hereof
(collectively, “Previously Disclosed”), the Company represents and warrants to, and agrees with, each Purchaser
that, as of the Closing Date:

 

(a)               
Subsidiaries. The Company has Previously Disclosed each of the Company’s subsidiaries that is a “significant
subsidiary” as defined in Rule 1-02 of Regulation S-X (each a “Subsidiary” and collectively, the “Subsidiaries”).

 

(b)              
Incorporation and Good Standing of the Company and its Subsidiaries. The Company and each of its Subsidiaries (i)
has been duly organized or formed, as the case may be, is validly existing and is in good standing under the laws of its jurisdiction
of organization, (ii) has all requisite power and authority to carry on its business as now being conducted and to own, lease and
operate its properties and assets, and (iii) is duly qualified or licensed to do business and is in good standing as a foreign
corporation, partnership or other entity as the case may be, authorized to do business in each jurisdiction in which the nature
of such businesses or the ownership or leasing of such properties requires such qualification, except where the failure to be so
qualified would not, individually or in the aggregate, have a material adverse effect on (1) the properties, business, operations,
earnings, assets, liabilities or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, (2)
the ability of the Company or any Subsidiary to perform its obligations in all material respects under any Document, (3) the validity
or enforceability of any of the Documents, or (4) the consummation of any of the Transactions (each, a “Material Adverse
Effect”); provided, that in determining whether a Material Adverse Effect has occurred, there shall be excluded any effect
to the extent resulting from the following: (A) changes, after the date hereof, in U.S. generally accepted accounting principles
(“GAAP”) or regulatory accounting principles generally applicable to banks, savings associations or their holding
companies, (B) changes, after the date hereof, in applicable laws, rules and regulations or interpretations thereof by Governmental
Authority (as defined below), (C) actions or omissions of the Company expressly required by the terms of this Agreement or the
Senior Notes or taken with the prior written consent of Purchasers, (D) changes in general economic, monetary or financial conditions
in the United States, (E) changes in global or national political conditions, including the outbreak or escalation of war or acts
of terrorism, (F) the failure of the Company to meet any internal projections, forecasts, estimates or guidance for any period
ending after December 31, 2015 (but not excluding the underlying causes of such failure), or (G) the public disclosure of this
Agreement or the transactions contemplated by this Agreement; provided, further, however, that if any event described in clause
(A), (B), (D) or (E) of this Section 3(b) occurs and such event has a materially disproportionate effect on the Company
relative to other banks, savings associations and their holding companies in the United States, then such event will be deemed
to have had a Material Adverse Effect. The Company is registered as a bank holding company under the Bank Holding Company Act of
1956, as amended. Opportunity Bank of Montana (the “Bank”) is a Montana-chartered commercial bank and is validly
existing and in good standing under the laws of the State of Montana. The deposit accounts of the Bank are insured up to the applicable
limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (the “FDIC”) to the fullest
extent permitted by law and the rules and regulations of the FDIC, and no proceeding for the revocation or termination of such
insurance is pending or, to the knowledge of the Company, has been instituted or is threatened or contemplated.

 

    2 

     

    

(c)               
Capitalization and Other Capital Stock Matters. All of the outstanding shares of capital stock or other equity interests
of each of the Subsidiaries are owned, directly or indirectly, by the Company, free and clear of all liens, security interests,
mortgages, pledges, charges, equities, claims or restrictions on transferability or encumbrances of any kind (collectively, “Liens”),
other than those imposed by the Securities Act of 1933, as amended (the “Securities Act”) and the securities
or “Blue Sky” laws of certain U.S. state jurisdictions.

 

(d)              
Legal Power and Authority. The Company has all necessary power and authority to execute, deliver and perform its
obligations under the Documents to which it is a party and to consummate the Transactions.

 

(e)               
The Purchase Agreement. This Purchase Agreement has been duly authorized, and duly and validly executed and delivered
by the Company.

 

(f)               
Notes. The Senior Notes have been duly authorized by the Company and when issued and delivered to and paid for by
the Purchasers in accordance with the terms of this Purchase Agreement, will have been duly executed and delivered and will constitute
legal, valid and binding obligations of the Company, and enforceable against the Company in accordance with their terms, except
that the enforcement thereof may be limited by (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent
conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally
and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which
any proceeding therefor may be brought.

 

    3 

     

    

(g)              
Compliance with Existing Instruments. Neither the Company nor any of the Subsidiaries is (i) in violation of its
certificate of formation, bylaws or other organizational documents (the “Charter Documents”); (ii) in violation
of any U.S. federal, state or local statute, law (including, without limitation, common law) or ordinance, or any judgment, decree,
rule, regulation, order or injunction (collectively, “Applicable Law”) of any U.S. federal, state, local or
other governmental or regulatory authority, governmental or regulatory agency or body, court, arbitrator or self-regulatory organization
(each, a “Governmental Authority”), applicable to any of them or any of their respective properties; or (iii)
in breach of or default under any material bond, debenture, note, loan or other evidence of indebtedness, indenture, mortgage,
deed of trust, lease or any other agreement or instrument (in each case, excluding deposits) to which any of them is a party or
by which any of them or their respective property is bound (collectively, the “Applicable Agreements”), except,
in the case of clauses (ii) and (iii) for such violations, breaches or defaults that would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

(h)              
No Material Adverse Effect. Since December 31, 2015, there has not been any fact, event, change, occurrence, condition,
development, circumstance or effect that, individually or in the aggregate, has had or would reasonably be expected to have a Material
Adverse Effect.

 

(i)                
No Conflicts. Neither the execution, delivery or performance of the Documents nor the consummation of any of the
Transactions will conflict with, violate, constitute a breach of or a default (with the passage of time or otherwise) or a Debt
Repayment Triggering Event (as defined below) under, result in the imposition of a Lien on any assets of, or any penalty against,
the Company or any of the Subsidiaries, or result in a Debt Repayment Triggering Event, in each case, under or pursuant to (i)
the Charter Documents, (ii) any Applicable Agreement, (iii) any Applicable Law or (iv) any order, writ, judgment, injunction, decree,
determination or award binding upon or affecting the Company. “Debt Repayment Triggering Event” means any event
or condition that gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence
of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment
of all or a portion of such indebtedness by the Company or any of the Subsidiaries or any of their respective properties, except,
in the case of clauses (ii), (iii) and (iv), to the extent where such conflict, violation, breach or default would not reasonably
be expected to have a Material Adverse Effect.

 

(j)                
No Consents. No governmental orders, permissions, consents, approvals or authorizations are required to be obtained
by the Company that have not been obtained, and no registrations or declarations are required to be filed by the Company in connection
with, or, contemplation of, the execution and delivery of, and performance under, the Documents that have not been filed, except
for applicable requirements, if any, of the Securities Act, the Exchange Act, state securities or blue sky laws and any applicable
federal or state banking laws and regulations.

 

    4 

     

    

(k)              
Offering of Securities. Neither the Company nor any person acting on its behalf has taken any action which would
subject the offering, issuance or sale of the Senior Notes to the registration requirements of the Securities Act. Neither the
Company nor any person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising
(within the meaning of Regulation D under the Securities Act) in connection with any offer or sale of the Senior Notes pursuant
to the transactions contemplated by the Documents. Assuming the accuracy of Purchasers’ representations and warranties set
forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the Senior Notes by the
Company to Purchasers.

 

(l)                
Financial Statements. The audited consolidated financial statements and related notes and supporting schedules of
the Company as of and for the years ended December 31, 2015 and 2014 present fairly in accordance GAAP, in all material respects,
the financial position, results of operations and cash flows of the Company and its consolidated Subsidiaries, as of the respective
dates and for the respective periods to which they apply.

 

(m)            
Tax Law Compliance. The Company and each of its Subsidiaries has (i) filed all material foreign, U.S. federal, state
and local tax returns, information returns and similar reports that are required to be filed, and all such tax returns are true,
correct and complete in all material respects, and (ii) paid all material taxes required to be paid by it and any other material
assessment, fine or penalty levied against it other than taxes (x) currently payable without penalty or interest, or (y) being
contested in good faith by appropriate proceedings.

