Exhibit 4.1


 


Execution Version


 





DEPOSIT AGREEMENT


 


Dated


 


August 3, 2021


 


AMERICAN EXPRESS COMPANY,


AS ISSUER


 


-and-


 


COMPUTERSHARE INC. AND COMPUTERSHARE
TRUST COMPANY, N.A.,

AS DEPOSITARY


 


-and-


 


COMPUTERSHARE TRUST COMPANY, N.A. AS REGISTRAR,
CALCULATION 

AGENT AND TRANSFER AGENT


 


RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED

3.550% FIXED RATE RESET NONCUMULATIVE PREFERRED STOCK, SERIES D


 






     


     


    

 


	Article 1 Definitions	3




 


	Article 2 FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	7




 


	 	Section 2.01	Form and Transferability of Receipts	7
	 	Section 2.02	Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	9
	 	Section 2.03	Optional Redemption of Preferred Stock for Cash	10
	 	Section 2.04	Registration of Transfers of Receipts	11
	 	Section 2.05	Combinations and Split-ups of Receipts	11
	 	Section 2.06	Surrender of Receipts and Withdrawal of Preferred Stock	12
	 	Section 2.07	Limitations on Execution and Delivery, Transfer, Split-up	12
	 	Section 2.08	Lost Receipts, etc.	13
	 	Section 2.09	Cancellation and Destruction of Surrendered Receipts	13
	 	Section 2.10	No Pre-Release	13




 


	Article 3 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY	14




 


	 	Section 3.01	Filing Proofs, Certificates and Other Information	14
	 	Section 3.02	Payment of Fees and Expenses	14
	 	Section 3.03	Representations and Warranties as to Preferred Stock	14
	 	Section 3.04	Representation and Warranty as to Receipts and Depositary Shares	14




 


	Article 4 THE PREFERRED STOCK; NOTICES	15




 


	 	Section 4.01	Cash Distributions	15
	 	Section 4.02	Distributions Other Than Cash	15
	 	Section 4.03	Subscription Rights, Preferences or Privileges	15
	 	Section 4.04	Notice of Dividends; Fixing of Record Date for Holders of Receipts	16
	 	Section 4.05	Voting Rights	16
	 	Section 4.06	Changes Affecting Preferred Stock and Reorganization Events	17
	 	Section 4.07	Inspection of Reports	17
	 	Section 4.08	Lists of Receipt Holders	17
	 	Section 4.09	Withholding	17




 






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	Article 5 THE DEPOSITARY AND THE COMPANY	18




 


	 	Section 5.01	Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar	18
	 	Section 5.02	Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar,
the Calculation Agent, the Transfer Agent or the Company	18
	 	Section 5.03	Obligations of the Depositary, the Depositary’s Agents, the Registrar, the Calculation Agent,
the Transfer Agent and the Company	19
	 	Section 5.04	Resignation and Removal of the Depositary; Appointment of Successor Depositary	22
	 	Section 5.05	Notices, Reports and Documents	23
	 	Section 5.06	Indemnification by the Company	24
	 	Section 5.07	Fees, Charges and Expenses	24




 


	Article 6 AMENDMENT AND TERMINATION	25




 


	 	Section 6.01	Amendment	25
	 	Section 6.02	Termination	25




 


	Article 7 MISCELLANEOUS	26




 


	 	Section 7.01	Counterparts	26
	 	Section 7.02	Exclusive Benefits of Parties	26
	 	Section 7.03	Invalidity of Provisions	26
	 	Section 7.04	Notices	26
	 	Section 7.05	Depositary’s Agents	27
	 	Section 7.06	Appointment of Calculation Agent	27
	 	Section 7.07	Holders of Receipts Are Parties	28
	 	Section 7.08	Governing Law	28
	 	Section 7.09	Inspection of Deposit Agreement and Certificate of Amendment	28
	 	Section 7.10	Headings	28
	 	Section 7.11	Confidentiality	28
	 	Section 7.12	Further Assurances	28




 


‎Exhibit A – Form of Face of Receipt; Form of Reverse
of Receipt


 


‎Exhibit B – Certificate of Amendment


 






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DEPOSIT AGREEMENT


 


DEPOSIT AGREEMENT, dated August
3, 2021 among AMERICAN EXPRESS COMPANY, a New York corporation, COMPUTERSHARE INC., a Delaware corporation (“Computershare”),
and its wholly-owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered national association (the “Trust
Company”), jointly as Depositary (as hereinafter defined), the Trust Company as Registrar, Calculation Agent and Transfer Agent,
and all holders from time to time of Receipts (as hereinafter defined) issued hereunder.


 


WITNESSETH:


 


WHEREAS, it is desired to
provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the Company’s Preferred Stock (as hereinafter
defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares
representing a fractional interest in the Preferred Stock deposited and for the execution and delivery of Receipts evidencing Depositary
Shares;


 


WHEREAS, the Receipts are
to be substantially in the form of ‎Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement; and


 


WHEREAS, the terms and conditions
of the Preferred Stock are set forth in the Certificate of Amendment attached hereto as ‎Exhibit B.


 


NOW, THEREFORE, in consideration
of the premises contained herein, it is agreed by and among the parties hereto as follows:


 


Article
1

Definitions


 


The following definitions
shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts:


 


“Business Day” shall
mean any day that is not a Saturday or Sunday or any other day on which banks in New York City are authorized or obligated by law or regulation
to close.


 


“Calculation
Agent” shall mean the Trust Company and any bank or trust company appointed by the Company as a successor in such role
as herein provided.


 


“Certificate of
Amendment” shall mean the certificate that amends the Restated Certificate of Incorporation of the Company, adopted by the
Board of Directors of the Company or a duly authorized committee thereof, establishing and setting forth the rights, preferences and privileges
of the Preferred Stock, as filed with the Secretary of State of the State of New York on July 30, 2021 and attached hereto as ‎Exhibit
B, and as such certificate may be amended or restated from time to time.


 






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“Certificate of
Incorporation” shall mean the Amended and Restated Certificate of Incorporation of the Company, including any certificates
of amendment, and as restated or amended from time to time.


 


“Company”
shall mean American Express Company, a New York corporation, and its successors.


 


“Computershare”
shall have the meaning set forth in the Preamble hereto.


 


“Deposit Agreement”
shall mean this agreement, as the same may be amended, modified or supplemented from time to time.


 


“Depositary”
shall mean Computershare and the Trust Company, acting jointly, and any successor as Depositary hereunder. The Depositary, along with
its affiliates, shall maintain combined capital and surplus of at least $50,000,000, and so shall any successor depositary hereunder.


 


“Depositary Office”
shall mean the office of the Depositary at which at any particular time its business in respect of matters governed by this Deposit Agreement
shall be administered, which at the date of this Deposit Agreement is located at 150 Royall Street, Canton, Massachusetts 02010.


 


“Depositary Share”
shall mean the security representing a 1/1,000th fractional interest in a share of Preferred Stock deposited with the Depositary hereunder
and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock
and held under this Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement,
each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock represented
by such Depositary Share (including the dividend, voting, redemption and liquidation rights contained in the Certificate of Amendment).


 


“Depositary’s
Agent” shall mean an agent appointed by the Depositary as provided, and for the purposes specified, in ‎Section
7.05.


 


“Dividend Period”
shall have the meaning set forth in the Certificate of Amendment.


 


“Dividend Payment
Date” shall have the meaning set forth in the Certificate of Amendment.


 


“Dividend Record
Date” shall have the meaning set forth in the Certificate of Amendment.


 


“DTC”
shall mean The Depository Trust Company.


 


“DTC Receipt”
shall have the meaning set forth in ‎Section 2.01.


 


“First Reset Date” shall
mean September 15, 2026.


 






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“Five-Year Treasury Rate”
shall mean the rate that will be determined as follows:


 


		·	The average of the yields on actively traded U.S. treasury securities adjusted to constant maturity, for five-year maturities, for
the five Business Days appearing under the caption “Treasury Constant Maturities” in the most recently published statistical
release designated H.15 Daily Update or any successor publication which is published by the Federal Reserve Board as of 5:00 p.m. (Eastern
Time) as of any date of determination, as determined by the Calculation Agent in its sole discretion.



 


		·	If no calculation is provided as described above, then the Company will use a substitute or successor rate that the Company (or its
designee, which the Company may designate in its sole discretion and which may be an affiliate of the Company) has determined, in its
(or such designee’s) sole discretion after consulting any source the Company (or such designee) deems to be reasonable, is (i) the
industry-accepted substitute or successor for the Five-Year Treasury Rate or (ii) if there is no such industry-accepted substitute or
successor for the Five-Year Treasury Rate, a substitute or successor rate that is most comparable to the Five-Year Treasury Rate. Upon
selection of a substitute or successor rate, the Company (or its designee) may determine, in its (or such designee’s) sole discretion
after consulting any source the Company (or such designee) deems to be reasonable, the day count convention, the Business Day convention,
the definition of Business Day, the Reset Dividend Determination Date and any other relevant methodology or definition for calculating
such substitute or successor rate, including any adjustment factor it determines is needed to make such substitute or successor rate comparable
to the Five-Year Treasury Rate, in a manner that is consistent with any industry-accepted practices for such substitute or successor rate.
If the Company or its designee, in its (or such designee’s) sole discretion, is unable to determine a substitute or successor rate
in accordance with the foregoing, then the Five-Year Treasury Rate will be the same rate determined for the prior Reset Dividend Determination
Date or, if this sentence is applicable with respect to the First Reset Date, 0.696%.



