<SEC-DOCUMENT>0000930413-15-002991.txt : 20150702
<SEC-HEADER>0000930413-15-002991.hdr.sgml : 20150702
<ACCEPTANCE-DATETIME>20150702163302
ACCESSION NUMBER:		0000930413-15-002991
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20150630
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150702
DATE AS OF CHANGE:		20150702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ConnectOne Bancorp, Inc.
		CENTRAL INDEX KEY:			0000712771
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				521273725
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11486
		FILM NUMBER:		15970216

	BUSINESS ADDRESS:	
		STREET 1:		301 SYLVAN AVENUE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632
		BUSINESS PHONE:		2018168900

	MAIL ADDRESS:	
		STREET 1:		301 SYLVAN AVENUE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTER BANCORP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to Section 13 or 15(d) of </FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Securities Exchange Act of 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
<U>June 30, 2015</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="x1_c81905a001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONNECTONE BANCORP, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of Company as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD NOWRAP STYLE="width: 35%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>New Jersey</B></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B><U>000-11486</U></B></TD>
    <TD NOWRAP STYLE="width: 35%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>52-1273725</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction<BR>
    of incorporation)&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(Commission File<BR>
    Number)&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(IRS Employer<BR>
    Identification No.)&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 35%; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>301 Sylvan Avenue</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 35%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; font: 10pt Times New Roman, Times, Serif"><B><U>Englewood Cliffs, New Jersey</U></B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><B>07632</B></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(Address of principal executive offices)&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(Zip Code)&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Company&rsquo;s
telephone number, including area code: </FONT><U>(201) 816-8900</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;1.01.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B><U>Entry into a Material Definitive Agreement</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Verdana, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; text-underline-style: none; background-color: white">On
June 30, 2015, ConnectOne Bancorp, Inc. (the &ldquo;Company&rdquo;) entered into a Subordinated Note Purchase Agreement (&ldquo;Agreement&rdquo;)
among the Company and several purchasers pursuant to which the Company sold $50,000,000 of 5.75% Fixed to Floating Rate Subordinated
Notes (the &ldquo;Notes&rdquo;). The proceeds of the Notes are intended to qualify as Tier 2 Capital pursuant to 12 C.F.R. Section
324.20. Company shall use the net proceeds from the sale of Subordinated Notes (i) for, subject to approval by applicable Regulatory
Agencies, repayment of up to $11,250,000 aggregate liquidation value of its Series B fixed rate cumulative perpetual preferred
stock, (ii) to fund future growth, (iii) to bolster regulatory capital at both the Bank and Company, and (iv) for general corporate
purposes. The Agreement is annexed hereto as Exhibit 10.1.</FONT><FONT STYLE="background-color: white"><U> </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black; background-color: white">The
Company will pay interest on the Notes </FONT>at the initial rate of 5.75% per annum from June 30, 2015 until (but not
including) July 1, 2020, on January 1 and July 1 of each year. From and including July 1, 2020, the Company will pay interest
at a variable rate equal to three month LIBOR plus 393 basis points payable each January 1, April 1, July 1 and October 1 (a
&ldquo;Floating Interest Payment Date&rdquo;). The first interest payment will be made on January 1, 2016. The Notes will
mature on July 1, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The indebtedness of the Company evidenced by the Notes is subordinate
and junior in right of payment to the prior payment in full of all existing and future liabilities, as more fully described in
the Notes. The Notes are not secured by any assets of the Company. The Notes were issued under an Indenture dated June 30, 2015
between the Company and U.S. Bank, National Association as Trustee (the &ldquo;Indenture&rdquo;). The Indenture is annexed hereto
as Exhibit 10.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">The Notes are subject to customary
covenants restricting the Company&rsquo;s ability, subject to certain exceptions, to (i) merge or consolidate with another entity
or sell substantially all of its assets to another person; and (ii) declare or pay any dividend or make any distribution on capital
stock if the Company is not &ldquo;well capitalized&rdquo; for regulatory purposes immediately prior to the declaration of such
dividend or distribution. The Notes are subject to customary events of default. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: black; background-color: white">Subject to certain
exceptions, the Notes are not redeemable by Company until July 1, 2020 (or the fifth anniversary of the issuance). After such date
</FONT>the Notes are redeemable in whole or in part, at a redemption price equal to 100% of the outstanding principal amount to
be redeemed, plus accrued but unpaid interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In accordance with the sale of the Notes, the Company entered
into a Registration Rights Agreement with each of the Purchasers (the &ldquo;Registration Rights Agreement&rdquo;). Under the
Registration Rights Agreement, the Company will either (i) undertake a registered exchange offer pursuant to which it
will exchange fully registered notes for the Notes, or (ii) register the Notes for resale by the Purchaser. The
Registration Rights Agreement is annexed hereto as Exhibit 10.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 2.03</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B><U>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">The information required by
Item&nbsp;2.03 contained in Item&nbsp;1.01 of this Current Report on Form 8-K is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 8.01</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B><U>Other Events</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company announced in a press release dated June 30, 2015 the
information reported in Item 1.01. Attached and being furnished as Exhibit 99.1 is a copy of such press release.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item&nbsp;9.01</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B><U>Financial Statements and Exhibits</U> </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Exhibits. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 15%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1px solid"><B>Exhibit<BR>
        Number</B></P></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 77%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1px solid"><B>Description</B></P></TD></TR>
<TR>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Subordinated Note Purchase Agreement dated June 30, 2015</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">10.2</P>

</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Indenture dated June 30, 2015 with U.S. Bank, National Association as Trustee</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Registration Rights Agreement dated June 30, 2015</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Press Release dated June 30, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">CONNECTONE BANCORP, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%"><FONT STYLE="font-size: 10pt">Date: July 2, &nbsp;2015</FONT></TD>
    <TD STYLE="width: 2%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">By:&nbsp; </FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1px solid; padding-left: 9pt; font-size: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/
    Frank S. Sorrentino</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 18pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Frank S. Sorrentino III</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-left: 18pt"><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD></TR>
</TABLE>

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end
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>c81905_ex10-1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUBORDINATED NOTE PURCHASE AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">This SUBORDINATED NOTE
PURCHASE AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is dated as of June 30, 2015, and is made by and among ConnectOne Bancorp,
Inc., a New Jersey corporation (&ldquo;<U>Company</U>&rdquo;), and the several purchasers of the Subordinated Notes named on Schedule
I hereto (each a &ldquo;<U>Purchaser</U>&rdquo; and collectively, the &ldquo;<U>Purchasers</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>WHEREAS,</B> Company
has requested that the Purchasers purchase from Company up to $50,000,000 in aggregate principal amount of Subordinated Notes
(as defined herein), which aggregate amount is intended to qualify as Tier 2 Capital (as defined herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>WHEREAS, </B>Company
has engaged Raymond James &amp; Associates, Inc. (the &ldquo;<U>Raymond James</U>&rdquo;) and Keefe, Bruyette and Woods, Inc.
(&ldquo;<U>KBW</U>&rdquo;), as co-placement agents (each, a &ldquo;<U>Placement Agent</U>&rdquo; and, collectively, the &ldquo;<U>Placement
Agents</U>&rdquo; ) for the offering of the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>WHEREAS</B>, each
of the Purchasers is an institutional accredited investor as such term is contemplated by Rule 501 of Regulation D (&ldquo;<U>Regulation
D</U>&rdquo;) promulgated under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>WHEREAS</B>, the
sale of the Subordinated Notes by Company is being made pursuant to Rule 506(b) of Regulation D and pursuant to the Indenture
(as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>WHEREAS</B>, each
Purchaser is willing to purchase from Company a Subordinated Note in the principal amount set forth in <U>Schedule I</U> (the
&ldquo;<U>Subordinated Note Amount</U>&rdquo;) in accordance with the terms, subject to the conditions and in reliance on, the
recitals, representations, warranties, covenants and agreements set forth herein and in the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>NOW, THEREFORE</B>,
in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="text-transform: uppercase"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>DEFINITIONS</U></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined
Terms</U></B>. The following capitalized terms generally used in this Agreement and in the Subordinated Notes have the meanings
defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement may be defined in
such sections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Affiliate(s)</U>&rdquo;
means, with respect to any Person, such Person&rsquo;s immediate family members, partners, members or parent and subsidiary corporations,
and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective
Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Agreement</U>&rdquo;
has the meaning set forth in the preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Bank</U>&rdquo;
means ConnectOne Bank, a New Jersey-chartered commercial bank and wholly owned subsidiary of Company.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Business
Day</U>&rdquo; means any day other than a Saturday, Sunday or any other day on which banking institutions in the State of New
Jersey are permitted or required by any applicable law or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Closing</U>&rdquo;
has the meaning set forth in <U>Section 2.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Closing Date</U>&rdquo;
means June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Company</U>&rdquo;
has the meaning set forth in the preamble hereto and shall include any successors to Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Company&rsquo;s
Liabilities</U>&rdquo; means Company&rsquo;s obligations under the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Company&rsquo;s
SEC Reports</U>&rdquo; means (i) Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as filed
with the SEC, (ii) Company&rsquo;s Definitive Proxy Statement on Schedule 14A related to its 2015 Annual Meeting of Shareholders,
as filed with the SEC, (iii) any Current Report on Form 8-K, as filed or furnished by Company with the SEC since January 1, 2015,
or (iv) Company&rsquo;s Quarterly Reports on Form 10-Q for the quarterly period ended on March 31, 2015, as filed with the SEC
pursuant to the requirements of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Disbursement</U>&rdquo;
has the meaning set forth in <U>Section 3.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Equity Interest</U>&rdquo;
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation,
any and all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other
rights to purchase any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Exchange
Act</U>&rdquo; has the meaning set forth in <U>Section 4.8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>FDIC</U>&rdquo;
means the Federal Deposit Insurance Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in effect from time to time in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Governmental
Agency(ies)</U>&rdquo; means, individually or collectively, any federal, state, county or local governmental department, commission,
board, regulatory authority or agency (including, without limitation, each applicable Regulatory Agency) with jurisdiction over
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Governmental
Licenses</U>&rdquo; has the meaning set forth in <U>Section 4.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Hazardous
Materials</U>&rdquo; means flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive
materials, hazardous wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances
which are &ldquo;hazardous substances,&rdquo; &ldquo;hazardous wastes,&rdquo; &ldquo;hazardous materials&rdquo; or &ldquo;toxic
substances&rdquo; under the Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Hazardous
Materials Laws</U>&rdquo; mean any laws, regulations, permits, licenses or requirements pertaining to the protection, preservation,
conservation or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C.
Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation
and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environment Response, Compensation and
Liability Act of 1980, as amended (including the Superfund Amendments</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">and Reauthorization
Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the
Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act
of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the
Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; and all comparable state and local laws, laws of other jurisdictions
or orders and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Indebtedness</U>&rdquo;
means and includes: (i) all items arising from the borrowing of money that, according to GAAP as in effect from time to time,
would be included in determining total liabilities as shown on the consolidated balance sheet of Company or any Subsidiary of
Company; and (ii) all obligations secured by any lien in property owned by Company or any Subsidiary whether or not such obligations
shall have been assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred or
maintained in the ordinary course of Company&rsquo;s or Bank&rsquo;s business (including, without limitation, federal funds purchased,
advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by Company or Bank and
repurchase arrangements) and consistent with customary banking practices and applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Indenture</U>&rdquo;
shall mean the indenture, dated as of the date hereof, by and between the Company and U.S. Bank National Association, as trustee,
substantially in the form attached hereto as <U>Exhibit A</U>, as the same may be amended or supplemented from time to time in
accordance with the terms thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Leases</U>&rdquo;
means all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all
amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate
agreements relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Material
Adverse Effect</U>&rdquo; means, with respect to any Person, any change or effect that (i) is or would be reasonably likely to
be material and adverse to the financial position, results of operations or business of such Person, or (ii) would materially
impair the ability of any Person to perform its respective obligations under any of the Transaction Documents, or otherwise materially
impede the consummation of the transactions contemplated hereby; provided, however, that &ldquo;Material Adverse Effect&rdquo;
shall not be deemed to include the impact of (1) changes in banking and similar laws, rules or regulations of general applicability
or interpretations thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial
institutions and their holding companies generally, (3) changes after the date of this Agreement in general economic or capital
market conditions affecting financial institutions or their market prices generally and not specifically related to Company or
Purchasers, (4) direct effects of compliance with this Agreement on the operating performance of Company or Purchasers, including
expenses incurred by Company or Purchasers in consummating the transactions contemplated by this Agreement, and (5) the effects
of any action or omission taken by Company with the prior written consent of Purchasers, and vice versa, or as otherwise contemplated
by this Agreement and the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Maturity
Date</U>&rdquo; means July 1, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Person</U>&rdquo;
means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an
association, a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental
Agency) or any other entity or organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Placement
Agent</U>&rdquo; or &ldquo;<U>Placement Agents</U>&rdquo; has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Property</U>&rdquo;
means any real property owned or leased by Company or any Affiliate or Subsidiary of Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Purchaser</U>&rdquo;
or &ldquo;<U>Purchasers</U>&rdquo; has the meaning set forth in the preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Registration
Rights Agreement</U>&rdquo; means the Registration Rights Agreement, dated as of the date hereof, by and among Company and the
Purchasers in the form attached as <U>Exhibit B</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Regulation
D</U>&rdquo; has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Regulatory
Agencies</U>&rdquo; 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 authority, body or agency having supervisory or regulatory authority with respect to Company, Bank
or any of their Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>SEC</U>&rdquo;
means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Secondary
Market Transaction</U>&rdquo; has the meaning set forth in <U>Section 5.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Securities
Act</U>&rdquo; has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Subordinated
Note</U>&rdquo; means the Subordinated Note (or collectively, the &ldquo;<U>Subordinated Notes</U>&rdquo;) in the form attached
as an exhibit to the Indenture, as amended, restated, supplemented or modified from time to time, and each Subordinated Note delivered
in substitution or exchange for such Subordinated Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Subordinated
Note Amount</U>&rdquo; has the meaning set forth in the Recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Subsidiary</U>&rdquo;
means with respect to any Person, any corporation or entity in which a majority of the outstanding Equity Interest is directly
or indirectly owned by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Tier 2 Capital</U>&rdquo;
has the meaning given to the term &ldquo;Tier 2 capital&rdquo; in 12 C.F.R. Part 208 and 12 C.F.R. Part 250, as amended, modified
and supplemented and in effect from time to time or any replacement thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Transaction
Documents</U>&rdquo; has the meaning set forth in Section 3.2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&ldquo;<U>Trustee</U>&rdquo;
means the trustee reflected under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretations</U></B>.
The foregoing definitions are equally applicable to both the singular and plural forms of the terms defined. The words &ldquo;hereof&rdquo;,
&ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and words of like import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement. The word &ldquo;including&rdquo; when used in this Agreement
without the phrase &ldquo;without limitation,&rdquo; shall mean &ldquo;including, without limitation.&rdquo; All references to
time of day herein are references to Eastern Time unless otherwise specifically provided. All references to the Agreement and
Subordinated Notes shall be deemed to be to such documents as amended, modified or restated from time to time. With respect to
any reference in this Agreement to any defined term, (i) if such defined term refers to a Person, then it shall also mean all
heirs, legal representatives and permitted successors and assigns of such Person, and (ii) if such defined term refers to a document,
instrument or agreement, then it shall also include any replacement, extension or other modification thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exhibits
Incorporated</U></B>. All Exhibits attached are hereby incorporated into this Agreement.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="text-transform: uppercase"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>SUBORDINATED
                                                                                                                               DEBT</U></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Terms</U></B>. Subject to the terms and conditions herein contained, Company proposes to issue and sell to the Purchasers, severally
and not jointly, Subordinated Notes, which will be issued pursuant to the Indenture, in an amount equal to the aggregate of the
Subordinated Note Amounts. Purchasers, severally and not jointly, each agree to purchase the Subordinated Notes, which will be
issued pursuant to the Indenture, from Company on the Closing Date in accordance with the terms of, and subject to the conditions
and provisions set forth in, this Agreement. The Subordinated Note Amounts shall be disbursed in accordance with <U>Section 3.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Closing</U></B>.
The execution and delivery of the Transaction Documents (the &ldquo;<U>Closing</U>&rdquo;) shall occur at the offices of Company
at 10:00 a.m. (local time) on the Closing Date, or at such other place or time or on such other date as the parties hereto may
agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
of Offset</U></B>. Each Purchaser hereby expressly waives any right of offset it may have against Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use of
Proceeds</U></B>. Company shall use the net proceeds from the sale of Subordinated Notes (i) for, subject to approval by applicable
Regulatory Agencies, repayment of up to $11,250,000 aggregate liquidation value of its Series B fixed rate cumulative perpetual
preferred stock, (ii) to fund future growth, (iii) to bolster regulatory capital at both the Bank and Company, and (ii) for general
corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="text-transform: uppercase"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>DISBURSEMENT</U></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disbursement</U></B>.
On the Closing Date, assuming all of the terms and conditions set forth in Section 3.2 have been satisfied by Company and Company
has executed and delivered to Purchasers each of the Agreement and the Subordinated Notes and any other related documents in form
and substance reasonably satisfactory to Purchasers, each Purchaser shall disburse in immediately available funds the Subordinated
Note Amount set forth next to its name in Schedule I to Company in exchange for a Subordinated Note with a principal amount equal
to such Subordinated Note Amount (the &ldquo;<U>Disbursement</U>&rdquo;). The Company will deliver to the respective Purchaser
one or more certificates representing the Subordinated Notes in definitive form (or provide evidence of the same with the original
to be delivered by the Trustee by overnight delivery on the next calendar day in accordance with the delivery instructions of
Purchaser), registered in such names and denominations as such Purchasers may request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent to Disbursement</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>3.2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to Purchasers&rsquo; Obligation</U>. </B>The obligation of each Purchaser to consummate the purchase of the Subordinated Notes
to be purchased by them at Closing and to effect the Disbursement is subject to delivery by or at the direction of the Company
to such Purchaser (or, with respect to the Indenture, the Trustee) each of the following (or written waiver by such Purchaser
prior to the Closing of such delivery):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>3.2.1.1 <U>Transaction
Documents</U>. </B>This Agreement, the Indenture, the Subordinated Notes and the Registration Rights Agreement
(collectively, the &ldquo;<U>Transaction Documents</U>&rdquo;), each duly authorized and executed by Company.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>3.2.1.2 <U>Authority
Documents</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">A
                                                                                                  copy, certified by the Secretary
                                                                                                  or Assistant Secretary of Company,
                                                                                                  of the Certificate of Incorporation,
                                                                                                  of Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">A
                                                                                                  certificate of good standing
                                                                                                  of Company issued by the Division
                                                                                                  of Taxation of the State of
                                                                                                  New Jersey;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: justify">A
                                                                                                  copy, certified by the Secretary
                                                                                                  or Assistant Secretary, of the
                                                                                                  Bylaws of Company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 36pt">(d)</TD><TD STYLE="text-align: justify">A
                                                                                                  copy, certified by the Secretary
                                                                                                  or Assistant Secretary of Company,
                                                                                                  of the resolutions of the board
                                                                                                  of directors (and any committee
                                                                                                  thereof) of Company authorizing
                                                                                                  the execution, delivery and
                                                                                                  performance of the Transaction
                                                                                                  Documents;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 36pt">(e)</TD><TD STYLE="text-align: justify">An
                                                                                                  incumbency certificate of the
                                                                                                  Secretary or Assistant Secretary
                                                                                                  of Company certifying the names
                                                                                                  of the officer or officers of
                                                                                                  Company authorized to sign the
                                                                                                  Transaction Documents and the
                                                                                                  other documents provided for
                                                                                                  in this Agreement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 36pt">(f)</TD><TD STYLE="text-align: justify">The
                                                                                                  opinion of Windels, Marx, Lane
                                                                                                  &amp; Mittendorf, LLP, counsel
                                                                                                  to the Company, dated as of
                                                                                                  the Closing Date, substantially
                                                                                                  in the form set forth at <U>Exhibit
                                                                                                  C</U> attached hereto addressed
                                                                                                  to the Purchasers and Placement
                                                                                                  Agents.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>3.2.1.3 <U>Officer&rsquo;s
Certificate</U>. </B>A certificate signed on behalf of Company by a senior executive officer certifying that the
representations and warranties of Company set forth in this Agreement are true and correct in all respects on and as of the
date of this Agreement and on and as of the Closing Date as though made on and as of the Closing Date, except where the
failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications contained
therein), individually or in the aggregate, would not be reasonably likely to have a Material Adverse Effect (and except that
(i) representations and warranties made as of a specified date shall only be required to be true and correct as of such date
and (ii) the representations and warranties of Company set forth in Sections 4.2.1, 4.2.3 and 4.5 shall be true and correct
in all respects).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>3.2.1.4 <U>Other
Documents</U>. </B>Such other certificates, affidavits, schedules, resolutions, notes and/or other documents which are
provided for hereunder or as a Purchaser may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>3.2.1.5 <U>Aggregate
Investments</U>. </B>Prior to, or contemporaneously with the Closing, each of the Purchasers set forth on Schedule I shall
have actually subscribed for the amounts set forth opposite such Purchaser&rsquo;s name on Schedule I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>3.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to Company&rsquo;s Obligation</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>3.2.2.1 </B>Since
the date of this Agreement, there shall not have been any action taken, or any law, rule or regulation enacted, entered,
enforced or deemed applicable to Company or its Subsidiaries or the transactions contemplated by this Agreement by any
Governmental Agency which imposes any restriction or condition that Company determines, in its reasonable good faith
judgment, is materially and unreasonably burdensome on Company&rsquo;s business or would materially reduce the economic
benefits of the transactions contemplated by this Agreement to Company to such a degree that</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">Company would not have
entered into this Agreement had such condition or restriction been known to it on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>3.2.2.2 </B>With
respect to a given Purchaser, the obligation of Company to consummate the sale of the Subordinated Notes and to effect the
Closing is subject to delivery by or at the direction of such Purchaser to Company each of the following (or written waiver
by Company prior to the Closing of such delivery):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: justify">Transaction
                                                                                                  Documents. This Agreement and
                                                                                                  the Registration Rights Agreement,
                                                                                                  each duly authorized and executed
                                                                                                  by such Purchaser.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: justify">Officer&rsquo;s
                                                                                                  Certificate. A certificate signed
                                                                                                  on behalf of such Purchaser
                                                                                                  by a duly authorized person
                                                                                                  certifying that the representations
                                                                                                  and warranties of such Purchaser
                                                                                                  set forth in this Agreement
                                                                                                  are true and correct in all
                                                                                                  respects on and as of the date
                                                                                                  of this Agreement and on and
                                                                                                  as of the Closing Date as though
                                                                                                  made on and as of the Closing
                                                                                                  Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="text-transform: uppercase"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>REPRESENTATIONS
                                                                                                                               AND
                                                                                                                               WARRANTIES
                                                                                                                               OF
                                                                                                                               COMPANY</U></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Company hereby represents
and warrants to each Purchaser as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization
and Authority</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization
Matters of Company and Its Subsidiaries</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>4.1.1.1 </B>Company
is validly existing and in good standing under the laws of the State of New Jersey and has all requisite corporate power and
authority to conduct its business and activities as presently conducted, to own its properties, and to perform its
obligations under the Transaction Documents. Company is duly qualified as a foreign corporation to transact business and is
in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or
leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not
result in a Material Adverse Effect. Company is duly registered as a bank holding company under the Bank Holding Company Act
of 1956, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>4.1.1.2 </B>Each
Subsidiary either has been duly organized and is validly existing as a corporation or limited liability company, or has been
duly chartered and is validly existing as a New Jersey-chartered commercial bank, in each case in good standing under the
laws of the jurisdiction of its incorporation, has corporate power and authority to own, lease and operate its properties and
to conduct its business and is duly qualified as a foreign corporation to transact business and is in good standing in each
jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the
conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse
Effect. All of the issued and outstanding shares of capital stock or other equity interests in each Subsidiary have been duly
authorized and validly issued, are fully paid and non-assessable and are owned by Company, directly or through Subsidiaries,
free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim; none of the outstanding shares of
capital stock of, or other equity interests in, any Subsidiary were issued in violation of the preemptive or similar rights
of any securityholder of such Subsidiary or any other entity.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><B>4.1.1.3 </B>Bank
is a New Jersey-chartered commercial bank. The deposit accounts of Bank are insured by the FDIC up to applicable limits.
Neither Company nor Bank has received any notice or other information indicating that Bank is not an &ldquo;insured
depository institution&rdquo; as defined in 12 U.S.C. Section 1813, nor has any event occurred which could reasonably be
expected to adversely affect the status of Bank as an FDIC-insured institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital
Stock and Related Matters</U></B>. All of the outstanding capital stock of Company has been duly authorized and validly issued
and is fully paid and nonassessable. There are, as of the date hereof, no outstanding options, rights, warrants or other agreements
or instruments obligating Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the
capital stock of Company or obligating Company to grant, extend or enter into any such agreement or commitment to any Person other
than Company except pursuant to Company&rsquo;s equity incentive plans duly adopted by Company&rsquo;s Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U></B>.
Each of Company&rsquo;s Subsidiaries that is a &ldquo;significant subsidiary&rdquo; as defined in Rule 1-02 of Regulation S-X
is reflected in its Annual Report on Form 10 K for the fiscal year ended December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Impediment
to Transactions</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transaction
is Legal and Authorized</U></B>. The issuance of the Subordinated Notes pursuant to the Indenture, the borrowing of the aggregate
of the Subordinated Note Amounts, the execution of the Transaction Documents and compliance by Company with all of the provisions
of the Transaction Documents are within the corporate and other powers of Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement,
Indenture and Registration Rights Agreement</U></B>. The Agreement, the Indenture and the Registration Rights Agreement have been
duly authorized, executed and delivered, and, assuming due authorization, execution and delivery by the other parties thereto,
including the Trustee for purposes of the Indenture, are the legal, valid and binding obligations of Company, enforceable in accordance
with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws relating to or affecting creditors&rsquo; rights generally or by general equitable principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subordinated
Notes</U></B>. The Subordinated Notes have been duly authorized by the Company and when executed by the Company and completed
and authenticated by the Trustee in accordance with, and in the forms contemplated by, the Indenture and issued, delivered and
paid for as provided in this Agreement, will have been duly issued under the Indenture and will constitute legal, valid and binding
obligations of Company, entitled to the benefit of the Indenture, and enforceable in accordance with their terms, except as enforcement
thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors&rsquo;
rights generally or by general equitable principles. When executed and delivered, the Subordinated Notes will be substantially
in the form contemplated by the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Defaults
or Restrictions</U></B>. Neither the execution and delivery of the Transaction Documents nor compliance with their respective
terms and conditions will (whether with or without the giving of notice or lapse of time or both) (i) violate, conflict with or
result in a breach of, or constitute a default under: (1) the Certificate of Incorporation or Bylaws of Company; (2) any of the
terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture,
mortgage, deed of trust, pledge, bank loan or credit agreement, or any other agreement or instrument to which Company or Bank,
as applicable, is now a party or by which it or any of its properties may be bound or affected; (3) any judgment, order, writ,
injunction, decree or demand of</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">any court, arbitrator,
grand jury, or Governmental Agency; or (4) any statute, rule or regulation applicable to Company, except, in the case of items
(2), (3) or (4), for such violations and conflicts that would not reasonably be expected to have, singularly or in the aggregate,
a Material Adverse Effect on Company, or (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature
whatsoever upon any property or asset of Company. Neither Company nor Bank is in default in the performance, observance or fulfillment
of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating,
evidencing or securing Indebtedness of any kind or pursuant to which any such Indebtedness is issued, or any other agreement or
instrument to which Company or Bank, as applicable, is a party or by which Company or Bank, as applicable, or any of its properties
may be bound or affected, except, in each case, only such defaults that would not reasonably be expected to have, singularly or
in the aggregate, a Material Adverse Effect on Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governmental
Consent</U></B>. No governmental orders, permissions, consents, approvals or authorizations are required to be obtained by Company
that have not been obtained, and no registrations or declarations are required to be filed by Company that have not been filed
in connection with, or, in contemplation of, the execution and delivery of, and performance under, the Transaction Documents,
except for applicable requirements, if any, of the Securities Act, the Exchange Act or state securities laws or &ldquo;blue sky&rdquo;
laws of the various states and any applicable federal or state banking laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession
of Licenses and Permits</U></B>. Company and its Subsidiaries possess such permits, licenses, approvals, consents and other authorizations
(collectively, &ldquo;<U>Governmental Licenses</U>&rdquo;) issued by the appropriate Governmental Agencies necessary to conduct
the business now operated by it except where the failure to possess such Governmental Licenses would not, singularly or in the
aggregate, have a Material Adverse Effect on Company or such applicable Subsidiary; Company and each Subsidiary of Company 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 of Company; 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
of Company; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Condition</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Financial Statements</U></B>. The financial statements of Company included in Company&rsquo;s SEC Reports (including the related
notes, where applicable) (i) have been prepared from, and are in accordance with, the books and records of Company; (ii) fairly
present in all material respects the results of operations, cash flows, changes in stockholders&rsquo; equity and financial position
of Company and its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth
(subject in the case of unaudited statements to recurring year-end audit adjustments normal in nature and amount), as applicable;
(iii) complied as to form, as of their respective dates of filing in all material respects with applicable accounting and banking
requirements as applicable, with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied during
the periods involved, except, in each case, as indicated in such statements or in the notes thereto and Regulation S-X promulgated
under the Securities Act. The books and records of Company have been, and are being, maintained in all material respects in accordance
with GAAP and any other applicable legal and accounting requirements. Company does not have any material liability of any nature
whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those liabilities
that are reflected or reserved against on the consolidated balance sheet of</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">Company contained in
Company SEC Reports for Company&rsquo;s most recently completed quarterly or annual fiscal period, as applicable, and for liabilities
incurred in the ordinary course of business consistent with past practice or in connection with this Agreement and the transactions
contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Default</U></B>. Since the date of the latest audited financial statements included in Company&rsquo;s SEC Reports, no event
has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of Company
the right to accelerate the maturity of any material Indebtedness of Company. Company is not in default under any other Lease,
agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance
with which could reasonably be expected to result in a Material Adverse Effect on Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Solvency</U></B>.
After giving effect to the consummation of the transactions contemplated by this Agreement, Company has capital sufficient to
carry on its business and transactions and is solvent and able to pay its debts as they mature. No transfer of property is being
made and no Indebtedness is being incurred in connection with the transactions contemplated by this Agreement with the intent
to hinder, delay or defraud either present or future creditors of Company or any Subsidiary of Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership
of Property</U></B>. Company and each of its Subsidiaries has good and marketable title as to all real property owned by it and
good title to all assets and properties owned by Company and such Subsidiary in the conduct of its businesses, whether such assets
and properties are real or personal, tangible or intangible, including assets and property reflected in the most recent balance
sheet contained in Company&rsquo;s SEC Reports or acquired subsequent thereto (except to the extent that such assets and properties
have been disposed of in the ordinary course of business, since the date of such balance sheet), subject to no encumbrances, liens,
mortgages, security interests or pledges, except (i) those items which secure liabilities for public or statutory obligations
or any discount with, borrowing from or other obligations to the Federal Home Loan Bank, inter-bank credit facilities, reverse
repurchase agreements or any transaction by Bank acting in a fiduciary capacity, (ii) statutory liens for amounts not yet delinquent
or which are being contested in good faith and (iii) such as do not, singly or in the aggregate, materially affect the value of
such property and do not materially interfere with the use made and proposed to be made of such property by Company or any of
its Subsidiaries. Company and each of its Subsidiaries, as lessee, has the right under valid and existing leases of real and personal
properties that are material to Company or such Subsidiary, as applicable, in the conduct of its business to occupy or use all
such properties as presently occupied and used by it. Such existing leases and commitments to lease constitute or will constitute
operating leases for both tax and financial accounting purposes and the lease expense and minimum rental commitments with respect
to such leases and lease commitments are as disclosed in all material respects in Company&rsquo;s SEC Reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Material
Adverse Change</U></B>. Since the date of the latest audited financial statements included in Company&rsquo;s SEC Reports, there
has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect on Company or
any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Matters</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Law</U></B>. Company and each of its Subsidiaries (i) has complied with and (ii) is not under investigation with respect
to, and, to the Company&rsquo;s knowledge, have not been threatened to be charged with or given any notice of any material violation
of any applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any instrumentality
or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties,</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">except where any such
failure to comply or violation would not reasonably be expected to have a Material Adverse Effect on Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulatory
Enforcement Actions</U></B>. Company, Bank and its other Subsidiaries are in compliance in all material respects with all laws
administered by and regulations of any Governmental Agency applicable to it or to them, the failure to comply with which would
have a Material Adverse Effect. None of Company, Bank, Company&rsquo;s Subsidiaries nor any of their officers or directors is
now operating under any restrictions, agreements, memoranda, or commitments (other than restrictions of general application) imposed
by any Governmental Agency, nor are, to Company&rsquo;s knowledge, (a) any such restrictions threatened or (b) any agreements,
memoranda or commitments being sought by any Governmental Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pending
Litigation</U></B>. There are no actions, suits, proceedings or written agreements pending, or, to Company&rsquo;s knowledge,
threatened or proposed, against Company, Bank, or any of its other 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 Subordinated 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental</U></B>.
No Property is or, to Company&rsquo;s knowledge, has been a site for the use, generation, manufacture, storage, treatment, release,
threatened release, discharge, disposal, transportation or presence of any Hazardous Materials and neither Company nor any of
its Subsidiaries has engaged in such activities. There are no claims or actions pending or, to Company&rsquo;s knowledge, threatened
against Company or any of its Subsidiaries by any Governmental Agency or by any other Person relating to any Hazardous Materials
or pursuant to any Hazardous Materials Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokerage
Commissions</U></B>. Except for commissions paid to the Placement Agents, neither Company nor any Affiliate of Company is obligated
to pay any brokerage commission or finder&rsquo;s fee to any Person in connection with the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>4.6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company Act</U></B>. Neither Company nor any of its Subsidiaries is an &ldquo;investment company&rdquo; or a company &ldquo;controlled&rdquo;
by an &ldquo;investment company,&rdquo; within the meaning of the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Misstatement</U></B>.
No information, exhibit, report, schedule or document, when viewed together as a whole, furnished by Company to Purchasers in
connection with the negotiation, execution or performance of this Agreement contains any untrue statement of a material fact,
or omits to state a material fact necessary to make the statements contained therein not misleading in light of the circumstances
under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reporting
Compliance</U></B>. Company is subject to, and is in compliance in all material respects with, the reporting requirements of Section
13 and Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and the rules and the regulations of
the SEC thereunder (collectively, the &ldquo;<U>Exchange Act</U>&rdquo;). Company&rsquo;s SEC Reports at the time they were or
hereafter are filed with the SEC, complied in all material respects with the requirements of the Exchange Act and did not and
do not include any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Internal
Control Over Financial Reporting</U></B>. Company and its Subsidiaries maintain systems of &ldquo;internal control over financial
reporting&rdquo; (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and
have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or
persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, a system of
accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management&rsquo;s
general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements
in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with
management&rsquo;s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the end of Company&rsquo;s
most recent audited fiscal year, (y) Company has no knowledge of (i) any material weakness in Company&rsquo;s internal control
over financial reporting (whether or not remediated) or (ii) any fraud, whether or not material, that involves management or other
employees who have a significant role in Company&rsquo;s internal controls and (z) there has been no change in Company&rsquo;s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Company&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure
Controls and Procedures</U></B>. Company and its Subsidiaries maintain an effective system of disclosure controls and procedures
(as defined in Rule 13a-15 and Rule 15d-15 of the Exchange Act), that (i) are designed to ensure that information required to
be disclosed by Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the SEC&rsquo;s rules and forms and that material information relating to Company
and its Subsidiaries is made known to Company&rsquo;s principal executive officer and principal financial officer by others within
Company and its Subsidiaries to allow timely decisions regarding disclosure, and (ii) are effective in all material respects to
perform the functions for which they were established. As of the date hereof, Company has no knowledge that would reasonably cause
it to believe that the evaluation to be conducted of the effectiveness of Company&rsquo;s disclosure controls and procedures for
the most recently ended fiscal quarter period will result in a finding that such disclosure controls and procedures are ineffective
for such quarter ended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Registration</U></B>.
Other than the Purchasers with respect to the Subordinated Notes, no person has the right to require Company or any of its Subsidiaries
to register any securities for sale under the Securities Act by reason of acts required to be taken by Company pursuant to the
terms of the Registration Rights Agreement or the issuance and sale of the Subordinated Notes to be sold by Company hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>4.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties Generally</U></B>. The representations and warranties of Company set forth in this Agreement are true and correct
as of the date hereof and will be true and correct as of the Closing Date and as otherwise specifically provided herein. Any certificate
signed by an officer of Company and delivered to the Purchasers or to counsel for Purchasers shall be deemed to be a representation
and warranty by Company to the Purchasers as to the matters set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="text-transform: uppercase"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>GENERAL
                                                                                                                               COVENANTS,
                                                                                                                               CONDITIONS
                                                                                                                               AND
                                                                                                                               AGREEMENTS</U></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Company hereby further
covenants and agrees with each Purchaser as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Transaction Documents</U></B>. Company shall comply with, observe and timely perform each and every one of the covenants,
agreements and obligations under the Transaction Documents.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Affiliate
Transactions</U></B>. Company shall not itself, nor shall it cause, permit or allow any Subsidiary to enter into any transaction,
including, the purchase, sale or exchange of property or the rendering of any service, with any Affiliate of Company except in
the ordinary course of business and pursuant to the reasonable requirements of Company&rsquo;s or such Affiliate&rsquo;s business
and upon terms consistent with applicable laws and regulations and reasonably found by the appropriate board(s) of directors to
be fair and reasonable and no less favorable to Company or such Affiliate than would be obtained in a comparable arm&rsquo;s length
transaction with a Person not an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Laws</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>5.3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Generally</U></B>.
Company shall comply and cause Bank and each other Subsidiary to comply in all material respects with all applicable statutes,
rules, regulations, orders and restrictions in respect of the conduct of its business and the ownership of its properties, except,
in each case, where such noncompliance would not reasonably be expected to have a Material Adverse Effect on Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>5.3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulated
Activities</U></B>. Company shall not itself, nor shall it cause, permit or allow Bank or any other Subsidiary (i) engage in any
business or activity not permitted by all applicable laws and regulations, except where such business or activity would not reasonably
be expected to have a Material Adverse Effect on Company, Bank and/or such Subsidiary or (ii) make any loan or advance secured
by the capital stock of another bank or depository institution, or acquire the capital stock, assets or obligations of or any
interest in another bank or depository institution, in each case other than in accordance with applicable laws and regulations
and safe and sound banking practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>5.3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U></B>.
Company shall and shall cause Bank and any other Subsidiary to promptly pay and discharge all taxes, assessments and other governmental
charges imposed upon Company, Bank or any other Subsidiary or upon the income, profits, or property of Company or any Subsidiary
and all claims for labor, material or supplies which, if unpaid, might by law become a lien or charge upon the property of Company,
Bank or any other Subsidiary. Notwithstanding the foregoing, none of Company, Bank or any other Subsidiary shall be required to
pay any such tax, assessment, charge or claim, so long as the validity thereof shall be contested in good faith by appropriate
proceedings, and appropriate reserves therefor shall be maintained on the books of Company, Bank and such other Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><B>5.3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Existence</U></B>. Company shall do or cause to be done all things reasonably necessary to maintain, preserve and renew its corporate
existence and that of Bank and the other Subsidiaries and its and their rights and franchises, and comply in all material respects
with all related laws applicable to Company, Bank or the other Subsidiaries; provided, however, that Company may consummate a
merger or consolidation in accordance with <U>Article VII</U> of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Absence
of Control</U></B>. It is the intent of the parties to this Agreement that in no event shall Purchasers, by reason of any of the
Transaction Documents, be deemed to control, directly or indirectly, Company, and Purchasers shall not exercise, or be deemed
to exercise, directly or indirectly, a controlling influence over the management or policies of Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Secondary
Market Transactions</U></B>. Each Purchaser shall have the right at any time and from time to time to securitize its Subordinated
Notes or any portion thereof in a single asset securitization or a pooled loan securitization of rated single or multi-class securities
secured by or evidencing ownership interests in the Subordinated Notes (each such securitization is referred to herein as a &ldquo;<U>Secondary
Market Transaction</U>&rdquo;). In connection with any such Secondary Market Transaction, Company shall, at Company&rsquo;s expense,
cooperate with Purchasers and otherwise reasonably assist Purchasers in satisfying the market standards to which Purchasers customarily
adhere or which may be</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">reasonably required
in the marketplace or by applicable rating agencies in connection with any such Secondary Market Transaction. Subject to any written
confidentiality obligation, all information regarding Company may be furnished, without liability except in the case of gross
negligence or willful misconduct, to any Purchaser and to any Person reasonably deemed necessary by Purchaser in connection with
participation in such Secondary Market Transaction. All documents, financial statements, appraisals and other data relevant to
Company or the Subordinated Notes may be retained by any such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>5.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bloomberg</U></B>.
Within 30 days after Closing, Company will utilize its commercially reasonable efforts to have the Subordinated Notes identified
on Bloomberg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="text-transform: uppercase"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>REPRESENTATIONS,
                                                                                                                               WARRANTIES
                                                                                                                               AND
                                                                                                                               COVENANTS
                                                                                                                               OF
                                                                                                                               PURCHASERS</U></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Each Purchaser hereby
represents and warrants to Company, and covenants with Company, severally and not jointly, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Power and Authority</U></B>. It has all necessary power and authority to execute, deliver and perform its obligations under this
Agreement and to consummate the transactions contemplated hereby. It is an entity duly organized, validly existing and in good
standing under the laws its jurisdiction of organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization
and Execution</U></B>. The execution, delivery and performance of this Agreement and the Registration Rights Agreement have been
duly authorized by all necessary action on the part of such Purchaser, and this Agreement and the Registration Rights Agreement
are each a legal, valid and binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms,
except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating
to or affecting creditors&rsquo; rights generally or by general equitable principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Conflicts</U></B>.
Neither the execution, delivery or performance of the Transaction Documents nor the consummation of any of the transactions contemplated
thereby will conflict with, violate, constitute a breach of or a default (whether with or without the giving of notice or lapse
of time or both) under (i) its organizational documents, (ii) any agreement to which it is party, (iii) any law applicable to
it or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or affecting it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
for Investment</U></B>. It is purchasing the Subordinated Note for its own account and not with a view to distribution and with
no present intention of reselling, distributing or otherwise disposing of the same. It has no present or contemplated agreement,
undertaking, arrangement, obligation, indebtedness or commitment providing for, or which is likely to compel, a disposition of
the Subordinated Notes in any manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Institutional
Accredited Investor</U></B>. It is and will be on the Closing Date an institutional &ldquo;accredited investor&rdquo; as such
term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1), (2), (3) and (7) of Rule 501(a) of Regulation
D, and has no less than $5,000,000 in total assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
and Business Sophistication</U></B>. It has such knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of the prospective investment in the Subordinated Notes. It has relied solely upon its own
knowledge of, and/or the advice of its own legal, financial or other advisors with regard to, the legal, financial, tax and other
considerations involved in deciding to invest in the Subordinated Notes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ability
to Bear Economic Risk of Investment</U></B>. It recognizes that an investment in the Subordinated Notes involves substantial risk.
It has the ability to bear the economic risk of the prospective investment in the Subordinated Notes, including the ability to
hold the Subordinated Notes indefinitely, and further including the ability to bear a complete loss of all of its investment in
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information</U></B>.