 

(n)              
Intellectual Property Rights. The Company and each of its Subsidiaries owns or licenses or otherwise has the right
to use all patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, domain names and trade
names (collectively, “Intellectual Property”) that are necessary for the operation of its business, without
infringement upon or conflict with the rights of any other person with respect thereto, except for such infringements and conflicts
which, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. No trademark or other
advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed,
by the Company or any of its Subsidiaries infringes upon or conflicts with any rights owned by any other person, and no claim or
litigation regarding any of the foregoing is pending or threatened, except for such infringements and conflicts which could not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. To the best knowledge of the Company,
no patent, invention, device, application, principle or any statute, law, rule, regulation, standard or code pertaining to Intellectual
Property is pending or proposed, which, individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect.

 

    5 

     

    

(o)              
Insurance. The Company and its Subsidiaries maintain insurance on their business activities and assets provided by
reputable insurers in an amount that the Company’s and Subsidiaries’ Board of Directors has determined to be appropriate
in light of the Company’s and Subsidiaries’ business activities.

 

(p)              
Investment Company Act. Neither the Company nor any of its Subsidiaries is an “investment company” that
is required to be registered under the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder.

 

(q)              
No Brokers. Neither the Company nor any of its affiliates is under any obligation to pay any broker’s fee or
commission or finder’s fee in connection with the Transactions, other than commissions or fees payable to Brean Capital,
LLC, as placement agent (the “Placement Agent”).

 

(r)                
Foreign Corrupt Practices Act. None of the Company or any Subsidiary, nor, to the knowledge of the Company or any
Subsidiary, any director, officer, employee, agent or other person acting on behalf of the Company or any Subsidiary has, in the
course of its actions for, or on behalf of, the Company or any Subsidiary (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment
to any domestic government official, “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (collectively, the “FCPA”) or employee from corporate funds; (iii)
violated or is in violation of any provision of the FCPA; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback
or other unlawful payment to any domestic government official, such foreign official or employee.

 

(s)               
Regulatory Matters. Neither the Company nor any of its Subsidiaries (i) is subject to any cease and desist or other
similar order or enforcement action issued by, (ii) is a party to any written agreement, consent agreement or memorandum of understanding
with, (iii) is a party to any commitment letter or similar undertaking to, or (iv) is subject to any capital directive by, and
since December 31, 2015, neither the Company nor any of its Subsidiaries has adopted any board resolutions at the request of, any
Regulatory Agency that currently restricts in any material respect the conduct of its business or that in any material manner relates
to its capital adequacy, its liquidity and funding policies and practices, its ability to pay dividends, its credit, risk management
or compliance policies, its internal controls, its management or its operations or business (each item in this sentence, a “Regulatory
Agreement”), nor has the Company nor any of its Subsidiaries been advised since December 31, 2015 by any Regulatory Agency
that it is considering issuing, initiating, ordering, or requesting any such Regulatory Agreement. As used herein, the term “Regulatory
Agency” means any federal or state agency charged with the supervision or regulation of depositary institutions or holding
companies of depositary institutions, or engaged in the insurance of depositary institution deposits, or any court, administrative
agency or commission or other Governmental Authority having supervisory or regulatory authority with respect to the Company or
any of the Subsidiaries.

 

    6 

     

    

(t)                
Derivative Financial Instruments. Any and all material swaps, caps, floors, futures, forward contracts, option agreements
(other than stock options issued to the Company’s employees, directors, agents or consultants) and other derivative financial
instruments, contracts or arrangements, whether entered into for the account of the Company or one of the Subsidiaries or for the
account of a customer of the Company or one of the Subsidiaries, were entered into in the ordinary course of business and in accordance
with Applicable Laws, rules, regulations and policies of all applicable regulatory agencies and with counterparties believed by
the Company to be financially responsible at the time.

 

(u)              
Pending Litigation. There are no actions, suits, proceedings or written agreements pending, or, to Company’s
knowledge, threatened or proposed, against Company or any of its Subsidiaries at law or in equity or before or by any federal,
state, municipal, or other governmental department, commission, board, or other administrative agency, domestic or foreign, that,
either separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect on Company or any of its
Subsidiaries or affect issuance or payment of the Senior Notes; and neither Company nor any of its Subsidiaries is a party to or
named as subject to the provisions of any order, writ, injunction, or decree of, or any written agreement with, any court, commission,
board or agency, domestic or foreign, that either separately or in the aggregate, will have a Material Adverse Effect on Company
or any of its Subsidiaries.