 


“Preferred Stock”
shall mean shares of the Company’s 3.550% Fixed Rate Reset Noncumulative Preferred Stock, Series D (liquidation preference $1,000,000
per share), $1.662⁄3 par value per share, heretofore validly issued, fully paid and nonassessable.


 


“Receipt”
shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary form, substantially
in the form set forth as ‎Exhibit A hereto.


 


“Record Date”
shall mean the date fixed pursuant to ‎Section 4.04.


 


“Record holder”
or “holder” as applied to a Receipt shall mean the individual, entity or person in whose name a Receipt is registered
on the books maintained by the Depositary for such purpose.


 


“Redemption Date”
shall have the meaning set forth under ‎Section 2.03.


 






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“Redemption Price”
shall have the meaning set forth under ‎Section 2.03.


 


“Registrar”
shall mean the Trust Company or any bank or trust company appointed to register ownership and transfers of Receipts and the deposited
Preferred Stock, as herein provided.


 


“Reorganization
Event” shall mean:


 


(i) any consolidation or merger
of the Company with or into another person (other than a merger or consolidation in which the Company is the continuing corporation and
in which the shares of common stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities
other property of the Company or another corporation);


 


(ii) any sale, transfer, lease
or conveyance to another person of all or substantially all the property and assets of the Company; or


 


(iii) any statutory exchange
of securities of the Company with another Person (other than in connection with a merger or acquisition) or any binding share exchange
which reclassifies or changes its outstanding common stock.


 


“Reset Date”
shall mean the First Reset Date and each date falling on the fifth anniversary of the preceding Reset Date, and no Reset Date, including
the First Reset Date, will be adjusted for Business Days.


 


“Reset Dividend
Determination Date” shall mean, in respect of any Reset Period, the day that is three Business Days prior to the beginning
of such Reset Period.


 


“Reset Period” shall
mean the period from, and including, each Reset Date to, but excluding, the next succeeding Reset Date, except for the initial Reset Period,
which will be the period from, and including, the First Reset Date to, but excluding, the next succeeding Reset Date.


 


“Securities Act”
shall mean the Securities Act of 1933, as amended.


 


“Transfer Agent”
shall mean the Trust Company or any bank or trust company appointed to transfer the Receipts and the deposited Preferred Stock, as herein
provided.


 


“Trust Company”
shall have the meaning set forth in the Preamble hereto.


 


For the avoidance of doubt,
any reference to a facsimile signature in this Deposit Agreement shall include an image of a signature produced electronically or any
other electronic signature complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309).


 






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Article
2

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS


 


Section
2.01                     
Form and Transferability of Receipts.


 


Definitive Receipts shall
be printed and shall be substantially in the form set forth in ‎Exhibit A annexed to this Deposit Agreement, in each case
with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the
Depositary, upon, and pursuant to, the written order of the Company delivered in compliance with ‎Section 2.02 shall be
authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive
Receipts in lieu of which they are issued and in each case with such appropriate insertions, omissions, substitutions and other variations
as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by
their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to
be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for
definitive Receipts upon surrender of the temporary Receipts at the Depositary Office without charge to the holder. Upon surrender for
cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall, execute and deliver
in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary
Receipt or Receipts. Such exchange shall be made at the Company's expense and without any charge therefor. Until so exchanged, the temporary
Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock
deposited, as definitive Receipts.


 


Receipts shall be executed
by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary; provided, that if a Registrar
for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual or facsimile
signature of a duly authorized signatory of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement
or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall
record on its books each Receipt executed as provided above and delivered as hereinafter provided. Receipts bearing the manual or facsimile
signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary,
notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar
or did not hold such office on the date of issuance of such Receipts.


 


Receipts shall be in denominations
of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance.


 


Receipts may be endorsed with
or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement
as may be required by the Depositary and approved by the Company, or which the Company has determined are required to comply with any
applicable law or regulation or with the rules and regulations of any securities exchange upon which the Depositary Shares may be listed
for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts are subject, in each case as directed by the Company.


 






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Title to any Receipt (and
to the Depositary Shares evidenced by such Receipt) that is properly endorsed, or accompanied by a properly executed instrument of transfer
or endorsement, shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however,
that until transfer of a Receipt shall be registered on the books of the Depositary as provided in ‎Section 2.04, the Depositary
may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose
of determining the person entitled to distributions of dividends or other distributions or payments with respect to the Preferred Stock,
to exercise any redemption or voting rights or to receive any notice provided for in this Deposit Agreement and for all other purposes.


 


Notwithstanding the foregoing,
upon request by the Company, the Depositary and the Company will make application to DTC for acceptance of all or a portion of the Receipts
for its book-entry settlement system. In connection with any such request, the Company hereby appoints the Depositary acting through any
authorized officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications
or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long
as the Receipts are eligible for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares to be traded
by book-entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited
with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected
to be Cede & Co.). The Depositary or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership
of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained
by (i) DTC or its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC.


 


If issued, the DTC
Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Company at any time that it is unwilling or
unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by
the Company within ninety (90) days of the date the Company is so informed in writing, (ii) DTC notifies the Company at any time
that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the Company
within ninety (90) days of the date the Company is so informed in writing or (iii) the Company executes and delivers to DTC a notice
to the effect that such DTC Receipt shall be so exchangeable. If the beneficial owners of interests in Depositary Shares are
entitled to exchange such interests for definitive Receipts as the result of an event described in clause ‎(i), ‎(ii)
or ‎(iii) of the preceding sentence, then without unnecessary delay but in any event not
later than the earliest date on which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall
provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct
the Depositary in writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC
Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and shall bear
such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry
settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any time eligible for
book-entry settlement through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or
redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless the holder of the relevant
Receipt otherwise requests and such request is reasonably acceptable to the Depositary and the Company.


 






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Section
2.02                     
Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof.


 


Concurrently with the execution
of this Deposit Agreement, the Company is delivering to the Depositary 1,600 shares of Preferred Stock, via direct registration for shares
of Preferred Stock in uncertificated form, for such shares of Preferred Stock to be deposited (or in such other manner as may be agreed
to by the Company and the Depositary), properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument
of transfer or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written order of the Company directing the Depositary
to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary
Shares representing such deposited Preferred Stock registered in such names specified in such written order. The Depositary acknowledges
receipt of the aforementioned 1,600 shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock
in an account to be established by the Depositary at the Depositary Office or at such other office as the Depositary shall determine.
The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Preferred Stock deposited hereunder and the
Trust Company hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares)
of deposited Preferred Stock held by it by notation, book-entry or other appropriate method.


 


If required by the Depositary,
Preferred Stock presented for deposit by the Company at any time, whether or not the register of stockholders of the Company is closed,
shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the
prompt transfer to the Depositary or its nominee of any dividend or right to subscribe for additional Preferred Stock or to receive other
property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect of such
deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.


 


Upon receipt by the Depositary
of the shares of Preferred Stock deposited hereunder, together with the other documents specified above, and upon registering such Preferred
Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and
deliver to, or upon the order of, the person or persons named in the written order delivered to the Depositary referred to in the first
paragraph of this ‎Section 2.02 a Receipt or Receipts for the number of whole Depositary Shares representing the Preferred
Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and
deliver such Receipt or Receipts at the Depositary Office, except that, at the request, risk and expense of any person requesting such
delivery, such delivery may be made at such other place as may be designated by such person. Other than in the case of splits, combinations
or other reclassifications affecting the Preferred Stock, or in the case of dividends or other distributions of Preferred Stock, if any,
there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Certificate
of Amendment, as such may be amended. To the extent that the Company issues shares of Preferred Stock in excess of the amount set forth
in the Certificate of Amendment as of the date hereof (which shares have been validly authorized by the Company), the Company shall notify
the Depositary of such issuance in writing.


 






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The Depositary shall be permitted
to rely on applicable opinion of counsel delivered to the underwriters pursuant to Section 6(c) of the underwriting agreement dated July
27, 2021 among the Company and the underwriters named therein relating to the sale of the Depositary Shares to the public.


 


The Company shall deliver
to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its
obligations under this Deposit Agreement.


 


Section
2.03                     
Optional Redemption of Preferred Stock for Cash.


 


Whenever the Company shall
elect to redeem shares of deposited Preferred Stock for cash in accordance with the provisions of the Certificate of Amendment, it shall
(unless otherwise agreed in writing with the Depositary) give the Depositary not less than ten (10) nor more than sixty (60) days’
prior written notice of the date fixed for redemption of such Preferred Stock (the “Redemption Date”) and of the number
of such shares of Preferred Stock held by the Depositary to be redeemed and the applicable Redemption Price (the “Redemption
Price”), as set forth in the Certificate of Amendment. The Depositary shall mail, first-class postage prepaid, notice of the
redemption of Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be
redeemed, not less than five (5) and not more than sixty (60) days prior to the Redemption Date, to the holders of record on the Record
Date fixed for such redemption pursuant to ‎Section 4.04 of the Receipts evidencing the Depositary Shares to be so redeemed,
at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail any such notice
to one or more such holder nor any defect in any such notice shall affect the sufficiency of the proceedings for redemption except as
to the holder to whom notice was not given or defective.


 


The Company shall prepare
and provide the Depositary with such notice, and each such notice shall state: (i) the Redemption Date; (ii) the Redemption Price; (iii)
the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held
by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (v) the place or places
where the Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the Redemption
Price, if applicable; and (vi) that on the Redemption Date dividends in respect of the Preferred Stock represented by the Depositary Shares
to be redeemed will cease to accrue. Notwithstanding the foregoing, any notices given to any record holder of a Receipt hereunder or under
the Receipts shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures.


 


In the event that notice
of redemption has been made as described in the immediately preceding paragraphs and the Company shall then have paid in full to
Computershare the Redemption Price (determined pursuant to the Certificate of Amendment) of the Preferred Stock deposited with the
Depositary to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such Preferred Stock so called
for redemption by the Company and on the Redemption Date (unless the Company shall have failed to pay for the shares of Preferred
Stock to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in
respect of the shares of Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption
shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the
right to receive the Redemption Price) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in
accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the
Depositary shall so require), such Depositary Shares shall be redeemed at a cash Redemption Price of $1,000 per Depositary Share
plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to, but excluding, the Redemption Date.
The foregoing shall be further subject to the terms and conditions of the Certificate of Amendment. In the event of any conflict
between the provisions of the Deposit Agreement and the provisions of the Certificate of Amendment, the provisions of the
Certificate of Amendment will govern and the Company will instruct the Depositary, as applicable, in writing accordingly of such
governing terms; provided, however, that under no circumstances will the Certificate of Amendment be deemed to change or modify any
of the rights, duties or immunities of the Depositary contained herein.


 






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If fewer than all of the Depositary
Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender
to the Depositary, together with payment of the Redemption Price for and all other amounts payable in respect of the Depositary Shares
called for redemption, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. In
any such case, the Company shall redeem Depositary Shares only in increments of 1,000 shares and any multiple thereof.


 


If less than all of the Preferred
Stock is redeemed pursuant to the Company’s exercise of its optional redemption right, the Depositary will select the Depositary
Shares to be redeemed pursuant to this ‎Section 2.03 on a pro rata basis, by lot or in such other manner as the Depositary
may determine to be fair and equitable.


 


All funds received by
Computershare pursuant to this Agreement that are to be distributed or applied by Computershare in the performance of services (the
 “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be
maintained by Computershare in its name as agent for the Company. Until paid pursuant to this Agreement, Computershare may hold or
invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper
obligations rated A-1 or P-1 or better by Standard & Poor’s Corporation (“S&P”) or Moody’s
Investors Service, Inc. (“Moody’s”), respectively, (iii) money market funds that comply with Rule 2a-7 of
the Investment Company Act of 1940, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase agreements
or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above
investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer
Default Rating) (each as reported by Bloomberg Finance L.P.) at Computershare’s risk. Computershare shall have responsibility
and liability for any diminution of the Funds, except if (i) the Funds are held in demand deposit or similar bank accounts of
commercial banks with Tier 1 capital exceeding $1 billion and (ii) the diminution results from the dissolution, bankruptcy,
insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of any such commercial bank.


 


Section
2.04                     
Registration of Transfers of Receipts.


 


The Company hereby appoints
the Trust Company as the Registrar and Transfer Agent for the Receipts and the Trust Company hereby accepts such appointment subject to
the express terms and conditions set forth herein and, as such, shall register on its books from time to time transfers of Receipts upon
any surrender thereof by the holder in person or by a duly authorized attorney, agent or representative properly endorsed or accompanied
by a properly executed instrument of transfer or endorsement and appropriate evidence of authority, which shall include a signature guarantee
from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association,
and any other reasonable evidence of authority that may be required by the Trust Company, together with evidence of the payment by the
applicable party of any transfer taxes or similar taxes or charges as may be required by law. Upon such surrender, the Trust Company shall
execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate
number of Depositary Shares evidenced by the Receipt or Receipts surrendered.


 


Section
2.05                     
Combinations and Split-ups of Receipts.


 


Upon surrender of a Receipt
or Receipts at the Depositary Office or such other office as the Depositary may designate for the purpose of effecting a split-up or combination
of Receipts, subject to the express terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt
or Receipts in the authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt
or Receipts surrendered.


 






    11


     


    

 


 


Section
2.06                     
Surrender of Receipts and Withdrawal of Preferred Stock.


 








Any holder of a Receipt or
Receipts may withdraw any number of whole shares of deposited Preferred Stock represented by the Depositary Shares evidenced by such
Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts
to the Depositary or at such other office as the Depositary may designate for such withdrawals; provided, that a holder of a Receipt
or Receipts may not withdraw such Preferred Stock (or money and other property, if any, represented thereby) which has previously been
called for redemption. Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the extent provided
in ‎Section 5.07 and payment of all taxes and governmental charges in connection with such surrender and withdrawal of Preferred
Stock, and subject to the terms and conditions of this Deposit Agreement, without unreasonable delay, the Depositary shall deliver to
such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of such Preferred
Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered
for withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder
or to receive Depositary Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such
withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole
shares of deposited Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of whole shares
of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or upon such holder’s order
(subject to ‎Section 2.04), a new Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery of such
Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title
and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied
by proper instruments of transfer.


 


If the deposited Preferred
Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the record holder of the
Receipt or Receipts being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary a written
order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal
of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer or endorsement
in blank.


 


The Depositary shall deliver
the deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered
for withdrawal at the Depositary Office, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts
and for the account of the holder thereof, such delivery may be made at such other place as may be designated by such holder.


 


Section
2.07                     
Limitations on Execution and Delivery, Transfer, Split-up.


 


As a condition precedent
to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s
Agents or the Company may require any or all of the following: (i) payment to it of a sum sufficient for the payment (or, in the event
that the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge and stock transfer or
registration fee with respect thereto (including any such tax or charge with respect to the Preferred Stock being deposited or withdrawn);
(ii) the production of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any signature)
including, as noted in ‎Section 2.04 above, a signature guarantee from an eligible
guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable
evidence of authority that may be required by the Depositary; and (iii) compliance with such regulations, if any, as the Depositary or
the Company may establish consistent with the provisions of this Deposit Agreement as may be required by any securities exchange on which
the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed.


 


The deposit of Preferred
Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the transfer of Receipts may be refused,
and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any
period when the register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably necessary or
advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any
requirement of law or of any government or governmental body or commission, or under any other provision of this Deposit
Agreement.


 






    12


     


    

 


 


Section
2.08                     
Lost Receipts, etc.


 


In case any Receipt shall
be mutilated and surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall execute and deliver a Receipt of
like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost
or stolen Receipt; provided, that the holder thereof shall have (i) filed with the Depositary (a) a request for such execution
and delivery before the Depositary has notice that the Receipt has been acquired by a protected purchaser and (b) an open penalty surety
bond satisfactory to the Depositary, (ii) satisfied any other reasonable requirements imposed by the Depositary and (iii) complied with
such other reasonable regulations and paid such other reasonable charges as the Depositary may prescribe and as required by Section 8-405
of the Uniform Commercial Code as in effect in the State of New York.


 


Section
2.09                     
Cancellation and Destruction of Surrendered Receipts.


 


All Receipts surrendered to
the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation,
the Depositary is authorized, but not required, to destroy such Receipts so cancelled.


 


Section
2.10                     
No Pre-Release.


 


The Depositary shall not deliver any deposited
Preferred Stock evidenced by Receipts prior to the receipt and cancellation of such Receipts or other similar method used with respect
to Receipts held by DTC. The Depositary shall not issue any Receipts prior to the receipt by the Depositary of the corresponding Preferred
Stock evidenced by such Receipts. At no time will any Receipts be outstanding if such Receipts do not represent Preferred Stock deposited
with the Depositary.


 






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Article
3

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY


 


Section
3.01                     
Filing Proofs, Certificates and Other Information.


 


Any person presenting Preferred
Stock for deposit or any holder of a Receipt may be required from time to time to file with the Depositary such proof of residence, guarantee
of signature or other information and to execute such certificates as the Depositary may reasonably deem necessary or proper or the Company
may reasonably require by written request to the Depositary. The Depositary or the Company may withhold or delay the delivery of any Receipt,
the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock represented by the Depositary Shares
evidenced by any Receipt, the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof,
until such proof or other information is filed, or such certificates are executed.


 


Section
3.02                     
Payment of Fees and Expenses.


 


Holders of Receipts shall
be obligated to make payments to the Depositary of certain fees and expenses and taxes or other governmental charges to the extent provided
in ‎Section 5.07, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other governmental
charges have been paid. Until such payment is made, transfer of any Receipt or any withdrawal of the Preferred Stock or money or other
property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may
be withheld, and any part or all of the Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt
may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of
days prior to such sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment
of such fees or expenses, the holder of such Receipt remaining liable for any deficiency.


 


Section
3.03                     
Representations and Warranties as to Preferred Stock.


 


In the case of the initial
deposit of the Preferred Stock hereunder, the Company represents and warrants that such Preferred Stock and each certificate therefor,
if any, are validly issued, fully paid and nonassessable. Such representations and warranties shall survive the deposit of the Preferred
Stock and the issuance of Receipts.


 


Section
3.04                     
Representation and Warranty as to Receipts and Depositary Shares.


 


The Company hereby represents
and warrants that the Receipts, when issued, will evidence legal and valid interests in the Depositary Shares and each Depositary Share
will represent a legal and valid 1/1,000th fractional interest in a share of deposited Preferred Stock represented by such Depositary
Share. Such representation and warranty shall survive the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary
Shares.


 


SECTION 3.05                    Taxes.