It acknowledges that: (i) it is not being provided with the disclosures that would be required if the offer and sale of the Subordinated
Notes were registered under the Securities Act, nor is it being provided with any offering circular or prospectus prepared in
connection with the offer and sale of the Subordinated Notes; (ii) it has conducted its own examination of Company and the terms
of the Subordinated Notes to the extent it deems necessary to make its decision to invest in the Subordinated Notes; and (iii)
it has availed itself of publicly available financial and other information concerning Company to the extent it deems necessary
to make its decision to purchase the Subordinated Notes. It has reviewed the information set forth in Company&rsquo;s SEC Reports
and the exhibits and schedules hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
to Information</U></B>. It acknowledges that it and its advisors have been furnished with all materials relating to the business,
finances and operations of Company that have been requested of it or its advisors and have been given the opportunity to ask questions
of, and to receive answers from, persons acting on behalf of Company concerning terms and conditions of the transactions contemplated
by this Agreement in order to make an informed and voluntary decision to enter into this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Decision</U></B>. It has made its own investment decision based upon its own judgment, due diligence and advice from such advisors
as it has deemed necessary and not upon any view expressed by any other person or entity, including the Placement Agents. Neither
such inquiries nor any other due diligence investigations conducted by it or its advisors or representatives, if any, shall modify,
amend or affect its right to rely on Company&rsquo;s representations and warranties contained herein. It is not relying upon,
and has not relied upon, any advice, statement, representation or warranty made by any Person by or on behalf of Company, including,
without limitation, the Placement Agents, except for the express statements, representations and warranties of Company made or
contained in this Agreement. Furthermore, it acknowledges that (i) the Placement Agents have not performed any due diligence review
on behalf of it and (ii) nothing in this Agreement or any other materials presented by or on behalf of Company to it in connection
with the purchase of the Subordinated Notes constitutes legal, tax or investment advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Private
Placement; No Registration; Restricted Legends</U></B>. It understands and acknowledges that the Subordinated Notes are being
sold by 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 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. It further acknowledges and agrees that all certificates
or other instruments representing the Subordinated Notes will bear the restrictive legend set forth in the form of Subordinated
Note, which is attached as an exhibit to the Indenture. It further acknowledges its primary responsibilities under the Securities
Act and, accordingly, will not sell or otherwise transfer the Subordinated 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 Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Placement
Agents</U></B>. It will purchase the Subordinated Note(s) directly from Company and not from either Placement Agent and understands
that neither the Placement Agents nor any other broker or dealer has any obligation to make a market in the Subordinated Notes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tier
2 Capital</U></B>. If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to
the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity
Date of the Subordinated Notes, Company will immediately notify the Purchasers, and thereafter Company and the Purchasers will
work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable
portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accuracy
of Representations</U></B>. It understands that each of the Placement Agents and Company will rely upon the truth and accuracy
of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement,
and agrees that if any of the representations or acknowledgements made by it are no longer accurate as of the Closing Date, or
if any of the agreements made by it are breached on or prior to the Closing Date, it shall promptly notify the Lead Placement
Agent and Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>6.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties Generally</U></B>. The representations and warranties of Purchaser set forth in this Agreement are true and correct
as of the date hereof and will be true and correct as of the Closing Date and as otherwise specifically provided herein. Any certificate
signed by a duly authorized representative of Purchaser and delivered to the Company or to counsel for Company shall be deemed
to be a representation and warranty by Purchaser to Company as to the matters set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><FONT STYLE="text-transform: uppercase"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><U>TERMINATION</U></B>.
Purchasers may terminate this Agreement (i) at any time prior to the Closing Date by written notice signed by all Purchasers to
Company if Purchasers shall decline to purchase the Subordinated Notes for any reason permitted by this Agreement or (ii) on the
Closing Date if any condition described in <U>Section 3.2</U> is not fulfilled or waived in writing by the Purchasers on or prior
to the Closing Date. Any termination pursuant to this Section shall be without liability on the part of (a) Company to Purchasers
or (b) Purchasers to Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><FONT STYLE="text-transform: uppercase"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>MISCELLANEOUS</U></B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prohibition
on Assignment by Company</U></B>. Except as described in <U>Article VII</U> of the Indenture, Company may not assign, transfer
or delegate any of its rights or obligations under this Agreement or the Subordinated Notes without the prior written consent
of Purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Time of
the Essence</U></B>. Time is of the essence of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
or Amendment</U></B>. No waiver or amendment of any term, provision, condition, covenant or agreement herein shall be effective
unless in writing and signed by all of the parties hereto. No failure to exercise or delay in exercising, by a Purchaser or any
holder of the Subordinated Notes, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of
any other right or remedy provided by law. The rights and remedies provided in this Agreement are cumulative and not exclusive
of any right or remedy provided by law or equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U></B>.
Any provision of this Agreement which is unenforceable or invalid or contrary to law, or the inclusion of which would adversely
affect the validity, legality or enforcement of this Agreement, shall be of no effect and, in such case, all the remaining terms
and provisions of this Agreement shall subsist and be fully effective according to the tenor of this Agreement the same as though
any such invalid portion had never been included herein. Notwithstanding any of the foregoing to the contrary, if any provisions
of this Agreement or the application thereof are held invalid or unenforceable only as to particular persons or situations, the
remainder of this Agreement, and the application of such provision to persons or situations other than those to which it shall
have been held</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">invalid or unenforceable,
shall not be affected thereby, but shall continue valid and enforceable to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U></B>.
Any notice which any party hereto may be required or may desire to give hereunder shall be deemed to have been given if in writing
and if delivered personally, or if mailed, postage prepaid, by United States registered or certified mail, return receipt requested,
or if delivered by a responsible overnight commercial courier promising next business day delivery, addressed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 93%; border-collapse: collapse; margin-left: 36pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">if
    to Company:</FONT></TD>
    <TD STYLE="width: 70%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ConnectOne Bancorp, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">301 Sylvan Ave.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Englewood Cliffs, New Jersey 07632</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Frank Sorrentino III, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (201) 510-6781</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: fsorrentino@cnob.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">with
    a copy to:</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Windels, Marx, Lane &amp; Mittendorf LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">120 Albany Street Plaza, 6<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New Brunswick, New Jersey 08901</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Robert Schwartz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (732) 846-8877</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: rschwartz.@windelsmarz.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">if
    to Purchasers:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
    the addresses indicated on <U>Schedule I</U>.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or to such other address or addresses
as the party to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for
the giving of notice; provided that no change in address shall be effective until five (5) Business Days after being given to
the other party in the manner <I>provided</I> for above. Any notice given in accordance with the foregoing shall be deemed given
when delivered personally or, if mailed, three (3) Business Days after it shall have been deposited in the United States mails
as aforesaid or, if sent by overnight courier, the Business Day following the date of delivery to such courier (provided next
business day delivery was requested).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U></B>. This Agreement shall inure to the benefit of the parties and their respective heirs, legal representatives,
successors and assigns; except that, unless a Purchaser consents in writing, no assignment made by Company in violation of this
Agreement or the Indenture shall be effective or confer any rights on any purported assignee of Company. The term &ldquo;successors
and assigns&rdquo; will not include a purchaser of any of the Subordinated Notes from any Purchaser merely because of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Joint
Venture</U></B>. Nothing contained herein or in any document executed pursuant hereto and no action or inaction whatsoever on
the part of a Purchaser, shall be deemed to make a Purchaser a partner or joint venturer with Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Documentation</U></B>.
All documents and other matters required by any of the provisions of this Agreement to be submitted or furnished to a Purchaser
shall be in form and substance satisfactory to such Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U></B>. This Agreement and the Subordinated Notes along with the Exhibits thereto constitute the entire agreement between
the parties hereto with respect to the subject matter hereof and may not be modified or amended in any manner other than by supplemental
written agreement executed by the parties hereto. No party, in entering into this Agreement, has relied upon any</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">representation, warranty,
covenant, condition or other term that is not set forth in this Agreement or in the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Choice
of Law</U></B>. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey without
giving effect to its laws or principles of conflict of laws. Nothing herein shall be deemed to limit any rights, powers or privileges
which a Purchaser may have pursuant to any law of the United States of America or any rule, regulation or order of any department
or agency thereof and nothing herein shall be deemed to make unlawful any transaction or conduct by a Purchaser which is lawful
pursuant to, or which is permitted by, any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Third
Party Beneficiary</U></B>. This Agreement is made for the sole benefit of Company and the Purchasers, and no other person shall
be deemed to have any privity of contract hereunder nor any right to rely hereon to any extent or for any purpose whatsoever,
nor shall 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 Agents may rely on the representations and warranties contained herein to the same extent as if it
were a party to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Tender of United States</U></B>. All payments hereunder shall be made in coin or currency which at the time of payment is legal
tender in the United States of America for public and private debts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Captions;
Counterparts</U></B>. Captions contained in this Agreement in no way define, limit or extend the scope or intent of their respective
provisions. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall 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 &ldquo;.pdf&rdquo; format data file, such signature shall 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 facsimile signature page were an original
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Knowledge;
Discretion</U></B>. All references herein to Purchaser&rsquo;s or Company&rsquo;s knowledge shall be deemed to mean the knowledge
of such party based on the actual knowledge of such party&rsquo;s Chief Executive Officer and Chief Financial Officer or such
other persons holding equivalent offices. Unless specified to the contrary herein, all references herein to an exercise of discretion
or judgment by a Purchaser, to the making of a determination or designation by a Purchaser, to the application of a Purchaser&rsquo;s
discretion or opinion, to the granting or withholding of a Purchaser&rsquo;s consent or approval, to the consideration of whether
a matter or thing is satisfactory or acceptable to a Purchaser, or otherwise involving the decision making of a Purchaser, shall
be deemed to mean that such Purchaser shall decide using the reasonable discretion or judgment of a prudent lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver
Of Right To Jury Trial</U></B>. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHT THAT THEY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH ANY OF THE TRANSACTION
DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF COMPANY OR PURCHASERS. THE PARTIES ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED
IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF THEIR OWN FREE WILL.
THE PARTIES FURTHER ACKNOWLEDGE THAT (i) THEY HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS WAIVER, (ii) THIS
WAIVER HAS BEEN REVIEWED BY THE PARTIES AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR ENTRY INTO THIS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">AGREEMENT AND THE REGISTRATION
RIGHTS AGREEMENT AND (iii) THIS WAIVER SHALL BE EFFECTIVE AS TO EACH OF SUCH TRANSACTION DOCUMENTS AS IF FULLY INCORPORATED THEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U></B>.
Except as otherwise provided in this Agreement, each of the parties will bear and pay all other costs and expenses incurred by
it or on its behalf in connection with the transactions contemplated pursuant to this Agreement except that, at the Closing, the
Company shall bear, and upon request by Purchasers, reimburse each Purchaser (or group of Affiliated Purchasers) that purchases
a Note with an initial principal amount of at least $10,000,000 for all reasonable out-of-pocket fees and expenses of attorneys
incurred by each Purchaser and their Affiliates in connection with the negotiation and preparation of this Agreement and undertaking
of the transactions contemplated pursuant to this Agreement for a flat fee of $15,000.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>8.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U></B>.
Each of the representations and warranties set forth in this Agreement shall survive the consummation of the transactions contemplated
hereby for a period of one year after the date hereof. Except as otherwise provided herein, all covenants and agreements contained
herein shall survive until, by their respective terms, they are no longer operative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>[Signature Pages Follow]</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>IN WITNESS WHEREOF</B>,
Company has caused this Subordinated Note Purchase Agreement to be executed by its duly authorized representative as of the date
first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><B><U>COMPANY</U>:</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><B>CONNECTONE BANCORP, INC.</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px">By:</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD COLSPAN="2">Frank S. Sorrentino III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD COLSPAN="2">Chief Executive Officer</TD></TR>
<TR STYLE="font-size: 1px">
    <TD STYLE="width: 50%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 35%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 1px">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Company Signature
Page to Subordinated Note Purchase Agreement]</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>IN WITNESS WHEREOF</B>,
the Purchaser has caused this Subordinated Note Purchase Agreement to be executed by its duly authorized representative as of
the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><B><U>PURCHASER</U>:</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><B>[INSERT PURCHASER&rsquo;S NAME]</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD COLSPAN="2">[&#9679;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD COLSPAN="2">[&#9679;]</TD></TR>
<TR STYLE="font-size: 1px">
    <TD STYLE="width: 50%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 35%; font-size: 1px">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 1px">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Purchaser Signature
Page to Subordinated Note Purchase Agreement]</I></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1px solid; text-align: center"><B><U>Purchaser</U></B></TD>
    <TD STYLE="width: 50%; border-bottom: black 1px solid"><P STYLE="margin: 0pt 0; text-align: center"><B><U>Amount
                                                           of Note ($)</U></B></P>
        <P STYLE="margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; border-left: black 1px solid; padding-left: 5pt"><P STYLE="margin: 0pt 0"><B>Aggregate
                                                                                                            Amount of Subordinated
                                                                                                            Notes:</B></P>
        <P STYLE="margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-left: 5pt"><B>$50,000,000.00</B></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT A</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM OF INDENTURE</U></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT B</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM OF REGISTRATION RIGHTS AGREEMENT</U></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT C</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>OPINION OF COUNSEL</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of Company
and Bank (i) has been 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 and to own, lease and operate
its properties and assets as described in Company&rsquo;s SEC Reports 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].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company has all
necessary power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a
party and to consummate the transactions contemplated by the Agreement,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Agreement
has been duly and validly authorized, executed and delivered by Company. The Indenture has been duly and validly authorized by
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration
Rights Agreement has been duly and validly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture,
when executed and delivered by Company and Trustee, will constitute a legal valid and binding obligation of Company, enforceable
against Company in accordance with its terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency,
reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in
effect relating to creditors&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Subordinated
Notes have been duly and validly authorized by Company and when issued and delivered to and paid for by Purchasers in accordance
with the terms of this Agreement and the Indenture, will have been duly executed, authenticated, issued and delivered and will
constitute legal, valid and binding obligations of the Company, entitled to the benefit of the Indenture, and enforceable against
Company in accordance with their terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization,
receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating
to creditors&rsquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming the
accuracy of the representations of each of Purchasers set forth in the Agreement, the Subordinated Notes to be issued and sold
by Company to Purchasers pursuant to the Agreement will be issued in a transaction exempt from the registration requirements of
the Securities Act.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0pt"><B>Exhibit 10.2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0pt">EXECUTION VERSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: center; text-indent: 0pt; font: 12pt Times New Roman, Times, Serif">CONNECTONE BANCORP,
INC.</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; letter-spacing: -0.05pt; text-align: center; font: 12pt Times New Roman, Times, Serif">As Issuer,</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; letter-spacing: -0.05pt; text-align: center; font: 12pt Times New Roman, Times, Serif">and</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; letter-spacing: -0.05pt; text-align: center; font: 12pt Times New Roman, Times, Serif">U.S. BANK NATIONAL
ASSOCIATION</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; letter-spacing: -0.05pt; text-align: center; font: 12pt Times New Roman, Times, Serif">As Trustee</P>

<P STYLE="margin: 0pt 0; letter-spacing: -0.05pt; text-align: center; font: 12pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; letter-spacing: -0.05pt; text-align: center; font: 12pt Times New Roman, Times, Serif">INDENTURE</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; letter-spacing: -0.05pt; text-align: center; font: 12pt Times New Roman, Times, Serif">Dated as of
June 30, 2015</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin: 0pt 0; letter-spacing: -0.05pt; text-align: center; font: 12pt Times New Roman, Times, Serif">5.75% Fixed
to Floating Rate Subordinated Notes due 2025</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; width: 16%; padding-left: 15pt"><FONT STYLE="color: #010000">Section 101</FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; width: 73%">Definitions</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; width: 4%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 102</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Compliance Certificates and Opinions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 103</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Form of Documents Delivered to Trustee</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 104</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Acts of Holders</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 105</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Required Notices or Demands</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 106</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Language of Notices</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 107</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Incorporation by Reference of Trust Indenture Act; Conflicts</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 108</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Effect of Headings and Table of Contents</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 109</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Successors and Assigns</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 110</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Severability</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 111</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Benefits of Indenture</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 112</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Governing Law</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 113</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Legal Holidays</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 114</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Counterparts; Electronic Transmission</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 115</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Immunity of Certain Persons</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 116</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Waiver of Jury Trial</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 117</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Force Majeure</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 118</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">USA Patriot Act</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 119</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">No Sinking Fund</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 120</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Rules of Construction</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE II THE SUBORDINATED NOTES</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 201</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Forms Generally</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 202</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Definitive Subordinated Notes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 203</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Global Subordinated Notes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 204</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Restricted Subordinated Notes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 205</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Execution and Authentication</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 206</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Registrar and Paying Agent</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">18</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 207</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Registration of Transfer and Exchange</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 208</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Exchange Offer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">22</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 209</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Mutilated, Destroyed, Lost and Stolen Subordinated Notes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">23</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 210</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Payment of Interest; Rights to Interest Preserved</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">24</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 211</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Persons Deemed Owners</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 212</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Cancellation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 213</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Computation of Interest</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">25</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 214</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">CUSIP Numbers</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE III<FONT STYLE="letter-spacing: -0.05pt"> SATISFACTION AND DISCHARGE OF INDENTURE</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 301</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Satisfaction and Discharge</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">26</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 302</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Legal Defeasance and Covenant Defeasance</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">27</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 303</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Application of Trust Money</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 304</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Reinstatement</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">30</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 305</FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 73%; text-indent: 0pt">Effect on Subordination Provisions</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-indent: 0pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE IV REMEDIES</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 401</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Events of Default; Acceleration</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 402</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Failure to Make Payments</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 403</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Trustee May File Proofs of Claim</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 404</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Trustee May Enforce Claims Without Possession of Subordinated Notes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 405</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Application of Money Collected</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 406</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Limitation on Suits</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 407</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Unconditional Right of Holders to Payments</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 408</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Restoration of Rights and Remedies</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 409</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Rights and Remedies Cumulative</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 410</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Delay or Omission Not Waiver</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 411</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Control by Holders</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 412</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Waiver of Past Defaults</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 413</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Undertaking for Costs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE V THE TRUSTEE</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 501</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Duties of Trustee</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 502</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Certain Rights of Trustee</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 503</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Notice of Defaults</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 504</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Not Responsible for Recitals or Issuance of Subordinated Notes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 505</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">May Hold Subordinated Notes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 506</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Money Held in Trust</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 507</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Compensation and Reimbursement</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 508</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Corporate Trustee Required; Eligibility</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">41</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 509</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Resignation and Removal; Appointment of Successor</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 510</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Acceptance of Appointment by Successor</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 511</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Merger, Conversion, Consolidation or Succession to Business</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 512</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Appointment of Authenticating Agent</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 513</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Preferred Collection of Claims against Company</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE VI HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 601</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Holder Lists</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 602</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Preservation of Information; Communications to Holders</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 603</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Reports by Trustee</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 604</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Reports by Company</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE VII SUCCESSORS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">48</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 701</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Merger, Consolidation or Sale of All or Substantially All Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 702</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Successor Person Substituted for Company</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE VIII SUPPLEMENTAL<FONT STYLE="letter-spacing: -0.05pt"> INDENTURES</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0pt; padding-left: 15pt"><FONT STYLE="color: #010000">Section 801</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Supplemental Indentures without Consent of Holders</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">49</TD></TR>
</TABLE>

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    <TD STYLE="width: 16%; padding-left: 15pt"><FONT STYLE="color: #010000">Section 802</FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 73%; text-indent: 0pt">Supplemental Indentures with Consent of Holders</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-indent: 0pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 803</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Execution of Supplemental Indentures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 804</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Effect of Supplemental Indentures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 805</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Reference in Subordinated Notes to Supplemental Indentures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 806</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Effect on Senior Indebtedness</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 807</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Conformity with Trust Indenture Act</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE IX COVENANTS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">52</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 901</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Payment of Principal and Interest</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 902</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Maintenance of Office</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 903</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Money for Subordinated Notes Payments to Be Held in Trust</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 904</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Corporate Existence</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 905</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Maintenance of Properties</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 906</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Waiver of Certain Covenants</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 907</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Company Statement as to Compliance</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 908</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Tier 2 Capital</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE X REDEMPTION OF SECURITIES</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">55</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1001</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Applicability of Article</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1002</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Election to Redeem; Notice to Trustee</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1003</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Selection by Trustee of Subordinated Notes to be Redeemed</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1004</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Notice of Redemption</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1005</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Deposit of Redemption Price</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1006</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Subordinated Notes Payable on Redemption Date</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">58</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1007</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Subordinated Notes Redeemed in Part</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">58</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE XI SUBORDINATION<FONT STYLE="letter-spacing: -0.35pt"> OF SECURITIES</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; font-family: Times New Roman, Times, Serif; color: #010000; text-transform: uppercase; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">58</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0pt; color: #010000; text-transform: uppercase; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1101</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Agreement to Subordinate</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1102</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Distribution of Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">59</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1103</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Default With Respect to Senior Indebtedness</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1104</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">No Impairment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1105</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Effectuation of Subordination Provisions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1106</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Notice to Trustee</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1107</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Trustee Knowledge of Senior Indebtedness</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">63</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1108</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Senior Indebtedness to Trustee</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">63</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 15pt"><FONT STYLE="color: #010000">Section 1109</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt">Subordination Not Applicable to Trustee Compensation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0pt; text-align: right">63</TD></TR>
</TABLE>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center"><U>CROSS-REFERENCE
TABLE</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Trust Indenture Act Section</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Indenture Section</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&sect;310</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 76%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">508</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">508</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">508</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">508, 509</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&sect;311</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">505</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">505</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&sect;312</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">601</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">602</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">602</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&sect;313</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">603</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">603</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">603</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">603</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&sect;314</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">604</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">907</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&sect;315</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">501,502</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">503</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">501</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">501,502</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">413</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&sect;316</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;(last sentence)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">101</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(1)(A)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">402,411</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(1)(B)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">411,412</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">407</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">104</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&sect;317</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;(1)(</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">402</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">403</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">903</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&sect;318</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">107</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">107</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">107</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify">Note: This Cross-Reference
table will not, for any purpose, be deemed part of this Indenture.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: center; text-indent: 0pt; background-color: white">INDENTURE</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">This
INDENTURE dated as of June 30, 2015 is between ConnectOne Bancorp, Inc., a New Jersey corporation (the &ldquo;<I><U>Company</U></I>&rdquo;),
and U.S. Bank National Association, a national bank, as trustee (the &ldquo;<I><U>Trustee</U></I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center"><U>RECITALS</U></P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture </FONT>to provide for an issue of $50,000,000 million
in aggregate principal amount of 5.75% Fixed to Floating Rate Subordinated <FONT STYLE="letter-spacing: -0.15pt">Notes due 2025,
subject to the terms and conditions set forth in this Indenture.</FONT></P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">NOW,
THEREFORE, in order to declare the terms and conditions upon which the Subordinated Notes are authenticated, issued and delivered,
and in consideration of the premises, <FONT STYLE="letter-spacing: -0.3pt">and of the purchase and acceptance of the Subordinated
Notes by the Holders thereof, the Company </FONT><FONT STYLE="letter-spacing: -0.15pt">and the Trustee agree as follows for the
benefit of each other and for the benefit of the respective </FONT>Holders from time to time of the Subordinated Notes.</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
I</FONT><BR>
DEFINITIONS AND INCORPORATION BY REFERENCE</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 101&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitions.</U></P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">Except
as otherwise expressly provided in this Indenture or unless the context otherwise <FONT STYLE="letter-spacing: -0.2pt">requires,
the terms defined in this Section for all purposes of this Indenture, any Company Order, </FONT>any Board Resolution, and any indenture
supplemental hereto will have the respective meanings specified in this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Act</U></I>,&rdquo;
when used with respect to any Holders, is defined in Section 104.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Additional
Interest</U></I>&rdquo; has the meaning set forth in the Registration Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Affiliate</U></I>&rdquo;
means, with respect to any specified Person, any other Person directly or <FONT STYLE="letter-spacing: -0.05pt">indirectly controlling
or controlled by or under direct or indirect common control with such </FONT>specified Person. For the purposes of this definition,
&ldquo;control,&rdquo; when used with respect to any <FONT STYLE="letter-spacing: -0.15pt">specified Person means the power to
direct the management and policies of such Person, directly </FONT><FONT STYLE="letter-spacing: -0.25pt">or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the </FONT><FONT STYLE="letter-spacing: -0.15pt">terms
&ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have meanings correlative to the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Applicable
Procedures</U></I>&rdquo; means, with respect to any transfer or exchange of or for <FONT STYLE="letter-spacing: -0.2pt">beneficial
interests in any Global Subordinated Note, the rules and procedures of the Depositary </FONT>that apply to such transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Authenticating
Agent</U></I>&rdquo; means any Person authorized by the Trustee in accordance with Section 512 to act on behalf of the Trustee
to authenticate Subordinated Notes.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Authorized
Newspaper</U></I>&rdquo; means a newspaper, in an official language of the place of <FONT STYLE="letter-spacing: -0.15pt">publication
or in the English language, customarily published on each day that is a Business Day </FONT>in the place of publication, whether
or not published on days that are not Business Days in the <FONT STYLE="letter-spacing: -0.2pt">place of publication, and of general
circulation in each place in connection with which the term is </FONT><FONT STYLE="letter-spacing: -0.25pt">used or in the financial
community of each such place. Where successive publications are required </FONT><FONT STYLE="letter-spacing: -0.2pt">to be made
in Authorized Newspapers, the successive publications may be made in the same or in </FONT>different newspapers in the same place
meeting the foregoing requirements and in each case on <FONT STYLE="letter-spacing: -0.15pt">any day that is a Business Day in
the place of publication.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.15pt">&ldquo;<I><U>Authorized
Officer</U></I>&rdquo; means each of the Chairman of the Board, the Chief Executive </FONT>Officer, the President, any Senior Executive
Vice President and the Chief Financial Officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Bankruptcy
Laws</U></I>&rdquo; mean Title 11, United States Code (11 U.S.C. &sect;&sect;101 et seq.) or any similar federal or state law for
the relief of debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Board
of Directors</U></I>&rdquo; means, as to any Person, the board of directors, or similar governing body, of such Person or any duly
authorized committee thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.05pt">&ldquo;<I><U>Board
Resolution</U></I>&rdquo; means one or more resolutions, certified by the Secretary or an </FONT>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, delivered
to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Business
Day</U></I>&rdquo; means any day other than a Saturday, Sunday or other day on which <FONT STYLE="letter-spacing: -0.15pt">banking
institutions in the City of </FONT>Morristown, New Jersey <FONT STYLE="letter-spacing: -0.15pt">are authorized or obligated by
law, regulation </FONT>or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">&ldquo;<I><U>Commission</U></I>&rdquo;
means the U.S. Securities and Exchange Commission, as from time to time </FONT>constituted, or, if at any time after the execution
of this Indenture such Commission is not existing <FONT STYLE="letter-spacing: -0.05pt">and performing the duties now assigned
to it under the Trust Indenture Act, then the body </FONT>performing such duties at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.35pt">&ldquo;<I><U>Common
Stock</U></I>&rdquo; means any and all shares of the common stock, no par value per share, </FONT>of the Company, whether outstanding
on the date of this Indenture or issued thereafter, and <FONT STYLE="letter-spacing: -0.15pt">includes, without limitation all
series and classes of such common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Company</U></I>&rdquo;
is defined in the preamble to this Indenture,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">&ldquo;<I><U>Company
Request</U></I>&rdquo; and &ldquo;<I><U>Company Order</U></I>&rdquo; mean, respectively, a written request or order, </FONT>as
the case may be, signed on behalf of the Company by an Authorized Officer and delivered to <FONT STYLE="letter-spacing: -0.15pt">the
Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">&ldquo;<I><U>Corporate
Trust Office</U></I>&rdquo; means the address of the Trustee specified in Section 105 or such </FONT>other address as the Trustee
may designate from time to time by notice to the Holders and the <FONT STYLE="letter-spacing: -0.05pt">Company, or the designated
address of any successor Trustee (or such other address as such </FONT><FONT STYLE="letter-spacing: -0.15pt">successor Trustee
may designate from time to time by notice to the Holders and the Company).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Covenant
Defeasance</U></I>&rdquo; is defined in Section 302(3).</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Defaulted
Interest</U></I>&rdquo; is defined in Section 210.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.15pt">&ldquo;<I><U>Definitive
Subordinated Notes</U></I>&rdquo; means, individually and collectively, each Restricted </FONT>Definitive Subordinated Note and
each Unrestricted Definitive Subordinated Note, substantially in the form of <U>Exhibit A-l</U> hereto, issued under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">&ldquo;<I><U>Depositary</U></I>&rdquo;
means, with respect to any Subordinated Note issuable or issued in whole or </FONT>in part in global form, the Person designated
as depositary by the Company in accordance with <FONT STYLE="letter-spacing: -0.15pt">this Indenture, and any and all successors
thereto appointed as Depositary under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Dollars</U></I>&rdquo;
or &ldquo;<I><U>$</U></I>&rdquo; means a dollar or other equivalent unit of legal tender for payment of public or private debts
in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Event
of Default</U></I>&rdquo; is defined in Section 401.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Exchange
Act</U></I>&rdquo; means the Securities Exchange Act of 1934, as amended, or any successor statute thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Exchange
Notes</U></I>&rdquo; means the Subordinated Notes issued in the Exchange Offer in accordance with Section 208.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Exchange
Offer</U></I>&rdquo; has the meaning set forth in the Registration Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Exchange
Offer Registration Statement</U></I>&rdquo; has the meaning set forth in the Registration Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Federal
Reserve Board</U></I>&rdquo; means the Board of Governors of the Federal Reserve System or <FONT STYLE="letter-spacing: -0.15pt">any
successor regulatory authority with jurisdiction over bank holding companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.15pt">&ldquo;<I><U>Fixed
Interest Payment Date</U></I>&rdquo; means January 1 and July 1 of each year, beginning January 1, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.15pt">&ldquo;<I><U>Floating
Interest Payment Date</U></I>&rdquo; means January 1, April 1, July 1 and October 1 of each year, beginning October 1, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.15pt">&ldquo;<I><U>GAAP</U></I>&rdquo;
means generally accepted accounting principles in the United States set forth in </FONT>the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants, the statements and pronouncements of the
Financial Accounting <FONT STYLE="letter-spacing: -0.15pt">Standards Board and such other statements by such other entities (including
the Commission) as </FONT>have been accepted by a significant segment of the accounting profession, which are applicable at the
date of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">&ldquo;<I><U>Global
Subordinated Notes</U></I>&rdquo; means, individually and collectively, each Restricted Global </FONT>Subordinated Note and each
Unrestricted Global Subordinated Note, substantially in the form of <U>Exhibit A-2</U> hereto, issued under this Indenture.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Government
Obligations</U></I>&rdquo; means securities which are direct obligations of the United <FONT STYLE="letter-spacing: -0.15pt">States
in each case where the payment or payments thereunder are supported by the </FONT>full faith and credit of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Holder</U></I>&rdquo;
means the Person in whose name the Subordinated Note is registered in the Subordinated Note Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Indenture</U></I>&rdquo;
means this Indenture, as amended and supplemented from time to time in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Initial
Notes</U></I>&rdquo; means the $<FONT STYLE="font-size: 11pt">50,000,000</FONT> in aggregate principal amount of the Company&rsquo;s
<FONT STYLE="font-size: 11pt">5.75</FONT><FONT STYLE="letter-spacing: -0.15pt">% Fixed to Floating Rate Subordinated Notes due
2025 issued under this Indenture on the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Interest
Payment Date</U></I>&rdquo; means either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Interest
Period</U></I>&rdquo; means (i) each six-month period beginning on a Fixed Interest Payment Date for the period beginning on the
original issue date of the Subordinated Notes to but excluding July 1, 2020, or (ii) each three-month period beginning on a Floating
Interest Payment Date for the period beginning July 1, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">&ldquo;<I><U>Investment
Company Event</U></I>&rdquo; means the receipt by the Company of a legal opinion from </FONT>counsel experienced in such matters
to the effect that there is more than an insubstantial risk that <FONT STYLE="letter-spacing: -0.05pt">the Company is or, within
90 days of the date of such legal opinion will be, considered an </FONT>&ldquo;investment company&rdquo; that is required to be
registered under the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Legal
Defeasance</U></I>&rdquo; is defined in Section 302(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Letter
of Transmittal</U></I>&rdquo; means the letter of transmittal to be prepared by the Company and sent to all Holders for use by
such Holders in connection with an Exchange Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">&ldquo;<I><U>LIBOR</U></I>&rdquo;
means the rate as published by Bloomberg (or other commercially available source providing quotations of such rate as selected
by the Paying Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of
an Interest Period, as the rate for Dollar deposits in the London interbank market with a three-month maturity. If such rate is
not available at such time from such source for any reason, then the rate for that Interest Period will be determined by such alternate
method as reasonably selected by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">&ldquo;<I><U>Maturity</U></I>&rdquo;
means the date on which the principal of a Subordinated Note or an installment </FONT>of principal becomes due and payable as provided
in or under this Indenture or such Subordinated <FONT STYLE="letter-spacing: -0.15pt">Note, whether at the Stated Maturity or by
an acceleration of the maturity of such Subordinated Note in accordance with the terms of such Subordinated Note, upon redemption
at the option of the Company, upon repurchase or repayment or otherwise, and includes a Redemption Date for </FONT>such Subordinated
Note and a date fixed for the repurchase or repayment of such Subordinated Note at the option of the Holder.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Officer</U></I>&rdquo;
means, with respect to any Person, the chairman of the board, vice chairman of <FONT STYLE="letter-spacing: -0.2pt">the board,
the chief executive officer, the president, the chief operating officer, the chief financial </FONT>officer, the treasurer, any
assistant treasurer, the controller, the secretary or any Vice President of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.3pt">&ldquo;<I><U>Officers&rsquo;
Certificate</U></I>&rdquo; means a certificate signed on behalf of the Company by two Officers </FONT>of the Company, one of whom
must be the principal executive officer, the principal financial <FONT STYLE="letter-spacing: -0.2pt">officer or the principal
accounting officer of the Company, that complies with the requirements of </FONT>Section 102 and is delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Opinion
of Counsel</U></I>&rdquo; means a written opinion from legal counsel who is reasonably acceptable to the Trustee, which opinion
meets the requirements of Section 102. The counsel may <FONT STYLE="letter-spacing: -0.15pt">be an employee of or counsel to the
Company or any Subsidiary of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Outstanding</U></I>,&rdquo;
when used with respect to any Subordinated Notes, means, as of the date of determination, all such Subordinated Notes theretofore
authenticated and delivered under this Indenture, except (1) any such Subordinated Note theretofore cancelled by the Trustee or
the Registrar or delivered to the Trustee or the Registrar for cancellation; (2) any such Subordinated <FONT STYLE="letter-spacing: -0.05pt">Note
for whose payment at the Maturity thereof money in the necessary amount has been </FONT><FONT STYLE="letter-spacing: -0.3pt">theretofore
deposited in accordance with this Indenture (other than in accordance with Section 302) </FONT><FONT STYLE="letter-spacing: -0.25pt">with
the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company
will act as its own Paying Agent) for the Holders of such </FONT><FONT STYLE="letter-spacing: -0.2pt">Subordinated Notes, provided
that, if such Subordinated Notes are to be redeemed, notice of such </FONT><FONT STYLE="letter-spacing: -0.25pt">redemption has
been duly given in accordance with this Indenture or provision therefor satisfactory to the Trustee has been made; (3) any such
Subordinated Note with respect to which the Company </FONT><FONT STYLE="letter-spacing: -0.2pt">has effected Legal Defeasance or
Covenant Defeasance in accordance with Section 302, except to </FONT>the extent provided is Section 302; and (4) any such Subordinated
Note that has been paid in <FONT STYLE="letter-spacing: -0.25pt">accordance with Section 209 or in exchange for or in lieu of which
other Subordinated Notes have been authenticated and delivered under this Indenture, unless there will have been presented to the
</FONT>Trustee proof satisfactory to the Trustee that such Subordinated Note is held by a bona fide <FONT STYLE="letter-spacing: -0.25pt">purchaser
in whose hands such Subordinated Note is a valid obligation of the Company; provided, </FONT><FONT STYLE="letter-spacing: -0.2pt">however,
in all cases, that in determining whether the Holders of the requisite principal amount of Outstanding Subordinated Notes have
given any request, demand, authorization, direction, notice, </FONT>consent or waiver hereunder. Subordinated Notes owned by the
Company or any Affiliate of the Company will be disregarded and deemed not to be Outstanding, except that, in determining <FONT STYLE="letter-spacing: -0.2pt">whether
the Trustee will be protected in making any such determination or relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Subordinated Notes that </FONT>a Responsible Officer of the Trustee actually knows to be so owned
will be so disregarded. Subordinated Notes so owned that will have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee&rsquo;s right so to <FONT STYLE="letter-spacing: -0.25pt">act
with respect to such Subordinated Notes and that the pledgee is not the Company or an Affiliate </FONT>of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Participating
Broker-Dealer</U></I>&rdquo; has the meaning set forth in the Registration Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Paying
Agent</U></I>&rdquo; is defined in Section 206.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Person</U></I>&rdquo;
mean any individual, corporation, partnership, association, limited liability <FONT STYLE="letter-spacing: -0.2pt">company, other
company, statutory trust, business trust, joint venture, joint-stock company, trust, </FONT>unincorporated organization or government
or any agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Place
of Payment</U></I>,&rdquo; with respect to any Subordinated Note, means the place or places <FONT STYLE="letter-spacing: -0.2pt">where
the principal of, or interest on, such Subordinated Note are payable as provided in or under </FONT>this Indenture or such Subordinated
Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">&ldquo;<I><U>Private
Placement Legend</U></I>&rdquo; means the legend set forth in Section 204 of this Indenture to </FONT>be placed on all Subordinated
Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Purchase
Agreement</U></I>&rdquo; means the Subordinated Note Purchase Agreement concerning the Subordinated Notes, dated as of June <FONT STYLE="font-size: 11pt">30</FONT>,
2015, by and among the Company and the purchasers identified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.05pt">&ldquo;<I><U>Redemption
Date</U></I>&rdquo; with respect to any Subordinated Note or portion thereof to be </FONT>redeemed, means the date fixed for such
redemption by or under this Indenture or such Subordinated Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Redemption
Price</U></I>&rdquo; with respect to any Subordinated Note or portion thereof to be redeemed, means the price at which it is to
be redeemed as determined by or under this Indenture or such Subordinated Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Registrar</U></I>&rdquo;
is defined in Section 206.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Registration
Rights Agreement</U></I>&rdquo;<B> </B>means the Registration Rights Agreement in the form attached as <FONT STYLE="letter-spacing: -0.2pt"><U>Exhibit
B</U> to the Purchase Agreement with respect to the Subordinated Notes, dated as of the date </FONT>of this Indenture, by and among
the Company and the purchasers of the Initial Notes identified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Regular
Record Date</U></I>,&rdquo; with respect to any Interest Payment date, means the close of business on the fifteenth calendar day
prior to the applicable Interest Payment Date, without regard to whether the Regular Record Date is a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">&ldquo;<I><U>Responsible
Officer</U></I>&rdquo; means, when used with respect to the Trustee, any officer within the </FONT>corporate trust department of
the Trustee, including any vice president, assistant vice president, <FONT STYLE="letter-spacing: -0.05pt">assistant secretary,
assistant treasurer, trust officer or any other officer of the Trustee who </FONT><FONT STYLE="letter-spacing: -0.2pt">customarily
performs functions similar to those performed by the Persons who at the time will be </FONT><FONT STYLE="letter-spacing: -0.05pt">such
officers, respectively, or to whom any corporate trust matter is referred because of such </FONT>Person&rsquo;s knowledge of and
familiarity with the particular subject and who will have direct responsibility for the administration of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Restricted
Definitive Subordinated Note</U></I>&rdquo; means a Definitive Subordinated Note bearing, or that is required to bear, the Private
Placement Legend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Restricted
Global Subordinated Note</U></I>&rdquo; means a Global Subordinated Note bearing, or that is required to bear, the Private Placement
Legend,</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Restricted
Subordinated Note</U></I>&rdquo; means a Restricted Global Subordinated Note or a Restricted Definitive Subordinated Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Rule
144</U></I>&rdquo; means Rule 144 promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Rule
144A</U></I>&rdquo; means Rule 144A promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Securities
Act</U></I>&rdquo; means the Securities Act of 1933, as amended, or any successor statute thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Senior
Indebtedness</U></I>&rdquo; means the principal of, and premium, if any, and interest, including interest accruing after the commencement
of any bankruptcy proceeding relating to the Company, <FONT STYLE="letter-spacing: -0.2pt">on, or substantially similar payments
the Company makes in respect of the following categories of </FONT>debt, whether that debt was outstanding on the date of execution
of this Indenture or thereafter incurred, created or assumed: (1) indebtedness of the Company evidenced by notes, debentures, <FONT STYLE="letter-spacing: -0.2pt">or
bonds or other securities issued under the provisions of any indenture, fiscal agency agreement, </FONT>debenture or note purchase
agreement or other agreement, including any senior debt securities that may be offered; (2) indebtedness of the Company for money
borrowed or represented by purchase money obligations, as defined below; (3) the Company&rsquo;s obligations as lessee under leases
of property whether made as part of a sale and leaseback transaction to which it is a party or otherwise; (4) indebtedness, obligations
and liabilities of others in respect of which the Company is liable contingently or otherwise to pay or advance money or property
or as guarantor, endorser or otherwise or which it has agreed to purchase or otherwise acquire and indebtedness of partnerships
and joint ventures that is included in the Company&rsquo;s consolidated financial statements; (5) reimbursement and other obligations
relating to letters of credit, bankers&rsquo; acceptances and similar obligations; (6) obligations under various hedging arrangements
and agreements, including interest rate and currency hedging agreements and swap and non-swap <FONT STYLE="letter-spacing: -0.05pt">forward
agreements; (7) all of the Company&rsquo;s obligations issued or assumed as the deferred </FONT>purchase price of property or services,
but excluding trade accounts payable and accrued liabilities arising in the ordinary course of business; and (8) deferrals, renewals
or extensions of any of the indebtedness or obligations described in clauses (1) through (7) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">However,
clauses (1) through (8) above exclude: (x) any indebtedness, obligation or liability referred to in clauses (1) through (8) above
as to which, in the instrument creating or evidencing that indebtedness, obligation or liability, it is expressly provided that
the indebtedness, obligation or liability is not senior in right of payment, is junior in right of payment to, or ranks equally
in right of payment with, other specified types of indebtedness, obligations and liabilities of the Company, which other specified
types of indebtedness, obligations and liabilities of the Company include the Subordinated Notes; (y) any indebtedness, obligation
or liability that is subordinated to indebtedness, obligations or liabilities of the Company to substantially the same extent as
or to a <FONT STYLE="letter-spacing: -0.2pt">greater extent than the Subordinated Notes are subordinated; and (z) the Subordinated
Notes and, </FONT>unless expressly provided in the terms thereof, any indebtedness of the Company to its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">As
used above, the term &ldquo;purchase money obligations&rdquo; means indebtedness, obligations evidenced by a note, debenture, bond
or other instrument, whether or not secured by a lien or other security interest, issued to evidence the obligation to pay or a
guarantee of the payment of, and any</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0; background-color: white"><FONT STYLE="letter-spacing: -0.2pt">deferred
obligation for the payment of, the purchase price of property but excluding indebtedness </FONT>or obligations for which recourse
is limited to the property purchased, issued or assumed as all or a part of the consideration for the acquisition of property or
services, whether by purchase, merger, consolidation or otherwise, but does not include any trade accounts payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.05pt">&ldquo;<I><U>Significant
Subsidiary</U></I>&rdquo; means any Subsidiary of the Company that is a &ldquo;significant </FONT>subsidiary&rdquo; as defined
in Rule 1-02 of Regulation S-X promulgated by the Commission (as such rule is in effect on the date of this Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Special
Record Date</U></I>&rdquo; for the payment of any Defaulted Interest on any Subordinated Note means a date fixed in accordance
with Section 210.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Stated
Maturity</U></I>&rdquo; means<FONT STYLE="font-size: 11pt"> July 1</FONT>, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.15pt">&ldquo;<I><U>Subordinated
Note</U></I>&rdquo; or &ldquo;<I><U>Subordinated Notes</U></I>&rdquo; means the Initial Notes and the Exchange </FONT>Notes and,
more particularly, any Subordinated Note authenticated and delivered under this <FONT STYLE="letter-spacing: -0.2pt">Indenture,
including those Subordinated Notes issued or authenticated upon transfer, replacement </FONT><FONT STYLE="letter-spacing: -0.15pt">or
exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Subordinated
Note Register</U></I>&rdquo; is defined in Section 206.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Subordination
Provisions</U></I>&rdquo; means the provisions contained in Article XI or any provisions with respect to subordination contained
in the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Subsidiary</U></I>&rdquo;
means a corporation, a partnership, business or statutory trust or a limited liability company, a majority of the outstanding voting
equity securities or a majority of the voting <FONT STYLE="letter-spacing: -0.2pt">membership or partnership interests, as the
case may be, of which is owned or controlled, directly </FONT>or indirectly, by the Company or by one or more other Subsidiaries
of the Company. For the purposes of this definition, &ldquo;voting equity securities&rdquo; means securities having voting power
for the <FONT STYLE="letter-spacing: -0.15pt">election of directors, managers, managing partners or trustees, as the case may be,
whether at all times or only so long as no senior class of stock has voting power by reason of any contingency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Tax
Event</U></I>&rdquo; means the receipt by the Company of a legal opinion from counsel experienced in such matters to the effect
that there is more than an insubstantial risk that interest <FONT STYLE="letter-spacing: -0.25pt">paid by the Company on the Subordinated
Notes is not, or, within 90 days of the date of such legal </FONT>opinion, will not be, deductible by the Company, in whole or
in part, for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">&ldquo;<I><U>Tier
2 Capital</U></I>&rdquo; means Tier 2 capital for purposes of capital adequacy guidelines of the Federal Reserve Board, as then
in effect and applicable to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">&ldquo;<I><U>Tier
2 Capital Event</U></I>&rdquo; means the receipt by the Company of a legal opinion from counsel </FONT>experienced in such matters
to the effect that there is more than an insubstantial risk that the <FONT STYLE="letter-spacing: -0.15pt">Subordinated Notes do
not constitute, or within 90 days of the date of such legal opinion will not </FONT>constitute, Tier 2 Capital (or its then equivalent
if the Company were subject to such capital <FONT STYLE="letter-spacing: -0.2pt">requirement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Trust
Indenture Act</U></I>&rdquo; means the Trust Indenture Act of 1939, as amended.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Trustee</U></I>&rdquo;
means U.S. Bank National Association, as trustee, until a successor replaces it in accordance with the provisions of this Indenture
and thereafter means the successor serving hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>United
States</U></I>,&rdquo; means the United States of America (including the states thereof and the <FONT STYLE="letter-spacing: -0.2pt">District
of Columbia), its territories, its possessions and other areas subject to its jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Unrestricted
Definitive Subordinated Note</U></I>&rdquo; means a Definitive Subordinated Note that does not bear, and is not required to bear,
the Private Placement Legend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&ldquo;<I><U>Unrestricted
Global Subordinated Note</U></I>&rdquo; means a Global Subordinated Note that does not bear, and is not required to bear, the Private
Placement Legend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 102&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
Certificates and Opinions.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">Except
as otherwise expressly provided in or under this Indenture, upon any application or </FONT>request by the Company to the Trustee
to take any action under any provision of this Indenture, <FONT STYLE="letter-spacing: -0.25pt">the Company will furnish to the
Trustee an Officers&rsquo; Certificate in form and substance reasonably </FONT>satisfactory to the Trustee stating that, in the
opinion of the signers, all conditions precedent <FONT STYLE="letter-spacing: -0.15pt">(including covenants compliance with which
constitutes a condition precedent), if any, provided </FONT>for in this Indenture relating to the proposed action have been complied
with and an Opinion of <FONT STYLE="letter-spacing: -0.2pt">Counsel in form and substance reasonably satisfactory to the Trustee
stating that, in the opinion of </FONT>such counsel, all such conditions precedent (including covenants compliance with which <FONT STYLE="letter-spacing: -0.15pt">constitutes
a condition precedent), if any, have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">Each
certificate or opinion with respect to which compliance with a condition provided for </FONT>in this Indenture (other than an Officers&rsquo;
Certificate provided under Section 907) must comply <FONT STYLE="letter-spacing: -0.15pt">with the provisions of Section 314(e)
of the Trust Indenture Act and must include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify; text-indent: 72pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.25pt">a
statement that the person making such certificate or opinion has read such </FONT>covenant or condition;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 0; text-align: justify; text-indent: 72pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify; text-indent: 72pt;"><FONT STYLE="letter-spacing: -0.1pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
brief statement as to the nature and scope of the examination or <FONT STYLE="letter-spacing: -0.15pt">investigation upon which
the statements or opinions contained in such certificate or opinion are </FONT>based;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.5pt 0pt 0; text-align: justify; text-indent: 72pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.95pt 0pt 0; text-align: justify; text-indent: 72pt;"><FONT STYLE="letter-spacing: -0.2pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: -0.15pt">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 </FONT>as to whether or not such condition has been satisfied; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0.95pt 0pt 0; text-align: justify; text-indent: 72pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1.2pt 0pt 0; text-align: justify; text-indent: 72pt;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
statement as to whether or not, in the opinion of such person, such condition has been satisfied.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 1.2pt 0pt 0; text-align: justify; text-indent: 72pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 103&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Form
of Documents Delivered to Trustee.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify">one
such Person may certify or give an opinion with respect to some matters and one or more <FONT STYLE="letter-spacing: -0.15pt">other
such Persons as to other matters, and any such Person may certify or give an opinion as to </FONT>such matters in one or several
documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">Where
any Person is required to make, give or execute two or more applications, requests, </FONT>consents, certificates, statements,
opinions or other instruments under this Indenture or any <FONT STYLE="letter-spacing: -0.15pt">Subordinated Note, they may, but
need not, be consolidated and form one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 104&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Acts
of Holders.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request,
demand, authorization, direction, notice, consent, waiver or other action provided by or under this Indenture to be made, given
or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by <FONT STYLE="letter-spacing: -0.1pt">such
Holders in person or by an agent duly appointed in writing. Except as herein otherwise </FONT>expressly provided, such action will
become effective when such instrument or instruments or <FONT STYLE="letter-spacing: -0.1pt">record or both are delivered to the
Trustee and, where it is hereby expressly required, to the </FONT><FONT STYLE="letter-spacing: -0.2pt">Company. Such instrument
or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as
the &ldquo;Act&rdquo; of the Holders signing such </FONT><FONT STYLE="letter-spacing: -0.1pt">instrument or instruments. Proof
of execution of any such instrument or of a writing appointing </FONT><FONT STYLE="letter-spacing: -0.2pt">any such agent, or of
the holding by any Person of a Subordinated Note, will be sufficient for any </FONT>purpose of this Indenture and (subject to Section
501) conclusive in favor of the Trustee and the <FONT STYLE="letter-spacing: -0.1pt">Company and any agent of the Trustee or the
Company, if made in the manner provided in this </FONT>Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="letter-spacing: -0.25pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner that the
Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine, and the Trustee may in any
<FONT STYLE="letter-spacing: -0.15pt">instance require further proof with respect to any of the matters referred to in this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="letter-spacing: -0.1pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: -0.25pt">The
ownership, principal amount and serial numbers of Subordinated Notes </FONT>held by any Person, and the date of the commencement
and the date of the termination of holding the same, will be proved by the Subordinated Note Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="letter-spacing: -0.25pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company may, in the circumstances permitted by the Trust Indenture <FONT STYLE="letter-spacing: -0.1pt">Act, set a record date
for purposes of determining the identity of Holders entitled to give any </FONT>request, demand, authorization, direction, notice,
consent, waiver or take any other act authorized <FONT STYLE="letter-spacing: -0.3pt">or permitted to be given or taken by Holders.