 

(v)              
Title to Property. Company and any Subsidiary have good and marketable title to their respective property and assets
material to their business, except for property sold, collected or otherwise disposed of in the ordinary course of Company’s
business. All material leases are valid and subsisting and are in full force and effect in all material respects.

 

(w)            
Possession of Licenses and Permits. Each of Company and its Subsidiaries possesses such permits, licenses, approvals,
consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental
Authority necessary to conduct the business now operated by it except where the failure to possess such Governmental Licenses would
not, individually or in the aggregate, have a Material Adverse Effect on Company or such applicable Subsidiary; each of Company
and its Subsidiaries is in compliance with the terms and conditions of all such Governmental Licenses, except where the failure
so to comply would not, singly or in the aggregate, have a Material Adverse Effect on Company or such applicable Subsidiary; all
of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses
or the failure of such Governmental Licenses to be in full force and effect would not have a Material Adverse Effect on Company
or such applicable Subsidiary; and neither Company nor any Subsidiary of Company has received any notice of proceedings relating
to the revocation or modification of any such Governmental Licenses.

 

(x)              
Accuracy of Representations. The Company understands that the Placement Agent and each Purchaser are relying upon
the truth and accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated
by this Purchase Agreement.

 

    7 

     

    

(y)              
Pari Passu. Each Senior Note issued in the Transactions will rank pari passu with all Senior Notes issued in the
Transactions.

 

4.                 
Representations and Warranties of the Purchasers. Each Purchaser represents and warrants to the Company, severally
and not jointly, as follows:

 

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

 

(b)              
Legal Power and Authority. The Purchaser has all necessary power and authority to execute, deliver and perform its
obligations under the Documents to which it is a party and to consummate the Transactions.

 

(c)               
Authorization and Execution. This Purchase Agreement has been duly and validly authorized, executed and delivered
by the Purchaser, and assuming due authorization, execution and delivery by the Company, is a valid and binding obligation of such
Purchaser enforceable against such Purchaser in accordance with its terms (except as enforcement may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting
creditors’ rights or by general equity principles).

 

(d)              
No Conflicts. Neither the execution, delivery or performance of the Documents nor the consummation of any of the
Transactions will conflict with, violate, constitute a breach of or a default (with the passage of time or otherwise) under (i)
any agreement to which the Purchaser is a party, (ii) any Applicable Law or (iii) any order, writ, judgment, injunction, decree,
determination or award binding upon or affecting the Purchaser except for such violations and conflicts that would not reasonably
be expected to have, singularly or in the aggregate, a Material Adverse Effect on Purchaser.

 

(e)               
Investment. The Purchaser is acquiring the Senior Notes for investment for its own account and not with a view to,
or for resale in connection with, any distribution thereof, and such Purchaser has no present intention of selling or distributing
the Senior Notes. The Purchaser does not have any contract, undertaking, agreement or arrangement with any person or entity to
sell, transfer or grant participation to such person or entity or to any third person or entity with respect to the Senior Notes
other than as set forth in this Purchase Agreement. The Purchaser will not sell or otherwise dispose of any of the Senior Notes,
except in compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable
securities laws.

 

    8 

     

    

(f)               
Knowledge and Experience.

 

(i)                
The Purchaser has substantial experience in evaluating and investing in private placement transactions of securities in
companies similar to the Company such that the Purchaser is capable of evaluating the merits and risks of its investment in the
Company and has the capacity to protect its own interests in connection with such an investment. The Purchaser is an institutional
“accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act and as contemplated
by subsections (1), (2), (3) or (7) of Rule 501(a) of Regulation D, and has no less than $5,000,000 in total assets. The Purchaser
is able to bear the economic risk of holding the Senior Notes indefinitely, or losing its entire investment in the Company, which
is not disproportionate to the Purchaser’s net worth.