 


The Company will pay any and
all stock transfer, documentary, stamp and similar taxes and governmental charges that may be payable in respect of any issuance or delivery
of Depositary Shares or shares of Preferred Stock or other securities issued on account of Depositary Shares or certificates representing
such shares or securities, if any. The Company will not, however, be required to pay any such tax or governmental charge that may be payable
in respect of any transfer involved in the issuance or delivery of shares of Preferred Stock, Depositary Shares or other securities in
a name other than that in which the Depositary Shares with respect to which such shares or other securities are issued or delivered were
registered, or in respect of any payment to any person other than a payment to the registered holder thereof, and will not be required
to make any such issuance, delivery or payment unless and until the person otherwise entitled to such issuance, delivery or payment has
paid to the Company the amount of any such tax or governmental charge or has established, to the satisfaction of the Company, that such
tax has been paid or is not payable.


 






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Article
4

THE PREFERRED STOCK; NOTICES


 


Section
4.01                     
Cash Distributions.


 


Whenever Computershare shall
receive any cash dividend or other cash distribution on the deposited Preferred Stock, including any cash received upon redemption of
any shares of Preferred Stock pursuant to ‎Section 2.03, Computershare shall, subject to ‎Section 3.02, distribute
to record holders of Receipts on the Record Date fixed pursuant to ‎Section 4.04 such amounts of such dividend or distribution
as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such
holders; provided, however, that in case the Company or Computershare shall be required by law to and shall withhold from
any cash dividend or other cash distribution in respect of the Preferred Stock represented by the Receipts held by any holder an amount
on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed
in respect of Depositary Shares represented by such Receipts subject to such withholding shall be reduced accordingly. Computershare,
however, shall distribute or make available for distribution, as the case may be, only such amount as can be distributed without attributing
to any holder of Receipts a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent and so
distributed to registered holders entitled thereto and any balance not so distributable shall be held by Computershare (without liability
for interest thereon) and shall be added to and be treated as part of the next succeeding distribution to record holders of such Receipts.
Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 (i.e., Form W-8BEN-E, Form W-8BEN, Form W-8EXP,
Form W-8IMY, Form W-8ECI or another applicable Form W-8) or Form W-9 (which form shall set forth such holder’s certified taxpayer
identification number if requested on such form), as may be applicable. Each holder of a Receipt acknowledges that in the event of non-compliance
with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of
any of the distribution to be made hereunder.


 


Section
4.02                     
Distributions Other Than Cash.


 


Whenever the Depositary shall
receive any distribution other than cash on the deposited Preferred Stock, the Depositary shall, subject to ‎Section 3.02,
distribute to record holders of Receipts on the Record Date fixed pursuant to ‎Section 4.04 such amounts of the securities
or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by
the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing
such distribution. The Depositary shall not make any distribution of securities to the holders of Receipts unless the Company shall have
provided to the Depositary an opinion of counsel stating that such securities have been registered under the Securities Act or do not
need to be registered.


 


Section
4.03                     
Subscription Rights, Preferences or Privileges.


 


If the Company shall at any
time offer or cause to be offered to the persons in whose names deposited Preferred Stock is registered on the books of the Company any
rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other
nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders
of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants representing such
rights, preferences or privileges); provided, however, that (i) if at the time of issue or offer of any such rights, preferences
or privileges the Company determines upon advice of its legal counsel that it is not lawful or feasible to make such rights, preferences
or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (ii) if and to the extent instructed by
holders of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so directed by
the Company and provided with an opinion of counsel that if Depositary undertakes such actions it will not be deemed an “issuer”
under the Securities Act or an “investment company” under the Investment Company Act of 1940, as amended, and if applicable
laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders at
public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject
to Sections ‎3.01 and ‎3.02,
be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by ‎Section
4.01 in the case of a distribution received in cash. The Depositary shall not make any distribution of such rights, preferences or
privileges, unless the Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges
have been registered under the Securities Act or do not need to be registered.


 






    15


     


    

 


 


If registration under the
Securities Act of the securities to which any rights, preferences or privileges relate is required in order for holders of Receipts to
be offered or sold the securities to which such rights, preferences or privileges relate, the Company agrees that it will promptly notify
the Depositary of such requirement, that it will promptly file a registration statement pursuant to the Securities Act with respect to
such rights, preferences or privileges and securities and use its commercially reasonable efforts and take all steps available to it to
cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges
to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders
of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such a registration statement
shall have become effective or unless the offering and sale of such securities to such holders are exempt from registration under the
provisions of the Securities Act and the Company shall have provided to the Depositary an opinion of counsel to such effect.


 


If any other action under
the law of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights,
preferences or privileges to be made available to holders of Receipts, the Company agrees that it will promptly notify the Depositary
of such requirement and use its commercially reasonable efforts to take such action or obtain such authorization, consent or permit sufficiently
in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or
privileges.


 


The Depositary will not be
deemed to have any knowledge of any item for which it is supposed to receive notification under any section of this Deposit Agreement
unless and until it has received such notification in writing.


 


Section
4.04                     
Notice of Dividends; Fixing of Record Date for Holders of Receipts.


 





Whenever any cash dividend
or other cash distribution shall become payable, any distribution other than cash shall be made, or any rights, preferences or privileges
shall at any time be offered, with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any
meeting at which holders of such Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice
or (ii) any election on the part of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance
fix a Record Date (which shall be the same date as the Record Date fixed by the Company with respect to the Preferred Stock) (the “Record
Date”) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, rights,
preferences or privileges or the net proceeds of the sale thereof, to give instructions for the exercise of voting rights at any such
meeting or to receive notice of such meeting or whose Depositary Shares are to be so redeemed.


 


Section
4.05                     
Voting Rights.


 


Upon receipt of notice of
any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter,
mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (i) such information
as is contained in such notice of meeting, (ii) a statement that the holders of Receipts at the close of business on a specified Record
Date fixed pursuant to ‎Section 4.04 will be entitled, subject to any applicable
provision of law, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Preferred Stock represented
by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the
written request of a holder of a Receipt on such Record Date, the Depositary shall, insofar as practicable, vote or cause to be voted
the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set
forth in such request. To the extent any such instructions request the voting of a fractional interest of a share of deposited Preferred
Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same voting
instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions received in
such requests. Each share of Preferred Stock is entitled to one vote and, accordingly, each Depositary Share is entitled to 1/1,000th
of a vote. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable
the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the absence of specific instructions from the
holder of a Receipt, the Depositary will vote all Depositary Shares held by it in proportion with any instructions received. The Depositary
shall not exercise any discretion in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt.


 






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Section
4.06                     
Changes Affecting Preferred Stock and Reorganization Events.


 


Upon any change in
liquidation preference, par or stated value, split-up, combination or any other reclassification of the Preferred Stock, any
Reorganization Event or any exchange of the Preferred Stock for cash, securities or other property, the Depositary shall, upon the
written instructions of the Company setting forth any of the following adjustments, (i) reflect such adjustments in the
Depositary’s books and records in (a) the fraction of an interest in one share of Preferred Stock represented by one
Depositary Share and (b) the ratio of the Redemption Price per Depositary Share to the Redemption Price of a share of Preferred
Stock, as may be required by or as is consistent with the provisions of the Certificate of Amendment to fully reflect the effects of
such change in liquidation preference, par or stated value, split-up, combination or other reclassification of Preferred Stock, of
such Reorganization Event or of such exchange and (ii) treat any shares of stock or other securities or property (including cash)
that shall be received by the Depositary in exchange for or in respect of the Preferred Stock as new deposited property under this
Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the
new deposited property so received in exchange for or in respect of such Preferred Stock. In any such case the Depositary may, upon
the receipt of written request of the Company, execute and deliver additional Receipts, or may call for the surrender of all
outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited property.


 


Section
4.07                     
Inspection of Reports.


 


The Depositary shall make
available for inspection by holders of Receipts at the Depositary Office, and at such other places as it may from time to time deem advisable
during normal business hours, any reports and communications received from the Company that are both received by the Depositary as the
holder of deposited Preferred Stock and made generally available to the holders of the Preferred Stock. In addition, the Depositary shall
transmit, upon written request by the Company, certain notices and reports to the holders of Receipts as provided in ‎Section
5.05.


 


Section
4.08                     
Lists of Receipt Holders.


 


Promptly upon request from
time to time by the Company, the Registrar shall furnish to the Company a list, as of a recent date specified by the Company, of the names,
addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Registrar.


 


Section
4.09                     
Withholding.


 


Notwithstanding any other
provision of this Deposit Agreement, in the event that the Depositary determines that any distribution in property is subject to any
tax or other governmental charge which the Depositary is obligated by law to withhold, the Depositary may dispose of, by public or private
sale, all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such
taxes or governmental charges, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property
after deduction of such taxes or governmental charges to the holders of Receipts entitled thereto in proportion to the number of Depositary
Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution
of property is subject to withholding tax only with respect to some but not all holders of Receipts, the Depositary will use its best
efforts (i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds
to pay such withholding tax and (ii) to effect any such sale in such a manner so as to avoid affecting the rights of any other holders
of Receipts to receive such distribution in property.


 






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Article
5

THE DEPOSITARY AND THE COMPANY


 


Section
5.01                     
Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar.


 


The Depositary shall maintain
at the Depositary Office facilities for the execution and delivery, transfer, surrender and exchange, split-up, combination and redemption
of Receipts and deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s Agents, if any, facilities for
the delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred
Stock, all in accordance with the provisions of this Deposit Agreement.


