1,000,000 Depositary Shares Each Representing a 1/100th Interest in a Share of Level One Bancorp, Inc. UNDERWRITING AGREEMENTUnderwriting Agreement • August 13th, 2020 • Level One Bancorp Inc • State commercial banks • New York
Level One Bancorp, Inc., a Michigan corporation (the “Company”), proposes to (i) issue and sell to Piper Sandler & Co. (“Piper Sandler” or the “Underwriter” or “you”), 1,000,000 depositary shares (the “Initial Depositary Shares”), each such depositary share representing ownership of a 1/100th interest in a share of the Company’s 7.50% Non-Cumulative Perpetual Preferred Stock, Series B, no par value per share (the “Preferred Stock”), and (ii) grant to the Underwriter the option described in Section 2(b) hereof to purchase all or any part of 150,000 additional depositary shares (the “Option Depositary Shares” and together with the Initial Depositary Shares, the “Depositary Shares”). Shares of Preferred Stock will, when issued, be deposited by the Company against delivery of depositary receipts (“Depositary Receipts”) to be issued by Continental Stock Transfer & Trust Company, as depositary (the “Depositary”) under the Deposit Agreement, to be dated as of the Closing Date (as hereinafter
DEPOSIT AGREEMENT among LEVEL ONE BANCORP, INC., CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Depositary and THE HOLDERS FROM TIME TO TIME OF THE DEPOSITARY RECEIPTS DESCRIBED HEREIN Dated as of August 13, 2020Deposit Agreement • August 13th, 2020 • Level One Bancorp Inc • State commercial banks • New York