 

(ii)              
The Purchaser acknowledges that such Purchaser and its advisors have been furnished with all materials relating to the business,
finances and operations of the Company that have been requested by such Purchaser or its advisors and has been given the opportunity
to ask questions of, and to receive answers from, persons acting on behalf of the Company concerning terms and conditions of the
Transactions contemplated by this Purchase Agreement in order to make an informed and voluntary decision to enter into such Agreement.

 

(iii)            
The Purchaser has made its own investment decision based upon its own judgment, due diligence and advice from such advisers
as it has deemed necessary and not upon any view expressed by any other person or entity, including, without limitation, the Placement
Agent. Neither such inquiries nor any other due diligence investigations conducted by such Purchaser or its advisors or representatives,
if any, will modify, amend or affect the Purchaser’s right to rely on the Company’s representations and warranties
contained herein. The Purchaser is not relying upon, and has not relied upon, any advice, statement, representation or warranty
made by any person or entity by or on behalf of the Company, including, without limitation, the Placement Agent, except for the
express statements, representations and warranties of the Company made or contained in this Purchase Agreement. Furthermore, the
Purchaser acknowledges that: (i) the Placement Agent has not performed any due diligence review on behalf of the Purchaser; (ii)
nothing in this Purchase Agreement or any other materials presented by or on behalf of the Company to the Purchaser in connection
with the purchase of the Senior Notes constitutes legal, tax or investment advice and such Purchaser has consulted such legal,
tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase
of the Senior Notes; and (iii) the Purchaser received or had access to all of the information such Purchaser deemed necessary in
order to make its decision to invest in the Senior Notes. The Placement Agent and its respective affiliates (and their respective
officers, directors, employees, agents, advisors, attorneys and consultants) are third-party beneficiaries to this Section 4.

 

    9 

     

    

(iv)            
Private Placement; No Registration of Securities. The Purchaser understands and acknowledges that the Senior Notes
are being sold by the Company without registration under the Securities Act in reliance on the exemption from federal and state
registration set forth in, respectively, Rule 506(b) of Regulation D promulgated under Section 4(a)(2) of the Securities Act and
Section 18 of the Securities Act, or any state securities laws, and accordingly, may be resold, pledged or otherwise transferred
only if exemptions from the Securities Act and applicable state securities laws are available to it. Such Purchaser further acknowledges
and agrees that all certificates or other instruments representing the Senior Notes will bear the restrictive legend set forth
in the form of Senior Note, which is attached as an exhibit to this Agreement. Such Purchaser further acknowledges its primary
responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the Senior Notes or any interest
therein without complying with the requirements of the Securities Act and the rules and regulations promulgated thereunder and
the requirements set forth in this Purchase Agreement. Such Purchaser represents that it understands the resale limitations imposed
by Rule 144 promulgated under the Securities Act and by the Securities Act on the Senior Notes.

 

(v)              
No Offering Memorandum. The Purchaser acknowledges that: (i) the Company is not providing the Purchasers with the
written disclosures that would be required if the offer and sale of the Senior Notes were registered under the Securities Act,
nor are the Purchasers being provided with any offering circular or prospectus prepared in connection with the offer and sale of
the Senior Notes; (ii) the Purchaser has conducted its own examination of the Company and its Subsidiaries and the terms of the
Senior Notes to the extent it deems necessary to make its decision to purchase the Senior Notes; and (iii) the Purchaser has availed
itself of access to financial and other information concerning the Company and its Subsidiaries to the extent it deems necessary
to make its decision to purchase the Senior Notes.

 

(vi)            
Placement Agent. The Purchaser will purchase the Senior Note(s) directly from the Company and not from the Placement
Agent and understands that neither the Placement Agent nor any other brokers or dealers have any obligation to make a market in
the Senior Notes.

 

(vii)          
Accuracy of Representations. The Purchaser understands that the Placement Agent and the Company are relying upon
the truth and accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated
by this Purchase Agreement.

 

(viii)        
Confidential Investor Questionnaire. Purchaser hereby represents and warrants that the information about the Purchaser
set forth in the Confidential Investor Questionnaire delivered to the Company together with or prior to the delivery of this Purchase
Agreement is true, correct and complete in all respects. The Purchaser covenants that prior to the Closing Date it will promptly
notify the Company of any material changes to the information set forth in such Confidential Investor Questionnaire.