 


The Registrar shall keep books
at the Depositary Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection
by the record holders of Receipts as provided by applicable law. The Company may cause the Registrar to close such books, at any time
or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder.


 


If the Receipts or the Depositary
Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be listed on any stock exchange, the Depositary
may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of such Receipts or Depositary
Shares in accordance with the requirements of such exchange. Such registrar (which may be the Registrar if so permitted by the requirements
of such exchange) may be removed and a substitute registrar appointed by the Registrar upon the request or with the written approval of
the Company. If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar
will, at the request and expense of the Company, arrange such facilities for the delivery, transfer, surrender, redemption and exchange
of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations.


 


Section
5.02                     
Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar, the Calculation Agent,
the Transfer Agent or the Company.


 


None of the Depositary,
any Depositary’s Agent, the Registrar, the Calculation Agent, the Transfer Agent, or the Company shall incur any liability to
any holder of any Receipt, if by reason of any provision of any present or future law or regulation thereunder of the United States
of America or of any other governmental authority or, in the case of the Depositary, any Depositary’s Agent, the Registrar,
the Calculation Agent or the Transfer Agent, by reason of any provision, present or future, of the Certificate of Incorporation or,
in the case of the Company, the Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the
Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, any
Depositary’s Agent, the Transfer Agent, the Calculation Agent, the Registrar or the Company shall be prevented or forbidden
from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the
Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent, the Registrar or the Company incur any
liability to any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or
thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason of any exercise of, or
failure to exercise, any discretion provided for in this Deposit Agreement.


 






    18


     


    

 


 


Section
5.03                     
Obligations of the Depositary, the Depositary’s Agents, the Registrar, the Calculation Agent, the Transfer Agent
and the Company.


 


The Company does not assume
any obligation and shall not be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than
from acts or omissions arising out of conduct constituting bad faith, gross negligence or willful misconduct in the performance of such
duties as are specifically set forth in this Deposit Agreement (which bad faith, gross negligence or willful misconduct must be determined
by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). Neither the Depositary nor any Depositary’s
Agent nor any Transfer Agent, Calculation Agent or Registrar assumes any obligation and shall not be subject to any liability under this
Deposit Agreement to holders of Receipts, the Company or any other person or entity other than for its own bad faith, gross negligence
or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment,
decree or ruling of a court of competent jurisdiction). Notwithstanding anything to the contrary contained herein, neither the Depositary,
nor any Depositary’s Agent nor any Transfer Agent, Calculation Agent or Registrar shall be liable for any special, indirect, incidental,
consequential, punitive or exemplary damages, including but not limited to, lost profits, even if such person or entity alleged to be
liable has knowledge of the possibility of such damages. Notwithstanding anything contained herein to the contrary, the aggregate liability
of the Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the Registrar during any term of this Agreement
with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under
this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the
Company to Depositary as fees and charges, but not including reimbursable expenses.


 


None of the Depositary, any
Depositary’s Agent, any Registrar, Calculation Agent or Transfer Agent or the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts
that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished
as often as may be required.


 


None of the Depositary, any
Depositary’s Agent, any Registrar, Calculation Agent or Transfer Agent or the Company shall be liable for any action or any failure
to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock
for deposit or any holder of a Receipt. The Depositary, any Depositary’s Agent, any Registrar, Calculation Agent or Transfer Agent
and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed
by it to be genuine and to have been signed or presented by the proper party or parties.


 


In the event the Depositary,
any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the Registrar shall receive conflicting claims, requests or
instructions from any holders of Receipts, on the one hand, and the Company, on the other hand, such party shall be entitled to act on
such claims, requests or instructions received from the Company, and shall incur no liability and shall be entitled to the full indemnification
set forth in ‎Section 5.06 in connection with any action so taken.


 


The Depositary shall not be
responsible for any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any
such vote made, as long as any such action or non-action does not result from bad faith, gross negligence or willful misconduct of the
Depositary (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree
or ruling of a court of competent jurisdiction). The Depositary undertakes, and any Registrar, Calculation Agent or Transfer Agent shall
be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no
implied covenants or obligations shall be read into this Agreement against the Depositary or any Registrar, Calculation Agent or Transfer
Agent.


 






    19


     


    

 


 


The Depositary, any Depositary’s
Agent, the Transfer Agent, the Calculation Agent or the Registrar, and each of their parents, affiliates, or subsidiaries, may own, buy,
sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested
in any transaction in which the Company or its affiliates may be interested or contract with or lend money to or otherwise act as fully
or as freely as if the Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the Registrar were not in
such role hereunder. The Depositary, any Depositary’s Agent, the Transfer Agent, the Calculation Agent or the Registrar may also
act as transfer agent, calculation agent or registrar of any of the securities of the Company and its affiliates or act in any other capacity
for the Company or its affiliates.


 


It is intended that neither
the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the securities under the federal securities
laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s Agent
are acting only in a ministerial capacity as Depositary for the deposited Preferred Stock; provided, however, that the
Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement
in its capacity as Depositary.


 


Neither the Depositary (or
its officers, directors, employees, agents or affiliates) nor any Depositary’s Agent makes any representation or has any responsibility
as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the
deposited Preferred Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or any instruments referred to therein
or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is
responsible for its own representations in this Deposit Agreement.


 


The Company agrees that it
will register the deposited Preferred Stock and the Depositary Shares in accordance with the applicable securities laws.


 


In the event the
Depositary, the Depositary’s Agent or any Registrar, Calculation Agent or Transfer Agent believes any ambiguity or uncertainty
exists in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this
Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar shall promptly
notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any
action, and the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar shall be fully protected
and shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful
misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment,
decree or ruling of a court of competent jurisdiction), unless and until (i) the rights of all parties have been fully and finally
adjudicated by a court of appropriate jurisdiction or (ii) the Depositary, the Depositary’s Agent, Transfer Agent, Calculation
Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or
uncertainty to the satisfaction of the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar.


 


Whenever in the performance
of its duties under this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or omitting
to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively provided and established by a certificate signed by any one of the Chairman of the Board, any Vice Chairman,
the President, any Vice President, the Treasurer, any Assistant Treasurer, the Comptroller, any Assistant Comptroller, the Secretary or
any Assistant Secretary of the Company and delivered to the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent
or Registrar; and such certificate shall be full and complete authorization and protection to the Depositary, the Depositary’s Agent,
Transfer Agent, Calculation Agent or Registrar and the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or
Registrar shall incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this Deposit
Agreement in reliance upon such certificate. The Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar
shall not be liable for or by reason of any of the statements of fact or recitals contained in this Deposit Agreement or in the Receipts
(except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed
to have been made by the Company only.


 






    20


     


    

 


 


The Depositary, the Depositary’s
Agent, Transfer Agent, Calculation Agent or Registrar will not be under any duty or responsibility to ensure compliance with any applicable
federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Preferred Stock or Depositary
Shares.


 


Notwithstanding anything herein
to the contrary, no amendment to the Certificate of Amendment shall affect the rights, duties, obligations or immunities of the Depositary,
Transfer Agent, Calculation Agent, the Depositary’s Agent or Registrar hereunder.


 


The Depositary, any Depositary’s
Agent, Transfer Agent, Calculation Agent and any Registrar hereunder:


 


(i)            shall
have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations), or as may subsequently
be agreed to in writing by the parties;


 





(ii)            shall have no obligation
to make payment hereunder unless the Company shall have provided the necessary federal or other immediately available funds or securities
or property, as the case may be, to pay in full amounts due and payable with respect thereto;


 


(iii)           shall not be obligated
to take any legal or other action hereunder; if, however, such party determines to take any legal or other action hereunder, and, where
the taking of such action might in such party's judgment subject or expose it to any expense or liability, such party shall not be required
to act unless it shall have been furnished with an indemnity satisfactory to it;


 


(iv)           may rely on and shall be
authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, facsimile transmission
or other document or security delivered to the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar
and believed by such party to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for
determining the accuracy thereof;


 


(v)            may
rely on and shall be authorized and protected in acting or failing to act upon the written, telephonic, electronic and oral instructions,
with respect to any matter relating to such party’s actions covered by this Deposit Agreement (or supplementing or qualifying any
such actions), of officers of the Company;


 






    21


     


    

 


 


(vi)        may
consult counsel satisfactory to it, and the advice of such counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by such party hereunder in accordance with the advice of such counsel;


 


(vii)       shall not be called upon at any time to advise any person with respect to the Depositary Shares or Receipts;


 


(viii)      shall not be liable or responsible for any recital or statement contained in any documents relating hereto or the Depositary Shares
or Receipts; and


 


(ix)         shall
not be liable in any respect on account of the identity, authority or rights of the parties (other than with respect to the Depositary)
executing or delivering or purporting to execute or deliver this Deposit Agreement or any documents or papers deposited or called for
under this Deposit Agreement.


 


The obligations of the Company
and the rights of the Depositary, the Depositary’s Agent, Transfer Agent, Calculation Agent or Registrar set forth in this ‎Section
5.03 shall survive the replacement, removal or resignation of any Depositary, Registrar, Calculation Agent, Transfer Agent or Depositary’s
Agent or termination of this Deposit Agreement.


 


Section
5.04                     
Resignation and Removal of the Depositary; Appointment of Successor Depositary.


 


The Depositary may at any
time resign as Depositary hereunder by notice of its election to do so delivered to the Company, such resignation to take effect upon
the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.