Unless otherwise specified, if not set by the Company </FONT><FONT STYLE="letter-spacing: -0.1pt">prior to the first solicitation
of a Holder made by any Person in respect of any such action, any </FONT><FONT STYLE="letter-spacing: -0.25pt">such record date
will be the later of 30 days prior to the first solicitation of such consent or the date </FONT><FONT STYLE="letter-spacing: -0.05pt">of
the most recent list of Holders furnished to the Trustee prior to such solicitation. If a record </FONT><FONT STYLE="letter-spacing: -0.25pt">date
is fixed, the Holders on such record date, and only such Persons, will be entitled to make, give </FONT><FONT STYLE="letter-spacing: -0.1pt">or
take such request, demand, authorization, direction, notice, consent, waiver or other action, </FONT><FONT STYLE="letter-spacing: -0.15pt">whether
or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent,
waiver or other action will be valid or effective if made, </FONT>given or taken more than 90 days after such record date.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="letter-spacing: -0.15pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: -0.1pt">Any
effective request, demand, authorization, direction, notice, consent, </FONT>waiver or other Act by the Holder of any Subordinated
Note will bind every future Holder of the <FONT STYLE="letter-spacing: -0.15pt">same Subordinated Note and the Holder of every
Subordinated Note issued upon the registration </FONT>of transfer thereof or in exchange therefor or in lieu thereof in respect
of anything done or suffered <FONT STYLE="letter-spacing: -0.15pt">to be done by the Trustee, any Registrar, any Paying Agent or
the Company in reliance thereon, whether or not notation of such Act is made upon such Subordinated Note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="letter-spacing: -0.15pt">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Without
limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard
to all or any part of the <FONT STYLE="letter-spacing: -0.2pt">principal amount of such Note or by one or more duly appointed agents,
each of which may do so in accordance with such appointment with regard to all or any part of such principal amount. Any </FONT><FONT STYLE="letter-spacing: -0.3pt">notice
given or action taken by a Holder or its agents with regard to different parts of such principal </FONT><FONT STYLE="letter-spacing: -0.25pt">amount
in accordance with this paragraph will have the same effect as if given or taken by separate </FONT>Holders of each such different
part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.1pt">Without
limiting the generality of this Section 104, a Holder, including a </FONT>Depositary that is a Holder of a Global Subordinated
Note, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction,
notice, consent, <FONT STYLE="letter-spacing: -0.1pt">waiver or other Act provided in or under this Indenture or the Subordinated
Notes to be made, </FONT><FONT STYLE="letter-spacing: -0.15pt">given or taken by Holders, and a Depositary that is a Holder of
a Global Subordinated Note may </FONT>provide its proxy or proxies to the beneficial owners of interests in any such Global Subordinated
<FONT STYLE="letter-spacing: -0.15pt">Note through such Depositary&rsquo;s Applicable Procedures. The Company may fix a record
date for the purpose of determining the Persons who are beneficial owners of interests in any Global </FONT>Subordinated Note entitled
under the Applicable Procedures of such Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any
request, demand, authorization, <FONT STYLE="letter-spacing: -0.15pt">direction, notice, consent, waiver or other action provided
in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their
duly </FONT><FONT STYLE="letter-spacing: -0.1pt">appointed proxy or proxies, and only such Persons, will be entitled to make, give
or take such </FONT><FONT STYLE="letter-spacing: -0.15pt">request, demand, authorization, direction, notice, consent, waiver or
other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction,
notice, consent, waiver or other action will be valid or effective if made, given or taken </FONT>more than 90 days after such
record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.3pt">Promptly
upon any record date being set in accordance with this Section 104, the Company, </FONT>at its own expense, will cause notice of
the record date, the proposed action by Holders and the expiration date to be given to the Trustee in writing and the Holders in
the manner set forth in Section 105.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 105&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Required
Notices or Demands.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">Any
notice or communication by the Company or the Trustee to the other is duly given if </FONT>in writing and delivered in Person or
delivered by registered or certified mail (return receipt <FONT STYLE="letter-spacing: -0.25pt">requested), facsimile or overnight
air courier guaranteeing next day delivery, to the other&rsquo;s address:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">If
to the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">ConnectOne Bancorp, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">301 Sylvan Avenue</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="font-size: 11pt">Englewood Cliffs, New
Jersey 07362</FONT><BR>
Attention: Frank Sorrentino III, Chief Executive Officer<BR>
Facsimile: (201) 510-6781
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">With a copy (which shall not constitute notice to):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">Windels Marx<BR>
120 Albany Street Plaza<BR>
Sixth Floor<BR>
New Brunswick, New Jersey 08901<BR>
Attention: Robert A. Schwartz, Esq.<BR>
Facsimile: (732) 846-8877</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">If
to the Trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="letter-spacing: -0.25pt">U.S. Bank National
Association, as Trustee</FONT><BR>
Corporate Trust Services<BR>
21 South Street<BR>
Morristown, New Jersey 07960<BR>
<FONT STYLE="letter-spacing: -0.25pt">Attention: </FONT>Stephanie Roche<BR>
<FONT STYLE="letter-spacing: -0.25pt">Facsimile: </FONT>(973) 682-4540
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">All
notices and communications will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if delivered by mail; on the first Business Day after being sent,
if sent by facsimile and the sender receives confirmation of successful transmission; and the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">Any
notice required or permitted to be given to a Holder under the provisions of this <FONT STYLE="letter-spacing: -0.25pt">Indenture
will be deemed to be properly delivered by being deposited postage prepaid in a post office letter box in the United States addressed
to such Holder at the address of such Holder as shown on </FONT><FONT STYLE="letter-spacing: -0.2pt">the Subordinated Note Register.
Any report in accordance with Section 313 of the Trust Indenture </FONT>Act will be transmitted in compliance with subsection (c)
therein. If the Company delivers a notice or communication to Holders, the Company will deliver a copy to the Trustee at the same
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">In
any case where notice to Holders of Subordinated Notes is delivered by mail, neither the failure to deliver such notice, nor any
defect in any notice so delivered, to any particular Holder of a Subordinated Note will affect the sufficiency of such notice with
respect to other Holders of <FONT STYLE="letter-spacing: -0.2pt">Subordinated Notes. Any notice that is delivered in the manner
herein provided will be conclusively </FONT>presumed to have been duly given or provided. In the case by reason of the suspension
of regular mail service or by reason of any other cause it will be impracticable to give such notice by mail, then such notification
as will be made with the approval of the Trustee will constitute a sufficient notification for every purpose hereunder.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Where
this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice by Holders of Subordinated
Notes will be filed with the Trustee, but such filing will not be a condition precedent to the validity of any action taken in
reliance upon such waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Notwithstanding
any other provision herein, where this Indenture provides for notice to any Holder of a Global Subordinated Note, or of an interest
therein, such notice will be sufficiently given if given to the Depositary for such Global Subordinated Note (or its designee)
according to the applicable procedures of such Depositary prescribed for giving such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 106&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Language
of Notices.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Any
request, demand, authorization, direction, notice, consent or waiver or other Act required or permitted under this Indenture will
be in the English language, except that, if the Company so elects, any published notice may be in an official language of the country
of publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 107&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Incorporation
by Reference of Trust Indenture Act; Conflicts.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Whenever
this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part
of this Indenture. The Trust Indenture Act term &ldquo;<I>obligor</I>&rdquo; used in this Indenture means the Company and any successor
obligor upon the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">All
other terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by Commission rule under the Trust Indenture Act have the meanings so assigned to them as of the date of this
Indenture. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another provision included
in this Indenture that is required to be included in this Indenture by any of Sections 310 to 317, inclusive, of the Trust Indenture
Act, such required provision will control. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed
by Section 318(c) of the Trust Indenture Act, the duties imposed by Section 318(c) of the Trust Indenture Act will control. If
any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded,
the provisions of the Trust Indenture Act will be deemed to apply to this Indenture as so modified or will be excluded, as the
case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 108&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effect
of Headings and Table of Contents.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Article and Section headings in this Indenture and the Table of Contents are for convenience only and will not affect the construction
of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 109&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successors
and Assigns.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">All
the covenants, stipulations, promises and agreements in this Indenture by or on behalf of the Company or the Trustee will bind
its respective successors and permitted assigns, whether so expressed or not.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 110&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Severability.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">In
case any provision in this Indenture or any Subordinated Note will be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions will not, to the fullest extent permitted by law, in any way be affected or impaired
thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 111&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Benefits
of Indenture.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Nothing
in this Indenture or any Subordinated Note, express or implied, will give to any Person, other than the parties hereto, any Registrar,
any Paying Agent and their respective successors hereunder and the Holders of Subordinated Notes, and the holders of Senior Indebtedness,
any benefit or any legal or equitable right, remedy or claim under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 112&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Governing
Law.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">This
Indenture and the Subordinated Notes will be governed by and construed in accordance with the laws of the State of New York<FONT STYLE="font-size: 11pt">
</FONT>applicable to agreements made or instruments entered into and, in each case, performed in said state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 113&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Legal
Holidays.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Unless
otherwise specified in or under this Indenture or any Subordinated Notes, in any case where any Interest Payment Date, Stated Maturity
or Maturity of, or any other day on which a payment is due with respect to, any Subordinated Note will be a day that is not a Business
Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Subordinated Note other than a
provision in any Subordinated Note or in the Board Resolution, Officers&rsquo; Certificate or supplemental indenture establishing
the terms of any Subordinated Note that specifically states that such provision will apply in lieu hereof) payment need not be
made at such Place of Payment on such date, but such payment may be made on the next succeeding day that is a Business Day at such
Place of Payment with the same force and effect as if made on the Interest Payment Date, at the Stated Maturity or Maturity or
on any such other payment date, as the case may be, and no interest will accrue on the amount payable on such date or at such time
for the period from and after such Interest Payment Date, Stated Maturity, Maturity or other payment date, as the case may be,
to the next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 114&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Counterparts;
Electronic Transmission.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">This
Indenture may be executed in several counterparts, each of which will be an original and all of which will constitute but one and
the same instrument. Any facsimile or electronically transmitted copies hereof or signature hereon will, for all purposes, be deemed
originals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 115&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Immunity
of Certain Persons.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">No
recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Subordinated Note, or because
of any indebtedness evidenced thereby, will be had against any past, present or future shareholder, employee, officer or director,
as such, of the Company or of any predecessor or successor, either directly or through the Company or any predecessor or successor,
under any rule of law, statute or constitutional provision or by the</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">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 the Subordinated Notes by the Holders and as part of the consideration for the issue of the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 116&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Waiver
of Jury Trial.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">EACH
PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SUBORDINATED NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 117&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Force
Majeure.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">In
no event will the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
will use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 118&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>USA
Patriot Act.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Trustee hereby notifies the Company that in accordance with the requirements of the USA Patriot Act, it is required to obtain,
verify and record information that identifies the Company, which information includes the name and address of the Company and other
information that will allow the Trustee to identify the Company in accordance with the USA Patriot Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 119&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Sinking Fund.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Subordinated Notes are not entitled to the benefit of any sinking fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 120&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Rules
of Construction.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Unless
the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
term has the meaning assigned to it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;or&rdquo;
is not exclusive;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>words
in the singular include the plural, and in the plural include the singular;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;including&rdquo;
means including without limitation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;will&rdquo;
will be interpreted to express a command;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>provisions
apply to successive events and transactions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>references
to sections of, or rules under, the Securities Act will be deemed to include substitute, replacement or successor sections or rules
adopted by the Commission from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>unless
the context otherwise requires, any reference to an &ldquo;Article,&rdquo; &ldquo;Section&rdquo; or &ldquo;clause&rdquo; refers
to an Article, Section or clause, as the case may be, of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
words &ldquo;herein,&rdquo; &ldquo;hereof and &ldquo;hereunder&rdquo; and other words of similar import refer to this Indenture
as a whole and not any particular Article, Section, clause or other subdivision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"><B>ARTICLE
II</B></FONT><BR>
THE SUBORDINATED NOTES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 201&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Forms
Generally.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Subordinated Notes and the Trustee&rsquo;s certificate of authentication will be substantially in the form of <U>Exhibit A-l</U>
and <U>Exhibit A-2</U>, as applicable, which are a part of this Indenture. The Subordinated Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage (provided that any such notation, legend or endorsement is in a form
acceptable to the Company). The Company will provide any such notations, legends or endorsements to the Trustee in writing. Each
Subordinated Note will be dated the date of its authentication. The terms and provisions contained in the Subordinated Notes will
constitute, and are hereby expressly made a part of this Indenture and the Company and the Trustee, by their execution and delivery
of this Indenture, agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Subordinated
Note irreconcilably conflicts with the express provisions of this Indenture, the provisions of this Indenture will govern and be
controlling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 202&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitive
Subordinated Notes.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Initial Notes will be issued initially in the form of one or more Definitive Subordinated Notes. The Exchange Notes will also be
issued initially in the form of one or more Definitive Subordinated Notes, unless, before the issuance of such Exchange Notes,
the Company has determined that the Subordinated Notes may be represented by Global Subordinated Notes and has so notified the
Trustee, in which event the Exchange Notes will be issued in the form of one or more Global Subordinated Notes. Except as provided
in Section 207, Holders of Definitive Subordinated Notes will not be entitled to transfer Definitive Subordinated Notes in exchange
for beneficial interests in Global Subordinated Notes, and owners of beneficial interests in Global Subordinated Notes will not
be entitled to receive physical delivery of Definitive Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 203&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Global
Subordinated Notes.</U></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Each
Global Subordinated Note issued under this Indenture will be deposited with the Trustee at its Corporate Trust Office, as custodian
for the Depositary, and registered in the name of the Depositary or the nominee thereof, duly executed by the Company and authenticated
by the Trustee as hereinafter provided. The aggregate principal amount of any Global Subordinated Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee and the Depositary as hereinafter provided. Any adjustment
of the aggregate principal amount of a Global Subordinated Note to reflect the amount of any increase or decrease in the amount
of outstanding Subordinated Notes represented thereby will be made by the Trustee in accordance with instructions given by the
Holder thereof as required by Section 207 hereof and will be made on the records of the Trustee and the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 204&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Restricted
Subordinated Notes.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Each
Restricted Subordinated Note and Global Restricted Note will bear a Private Placement Legend in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; "><B>THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE &ldquo;<I><U>SECURITIES
ACT</U></I>&rdquo;) OR UNDER ANY APPLICABLE STATE SECURITIES LAW, THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN
AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
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 COMPANY, IF REQUESTED,
OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT.&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Private Placement Legend set forth above will be removed and a new Subordinated Note of like tenor and principal amount without
such Private Placement Legend will be executed by the Company, and upon written request of the Company (together with an Officers&rsquo;
Certificate and an Opinion of Counsel) given at least three Business Days prior to the proposed authentication date, the Trustee
will authenticate and deliver such new Subordinated Note to the respective Holder, if legal counsel to the Holder or owner of beneficial
interests requesting the removal of such Private Placement Legend deliver to the Trustee, any Registrar and Paying Agent (if a
different Person than the Trustee) and the Company an opinion of counsel in compliance with this Indenture and additionally opining
that the Subordinated Note is eligible for immediate resale, without any remaining holding period, under Rule 144 without regard
to the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 205&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Execution
and Authentication.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Subordinated
Notes will be executed on behalf of the Company by any Authorized Officer and may (but need not) have the Company&rsquo;s corporate
seal or a facsimile thereof reproduced thereon. The signature of an Authorized Officer on the Subordinated Notes may be manual
or</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">facsimile.
Subordinated Notes bearing the manual or facsimile signatures of individuals who were at the time of execution Authorized Officers
of the Company will, to the fullest extent permitted by law, bind the Company, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery of such Subordinated Notes or did not hold such
offices at the date of such Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Trustee or an Authenticating Agent will authenticate and deliver the Initial Notes for original issue in an aggregate principal
amount of up to $50,000,000<FONT STYLE="font-size: 11pt"> </FONT>upon one or more Company Orders and an Opinion of Counsel. In
addition, the Trustee or an Authenticating Agent will upon receipt of a Company Order, Opinion of Counsel and Officers&rsquo; Certificate
authenticate and deliver any Exchange Notes for an aggregate principal amount not to exceed $50,000,000<FONT STYLE="font-size: 11pt">
</FONT>specified in such Company Order for Exchange Notes issued hereunder. The aggregate principal amount of Outstanding Subordinated
Notes at any time may not exceed the amount set forth in the foregoing sentence, except as provided in Section 209. The Subordinated
Notes will be issued only in registered form without coupons and in minimum denominations of $1,000 and any integral multiple of
$1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Trustee will not be required to authenticate any Subordinated Notes if the issue of such Subordinated Notes under this Indenture
will affect the Trustee&rsquo;s own rights, duties or immunities under the Subordinated Notes and this Indenture or otherwise in
a manner that is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">No
Subordinated Note will be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there
appears on such Subordinated Note a certificate of authentication substantially in the form provided for herein executed by or
on behalf of the Trustee or by the Authenticating Agent by the manual signature of one of its authorized signatories. Such certificate
upon any Subordinated Note will be conclusive evidence, and the only evidence, that such Subordinated Note has been duly authenticated
and delivered hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 206&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registrar
and Paying Agent.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Company will maintain an office or agency where Subordinated Notes may be presented for registration of transfer or for exchange
(&ldquo;<I><U>Registrar</U></I>&rdquo;) and an office or agency where Subordinated Notes may be presented for payment &ldquo;<I><U>Paying
Agent</U></I>&rdquo;). The Registrar will keep a register of the Subordinated Notes (&ldquo;<I><U>Subordinated Note Register</U></I>&rdquo;)
and of their transfer and exchange. The registered Holder of a Subordinated Note will be treated as the owner of the Subordinated
Note for all purposes. The Company may appoint one or more co-registrars and one or more additional paying agents. The term &ldquo;Registrar&rdquo;
includes any co-registrar and the term &ldquo;Paying Agent&rdquo; includes any additional paying agent. The Company may change
any Paying Agent or Registrar without prior notice to any Holder; provided that no such removal or replacement will be effective
until a successor Paying Agent or Registrar will have been appointed by the Company and will have accepted such appointment. The
Company will notify the Trustee in writing of the name and address of any Registrar or Paying Agent not a party to this Indenture.
If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee will act as such. The Company
or any of its Subsidiaries may act as Paying Agent or Registrar.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Company initially appoints the Trustee to act as the Paying Agent and Registrar for the Subordinated Notes and, in the event that
any Subordinated Notes are issued in global form, to initially act as custodian with respect to the Global Subordinated Notes.
In the event that the Trustee will not be or will cease to be Registrar with respect the Subordinated Notes, it will have the right
to examine the Subordinated Note Register at all reasonable times. There will be only one Subordinated Note Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 207&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registration
of Transfer and Exchange</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as otherwise provided in or under this Indenture, upon surrender for registration of transfer of any Subordinated Note, the Company
will execute, and the Trustee will authenticate and deliver, in the name of the designated transferee or transferees, one or more
new Subordinated Notes denominated as authorized in or under this Indenture, of a like aggregate principal amount bearing a number
not contemporaneously outstanding and containing identical terms and provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Except
as otherwise provided in or under this Indenture, at the option of the Holder, Subordinated Notes may be exchanged for other Subordinated
Notes containing identical terms and provisions, in any authorized denominations (minimum denominations of $1,000 and any integral
multiple of $1,000 in excess thereof), and of a like aggregate principal amount, upon surrender of the Subordinated Notes to be
exchanged at any office or agency for such purpose. Whenever any Subordinated Notes are so surrendered for exchange, the Company
will execute, and the Trustee will authenticate and deliver, subject to the terms hereof, the Subordinated Notes that the Holder
making the exchange is entitled to receive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">All
Subordinated Notes issued upon any registration of transfer or exchange of Subordinated Notes will be the valid obligations of
the Company evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Subordinated
Notes surrendered upon such registration of transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Every
Subordinated Note presented or surrendered for registration of transfer or for exchange or redemption will (if so required by the
Company or the Registrar for such Subordinated Note) be duly endorsed, or be accompanied by a written instrument of transfer in
form satisfactory to the Company and the Registrar for such Subordinated Note duly executed by the Holder thereof or his attorney
duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">No
service charge will be made for any registration of transfer or exchange of Subordinated Notes, or any redemption or repayment
of Subordinated Notes, or any conversion or exchange of Subordinated Notes for other types of securities or property, but the Company
may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection
with the transfer or exchange of the Subordinated Notes from the Holder requesting such transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Except
as otherwise provided in or under this Indenture, the Company will not be required (i) to issue, register the transfer of or exchange
any Subordinated Notes during a period beginning at the opening of business 15 days before the day of the selection for redemption
of Subordinated Notes under Section 1003 and ending at the close of business on the day of such selection, or (ii) to register</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">the
transfer of or exchange any Subordinated Note, or portion thereof, so selected for redemption, except in the case of any Subordinated
Note to be redeemed in part, the portion thereof not to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Any
Registrar appointed in accordance with Section 206 hereof will provide to the Trustee such information as the Trustee may reasonably
require in connection with the delivery by such Registrar of Subordinated Notes upon transfer or exchange of Subordinated Notes.
No Registrar will be required to make registrations of transfer or exchange of Subordinated Notes during any periods designated
in the Subordinated Notes or in this Indenture as periods during which such registration of transfers and exchanges need not be
made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Subordinated Note (including any
transfers between or among Depositary participants or beneficial owners of interests in any Global Subordinated Note) other than
to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and
when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form
with the express requirements hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Neither
the Trustee nor any Paying Agent will have any responsibility for any actions taken or not taken by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>When
Definitive Subordinated Notes are presented by a Holder to the Registrar with a request to register the transfer of such Definitive
Subordinated Notes or to exchange such Definitive Subordinated Notes for an equal principal amount of Definitive Subordinated Notes
of other authorized denominations, the Registrar will register the transfer or make the exchange as requested if its reasonable
requirements for such transaction are met; provided, however, that the Definitive Subordinated Notes surrendered for transfer or
exchange will be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company
and the Registrar, duly executed by the Holder thereof or such Holder&rsquo;s attorney duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A
Global Subordinated Note may not be transferred except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary
to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary. All Global Subordinated Notes will be exchanged by the Company for Definitive Subordinated
Notes if: (i) the Depositary has notified the Company that it is unwilling or unable to continue as Depositary for such Global
Subordinated Note or such Depositary has ceased to be a &ldquo;clearing agency&rdquo; registered under the Exchange Act, and a
successor depositary is not appointed by the Company within 90 days, (ii) the Company determines that the Subordinated Notes are
no longer to be represented by Global Subordinated Notes and so notifies the Trustee, or (iii) an Event of Default has occurred
and is continuing with respect to the Subordinated Notes and the Depositary or its participant(s) has requested the issuance of
Definitive Subordinated Notes.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Any
Global Subordinated Note exchanged in accordance with clause (i) or (ii) above will be so exchanged in whole and not in part, and
any Global Subordinated Note exchanged in accordance with clause (iii) above may be exchanged in whole or from time to time in
part as directed by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Upon
the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Subordinated Notes will be issued in fully
registered form, without interest coupons, will have an aggregate Principal Amount equal to that of the Global Subordinated Note
or portion thereof to be so exchanged, will be registered in such names and be in such authorized denominations as the Depositary
will instruct the Trustee in writing and will bear such legends as provided herein. Global Subordinated Notes also may be exchanged
or replaced, in whole or in part, as provided in Section 209 hereof. Every Subordinated Note authenticated and delivered in exchange
for, or in lieu of, a Global Subordinated Note or any portion thereof, in accordance with this Section 207 or Section 209 hereof,
will be authenticated and delivered in the form of, and will be, a Global Subordinated Note, except as otherwise provided herein.
A Global Subordinated Note may not be exchanged for another Subordinated Note other than as provided in this Section 207(3); however,
beneficial interests in a Global Subordinated Note may be transferred and exchanged as provided in Section 207(4) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Any
Global Subordinated Note to be exchanged in whole will be surrendered by the Depositary to the Trustee. With regard to any Global
Subordinated Note to be exchanged in part, either such Global Subordinated Note will be so surrendered for exchange or, if the
Trustee is acting as custodian for the Depositary or its nominee with respect to such Global Subordinated Note, the principal amount
thereof will be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made
on the records of the Trustee. Upon any such surrender or adjustment, the Trustee will authenticate and deliver the Subordinated
Note issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The transfer and exchange of beneficial interests in the Global Subordinated Notes will be effected through the Depositary
in accordance with the Applicable Procedures and this Section 207.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A Definitive Subordinated Note may not be exchanged for a beneficial interest in a Global Subordinated Note unless the Company
determines that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee. After the Company
has determined that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee, then upon
receipt by the Trustee of a Definitive Subordinated Note, duly endorsed or accompanied by appropriate instruments of transfer,
in form satisfactory to the Trustee, together with written instructions from such Holder directing the Trustee to make, or to direct
the Registrar to make, an adjustment on its books and records with respect to such Global Subordinated Note to reflect an increase
in the aggregate principal amount of the Subordinated Notes represented by the Global Subordinated Note, such instructions to contain
information regarding the Depositary account to be credited with such increase, the Trustee will cancel such Definitive Subordinated
Note and cause, or direct the Registrar to cause, in accordance with the standing instructions and procedures existing between
the Depositary and the Registrar, the aggregate principal amount of Subordinated Notes represented by the Global Subordinated Note
to</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">be increased by the aggregate
principal amount of the Definitive Subordinated Note to be exchanged, and will credit or cause to be credited to the account of
the Person specified in such instructions a beneficial interest in the Global Subordinated Note equal to the principal amount of
the Definitive Subordinated Note so cancelled. If no Global Subordinated Notes are then outstanding, the Company will issue and
the Trustee will authenticate, upon Company Order, a new Global Subordinated Note in the appropriate principal amount.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
such time as all beneficial interests in a particular Global Subordinated Note have been exchanged for Definitive Subordinated
Notes or a particular Global Subordinated Note has been repurchased or canceled in whole and not in part, each such Global Subordinated
Note will be returned to or retained and canceled by the Trustee in accordance with Section 212 hereof. At any time prior to such
cancellation, if any beneficial interest in a Global Subordinated Note is exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Subordinated Note or for Definitive Subordinated Notes,
the principal amount of Subordinated Notes represented by such Global Subordinated Note will be reduced accordingly by adjustments
made on the records of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Subordinated Note, such other
Global Subordinated Note will be increased accordingly by adjustments made on the records of the Trustee to reflect such increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Restricted Subordinated Note will be transferred or exchanged except in compliance with the Private Placement Legend or as provided
in accordance with Section 208. In addition to the provisions for transfer and exchange set forth in this Section 207, the Trustee,
any Registrar and Paying Agent (if a different Person than the Trustee) and the Company may, prior to effecting any requested transfer
or exchange of any Restricted Subordinated Notes, other than an exchange in accordance with Section 208, require that legal counsel
to the Holder or owner of beneficial interests requesting such transfer or exchange deliver to the Trustee, any Registrar and Paying
Agent (if a different Person than the Trustee) and the Company, an Opinion of Counsel in compliance with this Indenture and additionally
opining that the transfer or exchange is in compliance with the requirements of the Private Placement Legend and that the Subordinated
Note issued to the transferee or in exchange for the Restricted Subordinated Note may be issued free of the Private Placement Legend.
Any untransferred or unexchanged balance of a Restricted Subordinated Note will be reissued to the Holder with the Private Placement
Legend, unless the Private Placement Legend may be omitted in accordance with Section 204, as evidenced by the Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 208&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Exchange
Offer.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Upon
the occurrence of an Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt
of a Company Order in accordance with Section 205 hereof, the Trustee will authenticate (i) Unrestricted Definitive Subordinated
Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Subordinated Notes tendered in
such Exchange Offer for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not Participating
Broker-Dealers, (y) they are not participating in a distribution of the applicable Exchange Notes and (z) they are not Affiliates
of the Company, and accepted for exchange in such Exchange Offer or, if permitted by the Company,</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">(ii)
one or more Unrestricted Global Subordinated Notes in an aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Subordinated Notes tendered in such Exchange Offer for acceptance by Persons that certify in
the applicable Letters of Transmittal that (x) they are not Participating Broker-Dealers, (y) they are not participating in a distribution
of the applicable Exchange Notes and (z) they are not Affiliates of the Company, and accepted for exchange in such Exchange Offer.
