INBK · First Internet Bancorp · Financials

1.Indenture; Holders. This note is one of a duly authorized issue of notes of First Internet Bancorp, an Indiana corporation (the “Company”) designated as the “8.00% Fixed to Floating Rate Subordinated Notes due 2036” (the “Subordinated Notes”) in an aggregate principal amount of $20.5 million and initially issued on September 10, 2026. The Company has issued this Subordinated Note under that certain Subordinated Indenture dated as of September 30, 2016 (the “Base Indenture”), as supplemented by that certain Fifth Supplemental Indenture, dated as of September 10, 2026 (the “Fifth Supplemental Indenture”), as the same may be amended or supplemented from time to time (“Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor to U.S. Bank, National Association), as Trustee (the “Trustee”). All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the Indenture. The terms of this Subordinated Note include 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 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.

Issuer evidence: 1.Indenture; Holders. This note is one of a duly authorized issue of notes of First Internet Bancorp, an Indiana corporation (the “Company”) designated as the “8.00% Fixed to Floating Rate Subordinated Notes due 2036” (the “Subordinated Notes”) in an aggregate principal amount of $20.5 million and initially issued on September 10, 2026. The Company has issued this Subordinated Note under that certain Subordinated Indenture dated as of September 30, 2016 (the “Base Indenture”), as supplemented by that certain Fifth Supplemental Indenture, dated as of September 10, 2026 (the “Fifth Supplemental Indenture”), as the same may be amended or supplemented from time to time (“Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor to U.S. Bank, National Association), as Trustee (the “Trustee”). All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the Indenture. The terms of this Subordinated Note include 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 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.

Supporting evidence: 2.Payment. The Company, for value received, promises to pay to Cede & Co., or its registered assigns, the principal sum of Seventeen Million Five Hundred Thousand Dollars (U.S.) ($17,500,000), plus accrued but unpaid interest on September 15, 2036 (the “Maturity Date”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding September 15, 2031 or the earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the “Fixed Rate Period”), at the rate of 8.00% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on March 15 and September 15 of each year (each payment date, a “Fixed Rate Interest Payment Date”), beginning March 15, 2027 and (ii) from and including September 15, 2031 to but excluding the Maturity Date or earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the “Floating Rate Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable interest period plus 373.5 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears (each quarterly period a “Floating Interest Period”) on March 15, June 15, September 15 and December 15 of each year (each payment date, a “Floating Rate Interest Payment Date”). Dollar amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Company pursuant to the Three-Month Term SOFR Conventions. Notwithstanding anything to the contrary, (i) in the event the Three-Month Term SOFR (as defined below) is less than zero, the Three-Month Term SOFR shall be deemed to be zero, and (ii) if a Benchmark Transition Event (as defined below) and its related Benchmark Replacement Date (as defined below) have occurred and the Benchmark Replacement (as defined below) is less than zero, then the Benchmark Replacement shall be deemed to be zero.

Supporting evidence: 1.Indenture; Holders. This note is one of a duly authorized issue of notes of First Internet Bancorp, an Indiana corporation (the “Company”) designated as the “8.00% Fixed to Floating Rate Subordinated Notes due 2036” (the “Subordinated Notes”) in an aggregate principal amount of $20.5 million and initially issued on September 10, 2026. The Company has issued this Subordinated Note under that certain Subordinated Indenture dated as of September 30, 2016 (the “Base Indenture”), as supplemented by that certain Fifth Supplemental Indenture, dated as of September 10, 2026 (the “Fifth Supplemental Indenture”), as the same may be amended or supplemented from time to time (“Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor to U.S. Bank, National Association), as Trustee (the “Trustee”). All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the Indenture. The terms of this Subordinated Note include 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 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.

WHEREAS, the issuance and sale of twenty million five hundred thousand dollars ($20,500,000) aggregate principal amount of a new series of Securities of the Company designated as its 8.00% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “2036 Notes”) have been authorized by resolutions adopted by the Board of Directors of the Company;

Issuer evidence: THIS FIFTH SUPPLEMENTAL INDENTURE (“Fifth Supplemental Indenture”), dated as of September 10, 2026 between FIRST INTERNET BANCORP, an Indiana corporation (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor to U.S. Bank, National Association), a national banking association, not in its individual capacity but solely as trustee (“Trustee”).