 


The Depositary may at any
time be removed by the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment
of a successor depositary and its acceptance of such appointment as hereinafter provided. Upon any such removal or appointment, the Company
shall send notice thereof by first-class mail, postage prepaid, to the holders of Receipts.


 






    22


     


    





 


In case at any time the Depositary
acting hereunder shall resign or be removed, the Company shall, within sixty (60) days after the delivery of the notice of resignation
or removal, as the case may be, appoint a successor depositary, which shall be an entity having its principal office in the United States
of America and having a combined capital and surplus (when combined with each of its direct and indirect parents and subsidiaries) of
at least $50,000,000. If a successor depositary shall not have been appointed and have accepted appointment in sixty (60) days, the resigning
Depositary may petition a court of competent jurisdiction to appoint a successor depositary. Every successor depositary shall execute
and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor
and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on
the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers
of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest in the deposited Preferred Stock
and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding
Receipts.


 


Any corporation or other entity
into or with which the Depositary may be merged, consolidated or converted, or any corporation or other entity to which all or a substantial
part of the assets of the Depositary may be transferred, shall be the successor of such Depositary without the execution or filing of
any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or
in the name of the successor depositary.


 


The provisions of this ‎Section
5.04 as they apply to the Depositary apply to the Depositary’s Agents, Calculation Agent, Registrar and Transfer Agent, as
if specifically enumerated herein.


 


Section
5.05                     
Notices, Reports and Documents.


 


The Company agrees that it
will deliver to the Depositary copies of all notices and reports generally made available by the Company to holders of the Preferred Stock
and not otherwise made publicly available and the Depositary, if requested in writing by the Company, agrees that it will, promptly after
receipt thereof from the Company, transmit the foregoing to the record holders of Receipts, in each case at the address recorded in the
Depositary’s books. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such
number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the record holders
of Receipts at the Company’s expense such other documents as may be requested by the Company.


  






    23 


     


    

 


Section
5.06                     
Indemnification by the Company.


 


The Company shall indemnify
the Depositary, any Depositary’s Agent and any Transfer Agent, Calculation Agent or Registrar against, and hold each of them harmless
from, any loss, liability, damage, cost or expense (including the costs and expenses of defending itself and enforcing its rights hereunder)
which may arise out of (i) acts performed or omitted in connection with this Deposit Agreement and the Receipts (a) by the Depositary,
any Transfer Agent, Calculation Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except
for any liability arising out of bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct
must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction) on the respective
parts of any such person or persons, or (b) by the Company or any of its agents, or (ii) the offer, sale or registration of the Receipts
or shares of Preferred Stock pursuant to the provisions hereof. The obligations of the Company and the rights of the Depositary set forth
in this ‎Section 5.06 shall survive the replacement, removal or resignation
of any Depositary, Registrar, Calculation Agent, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement.
In no event shall the Depositary have any right of set off or counterclaim against the Depositary Shares or the Preferred Stock.


 


Section
5.07                     
Fees, Charges and Expenses.


 


No charges and expenses of
the Depositary or any Depositary’s Agent hereunder shall be payable by any person, except as provided in this ‎Section
5.07. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Deposit
Agreement. The Company shall also pay all fees and expenses of the Depositary in connection with the initial deposit of the Preferred
Stock and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option
of the Company and all withdrawals of the Preferred Stock by holders of Receipts. All other fees and expenses of the Depositary and any
Depositary’s Agent hereunder and of any Registrar, Calculation Agent or Transfer Agent (including, in each case, fees and expenses
of counsel) incurred in the preparation, delivery, amendment, administration and execution of this Deposit Agreement and incident to
the performance of their respective obligations hereunder will be paid by the Company as previously agreed between the Depositary and
the Company. The Depositary (and if applicable, the Transfer Agent, Calculation Agent and Registrar) shall present its statement for
fees and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree.


  






    24 


     


    

 


Article
6

AMENDMENT AND TERMINATION


 


Section
6.01                     
Amendment.


 


The form of the Receipts
and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and
the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary may deem necessary or
desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary, Registrar,
Calculation Agent or Transfer Agent that are payable by the Company) which (i) shall materially and adversely alter the rights of
the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the
Preferred Stock pursuant to the Certificate of Incorporation shall be effective unless such amendment shall have been approved by
the holders of Receipts evidencing at least two-thirds of the Depositary Shares then outstanding. In no event shall any amendment
impair the right, subject to the provisions of Sections ‎2.06 and ‎2.07
and ‎Article 3, of any holder of any Receipts evidencing such Depositary
Shares to surrender any Receipt with instructions to the Depositary to deliver to the holder the deposited Preferred Stock and all
money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. Every
holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such
Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. As a condition
precedent to the Depositary’s execution of any amendment, the Company shall deliver to the Depositary a certificate from a
duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this Section 6.01.
Notwithstanding anything to the contrary contained herein, the Depositary may, but shall not be obligated to, enter into any
amendment that affects its own rights, duties, obligations, responsibilities, liabilities and indemnities hereunder.


 


Section
6.02                     
Termination.


 


This Deposit Agreement may
be terminated by the Company upon not less than thirty (30) days’ prior written notice to the Depositary if the holders of Receipts
evidencing a majority of the Depositary Shares then outstanding consent to such termination, whereupon the Depositary shall deliver or
make available to each holder of a Receipt, upon surrender of the Receipt held by such holder, such number of whole or fractional shares
of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt, together with any other property held
by the Depositary in respect of such Receipt. This Deposit Agreement will automatically terminate if (i) all outstanding Depositary Shares
shall have been redeemed in accordance with the provisions hereof or (ii) there shall have been made a final distribution in respect of
the deposited Preferred Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall
have been distributed to the holders of Receipts entitled thereto.


 


Upon the termination of this
Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the
Depositary, any Depositary’s Agent and any Transfer Agent, Calculation Agent or Registrar under Sections ‎5.03, ‎5.06
and ‎5.07.


  






    25 


     


    

 


Article
7

MISCELLANEOUS


 


Section
7.01                     
Counterparts.


 


This Deposit Agreement
may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute
one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by facsimile or PDF
shall be effective as delivery of a manually executed counterpart of this Deposit Agreement.


 


Section
7.02                     
Exclusive Benefits of Parties.


 


This Deposit Agreement is
for the exclusive benefit of the parties hereto and any third party indemnitees referenced in Section 5.06, and their respective
successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.


 


Section
7.03                     
Invalidity of Provisions.


 


In case any one or more of
the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced
or disturbed thereby; provided, however, that if such provision affects the rights, duties, liabilities or obligations
of the Depositary, the Depositary shall be entitled to resign immediately.


 


Section
7.04                     
Notices.


 


Any and all notices to be
given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered
or sent by mail, by electronic mail or by facsimile transmission confirmed by letter, addressed to the Company at:


 


American Express Company


200 Vesey Street, New York, New York 10285 (Attention: Treasurer)


Fax: (212) 640-0405


 


or at any other address of which the Company shall
have notified the Depositary in writing.


 


Any notices to be given to
the Depositary, Transfer Agent, Calculation Agent or Registrar hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail, by electronic mail or by telecopier confirmed by letter, addressed to
the Depositary:


 


Computershare Trust Company, N.A.


c/o Computershare Inc.


150 Royall Street


Canton, Massachusetts 02021


Attention: General Counsel


Facsimile: 781-575-4210


Email: Steven.Myers@computershare.com


  






    26 


     


    

 


Any notices given to any
record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if transmitted
through the facilities of DTC in accordance with DTC’s procedures or personally delivered or sent by mail, recognized next-day
courier service or telecopier confirmed by letter, addressed to such record holder at the address of such record holder as it appears
on the books of the Depositary; provided, that any record holder may direct the Depositary to deliver notices to such record holder
at an alternate address or in a specific manner that is reasonably requested by such record holder in a written request timely filed
with the Depositary and that is reasonably acceptable to the Depositary.


 


Delivery of a notice sent
by mail shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the
case of a facsimile message or electronic mail) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day
courier service, when deposited with such courier, courier fees prepaid. The Depositary or the Company may, however, act upon any facsimile
message or electronic mail received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message
shall not subsequently be confirmed by letter as aforesaid.


 


Section
7.05                     
Depositary’s Agents.


 


The Depositary may from time
to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may
at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The
Depositary will notify the Company of any such action.


 


Section
7.06                     
Appointment of Calculation Agent


 


The Company hereby appoints the Trust Company as Calculation Agent
solely with respect to calculating the rate at which dividends will accrue with respect to the Preferred Stock for each Reset Period from
and including the First Reset Date on September 15, 2026, including determining the Five-Year Treasury Rate, in the manner and at the
times provided in the Certificate of Amendment attached hereto as Exhibit B, which was filed with the Secretary of State of the State
of New York on July 30, 2021, and the Trust Company hereby accepts such appointment, subject to the express terms and conditions set forth
herein (and no implied terms or conditions). On each Reset Dividend Determination Date, the Calculation Agent shall communicate in writing
its determination of the Five-Year Treasury Rate and its calculation of the rate at which dividends will accrue with respect to the following
Reset Period to the Company via electronic mail (at an electronic mail address provided to the Trust Company by the Company), followed
by a telephonic confirmation, and to the Depositary pursuant to the Depositary’s procedures then in force. The Trust Company, as
Calculation Agent, may seek guidance from the Company in making any determinations under the terms of the Certificate of Amendment. The
Calculation Agent will, upon the request of any holder of the Preferred Stock, provide the rate at which dividends will accrue with respect
to the Preferred Stock for the then current Reset Period and, if determined, such rate for the next Reset Period.