Concurrently with the issuance of such Unrestricted Global Subordinated Notes upon exchange of Restricted Global Subordinated Notes,
the Trustee will cause the aggregate principal amount of the applicable Restricted Global Subordinated Notes to be reduced accordingly,
and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Restricted
Definitive Subordinated Notes so accepted Unrestricted Definitive Subordinated Notes in the applicable principal amount. Any Subordinated
Notes that remain outstanding after the consummation of such Exchange Offer, and Exchange Notes issued in connection with such
Exchange Offer, will be treated as a single class of securities under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 209&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Mutilated,
Destroyed, Lost and Stolen Subordinated Notes.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">If
any mutilated Subordinated Note is surrendered to the Trustee, subject to the provisions of this Section 209, the Company will
execute and the Trustee will authenticate and deliver in exchange therefor a new Subordinated Note containing identical terms and
of like principal amount and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">If
there be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Subordinated Note, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either
of them harmless, then, in the absence of notice to the Company or the Trustee that such Subordinated Note has been acquired by
a bona fide purchaser, the Company will execute and, upon the Company&rsquo;s request the Trustee will authenticate and deliver,
in exchange for or in lieu of any such destroyed, lost or stolen Subordinated Note, a new Subordinated Note containing identical
terms and of like principal amount and bearing a number not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Notwithstanding
the foregoing provisions of this Section 209, in case the outstanding principal balance of any mutilated, destroyed, lost or stolen
Subordinated Note has become or is about to become due and payable, or is about to be redeemed by the Company pursuant to Article
X hereof, the Company in its discretion may, instead of issuing a new Subordinated Note, pay or redeem such Subordinated Note,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Upon
the issuance of any new Subordinated Note under this Section, 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 (including the fees and expenses
of the Trustee) connected therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Every
new Subordinated Note issued in accordance with this Section in lieu of any destroyed, lost or stolen Subordinated Note will constitute
a separate obligation of the Company, whether or not the destroyed, lost or stolen Subordinated Note will be at any time enforceable
by anyone, and will be entitled to all the benefits of this Indenture equally and proportionately with any and all other Subordinated
Notes duly issued hereunder.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The
provisions of this Section, as amended or supplemented in accordance with this Indenture with respect to particular Subordinated
Notes or generally, will (to the extent lawful) be exclusive and will preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 210&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payment
of Interest; Rights to Interest Preserved.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Any
interest on any Subordinated Note that will be payable, and punctually paid or duly provided for, on any Interest Payment Date
will be paid to the Person in whose name such Subordinated Note is registered as of the close of business on the Regular Record
Date for such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Any
interest on any Subordinated Note that will be payable, but will not be punctually paid or duly provided for, on any Interest Payment
Date for such Subordinated Note (herein called &ldquo;<I><U>Defaulted Interest</U></I>&rdquo;) will cease to be payable to the
Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid
by the Company, at its election in each case, as provided in clause (1) below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company may elect to make payment of any Defaulted Interest to the Person in whose name such Subordinated Note will be registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest, which will be fixed in the following
manner. The Company will notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Subordinated
Note and the date of the proposed payment, and at the same time the Company will deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or will make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for
the benefit of the Person entitled to such Defaulted Interest as in this clause provided. Thereupon, the Company will fix or cause
to be fixed a Special Record Date for the payment of such Defaulted Interest, which will be no less than 15 days from the proposed
payment. The Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company),
will cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be delivered to the
Holder of such Subordinated Note at the Holder&rsquo;s address as it appears in the Subordinated Note Register not less than 10
days prior to such Special Record Date. The Company may, in its discretion, in the name and at the expense of the Company cause
a similar notice to be published at least once in an Authorized Newspaper of general circulation in the City of Morristown, New
Jersey, but such publication will not be a condition precedent to the establishment of such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been delivered as aforesaid, such Defaulted
Interest will be paid to the Person in whose name such Subordinated Note will be registered at the close of business on such Special
Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Subject
to the foregoing provisions of this Section and Section 207, each Subordinated Note delivered under this Indenture upon registration
of transfer of or in exchange for or in lieu of any other Subordinated Note will carry the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Subordinated Note.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 211&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Persons
Deemed Owners.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Prior
to due presentment of a Subordinated Note for registration of transfer, the Company, the Trustee and any agent of the Company or
the Trustee may treat the Person in whose name such Subordinated Note is registered in the Subordinated Note Register as the owner
of such Subordinated Note for the purpose of receiving payment of principal of, and (subject to Section 207 and Section 210) interest
on, such Subordinated Note and for all other purposes whatsoever, whether or not any payment with respect to such Subordinated
Note will be overdue, and neither the Company, the Trustee or any agent of the Company or the Trustee will be affected by notice
to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">No
holder of any beneficial interest in any Global Subordinated Note held on its behalf by a Depositary will have any rights under
this Indenture with respect to such Global Subordinated Note, and such Depositary may be treated by the Company, the Trustee, and
any agent of the Company or the Trustee as the owner of such Global Subordinated Note for all purposes whatsoever. None of the
Company, the Trustee, any Paying Agent or the Registrar will have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests of a Global Subordinated Note or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Notwithstanding
the foregoing, nothing herein will prevent the Company, the Trustee, any Paying Agent or the Registrar from giving effect to any
written certification, proxy or other authorization furnished by the applicable Depositary, as a Holder, with respect to a Global
Subordinated Note or impair, as between such Depositary and the owners of beneficial interests in such Global Subordinated Note,
the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as the Holder of
such Global Subordinated Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 212&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Cancellation.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">All
Subordinated Notes surrendered for payment, redemption, registration of transfer or exchange will, if surrendered to any Person
other than the Trustee, be delivered to the Trustee, and any such Subordinated Note, as well as Subordinated Notes surrendered
directly to the Trustee for any such purpose, will be cancelled promptly by the Trustee. The Company may at any time deliver to
the Trustee for cancellation any Subordinated Notes previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and all Subordinated Notes so delivered will be cancelled promptly by the Trustee, No Subordinated
Notes will be authenticated in lieu of or in exchange for any Subordinated Notes cancelled as provided in this Section, except
as expressly permitted by or under this Indenture. All cancelled Subordinated Notes held by the Trustee will be disposed of in
accordance with its procedure for the disposition of cancelled Subordinated Notes, and the Trustee upon the written request of
the Company will deliver to the Company a certificate of such disposition, unless by a Company Order the Company shall direct that
cancelled Subordinated Notes shall be returned to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 213&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Computation
of Interest.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">From
and including the original issue date of the Subordinated Notes to but excluding July&nbsp;1, 2020, the rate at which the Subordinated
Notes shall bear interest shall be 5.75% per</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">annum,
computed on the basis of a 360-day year consisting of twelve 30-day months and payable semiannually in arrears on Fixed Interest
Payment Dates. From and including July 1, 2020 to but excluding the Stated Maturity, the rate at which the Subordinated Notes shall
bear interest shall be a floating rate equal to LIBOR determined on the determination date of the applicable Interest Period plus
393 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears
on Floating Interest Payment Dates. Any payment of principal of or interest on the Subordinated Notes 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 214&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>CUSIP
Numbers.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Company may issue the Subordinated Notes with one or more &ldquo;CUSIP&rdquo; numbers (if then generally in use). The Company will
promptly notify the Trustee of any change in the CUSIP numbers. The Trustee may use &ldquo;CUSIP&rdquo; numbers in notices (including
but not limited to notices of redemption or exchange) as a convenience to Holders; provided that any such notice may state that
no representation is made as to the correctness of such numbers either as printed on the Subordinated Notes or as contained in
any notice (including any notice of redemption or exchange) and that reliance may be placed only on the other identification numbers
printed on the Subordinated Notes, and any such notice will not be affected by any defect in or omission of such numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"><B>ARTICLE
III</B></FONT><BR>
SATISFACTION AND DISCHARGE OF INDENTURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 301&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Satisfaction
and Discharge.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">This
Indenture will cease to be of further effect, and the Trustee, on receipt of a Company Order, at the expense of the Company, will
execute proper instruments acknowledging satisfaction and discharge of this Indenture, when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>either</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
Subordinated Notes theretofore authenticated and delivered (other than (i) Subordinated Notes that have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 209 and (ii) Subordinated Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 903) have been delivered to the Trustee for cancellation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>all
Subordinated Notes that have not been delivered to the Trustee for cancellation (i) have become due and payable, or (ii) will become
due and payable at their Stated Maturity within one year, or (iii) if redeemable at the option of the Company, are to be called
for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee
in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused
to be deposited with the Trustee as trust funds in trust for such purpose, an amount sufficient to pay and discharge the entire
indebtedness on such Subordinated Notes not theretofore delivered to the Trustee for cancellation,</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">including the principal
of, and interest on, such Subordinated Notes, to the date of such deposit (in the case of Subordinated Notes which have become
due and payable) or to the Maturity thereof, as the case may be;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding Subordinated
Notes; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Company has delivered to the Trustee an Officers&rsquo; 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 satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">Notwithstanding
the satisfaction and discharge of this Indenture with respect to the Subordinated Notes, the obligations of the Company to the
Trustee under Section 507 and, if money will have been deposited with the Trustee in accordance with Section 301(1)(b), the obligations
of the Company and the Trustee with respect to the Subordinated Notes under Section 303 and Section 903 will survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 302&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Legal
Defeasance and Covenant Defeasance.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company may at its option and at any time, elect to have Section 302(2) or Section 302(3) be applied to such Outstanding Subordinated
Notes upon compliance with the conditions set forth below in this Section 302. Legal Defeasance and Covenant Defeasance may be
effected only with respect to all, and not less than all, of the Outstanding Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
the Company&rsquo;s exercise of the above option applicable to this Section 302(2), the Company will be deemed to have been discharged
from its obligations with respect to such Outstanding Subordinated Notes on the date the conditions set forth in clause (4) of
this Section 302 are satisfied (&ldquo;<I><U>Legal Defeasance</U></I>&rdquo;). For this purpose. Legal Defeasance means that the
Company will be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Subordinated Notes,
which will thereafter be deemed to be &ldquo;Outstanding&rdquo; only for the purposes of Section 302(5) and the other Sections
of this Indenture referred to in clauses (i) through (iv) of this paragraph, and to have satisfied all of its other obligations
under such Subordinated Notes and this Indenture insofar as such Subordinated Notes are concerned (and the Trustee, at the expense
of the Company, will execute proper instruments acknowledging the same), except for the following which will survive until otherwise
terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Subordinated Notes to receive, solely from the
trust fund described in Section 302(4)(a) and as more fully set forth in this Section 302 and Section 303, payments in respect
of the principal of and interest, if any, on, such Subordinated Notes when such payments are due, (ii) the obligations of the Company
and the Trustee with respect to such Subordinated Notes under Section 207, Section 209, Section 902 and Section 903, (iii) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section <I>302 </I>and Section 303. The Company
may exercise its option under this Section 302(2) notwithstanding the prior exercise of its option under Section 302(3) with respect
to such Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
the Company&rsquo;s exercise of the above option applicable to this Section 302(3), the Company will be released from its obligations
under clauses (ii) and (iii) of</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">Section 904 and under
Section 905, Section 906 and Section 907 on and after the date the conditions set forth in Section 302(4) are satisfied (&ldquo;<I><U>Covenant
Defeasance</U></I>&rdquo;), and such Subordinated Notes will thereafter be deemed to be not &ldquo;Outstanding&rdquo; for the purposes
of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any
such covenant, but will continue to be deemed &ldquo;Outstanding&rdquo; for all other purposes hereunder. For this purpose, such
Covenant Defeasance means that with respect to such Outstanding Subordinated Notes, the Company may omit to comply with, and will
have no liability in respect of. any term, condition or limitation set forth in any such Section or any such other covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of
reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to
comply will not constitute a default, but, except as specified above, the remainder of this Indenture and such Subordinated Notes
will be unaffected thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
following will be the conditions to application of Section 302(2) or Section 302(3) to any Outstanding Subordinated Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company will irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 508 who will agree to comply with the provisions of this Section 302 applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders,
(i) an amount in Dollars, (ii) Government Obligations that through the scheduled payment of principal and interest in respect thereof
in accordance with their terms will provide, not later than one day before the due date of any payment of principal of and interest,
if any, on such Subordinated Notes, money or (iii) a combination thereof, in any case, in an amount, sufficient, without consideration
of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which will be applied by the Trustee
(or other qualifying trustee) to pay and discharge, the principal of and interest, if any, on, such Outstanding Subordinated Notes
on the Stated Maturity of such principal or installment of principal or interest or the applicable Redemption Date, as the case
may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, this Indenture
or any other material agreement or instrument to which the Company or any Subsidiary is a party or by which it is bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Subordinated
Notes will have occurred and be continuing on the date of such deposit, and, solely in the case of Legal Defeasance under Section
302(2), no Event of Default, or event which with notice or lapse of time or both would become an Event of Default, under Section
401 will have occurred and be continuing at any time during the period ending on and including the 91<SUP>st</SUP> day after the
date of such deposit (it being understood that this condition to Legal Defeasance under Section 302(2) will not be deemed satisfied
until the expiration of such period),</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
the case of Legal Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the
Trustee stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or
(ii) since the date of this Indenture there has been a change in applicable federal income tax law, in either case to the effect
that, and based thereon such opinion of independent counsel will confirm that, the Holders of such Outstanding Subordinated Notes
will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
the case of Covenant Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel reasonably acceptable to
the Trustee to the effect that the Holders of such Outstanding Subordinated Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company will have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the Legal Defeasance or Covenant Defeasance, as the case may be, under this Indenture have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the moneys or Government Obligations or combination thereof, as the case may be, deposited under Section 302(4)(a) above are sufficient
to pay the principal of, and interest, if any, on, such Subordinated Notes provided such Subordinated Notes are redeemed on a particular
Redemption Date, the Company will have given the Trustee irrevocable instructions to redeem such Subordinated Notes on such date
and to provide notice of such redemption to Holders as provided in or under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Trustee will have received such other documents, assurances and Opinions of Counsel as the Trustee will have reasonably required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the provisions of the last paragraph of Section 903, all money and Government Obligations deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 302(5), the &ldquo;<I><U>Trustee</U></I>&rdquo;) in accordance with
Section 302(4)(a) in respect of any Outstanding Subordinated Notes will be held in trust and applied by the Trustee, in accordance
with the provisions of such Subordinated Notes and this Indenture, to the payment, either directly or through any Paying Agent
(other than the Company or any Subsidiary or Affiliate of the Company acting as Paying Agent) as the Trustee may determine, to
the Holders of all sums due and to become due thereon in respect of principal and interest but such money and Government Obligations
need not be segregated from other funds, except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; ">The
Company will pay and indemnify the Trustee against any tax, fee or other charge, imposed on or assessed against the Government
Obligations deposited in accordance with this Section 302 or the principal or interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Subordinated Notes.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 303&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Application
of Trust Money.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Subject
to the provisions of the last paragraph of Section 903, all money and Government Obligations deposited with the Trustee in accordance
with Section 301 or Section 302 will be held in trust and applied by the Trustee, in accordance with the provisions of such Subordinated
Notes subject to discharge under Section 301 or Legal Defeasance or Covenant Defeasance under Section 302, and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company, acting as its own Paying Agent) as the Trustee
may determine, to the Persons entitled thereto, of the principal and interest for whose payment such money has or Government Obligations
have been deposited with or received by the Trustee; but such money and Government Obligations need not be segregated from other
funds, except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 304&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reinstatement.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">If
the Trustee (or other qualifying trustee appointed in accordance with Section 302(4)(a)) or any Paying Agent is unable to apply
any moneys or Government Obligations deposited in accordance with Section 301(1) or Section 302(4)(a) to pay any principal of,
or interest, if any, on, the Subordinated Notes by reason of any legal proceeding or any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then the Company&rsquo;s obligations under this Indenture
and the Subordinated Notes will be revived and reinstated as though no such deposit had occurred, until such time as the Trustee
(or other qualifying trustee) or Paying Agent is permitted to apply all such moneys and Government Obligations to pay the principal
of, and interest, if any, on the Subordinated Notes as contemplated by Section 301 or Section 302 as the case may be; provided,
however, that if the Company makes any payment of the principal of, or interest if any on, the Subordinated Notes following the
reinstatement of its obligations as aforesaid, the Company will be subrogated to the rights of the Holders of such Subordinated
Notes to receive such payment from the funds held by the Trustee (or other qualifying trustee) or Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 305&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effect
on Subordination Provisions.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
provisions of Article XI are expressly made subject to the provisions for, and to the right of the Company to effect, the satisfaction
and discharge of all of the Subordinated Notes as set forth in and in accordance with Section 301 and the provisions for, and
to the right of the Company to effect, Legal Defeasance and Covenant Defeasance of all of the Subordinated Notes as set forth
in and in accordance with Section 302. As a result, and anything herein to the contrary notwithstanding, if the Company complies
with the provisions of Section 301 to effect the satisfaction and discharge of the Subordinated Notes or complies with the provisions
of Section 302 to effect the Legal Defeasance or Covenant Defeasance, upon the effectiveness of such satisfaction and discharge
in accordance with Section 301 or of Legal Defeasance or Covenant Defeasance in accordance with Section 302, in the case of satisfaction
and discharge in accordance with Section 301, or, in the case of Legal Defeasance or Covenant Defeasance in accordance with Section
302, the Subordinated Notes as to which Legal Defeasance or Covenant Defeasance, as the case may be, will have become effective
will thereupon cease to be so subordinated in right of payment to the Senior Indebtedness and will no longer be subject to the
provisions of Article XI and, without limitation to the foregoing, all moneys and Government Obligations deposited with the Trustee
(or other qualifying trustee) in trust in connection with such satisfaction and discharge. Legal </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Defeasance or Covenant Defeasance,
as the case may be, and all proceeds therefrom may be applied to pay the principal of, and interest, if any, on, such Subordinated
Notes as and when the same will become due and payable notwithstanding the provisions of Article XI without regard to whether
any or all of the Senior Indebtedness then outstanding will have been paid or otherwise provided for.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000"><B>ARTICLE
IV</B></FONT><BR>
REMEDIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 401&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Events
of Default; Acceleration.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">An
&ldquo;Event of Default&rdquo; means any one of the following events (whatever the reason for such Event of Default and whether
it will be voluntary or involuntary or be effected by operation of law or in accordance with any judgment, decree, or order of
any court or any order, rule, or regulation of any administrative or governmental body):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary
case or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United
States or any political subdivision thereof, and such decree or order will have continued unstayed and in effect for a period
of 60 consecutive days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency or reorganization law, now or hereafter
in effect of the United States or any political subdivision thereof, or the consent by the Company to the entry of a decree or
order for relief in an involuntary case or proceeding under any such law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
failure of the Company to pay any installment of interest on any of the Subordinated Notes as and when the same will become due
and payable, and the continuation of such failure for a period of 30 days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
failure of the Company to pay all or any part of the principal of any of the Subordinated Notes as and when the same will become
due and payable under this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
failure of the Company to perform any other covenant or agreement on the part of the Company contained in the Subordinated Notes
or in this Indenture, and the continuation of such failure for a period of 60 days after the date on which notice specifying such
failure, stating that such notice is a &ldquo;Notice of Default&rdquo; hereunder and demanding that the Company remedy the same,
will have been given, in the manner set forth in Section 105, to the Company by the Trustee, or to the Company and the Trustee
by the Holders of at least 35% in aggregate principal amount of the Subordinated Notes at the time Outstanding; or the default
by the Company under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company having an aggregate
principal amount outstanding of at least $50,000,000, whether such indebtedness now exists or is created or incurred in the future,
which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when due and payable after the
expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable
prior to the date on which it otherwise would have become due and payable without, in the case of clause (i), such indebtedness
having been discharged or, in the</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> case of clause (ii), without such indebtedness having been discharged or such acceleration having
been rescinded or annulled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Upon
becoming aware of any Event of Default, the Company will promptly deliver to the Trustee a written statement specifying the Event
of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">If
an Event of Default described in Section 401(1) or Section 401(2) occurs, then the principal amount of all of the Outstanding
Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder, and the Company waives demand,
presentment for payment, notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because
the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event
of Default described in Section 401(1) or Section 401(2), neither the Trustee nor any Holder may accelerate the Maturity of the
Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due
and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">If
any Event of Default occurs and is continuing, the Trustee may also pursue any other available remedy to collect the payment of
principal of, and interest on, the Subordinated Notes or to enforce the performance of any provision of the Subordinated Notes
or this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 402&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Failure
to Make Payments.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">If
an Event of Default described in Section 401(3) or Section 401(4) occurs, the Company will, upon demand of the Trustee, pay to
the Trustee, for the benefit of the Holders of such Subordinated Notes, the whole amount then due and payable with respect to
such Subordinated Notes, with interest upon the overdue principal, and, to the extent permitted by applicable law, upon any overdue
installments of interest at the rate or respective rates, as the case may be, provided for or with respect to such Subordinated
Notes or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by
such Subordinated Notes, and, in addition thereto, such further amount of money as will be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel
and all other amounts due to the Trustee under Section 507.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">If
the Company fails to pay the money it is required to pay the Trustee, the Trustee, in its own name and as trustee of an express
trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute .such proceeding to
judgment or final decree, and may enforce the same against the Company or any other obligor upon such Subordinated Notes and collect
the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company, wherever situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
Trustee may proceed to protect and enforce its rights and the rights of the Holders of Subordinated Notes by such appropriate
judicial proceedings as the Trustee will deem most effectual to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted in this Indenture, or
to enforce any other proper remedy.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Upon
the occurrence of a failure by the Company to make any required payment of principal or interest on the Subordinated Notes, the
Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment
with respect to, any of the Company&rsquo;s capital stock, make any payment of principal or interest or premium, if any, on or
repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or make
any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions
in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company&rsquo;s common stock;
(ii) any declaration of a dividend in connection with the implementation of a shareholders&rsquo; rights plan, or the issuance
of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result
of a reclassification of Company&rsquo;s capital stock or the exchange or conversion of one class or series of Company&rsquo;s
capital stock for another class or series of Company&rsquo;s capital stock; (iv) the purchase of fractional interests in shares
of Company&rsquo;s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security
being converted or exchanged; or (v) purchases of any class of Company&rsquo;s common stock related to the issuance of common
stock or rights under any benefit plans for Company&rsquo;s directors, officers or employees or any of Company&rsquo;s dividend
reinvestment plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 403&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Trustee
May File Proofs of Claim.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">In
case of any judicial proceeding relative to the Company (or any other obligor upon the Subordinated Notes), its property or its
creditors, the Trustee will be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions
authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding.
In particular, the Trustee will be authorized to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>file
and prove a claim for the whole amount, or such lesser amount as may be provided for in the Subordinated Notes, of the principal
and interest owing and unpaid in respect of such Subordinated Notes and to file such other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents or counsel) and of the Holders of such Subordinated Notes allowed in such judicial proceeding,
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>collect
and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">and any custodian, receiver,
assignee, trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee will consent to the making of such payments directly to
the Holders and to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements, and advances
of the Trustee, its agents and counsel, and any other amounts due hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">No
provision of this Indenture will be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, arrangement, adjustment, or composition affecting the Subordinated Notes or the rights
of any Holder or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">provided, however,
the Trustee may vote on behalf of the Holders for the election of a trustee in bankruptcy or similar official and may be a member
of a creditors, or other similar committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 404&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Trustee
May Enforce Claims Without Possession of Subordinated Notes.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">All
rights of action and claims under this Indenture or the Subordinated Notes may be prosecuted and enforced by the Trustee without
the possession of any of the Subordinated Notes or the production of such Subordinated Notes in any related proceeding, and any
such proceeding instituted by the Trustee will be brought in its own name as trustee of an express trust, and any recovery of
judgment will, after provision for the payment of the reasonable compensation, expenses, disbursements, and advances of the Trustee,
its agents, and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 405&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Application
of Money Collected.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Any
money collected by the Trustee in accordance with this Article IV or, after an Event of Default, any money or other property distributable
in respect of the Company&rsquo;s obligations under this Indenture will be applied in the following order, at the date or dates
fixed by the Trustee and, in case of the distribution of such money on account of principal or any interest, upon presentation
of the Subordinated Notes and the notation on such Subordinated Notes of the payment if only partially paid and upon surrender
of such Subordinated Notes if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">FIRST:
To the payment of all amounts due the Trustee, acting in any capacity hereunder, (including any predecessor trustee) under Section
507;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">SECOND:
To the payment of amounts then due and unpaid to the holders of Senior Indebtedness, to the extent required under the Subordination
Provisions established with respect to the Subordinated Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">THIRD:
To the payment of the amounts then due and unpaid for principal of and any interest on the Subordinated Notes in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
aggregate amounts due and payable on such Subordinated Notes for principal and interest, respectively; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">FOURTH:
The balance, if any, to the Person or Persons entitled thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 406&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Limitation
on Suits.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">No
Holder of any Subordinated Note will have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Subordinated Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Holders of not less than 35% in aggregate principal amount of the Outstanding Subordinated Notes will have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
Holder or Holders have offered to the Trustee security and indemnity reasonably satisfactory to the Trustee against the costs,
expenses, and liabilities to be incurred in compliance with such request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee for 60 days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in the aggregate principal amount of the Outstanding Subordinated Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">it being understood and intended that
no one or more of such Holders will have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb, or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority
or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner provided in this
Indenture and for the equal and ratable benefit of all of such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 407&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Unconditional
Right of Holders to Payments.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Notwithstanding
any other provision in this Indenture, the Holder of any Subordinated Note will have the right, which is absolute and unconditional,
to receive payment of the principal of and (subject to Section 207 and Section 210) any interest on such Subordinated Note on
the respective Stated Maturity or Maturities expressed in such Subordinated Note (or, in the case of redemption, on the Redemption
Date), and to institute suit for the enforcement of any such payment and such rights will not be impaired without the consent
of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 408&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Restoration
of Rights and Remedies.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders will be restored
severally and respectively to their former positions under this Indenture, and thereafter all rights and remedies of the Trustee
and the Holders will continue as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 409&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Rights
and Remedies Cumulative.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Subordinated Notes in
the last paragraph of Section 209, no right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders
is intended to be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given under this Indenture or now or in the future existing at law
or in equity or otherwise. The assertion or employment of any right or remedy under this Indenture, or otherwise, will not prevent
the concurrent assertion or employment of any other appropriate right or remedy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 410&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Delay
or Omission Not Waiver.</U></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">No
delay or omission of the Trustee or of any Holder of any Subordinated Notes to exercise any right or remedy accruing upon any
Event of Default will impair any such right or remedy or constitute a waiver of or acquiescence in any such Event of Default.
Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 411&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Control
by Holders.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
Holders of a majority in aggregate principal amount of the Outstanding Subordinated Notes will 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 the Subordinated Notes, provided that</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
direction will not violate any rule of law or this Indenture or the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee will have the right to decline to follow any such direction if the Trustee in good faith will, determine that the proceeding
so directed would involve the Trustee in personal liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 412&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Waiver
of Past Defaults.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
Holders of not less than a majority in aggregate principal amount of the Outstanding Subordinated Notes may on behalf of the Holders
of all the Subordinated Notes waive any past default under this Indenture and its consequences, except a default in the payment
of the principal of, or interest on, any Subordinated Note, or in respect of a covenant or provision of this Indenture which under
Article VIII cannot be modified or amended without the consent of the Holder of each Outstanding Subordinated Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Upon
any such waiver, such default will cease to exist, and any Event of Default arising from such default will be deemed to have been
cured, for every purpose of this Indenture; but no such waiver will extend to any subsequent or other default or impair any consequent
right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 413&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Undertaking
for Costs.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">All
parties to this Indenture agree, and each Holder of any Subordinated Notes by his acceptance of such Subordinated Notes will 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, suffered, 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 attorney&rsquo;s 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
413 will not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 35% in principal amount of the </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Outstanding Subordinated Notes,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest, if any, on any Subordinated
Notes on or after the Stated Maturity or Maturities expressed in such Subordinated Notes (or, in the case of redemption, on or
after the Redemption Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000"><B>ARTICLE
V</B></FONT><BR>
THE TRUSTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 501&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Duties
of Trustee.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it hereby,
and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in
the conduct of such person&rsquo;s own affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
during the continuance of an Event of Default:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
duties of the Trustee will be determined solely by the express provisions hereof and the Trustee need perform only those duties
that are specifically set forth herein and no others, and no implied covenants or obligations will be read into this Indenture
against the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements hereof;
however, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements hereof
(but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Whether
or not therein expressly so provided, every provision hereof that in any way relates to the Trustee is subject to paragraphs (1)
and (2) of this Section 501 and to Section 502.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
provision hereof will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no
obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has
offered to the Trustee security and indemnity reasonably satisfactory to it against any loss, liability or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 502&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Certain
Rights of Trustee.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Subject
to Section 315(a) through Section 315(d) of the Trust Indenture Act:</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee may conclusively rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or
parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
request or direction of the Company mentioned herein will be sufficiently evidenced by a Company Request or a Company Order (unless
other evidence in respect therof be herein specifically prescribed) and any resolution of the Board of Directors may be sufficiently
evidenced by a Board Resolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>whenever
in the administration of this Indenture the Trustee will deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence will be herein specifically prescribed) may, in
the absence of bad faith on its part, rely upon an Officers&rsquo; Certificate or Opinion of Counsel, or both, which will comply
with Section 102;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>before
the Trustee acts or refrains from acting, it may require an Officers&rsquo; Certificate or an Opinion of Counsel or both. The
Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers&rsquo; Certificate
or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will
be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon. The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any agent appointed with due care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee will be under no obligation to exercise any of the rights or powers vested in it by or under this Indenture at the request
or direction of any Holder(s) under this Indenture, unless such Holder(s) will have offered to the Trustee security or indemnity
satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request
or direction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee will determine to make such further inquiry or investigation, it will be entitled
to examine, during business hours and upon reasonable notice, the books, records and premises of the Company, personally or by
agent or attorney, at the sole cost of the Company and will incur no liability or additional liability of any kind by reason of
such inquiry or investigation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee will not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee will not be liable for any action taken, suffered or omitted to be taken 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>in
no event will the Trustee be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee will not be required to take notice or be deemed to have notice of any Event of Default, except failure by the Company
to pay or cause to be made any of the payments required to be made to the Trustee, unless a Responsible Officer shall receive
by a writing of such default by the Company or by the Holders of at least 35% in aggregate principal amount of the then Outstanding
Subordinated Notes delivered to the Corporate Trust Office of the Trustee and in the absence of such notice so delivered the Trustee
may conclusively assume no Event of Default exists;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed or appointed to act hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions under this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(14) &nbsp;&nbsp; &nbsp;the
Trustee shall not be liable or responsible for any calculation in connection with the transactions contemplated hereunder nor
for any information used in connection with such calculation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 503&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notice
of Defaults.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Within
90 days after the Trustee is notified of the occurrence of any default hereunder with respect to the Subordinated Notes, the Trustee
will deliver to all Holders entitled to receive reports in accordance with Section 603(3), notice of such default hereunder known
to the Trustee, unless such default will have been cured or waived; provided, however, that, except in the case of a default in
the payment of the principal of or interest, if any, on, any Subordinated Note, the Trustee will be protected in withholding such
notice if and so long as the Trustee in good faith determine that the withholding of such notice is in the best interest of the
Holders. For the purpose of this </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Section, the term &ldquo;default&rdquo; means any event that is, or after notice or lapse of
time or both would become, an Event of Default with respect to Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 504&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Not
Responsible for Recitals or Issuance of Subordinated Notes.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
recitals contained herein and in the Subordinated Notes, except the Trustee&rsquo;s certificate of authentication, will be taken
as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Subordinated Notes, except
that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Subordinated Notes
and perform its obligations hereunder and that the statements made by it in any Statement of Eligibility on Form T-1 supplied
to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating
Agent will be accountable for the use or application by the Company of the Subordinated Notes or the proceeds thereof. The Trustee
will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Subordinated Notes,
it will not be accountable for the Company&rsquo;s use of the proceeds from the Subordinated Notes or any money paid to the Company
or upon the Company&rsquo;s direction under any provision hereof, it will not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein
or any statement in the Subordinated Notes or any other document in connection with the sale of the Subordinated Notes or under
this Indenture other than its certificate of authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 505&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>May
Hold Subordinated Notes.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
Trustee, any Authenticating Agent, any Paying Agent, any Registrar or any other Person that may be an agent of the Trustee or
the Company, in its individual or any other capacity, may become the owner or pledgee of Subordinated Notes and, subject to Section
310(b) and Section 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights that it would have
if it were not Trustee, Authenticating Agent, Paying Agent, Registrar or such other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 506&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Money
Held in Trust.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Except
as provided in Section 302(5), Section 303 and Section 903, money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law and will be held uninvested. The Trustee will be under no liability for
interest on any money received by it hereunder except as otherwise agreed in writing with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 507&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compensation
and Reimbursement.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
Company agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
pay to the Trustee from time to time compensation as agreed in writing among the parties hereto for all services rendered by the
Trustee acting in any capacity hereunder (which compensation will not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to the Trustee&rsquo;s gross negligence or willful misconduct; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
indemnify each of the Trustee acting in any capacity or any predecessor Trustee and their agents for, and to hold them harmless
against, any loss, liability or expense (including, without limitation, the reasonable fees and disbursements of the Trustee&rsquo;s
agents, legal counsel, accountants and experts) and including taxes (other than taxes based upon, measured by or determined by
the income of the Trustee), arising out of or in connection with the acceptance or administration of its duties hereunder, including
the costs and expenses of enforcing this Indenture against the Company (including this Section 507) and defending itself against
any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise or
performance of any of their powers or duties hereunder, or in connection with enforcing the provisions of this Section, except
to the extent that any such loss, liability or expense was due to the Trustee&rsquo;s gross negligence or willful misconduct as
determined by a court of competent jurisdiction in a final, non-appealable order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
obligations of the Company under this Section 507 will survive the satisfaction and discharge of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">As
security for the performance of the obligations of the Company under this Section, the Trustee will have a lien prior to the Subordinated
Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal
of, or interest on. Subordinated Notes. Such lien will survive the satisfaction and discharge hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Any
compensation or expense incurred by the Trustee after a default specified by Section 401 is intended to constitute an expense
of administration under any then applicable bankruptcy or insolvency law. &ldquo;Trustee&rdquo; for purposes of this Section 507
will include any predecessor Trustee, but the negligence or bad faith of any Trustee will not affect the rights of any other Trustee
under this Section 507. The provisions of this Section 507 will, to the extent permitted by law, survive any termination of this
Indenture (including, without limitation, termination in accordance with any Bankruptcy Laws) and the resignation or removal of
the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 508&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Corporate
Trustee Required; Eligibility.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
will at all times be a Trustee hereunder that is a corporation, organized and doing business under the laws of the United States,
any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under
an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with
Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal
or state authority. The Trustee will also satisfy the requirements of Section 310(a)(5) of the Trust Indenture Act. If at any
time the Trustee will cease to be eligible in accordance with the provisions of this Section, it will resign immediately in the
manner and with the effect hereinafter specified in this Article,</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Trustee will comply with Section 310(b) of the Trust Indenture Act; provided, however, that there will be excluded from the operation
of Section 310(b)(1) of the Trust Indenture Act this Indenture or any indenture or indentures under which other securities or
certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion
set forth in Section 310(b)(1) of the Trust Indenture Act are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 509&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Resignation
and Removal; Appointment of Successor.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
resignation or removal of the Trustee and no appointment of a successor Trustee in accordance with this Article V will become
effective until the acceptance of appointment by the successor Trustee in accordance with Section 510.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Trustee may resign at any time with respect to the Subordinated Notes by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 510 will not have been delivered to the Trustee within 30
days after the giving of such notice of resignation, the resigning Trustee may, at the Company&rsquo;s expense, petition any court
of competent jurisdiction for the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Trustee may be removed at any time with respect to the Subordinated Notes by Act of the Holders of a majority in principal amount
of the Outstanding Subordinated Notes, delivered to the Trustee and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">If
at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee will fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect
to Subordinated Notes after written request therefor by the Company or any Holder who has been a bona fide Holder for at least
six months,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee will cease to be eligible under Section 508 and will fail to resign after written request therefor by the Company or any
such Holder, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Trustee will become incapable of acting or will be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
will be appointed or any public officer will take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">then, in any such case, (i) the Company,
by or in accordance with a Board Resolution, may remove the Trustee with respect to the Subordinated Notes, or (ii) subject to
Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect
to all Subordinated Notes and the appointment of a successor Trustee or Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the Trustee will resign, be removed or become incapable of acting, or if a vacancy will occur in the office of Trustee for any
cause, with respect to the Subordinated Notes, the Company, by or in accordance with a Board Resolution, will promptly appoint
a successor Trustee or Trustees with respect to the Subordinated Notes and will comply with the </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">applicable requirements of Section
510. If, within one year after such appointment, a successor Trustee with respect to the Subordinated Notes will be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Subordinated Notes delivered to the Company and the
retiring Trustee, the successor Trustee so appointed will, forthwith upon its acceptance of such appointment in accordance with
the applicable requirements of Section 510, become the successor Trustee with respect to the Subordinated Notes and to that extent
supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Subordinated Notes will
have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 510, any Holder
who has been a bona fide Holder for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company will give notice of each resignation and each removal of the Trustee with respect to the Subordinated Notes and each appointment
of a successor Trustee with respect to the Subordinated Notes by delivering written notice of such event by first-class mail,
postage prepaid, to the Holders as their names and addresses appear in the Subordinated Note Register. Each notice will include
the name of the successor Trustee with respect to the Subordinated Notes and the address of its Corporate Trust Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 510&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Acceptance
of Appointment by Successor.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
the appointment hereunder of any successor Trustee with respect to all Subordinated Notes, such successor Trustee so appointed
will execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee will become effective and such successor Trustee, without any further act,
deed or conveyance, will become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but,
on the request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, will execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject
to Section 903, will duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 507.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
the appointment hereunder of any successor Trustee with respect to the Subordinated Notes, the Company, the retiring Trustee and
such successor Trustee will execute and deliver an indenture supplemental hereto wherein each successor Trustee will accept such
appointment and which (i) will contain such provisions as will be necessary or desirable to transfer and confirm to, and to vest
in. such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated
Notes, (ii) if the retiring Trustee is not retiring with respect to all Subordinated Notes, will contain such provisions as will
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Subordinated Notes will continue to be vested in the retiring Trustee, and (iii) will add to or change any of the provisions
of this Indenture as will be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture will constitute such Trustees co-trustees of
the same trust, that each such Trustee will be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee and that no Trustee will be </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">responsible for any notice given to, or received
by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental
indenture, the resignation or removal of the retiring Trustee will become effective to the extent provided therein, such retiring
Trustee will have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations
vested in the Trustee under this Indenture with respect to the Subordinated Notes other than as hereinafter expressly set forth,
and such successor Trustee, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Subordinated Notes; but, on request of the Company or such successor Trustee,
such retiring Trustee, upon payment of its charges with respect to the Subordinated Notes and subject to Section 903 will duly
assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property
and money held by such retiring Trustee hereunder with respect to the Subordinated Notes, subject to its claim, if any, provided
for in Section 507.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
request of any Person appointed hereunder as a successor Trustee, the Company will execute any and all instruments for more fully
and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph
(1) or (2) of this Section, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Person will accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such successor Person
will be qualified and eligible under this Article. No resigning or removed Trustee shall have any liability or responsibility
for the action or inaction of any successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 511&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Merger,
Conversion, Consolidation or Succession to Business.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee will be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, will be the successor of the Trustee hereunder (provided that such corporation
will otherwise be qualified and eligible under this Article), without the execution or filing of any paper or any further act
on the part of any of the parties hereto. In case any Subordinated Notes will have been authenticated but not delivered by the
Trustee then in office, any such successor to such authenticating Trustee may adopt such authentication and deliver the Subordinated
Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Subordinated Notes. In
case any Subordinated Notes will not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate
and deliver such Subordinated Notes in either its own name or that of its predecessor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 512&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Appointment
of Authenticating Agent.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to the Subordinated Notes which will
be authorized to act on behalf of the Trustee to authenticate Subordinated Notes issued upon original issue, exchange, registration
of transfer, partial redemption, partial repayment, or in accordance with Section 209, and Subordinated Notes so authenticated
will be entitled to the benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is made in this Indenture</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">to
the authentication and delivery of Subordinated Notes by the Trustee or the Trustee&rsquo;s certificate of authentication, such
reference will be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Each
Authenticating Agent will be reasonably acceptable to the Company and, except as provided in or under this Indenture, will at all
times be a corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under
the Trust Indenture Act, is authorized under applicable law and by its charter to act as an Authenticating Agent and has a combined
capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $500,000,000<B> </B>and
is subject to supervision or examination by federal or state authority. If at any time an Authenticating Agent will cease to be
eligible in accordance with the provisions of this Section, it will resign immediately in the manner and with the effect specified
in this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Any
corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any corporation succeeding
to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, will be the successor
of such Authenticating Agent hereunder, provided such corporation will be otherwise eligible under this Section, without the execution
or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at
any time terminate the agency of an<I> </I>Authenticating Agent by giving written notice thereof to such Authenticating Agent and
the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent will cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating
Agent that will be acceptable to the Company and will deliver written notice of such appointment by first-class mail, postage prepaid,
to all Holders with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Subordinated
Note Register. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, will become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent No successor
Authenticating Agent will be appointed unless eligible under the provisions of this Section 512.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company agrees to pay each Authenticating Agent from time to time reasonable compensation for its services under this Section.
If the Trustee makes such payments, it will be entitled to be reimbursed for such payments, subject to the provisions of Section
507.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
provisions of Section 211, Section 504 and Section 505 will be applicable to each Authenticating Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">If
an Authenticating Agent is appointed under this Section, the Subordinated Notes may have endorsed thereon, in addition to or in
lieu of the Trustee&rsquo;s certificate of authentication, an alternate certificate of authentication in substantially the following
form:</FONT><BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">This
is one of the Subordinated Notes designated herein referred to in the within-mentioned Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 40%; border-top: Black 1px solid">As Trustee</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 10%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>As Authenticating Agent</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 20pt"></DIV></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 35pt"></div></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 28pt"></div></TD>
    <TD>&nbsp;</TD></TR>

</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 513&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Preferred
Collection of Claims against Company.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">If
and when the Trustee will be or become a creditor of the Company (or any other obligor upon the Subordinated Notes), the Trustee
will be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such
other obligor).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
VI</FONT><BR>
HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 601&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Holder
Lists.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of the Holders. If the Trustee is not the Registrar, the Company will cause to be furnished to the Trustee at least semiannually
on January 1 and July 1 a listing of the Holders dated within 10 days of the date on which the list is furnished and at such other
times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the
names and addresses of the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 602&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Preservation
of Information; Communications to Holders.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Trustee will comply with the obligations imposed upon it in accordance with Section 312 of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Every
Holder of Subordinated Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company,
the Trustee, any Paying Agent or any Registrar will be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Holders of Subordinated Notes in accordance with Section 312(c) of the Trust Indenture Act, regardless
of the source from which such information was derived, and that the Trustee will not be held accountable by reason of delivering
any material in accordance with a request made under Section 312(b) of the Trust Indenture Act.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 603&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reports
by Trustee.</U></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Within
60 days after July 15 of each year commencing with the first July 15 following the date of this Indenture, if required by Section
313(a) of the Trust Indenture Act, the Trustee will transmit, in accordance with Section 313(c) of the Trust Indenture Act, a brief
report dated as of such July 15 with respect to any of the events specified in said Section 313(a) and Section 313(b)(2) that may
have occurred since the later of the immediately preceding July 15 and the date of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Trustee will transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Reports
under this Section will be transmitted in the manner and to the Persons required by Section 313(c) and Section 313(d) of the Trust
Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 604&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reports
by Company.</U></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company, in accordance with Section 314(a) of the Trust Indenture Act, will:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>file
with the Trustee, within 15 days after the Company files the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to
time by rules and regulations prescribe) that the Company may be required to file with the Commission in accordance with Section
13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports in accordance
with either of said Sections, then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed
from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may be required
in accordance with Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange
as may be prescribed from time to time in such rules and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such
additional certificates, information, documents and reports with respect to compliance by the Company, with the conditions and
covenants of this Indenture as may be required from time to time by such rules and regulations; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>transmit
to the Holders within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c)
of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company in accordance
with paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.
Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee&rsquo;s receipt
of such will not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company&rsquo;s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers&rsquo; Certificates).</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company intends to file the reports referred to in Section 604(1) with the Commission in electronic form in accordance with Regulation
S-T of the Commission using the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval system. Compliance with the
foregoing, or any successor electronic system approved by the Commission, will constitute delivery by the Company of such reports
to the Trustee and Holders in compliance with the provision of Section 604( 1) and Trust Indenture Act Section 314(a). Notwithstanding
anything to the contrary herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the
Company makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the
reports, information and documents to the Trustee in accordance with this Section 604(2) will be solely for the purposes of compliance
with this Section 604(2) and with Trust Indenture Act Section 314(a). The Trustee&rsquo;s receipt of such reports, information
and documents is for informational purposes only and the Trustee&rsquo;s receipt of such will not constitute constructive notice
of any information contained therein or determinable from information contained therein, including the Company&rsquo;s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers&rsquo; Certificates).