 

    10 

     

    

5.                 
Miscellaneous.

 

(a)               
Notices. Notices given under this Purchase Agreement will be addressed as follows: (i) if to the Company, to: Eagle
Bancorp Montana, Inc., 1400 Prospect Avenue, Helena, MT 59601-0000, Attention: President and Chief Executive Officer, with a copy
to (which copy alone shall not constitute notice): Holland & Knight LLP, 800 17th Street, NW, Suite 1100, Washington,
DC 20006, Attention: Norman B. Antin and Jeffrey D. Haas, and (ii) if to the Purchasers, to their respective addresses listed in
Schedule I (or in any case to such other address as the person to be notified may have requested in writing).

 

(b)              
Beneficiaries. This Purchase Agreement is made for the sole benefit of Company and the Purchasers, and no other person
will be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever,
nor will any other person have any right of action of any kind hereon or be deemed to be a third party beneficiary hereunder; provided,
that the Placement Agent may rely on the representations and warranties contained herein to the same extent as if it were a party
to this Purchase Agreement. The term “successors and assigns” will not include a purchaser of any of the Senior Notes
from any Purchaser merely because of such purchase.

 

(c)               
Governing Law; Waiver of Jury Trial. This Purchase Agreement will be governed by, and construed in accordance with,
the laws of the State of Delaware, without regard to conflicts of law principles. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW,
EACH OF THE COMPANY AND EACH PURCHASER KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS AGREEMENT OR THE SUBORDINATED NOTES, OR ANY OTHER STATEMENTS
OR ACTIONS OF THE COMPANY OR PURCHASERS. THE COMPANY AND EACH PURCHASER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING
OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL.

 

(d)              
Expenses. All costs and expenses incurred in connection with the transactions contemplated by this Agreement will
be borne and paid by the party incurring the expense.

 

(e)               
Entire Agreement; Counterparts. This Purchase Agreement constitutes the entire agreement of the parties to this Purchase
Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with
respect to the subject matter hereof. This Purchase Agreement may be executed by facsimile and in any number of counterparts and
by different parties hereto in separate counterparts, each of which when so executed and delivered will be deemed to be an original
and all of which taken together will constitute but one and the same instrument. In the event that any signature is delivered by
facsimile transmission, or by e-mail delivery of a “.pdf” format data file, such signature will create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such signature page were an original thereof.

 

    11 

     

    

(f)               
Headings. The headings in this Purchase Agreement are for convenience of reference only and will not limit or otherwise
affect the meaning hereof.

 

(g)              
Severability. If any term, provision, covenant or restriction of this Purchase Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
set forth herein will remain in full force and effect and will in no way be affected, impaired or invalidated, and the parties
hereto will 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 term, provision, covenant or restriction.

 

(h)              
Amendment. This Purchase Agreement may be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may be given, provided that the same is executed by the Company and such Purchasers as may intend to
be bound by such amendment, modification, supplement, waiver or consent; provided, however, that no such amendment, modification,
supplement, waiver or consent will be effective against any such Purchaser who fails to so execute.

 

    12 

     

    

[Company
Signature Page]

 

IN WITNESS WHEREOF,
the Company has caused this Purchase Agreement to be executed by its duly authorized representative as of the date first above
written.

 

 

	 	EAGLE BANCORP MONTANA, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:  	 
	 	 	Peter J. Johnson
	 	 	President and Chief Executive Officer

 

 

 

 

 

 

 

     

     

    

[Purchaser
Signature Page]

 

IN WITNESS WHEREOF,
the Purchaser has caused this Purchase Agreement to be executed by its duly authorized representative as of the date first above
written.

 

	 	[PURCHASER]
	 	 	 
	 	 	 
	 	 	 
	 	By:  	 
	 	Name: 	 
	 	Title:  	 

 

 

 

 

 

 

     

     

    

SCHEDULE
I

 

[Intentionally omitted.]

 

 

     

     

    

SCHEDULE
II

 

List of Subsidiaries

 

	Entity Name	Jurisdiction of Formation
	Opportunity Bank of Montana	Montana
	Eagle Bancorp Statutory Trust I	Delaware

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