  






    27 


     


    

 


Section
7.07                     
Holders of Receipts Are Parties.


 


The holders of Receipts from
time to time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and
of the Receipts by acceptance of delivery thereof to the same extent as though such person executed this Deposit Agreement.


 


Section
7.08                     
Governing Law.


 


This Deposit Agreement and
the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance
with, the law of the State of New York applicable to agreements made and to be performed in said State, without regard to conflicts of
laws principles thereof.


 


Section
7.09                     
Inspection of Deposit Agreement and Certificate of Amendment.


 


Copies of this Deposit Agreement
and the Certificate of Amendment shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection
during business hours at the Depositary Office by any holder of any Receipt.


 


Section
7.10                     
Headings.


 


The headings of articles and
sections in this Deposit Agreement and in the form of the Receipt set forth in ‎Exhibit A hereto have been inserted for convenience
only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or interpretation of any provision
contained herein or in the Receipts.


 


Section
7.11                     
Confidentiality.


 


The Depositary and the Company
agree that all books, records, information and data pertaining to the business of the other party, including, inter alia, personal, non-public
holder information and pricing, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement,
shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law or legal process.


 


Section
7.12                     
Further Assurances.


 


From time to time and after
the date hereof, the Company agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered
all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying
out or performing by the Depositary of the provisions of this Deposit Agreement.


 


[Signature Page Follows]


 






    28 


     


    

 


IN WITNESS WHEREOF, American
Express Company and Computershare Inc. and Computershare Trust Company, N.A. have duly executed this Deposit Agreement as of the day and
year first set forth above and all holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts
issued in accordance with the terms hereof.





 


	 	AMERICAN EXPRESS COMPANY
	 	 
	 	By:	/s/ David L. Yowan
	 	 	Authorized Officer
	 	 
	 	COMPUTERSHARE INC. and
	 	COMPUTERSHARE TRUST COMPANY,
	 	 N.A., as Depositary, and COMPUTERSHARE
	 	TRUST COMPANY, N.A., as Registrar,
	 	Calculation Agent and Transfer Agent
	 	 
	 	By:	 /s/ Dennis V. Moccia
	 	 	Dennis V. Moccia
	 	 	Senior Manager, Contract Operations




 


[Signature Page to Deposit Agreement]


 






     


     


    

 


Exhibit A


 


[FORM OF FACE OF RECEIPT]


 


IF GLOBAL RECEIPT IS ISSUED: UNLESS
THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO THE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
 & 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 & CO., HAS AN INTEREST HEREIN.


 


TRANSFERS OF THIS GLOBAL RECEIPT SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT
AGREEMENT REFERRED TO BELOW.


 


IN CONNECTION WITH ANY TRANSFER, THE
HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.


 


 






    A-1


     


    

 


	Certificate Number: ___	Number of Depositary Shares: __


 


CUSIP NO.: [ ]


 


AMERICAN EXPRESS COMPANY


 


RECEIPT FOR DEPOSITARY SHARES


Each Representing
1/1,000th of a Share of


3.550% Fixed Rate Reset Noncumulative
Preferred Stock, Series D


(par value $1.662⁄3 per share)

(liquidation preference $1,000,000 per share)


 


Computershare
Inc., a Delaware corporation, and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered national association
(jointly, the “Depositary”), hereby certify that CEDE & CO. is the registered owner of ________ (________) depositary
shares ($________ aggregate liquidation preference) (“Depositary Shares”), each Depositary Share representing 1/1,000th
of one share of 3.550% Fixed Rate Reset Noncumulative Preferred Stock, Series D, par value $1.662⁄3
per share and liquidation preference of $1,000,000 per share of American Express Company, a New York corporation (the “Company”),
on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated August 3, 2021 (the
 “Deposit Agreement”), among the Company, the Depositary, Computershare Trust Company, N.A., as Registrar, Calculation Agent
and Transfer Agent and the holders from time to time of Receipts for Depositary Shares. By accepting this Receipt, the holder hereof becomes
a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt shall not be valid or obligatory
for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual
or facsimile signature of a duly authorized officer or, if a Registrar in respect of the Receipts (other than the Depositary) shall have
been appointed, by the manual signature of a duly authorized officer of such Registrar.


 


	Dated:	 	
	[Countersigned:	 	
	 	 	Computershare Inc. and Computershare Trust Company, N.A., as Depositary
	 	 	  
	By:	 	]	By:	 





 


 






    A-2


     


    

 


[FORM OF REVERSE OF RECEIPT]


 


The following abbreviations
when used in the instructions on the face of this receipt shall be construed as though they were written out in full according to applicable
laws or regulations.


 


	TEN COM  -  as tenant in common	
    UNIF GIFT MIN ACT - ________

    Custodian ________

	 	(Cust)       (Minor)
	TEN ENT  -  as tenants by the entireties	Under Uniform Gifts to Minors Act
	JT TEN  -  as joint tenants with right of survivorship and not as

                                                          tenants in common
	_______________________________________

                                                                                 (State)

                                                                                 



Additional abbreviations may also be used though not in the above list.


 


ASSIGNMENT


 


For value received, ________________________ hereby
sell(s), assign(s) and transfer(s) unto


 


PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE



 


	 
	 



 


PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS





INCLUDING POSTAL ZIP CODE OF ASSIGNEE


 





	 



 


 


___________________________ Depositary Shares represented by the within
Receipt, and do hereby irrevocably constitute and appoint ___________________________ Attorney to transfer the said Depositary Shares
on the books of the within named Depositary with full power of substitution in the premises.


 


	Dated	 	 	 
	 	 	 
	    	 	NOTICE:    The signature to the assignment must
    correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any
    change whatever.



 


	SIGNATURE GUARANTEED	 	 




 


NOTICE: The signature(s) should 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.


 


 






    A-3


     


    

 


Exhibit B


 


Certificate of Amendment


  





Execution Version


 





 



 


CERTIFICATE OF AMENDMENT


 


OF


 


AMERICAN EXPRESS COMPANY


 





 



 


Under Section 805 of the


 


Business Corporation Law


 





 



 







 



 


AMERICAN EXPRESS COMPANY

American Express Tower

200 Vesey Street

New York, NY 10285


 






     


     


    

 


CERTIFICATE OF AMENDMENT


 


OF THE


 


CERTIFICATE OF INCORPORATION


 


OF


 


AMERICAN EXPRESS COMPANY


 


(UNDER SECTION 805 OF THE BUSINESS CORPORATION LAW)


 


The undersigned, being the Treasurer of AMERICAN
EXPRESS COMPANY, a New York corporation (the “Corporation”), hereby certifies that:


 


1.              The
name of the Corporation is AMERICAN EXPRESS COMPANY.


 


2.              The Certificate of Incorporation of the Corporation
was filed by the Department of State on June 10, 1965.


 


3.              The
Certificate of Incorporation, as heretofore amended and restated, is hereby further amended pursuant to Sections 805 and  
502 of the Business Corporation Law by the addition thereto of a new Section 12 that creates, and sets forth the designation, number
and relative rights, preferences and limitations of, a new series of the Corporation’s preferred shares, par value $1.66 2/3 each,
such series being designated as “3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D”. Such new Section 12 shall
read as follows:


 


“Section 12. Designation of 3.550% Fixed
Rate Reset Noncumulative Preferred Shares, Series D


 


		1.	Designation and Number of Shares.



 


(a)          There
is hereby created out of the authorized and unissued preferred shares of the Corporation a series of preferred shares designated as the
 “3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D” (the “Series D Preferred Shares”).


 


(b)         The
number of authorized Series D Preferred Shares shall be 1,600. That number from time to time may be increased (but not in excess of the
total number of authorized preferred shares) or decreased (but not below the number of Series D Preferred Shares then outstanding) by
further resolution duly adopted by the Board of Directors, the Risk Committee thereof, the Preferred Share Pricing Committee thereof or
any other duly authorized committee thereof and by the filing of a certificate pursuant to the provisions of the Business Corporation
Law stating that such increase or reduction, as the case may be, has been so authorized. The Corporation shall have the authority to issue
fractional Series D Preferred Shares.


 






     


     


    

 


		2.	General Matters.



 


Each Series D Preferred Share shall be identical
in all respects to every other Series D Preferred Share. The Series D Preferred Shares shall be perpetual, subject to the provisions of
Subsection 5 below.


 


		3.	Definitions.



 


As used in this Section 12:


 


“Appropriate Federal Banking Agency”
means the “appropriate federal banking agency” with respect to the Corporation as that term is defined in Section 3(q) of
the Federal Deposit Insurance Act of 1950, as amended, or any successor provision.


 


“Board of Directors” means the
Board of Directors of the Corporation.


 


“Business Day” means any day
that is not a Saturday or Sunday or any other day on which banks in New York City are authorized or obligated by law or regulation to
close.


 


“Business Corporation Law” means
the Business Corporation Law of the State of New York.


 


“By-Laws” means the bylaws of
the Corporation, as they may be amended from time to time.


 


“Calculation Agent” means the
Transfer Agent acting in its capacity as calculation agent for the Series D Preferred Shares, and its successors and permitted assigns.


 


“Common Shares” means the common
shares of the Corporation, par value $0.20 per share, or any other shares of the capital stock of the Corporation into which such common
shares shall be reclassified or changed.