The Trustee shall have no liability or responsibility for the filing, content or timelines of any report hereunder aside from any
report reported under Section 603 hereof.</FONT></P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
VII</FONT><BR>
SUCCESSORS</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 701&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Merger,
Consolidation or Sale of All or Substantially All Assets.</U></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company will not, in any transaction or series of related transactions, consolidate with or merge into any Person or sell, assign,
transfer, lease or otherwise convey all or substantially all its properties and assets to any Person, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>either
the Company will be the continuing Person (in the case of a merger), or the successor Person (if other than the Company) formed
by such consolidation or into which the Company is merged or which acquires by sale, assignment, transfer, lease or other conveyance
all or substantially all the properties and assets of the Company will be a corporation organized and existing under the laws of
the United States, any state thereof or the District of Columbia and will expressly assume, by an indenture (or indentures, if
at such time there is more than one Trustee) supplemental hereto, executed by such successor corporation and delivered to the Trustee,
in form satisfactory to the Trustee, the due and punctual payment of the principal of, and interest on, all the Outstanding Subordinated
Notes and the due and punctual performance and observance of every obligation in this Indenture and the Outstanding Subordinated
Notes on the part of the Company to be performed or observed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>immediately
after giving effect to such transaction and treating any indebtedness that becomes an obligation of the Company or any Subsidiary
as a result of that transaction as having been incurred by the Company or any Subsidiary at the time of the transaction, no Event
of Default, and no event which, after notice or lapse of time, or both, would become an Event of Default, will have occurred and
be continuing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>either
the Company or the successor Person will have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel,
each stating that such consolidation,</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">merger, sale, assignment,
transfer, lease or other conveyance and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article VII and that all conditions precedent herein provided for relating to such transaction have
been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">For
purposes of the foregoing, any sale, assignment, transfer. lease or other conveyance of all or any of the properties and assets
of one or more Subsidiaries of the Company (other than to the Company or another Subsidiary), which, if such properties and assets
were directly owned by the Company, would constitute all or substantially all of the Company&rsquo;s properties and assets, will
be deemed to be the transfer of all or substantially all of the properties and assets of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 702&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Successor
Person Substituted for Company.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Upon
any consolidation by the Company with or merger of the Company into any other Person or any sale, assignment, transfer, lease or
conveyance of all or substantially all of the properties and assets of the Company to any Person in accordance with Section 701,
the successor Person formed by such consolidation or into which the Company is merged or to which such sale, assignment, transfer,
lease or other conveyance is made will succeed to, and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor Person had been named as the Company herein; and thereafter, except
in the case of a lease, the predecessor Person will be released from all obligations and covenants under this Indenture and the
Subordinated Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
VIII</FONT><BR>
SUPPLEMENTAL INDENTURES</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 801&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Supplemental
Indentures without Consent of Holders.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Without
the consent of any Holders of Subordinated Notes, the Company (when authorized by or in accordance with a Board Resolution) and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory
to the Trustee, for any of the following purposes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company
contained herein and in the Subordinated Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
add to the covenants of the Company for the benefit of the Holders (as will be specified in such supplemental indenture or indentures)
or to surrender any right or power herein conferred upon the Company with respect to the Subordinated Notes issued under this Indenture
(as will be specified in such supplemental indenture or indentures);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
permit or facilitate the issuance of Subordinated Notes in uncertificated or global form, provided any such action will not adversely
affect the interests of the Holders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Subordinated Notes
and to add to or change any of the</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">provisions of this Indenture
as will be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, in accordance
with the requirements of Section 510;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
cure any ambiguity or to correct or supplement any provision herein that may be defective or that may be inconsistent with any
other provision herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
make any other provisions with respect to matters or questions arising under this Indenture that will not adversely affect the
interests of the Holders of then Outstanding Subordinated Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
add any additional Events of Default (as will be specified in such supplemental indenture);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
supplement any of the provisions of this Indenture to such extent as will be necessary to permit or facilitate the Legal Defeasance,
Covenant Defeasance and/or satisfaction and discharge of the Subordinated Notes in accordance with Article III, provided that any
such action will not adversely affect the interests of any Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
provide for the issuance of Exchange Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
conform any provision in this Indenture to the requirements of the Trust Indenture Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>to
make any change that does not adversely affect the legal rights under this Indenture of any Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 802&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Supplemental
Indentures with Consent of Holders.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">With
the consent of the Holders of not less than a majority in principal amount of the Outstanding Subordinated Notes, by Act of said
Holders delivered to the Company and the Trustee, the Company (when authorized by or in accordance with a Board Resolution), and
the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of the Subordinated Notes or of modifying in any manner
the rights of the Holders under this Indenture; provided, that no such supplemental indenture, without the consent of the Holder
of each Outstanding Subordinated Note affected thereby, will</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>reduce
the rate of or change the time for payment of interest, including Defaulted Interest, on any Subordinated Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>reduce
the principal of or change the Stated Maturity of any Subordinated Notes, or change the date on which any Subordinated Notes may
be subject to redemption or reduce the Redemption Price therefore;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>make
any Subordinated Note payable in money other than Dollars;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>make
any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest
on such Subordinated Note on or after the due date thereof or to bring suit to enforce such payment,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>reduce
the percentage in principal amount of the Outstanding Subordinated Notes, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences) provided for in Section 412 or Section 906 of this Indenture, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>modify
any of the provisions of this Section 802, Section 412 or Section 906, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Subordinated
Note affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">It
will not be necessary for any Act of Holders under this Section 802 to approve the particular form of any proposed supplemental
indenture, but it will be sufficient if such Act will approve the substance thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 803&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Execution
of Supplemental Indentures.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">As
a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article VIII
or the modifications thereby of the trust created by this Indenture, the Trustee will be entitled to receive, and (subject to Section
501) will be fully protected in relying upon, an Officers&rsquo; Certificate and an Opinion of Counsel to the effect that the execution
of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture has been duly
authorized, executed and delivered by, and is a valid, binding and enforceable obligation of, the Company, subject to customary
exceptions. The Trustee may, but will not be obligated to, enter into any such supplemental indenture which affects the Trustee&rsquo;s
own rights, duties or immunities under this Indenture or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 804&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effect
of Supplemental Indentures.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Upon
the execution of any supplemental indenture under this Article VIII, this Indenture will be modified in accordance therewith, and
such supplemental indenture will form a part of this Indenture for all purposes; and every Holder theretofore or thereafter authenticated
and delivered hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 805&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Reference
in Subordinated Notes to Supplemental Indentures.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Subordinated
Notes authenticated and delivered after the execution of any supplemental indenture in accordance with this Article VIII may, and
will if required by the Company, bear a notation in form approved by the Company as to any matter provided for in such supplemental
indenture. If the Company will so determine, new Subordinated Notes so modified as to conform, in the opinion of the Company, to
any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange
for Outstanding Subordinated Notes.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 806&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effect
on Senior Indebtedness.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">No
supplemental indenture will directly or indirectly modify or eliminate the Subordination Provisions or the definition of &ldquo;Senior
Indebtedness&rdquo; applicable with respect to the Subordinated Notes in any manner that might terminate or impair the subordination
of such Subordinated Notes to such Senior Indebtedness without the prior written consent of each of the holders of such Senior
Indebtedness,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 807&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Conformity
with Trust Indenture Act.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Every
supplemental indenture executed in accordance with this Article will conform to the requirements of the Trust Indenture Act as
then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
IX</FONT><BR>
COVENANTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 901&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Payment
of Principal and Interest.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company covenants and agrees for the benefit of the Holders that it will duly and punctually pay the principal of, and interest
on, the Subordinated Notes, in accordance with the terms thereof and this Indenture. Principal and interest will be considered
paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m., Morristown,
New Jersey<FONT STYLE="font-size: 11pt"> t</FONT>ime, on any Interest Payment Date, an amount in immediately available funds provided
by the Company that is designated for and sufficient to pay all principal and interest then due. The Company will pay all Additional
Interest, if any, on the dates and in the amounts set forth in the Registration Rights Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">If
Additional Interest is payable by the Company in accordance with the Registration Rights Agreement and paragraph 2 of the Subordinated
Notes, the Company will deliver to the Trustee a certificate to that effect stating (i) the amount of such Additional Interest
that is payable and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee
receives such a certificate or instruction or direction from the Holders in accordance with the terms of this Indenture, the Trustee
may assume without inquiry that no Additional Interest is payable. The foregoing will not prejudice the rights of the Holders with
respect to their entitlement to Additional Interest as otherwise set forth in this Indenture or the Subordinated Notes and pursuing
any action against the Company directly or otherwise directing the Trustee to take such action in accordance with the terms of
this Indenture and the Subordinated Notes. If the Company has paid Additional Interest directly to persons entitled to it, the
Company will deliver to the Trustee a certificate setting forth the particulars of such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 902&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Maintenance
of Office.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company will maintain an office or agency in the Borough of Manhattan, <FONT STYLE="font-size: 11pt">New York</FONT>, New York
or the City of Morristown, New Jersey<FONT STYLE="font-size: 11pt"> </FONT>(which may be an office of the Trustee or an Affiliate
of the Trustee or Registrar) where Subordinated Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Subordinated Notes and this Indenture may be served. The Company will
give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">any
time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands (but not service of process) may be made or served at the Corporate Trust Office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company may also from time to time designate one or more other offices or agencies where the Subordinated Notes may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation
or recission will in any manner relieve the Company of its obligation to maintain an office or agency in Borough of Manhattan,
New York, New York or the City of Englewood, Cliffs, New Jersey. The Company will give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any such other office or agency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with
Section 902.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 903&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Money
for Subordinated Notes Payments to Be Held in Trust.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">If
the Company will at any time act as its own Paying Agent, it will, on or before each due date of the principal of, or interest
on, any of the Subordinated Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in Dollars
sufficient to pay the principal and interest, as the case may be, so becoming due until such sums will be paid to such Persons
or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Whenever
the Company will have one or more Paying Agents, it will, on or prior to each due date of the principal of, or interest on. any
Subordinated Notes, deposit with any Paying Agent a sum in Dollars sufficient to pay the principal and interest, as the case may
be, 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 will promptly notify the Trustee of its action or failure so to act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent will agree with the Trustee, subject to the provisions of this Section that such Paying Agent will:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>hold
all sums held by it for the payment of the principal of, or interest on, the Subordinated Notes in trust for the benefit of the
Persons entitled thereto until such sums will be paid to such Persons or otherwise disposed of as provided in or under this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>give
the Trustee notice of any default by the Company in the making of any payment of principal, or interest on, the Subordinated Notes;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>at
any time during the continuance of any such default, upon the written request of the Trustee, pay to the Trustee all sums so held
in trust by such Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose,
pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent,
such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent will be released from all further liability
with respect to such sums.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of,
or interest on, any Subordinated Note and remaining unclaimed for two years after such principal or interest will have become due
and payable will be paid to the Company upon a Company Request, or (if then held by the Company) will be discharged from such trust;
and the Holder of such Subordinated Note will thereafter, as an unsecured general creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make
any such repayment, may, not later than 30 days after the Company&rsquo;s request for such repayment, at the expense of the Company
cause to be published once, in an Authorized Newspaper in each Place of Payment or to be delivered to such Holders of Subordinated
Notes, or both, notice that such money remains unclaimed and that, after a date specified therein, which will not be less than
30 days from the date of such publication or delivery nor will it be earlier than two years after such principal and or interest
will have become due and payable, any unclaimed balance of such money then remaining will be repaid to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 904&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Corporate
Existence.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Subject
to Article VII, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect (i)
the corporate existence of the Company, (ii) the existence (corporate or other) of each Significant Subsidiary and (iii) the rights
(charter and statutory), licenses and franchises of the Company and each of its Significant Subsidiaries; provided, however, that
the Company will not be required to preserve the existence (corporate or other) of any of its Significant Subsidiaries or any such
right, license or franchise of the Company or any of its Significant Subsidiaries if the Board of Directors of the Company determines
that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Significant Subsidiaries
taken as a whole and that the loss thereof will not be disadvantageous in any material respect to the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 905&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Maintenance
of Properties.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company will, and will cause each Significant Subsidiary to, cause all its properties used or useful in the conduct of its business
to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause
to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company
may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times;
provided, however, that nothing in this Section will prevent the Company or any Significant Subsidiary from discontinuing the operation
and maintenance of any of their respective properties if such discontinuance is, in the judgment of the Board of Directors of the
Company or of any Significant Subsidiary, as the case may be desirable in the conduct of its business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 906&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Waiver
of Certain Covenants.</U></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 902 to Section
905, inclusive, with respect to the Subordinated Notes if before the time for such compliance the Holders of at least a majority
in principal amount of the Outstanding Subordinated Notes, by Act of such Holders, either will waive such compliance in such instance
or generally will have waived compliance with such term, provision or condition, but no such waiver will extend to or affect such
term, provision or condition except to the extent so expressly waived, and, until such waiver will become effective, the obligations
of the Company and the duties of the Trustee in respect of any such term, provision or condition will remain in full force and
effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 907&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Company
Statement as to Compliance.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Company will deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers&rsquo; Certificate covering
the preceding calendar year, stating whether or not, to the best of his or her knowledge, the Company is in default in the performance
and observance of any of the terms, provisions and conditions of this Indenture (without regard to notice requirements or periods
of grace) and if the Company will be in default, specifying all such defaults and the nature and status thereof of which he or
she may have knowledge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 908&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Tier
2 Capital.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">If
all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed
on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated
Notes, Company will immediately notify the Trustee, the Holders, and thereafter Company shall request, subject to the terms hereof,
that the Trustee and the Holders execute and deliver all agreements as reasonably necessary in order to restructure the applicable
portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
X</FONT><BR>
REDEMPTION OF SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 1001&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Applicability
of Article.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as provided in this Section 1001, the Subordinated Notes are not subject to redemption at the option of the Company. The Subordinated
Notes are not subject to redemption at the option of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the receipt of any required regulatory approvals, with corresponding written notice to the Trustee, the Company at any time
or from time to time on or after <FONT STYLE="font-size: 11pt">July 1, 2020 </FONT>may redeem all or a portion of the Subordinated
Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the receipt of any required regulatory approvals, the Company may, at its option, redeem all or a portion of the Outstanding
Subordinated Notes at any time upon an Investment Company Event, a Tax Event or a Tier 2 Capital Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Redemption Price with respect to any redemption permitted under this Indenture will be equal to 100% of the principal amount of
the Subordinated Notes to be redeemed, plus</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">accrued but unpaid interest
and Additional Interest, if any, thereon to, but excluding, the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 1002&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Election
to Redeem; Notice to Trustee.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
election of the Company to redeem any Subordinated Notes will be evidenced by a Company Order. In case of any redemption of less
than all of the Subordinated Notes, the Company will, at least 60 days prior to the Redemption Date fixed by the Company (unless
a shorter notice will be satisfactory to the Trustee, but in any event not less than 45 days prior to the Redemption Date), notify
the Trustee, of such Redemption Date and of the principal amount of Subordinated Notes to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">In
the case of any redemption of Subordinated Notes (i) prior to the expiration of any restriction on such redemption provided in
the terms of such Subordinated Notes or elsewhere in this Indenture or (ii) in accordance with an election of the Company that
is subject to a condition specified in the terms of such Subordinated Notes or elsewhere in this Indenture, the Company will furnish
to the Trustee an Officers&rsquo; Certificate evidencing compliance with such restriction or condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 1003&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Selection
by Trustee of Subordinated Notes to be Redeemed.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">If
less than all of the Subordinated Notes are to the<I> </I>redeemed, the particular Subordinated Notes to be redeemed will be selected
not more than 45 days prior to the Redemption Date by the Trustee from the Outstanding Subordinated Notes not previously called
for redemption unless otherwise required by law or applicable depositary requirements, on a pro rata basis, by lot or such method
as the Trustee will deem fair and appropriate and which may provide for the selection for redemption of portions of the principal
amount of Subordinated Notes; provided, however, that no such partial redemption will reduce the portion of the principal amount
of a Subordinated Note not redeemed to less than the minimum denomination for a Subordinated Note established in or under this
Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
Trustee will promptly notify the Company and the Registrar (if other than itself) in writing of the Subordinated Notes selected
for redemption and, in the case of any Subordinated Notes selected for partial redemption, the principal amount thereof to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Subordinated
Notes will relate, in the case of any Subordinated Notes redeemed or to be redeemed only in part, to the portion of the principal
of such Subordinated Notes which has been or is to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 1004&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notice
of Redemption.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Notice
of redemption will be given in the manner provided in Section 105, not less than 30 nor more than 60 days prior to the Redemption
Date to the Holders of Subordinated Notes to be redeemed. Failure to give notice by delivering in the manner herein provided to
the Holder of any Subordinated Notes designated for redemption as a whole or in part, or any defect in the notice to any such Holder,
will not affect the validity of the proceedings for the redemption of any other Subordinated Notes or portions thereof.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Any
notice that is delivered to the Holder of any Subordinated Notes in the manner herein provided will be conclusively presumed to
have been duly given, whether or not such Holder receives the notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">All
notices of redemption will state:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Redemption Date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Redemption Price,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if
less than all Outstanding Subordinated Notes are to be redeemed, the identification (and, in the case of partial redemption, the
principal amount) of the particular Subordinated Note or Subordinated Notes to be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>that,
in case any Subordinated Note is to be redeemed in part only, on and after the Redemption Date, upon surrender of such Subordinated
Note, the Holder of such Subordinated Note will receive, without charge, a new Subordinated Note or Subordinated Notes of authorized
denominations for the principal amount thereof remaining unredeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>that,
on the Redemption Date, the Redemption Price will become due and payable upon each such Subordinated Note or portion thereof to
be redeemed, together (if applicable) with accrued and unpaid interest and Additional Interest, if any, thereon (subject, if applicable,
to the provisos to the first paragraph of Section 1006), and, if applicable, that interest thereon will cease to accrue on and
after said date,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
place or places where such Subordinated Notes are to be surrendered for payment of the Redemption Price and any accrued interest
pertaining thereto, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
section hereunder providing for such redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">The
notice of redemption shall include the CUSIP number reference numbers of such Subordinated Notes, if any (or any other numbers
used by a Depositary to identify such Subordinated Notes).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Notice
of redemption of Subordinated Notes to be redeemed at the election of the Company will be given by the Company or, at the Company&rsquo;s
request delivered at least 10 days before the date such notice is to be given (unless a shorter period will be acceptable to the
Trustee), by the Trustee in the name and at the expense of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 1005&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Deposit
of Redemption Price.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">On
or prior to 11:00 am., <FONT STYLE="font-size: 11pt">New York, New York </FONT>time, on any Redemption Date, the Company will deposit,
with respect to the Subordinated Notes called for redemption in accordance with Section 1004, with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 903) an amount
sufficient to pay the Redemption Price of, and (except if the Redemption Date will be an Interest Payment Date) any accrued interest
on, all such Subordinated Notes or portions thereof which are to be redeemed on that date.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 1006&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Subordinated
Notes Payable on Redemption Date.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Notice
of redemption having been given as provided above, the Subordinated Notes so to be redeemed will, on the Redemption Date, become
due and payable at the Redemption Price therein specified, together with accrued and unpaid interest and Additional Interest, if
any, thereon and from and after such date (unless the Company will default in the payment of the Redemption Price and accrued interest,
if any) such Subordinated Notes will cease to bear interest. Upon surrender of any such Subordinated Note for redemption in accordance
with said notice, such Subordinated Note will be paid by the Company at the Redemption Price, together with any accrued and unpaid
interest and Additional Interest, if any, thereon to but excluding the Redemption Date; provided, however, that installments of
interest on Subordinated Notes whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such
Subordinated Notes registered as such at the close of business on the Regular Record Dates therefor according to their terms and
the provisions of Section 210.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">If
any Subordinated Note called for redemption will not be so paid upon surrender thereof for redemption, the principal, until paid,
will bear interest from the Redemption Date at the rate prescribed therefor in the Subordinated Note or, if no rate is prescribed
therefor in the Subordinated Note, at the rate of interest, if any, borne by such Subordinated Note,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="color: #010000">Section 1007&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Subordinated
Notes Redeemed in Part.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Any
Subordinated Note which is to be redeemed only in part will be surrendered at any office or agency for such Subordinated Note (with,
if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company will execute
and the Trustee will authenticate and deliver to the Holder of such Subordinated Note without service charge, a new Subordinated
Note or Subordinated Notes, containing identical terms and provisions, of any authorized denomination as requested by such Holder
in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Subordinated Note so
surrendered. If a Global Subordinated Note is so surrendered, the Company will execute, and the Trustee will authenticate and deliver
to the Depositary for such Global Subordinated Note as will be specified in the Company Order with respect thereto to the Trustee,
without service charge, a new Global Subordinated Note in a denomination equal to and in exchange for the unredeemed portion of
the principal of the Global Subordinated Note so surrendered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white"><FONT STYLE="letter-spacing: 0pt">Upon
surrender of a Subordinated Note that is redeemed in part, the Company will issue and the Trustee will authenticate for the Holder
at the expense of the Company a new Subordinated Note equal in principal amount to the unredeemed portion of the Note surrendered
representing the same indebtedness to the extent not redeemed. Notwithstanding anything in this Indenture to the contrary, only
a Company Order and not an Opinion of Counsel or an Officers&rsquo; Certificate of the Company is required for the Trustee to authenticate
such new Subordinated Note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="color: #010000">ARTICLE
XI</FONT><BR>
SUBORDINATION OF SECURITIES</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="text-underline-style: none;">Section
1101&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Agreement to Subordinate.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">The
Company, for itself, its successors and assigns, covenants and agrees, and each Holder </FONT><FONT STYLE="letter-spacing: -0.2pt">of
Subordinated Notes by the Holder&rsquo;s acceptance thereof, likewise covenants and agrees, that the </FONT><FONT STYLE="letter-spacing: -0.15pt">payment
of the principal of and interest on each and all of the Subordinated Notes is and will be </FONT><FONT STYLE="letter-spacing: -0.2pt">expressly
subordinated in right of payment to the prior payment in full of all Senior Indebtedness.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="text-underline-style: none;">Section
1102&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Distribution of Assets.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon
any distribution of assets of the Company upon any termination, winding up. liquidation or reorganization of the Company, whether
in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any
other marshalling of the assets and liabilities of the Company or otherwise (subject to the <FONT STYLE="letter-spacing: -0.2pt">power
of a court of competent jurisdiction to make other equitable provision reflecting the rights </FONT>conferred upon the Senior Indebtedness
and the holders thereof with respect to the Subordinated <FONT STYLE="letter-spacing: -0.3pt">Notes and the Holders thereof by
a lawful plan of reorganization under applicable bankruptcy law):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>holders
of all Senior Indebtedness will<I> </I>first be entitled to receive payment in full in accordance with the terms of such Senior
Indebtedness of the principal thereof, <FONT STYLE="letter-spacing: -0.15pt">premium, if any, and the interest due thereon (including
interest accruing subsequent to the </FONT><FONT STYLE="letter-spacing: -0.25pt">commencement of any proceeding for the bankruptcy
or reorganization of the Company under any </FONT><FONT STYLE="letter-spacing: -0.2pt">applicable bankruptcy, insolvency or similar
law now or hereafter in effect) before the Holders of </FONT>the Subordinated Notes are entitled to receive any payment upon the
principal of or interest on indebtedness evidenced by the Subordinated Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: -0.25pt">any
payment or distribution of assets of the Company of any kind or </FONT>character, whether in cash, property or securities, to which
the Holders would be entitled except <FONT STYLE="letter-spacing: -0.05pt">for the provisions of this Article XI, including any
such payment or distribution that may be </FONT><FONT STYLE="letter-spacing: -0.2pt">payable or deliverable by reason of the payment
of any other indebtedness of the Company being </FONT>subordinated to the payment of the Subordinated Notes, will be paid by the
liquidating trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a <FONT STYLE="letter-spacing: -0.2pt">receiver
or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives
or to the trustee or trustees under any indenture under which any </FONT><FONT STYLE="letter-spacing: -0.25pt">instruments evidencing
any of such Senior Indebtedness may have been issued, in accordance with </FONT>the priorities then existing among holders of Senior
Indebtedness for payment of the aggregate amounts remaining unpaid on account of the principal, premium, if any, and interest (including
interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any
applicable bankruptcy, insolvency or similar law now <FONT STYLE="letter-spacing: -0.05pt">or hereafter in effect) on the Senior
Indebtedness held or represented by each, to the extent </FONT><FONT STYLE="letter-spacing: -0.2pt">necessary to make payment in
full of all Senior Indebtedness remaining unpaid, after giving effect </FONT>to any concurrent payment or distribution to the holders
of such Senior Indebtedness; it being understood that if the Holders fail to file a proper claim in the form required by any proceeding
<FONT STYLE="letter-spacing: -0.25pt">referred to in this Section 1102(1)(b) prior to 30 days before the expiration of the time
to file such </FONT>claim or claims, then the holders of Senior Indebtedness are hereby authorized to file an appropriate claim
or claims for and on behalf of the Holders, in the form required in any such proceeding; and</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: -0.15pt">in
the event that, notwithstanding the foregoing, any payment or </FONT>distribution of assets of the Company of any kind or character,
whether in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason
of the payment of any other indebtedness of the Company being subordinate to the payment of the <FONT STYLE="letter-spacing: -0.15pt">Subordinated
Notes will be received by the Trustee or the Holders before all Senior Indebtedness </FONT>is paid in full, such payment or distribution
will be paid over to the trustee in bankruptcy, receiver, <FONT STYLE="letter-spacing: -0.15pt">liquidating trustee, custodian,
assignee, agent or other Person making payment of assets of the </FONT>Company for all Senior Indebtedness remaining unpaid until
all such Senior Indebtedness will <FONT STYLE="letter-spacing: -0.15pt">have been paid in full, after giving effect to any concurrent
payment or distribution to the holders </FONT>of such Senior Indebtedness,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="color: #010000">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the payment in full of all Senior Indebtedness, the Holders will be subrogated to the rights of the holders of Senior Indebtedness
to receive payments or <FONT STYLE="letter-spacing: -0.2pt">distributions of cash, property or securities of the Company applicable
to the Senior Indebtedness </FONT>until the principal of and interest on the Subordinated Notes will be paid in full and no such
<FONT STYLE="letter-spacing: -0.15pt">payments or distributions to holders of such Senior Indebtedness to which the Holders would
be entitled except for the provisions hereof of cash, property or securities otherwise distributable to </FONT>the holders of Senior
Indebtedness will, as between the Company, its creditors, other than the <FONT STYLE="letter-spacing: -0.15pt">holders of Senior
Indebtedness, and the Holders, be deemed to be a payment by the Company to </FONT><FONT STYLE="letter-spacing: -0.2pt">or on account
of the Senior Indebtedness. It is understood that the provisions of this Article XI are </FONT><FONT STYLE="letter-spacing: -0.15pt">intended
solely for the purpose of defining the relative rights of the Holders of the Subordinated </FONT>Notes, on the one hand, and the
holders of Senior Indebtedness, on the other hand. Nothing <FONT STYLE="letter-spacing: -0.2pt">contained in this Article XI or
elsewhere in this Indenture or any supplemental indenture issued in </FONT><FONT STYLE="letter-spacing: -0.15pt">accordance with
Article VIII of this Indenture or in the Subordinated Notes is intended to or will </FONT><FONT STYLE="letter-spacing: -0.2pt">impair,
as between the Company, its creditors, other than the holders of Senior Indebtedness, and </FONT>the Holders, the obligation of
the Company, which is unconditional and absolute, to pay to the <FONT STYLE="letter-spacing: -0.25pt">Holders the principal of
and interest on the Subordinated Notes as<I> </I>and when the same will become </FONT><FONT STYLE="letter-spacing: -0.15pt">due
and payable in accordance with their terms or to affect the relative rights of the Holders and </FONT><FONT STYLE="letter-spacing: -0.05pt">creditors
of the Company, other than the holders of the Senior Indebtedness, nor, except as </FONT><FONT STYLE="letter-spacing: -0.15pt">otherwise
expressly provided in this Indenture and the Subordinated Notes with respect to the </FONT>limitation on the rights of the Trustee
and the Holders, to accelerate the maturity of the <FONT STYLE="letter-spacing: -0.2pt">Subordinated Notes and pursue remedies
upon such an acceleration, will anything herein or in the </FONT>Subordinated Notes prevent the Trustee or any Holder from exercising
all remedies otherwise <FONT STYLE="letter-spacing: -0.15pt">permitted by applicable law upon any Event of Default under the Indenture
occurring, subject to the rights, if any, under this Article XI of the holders of Senior Indebtedness, in respect of cash, </FONT><FONT STYLE="letter-spacing: -0.2pt">property
or securities of the Company received upon the exercise of any such remedy. Upon any </FONT><FONT STYLE="letter-spacing: -0.25pt">payment
or distribution of assets of the Company referred to in this Article XI, the Trustee and the </FONT><FONT STYLE="letter-spacing: -0.15pt">Holders
will be entitled to rely upon any order or decree of a court of competent jurisdiction in which such termination, winding up, liquidation
or reorganization proceeding is pending or upon </FONT><FONT STYLE="letter-spacing: -0.05pt">a certificate of the liquidating trustee
or agent or other Person making any distribution to the </FONT><FONT STYLE="letter-spacing: -0.2pt">Trustee or to the Holders for
the purpose of ascertaining the Persons entitled to participate in such </FONT><FONT STYLE="letter-spacing: -0.15pt">distribution,
the holders of the Senior Indebtedness and other indebtedness of the Company, the </FONT><FONT STYLE="letter-spacing: -0.2pt">amount
hereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article
XI. In the absence of any such liquidating trustee, agent or </FONT>other person, the Trustee will be entitled to rely upon a written
notice by a Person representing <FONT STYLE="letter-spacing: -0.2pt">itself to be a holder of Senior Indebtedness (or a trustee
or representative on behalf of such holder) </FONT>as evidence that such Person is a holder of Senior Indebtedness (or is such
a trustee or representative). If the Trustee determines,</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">in good faith, that further
evidence is required with <FONT STYLE="letter-spacing: -0.25pt">respect to the right of any Person, as a holder of Senior Indebtedness,
to participate in any payment </FONT><FONT STYLE="letter-spacing: -0.15pt">or distribution in accordance with this Article XI,
the Trustee may request such Person to furnish </FONT><FONT STYLE="letter-spacing: -0.25pt">evidence to the reasonable satisfaction
of the Trustee as to the amount of Senior Indebtedness held </FONT><FONT STYLE="letter-spacing: -0.15pt">by such Person, as to
the extent to which such Person is entitled to participation in such payment </FONT>or distribution, and as to other facts pertinent
to the rights of such Person under this Article XI, <FONT STYLE="letter-spacing: -0.2pt">and if such evidence is not furnished,
the Trustee may defer any payment to such Person pending </FONT><FONT STYLE="letter-spacing: -0.15pt">judicial determination as
to the right of such Person to receive such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">With
respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to </FONT>observe only such of its covenants
and obligations as are specifically set forth in this Indenture, <FONT STYLE="letter-spacing: -0.2pt">and no implied covenants
or obligations with respect to the holders of Senior Indebtedness will be read into this Indenture against the Trustee. The Trustee,
however, will not be deemed to owe any </FONT><FONT STYLE="letter-spacing: -0.15pt">fiduciary duty to the holders of Senior Indebtedness
by reason of the execution of this Indenture, </FONT><FONT STYLE="letter-spacing: -0.25pt">or any other supplemental indenture
entered into in accordance with Article VIII of this Indenture, and will not be liable to any such holders if it will in good faith
mistakenly pay over or distribute to or on behalf of the Holders or the Company moneys or assets to which any holders of Senior
Indebtedness will </FONT>be entitled by virtue of this Article XI or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="text-underline-style: none;">Section
1103&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Default With Respect to Senior Indebtedness.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.15pt">In
the event and during the continuation of any default in the payment of principal of, or premium, if any, or interest on, any Senior
Indebtedness, beyond any applicable grace period, or </FONT>if any event of default with respect to any Senior Indebtedness will
have occurred and be <FONT STYLE="letter-spacing: -0.25pt">continuing, or would occur as a result of the payment referred to hereinafter,
permitting the holders of such Senior Indebtedness (or a trustee on behalf of the holders thereof) to accelerate the maturity </FONT><FONT STYLE="letter-spacing: -0.15pt">thereof,
then, unless and until such default or event of default will have been cured or waived or will have ceased to exist, no payment
or principal of or interest on the Subordinated Notes, or in respect of any retirement, purchase or other acquisition of any of
the Subordinated Notes, will be </FONT>made by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="text-underline-style: none;">Section
1104&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No Impairment.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">Nothing
contained in this Indenture, any other supplemental indenture entered into in <FONT STYLE="letter-spacing: -0.3pt">accordance with
Article VIII of this Indenture, or in any of the Subordinated Notes will: (i) impair, </FONT><FONT STYLE="letter-spacing: -0.25pt">as
between the Company and the Holders, the obligations of the Company, to make, or prevent the </FONT>Company from making, at any
time except as provided in Section 1102 and Section 1103, <FONT STYLE="letter-spacing: -0.25pt">payments of principal of, or interest
(including interest accruing subsequent to the commencement </FONT><FONT STYLE="letter-spacing: -0.15pt">of any proceeding for
the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency, or similar law now or hereafter in
effect) on, the Subordinated Notes, as </FONT><FONT STYLE="letter-spacing: -0.25pt">and when the same will become due and payable
in accordance with the terms of the Subordinated </FONT>Notes; (ii) affect the relative rights of the Holders and creditors of
the Company other than the <FONT STYLE="letter-spacing: -0.15pt">holders of the Senior Indebtedness; (iii) except as otherwise
expressly provided in this Indenture </FONT>and the Subordinated Notes with respect to the limitation on the rights of the Trustee
and the <FONT STYLE="letter-spacing: -0.15pt">Holders, to accelerate the maturity of the Subordinated Notes and pursue remedies
upon such an </FONT>acceleration, prevent the Holder of any Subordinated Notes or the Trustee from exercising all <FONT STYLE="letter-spacing: -0.15pt">remedies
otherwise permitted by applicable law upon default thereunder, subject to the rights, if</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white">any,
under this Article XI of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received
upon the exercise of such remedy; or (iv) prevent the <FONT STYLE="letter-spacing: -0.15pt">application by the Trustee or any Paying
Agent of any moneys deposited with it hereunder to the </FONT><FONT STYLE="letter-spacing: -0.2pt">payment of or on account of
the principal of, or interest on, the Subordinated Notes or prevent the </FONT>receipt by the Trustee or any Paying Agent of such
moneys, if, prior to the third Business Day <FONT STYLE="letter-spacing: -0.15pt">prior to such deposit, the Trustee or such Paying
Agent did not have written notice of any event </FONT>prohibiting the making of such deposit by the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="text-underline-style: none;">Section
1105&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Effectuation of Subordination Provisions.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.15pt">Each
Holder by his acceptance of any Notes authorizes and expressly directs the Trustee </FONT>on such Holder&rsquo;s behalf to take
such action as may be necessary or appropriate to effectuate the Subordination Provisions, and appoints the Trustee such Holder&rsquo;s
attorney-in-fact for such <FONT STYLE="letter-spacing: -0.15pt">purposes, including, in the event of any termination, winding up,
liquidation or reorganization of </FONT>the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar
<FONT STYLE="letter-spacing: -0.15pt">proceedings or upon an assignment for the benefit of creditors by the Company, a marshalling
of </FONT><FONT STYLE="letter-spacing: -0.05pt">the assets and liabilities of the Company or otherwise) tending toward the liquidation
of the </FONT><FONT STYLE="letter-spacing: -0.3pt">property and assets of the Company, the filing of a claim for the unpaid balance
of the Subordinated </FONT>Notes in the form required in those proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="text-underline-style: none;">Section
1106&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notice to Trustee.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">The
Company will give prompt written notice to the Trustee of any fact known to the Company that would prohibit the Company from making
any payment to or by the Trustee in <FONT STYLE="letter-spacing: -0.25pt">respect of the Subordinated Notes in accordance with
the provisions of this Article XI. The Trustee </FONT>will not be charged with the knowledge of the existence of any default or
event of default with respect to any Senior Indebtedness or of any other facts that would prohibit the making of any <FONT STYLE="letter-spacing: -0.2pt">payment
to or by the Trustee or any Paying Agent unless and until the Trustee will have received notice in writing at its </FONT>Corporate
Trust Office to that effect signed by an Authorized Officer, or by a holder of Senior <FONT STYLE="letter-spacing: -0.15pt">Indebtedness
or a Trustee or agent thereof; and prior to the receipt of any such written notice, the Trustee will, subject to Article V of this
Indenture, be entitled to assume that no such facts exist; provided that, if the Trustee will not have received the notice provided
for in this Section 1106 at least two Business Days prior to the date upon which, by the terms of the Indenture, any monies will
become payable for any purpose (including, without limitation, the payment of the principal </FONT>of or interest on any Subordinated
Note), then, notwithstanding anything herein to the contrary, the Trustee will have full power and authority to receive any monies
from the Company and to <FONT STYLE="letter-spacing: -0.25pt">apply the same to the purpose for which they were received, and will
not be affected by any notice </FONT><FONT STYLE="letter-spacing: -0.15pt">to the contrary that may be received by it on or after
such prior date except for an acceleration of </FONT><FONT STYLE="letter-spacing: -0.25pt">the Subordinated Notes prior to such
application. The foregoing will not apply if the Paying Agent </FONT>is the Company. The Trustee will be entitled to rely on the
delivery to it of a written notice by a <FONT STYLE="letter-spacing: -0.05pt">Person representing himself or itself to be a holder
of any Senior Indebtedness (or a trustee on </FONT><FONT STYLE="letter-spacing: -0.25pt">behalf of, or agent of, such holder) to
establish that such notice has been given by a holder of such </FONT>Senior Indebtedness or a trustee or agent on behalf of any
such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.15pt">In
the event that the Trustee determines in good faith that any evidence is required with </FONT><FONT STYLE="letter-spacing: -0.2pt">respect
to the right of any Person as a holder of Senior Indebtedness to participate in any payment </FONT><FONT STYLE="letter-spacing: -0.15pt">or
distribution in accordance with this Article XI, the Trustee may request such Person to furnish</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="letter-spacing: -0.25pt">evidence
to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held </FONT>by such Person, the extent to
which such Person is entitled to participate in such payment or <FONT STYLE="letter-spacing: -0.2pt">distribution and any other
facts pertinent to the rights of such Person under this Article XI and, if </FONT><FONT STYLE="letter-spacing: -0.15pt">such evidence
is not furnished to the Trustee, the Trustee may defer any payment to such Person </FONT><FONT STYLE="letter-spacing: -0.2pt">pending
such evidence being furnished to the Trustee or a judicial determination that such Person </FONT>has the right to receive such
payment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="text-underline-style: none;">Section
1107&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Trustee Knowledge of Senior Indebtedness.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">Notwithstanding
the provisions of this Article XI or any other provisions of this Indenture </FONT>or any other supplemental indenture issued in
accordance with Article VIII of this Indenture, <FONT STYLE="letter-spacing: -0.2pt">neither the Trustee nor any Paying Agent will
be charged with knowledge of the existence of any Senior Indebtedness or of any event that would prohibit the making of any payment
of moneys to </FONT><FONT STYLE="letter-spacing: -0.15pt">or by the Trustee or such Paying Agent, unless and until a Responsible
Officer of the Trustee or </FONT><FONT STYLE="letter-spacing: -0.25pt">such Paying Agent will have received written notice thereof
from the Company or from the holder </FONT><FONT STYLE="letter-spacing: -0.15pt">of any Senior Indebtedness or from the representative
of any such holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="text-underline-style: none;">Section
1108&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Senior Indebtedness to Trustee.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">The
Trustee will be entitled to all of the rights set forth in this Article XI in respect of any </FONT><FONT STYLE="letter-spacing: -0.25pt">Senior
Indebtedness at any time held by it in its individual capacity to the same extent as any other </FONT><FONT STYLE="letter-spacing: -0.05pt">holder
of such Senior Indebtedness, and nothing in this Indenture or any other supplemental </FONT><FONT STYLE="letter-spacing: -0.2pt">indenture
issued in accordance with Article VIII of this Indenture will be construed to deprive the </FONT>Trustee of any of its rights as
such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="text-underline-style: none;">Section
1109&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Subordination Not Applicable to Trustee Compensation.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.25pt">Nothing
contained in this Article XI will apply to the claims of, or payments to, the Trustee </FONT>under Section 507 of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">The
Trustee hereby accepts the trusts in this Indenture upon the terms and conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: center; text-indent: 0pt; background-color: white">[Signature
Page Follows]</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: center; background-color: white"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly signed as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><B>CONNECTONE BANCORP, INC.</B></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 40%; font: 12pt Times New Roman, Times, Serif; text-align: justify">By: &nbsp;<DIV STYLE="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; margin-left: 35pt"></div></TD>
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Name:&nbsp; <DIV STYLE="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; margin-left: 35pt"></div></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1px">Title: <DIV STYLE="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; margin-left: 30pt"></div></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><B>U.S. BANK NATIONAL ASSOCIATION,<BR>
</B></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">As Trustee</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif">By: &nbsp;<DIV STYLE="border-bottom: Black 1px solid; font: 12pt Times New Roman, Times, Serif; margin-left: 35pt"></div></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 12pt Times New Roman, Times, Serif">Name:</td>
    <TD STYLE="width: 35%; font: 12pt Times New Roman, Times, Serif">Stephanie Roche</TD>
    <TD STYLE="width: 10%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Title:</td>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">Vice President</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
</TABLE>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center"><U>EXHIBIT
A-l</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center"><U>(FORM OF
DEFINITIVE SUBORDINATED NOTE)</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify">THE SECURITIES
EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN <FONT STYLE="letter-spacing: -0.05pt">REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
&ldquo;<I><U>SECURITIES ACT&rsquo;</U></I>) OR </FONT><FONT STYLE="letter-spacing: -0.2pt">UNDER ANY APPLICABLE STATE SECURITIES
LAW. THESE SECURITIES MAY NOT </FONT>BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED
TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES <FONT STYLE="letter-spacing: -0.2pt">LAWS
OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, IF REQUESTED, OR (II) UNLESS
</FONT>SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify"><FONT STYLE="letter-spacing: -0.2pt">THIS
SECURITY AND THE OBLIGATIONS OF THE COMPANY (AS DEFINED HEREIN) </FONT><FONT STYLE="letter-spacing: -0.3pt">AS EVIDENCED HEREBY
</FONT>(1)<FONT STYLE="letter-spacing: -0.3pt"> ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY </FONT><FONT STYLE="letter-spacing: -0.2pt">AND
ARE NOT INSURED OR GUARANTEED BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT </FONT>INSURANCE
CORPORATION AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED
HEREIN).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify"><B>CERTAIN ERISA
CONSIDERATIONS:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify"><FONT STYLE="letter-spacing: -0.25pt">THE
HOLDER OF THIS SECURITY, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE </FONT>HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT
IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN <FONT STYLE="letter-spacing: -0.3pt">OR ARRANGEMENT
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME </FONT>SECURITY ACT OF 1974, AS AMENDED (&ldquo;<I><U>ERISA</U></I>&rdquo;),
OR SECTION 4975 OF THE <FONT STYLE="letter-spacing: -0.25pt">INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &ldquo;<I><U>CODE</U></I>&rdquo;)
(EACH A &ldquo;<I><U>PLAN</U></I>&rdquo;), </FONT><FONT STYLE="letter-spacing: -0.35pt">OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
&ldquo;PLAN ASSETS&rdquo; BY REASON </FONT>OF ANY PLAN&rsquo;S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING &ldquo;PLAN <FONT STYLE="letter-spacing: -0.3pt">ASSETS&rdquo;
OF ANY PLAN MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST </FONT><FONT STYLE="letter-spacing: -0.25pt">HEREIN, UNLESS SUCH
PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE </FONT>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 <FONT STYLE="letter-spacing: -0.3pt">APPLICABLE EXEMPTION OR ITS
PURCHASE AND HOLDING OF THIS SECURITY, OR </FONT>ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. <FONT STYLE="letter-spacing: -0.25pt">ANY PURCHASER OR HOLDER OF THIS SECURITY
OR ANY INTEREST HEREIN WILL </FONT>BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF <FONT STYLE="letter-spacing: -0.05pt">THAT
EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO </FONT>WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE,
A <FONT STYLE="letter-spacing: -0.05pt">TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE </FONT><FONT STYLE="letter-spacing: -0.2pt">BENEFIT
PLAN OR PLAN, OR ANY</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify"><FONT STYLE="letter-spacing: -0.2pt">OTHER
PERSON OR ENTITY USING THE &ldquo;PLAN </FONT>ASSETS&rdquo; 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 <FONT STYLE="letter-spacing: -0.25pt">APPLICABLE STATUTORY OR ADMINISTRATIVE
EXEMPTION.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION
OF ANY OF THE SECURITIES SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR <FONT STYLE="letter-spacing: -0.2pt">TO ACQUIRING SUCH
SECURITIES.</FONT></P>





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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; letter-spacing: -0.15pt; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40%; text-align: left"><FONT STYLE="letter-spacing: -0.5pt">No.</FONT></TD><TD STYLE="width: 10%"></TD><TD STYLE="text-align: right; width: 40%">CUSIP 20786W AA5</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center"><U>CONNECTONE
BANCORP, INC.</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center"><U>5.75% FIXED
TO FLOATING RATE SUBORDINATED NOTE DUE 2025</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indenture;
Holders</U>. This note is one of a duly authorized issue of notes of ConnectOne Bancorp, Inc., a New Jersey corporation (the &ldquo;<U>Company</U>&rdquo;),
designated as the &ldquo;5.75% Fixed to Floating Rate Subordinated Notes due 2025&rdquo; (the &ldquo;<U>Subordinated Notes</U>&rdquo;)
in an aggregate principal amount of $50,000,000 and initially issued on June<FONT STYLE="font-size: 11pt"> </FONT>30, 2015. The
Company has issued this Subordinated Note under that certain Indenture dated as of June<FONT STYLE="font-size: 11pt"> </FONT>30,
2015, as the same may be<I> </I>amended or supplemented from time to time (&ldquo;<U>Indenture</U>&rdquo;), between the Company
and U.S. Bank National Association, as Trustee. All capitalized terms not otherwise defined herein this Subordinated Note will
have the meanings assigned to them in the Indenture. The terms of this Subordinated Note includes those stated in the Indenture
and those made part of the Indenture by reference to the Trust Indenture Act. This Subordinated Note is subject to all such terms,
and the Holder (as defined below) is referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the
extent any provision of this Subordinated Note irreconcilably conflicts with the express provisions of the Indenture, the provisions
of the Indenture will govern and be controlling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 54pt; background-color: white">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: 0pt"><U>Payment</U></FONT><FONT STYLE="letter-spacing: -0.2pt">.