Supporting evidence: (d)Maturity Date. The entire outstanding Principal of the 2036 Notes shall be payable on September 15, 2036 (the “Maturity Date”).

Supporting evidence: (i)The 2036 Notes will bear interest at a fixed rate of 8.00% per annum from and including the Issue Date to, but excluding, September 15, 2031 (the “Fixed Rate Period”). Interest accrued on the 2036 Notes during the Fixed Rate Period will be payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2027 and ending on September 1, 2031 (each such date a “Fixed Rate Interest Payment Date”). The interest payable during the Fixed Rate Period will be paid to each Holder in whose name a 2036 Note is registered for such interest at the close of business on the 15th day (whether or not a Business Day) of the month immediately preceding the applicable Fixed Rate Interest Payment Date (each such date, a “Fixed Rate Regular Record Date”).

Supporting evidence: (ii)The 2036 Notes will bear a floating interest rate from and including September 15, 2031 to the Maturity Date or Redemption Date (the “Floating Rate Period”). As long as the Benchmark is Three-Month Term SOFR, the interest rate for the Floating Rate Period will be equal to the Benchmark plus 3.735% (373.5 basis points) and will be reset quarterly. During the Floating Rate Period, interest on the 2036 Notes will be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year commencing on December 15, 2031 through the Maturity Date or Redemption Date (each such date, a “Floating Rate Interest Payment Date”, together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”). The interest payable during the Floating Rate Period will be paid to each Holder in whose name a Note is registered at the close of business for such interest on the 15th day (whether or not a Business Day) of the month immediately preceding the applicable Floating Rate Interest Payment Date (each such date, a “Floating Rate Regular Record Date”).

Supporting evidence: WHEREAS, the issuance and sale of twenty million five hundred thousand dollars ($20,500,000) aggregate principal amount of a new series of Securities of the Company designated as its 8.00% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “2036 Notes”) have been authorized by resolutions adopted by the Board of Directors of the Company;

Supporting evidence: WHEREAS, the issuance and sale of twenty million five hundred thousand dollars ($20,500,000) aggregate principal amount of a new series of Securities of the Company designated as its 8.00% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “2036 Notes”) have been authorized by resolutions adopted by the Board of Directors of the Company;

On September 10, 2026, First Internet Bancorp (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain institutional accredited investors and qualified institutional buyers (the “Purchasers”) pursuant to which the Company sold and issued $20.5 million in aggregate principal amount of its 8.0% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Notes”). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount. The Purchase Agreement contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand.

Issuer evidence: On September 10, 2026, First Internet Bancorp (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain institutional accredited investors and qualified institutional buyers (the “Purchasers”) pursuant to which the Company sold and issued $20.5 million in aggregate principal amount of its 8.0% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Notes”). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount. The Purchase Agreement contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand.

Supporting evidence: The Notes have a stated maturity of September 15, 2036, and are redeemable, in whole or in part, on or after September 15, 2031, and at any time upon the occurrences of certain events. The Notes will bear interest at a fixed rate of 8.0% per year, from and including September 10, 2026 to, but excluding, September 15, 2036 or earlier redemption date. From and including September 15, 2031 to, but excluding, the maturity date or early redemption date, the interest rate will reset quarterly at a variable rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 3.735%. As provided in the Notes, the interest rate on the Notes during the applicable floating rate period may be determined based on a rate other than three-month term SOFR.

Supporting evidence: On September 10, 2026, First Internet Bancorp (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Purchase Agreement”) with certain institutional accredited investors and qualified institutional buyers (the “Purchasers”) pursuant to which the Company sold and issued $20.5 million in aggregate principal amount of its 8.0% Fixed-to-Floating Rate Subordinated Notes due 2036 (the “Notes”). The Notes were issued by the Company to the Purchasers at a price equal to 100% of their face amount. The Purchase Agreement contains certain customary representations, warranties and covenants made by the Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand.