Common use of Shareholder Warrants Clause in Contracts

Shareholder Warrants. The initial shareholders of the Proposed Bank will receive warrants to purchase shares of stock at an exercise price of $12.50 per share. These warrants would be issued when the Proposed Bank opens for business and, to the extent permitted by the Regulators, would be exercisable upon issuance and would expire three years following the date that the Proposed Bank opens for business. It is anticipated that each initial shareholder would receive a minimum of one warrant for every five shares purchased in the initial offering of stock. Notwithstanding the foregoing, the board of directors of the Company shall be empowered to vary the amount and terms of the initial shareholder warrants upon a determination that such terms would impair the ability of the Proposed Bank to receive all required regulatory approvals or is otherwise not in the best interests of the Proposed Bank.

Shareholder Warrants. The initial shareholders of the Proposed Bank Company will receive warrants to purchase shares of stock at an exercise price of $12.50 per share. These warrants would be issued when the Proposed Bank opens Banks open for business and, to the extent permitted by the Regulators, would be exercisable upon issuance and would expire three years following the date that the Proposed Bank opens Banks open for business. It is anticipated that each initial shareholder would receive a minimum of one warrant for every five shares purchased in the initial offering of stock. Notwithstanding the foregoing, the board of directors of the Company shall be empowered to vary the amount and terms of the initial shareholder warrants warrants, or the very existence of initial shareholder warrants, upon a determination that such terms or such warrants would impair the ability of the Proposed Bank Banks to receive all required regulatory approvals or is otherwise not in the best interests of the Company or the Proposed BankBanks.