The Company, for value received, promises to pay to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, or registered
assigns (the &ldquo;<U>Holder</U>&rdquo;), the principal sum of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars
(U.S.) ($&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;), plus accrued but unpaid interest on July 1, 2025 (&ldquo;Stated
Maturity&rdquo;) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding
July 1, 2020, at the rate of 5.75% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable
semi-annually in arrears on January 1 and July 1 of each year (each, a &ldquo;<U>Fixed Interest Payment Date</U>&rdquo;), beginning
January 1, 2016, and (ii) from and including July 1, 2020 to but excluding the Stated Maturity, at the rate per annum, reset quarterly,
equal to LIBOR determined on the determination date of the applicable Interest Period plus 393 basis points, computed on the basis
of a 360-day year and the actual number of days elapsed and payable quarterly in arrears on January 1, April 1, July 1 and October
1 of each year (each, a &ldquo;<U>Floating Interest Payment Date</U>&rdquo;). An &ldquo;<U>Interest Payment Date</U>&rdquo; is
either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 54pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">Any
payment of principal of or interest on this Subordinated Note that would otherwise <FONT STYLE="letter-spacing: -0.15pt">become
due and payable on a day which is not a Business Day will become due and payable on </FONT><FONT STYLE="letter-spacing: -0.05pt">the
next succeeding Business Day, with the same force and effect as if made on the date for </FONT>payment of such principal or interest,
and no interest will accrue in respect of such payment for the period after such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">The
Company will pay interest on this Subordinated Note to the Person who is the registered Holder at the close of business on the
fifteenth calendar day prior to the applicable Interest Payment Date<FONT STYLE="letter-spacing: -0.15pt">, without regard as to
whether such date is a Business Day, except as provided in Section 210 of the Indenture with respect to </FONT><FONT STYLE="letter-spacing: -0.25pt">Defaulted
Interest. This Subordinated Note will be payable as to principal and interest at the office or agency of the Paying Agent, or,
at the option of the Company, payment of interest may be made </FONT><FONT STYLE="letter-spacing: -0.2pt">by check delivered to
the Holder at its address set forth in the Subordinated Note Register or by wire </FONT><FONT STYLE="letter-spacing: -0.15pt">transfer
to an account appropriately designated by</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="letter-spacing: -0.15pt">the
Person entitled to payment; <I>provided, </I>that </FONT><FONT STYLE="letter-spacing: -0.05pt">the Paying Agent will have received
written notice of such account designation at least five </FONT>Business Days prior to the date of such payment (subject to surrender
of this Subordinated Note in the case of a payment of interest at Maturity).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Paving
<FONT STYLE="letter-spacing: -0.35pt">Agent</FONT> and Registrar</U>. U.S. Bank National Association, the Trustee <FONT STYLE="letter-spacing: -0.05pt">(&ldquo;<U>Trustee</U>&rdquo;)
under the Indenture, will act as the initial Paying Agent and Registrar through its </FONT>offices presently located at 21 South
Street, Morristown, New Jersey 07960<FONT STYLE="font-size: 11pt">. </FONT>The Company <FONT STYLE="letter-spacing: -0.2pt">may
change any Paying Agent or Registrar without notice to any Holder. The Company or any of </FONT>its Subsidiaries may act in any
such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.4pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: -0.15pt"><U>Subordination</U>.
The indebtedness of the Company evidenced by this Subordinated </FONT>Note, including the principal thereof and interest thereon,
is, to the extent and in the manner set <FONT STYLE="letter-spacing: -0.15pt">forth in the Indenture, </FONT><FONT STYLE="letter-spacing: -0.35pt">subordinate</FONT><FONT STYLE="letter-spacing: -0.15pt">
and junior in right of payment to obligations of the Company constituting the Senior Indebtedness on the terms and subject to the
terms and conditions as provided and set forth in Article XI of the Indenture and will rank <I>pari </I></FONT><I>passu </I>in
right of payment with all other Subordinated Notes. Holder, by the acceptance of this <FONT STYLE="letter-spacing: -0.25pt">Subordinated
Note, agrees to and will be bound by such provisions of the Indenture and authorizes </FONT>and directs the Trustee on his behalf
to take such actions as may be necessary or appropriate to effectuate the subordination so provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.4pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: -0.35pt"><U>Redemption</U></FONT>.
<FONT STYLE="letter-spacing: -0.4pt">The Company may, at any time or from time to time on or after </FONT>July 1,<FONT STYLE="letter-spacing: -0.4pt">
2020, redeem this Subordinated Note, in whole or in part, without premium or penalty, but in all cases in a principal amount with
integral multiples of $1,000. In addition, the Company may redeem all, but not a portion of, the Subordinated Notes, at any time
upon the occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. Any redemption with respect to this Subordinated
Note will be subject to any required regulatory approvals. This Subordinated Note is not subject to redemption at the option of
the Holder. The Redemption Price with respect to any redemption permitted under this Indenture will be equal to 100% of the principal
amount of this Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest,
if any, thereon to, but excluding, the Redemption Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.2pt">If
all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed
on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated
Notes, Company will immediately notify the Trustee, the Holders, and thereafter Company shall request, subject to the terms hereof,
that the Trustee and the Holders execute and deliver all agreements as reasonably necessary in order to restructure the applicable
portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events
of Default; Acceleration</U>. An &ldquo;<U>Event of Default</U>&rdquo; means any one of the <FONT STYLE="letter-spacing: -0.05pt">events
described in </FONT><FONT STYLE="letter-spacing: -0.35pt">Section</FONT><FONT STYLE="letter-spacing: -0.05pt"> 401 of the Indenture.
If an Event of Default described in Section </FONT>401(1) or Section 401(2) of the Indenture occurs, then the principal amount
of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding <FONT STYLE="letter-spacing: -0.2pt">Subordinated
Notes will become and be immediately due and payable without any declaration or </FONT><FONT STYLE="letter-spacing: -0.15pt">other
act on the part of the Trustee or the Holder, and the Company waives demand, presentment </FONT>for payment, notice of nonpayment,
notice of protest, and all other notices. Notwithstanding the <FONT STYLE="letter-spacing: -0.05pt">foregoing, because the Company
will treat the Subordinated Notes as Tier 2 Capital</FONT><FONT STYLE="letter-spacing: -0.25pt">, </FONT><FONT STYLE="letter-spacing: -0.15pt">upon
the</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="letter-spacing: -0.15pt">occurrence
of an Event of Default other than an Event of Default described in Section </FONT>401(1) or Section 401(2) of the Indenture, neither
the Trustee nor the Holder may accelerate the <FONT STYLE="letter-spacing: -0.25pt">Maturity of the Subordinated Notes and make
the principal of, and any accrued and unpaid interest </FONT><FONT STYLE="letter-spacing: -0.15pt">on the Subordinated Notes, immediately
due and payable. If any Event of Default occurs and is </FONT>continuing, the Trustee may also pursue any other available remedy
to collect the payment of <FONT STYLE="letter-spacing: -0.3pt">principal of, and interest on, the Subordinated Notes or to enforce
the performance of any provision </FONT>of the Subordinated Notes or the Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.15pt"><U>Failure
to Make Payments</U>. If the Company fails to make any payment of interest </FONT><FONT STYLE="letter-spacing: -0.25pt">on this
Subordinated Note when such interest becomes due and payable and such default continues </FONT>for a period of 30 days, or if the
Company fails to make any payment of the principal of this <FONT STYLE="letter-spacing: -0.05pt">Subordinated Note when such principal
becomes due and payable, the Company will, upon </FONT>demand of the Trustee, pay to the Trustee, for the benefit of the Holder,
the whole amount then <FONT STYLE="letter-spacing: -0.2pt">due and payable with respect to this Subordinated Note, with interest
upon the overdue principal, </FONT>any premium and, to the extent permitted by applicable law, upon any overdue installments of
interest at the rate or respective rates, as the case may be, provided for or with respect to this <FONT STYLE="letter-spacing: -0.2pt">Subordinated
Note or, as such rate or rates are so provided, at the rate or respective rates, as the </FONT>case may be, of interest borne by
this Subordinated Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;"><FONT STYLE="letter-spacing: -0.05pt">Upon
an Event of Default</FONT><FONT STYLE="letter-spacing: -0.25pt">, the Company may not declare or pay any dividends </FONT><FONT STYLE="letter-spacing: -0.15pt">or
distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, </FONT><FONT STYLE="letter-spacing: -0.2pt">any
of the Company&rsquo;s capital stock, make any payment of principal or interest or premium, if any, </FONT>on or repay, repurchase
or redeem any debt securities of the Company that rank equal with or <FONT STYLE="letter-spacing: -0.25pt">junior to this Subordinated
Note, or make any payments under any guarantee that ranks equal with </FONT>or junior to this Subordinated Note, other than; (i)
any dividends or distributions in shares of, or <FONT STYLE="letter-spacing: -0.25pt">options, warrants or rights to subscribe
for or purchase shares of, any class of Company&rsquo;s common </FONT><FONT STYLE="letter-spacing: -0.2pt">stock; (ii) any declaration
of a dividend in connection with the implementation of a shareholders&rsquo; </FONT><FONT STYLE="letter-spacing: -0.05pt">rights
plan, or the issuance of stock under any such plan in the future, or the redemption or </FONT><FONT STYLE="letter-spacing: -0.15pt">repurchase
of any such rights pursuant thereto; (iii) as a result of a reclassification of Company&rsquo;s </FONT>capital stock or the exchange
or conversion of one class or series of Company&rsquo;s capital stock for <FONT STYLE="letter-spacing: -0.25pt">another class or
series of Company&rsquo;s capital stock; (iv) the purchase of fractional interests in shares </FONT><FONT STYLE="letter-spacing: -0.05pt">of
Company&rsquo;s capital stock in accordance with the conversion or exchange provisions of such </FONT>capital stock or the security
being converted or exchanged; or (v) purchases of any class of <FONT STYLE="letter-spacing: -0.2pt">Company&rsquo;s common stock
related to the issuance of common stock or rights under any benefit plans for Company&rsquo;s directors, officers or employees
or any of Company&rsquo;s dividend reinvestment </FONT>plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.35pt"><U>Denominations</U></FONT><U><FONT STYLE="letter-spacing: -0.15pt">,
Transfer, Exchange</FONT></U><FONT STYLE="letter-spacing: -0.15pt">. The Subordinated Notes are issuable only in </FONT>registered
form without interest coupons in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. The transfer
of this Subordinated Note may be registered and this Subordinated Note may be exchanged as provided in the Indenture. The Registrar
may require the Holder, among other things, to furnish appropriate endorsements and transfer <FONT STYLE="letter-spacing: -0.2pt">documents
and the Company may require the Holder to pay any taxes and fees required by law or </FONT>permitted by the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.15pt"><U>Charges
and Transfer Taxes</U>. No service charge will be made for any registration </FONT>of transfer or exchange of this Subordinated
Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other
types of</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="letter-spacing: -0.2pt">securities
or property, but the Company may require payment of a sum sufficient to pay all taxes, </FONT><FONT STYLE="letter-spacing: -0.25pt">assessments
or other governmental charges that may be imposed in connection with the transfer or </FONT><FONT STYLE="letter-spacing: -0.15pt">exchange
of this Subordinated Note from the Holder requesting such transfer or exchange.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Persons
<FONT STYLE="letter-spacing: -0.35pt">Deemed</FONT></U>. Owners. The Company and the Trustee and any agent of the <FONT STYLE="letter-spacing: -0.2pt">Company
or the Trustee may treat the Person in whose name this Subordinated Note is registered </FONT><FONT STYLE="letter-spacing: -0.25pt">as
the owner hereof for all purposes, whether or not this Subordinated Note is overdue, and neither </FONT><FONT STYLE="letter-spacing: -0.15pt">the
Company, the Trustee nor any such agent will be affected by notice to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.15pt"><U>Amendments;
Waivers</U>. The Indenture permits, with certain exceptions as therein </FONT>provided, the amendment thereof and the modification
of the rights and obligations of the <FONT STYLE="letter-spacing: -0.25pt">Company and the rights of the </FONT><FONT STYLE="letter-spacing: -0.35pt">Holders</FONT><FONT STYLE="letter-spacing: -0.25pt">
of the Subordinated Notes at any time by the Company and </FONT>the Trustee with the consent of the holders of a majority in principal
amount of the then <FONT STYLE="letter-spacing: -0.15pt">Outstanding Subordinated Notes. The Indenture also contains provisions
permitting the holders </FONT><FONT STYLE="letter-spacing: -0.05pt">of specified percentages in principal amount of the then Outstanding
Subordinated Notes, on </FONT><FONT STYLE="letter-spacing: -0.2pt">behalf of the holders of all Subordinated Notes, to waive certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Subordinated Note will
be conclusive and binding upon such Holder and upon all future holders of this Subordinated Note </FONT><FONT STYLE="letter-spacing: -0.25pt">and
of any Subordinated Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Subordinated </FONT>Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Impairment</U>. No reference herein to the Indenture and no provision of this Subordinated Note or of the Indenture will alter
or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest (if any) and
Additional Interest on this Subordinated Note at the times, place and rate as herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sinking
Fund; Convertibility</U>. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note is
not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Recourse Against Others</U>. No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in
this Subordinated 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 Company or of any predecessor or successor, either directly
or through the Company 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 Subordinated Note by the Holder and as part of the consideration for the issuance of this Subordinated
Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authentication</U>.
This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Abbreviations</U>.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white"><FONT STYLE="letter-spacing: -0.2pt">custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be </FONT>used though not in the above list.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; letter-spacing: -0.1pt; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.05pt"><U>Available
</U></FONT><U>Information</U><FONT STYLE="letter-spacing: -0.05pt">. The Company will furnish to the Holder upon written </FONT>request
and without charge a copy of the Indenture. Requests by Holders to the Company may be made to: ConnectOne Bancorp, Inc., 301 Sylvan
Avenue, Englewood Cliffs, New Jersey Attn: Laura Criscione.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing<FONT STYLE="letter-spacing: -0.2pt">
Law</FONT></U><FONT STYLE="letter-spacing: -0.2pt">. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A </FONT><FONT STYLE="letter-spacing: -0.05pt">CONTRACT
MADE UNDER THE LAWS OF THE STATE OF </FONT>NEW YORK<FONT STYLE="letter-spacing: -0.05pt"> AND WILL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE </FONT><FONT STYLE="letter-spacing: -0.25pt">STATE OF NEW YORK.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;  text-align: justify; text-indent: 36pt;">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">[Signature
Page Follows]</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN
WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dated: June 30,
2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>CONNECTONE BANCORP, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">By:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 20pt"></div></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;<DIV STYLE="border-bottom: Black 1px solid; margin-left: 35pt"></div></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 25pt"></div></TD>
    </TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>TRUSTEE&rsquo;S
CERTIFICATE OF AUTHENTICATION</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This
is one of the Subordinated Notes of ConnectOne Bancorp, Inc. referred to in the within-mentioned Indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font: 12pt Times New Roman, Times, Serif; text-transform: uppercase"><B>U.S. Bank National Association</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 12pt Times New Roman, Times, Serif">as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">Authorized Signatory</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">Dated:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 32pt"></div></TD>
    </TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>ASSIGNMENT
FORM</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To assign this Subordinated
Note, fill in the form below: (I) or (we) assign and transfer this Subordinated Note to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-top: Black 1px solid">(Print or type assignee&rsquo;s
name, address and zip code)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-top: Black 1px solid">(Insert assignee&rsquo;s
social security or tax I.D. No.)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">and irrevocably appoint <font style="border-bottom:1px solid black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> agent to transfer
this Subordinated Note on the books of the Company. The agent may substitute another to act
for him.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: left">Date:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 28pt"></div></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 55%; text-align: left">Your signature:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 75pt"></div></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">(Sign exactly as your name appears on the face of this Subordinated Note)</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Tax Identification No:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 108pt"></div></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 5%">Signature Guarantee:</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="">(Signatures must be guaranteed
by an eligible guarantor institution (banks, </FONT>stockbrokers<FONT STYLE="">, savings </FONT>and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934 (the &ldquo;<I><U>Exchange Act</U></I>&rdquo;).)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The
undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its <FONT STYLE="">knowledge,
the proposed transferee </FONT>[is / is not] <FONT STYLE="">an Affiliate of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="">In
connection with any transfer or exchange of this Subordinated Note occurring prior to </FONT>the date that is one year after the
later of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was
owned by the Company or any <FONT STYLE="">Affiliate of the Company, the undersigned confirms that this
Subordinated Note is being:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">CHECK ONE BOX BELOW:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 6%">(1)</TD>
    <TD STYLE="width: 88%; text-align: justify">acquired for the undersigned&rsquo;s own account, without transfer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(2)</TD>
    <TD STYLE="text-align: justify">transferred to the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(3)</TD>
    <TD STYLE="text-align: justify">transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;);</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(4)</TD>
    <TD STYLE="text-align: justify">transferred under an effective registration statement under the Securities Act;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(5)</TD>
    <TD STYLE="text-align: justify">transferred in accordance with and in compliance with Regulation S under the Securities Act;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 6%">(6)</TD>
    <TD STYLE="width: 88%; text-align: justify">transferred to an institutional &ldquo;accredited investor&rdquo; (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an &ldquo;accredited investor&rdquo; (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain representations and agreements; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(7)</TD>
    <TD STYLE="text-align: justify">transferred in accordance with another available exemption from the registration requirements of the Securities Act of 1933, as amended.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless one of the
boxes is checked, the Paying Agent will refuse to register this Subordinated 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 Paying
Agent may require, prior to registering any such transfer of this Subordinated Note, in its
sole discretion, such legal opinions, certifications and other information as the Paying Agent 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: left">Signature:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 50pt"></div></TD>
    </TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 5%">Signature Guarantee:</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(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 Rule 17Ad-15 under the Exchange Act.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">TO BE COMPLETED BY
PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The
undersigned represents and warrants that it is purchasing this Subordinated 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 &ldquo;qualified institutional buyer&rdquo;
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
Issuer 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&rsquo;s foregoing representations
in order to claim the exemption from registration provided by Rule 144A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-align: left">Date:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 27pt"></div></TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: left">Signature:<DIV STYLE="border-bottom: Black 1px solid; margin-left: 50pt"></div></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT A-2</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>(FORM OF GLOBAL SUBORDINATED NOTE)</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE SECURITIES EVIDENCED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE &#8220;SECURITIES ACT&#8217;) OR UNDER ANY APPLICABLE STATE SECURITIES
LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE
AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, 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 COMPANY, IF REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS SUBORDINATED NOTE IS A GLOBAL SUBORDINATED
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE &amp; CO AS NOMINEE OF THE
DEPOSITORY TRUST COMPANY (&#8220;DTC&#8221;) OR A NOMINEE OF DTC. THIS SUBORDINATED NOTE IS EXCHANGEABLE FOR SUBORDINATED NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
AND NO TRANSFER OF THIS SUBORDINATED NOTE (OTHER THAN A TRANSFER OF THIS SUBORDINATED NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC
OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE INDENTURE.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UNLESS THIS SUBORDINATED NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
SUBORDINATED NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE <I>&amp; </I>CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TRANSFERS OF THIS SUBORDINATED NOTE WILL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#8217;S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS SECURITY AND THE OBLIGATIONS OF THE
COMPANY (AS DEFINED HEREIN) AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED
BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE
SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN ERISA CONSIDERATIONS:</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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
(&#8220;ERISA&#8221;), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE &#8220;CODE&#8221;) (EACH A &#8220;PLAN&#8221;),
OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE &#8220;PLAN ASSETS&#8221; BY REASON OF ANY PLAN&#8217;S INVESTMENT IN THE ENTITY,
AND NO PERSON INVESTING &#8220;PLAN ASSETS&#8221; 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 &#8220;PLAN ASSETS&#8221; 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%">No.</TD>
    <TD STYLE="text-align: right; width: 50%">CUSIP 20786W AA5</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CONNECTONE BANCORP, INC.</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>5.75% FIXED TO FLOATING SUBORDINATED
NOTE DUE 2025</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indenture;
Holders</U>. This note is one of a duly authorized issue of notes of ConnectOne Bancorp, Inc., a New Jersey corporation (the &#8220;<U>Company</U>&#8221;)
designated as the &#8220;5.75% Fixed to Floating Subordinated Notes due 2025&#8221; (the &#8220;<U>Subordinated Notes</U>&#8221;)
in an aggregate principal amount of $50,000,000<FONT STYLE="font-size: 11pt"> </FONT>and initially issued on June<FONT STYLE="font-size: 11pt">
</FONT>30<FONT STYLE="font-size: 11pt">, 2015</FONT>. The Company has issued this Subordinated Note under that certain Indenture
dated as of June<FONT STYLE="font-size: 11pt"> </FONT>30<FONT STYLE="font-size: 11pt">, 2015</FONT>, as the same may be amended
or supplemented from time to time (&#8220;<U>Indenture</U>&#8221;), between the Company and U.S. Bank National Association, as
Trustee. All capitalized terms not otherwise defined hereto this Subordinated Note will have the meanings assigned to them in the
Indenture. The terms of this Subordinated Note includes those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act. This Subordinated Note is subject to ail such terms, and the Holder (as defined below) is referred
to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Subordinated Note
irreconcilably conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment</U>.
The Company, for value received, promises to pay to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, or registered assigns (the &#8220;<U>Holder</U>&#8221;), the principal
sum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars (U.S.) ($&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;), plus accrued but unpaid interest on July 1, 2025 (&#8220;Stated Maturity&#8221;) and to pay interest
thereon (i) from and including the original issue date of the Subordinated Notes to but excluding July 1, 2020, at the rate of
5.75% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears
on January 1 and July 1 of each year (each, a &#8220;<U>Fixed Interest Payment Date</U>&#8221;), beginning January 1, 2016, and
(ii) from and including July 1, 2020 to but excluding the Stated Maturity, at the rate per annum, reset quarterly, equal to LIBOR
determined on the determination date of the applicable Interest Period plus 393 basis points, computed on the basis of a 360-day
year and the actual number of days elapsed and payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each
year (each, a &#8220;<U>Floating Interest Payment Date</U>&#8221;). An &#8220;<U>Interest Payment Date</U>&#8221; is either a Fixed
Interest Payment Date or a Floating Interest Payment Date, as applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Any
payment of principal of or interest on this Subordinated 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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
Company will pay interest on this Subordinated Note to the Person who is the registered Holder at the close of business on the
fifteenth calendar day prior to the applicable Interest Payment Date, without regard as to whether such date is a Business Day,
except as provided in Section 210 of the Indenture with respect to Defaulted Interest. This Subordinated Note will be payable as
to principal and interest at the office or agency of the Paying Agent, or, at the option of the Company, payment of interest may
be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or by wire transfer to an account
appropriately designated by</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">the
Person entitled to payment; <I>provided, </I>that the Paying Agent will have received written notice of such account designation
at least five Business Days prior to the date of such payment (subject to surrender of this Subordinated Note in the case of a
payment of interest at Maturity).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Paying
Agent and Registrar</U>. U.S. Bank National Association, the Trustee (&#8220;<U>Trustee</U>&#8221;) under the Indenture, will act
as the initial Paying Agent and Registrar through its offices presently located at 21 South Street, Morristown, New Jersey, 07960.
The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act
is any such capacity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subordination</U>.
The indebtedness of the Company evidenced by this Subordinated Note, including the principal thereof and interest thereon, is,
to the extent and in the manner set forth in the Indenture, subordinate and junior in right of payment to obligations of the Company
constituting the Senior Indebtedness (as defined in the Indenture) on the terms and subject to the terms and conditions as provided
and set forth in Article XI of the Indenture and will rank pari passu in right of payment with all other Subordinated Notes. Holder,
by the acceptance of this Subordinated Note, agrees to and will be bound by such provisions of the Indenture and authorizes and
directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.
The Company may, at any time or from time to time on or after July 1, 2020, redeem this Subordinated Note, in whole or in part,
without premium or penalty, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company
may redeem all, but not a portion of, the Subordinated Notes, at any time upon the occurrence of a Tier 2 Capital Event, Tax Event
or an Investment Company Event. Any redemption with respect to this Subordinated Note will be subject to any required regulatory
approvals. This Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with respect to
any redemption permitted under this Indenture will be equal to 100% of the principal amount of this Subordinated Note, or portion
thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding, the Redemption
Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">If
all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed
on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated
Notes, Company will immediately notify the Trustee, the Holders, and thereafter Company shall request, subject to the terms hereof,
that the Trustee and the Holders execute and deliver all agreements as reasonably necessary in order to restructure the applicable
portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events
of Default</U>: Acceleration. An &#8220;Event of Default&#8221; means any one of the events described in Section 401 of the Indenture.
If an Event of Default described in Section 401(1) or Section 401(2) of the Indenture occurs, then the principal amount of all
of the Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become
and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holder, and the Company
waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing,
because the Company will treat the Subordinated Notes as tier 2 capital (or its then equivalent if the Company were subject to
such capital requirement) for purposes of capital adequacy guidelines of the Federal Reserve Board as then in effect and applicable
to</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">the
Company, upon the occurrence of an Event of Default other than an Event of Default described in Section 401(1) or Section 401(2)
of the Indenture, neither the Trustee nor the Holder may accelerate the Maturity of the Subordinated Notes and make the principal
of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable. If any Event of Default occurs
and is continuing, the Trustee may also pursue any other available remedy to collect the payment of principal of, and interest
on, the Subordinated Notes or to enforce the performance of any provision of the Subordinated Notes or the Indenture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failure
to Make Payments</U>. If the Company fails to make any payment of interest on this Subordinated Note when such interest becomes
due and payable and such default continues for a period of 30 days, or if the Company fails to make any payment of the principal
of this Subordinated Note when such principal becomes due and payable, the Company will, upon demand of the Trustee, pay to the
Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note, with interest
upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments of interest
at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if no such rate
or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated Note.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">Upon
an Event of Default, the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make
a liquidation payment with respect to, any of the Company&#8217;s capital stock, make any payment of principal or interest or premium,
if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to this Subordinated
Note, or make any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other than: (i) any dividends
or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company&#8217;s
common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders&#8217; rights plan, or
the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii)
as a result of a reclassification of Company&#8217;s capital stock or the exchange or conversion of one class or series of Company&#8217;s
capital stock for another class or series of Company&#8217;s capital stock; (iv) the purchase of fractional interests in shares
of Company&#8217;s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security
being converted or exchanged; or (v) purchases of any class of Company&#8217;s common stock related to the issuance of common stock
or rights under any of benefit plans for Company&#8217;s directors, officers or employees or any of Company&#8217;s dividend reinvestment
plans.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Denominations,
Transfer, Exchange</U>. The Subordinated 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. The transfer of this Subordinated Note may be registered and this
Subordinated Note may be exchanged as provided in the Indenture, The Registrar may require the Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and fees required by law
or permitted by the Indenture,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Charges
and Transfer Taxes</U>. No service charge will be made for any registration of transfer or exchange of this Subordinated Note,
or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types
of</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">securities
or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges
that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder requesting such transfer
or exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Persons
Deemed Owners</U>. The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note is overdue, and neither
the Company, the Trustee nor any such agent will be affected by notice to the contrary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments;
Waivers</U>. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of
the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time by the Company and
the Trustee with the consent of the holders of a majority in principal amount of the then Outstanding Subordinated Notes. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the then Outstanding Subordinated
Notes, on behalf of the Holders of all Subordinated Notes, to waive certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the holder of this Subordinated Note will be conclusive and binding upon such holder and upon all
future holders of this Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Impairment</U>. No reference herein to the Indenture and no provision of this Subordinated Note or of the Indenture will alter
or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest (if any) and
Additional Interest on this Subordinated Note at the times, place and rate as herein prescribed,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sinking
Fund: Convertibility</U>. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note is
not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any Subsidiary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Recourse Against Others</U>. No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this
Subordinated 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 Company or of any predecessor or successor, either directly or through
the Company 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 Subordinated Note by the Holder and as part of the consideration for the issuance of this Subordinated Note.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authentication</U>.
This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). Additional abbreviations may also be used though not in the above list.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Available
Information</U>. The Company will furnish to the Holder upon written request and without charge a copy of the Indenture. Requests
may be made to: ConnectOne Bancorp, Inc., 301 Sylvan Avenue, Englewood Cliffs, New Jersey 07632, Attn: Laura Criscione.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">IN
WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly executed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: June<FONT STYLE="font-size: 11pt"> </FONT>30, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="text-transform: uppercase"><B>ConnectOne Bancorp, Inc<I>.</I></B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:20pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
</TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Name:<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:35pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:30pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    </TR>
</TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>TRUSTEE&#8217;S CERTIFICATE OF AUTHENTICATION</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">This
is one of the Subordinated Notes of ConnectOne Bancorp, Inc. referred to in the within-mentioned Indenture:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>U.S. Bank National Association</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>as Trustee</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1px solid">Authorized Signatory</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Dated: <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:35pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 80%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    </TR>
</TABLE>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ASSIGNMENT FORM</U></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To assign this Subordinated Note, fill
in the form below: (I) or (we) assign and transfer this Subordinated Note to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 1px solid">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Print or type assignee&#8217;s name, address
and zip code)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1px solid">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Insert assignee&#8217;s social security
or tax I.D. No.)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">and irrevocably appoint _______________________ agent to transfer
this Subordinated Note on the books of the Company. The agent may substitute another to act for him.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%">Date: <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:30pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 80%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="text-align: justify; width: 50%"> Your signature:<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:80pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Sign exactly as your name appears on the face of this Subordinated Note)&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Tax Identification No: <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:110pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 00">Signature&nbsp;Guarantee:_______________________________________________________________________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">(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 Rule 17Ad-15 under the Securities Exchange Act of 1934 (the &#8220;<I><U>Exchange Act</U></I>&#8221;).)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is
/ is not] an Affiliate of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">In
connection with any transfer or exchange of this Subordinated Note occurring prior to the date that is one year after the later
of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned
by the Company or any Affiliate of the Company, the undersigned confirms that this Subordinated Note is being:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CHECK ONE BOX BELOW:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 6%">(1)</TD>
    <TD STYLE="width: 88%">acquired for the undersigned&#8217;s own account, without transfer;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(2)</TD>
    <TD>transferred to the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(3)</TD>
    <TD STYLE="text-align: justify">transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;);</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(4)</TD>
    <TD STYLE="text-align: justify">transferred under an effective registration statement under the Securities Act;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(5)</TD>
    <TD STYLE="text-align: justify">transferred in accordance with and in compliance with Regulation S under the Securities Act;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="width: 6%">(6)</TD>
    <TD STYLE="width: 88%">transferred to an institutional &#8220;accredited investor&#8221; (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an &#8220;accredited investor&#8221; (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain representations and agreements; or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>(7)</TD>
    <TD>transferred in accordance with another available exemption from die registration requirements of the Securities Act of 1933, as amended.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless one of the boxes is checked, the
Paying Agent will refuse to register this Subordinated 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 Paying Agent may require, prior to registering any such transfer
of this Subordinated Note, in its sole discretion, such legal opinions, certifications and other information as the Paying Agent
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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 45%">Signature: <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:55pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    </TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216pt; text-align: justify">  </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Signature&nbsp;Guarantee:_______________________________________________________________________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(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 Rule 17Ad-15 under the Exchange Act.)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TO BE COMPLETED BY PURCHASER IF BOX (1)
OR (3) ABOVE IS CHECKED.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">The
undersigned represents and warrants that it is purchasing this Subordinated 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 &#8220;qualified institutional buyer&#8221;
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 Issuer 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&#8217;s foregoing representations in order to claim the exemption from registration provided by Rule 144A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-align: left">Date: <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:30pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: left">Signature: <!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0; margin-left:55pt"><DIV STYLE="font-size: 1pt; border-top: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION RIGHTS AGREEMENT</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">REGISTRATION RIGHTS
AGREEMENT (the &ldquo;<U>Agreement</U>&rdquo;) is dated as of June 30, 2015 and is made by and among ConnectOne Bancorp, Inc.,
a New Jersey<B> </B>corporation (the &ldquo;<U>Company</U>&rdquo;), and the purchasers named in Schedule&nbsp;1 to the Purchase
Agreement (as defined below) (collectively, the &ldquo;<U>Purchasers</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement is made
pursuant to the Subordinated Note Purchase Agreement dated June 30, 2015 by and among the Company and the Purchasers (the &ldquo;<U>Purchase
Agreement</U>&rdquo;), which provides for the sale by the Company to the Purchasers of $50,000,000 aggregate principal amount of
the Company&rsquo;s 5.75% Fixed to Floating Rate Subordinated Notes due 2025, which were issued on June&nbsp;30, 2015 (the &ldquo;<U>Subordinated
Notes</U>&rdquo;). In order to induce the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to
the Purchasers&rsquo; obligations thereunder, the Company has agreed to provide to the Purchasers and their respective direct and
indirect transferees and assigns the registration rights set forth in this Agreement. The execution and delivery of this Agreement
is a condition to the closing under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of
the foregoing, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
</B>As used in this Agreement, the following capitalized defined terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>1933 Act</U>&rdquo;
shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>1934 Act</U>&rdquo;
shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Additional
Interest</U>&rdquo; shall have the meaning set forth in <U>Section 2(e)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
shall have the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Closing Date</U>&rdquo;
shall mean June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company</U>&rdquo;
shall have the meaning set forth in the preamble to this Agreement and also includes the Company&rsquo;s successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Depositary</U>&ldquo;
shall mean The Depository Trust Company, or any other depositary appointed by the Company, including any agent thereof; <I>provided</I>,<I>
however</I>, that any such depositary must at all times have an address in the Borough of Manhattan, The City of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Event Date</U>&rdquo;
shall have the meaning set forth in <U>Section 2(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange
Offer</U>&rdquo; shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to <U>Section
2(a)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange
Offer Registration</U>&rdquo; shall mean a registration under the 1933 Act effected pursuant to <U>Section 2(a)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange
Offer Registration Statement</U>&rdquo; shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on
another appropriate form) covering the Registrable Securities, and all</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">amendments and supplements to such registration
statement, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed
to be incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange
Securities</U>&rdquo; shall mean the 5.75% Fixed to Floating Rate Subordinated Notes due 2025 issued by the Company under the Indenture
containing terms identical to the Subordinated Notes (except that (i) interest thereon shall accrue from the last date to which
interest has been paid or duly provided for on the Subordinated Notes or, if no such interest has been paid or duly provided for,
from the Interest Accrual Date, (ii) provisions relating to an increase in the stated rate of interest thereon upon the occurrence
of a Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating to restrictions on ownership
and transfer thereof as a result of the issuance of the Subordinated Notes without registration under the 1933 Act shall be eliminated,
(iv) the denominations thereof shall be $1,000 and integral multiples of $1,000 and (v) all of the Exchange Securities will be
represented by one or more global Exchange Securities in book-entry form unless exchanged for Exchange Securities in definitive
certificated form under the circumstances provided in the Indenture to be offered to Holders of Registrable Securities in exchange
for Registrable Securities pursuant to the Exchange Offer).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FINRA</U>&rdquo;
shall mean the Financial Industry Regulatory Authority, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Holders</U>&rdquo;
shall mean (i) the Purchasers, for so long as they own any Registrable Securities, and each of their respective successors, assigns
and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture and (ii) each Participating
Broker-Dealer that holds Exchange Securities for so long as such Participating Broker-Dealer is required to deliver a prospectus
meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indenture</U>&rdquo;
shall mean the indenture, dated as of June&nbsp;30, 2015, by and between the Company and U.S. Bank National Association, as trustee,
as the same may be amended or supplemented from time to time in accordance with the terms thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interest
Accrual Date</U>&rdquo; means June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Majority
Holders</U>&rdquo; shall mean the Holders of a majority of the aggregate principal amount of Registrable Securities outstanding,
excluding Exchange Securities referred to in clause (ii) of the definition of &ldquo;Holders&rdquo; above;<B> </B><I>provided</I>
that whenever the consent or approval of Holders of a specified percentage of Registrable Securities or Exchange Securities is
required hereunder, Registrable Securities and Exchange Securities held by the Company or any of its affiliates (as such term is
defined in Rule 405 under the 1933 Act) shall be disregarded in determining whether such consent or approval was given by the Holders
of such required percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Notifying
Broker-Dealer</U>&rdquo; shall have the meaning set forth in <U>Section 3(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Participating
Broker-Dealer</U>&rdquo; shall have the meaning set forth in <U>Section 3(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
shall mean an individual, partnership, joint venture, limited liability company, corporation, trust or unincorporated organization,
or a government or agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Prospectus</U>&rdquo;
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering
of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">supplements to a prospectus, including
post-effective amendments, and in each case including all material incorporated or deemed to be incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Purchase
Agreement</U>&rdquo; shall have the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Purchasers</U>&rdquo;
shall have the meaning set forth in the preamble of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registrable
Securities</U>&rdquo; shall mean the Subordinated Notes; <I>provided</I>,<I> however</I>, that any Subordinated Notes shall cease
to be Registrable Securities when (i) a Registration Statement with respect to such Subordinated Notes shall have been declared
effective under the 1933 Act and such Subordinated Notes shall have been disposed of pursuant to such Registration Statement, (ii)
such Subordinated Notes shall have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not
Rule 144A) under the 1933 Act, (iii) such Subordinated Notes shall have ceased to be outstanding, or (iv) such Subordinated Notes
have been exchanged for Exchange Securities which have been registered pursuant to the Exchange Offer Registration Statement upon
consummation of the Exchange Offer unless, in the case of any Exchange Securities referred to in this clause (iv), such Exchange
Securities are held by Participating Broker-Dealers or otherwise are not freely tradable without any limitations or restrictions
under the 1933 Act (in which case such Exchange Securities will be deemed to be Registrable Securities until such time as such
Exchange Securities are sold to a purchaser in whose hands such Exchange Securities are freely tradeable without any limitations
or restrictions under the 1933 Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registration
Default</U>&rdquo; shall have the meaning set forth in <U>Section 2(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registration
Expenses</U>&rdquo; shall mean any and all expenses incident to performance of or compliance by the Company with this Agreement,
including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred
in connection with compliance with state or other securities or blue sky laws and compliance with the rules of FINRA (including
reasonable fees and disbursements of counsel for any underwriters or Holders in connection with qualification of any of the Exchange
Securities or Registrable Securities under state or other securities or blue sky laws and any filing with and review by FINRA),
(iii) all expenses of any Persons in preparing, printing and distributing any Registration Statement, any Prospectus, any amendments
or supplements thereto, any underwriting agreements, securities sales agreements, certificates representing the Subordinated Notes
or Exchange Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency
fees, (v) all fees and expenses incurred in connection with the listing, if any, of any of the Subordinated Notes or Exchange Securities
on any securities exchange or exchanges or on any quotation system, (vi) all fees and disbursements relating to the qualification
of the Indenture under applicable securities laws, (vii) the fees and disbursements of counsel for the Company and the fees and
expenses of independent public accountants for the Company or for any other Person, business or assets whose financial statements
are included in any Registration Statement or Prospectus, including the expenses of any special audits or &ldquo;cold comfort&rdquo;
letters required by or incident to such performance and compliance, (viii) the fees and expenses of a &ldquo;qualified independent
underwriter&rdquo; as defined by FINRA Rule 5121 (if required by FINRA rules) and the fees and disbursements of its counsel, (ix)
the fees and expenses of the Trustee, any registrar, any depositary, any paying agent, any escrow agent or any custodian, in each
case including fees and disbursements of their respective counsel, and (x) in the case of an underwritten offering, any fees and
disbursements of the underwriters customarily paid by issuers or sellers of securities and the fees and expenses of any special
experts retained by the Company in connection with any Registration Statement but excluding (except as otherwise provided herein)
fees of counsel to the underwriters or the Holders and underwriting discounts and commissions and transfer taxes, if any, relating
to the sale or disposition of Registrable Securities by a Holder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registration
Statement</U>&rdquo; shall mean any registration statement of the Company relating to any offering of the Exchange Securities or
Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Exchange Offer Registration
Statement and any Shelf Registration Statement), and all amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated
or deemed to be incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC</U>&rdquo;
shall mean the Securities and Exchange Commission or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shelf Registration</U>&rdquo;
shall mean a registration effected pursuant to <U>Section 2(b)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shelf Registration
Statement</U>&rdquo; shall mean a &ldquo;shelf&rdquo; registration statement of the Company pursuant to the provisions of <U>Section
2(b)</U> of this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule
415 under the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated or deemed to be incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subordinated
Notes</U>&rdquo; shall have the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>TIA</U>&rdquo;
shall mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trustee</U>&rdquo;
shall mean the trustee with respect to the Subordinated Notes and the Exchange Securities under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Underwriters</U>&rdquo;
shall have the meaning set forth in Section 5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
Agreement, (i) all references in this Agreement to any Registration Statement, preliminary prospectus or Prospectus or any amendment
or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic Data Gathering,
Analysis and Retrieval system; (ii) all references in this Agreement to financial statements and schedules and other information
which is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in any Registration Statement, preliminary prospectus
or Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules
and other information which is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary
prospectus or Prospectus, as the case may be; (iii) all references in this Agreement to amendments or supplements to any Registration
Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing of any document under the 1934 Act
which is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus,
as the case may be; (iv) all references in this Agreement to Rule 144, Rule 144A, Rule 405 or Rule 415 under the 1933 Act, and
all references to any sections or subsections thereof or terms defined therein, shall in each case include any successor provisions
thereto; and (v) all references in this Agreement to days (but not to business days) shall mean calendar days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Under the 1933 Act</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext"><U>Exchange
Offer Registration</U></FONT>. The <FONT STYLE="color: windowtext">Company </FONT>shall <FONT STYLE="color: windowtext">(A) </FONT>file
with the <FONT STYLE="color: windowtext">SEC </FONT>on or prior to the 90<SUP>th</SUP> day after the <FONT STYLE="color: windowtext">Closing
Date </FONT>an <FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>covering the offer by the <FONT STYLE="color: windowtext">Company
</FONT>to the <FONT STYLE="color: windowtext">Holders </FONT>to exchange all of the <FONT STYLE="color: windowtext">Registrable
Securities </FONT>for a like aggregate principal amount of <FONT STYLE="color: windowtext">Exchange Securities</FONT>, <FONT STYLE="color: windowtext">(B)
use its reasonable best efforts to cause </FONT>such <FONT STYLE="color: windowtext">Exchange Offer</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Registration Statement to be declared effective
by the SEC no later than the 120<SUP>th</SUP> day after the Closing Date, (C) use its reasonable best efforts to cause such Registration
Statement to remain effective until the closing of the Exchange Offer and (D) use its reasonable best efforts to consummate the
Exchange Offer no later than 45 days after the effective date of the Exchange Offer Registration Statement. Upon the effectiveness
of the Exchange Offer Registration Statement, the Company shall promptly commence the Exchange Offer, it being the objective of
such Exchange Offer to enable each Holder eligible and electing to exchange Registrable Securities for Exchange Securities (assuming
that such Holder is not an affiliate of the Company within the meaning of Rule 405 under the 1933 Act, acquires the Exchange Securities
in the ordinary course of such Holder&rsquo;s business and has no arrangements or understandings with any Person to participate
in the Exchange Offer for the purpose of distributing such Exchange Securities) to trade such Exchange Securities from and after
their receipt without any limitations or restrictions under the 1933 Act or under the securities or blue sky laws of the states
of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the Exchange Offer, the Company shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
mail to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate
letter of transmittal and related documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;keep
the Exchange Offer open for not less than 20 business days (or longer if required by applicable law) after the date notice thereof
is mailed to the Holders and, during the Exchange Offer, offer to all Holders who are legally eligible to participate in the Exchange
Offer the opportunity to exchange their Registrable Securities for Exchange Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use
the services of a depositary with an address in the Borough of Manhattan, The City of New York for the Exchange Offer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;permit
Holders to withdraw tendered Registrable Securities at any time prior to the close of business, Englewood Cliffs, New Jersey time,
on the last business day on which the Exchange Offer shall remain open, by sending to the institution specified in the Prospectus
or the related letter of transmittal or related documents a telegram, telex, facsimile transmission or letter setting forth the
name of such Holder, the principal amount of Registrable Securities delivered for exchange, and a statement that such Holder is
withdrawing its election to have such Subordinated Notes exchanged;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notify
each Holder that any Registrable Security not tendered will remain outstanding and continue to accrue interest, but will not retain
any rights under this Agreement (except in the case of Participating Broker-Dealers as provided herein); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;otherwise
comply in all material respects with all applicable laws relating to the Exchange Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Exchange Securities
shall be issued under the Indenture, which shall be qualified under the TIA. The Indenture shall provide that the Exchange Securities
and the Subordinated Notes shall vote and consent together on all matters as a single class and shall constitute a single series
of debt securities issued under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As soon as practicable
after the close of the Exchange Offer, the Company shall:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accept
for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to the Exchange Offer in accordance with
the terms of the Exchange Offer Registration Statement and the letter of transmittal which is an exhibit thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Securities so accepted for exchange by the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
the Trustee promptly to authenticate and deliver Exchange Securities to each Holder of Registrable Securities so accepted for exchange
equal in principal amount to the principal amount of the Registrable Securities of such Holder so accepted for exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest on each Exchange
Security will accrue from the last date on which interest was paid or duly provided for on the Subordinated Notes surrendered in
exchange therefor or, if no interest has been paid or duly provided for on such Subordinated Notes, from the Interest Accrual Date.
The Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange Offer, or the making of any exchange
by a Holder, does not violate any applicable law or any applicable interpretation of the staff of the SEC, (ii) that no action
or proceeding shall have been instituted or threatened in any court or by or before any governmental agency with respect to the
Exchange Offer which, in the Company&rsquo;s judgment, would reasonably be expected to impair the ability of the Company to proceed
with the Exchange Offer, and (iii) that the Holders tender the Registrable Securities to the Company in accordance with the Exchange
Offer. Each Holder of Registrable Securities (other than Participating Broker-Dealers) who wishes to exchange such Registrable
Securities for Exchange Securities in the Exchange Offer will be required to represent that (i) it is not an affiliate (as defined
in Rule 405 under the 1933 Act) of the Company, (ii) any Exchange Securities to be received by it will be acquired in the ordinary
course of business and (iii) it has no arrangement with any Person to participate in the distribution (within the meaning of the
1933 Act) of the Exchange Securities, and shall be required to make such other representations as may be reasonably necessary under
applicable SEC rules, regulations or interpretations to render the use of Form S-4 or another appropriate form under the 1933 Act
available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext"><U>Shelf
Registration</U></FONT>. <FONT STYLE="color: windowtext">(i) </FONT>If, because of any change in law or applicable interpretations
thereof by the staff of the <FONT STYLE="color: windowtext">SEC</FONT>, the <FONT STYLE="color: windowtext">Company </FONT>is not
permitted to effect the <FONT STYLE="color: windowtext">Exchange Offer </FONT>as contemplated by <U>Section <FONT STYLE="color: windowtext">2(a)</FONT></U><FONT STYLE="color: windowtext">
</FONT>hereof, or <FONT STYLE="color: windowtext">(ii) </FONT>if for any other reason (A) the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>is not declared effective within 120 days following the <FONT STYLE="color: windowtext">Closing
Date </FONT>or (B) the <FONT STYLE="color: windowtext">Exchange Offer </FONT>is not consummated within 45 days after effectiveness
of the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>(<I>provided</I> that if the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>shall be declared effective after such 120-day period or if the <FONT STYLE="color: windowtext">Exchange
Offer </FONT>shall be consummated after such 45-day period, then the <FONT STYLE="color: windowtext">Company</FONT>&rsquo;s obligations
under this clause <FONT STYLE="color: windowtext">(ii) </FONT>arising from the failure of the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>to be declared effective within such 120-day period or the failure of the <FONT STYLE="color: windowtext">Exchange
Offer </FONT>to be consummated within such 45-day period, respectively, shall terminate), or <FONT STYLE="color: windowtext">(iii)
</FONT>if any <FONT STYLE="color: windowtext">Holder </FONT>is not eligible to participate in the <FONT STYLE="color: windowtext">Exchange
Offer </FONT>or elects to participate in the <FONT STYLE="color: windowtext">Exchange Offer </FONT>but does not receive <FONT STYLE="color: windowtext">Exchange
Securities </FONT>which are freely tradeable without any limitations or restrictions under the <FONT STYLE="color: windowtext">1933
Act, the Company </FONT>shall, at its cost:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
promptly as practicable, but no later than (a) the 180th day after the <FONT STYLE="color: windowtext">Closing Date </FONT>or (b)
the 60th day after any such filing obligation arises, whichever is later, file with the <FONT STYLE="color: windowtext">SEC </FONT>a
<FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>relating to the offer and sale of the <FONT STYLE="color: windowtext">Registrable
Securities </FONT>by the <FONT STYLE="color: windowtext">Holders </FONT>from time to time in accordance with the methods of distribution
elected by the <FONT STYLE="color: windowtext">Majority Holders </FONT>of such <FONT STYLE="color: windowtext">Registrable Securities
</FONT>and set forth in such <FONT STYLE="color: windowtext">Shelf Registration Statement</FONT>;</P> <!-- Field: Page; Sequence: 6; Value: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">use
its reasonable best efforts to cause </FONT>such <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>to be declared
effective by the <FONT STYLE="color: windowtext">SEC </FONT>as promptly as practicable, but in no event later than (a) the 225<SUP>th</SUP>
day after the <FONT STYLE="color: windowtext">Closing Date or (b) the 105<SUP>th</SUP> day after an obligation to file with the
SEC a Shelf Registration Statement arises, whichever is later</FONT>. In the event that the <FONT STYLE="color: windowtext">Company
</FONT>is required to file a <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>pursuant to clause <FONT STYLE="color: windowtext">(iii)
</FONT>above, the <FONT STYLE="color: windowtext">Company </FONT>shall file and <FONT STYLE="color: windowtext">use its reasonable
best efforts to have </FONT>declared effective by the <FONT STYLE="color: windowtext">SEC </FONT>both an <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>pursuant to <U>Section <FONT STYLE="color: windowtext">2(a)</FONT></U><FONT STYLE="color: windowtext">
</FONT>with respect to all <FONT STYLE="color: windowtext">Registrable Securities </FONT>and a <FONT STYLE="color: windowtext">Shelf
Registration Statement </FONT>(which may be a combined <FONT STYLE="color: windowtext">Registration Statement </FONT>with the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement</FONT>) with respect to offers and sales of <FONT STYLE="color: windowtext">Registrable Securities
</FONT>held by such <FONT STYLE="color: windowtext">Holder described in clause (iii) above</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">use
its reasonable best efforts to keep </FONT>the <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>continuously
effective, supplemented and amended as required, in order to permit the <FONT STYLE="color: windowtext">Prospectus </FONT>forming
part thereof to be usable by <FONT STYLE="color: windowtext">Holders </FONT>for a period of two years after the latest date on
which any <FONT STYLE="color: windowtext">Subordinated Notes </FONT>are originally issued by the <FONT STYLE="color: windowtext">Company
</FONT>(subject to extension pursuant to the last paragraph of <U>Section <FONT STYLE="color: windowtext">3</FONT></U><FONT STYLE="color: windowtext">)
</FONT>or, if earlier, when all of the <FONT STYLE="color: windowtext">Registrable Securities </FONT>covered by such <FONT STYLE="color: windowtext">Shelf
Registration Statement </FONT>(i) have been sold pursuant to the <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>in
accordance with the intended method of distribution thereunder, or (ii) cease to be <FONT STYLE="color: windowtext">Registrable
Securities</FONT>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;notwithstanding
any other provisions hereof, <FONT STYLE="color: windowtext">use its best efforts to ensure </FONT>that (i) any <FONT STYLE="color: windowtext">Shelf
Registration Statement </FONT>and any amendment thereto and any <FONT STYLE="color: windowtext">Prospectus </FONT>forming a part
thereof and any supplements thereto comply in all material respects with the <FONT STYLE="color: windowtext">1933 Act</FONT>, <FONT STYLE="color: windowtext">(ii)
</FONT>any <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading and <FONT STYLE="color: windowtext">(iii) </FONT>any <FONT STYLE="color: windowtext">Prospectus
</FONT>forming part of any <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>and any amendment or supplement
to such <FONT STYLE="color: windowtext">Prospectus </FONT>does not include an untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; <I>provided</I>,<I> however</I>, clauses <FONT STYLE="color: windowtext">(ii) </FONT>and <FONT STYLE="color: windowtext">(iii)
</FONT>shall not apply to any statement in or omission from a <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>or
a <FONT STYLE="color: windowtext">Prospectus </FONT>made in reliance upon and conformity with information relating to any <FONT STYLE="color: windowtext">Holder</FONT>,
<FONT STYLE="color: windowtext">Participating Broker-Dealer </FONT>or <FONT STYLE="color: windowtext">underwriter </FONT>of <FONT STYLE="color: windowtext">Registrable
Securities </FONT>furnished to the <FONT STYLE="color: windowtext">Company </FONT>in writing by such <FONT STYLE="color: windowtext">Holder</FONT>,
<FONT STYLE="color: windowtext">Participating Broker-Dealer </FONT>or <FONT STYLE="color: windowtext">underwriter</FONT>, respectively,
expressly for use in such <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>or <FONT STYLE="color: windowtext">Prospectus</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company further
agrees, if necessary, to supplement or amend the Shelf Registration Statement if reasonably requested by the Majority Holders with
respect to information relating to the Holders and otherwise as required by <U>Section 3(b)</U> below, to use its reasonable best
efforts to cause any such amendment to become effective and such Shelf Registration Statement to become usable as soon as practicable
thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its
being used or filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
The <FONT STYLE="color: windowtext">Company </FONT>shall pay all <FONT STYLE="color: windowtext">Registration Expenses </FONT>in
connection with the registration pursuant to <U>Section <FONT STYLE="color: windowtext">2(a)</FONT></U><FONT STYLE="color: windowtext">
</FONT>and <U>2(b)</U> and, in the case of any <FONT STYLE="color: windowtext">Shelf Registration Statement</FONT>, will reimburse
the <FONT STYLE="color: windowtext">Holders </FONT>for the reasonable fees and disbursements of one counsel (in addition to any
local counsel) designated in writing by the <FONT STYLE="color: windowtext">Majority Holders </FONT>to act as counsel for the <FONT STYLE="color: windowtext">Holders
</FONT>of the <FONT STYLE="color: windowtext">Registrable Securities </FONT>in connection therewith. Each <FONT STYLE="color: windowtext">Holder
</FONT>shall pay all fees and disbursements of its counsel other than as set forth in the preceding sentence or in the definition
of <FONT STYLE="color: windowtext">Registration Expenses </FONT>and all underwriting discounts and commissions and transfer taxes,
if any, relating to the sale or disposition of such <FONT STYLE="color: windowtext">Holder</FONT>&rsquo;s <FONT STYLE="color: windowtext">Registrable
Securities </FONT>pursuant to a <FONT STYLE="color: windowtext">Shelf Registration Statement</FONT>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
<FONT STYLE="color: windowtext">Registration Statement</FONT></U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
<FONT STYLE="color: windowtext">Company </FONT>shall be deemed not to have <FONT STYLE="color: windowtext">used its reasonable
best efforts to cause </FONT>the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>or any <FONT STYLE="color: windowtext">Shelf
Registration Statement</FONT>, as the case may be, to become, or to remain, effective during the requisite periods set forth herein
if the <FONT STYLE="color: windowtext">Company </FONT>voluntarily takes any action that could reasonably be expected to result
in any such <FONT STYLE="color: windowtext">Registration Statement </FONT>not being declared effective or remaining effective or
in the <FONT STYLE="color: windowtext">Holders </FONT>of <FONT STYLE="color: windowtext">Registrable Securities </FONT>(including,
under the circumstances contemplated by <U>Section <FONT STYLE="color: windowtext">3(f)</FONT></U><FONT STYLE="color: windowtext">
</FONT>hereof, <FONT STYLE="color: windowtext">Exchange Securities</FONT>) covered thereby not being able to exchange or offer
and sell such <FONT STYLE="color: windowtext">Registrable Securities </FONT>during that period unless <FONT STYLE="color: windowtext">(A)
</FONT>such action is required by applicable law or (B) such action is taken by the <FONT STYLE="color: windowtext">Company </FONT>in
good faith and for valid business reasons (but not including avoidance of the <FONT STYLE="color: windowtext">Company</FONT>&rsquo;s
obligations hereunder), including the acquisition or divestiture of assets or a material corporate transaction or event so long
as the <FONT STYLE="color: windowtext">Company </FONT>promptly complies with the notification requirements of <U>Section <FONT STYLE="color: windowtext">3(k)</FONT></U><FONT STYLE="color: windowtext">
</FONT>hereof, if applicable. Nothing in this paragraph shall prevent the accrual of <FONT STYLE="color: windowtext">Additional
Interest </FONT>on any Registrable <FONT STYLE="color: windowtext">Securities </FONT>or <FONT STYLE="color: windowtext">Exchange
Securities</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
<FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>pursuant to <U>Section <FONT STYLE="color: windowtext">2(a)</FONT></U><FONT STYLE="color: windowtext">
</FONT>hereof or a <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>pursuant to <U>Section <FONT STYLE="color: windowtext">2(b)</FONT></U><FONT STYLE="color: windowtext">
</FONT>hereof shall not be deemed to have become effective unless it has been declared effective by the <FONT STYLE="color: windowtext">SEC</FONT>;
<I>provided</I>,<I> however</I>, that if, after such <FONT STYLE="color: windowtext">Registration Statement </FONT>has been declared
effective, the offering of <FONT STYLE="color: windowtext">Registrable Securities </FONT>pursuant to a <FONT STYLE="color: windowtext">Registration
Statement </FONT>is interfered with by any stop order, injunction or other order or requirement of the <FONT STYLE="color: windowtext">SEC
</FONT>or any other governmental agency or court, such <FONT STYLE="color: windowtext">Registration Statement </FONT>shall be deemed
not to have been effective during the period of such interference until the offering of <FONT STYLE="color: windowtext">Registrable
Securities </FONT>pursuant to such <FONT STYLE="color: windowtext">Registration Statement </FONT>may legally resume.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any 365-day period, the <FONT STYLE="color: windowtext">Company </FONT>may, by notice as described in <U>Section&nbsp;<FONT STYLE="color: windowtext">3(e)</FONT></U>,
suspend the availability of a <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>(and, if the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>is being used in connection with the resale of <FONT STYLE="color: windowtext">Exchange Securities
</FONT>by <FONT STYLE="color: windowtext">Participating Broker-Dealers </FONT>as contemplated by <U>Section <FONT STYLE="color: windowtext">3(f)</FONT></U>,
the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement</FONT>) and the use of the related <FONT STYLE="color: windowtext">Prospectus
</FONT>for up to two periods of up to 45 consecutive days each (except for the consecutive 45-day period immediately prior to final
maturity of the Subordinated Notes), but no more than an aggregate of 90 days during any 365-day period, upon the happening of
any event or the discovery of any fact referred to in <U>Section <FONT STYLE="color: windowtext">3(e)(vi)</FONT></U>, but subject
to compliance by the <FONT STYLE="color: windowtext">Company </FONT>with its obligations under the last paragraph of <U>Section
<FONT STYLE="color: windowtext">3</FONT></U><FONT STYLE="color: windowtext">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Increase
in Interest Rate</U>. In the event that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
<FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>is not filed with the <FONT STYLE="color: windowtext">SEC
</FONT>on or prior to the 90<SUP>th</SUP> day following the <FONT STYLE="color: windowtext">Closing Date</FONT>, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
<FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>is not declared effective by the <FONT STYLE="color: windowtext">SEC
</FONT>on or prior to the 120<SUP>th</SUP> day following the <FONT STYLE="color: windowtext">Closing Date</FONT>, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
<FONT STYLE="color: windowtext">Exchange Offer </FONT>is not consummated on or prior to the 45<SUP>th</SUP> day following the effective
date of the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement</FONT>, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
required, a <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>is not filed with the <FONT STYLE="color: windowtext">SEC
</FONT>on or prior to (A) the 180<SUP>th</SUP> day following the <FONT STYLE="color: windowtext">Closing Date </FONT>or (B) the
60<SUP>th</SUP> day after the obligation to file with the SEC a Shelf Registration Statement arises, whichever is later, or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
required, a <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>is not declared effective on or prior to (a) the
225<SUP>th</SUP> day following the <FONT STYLE="color: windowtext">Closing Date or (b) the 105<SUP>th</SUP> day after an obligation
to file with the SEC a Shelf Registration Statement arises, whichever is later</FONT>, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
<FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>is declared effective by the <FONT STYLE="color: windowtext">SEC
</FONT>but such <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>ceases to be effective or such <FONT STYLE="color: windowtext">Shelf
Registration Statement </FONT>or the <FONT STYLE="color: windowtext">Prospectus </FONT>included therein ceases to be usable in
connection with resales of <FONT STYLE="color: windowtext">Registrable Securities </FONT>for any reason and (A) the aggregate number
of days in any consecutive 365-day period for which the <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>or
such <FONT STYLE="color: windowtext">Prospectus </FONT>shall not be effective or usable exceeds 90 days, (B) the <FONT STYLE="color: windowtext">Shelf
Registration Statement </FONT>or such <FONT STYLE="color: windowtext">Prospectus </FONT>shall not be effective or usable for more
than two periods (regardless of duration) in any consecutive 365-day period or (C) the <FONT STYLE="color: windowtext">Shelf Registration
Statement </FONT>or such <FONT STYLE="color: windowtext">Prospectus </FONT>shall not be effective or usable for a period of more
than 45 consecutive days, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
<FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>is declared effective by the <FONT STYLE="color: windowtext">SEC
</FONT>but, if the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>is being used in connection with
the resale of <FONT STYLE="color: windowtext">Exchange Securities </FONT>as contemplated by <U>Section 3(f)</U> of this <FONT STYLE="color: windowtext">Agreement</FONT>,
the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>ceases to be effective or the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>or the <FONT STYLE="color: windowtext">Prospectus </FONT>included therein ceases to be usable
in connection with resales of <FONT STYLE="color: windowtext">Exchange Securities </FONT>for any reason during the 180-day period
referred to in <U>Section 3(f)(B)</U> of this <FONT STYLE="color: windowtext">Agreement </FONT>(as such period may be extended
pursuant to the last paragraph of <U>Section 3</U> of this <FONT STYLE="color: windowtext">Agreement</FONT>) and (A) the aggregate
number of days in any consecutive 365-day period for which the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement
</FONT>or such <FONT STYLE="color: windowtext">Prospectus </FONT>shall not be effective or usable exceeds 90 days, (B) the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>or such <FONT STYLE="color: windowtext">Prospectus </FONT>shall not be effective or usable
for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>or the <FONT STYLE="color: windowtext">Prospectus </FONT>shall not be effective or usable for
a period of more than 45 consecutive days,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(each of the events referred to in clauses
(i) through (vii) above being hereinafter called a &ldquo;<U>Registration Default</U>&rdquo;), the per annum interest rate borne
by the Registrable Securities shall be increased (&ldquo;<U>Additional Interest</U>&rdquo;) by one-quarter of one percent (0.25%)
per annum immediately following such 90-day period in the case of clause (i) above, immediately following such 120-day period in
the case of clause (ii) above, immediately following such 45-day period in the case of clause (iii) above, immediately following
any such 180-day period or 60-day period, whichever ends later, in the case of clause (iv) above, immediately following any such
225-day period or 105-day period, as applicable, in the case of clause (v) above, immediately following the 90<SUP>th</SUP> day
in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day period or immediately following
the 45<SUP>th</SUP> consecutive day, whichever occurs first, that a Shelf Registration Statement shall not be effective or a Shelf
Registration Statement or the Prospectus included therein shall not be usable as contemplated by clause (vi) above, or immediately
following the 90th day in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day period
or immediately following the 45<SUP>th</SUP> consecutive day, whichever occurs first, that the Exchange Offer Registration Statement
shall not be effective or the Exchange Offer Registration Statement or the Prospectus included therein shall not be usable as contemplated
by clause (vii) above, which rate will be increased by an additional one-quarter of one percent (0.25%) per annum immediately following
each 90-day period that any Additional Interest continues to accrue under any circumstances; <I>provided</I> that the aggregate
increase in such annual interest rate may in no event exceed one-half of one percent (0.50%) per annum. Upon the filing of the
Exchange Offer Registration Statement after the 90-day period described in clause (i) above, the effectiveness of the Exchange
Offer Registration Statement after the 120-day period described in clause (ii) above, the consummation of the Exchange Offer after
the 45-day period described in clause (iii) above, the filing of the Shelf Registration Statement after the 180-day period or 60-day
period day, as the case may be, described in clause (iv) above, the effectiveness of a</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shelf Registration Statement after the
225-day period or 105-day period, as applicable, described in clause (v) above, or the Shelf Registration Statement once again
being effective or the Shelf Registration Statement and the Prospectus included therein becoming usable in connection with resales
of Registrable Securities, as the case may be, in the case of clause (vi) above, or the Exchange Offer Registration Statement once
again becoming effective or the Exchange Offer Registration Statement and the Prospectus included therein becoming usable in connection
with resales of Exchange Securities, as the case may be, in the case of clause (vii) thereof, the interest rate borne by the Subordinated
Notes from the date of such filing, effectiveness, consummation or resumption of effectiveness or usability, as the case may be,
shall be reduced to the original interest rate so long as no other Registration Default shall have occurred and shall be continuing
at such time and the Company is otherwise in compliance with this paragraph; <I>provided</I>,<I> however</I>, that, if after any
such reduction in interest rate, one or more Registration Defaults shall again occur, the interest rate shall again be increased
pursuant to the foregoing provisions. Notwithstanding anything in this Agreement to the contrary, the Company will not be obligated
to pay any Additional Interest in the case of a Shelf Registration Statement with respect to any Holder of Registrable Securities
who fails to timely provide all information with respect to Holder that is reasonably requested by the Company to enable it to
timely comply with its obligations under <U>Section 2(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall notify
the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest
is required to be paid (an &ldquo;<U>Event Date</U>&rdquo;). Additional Interest shall be paid by depositing with the Trustee,
in trust, for the benefit of the Holders of Registrable Securities, on or before the applicable interest payment date, immediately
available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each
interest payment date to the record Holder of Registrable Securities entitled to receive the interest payment to be paid on such
date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the
day following the applicable Event Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Anything herein to
the contrary notwithstanding, any Holder who was, at the time the Exchange Offer was pending and consummated, eligible to exchange,
and did not validly tender, its Subordinated Notes for Exchange Securities in the Exchange Offer will not be entitled to receive
any Additional Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific
Enforcement</U>. Without limiting the remedies available to the <FONT STYLE="color: windowtext">Holders or any Participating Broker-Dealer</FONT>,
the <FONT STYLE="color: windowtext">Company </FONT>acknowledges that any failure by the <FONT STYLE="color: windowtext">Company
</FONT>to comply with its obligations under <U>Sections <FONT STYLE="color: windowtext">2(a)</FONT></U><FONT STYLE="color: windowtext">
</FONT>and <U>2(b)</U> hereof may result in material irreparable injury to the <FONT STYLE="color: windowtext">Holders </FONT>or
the <FONT STYLE="color: windowtext">Participating Broker-Dealers </FONT>for which there is no adequate remedy at law, that it will
not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any <FONT STYLE="color: windowtext">Holder
</FONT>and any <FONT STYLE="color: windowtext">Participating Broker-Dealer </FONT>may obtain such relief as may be required to
specifically enforce the <FONT STYLE="color: windowtext">Company</FONT>&rsquo;s obligations under <U>Sections <FONT STYLE="color: windowtext">2(a)</FONT></U><FONT STYLE="color: windowtext">
</FONT>and <U>2(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Procedures</U></B>. In connection with the obligations of the Company with respect to the Registration Statements pursuant to
<U>Sections 2(a)</U> and <U>2(b)</U> hereof, the Company shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prepare and
file with the <FONT STYLE="color: windowtext">SEC </FONT>a <FONT STYLE="color: windowtext">Registration Statement </FONT>or, if
required, <FONT STYLE="color: windowtext">Registration Statements</FONT>, within the time periods specified in <U>Section <FONT STYLE="color: windowtext">2</FONT></U>,
on the appropriate form under the <FONT STYLE="color: windowtext">1933 Act</FONT>, which form <FONT STYLE="color: windowtext">(i)
</FONT>shall be selected by the <FONT STYLE="color: windowtext">Company</FONT>, <FONT STYLE="color: windowtext">(ii) </FONT>shall,
in the case of a <FONT STYLE="color: windowtext">Shelf Registration Statement</FONT>, be available for the sale of the <FONT STYLE="color: windowtext">Registrable
Securities </FONT>by the selling <FONT STYLE="color: windowtext">Holders </FONT>thereof and <FONT STYLE="color: windowtext">(iii)
</FONT>shall comply as to form in all material respects with the requirements of the applicable form and include or incorporate
by reference all financial statements required by the <FONT STYLE="color: windowtext">SEC </FONT>to be filed therewith, and <FONT STYLE="color: windowtext">use
its reasonable best efforts to cause </FONT>such <FONT STYLE="color: windowtext">Registration Statement </FONT>to become effective
and remain effective in accordance with <U>Section <FONT STYLE="color: windowtext">2</FONT></U><FONT STYLE="color: windowtext">
</FONT>hereof;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prepare and
file with the <FONT STYLE="color: windowtext">SEC </FONT>such amendments and post-effective amendments to each <FONT STYLE="color: windowtext">Registration
Statement </FONT>as may be necessary under applicable law to keep such <FONT STYLE="color: windowtext">Registration Statement </FONT>effective
for the applicable period; cause each <FONT STYLE="color: windowtext">Prospectus </FONT>to be supplemented by any required <FONT STYLE="color: windowtext">prospectus
</FONT>supplement, and as so supplemented to be filed pursuant to Rule 424 under the <FONT STYLE="color: windowtext">1933 Act</FONT>;
and comply with the provisions of the <FONT STYLE="color: windowtext">1933 Act </FONT>and the <FONT STYLE="color: windowtext">1934
Act </FONT>with respect to the disposition of all Registrable Securities covered by each <FONT STYLE="color: windowtext">Registration
Statement </FONT>during the applicable period in accordance with the intended method or methods of distribution by the selling
<FONT STYLE="color: windowtext">Holders </FONT>thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, <FONT STYLE="color: windowtext">(i) </FONT>notify each <FONT STYLE="color: windowtext">Holder
</FONT>of <FONT STYLE="color: windowtext">Registrable Securities</FONT>, at least ten business days prior to filing, that a <FONT STYLE="color: windowtext">Shelf
Registration Statement </FONT>with respect to the <FONT STYLE="color: windowtext">Registrable Securities </FONT>is being filed
and advising such <FONT STYLE="color: windowtext">Holders </FONT>that the distribution of <FONT STYLE="color: windowtext">Registrable
Securities </FONT>will be made in accordance with the method elected by the <FONT STYLE="color: windowtext">Majority Holders</FONT>;
<FONT STYLE="color: windowtext">(ii) </FONT>furnish to each <FONT STYLE="color: windowtext">Holder </FONT>of <FONT STYLE="color: windowtext">Registrable
Securities</FONT>, to counsel for the <FONT STYLE="color: windowtext">Holders </FONT>and to each <FONT STYLE="color: windowtext">underwriter
</FONT>of an underwritten offering of <FONT STYLE="color: windowtext">Registrable Securities</FONT>, if any, without charge, as
many copies of each <FONT STYLE="color: windowtext">Prospectus</FONT>, including each preliminary <FONT STYLE="color: windowtext">Prospectus</FONT>,
and any amendment or supplement thereto and such other documents as such <FONT STYLE="color: windowtext">Holder</FONT>, counsel
or <FONT STYLE="color: windowtext">underwriter </FONT>may reasonably request, including financial statements and schedules and,
if such <FONT STYLE="color: windowtext">Holder</FONT>, counsel or <FONT STYLE="color: windowtext">underwriter </FONT>so requests,
all exhibits (including those incorporated by reference) in order to facilitate the public sale or other disposition of the <FONT STYLE="color: windowtext">Registrable
Securities</FONT>; and <FONT STYLE="color: windowtext">(iii) </FONT>subject to the penultimate paragraph of this <U>Section <FONT STYLE="color: windowtext">3</FONT></U>,
the <FONT STYLE="color: windowtext">Company </FONT>hereby consents to the use of the <FONT STYLE="color: windowtext">Prospectus</FONT>,
including each preliminary <FONT STYLE="color: windowtext">Prospectus</FONT>, or any amendment or supplement thereto by each of
the <FONT STYLE="color: windowtext">Holders </FONT>and underwriters of <FONT STYLE="color: windowtext">Registrable Securities </FONT>in
connection with the offering and sale of the <FONT STYLE="color: windowtext">Registrable Securities </FONT>covered by any <FONT STYLE="color: windowtext">Prospectus
</FONT>or any amendment or supplement thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">use
its reasonable best efforts to register </FONT>or qualify the <FONT STYLE="color: windowtext">Registrable Securities </FONT>under
all applicable state <FONT STYLE="color: windowtext">securities </FONT>or &ldquo;blue sky&rdquo; laws of such jurisdictions as
any <FONT STYLE="color: windowtext">Holder </FONT>of <FONT STYLE="color: windowtext">Registrable Securities </FONT>covered by a
<FONT STYLE="color: windowtext">Registration Statement </FONT>and each <FONT STYLE="color: windowtext">underwriter </FONT>of an
underwritten offering of <FONT STYLE="color: windowtext">Registrable Securities </FONT>shall reasonably request, to cooperate with
the <FONT STYLE="color: windowtext">Holders </FONT>and the underwriters of any <FONT STYLE="color: windowtext">Registrable Securities
</FONT>in connection with any filings required to be made with <FONT STYLE="color: windowtext">FINRA</FONT>, to keep each such
registration or qualification effective during the period such <FONT STYLE="color: windowtext">Registration Statement </FONT>is
required to be effective and do any and all other acts and things which may be reasonably necessary or advisable to enable such
<FONT STYLE="color: windowtext">Holder </FONT>to consummate the disposition in each such jurisdiction of such <FONT STYLE="color: windowtext">Registrable
Securities </FONT>owned by such <FONT STYLE="color: windowtext">Holder</FONT>; <I>provided</I>,<I> however</I>, that the <FONT STYLE="color: windowtext">Company
</FONT>shall not be required to <FONT STYLE="color: windowtext">(i) </FONT>qualify as a foreign corporation or as a dealer in <FONT STYLE="color: windowtext">securities
</FONT>in any jurisdiction where it would not otherwise be required to qualify but for this <U>Section <FONT STYLE="color: windowtext">3(d)</FONT></U><FONT STYLE="color: windowtext">
</FONT>or <FONT STYLE="color: windowtext">(ii) </FONT>take any action which would subject it to general service of process or taxation
in any such jurisdiction if it is not then so subject;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, notify each <FONT STYLE="color: windowtext">Holder </FONT>of <FONT STYLE="color: windowtext">Registrable
Securities </FONT>and counsel for such <FONT STYLE="color: windowtext">Holders </FONT>promptly and, if requested by such <FONT STYLE="color: windowtext">Holder
</FONT>or counsel, confirm such advice in writing promptly <FONT STYLE="color: windowtext">(i) </FONT>when a <FONT STYLE="color: windowtext">Registration
Statement </FONT>has become effective and when any post-effective amendments and supplements thereto become effective, <FONT STYLE="color: windowtext">(ii)
</FONT>of any request by the <FONT STYLE="color: windowtext">SEC </FONT>or any state <FONT STYLE="color: windowtext">securities
</FONT>authority for post-effective amendments or supplements to a <FONT STYLE="color: windowtext">Registration Statement </FONT>or
<FONT STYLE="color: windowtext">Prospectus </FONT>or for additional information after a <FONT STYLE="color: windowtext">Registration
Statement </FONT>has become effective, <FONT STYLE="color: windowtext">(iii) </FONT>of the issuance by the <FONT STYLE="color: windowtext">SEC
</FONT>or any state <FONT STYLE="color: windowtext">securities </FONT>authority of any stop order suspending the effectiveness
of a <FONT STYLE="color: windowtext">Registration Statement </FONT>or the initiation of any proceedings for that purpose, <FONT STYLE="color: windowtext">(iv)
</FONT>if between the effective date of a <FONT STYLE="color: windowtext">Registration Statement </FONT>and the closing of any
sale of <FONT STYLE="color: windowtext">Registrable Securities </FONT>covered thereby the representations and warranties of the
<FONT STYLE="color: windowtext">Company </FONT>contained in any underwriting <FONT STYLE="color: windowtext">agreement</FONT>,
<FONT STYLE="color: windowtext">securities </FONT>sales <FONT STYLE="color: windowtext">agreement </FONT>or other similar <FONT STYLE="color: windowtext">agreement</FONT>,
if any, relating to such offering cease to be true and correct, <FONT STYLE="color: windowtext">(v) </FONT>of the receipt by the
<FONT STYLE="color: windowtext">Company </FONT>of any notification with respect to the suspension of the qualification of the <FONT STYLE="color: windowtext">Registrable
Securities </FONT>for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, <FONT STYLE="color: windowtext">(vi)
</FONT>of the happening of any event or the discovery of any facts during the period a <FONT STYLE="color: windowtext">Shelf Registration
Statement </FONT>is effective which is contemplated in Section <FONT STYLE="color: windowtext">2(d)(i)</FONT> or which makes any
statement</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">made in such <FONT STYLE="color: windowtext">Shelf
Registration Statement </FONT>or the related <FONT STYLE="color: windowtext">Prospectus </FONT>untrue in any material respect or
which constitutes an omission to state a material fact in such <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>or
<FONT STYLE="color: windowtext">Prospectus </FONT>and <FONT STYLE="color: windowtext">(vii) </FONT>of any determination by the
<FONT STYLE="color: windowtext">Company </FONT>that a post-effective amendment to a <FONT STYLE="color: windowtext">Registration
Statement </FONT>would be appropriate. Without limitation to any other provisions of this <FONT STYLE="color: windowtext">Agreement</FONT>,
the <FONT STYLE="color: windowtext">Company </FONT>agrees that this Section <FONT STYLE="color: windowtext">3(e) </FONT>shall also
be applicable, mutatis mutandis, with respect to the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>and
the <FONT STYLE="color: windowtext">Prospectus </FONT>included therein to the extent that such <FONT STYLE="color: windowtext">Prospectus
</FONT>is being used by <FONT STYLE="color: windowtext">Participating Broker-Dealers </FONT>as contemplated by <U>Section <FONT STYLE="color: windowtext">3(f)</FONT></U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">(A)
</FONT>in the case of an <FONT STYLE="color: windowtext">Exchange Offer</FONT>, (i) include in the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>(1) a &ldquo;Plan of Distribution&rdquo; section covering the use of the <FONT STYLE="color: windowtext">Prospectus
</FONT>included in the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>by broker-dealers who have
exchanged their <FONT STYLE="color: windowtext">Registrable Securities </FONT>for <FONT STYLE="color: windowtext">Exchange Securities
</FONT>for the resale of such <FONT STYLE="color: windowtext">Exchange Securities </FONT>and (2) a statement to the effect that
any such broker-dealers who wish to use the related <FONT STYLE="color: windowtext">Prospectus </FONT>in connection with the resale
of <FONT STYLE="color: windowtext">Exchange Securities </FONT>acquired as a result of market-making or other trading activities
will be required to notify the <FONT STYLE="color: windowtext">Company </FONT>to that effect, together with instructions for giving
such notice (which instructions shall include a provision for giving such notice by checking a box or making another appropriate
notation on the related letter of transmittal) (each such broker-dealer who gives notice to the <FONT STYLE="color: windowtext">Company
</FONT>as aforesaid being hereinafter called a &ldquo;<FONT STYLE="color: windowtext"><U>Notifying Broker-Dealer</U></FONT>&rdquo;),
(ii) furnish to each Notifying Broker-Dealer who desires to participate in the <FONT STYLE="color: windowtext">Exchange Offer</FONT>,
without charge, as many copies of each <FONT STYLE="color: windowtext">Prospectus </FONT>included in the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement</FONT>, including any preliminary <FONT STYLE="color: windowtext">prospectus</FONT>, and any amendment
or supplement thereto, as such broker-dealer may reasonably request, (iii) include in the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>a statement that any broker-dealer who holds <FONT STYLE="color: windowtext">Registrable Securities
</FONT>acquired for its own account as a result of market-making activities or other trading activities (a &ldquo;<FONT STYLE="color: windowtext"><U>Participating
Broker-Dealer</U></FONT>&rdquo;), and who receives <FONT STYLE="color: windowtext">Exchange Securities </FONT>for <FONT STYLE="color: windowtext">Registrable
Securities </FONT>pursuant to the <FONT STYLE="color: windowtext">Exchange Offer</FONT>, may be a statutory <FONT STYLE="color: windowtext">underwriter
</FONT>and must deliver a <FONT STYLE="color: windowtext">prospectus </FONT>meeting the requirements of the <FONT STYLE="color: windowtext">1933
Act </FONT>in connection with any resale of such <FONT STYLE="color: windowtext">Exchange Securities</FONT>, (iv) subject to the
penultimate paragraph of this Section <FONT STYLE="color: windowtext">3</FONT>, the <FONT STYLE="color: windowtext">Company </FONT>hereby
consents to the use of the <FONT STYLE="color: windowtext">Prospectus </FONT>forming part of the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>or any amendment or supplement thereto by any Notifying Broker-Dealer in connection with the
sale or transfer of <FONT STYLE="color: windowtext">Exchange Securities</FONT>, and (v) include in the transmittal letter or similar
documentation to be executed by an exchange offeree in order to participate in the <FONT STYLE="color: windowtext">Exchange Offer
</FONT>the following provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&ldquo;If the undersigned is not a broker-dealer,
the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Securities.
If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities,
it represents that the Registrable Securities to be exchanged for Exchange Securities were acquired by it as a result of market-making
activities or other trading activities and acknowledges that it will deliver a prospectus meeting the requirements of the 1933
Act in connection with any resale of such Exchange Securities pursuant to the Exchange Offer; however, by so acknowledging and
by delivering a prospectus, the undersigned will not be deemed to admit that it is an &ldquo;underwriter&rdquo; within the meaning
of the 1933 Act;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent any Notifying Broker-Dealer participates in the <FONT STYLE="color: windowtext">Exchange Offer</FONT>, (i) the <FONT STYLE="color: windowtext">Company
</FONT>shall <FONT STYLE="color: windowtext">use its reasonable best efforts to maintain </FONT>the effectiveness of the <FONT STYLE="color: windowtext">Exchange
Offer Registration Statement </FONT>for a period of 180 days (subject to extension pursuant to the last paragraph of this <U>Section
<FONT STYLE="color: windowtext">3</FONT></U><FONT STYLE="color: windowtext">) </FONT>following the last date on which exchanges
are accepted pursuant to the <FONT STYLE="color: windowtext">Exchange Offer</FONT>, and (ii) the <FONT STYLE="color: windowtext">Company
</FONT>will comply, insofar as relates to the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement</FONT>, the
<FONT STYLE="color: windowtext">Prospectus </FONT>included therein and the offering and sale of <FONT STYLE="color: windowtext">Exchange</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Securities pursuant thereto,
with its obligations under <U>Section 2(b)(D)</U>, the last paragraph of <U>Section 2(b)</U>, <U>Section 3(c)</U>, <U>3(d)</U>,
<U>3(e)</U>, <U>3(g)</U>, <U>3(i)</U>, <U>3(j)</U>, <U>3(k)</U>, <U>3(n)</U>, <U>3(o)</U>, <U>3(p)</U>, <U>3(q)</U> and <U>3(r)</U>,
and the last three paragraphs of this <U>Section&nbsp;3</U> as if all references therein to a Shelf Registration Statement, the
Prospectus included therein and the Holders of Registrable Securities referred, mutatis mutandis, to the Exchange Offer Registration
Statement, the Prospectus included therein and the applicable Notifying Broker-Dealers and, for purposes of this <U>Section 3(f)</U>,
all references in any such paragraphs or sections to the &ldquo;<U>Majority Holders</U>&rdquo; shall be deemed to mean, solely
insofar as relates to this <U>Section 3(f)</U>, the Notifying Broker-Dealers who are the Holders of the majority in aggregate principal
amount of the Exchange Securities which are Registrable Securities; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
<FONT STYLE="color: windowtext">Company </FONT>shall not be required to amend or supplement the <FONT STYLE="color: windowtext">Prospectus
</FONT>contained in the <FONT STYLE="color: windowtext">Exchange Offer Registration Statement </FONT>as would otherwise be contemplated
by <U>Section <FONT STYLE="color: windowtext">3(b)</FONT></U><FONT STYLE="color: windowtext"> </FONT>or <U>3(k)</U> hereof, or
take any other action as a result of this <U>Section <FONT STYLE="color: windowtext">3(f)</FONT></U>, for a period exceeding 180
days (subject to extension pursuant to the last paragraph of this <U>Section <FONT STYLE="color: windowtext">3</FONT></U><FONT STYLE="color: windowtext">)
</FONT>after the last date on which exchanges are accepted pursuant to the <FONT STYLE="color: windowtext">Exchange Offer </FONT>and
Notifying Broker-Dealers shall not be authorized by the <FONT STYLE="color: windowtext">Company </FONT>to, and shall not, deliver
such <FONT STYLE="color: windowtext">Prospectus </FONT>after such period in connection with resales contemplated by this <U>Section
<FONT STYLE="color: windowtext">3</FONT></U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, furnish counsel for the <FONT STYLE="color: windowtext">Holders
</FONT>of <FONT STYLE="color: windowtext">Registrable Securities </FONT>and counsel for any underwriters of <FONT STYLE="color: windowtext">Registrable
Securities </FONT>copies of any request by the <FONT STYLE="color: windowtext">SEC </FONT>or any state <FONT STYLE="color: windowtext">securities
</FONT>authority for amendments or supplements to a <FONT STYLE="color: windowtext">Registration Statement </FONT>or <FONT STYLE="color: windowtext">Prospectus
</FONT>or for additional information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">use
its reasonable best effort </FONT>to obtain the withdrawal of any order suspending the effectiveness of a <FONT STYLE="color: windowtext">Registration
Statement </FONT>as soon as practicable and provide immediate notice to each <FONT STYLE="color: windowtext">Holder </FONT>of the
withdrawal of any such order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, upon request furnish to each <FONT STYLE="color: windowtext">Holder
</FONT>of <FONT STYLE="color: windowtext">Registrable Securities</FONT>, without charge, at least one conformed copy of each <FONT STYLE="color: windowtext">Registration
Statement </FONT>and any post-effective amendments thereto (without documents incorporated or deemed to be incorporated therein
by reference or exhibits thereto, unless requested);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, cooperate with the selling <FONT STYLE="color: windowtext">Holders
</FONT>of <FONT STYLE="color: windowtext">Registrable Securities </FONT>to facilitate the timely preparation and delivery of certificates
representing <FONT STYLE="color: windowtext">Registrable Securities </FONT>to be sold and not bearing any restrictive legends;
and cause such <FONT STYLE="color: windowtext">Registrable Securities </FONT>to be in such denominations (consistent with the provisions
of the <FONT STYLE="color: windowtext">Indenture</FONT>) and in a form eligible for deposit with the <FONT STYLE="color: windowtext">Depositary
</FONT>and registered in such names as the selling <FONT STYLE="color: windowtext">Holders </FONT>or the underwriters, if any,
may reasonably request in writing at least two business days prior to the closing of any sale of <FONT STYLE="color: windowtext">Registrable
Securities</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, upon the occurrence of any event or the discovery of any facts
as contemplated by <U>Section <FONT STYLE="color: windowtext">3(e)(vi)</FONT></U><FONT STYLE="color: windowtext"> </FONT>hereof,
<FONT STYLE="color: windowtext">use its best efforts to prepare </FONT>a supplement or post-effective amendment to a <FONT STYLE="color: windowtext">Registration
Statement </FONT>or the related <FONT STYLE="color: windowtext">Prospectus </FONT>or any document incorporated or deemed to be
incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the
<FONT STYLE="color: windowtext">Registrable Securities</FONT>, such <FONT STYLE="color: windowtext">Prospectus </FONT>will not
contain at the time of such delivery any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. The <FONT STYLE="color: windowtext">Company
</FONT>agrees to notify each <FONT STYLE="color: windowtext">Holder </FONT>to suspend use of the <FONT STYLE="color: windowtext">Prospectus
</FONT>as promptly as practicable after the occurrence of such an event, and each <FONT STYLE="color: windowtext">Holder </FONT>hereby
agrees to suspend use of the <FONT STYLE="color: windowtext">Prospectus </FONT>until the <FONT STYLE="color: windowtext">Company
</FONT>has amended or supplemented the <FONT STYLE="color: windowtext">Prospectus </FONT>to correct such misstatement</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or omission. At such time as such public
disclosure is otherwise made or the <FONT STYLE="color: windowtext">Company </FONT>determines that such disclosure is not necessary,
in each case to correct any misstatement of a material fact or to include any omitted material fact, the <FONT STYLE="color: windowtext">Company
</FONT>agrees promptly to notify each <FONT STYLE="color: windowtext">Holder </FONT>of such determination and to furnish each <FONT STYLE="color: windowtext">Holder
</FONT>such number of copies of the <FONT STYLE="color: windowtext">Prospectus</FONT>, as amended or supplemented, as such <FONT STYLE="color: windowtext">Holder
</FONT>may reasonably request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obtain CUSIP
and ISIN numbers for all <FONT STYLE="color: windowtext">Exchange Securities </FONT>or <FONT STYLE="color: windowtext">Registrable
Securities</FONT>, as the case may be, not later than the effective date of a <FONT STYLE="color: windowtext">Registration Statement</FONT>,
and provide the <FONT STYLE="color: windowtext">Trustee </FONT>with printed or word-processed certificates for the <FONT STYLE="color: windowtext">Exchange
Securities </FONT>or <FONT STYLE="color: windowtext">Registrable Securities</FONT>, as the case may be, in a form eligible for
deposit with the <FONT STYLE="color: windowtext">Depositary</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="color: windowtext">(i)
</FONT>cause the <FONT STYLE="color: windowtext">Indenture </FONT>to be qualified under the <FONT STYLE="color: windowtext">TIA
</FONT>in connection with the registration of the <FONT STYLE="color: windowtext">Exchange Securities </FONT>or <FONT STYLE="color: windowtext">Registrable
Securities</FONT>, as the case may be, <FONT STYLE="color: windowtext">(ii) </FONT>cooperate with the <FONT STYLE="color: windowtext">Trustee
</FONT>and the <FONT STYLE="color: windowtext">Holders </FONT>to effect such changes, if any, to the <FONT STYLE="color: windowtext">Indenture
</FONT>as may be required for the <FONT STYLE="color: windowtext">Indenture </FONT>to be so qualified in accordance with the terms
of the <FONT STYLE="color: windowtext">TIA </FONT>and <FONT STYLE="color: windowtext">(iii) </FONT>execute, and <FONT STYLE="color: windowtext">use
its reasonable best efforts to cause </FONT>the <FONT STYLE="color: windowtext">Trustee </FONT>to execute, all documents as may
be required to effect such changes, if any, and all other forms and documents required to be filed with the <FONT STYLE="color: windowtext">SEC
</FONT>to enable the <FONT STYLE="color: windowtext">Indenture </FONT>to be so qualified in a timely manner;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, the <FONT STYLE="color: windowtext">holders </FONT>of a <FONT STYLE="color: windowtext">majority
in principal amount </FONT>of the <FONT STYLE="color: windowtext">Registrable Securities </FONT>registered pursuant to such <FONT STYLE="color: windowtext">Shelf
Registration Statement </FONT>shall have the right to direct the <FONT STYLE="color: windowtext">Company </FONT>to effect not more
than one underwritten registration and, in connection with such underwritten registration, the <FONT STYLE="color: windowtext">Company
</FONT>shall enter into agreements (including underwriting agreements or similar agreements) and take all other customary and appropriate
actions (including those reasonably requested by the <FONT STYLE="color: windowtext">holders </FONT>of a <FONT STYLE="color: windowtext">majority
in principal amount </FONT>of the <FONT STYLE="color: windowtext">Registrable Securities </FONT>being sold) in order to expedite
or facilitate the disposition of such <FONT STYLE="color: windowtext">Registrable Securities </FONT>and in such connection, in
a manner that is reasonable and customary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make
such representations and warranties to the <FONT STYLE="color: windowtext">Holders </FONT>of such <FONT STYLE="color: windowtext">Registrable
Securities </FONT>and the underwriters, in form, substance and scope as are customarily made by issuers to underwriters in similar
underwritten offerings as may be reasonably requested by such <FONT STYLE="color: windowtext">Holders </FONT>and underwriters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obtain
opinions of counsel to the <FONT STYLE="color: windowtext">Company </FONT>(which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to the managing underwriters, and the <FONT STYLE="color: windowtext">Holders </FONT>of a <FONT STYLE="color: windowtext">majority
in principal amount </FONT>of the <FONT STYLE="color: windowtext">Registrable Securities </FONT>being sold) addressed to each selling
<FONT STYLE="color: windowtext">Holder </FONT>and the underwriters, covering the matters customarily covered in opinions requested
in sales of <FONT STYLE="color: windowtext">securities </FONT>or underwritten offerings and such other matters as may be reasonably
requested by such <FONT STYLE="color: windowtext">Holders </FONT>and underwriters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obtain
&ldquo;cold comfort&rdquo; letters and updates thereof with respect to such <FONT STYLE="color: windowtext">Shelf Registration
Statement </FONT>and the <FONT STYLE="color: windowtext">Prospectus </FONT>included therein, all amendments and supplements thereto
and <FONT STYLE="color: windowtext">all documents incorporated or deemed to be incorporated by reference therein </FONT>from the
<FONT STYLE="color: windowtext">Company</FONT>&rsquo;s independent certified public accountants and from the independent certified
public accountants for any other <FONT STYLE="color: windowtext">Person </FONT>or any business or assets whose financial statements
are included or incorporated by reference in the <FONT STYLE="color: windowtext">Shelf Registration Statement</FONT>, each addressed
to the underwriters, and <FONT STYLE="color: windowtext">use reasonable best efforts to have </FONT>such letters addressed to the
selling <FONT STYLE="color: windowtext">Holders </FONT>of <FONT STYLE="color: windowtext">Registrable Securities</FONT>, such letters
to be in customary form and covering matters of the type customarily covered in &ldquo;cold comfort&rdquo; letters to underwriters
in connection with similar underwritten offerings and such letters to be delivered at the time of the pricing of such</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">underwritten registration with
an update to such letter to be delivered at the time of closing of such underwritten registration;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
an underwriting <FONT STYLE="color: windowtext">agreement </FONT>or other similar <FONT STYLE="color: windowtext">agreement </FONT>is
entered into, cause the same to set forth indemnification and contributions provisions and procedures substantially equivalent
to the indemnification and contributions provisions and procedures set forth in Section <FONT STYLE="color: windowtext">5 </FONT>hereof
with respect to the underwriters and all other parties to be indemnified pursuant to Section <FONT STYLE="color: windowtext">5
</FONT>hereof or such other indemnification and contributions as shall be satisfactory to the <FONT STYLE="color: windowtext">Company</FONT>,
the applicable underwriters and the <FONT STYLE="color: windowtext">Holders </FONT>of the <FONT STYLE="color: windowtext">majority
in principal amount </FONT>of the <FONT STYLE="color: windowtext">Registrable Securities </FONT>being sold; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deliver
such other documents and certificates as may be reasonably requested and as are customarily delivered in similar offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The documents referred to in <U>Sections
3(n)(ii)</U> and <U>3(n)(v)</U> shall be delivered at the closing under any underwriting or similar agreement as and to the extent
required thereunder. In the case of any such underwritten offering, the Company shall provide written notice to the Holders of
all Registrable Securities of such underwritten offering at least 30 days prior to the filing of a prospectus supplement for such
underwritten offering. Such notice shall (x) offer each such Holder the right to participate in such underwritten offering, (y)
specify a date, which shall be no earlier than 15 days following the date of such notice, by which such Holder must inform the
Company of its intent to participate in such underwritten offering and (z) include the instructions such Holder must follow in
order to participate in such underwritten offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, upon request make available for inspection by representatives of
the <FONT STYLE="color: windowtext">Holders </FONT>of the <FONT STYLE="color: windowtext">Registrable Securities </FONT>and any
underwriters participating in any disposition pursuant to a <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>and
any counsel or accountant retained by such <FONT STYLE="color: windowtext">Holders </FONT>or underwriters, all financial statements
and other records, documents and properties of the <FONT STYLE="color: windowtext">Company </FONT>reasonably requested by any such
<FONT STYLE="color: windowtext">Persons</FONT>, and cause the respective officers, directors, employees, and any other agents of
the <FONT STYLE="color: windowtext">Company </FONT>to supply all information reasonably requested by any such <FONT STYLE="color: windowtext">Persons
</FONT>in connection with a <FONT STYLE="color: windowtext">Shelf Registration Statement</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, a reasonable time prior to filing any <FONT STYLE="color: windowtext">Shelf
Registration Statement</FONT>, any <FONT STYLE="color: windowtext">Prospectus </FONT>forming a part thereof, any amendment to such
<FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>or amendment or supplement to such <FONT STYLE="color: windowtext">Prospectus</FONT>,
provide copies of such document to the <FONT STYLE="color: windowtext">Holders </FONT>of <FONT STYLE="color: windowtext">Registrable
Securities</FONT>, to the <FONT STYLE="color: windowtext">underwriter </FONT>or underwriters, of an underwritten offering of <FONT STYLE="color: windowtext">Registrable
Securities</FONT>, and to counsel for any such <FONT STYLE="color: windowtext">Holders</FONT>, or underwriters, and make such changes
in any such document prior to the filing thereof as the <FONT STYLE="color: windowtext">Holders </FONT>of <FONT STYLE="color: windowtext">Registrable
Securities</FONT>, any such <FONT STYLE="color: windowtext">underwriter </FONT>or underwriters or any of their respective counsel
may reasonably request; and <FONT STYLE="color: windowtext">(iii) </FONT>cause the representatives of the <FONT STYLE="color: windowtext">Company
</FONT>to be available for discussion of such documents as shall be reasonably requested by the <FONT STYLE="color: windowtext">Holders
</FONT>of <FONT STYLE="color: windowtext">Registrable Securities</FONT>, or any <FONT STYLE="color: windowtext">underwriter</FONT>,
and shall not at any time make any filing of any such document of which such <FONT STYLE="color: windowtext">Holders</FONT>,<FONT STYLE="color: windowtext">
</FONT>their counsel or any <FONT STYLE="color: windowtext">underwriter </FONT>shall not have previously been advised and furnished
a copy or to which such <FONT STYLE="color: windowtext">Holders</FONT>, their counsel or any <FONT STYLE="color: windowtext">underwriter
</FONT>shall reasonably object within a reasonable time period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, <FONT STYLE="color: windowtext">use its reasonable best efforts
to cause </FONT>all <FONT STYLE="color: windowtext">Registrable Securities </FONT>to be listed on any <FONT STYLE="color: windowtext">securities
</FONT>exchange on which similar debt <FONT STYLE="color: windowtext">securities </FONT>issued by the <FONT STYLE="color: windowtext">Company
</FONT>are then listed if requested by the <FONT STYLE="color: windowtext">Majority Holders </FONT>or by the <FONT STYLE="color: windowtext">underwriter
</FONT>or underwriters of an underwritten offering of <FONT STYLE="color: windowtext">Registrable Securities</FONT>, if any;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in the case
of a <FONT STYLE="color: windowtext">Shelf Registration</FONT>, <FONT STYLE="color: windowtext">use its reasonable best efforts
to cause </FONT>the <FONT STYLE="color: windowtext">Registrable Securities </FONT>to be rated with the appropriate rating agencies,
if so requested by the <FONT STYLE="color: windowtext">Majority Holders </FONT>of <FONT STYLE="color: windowtext">Registrable Securities
</FONT>or by the <FONT STYLE="color: windowtext">underwriter </FONT>or underwriters of an underwritten offering, unless the <FONT STYLE="color: windowtext">Registrable
Securities </FONT>are already so rated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;otherwise <FONT STYLE="color: windowtext">use
its reasonable best efforts to comply </FONT>with all applicable rules and regulations of the <FONT STYLE="color: windowtext">SEC
</FONT>and, with respect to each <FONT STYLE="color: windowtext">Registration Statement </FONT>and each post-effective amendment,
if any, thereto and each filing by the <FONT STYLE="color: windowtext">Company </FONT>of an <FONT STYLE="color: windowtext">Annual
Report </FONT>on <FONT STYLE="color: windowtext">Form </FONT>10-K, make available to its security <FONT STYLE="color: windowtext">holders</FONT>,
as soon as reasonably practicable, an earnings statement covering at least twelve months which shall satisfy the provisions of
Section 11(a) of the <FONT STYLE="color: windowtext">1933 Act and Rule 158 </FONT>thereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cooperate and
assist in any filings required to be made with <FONT STYLE="color: windowtext">FINRA </FONT>and in the performance of any due diligence
investigation by any <FONT STYLE="color: windowtext">underwriter </FONT>and its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of a Shelf
Registration Statement, the Company may (as a condition to such Holder&rsquo;s participation in the Shelf Registration) require
each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution
by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing and require such
Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of a Shelf
Registration Statement, each Holder agrees and, in the event that any Participating Broker-Dealer is using the Prospectus included
in the Exchange Offer Registration Statement in connection with the sale of Exchange Securities pursuant to <U>Section 3(f)</U>,
each such Participating Broker-Dealer agrees that, upon receipt of any notice from the Company of the happening of any event or
the discovery of any facts of the kind described in <U>Section 3(e)(ii)</U>, <U>3(e)(iii)</U> or <U>3(e)(v)</U> through <U>3(e)(vii)</U>
hereof, such Holder or Participating Broker-Dealer, as the case may be, will forthwith discontinue disposition of Registrable Securities
pursuant to a Registration Statement until receipt by such Holder or Participating Broker-Dealer, as the case may be, of (i) the
copies of the supplemented or amended Prospectus contemplated by <U>Section 3(k)</U> hereof or (ii) written notice from the Company
that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that
no supplement or amendment is required. If so directed by the Company, such Holder or Participating Broker-Dealer, as the case
may be, will deliver to the Company (at the Company&rsquo;s expense) all copies in its possession, other than permanent file copies
then in its possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. Nothing
in this paragraph shall prevent the accrual of Additional Interest on any Registrable Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company shall
give any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding paragraph, the
Company shall be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement or, in the case of <U>Section
3(f)</U>, the Exchange Offer Registration Statement, as the case may be, effective during such period of suspension; <I>provided</I>
that (i) such period of suspension shall not exceed the time periods provided in <U>Section 2(d)(iii)</U> hereof and (ii) the Company
shall use its reasonable best efforts to file and have declared effective (if an amendment) as soon as practicable thereafter an
amendment or supplement to the Shelf Registration Statement or the Exchange Offer Registration Statement or both, as the case may
be, or the Prospectus included therein and shall extend the period during which the Shelf Registration Statement or the Exchange
Offer Registration Statement or both, as the case may be, shall be maintained effective pursuant to this Agreement (and, if applicable,
the period during which Participating Broker-Dealers may use the Prospectus included in the Exchange Offer Registration Statement
pursuant to <U>Section 3(f)</U> hereof) by the number of days during the period from and including the date of the giving of such
notice to and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">including the earlier of the date when
the Holders or Participating Broker-Dealers, respectively, shall have received copies of the supplemented or amended Prospectus
necessary to resume such dispositions and the effective date of written notice from the Company to the Holders or Participating
Broker-Dealers, respectively, that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively,
are once again effective or that no supplement or amendment is required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Underwritten
Registrations</U></B>. If any of the Registrable Securities covered by any Shelf Registration are to be sold in an underwritten
offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by
the Majority Holders of such Registrable Securities included in such offering and shall be reasonably acceptable to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Holder of Registrable
Securities may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder&rsquo;s
Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents required under the terms of such underwriting arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
and Contribution</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <FONT STYLE="color: windowtext">Company
</FONT>agrees to indemnify and hold harmless each <FONT STYLE="color: windowtext">Holder</FONT>, each <FONT STYLE="color: windowtext">Participating
Broker-Dealer</FONT>, each underwriter who participates in an offering of <FONT STYLE="color: windowtext">Registrable Securities
</FONT>(each, an &ldquo;<FONT STYLE="color: windowtext"><U>Underwriter</U></FONT>&rdquo;) and each <FONT STYLE="color: windowtext">Person</FONT>,
if any, who controls any <FONT STYLE="color: windowtext">Initial Purchaser</FONT>, <FONT STYLE="color: windowtext">Holder, Participating
Broker-Dealer or Underwriter </FONT>within the meaning of either Section 15 of the <FONT STYLE="color: windowtext">1933 Act </FONT>or
Section 20 of the <FONT STYLE="color: windowtext">1934 Act</FONT>, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in any <FONT STYLE="color: windowtext">Registration Statement </FONT>(or any amendment
thereto) pursuant to which <FONT STYLE="color: windowtext">Exchange Securities </FONT>or <FONT STYLE="color: windowtext">Registrable
Securities </FONT>were registered under the <FONT STYLE="color: windowtext">1933 Act</FONT>, including all documents incorporated
therein by reference, or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary
to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material
fact contained in any preliminary <FONT STYLE="color: windowtext">prospectus </FONT>or <FONT STYLE="color: windowtext">Prospectus
</FONT>(or any amendment or supplement thereto) or any omission or alleged omission therefrom of a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any <FONT STYLE="color: windowtext">such untrue statement or omission</FONT>, or any such <FONT STYLE="color: windowtext">alleged
untrue statement or omission described in subparagraph (i) above</FONT>; <I>provided</I> that (subject to <U>Section <FONT STYLE="color: windowtext">5(d)</FONT></U><FONT STYLE="color: windowtext">
</FONT>below) any such settlement is effected with the written consent of the <FONT STYLE="color: windowtext">Company</FONT>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against
any and all expense whatsoever, as incurred (including, subject to <U>Section&nbsp;<FONT STYLE="color: windowtext">5(c)</FONT></U><FONT STYLE="color: windowtext">
</FONT>below, the fees and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing
or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever based upon any <FONT STYLE="color: windowtext">such untrue statement or omission</FONT>, or any such <FONT STYLE="color: windowtext">alleged
untrue statement or omission described in subparagraph (i) above</FONT>, to the extent that any such expense is not paid under
subparagraph <FONT STYLE="color: windowtext">(i) </FONT>or <FONT STYLE="color: windowtext">(ii) </FONT>above;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided</I>,<I> however</I>, that this
indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished
to the Company by any Holder, Participating Broker-Dealer or Underwriter with respect to such Holder, Participating Broker-Dealer
or Underwriter, as the case may be, expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus
(or any amendment or supplement thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each <FONT STYLE="color: windowtext">Holder</FONT>,
severally but not jointly, agrees to indemnify and hold harmless the <FONT STYLE="color: windowtext">Company</FONT>, each director
of the <FONT STYLE="color: windowtext">Company</FONT>, each officer of the <FONT STYLE="color: windowtext">Company </FONT>who signed
the <FONT STYLE="color: windowtext">Registration Statement</FONT>, each <FONT STYLE="color: windowtext">Participating Broker-Dealer</FONT>,
each <FONT STYLE="color: windowtext">Underwriter </FONT>and each other selling <FONT STYLE="color: windowtext">Holder </FONT>and
each <FONT STYLE="color: windowtext">Person</FONT>, if any, who controls the <FONT STYLE="color: windowtext">Company</FONT>, any
<FONT STYLE="color: windowtext">Underwriter</FONT>, any <FONT STYLE="color: windowtext">Participating Broker-Dealer </FONT>or any
other selling <FONT STYLE="color: windowtext">Holder </FONT>within the meaning of Section 15 of the <FONT STYLE="color: windowtext">1933
Act </FONT>or Section 20 of the <FONT STYLE="color: windowtext">1934 Act </FONT>against any and all loss, liability, claim, damage
and expense described in the indemnity contained in <U>Section <FONT STYLE="color: windowtext">5(a)</FONT></U><FONT STYLE="color: windowtext">
</FONT>hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions,
made in the <FONT STYLE="color: windowtext">Shelf Registration Statement </FONT>(or any amendment thereto) or any <FONT STYLE="color: windowtext">Prospectus
</FONT>included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written information with
respect to such <FONT STYLE="color: windowtext">Holder </FONT>furnished to the <FONT STYLE="color: windowtext">Company </FONT>by
such <FONT STYLE="color: windowtext">Holder </FONT>expressly for use in the <FONT STYLE="color: windowtext">Shelf Registration
Statement </FONT>(or any amendment thereto) or such <FONT STYLE="color: windowtext">Prospectus </FONT>(or any amendment or supplement
thereto); <I>provided</I>,<I> however</I>, that no such <FONT STYLE="color: windowtext">Holder </FONT>shall be liable for any claims
hereunder in excess of the amount of net proceeds received by such <FONT STYLE="color: windowtext">Holder </FONT>from the sale
of <FONT STYLE="color: windowtext">Registrable Securities </FONT>pursuant to such <FONT STYLE="color: windowtext">Shelf Registration
Statement</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each indemnified
party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in
respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying
party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not
relieve it from any liability which it may have otherwise than on account of this indemnity <FONT STYLE="color: windowtext">agreement</FONT>.
Counsel to the respective indemnified parties shall be selected as follows: <FONT STYLE="color: windowtext">(i) </FONT>counsel
to the <FONT STYLE="color: windowtext">Company</FONT>, its directors, each of its officers who signed the <FONT STYLE="color: windowtext">Registration
Statement </FONT>and all <FONT STYLE="color: windowtext">Persons</FONT>, if any, who control the <FONT STYLE="color: windowtext">Company
</FONT>within the meaning of Section 15 of the <FONT STYLE="color: windowtext">1933 Act </FONT>or Section 20 of the <FONT STYLE="color: windowtext">1934
Act </FONT>shall be selected by the <FONT STYLE="color: windowtext">Company</FONT>; <FONT STYLE="color: windowtext">(ii) </FONT>counsel
to the <FONT STYLE="color: windowtext">Holders </FONT>(other than <FONT STYLE="color: windowtext">Participating Broker-Dealers</FONT>)
and all <FONT STYLE="color: windowtext">Persons</FONT>, if any, who control any <FONT STYLE="color: windowtext">Holders </FONT>(other
than any <FONT STYLE="color: windowtext">Participating Broker-Dealers</FONT>) within the meaning of Section 15 of the <FONT STYLE="color: windowtext">1933
Act </FONT>or Section 20 of the <FONT STYLE="color: windowtext">1934 Act </FONT>shall be selected by the <FONT STYLE="color: windowtext">Holders
</FONT>who held or hold, as the case may be, a <FONT STYLE="color: windowtext">majority in aggregate principal amount </FONT>of
the <FONT STYLE="color: windowtext">Registrable Securities </FONT>held by all such <FONT STYLE="color: windowtext">Holders</FONT>;
<FONT STYLE="color: windowtext">(iii) </FONT>counsel to the <FONT STYLE="color: windowtext">Underwriters </FONT>of any particular
offering of <FONT STYLE="color: windowtext">Registrable Securities </FONT>and all <FONT STYLE="color: windowtext">Persons</FONT>,
if any, who control any such <FONT STYLE="color: windowtext">Underwriter </FONT>within the meaning of Section 15 of the <FONT STYLE="color: windowtext">1933
Act </FONT>or Section 20 of the <FONT STYLE="color: windowtext">1934 Act </FONT>shall be selected by such <FONT STYLE="color: windowtext">Underwriters</FONT>;
and <FONT STYLE="color: windowtext">(iv) </FONT>counsel to the <FONT STYLE="color: windowtext">Participating Broker-Dealers and
all Persons</FONT>, if any, who control any such <FONT STYLE="color: windowtext">Participating Broker-Dealer </FONT>within the
meaning of Section 15 of the <FONT STYLE="color: windowtext">1933 Act </FONT>or Section 20 of the <FONT STYLE="color: windowtext">1934
Act </FONT>shall be selected by the <FONT STYLE="color: windowtext">Participating Broker-Dealers </FONT>who held or hold, as the
case may be, a <FONT STYLE="color: windowtext">majority in aggregate principal amount </FONT>of the <FONT STYLE="color: windowtext">Exchange
Securities </FONT>referred to in <U>Section <FONT STYLE="color: windowtext">3(f)</FONT></U><FONT STYLE="color: windowtext"> </FONT>hereof
held by all such <FONT STYLE="color: windowtext">Participating Broker-Dealers</FONT>. An indemnifying party may participate at
its own expense in the defense of any such action; <I>provided</I>,<I> however</I>, that counsel to the indemnifying party shall
not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying
party or parties be liable for <FONT STYLE="color: windowtext">(A) </FONT>the fees and expenses of more than one counsel (in addition
to any local counsel) separate from the indemnifying parties&rsquo; own counsel for the <FONT STYLE="color: windowtext">Company
</FONT>and all other <FONT STYLE="color: windowtext">Persons </FONT>referred to in clause (i) of this paragraph, <FONT STYLE="color: windowtext">(B)
</FONT>the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties&rsquo;
own counsel for all <FONT STYLE="color: windowtext">Holders </FONT>(other than <FONT STYLE="color: windowtext">Participating Broker-Dealers</FONT>)
and all other <FONT STYLE="color: windowtext">Persons </FONT>referred to in clause (ii) of this paragraph, <FONT STYLE="color: windowtext">(C)
</FONT>the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties&rsquo;
own counsel for all <FONT STYLE="color: windowtext">Underwriters </FONT>of any particular offering of <FONT STYLE="color: windowtext">Registrable
Securities</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and all other Persons referred to in clause
(iii) of this paragraph, and (D) the fees and expenses of more than one counsel (in addition to any local counsel) separate from
the indemnifying parties&rsquo; own counsel for all Participating Broker-Dealers and all other Persons referred to in clause (iv)
of this paragraph, in each case in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of
the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification
or contribution could be sought under this <U>Section 5</U> (whether or not the indemnified parties are actual or potential parties
thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all
liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act by or on behalf of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time
an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel,
such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by <U>Section&nbsp;<FONT STYLE="color: windowtext">5(a)(ii)</FONT></U><FONT STYLE="color: windowtext">
</FONT>effected without its written consent if <FONT STYLE="color: windowtext">(i) </FONT>such settlement is entered into more
than 45 days after receipt by such indemnifying party of the aforesaid request, <FONT STYLE="color: windowtext">(ii) </FONT>such
indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered
into and <FONT STYLE="color: windowtext">(iii) </FONT>such indemnifying party shall not have reimbursed such indemnified party
in accordance with such request prior to the date of such settlement. Notwithstanding the immediately preceding sentence, if at
any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses
of counsel, such indemnifying party shall not be liable for any settlement of the nature contemplated by <U>Section&nbsp;<FONT STYLE="color: windowtext">5(a)(ii)</FONT></U><FONT STYLE="color: windowtext">
</FONT>effected without its written consent if such indemnifying party <FONT STYLE="color: windowtext">(x) </FONT>reimburses such
indemnified party in accordance with such request to the extent that the indemnifying party in its judgment considers such request
to be reasonable and <FONT STYLE="color: windowtext">(y) </FONT>provides written notice to the indemnified party stating the reason
it deems the unpaid balance unreasonable, in each case no later than 45 days after receipt by such indemnifying party of the aforesaid
request from the indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification
provided for in this <U>Section <FONT STYLE="color: windowtext">5</FONT></U><FONT STYLE="color: windowtext"> </FONT>is for any
reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages
or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities,
claims, damages and expenses incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the
relative fault of the indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in
connection with the statements or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as
any other relevant equitable considerations. The relative fault of such indemnifying party or parties on the one hand and the indemnified
party or parties on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying
party or parties or such indemnified party or parties, and the parties&rsquo; relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <FONT STYLE="color: windowtext">Company
and</FONT> the <FONT STYLE="color: windowtext">Holders</FONT> agree that it would not be just or equitable if contribution pursuant
to this <U>Section <FONT STYLE="color: windowtext">5</FONT></U><FONT STYLE="color: windowtext"> </FONT>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 paragraph
<FONT STYLE="color: windowtext">(e) </FONT>above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this <U>Section <FONT STYLE="color: windowtext">5</FONT></U><FONT STYLE="color: windowtext">
</FONT>shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing
or defending against any litigation, or any investigation</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such untrue or <FONT STYLE="color: windowtext">alleged
untrue statement or omission </FONT>or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
provisions of this <U>Section 5</U>, no Holder, Participating Broker-Dealer or Underwriter shall be required to contribute any
amount in excess of the amount by which the total price at which Registrable Securities sold by it were offered exceeds the amount
of any damages that such Holder, Participating Broker-Dealer or Underwriter has otherwise been required to pay by reason of any
such untrue or alleged untrue statement or omission or alleged omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
<U>Section 5</U>, each Person, if any, who controls a Holder, Participating Broker-Dealer or Underwriter within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Holder, Participating
Broker-Dealer or Underwriter, as the case may be, and each director of the Company, each officer of the Company who signed the
Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section
20 of the 1934 Act shall have the same rights to contribution as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The respective obligations
of the Holders, Participating Broker-Dealers and Underwriters to contribute pursuant to this Section 5 are several in proportion
to the principal amount of Subordinated Notes purchased by them and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indemnity and contribution
provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of
this Agreement, (ii) any investigation made by or on behalf of any Holder, Participating Broker-Dealer or Underwriter or any Person
controlling any Holder, Participating Broker-Dealer or Underwriter, or by or on behalf of the Company, its officers or directors
or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities
or Exchange Securities pursuant to a Shelf Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule 144
and Rule 144A</U>. For so long as the <FONT STYLE="color: windowtext">Company </FONT>is subject to the reporting requirements of
Section 13 or 15 of the <FONT STYLE="color: windowtext">1934 Act</FONT>, the <FONT STYLE="color: windowtext">Company </FONT>covenants
that it will file all reports required to be filed by it under Section 13(a) or 15(d) of the <FONT STYLE="color: windowtext">1934
Act </FONT>and the rules and regulations adopted by the <FONT STYLE="color: windowtext">SEC </FONT>thereunder, that if it ceases
to be so required to file such reports, it will upon the request of any <FONT STYLE="color: windowtext">Holder </FONT>or beneficial
owner of <FONT STYLE="color: windowtext">Registrable Securities (i) </FONT>make publicly available such information (including,
without limitation, the information specified in Rule 144(c)(2) under the <FONT STYLE="color: windowtext">1933 Act</FONT>) as is
necessary to permit sales pursuant to Rule 144 under the <FONT STYLE="color: windowtext">1933 Act</FONT>, <FONT STYLE="color: windowtext">(ii)
</FONT>deliver or cause to be delivered, promptly following a request by any <FONT STYLE="color: windowtext">Holder </FONT>or beneficial
owner of <FONT STYLE="color: windowtext">Registrable Securities </FONT>or any prospective purchaser or transferee designated by
such <FONT STYLE="color: windowtext">Holder </FONT>or beneficial owner, such information (including, without limitation, the information
specified in Rule 144A(d)(4) under the <FONT STYLE="color: windowtext">1933 Act</FONT>) as is necessary to permit sales pursuant
to Rule 144A under the <FONT STYLE="color: windowtext">1933 Act</FONT>, and <FONT STYLE="color: windowtext">(iii) </FONT>take such
further action that is reasonable in the circumstances, in each case to the extent required from time to time to enable such <FONT STYLE="color: windowtext">Holder
</FONT>to sell its <FONT STYLE="color: windowtext">Registrable Securities </FONT>without registration under the <FONT STYLE="color: windowtext">1933
Act </FONT>within the limitation of the exemptions provided by (x) Rule 144 under the <FONT STYLE="color: windowtext">1933 Act</FONT>,
as such Rule may be amended from time to time, (y) Rule 144A under the <FONT STYLE="color: windowtext">1933 Act</FONT>, as such
Rule may be amended from time to time, or (z) any similar rules or regulations hereafter adopted by the <FONT STYLE="color: windowtext">SEC</FONT>.
Upon the request of any <FONT STYLE="color: windowtext">Holder </FONT>or beneficial</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">owner of <FONT STYLE="color: windowtext">Registrable
Securities</FONT>, the <FONT STYLE="color: windowtext">Company </FONT>will deliver to such <FONT STYLE="color: windowtext">Holder
</FONT>a written statement as to whether it has complied with such requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Inconsistent
Agreements</U>. The <FONT STYLE="color: windowtext">Company </FONT>has not entered into nor will the <FONT STYLE="color: windowtext">Company
</FONT>on or after the date of this <FONT STYLE="color: windowtext">Agreement </FONT>enter into any <FONT STYLE="color: windowtext">agreement
</FONT>which is inconsistent with the rights granted to the <FONT STYLE="color: windowtext">Holders </FONT>of <FONT STYLE="color: windowtext">Registrable
Securities </FONT>in this <FONT STYLE="color: windowtext">Agreement </FONT>or otherwise conflicts with the provisions hereof; <I>provided</I>
that the <FONT STYLE="color: windowtext">Company </FONT>will not be precluded from entering into any <FONT STYLE="color: windowtext">agreement
</FONT>after the date hereof which may or does result, directly or indirectly, in the payment of <FONT STYLE="color: windowtext">Additional
Interest</FONT>. The rights granted to the <FONT STYLE="color: windowtext">Holders </FONT>hereunder do not and will not in any
way conflict with and are not and will not be inconsistent with the rights granted to the <FONT STYLE="color: windowtext">holders
</FONT>of any of the <FONT STYLE="color: windowtext">Company</FONT>&rsquo;s other issued and outstanding <FONT STYLE="color: windowtext">securities
</FONT>under any other agreements entered into by the <FONT STYLE="color: windowtext">Company </FONT>or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments
and Waivers</U>. The provisions of this <FONT STYLE="color: windowtext">Agreement</FONT>, including the provisions of this sentence,
may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given,
unless the <FONT STYLE="color: windowtext">Company </FONT>has obtained the written consent of <FONT STYLE="color: windowtext">Holders
</FONT>of at least a <FONT STYLE="color: windowtext">majority in aggregate principal amount </FONT>of the outstanding <FONT STYLE="color: windowtext">Registrable
Securities </FONT>affected by such amendment, modification, supplement, waiver or departure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, electronic mail, or any courier guaranteeing overnight delivery <FONT STYLE="color: windowtext">(i) </FONT>if
to a <FONT STYLE="color: windowtext">Holder </FONT>or <FONT STYLE="color: windowtext">Participating Broker-Dealer</FONT> at the
most current address set forth on the records of the registrar under the <FONT STYLE="color: windowtext">Indenture</FONT>, <FONT STYLE="color: windowtext">(ii)
</FONT>if to the <FONT STYLE="color: windowtext">Company</FONT>, initially at the address set forth in the <FONT STYLE="color: windowtext">Purchase
Agreement </FONT>and thereafter at such other address, notice of which is given in accordance with the provisions of this <U>Section
<FONT STYLE="color: windowtext">6(d)</FONT></U><FONT STYLE="color: windowtext"> </FONT>and <FONT STYLE="color: windowtext">(iv)
</FONT>if to any <FONT STYLE="color: windowtext">Underwriter</FONT>, at the most current address given by such <FONT STYLE="color: windowtext">Underwriter
</FONT>to the <FONT STYLE="color: windowtext">Company </FONT>by means of a notice given in accordance with the provisions of this
<U>Section <FONT STYLE="color: windowtext">6(d)</FONT></U>, which address initially shall be the address set forth in the applicable
underwriting <FONT STYLE="color: windowtext">agreement</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five business days
after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent via electronic mail; and on
the next business day if timely delivered to an air courier guaranteeing overnight delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address
specified in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successors
and Assigns</U>. This <FONT STYLE="color: windowtext">Agreement </FONT>shall inure to the benefit of and be binding upon the successors,
assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent
<FONT STYLE="color: windowtext">Holders</FONT>; <I>provided</I> that nothing herein shall be deemed to permit any assignment, transfer
or other disposition of <FONT STYLE="color: windowtext">Registrable Securities </FONT>in violation of the terms hereof or of the
<FONT STYLE="color: windowtext">Purchase Agreement </FONT>or the <FONT STYLE="color: windowtext">Indenture</FONT>. If any transferee
of any <FONT STYLE="color: windowtext">Holder </FONT>shall acquire <FONT STYLE="color: windowtext">Registrable Securities</FONT>,
in any manner, whether by operation of law or otherwise, such <FONT STYLE="color: windowtext">Registrable Securities </FONT>shall
be held subject to all of the terms of this <FONT STYLE="color: windowtext">Agreement</FONT>, and by taking and holding such <FONT STYLE="color: windowtext">Registrable
Securities</FONT>, such <FONT STYLE="color: windowtext">Person </FONT>shall be conclusively deemed to have agreed to be bound by
and to perform all of the terms and provisions of this <FONT STYLE="color: windowtext">Agreement</FONT>, including the restrictions
on resale set forth in this <FONT STYLE="color: windowtext">Agreement </FONT>and, if applicable, the <FONT STYLE="color: windowtext">Purchase
Agreement</FONT>, and such <FONT STYLE="color: windowtext">Person </FONT>shall be entitled to receive the benefits hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third Party
Beneficiary</U>. Each <FONT STYLE="color: windowtext">Holder </FONT>and <FONT STYLE="color: windowtext">Participating Broker-Dealer
</FONT>shall be a third party beneficiary of the agreements made hereunder and shall have the right to enforce such agreements</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">directly to the extent it deems such enforcement
necessary or advisable to protect its rights or the rights of other <FONT STYLE="color: windowtext">Holders </FONT>hereunder. Each
<FONT STYLE="color: windowtext">Holder</FONT>, by its acquisition of <FONT STYLE="color: windowtext">Subordinated Notes</FONT>,
shall be deemed to have agreed to the provisions of <U>Section <FONT STYLE="color: windowtext">5(b)</FONT></U><FONT STYLE="color: windowtext">
</FONT>hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This <FONT STYLE="color: windowtext">Agreement </FONT>may be executed in any number of 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 taken together shall constitute
one and the same <FONT STYLE="color: windowtext">agreement</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings in this <FONT STYLE="color: windowtext">Agreement </FONT>are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restriction
on Resales</U>. If the <FONT STYLE="color: windowtext">Company </FONT>or any of its subsidiaries or affiliates (as defined in Rule
144 under the <FONT STYLE="color: windowtext">1933 Act</FONT>) shall redeem, purchase or otherwise acquire any <FONT STYLE="color: windowtext">Registrable
Security </FONT>or any <FONT STYLE="color: windowtext">Exchange Security </FONT>which is a &ldquo;restricted security&rdquo; within
the meaning of Rule 144 under the <FONT STYLE="color: windowtext">1933 Act</FONT>, the <FONT STYLE="color: windowtext">Company
</FONT>will deliver or cause to be delivered such <FONT STYLE="color: windowtext">Registrable Security </FONT>or <FONT STYLE="color: windowtext">Exchange
Security</FONT>, as the case may be, to the <FONT STYLE="color: windowtext">Trustee </FONT>for cancellation and neither the <FONT STYLE="color: windowtext">Company
</FONT>nor any of its subsidiaries or affiliates will hold or resell such <FONT STYLE="color: windowtext">Registrable Security
</FONT>or <FONT STYLE="color: windowtext">Exchange Security </FONT>or issue any new <FONT STYLE="color: windowtext">Security </FONT>or
<FONT STYLE="color: windowtext">Exchange Security </FONT>to replace the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>GOVERNING
LAW</U>. THIS <FONT STYLE="color: windowtext">AGREEMENT </FONT>SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE <FONT STYLE="color: windowtext">LAWS
OF </FONT>THE <FONT STYLE="color: windowtext">STATE OF </FONT>NEW JERSEY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>SIGNATURE PAGE FOLLOWS</I>]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
Company has caused this Registration Rights Agreement to be executed by its duly authorized representative as of the date first
above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>COMPANY</U>:</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 39%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 30%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 27%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>CONNECTONE BANCORP, INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name: Frank S. Sorrentino III</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title: &nbsp;&nbsp;Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature Page to
Registration Rights Agreement</I>]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the Purchaser has caused this Registration Agreement to be executed by its duly authorized representative as of the date first
above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B><U>PURCHASER</U>:</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 39%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 30%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 27%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>[INSERT PURCHASER&rsquo;S NAME]</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature Page to
Registration Rights Agreement</I>]</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>C<FONT STYLE="font-size: 10pt">ONNECT</FONT>O<FONT STYLE="font-size: 10pt">NE
</FONT>B<FONT STYLE="font-size: 10pt">ANCORP, </FONT>I<FONT STYLE="font-size: 10pt">NC. ANNOUNCES PRIVATE PLACEMENT</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>OF $50 MILLION OF SUBORDINATED NOTES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Englewood Cliffs, N.J., June 30, 2015 (GLOBE
NEWSWIRE) &ndash; ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the &ldquo;Company&rdquo; or &ldquo;ConnectOne&rdquo;), parent company
of ConnectOne Bank (the &ldquo;Bank&rdquo;), today announced that it has completed a private placement of $50.0 million in aggregate
principal amount of fixed-to-floating rate subordinated notes (the &ldquo;Notes&rdquo;) to certain institutional investors. The
Notes are non-callable for five years, have a stated maturity of July 1, 2025, and bear interest at a fixed rate of 5.75% per year,
from and including June 30, 2015 to, but excluding July 1, 2020. From and including July 1, 2020 to the maturity date or early
redemption date, the interest rate will reset quarterly to a level equal to the then current three-month LIBOR rate plus 393 basis
points. The Company has agreed to take steps to exchange the privately placed notes for registered notes having substantially the
same terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The Notes have been
structured to qualify for the Company as Tier 2 capital under regulatory guidelines. The Company plans to use the net proceeds
from the sale of the Notes to redeem the $11.25 million outstanding of its Senior Noncumulative Perpetual Preferred Stock issued
in 2011 to the U.S. Treasury under the Small Business Lending Fund Program, and for general corporate purposes including, but not
limited to, contributing capital to the Bank and to fund future growth. The Notes were assigned an investment grade rating of BBB-by
Kroll Bond Rating Agency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Raymond James &amp;
Associates, Inc. and Keefe, Bruyette &amp; Woods, Inc., <I>A Stifel Company,</I> served as the joint-placement agents for the private
offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">This press release
does not constitute an offer to sell, or the solicitation of an offer to buy, any security and will not constitute an offer, solicitation
or sale in any jurisdiction in which such offering would be unlawful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>About ConnectOne Bancorp, Inc.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">ConnectOne is a New Jersey corporation and a
registered bank holding company pursuant to the Bank Holding Company Act of 1956, as amended, and serves as the holding company
for ConnectOne Bank (&ldquo;the Bank&rdquo;). The Bank is a community-based, full-service New Jersey-chartered commercial bank that
was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen
County, New Jersey, and through its 23 other banking offices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For more information visit https://www.connectonebank.com/.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Forward-Looking Statements </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>This news release contains certain forward-looking
statements which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These
forward-looking statements are generally identified by use of the words &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; or similar expressions. The Company&rsquo;s ability to predict results
or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect
on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A &ndash;
Risk Factors of the Company&rsquo;s Annual Report on Form 10-K, as filed with the Securities Exchange Commission, and changes in
interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government,
including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios,
demand for loan products, deposit flows, competition, demand for financial services in the Company&rsquo;s market area and accounting
principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to
publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investor Contact:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>William S. Burns</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Executive VP &amp; CFO</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>201.816.4474; bburns@cnob.com</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Media Contact:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Christine Marra, MWW</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>646-215</B><B>-6888; cmarra@mww.com</B></P>

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