 


“Corporation” means American
Express Company, a New York corporation.


 


“Depositary” means DTC or its
nominee or any successor depositary appointed by the Corporation.


 


“Dividend Payment Date” has
the meaning set forth in Subsection 4(a) of this Section 12.


 


“Dividend Period” has the meaning
set forth in Subsection 4(a) of this Section 12.


 


“Dividend Record Date” has the
meaning set forth in Subsection 4(a) of this Section 12.


 


“DTC” means The Depository Trust
Company.


 


“Exchange Act” means the Securities
Exchange Act of 1934, as amended.


 


“First Reset Date” means September
15, 2026.


 






     2


     


    

 


“Five-Year Treasury Rate” means
the rate that will be determined as follows:


 


		·	The average of the yields on actively traded U.S. treasury securities adjusted to constant maturity, for five-year maturities, for
the five Business Days appearing under the caption “Treasury Constant Maturities” in the most recently published statistical
release designated H.15 Daily Update or any successor publication which is published by the Federal Reserve Board as of 5:00 p.m. (Eastern
Time) as of any date of determination, as determined by the Calculation Agent in its sole discretion.



 


		·	If no calculation is provided as described above, then the Corporation will use a substitute or successor rate that the Corporation
(or its designee, which the Corporation may designate in its sole discretion and which may be an affiliate of the Corporation) has determined,
in its (or such designee’s) sole discretion after consulting any source the Corporation (or such designee) deems to be reasonable,
is (i) the industry-accepted substitute or successor for the Five-Year Treasury Rate or (ii) if there is no such industry-accepted substitute
or successor for the Five-Year Treasury Rate, a substitute or successor rate that is most comparable to the Five-Year Treasury Rate. Upon
selection of a substitute or successor rate, the Corporation (or its designee) may determine, in its (or such designee’s) sole discretion
after consulting any source the Corporation (or such designee) deems to be reasonable, the day count convention, the Business Day convention,
the definition of Business Day, the Reset Dividend Determination Date and any other relevant methodology or definition for calculating
such substitute or successor rate, including any adjustment factor it determines is needed to make such substitute or successor rate comparable
to the Five-Year Treasury Rate, in a manner that is consistent with any industry-accepted practices for such substitute or successor rate.
If the Corporation or its designee, in its (or such designee’s) sole discretion, is unable to determine a substitute or successor
rate in accordance with the foregoing, then the Five-Year Treasury Rate will be the same rate determined for the prior Reset Dividend
Determination Date or, if this sentence is applicable with respect to the First Reset Date, 0.696%.



 


The Five-Year Treasury Rate will be determined
on each Reset Dividend Determination Date.


 


Any determination, decision or election that may
be made by the Corporation (or its designee, which may be an affiliate of the Corporation) pursuant to the provisions described in the
definition of Five-Year Treasury Rate, including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and
binding absent manifest error, will be made in the Corporation’s (or such designee’s) sole discretion, and, notwithstanding
anything to the contrary in this Certificate of Amendment, shall become effective without consent from the holders of the Series D Preferred
Shares or any other party.


 


All percentages resulting from any
calculation of the dividend rate will be rounded, if necessary, to the nearest 1/100,000 of 1% (.0000001), with five one-millionths
of a percentage point rounded upward. All currency amounts used in, or resulting from, the calculation on the Series D Preferred
Shares will be rounded to the nearest one-hundredth of a unit. For purposes of rounding, .005 of a unit shall be rounded upward.


 






     3


     


    

 


“Holder” means the Person in
whose name the shares of the Series D Preferred Shares are registered, which may be treated by the Corporation, Calculation Agent, Transfer
Agent, Registrar and paying agent as the absolute owner of the Series D Preferred Shares for the purpose of making payment and for all
other purposes.


 


“Junior Stock” means the Common
Shares and any other class or series of capital stock of the Corporation now existing or hereafter authorized over which Series D Preferred
Shares has preference or priority in the payment of dividends (whether such dividends are cumulative or non-cumulative) or in the distribution
of assets on any voluntary or involuntary liquidation, dissolution or winding up of the Corporation.


 


“Nonpayment” has the meaning
set forth in Subsection 7(b)(i) of this Section 12.


 


“Parity Stock” means the 5.200%
Fixed Rate / Floating Rate Noncumulative Preferred Shares, Series B, the 4.900% Fixed Rate/Floating Rate Noncumulative Preferred Shares,
Series C and any other class or series of capital stock of the Corporation now existing or hereafter authorized that ranks on par with
the Series D Preferred Shares in the payment of dividends (whether such dividends are cumulative or non-cumulative) or in the distribution
of assets upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation.


 


“Person” means a legal person,
including any individual, corporation, estate, partnership, joint venture, association, joint-stock company, limited liability company,
trust, or other entity.


 


“Preferred Shares” means the
Series D Preferred Shares, the 5.200% Fixed Rate / Floating Rate Noncumulative Preferred Shares, Series B, the 4.900% Fixed Rate / Floating
Rate Noncumulative Preferred Shares, Series C, and preferred shares of the Corporation of any series that by its terms votes together
with the Series D Preferred Shares in the election of directors, as applicable.


 


“Preferred Share Director” has
the meaning set forth in Subsection 7(b)(i) of this Section 12.


 


“Preferred Share Director Termination
Date” has the meaning set forth in Subsection 7(b)(ii) of this Section 12.


 


“Registrar” means the Transfer
Agent acting in its capacity as registrar for the Series D Preferred Shares, and its successors and permitted assigns.


 


“Regulatory Capital Event”
means the good faith determination by the Corporation that, as a result of (i) any amendment to, clarification of, or change in, the
laws or regulations of the United States or any political subdivision of or in the United States that is enacted or becomes
effective after the initial issuance of any Series D Preferred Shares, (ii) any proposed amendment to, clarification of, or change
in those laws or regulations that is announced or becomes effective on or after the initial issuance of any Series D Preferred
Shares, or (iii) any official administrative decision or judicial decision or administrative action or other official
pronouncement interpreting or applying those laws or regulations or policies with respect thereto that is announced on or after the
initial issuance of any Series D Preferred Shares, there is more than an insubstantial risk that the Corporation will not be
entitled to treat the full liquidation preference amount of $1,000,000 per share of the Series D Preferred Shares then outstanding
as Tier 1 capital (or its equivalent) for purposes of the capital adequacy guidelines of the Federal Reserve (or, as and if
applicable, the capital adequacy guidelines or regulations of any successor Appropriate Federal Banking Agency) as then in effect
and applicable, for so long as any Series D Preferred Share is outstanding.


 






     4


     


    

 


“Reset Date” means the First
Reset Date and each date falling on the fifth anniversary of the preceding Reset Date, and no Reset Date, including the First Reset Date,
will be adjusted for Business Days.


 


“Reset Dividend Determination Date”
means, in respect of any Reset Period, the day that is three Business Days prior to the beginning of such Reset Period.


 


“Reset Period” means the period
from, and including, each Reset Date to, but excluding, the next succeeding Reset Date, except for the initial Reset Period, which will
be the period from, and including, the First Reset Date to, but excluding, the next succeeding Reset Date.


 


“Series D Preferred Shares”
has the meaning set forth in Subsection 1 of this Section 12.


 


“Transfer Agent” means Computershare
Trust Company, N.A., acting as Transfer Agent, Calculation Agent, Registrar and paying agent for the Series D Preferred Shares, and its
successors and permitted assigns.


 


“Trust” has the meaning set
forth in Subsection 6(d) of this Section 12.


 


		4.	Dividends.



 


(a)          Rate.
Holders shall be entitled to receive, only when, as, and if declared by the Board of Directors or any duly authorized committee thereof,
but only out of funds legally available therefor, noncumulative cash dividends on the Series D Preferred Shares in the amounts specified
below in this Subsection 4, and no more, payable quarterly in arrears, on the 15th of March, June, September and December of each year,
beginning on September 15, 2021; provided, however, if any such day is not a Business Day, then payment of any dividend otherwise
payable on that date will be made on the next succeeding day that is a Business Day, without any interest or other payment in respect
of such postponement (each such day on which dividends are payable a “Dividend Payment Date”). The period from and
including the date of issuance of the Series D Preferred Shares or any Dividend Payment Date to, but excluding, the next Dividend Payment
Date is a “Dividend Period.” Dividends on each Series D Preferred Share will accrue on the liquidation preference
of $1,000,000 per share at a rate per annum equal to (i) 3.550% for each Dividend Period from and including the date of issuance to,
but excluding, the First Reset Date on September 15, 2026 and (ii) the Five-Year Treasury Rate as of the most recent Reset Dividend Determination
Date plus 2.854%, for each Dividend Period from and including the First Reset Date. The record date for payment of dividends on the Series
D Preferred Shares will be the record date fixed by the Board of Directors or any other duly authorized committee thereof that is not
more than 30 days prior to such Dividend Payment Date (each, a “Dividend Record Date”). Any such day that is a Dividend
Record Date will be a Dividend Record Date whether or not such day is a Business Day. The amount of dividends payable with respect to
any Dividend Period will be computed on the basis of a 360-day year and the actual number of days elapsed.


 






     5


     


    

 


(b)           Noncumulative
Dividends. If the Board of Directors or any duly authorized committee thereof does not declare a dividend on the Series D Preferred
Shares for any Dividend Period prior to the related Dividend Payment Date, that dividend will not accrue, and the Corporation will have
no obligation to pay, and Holders shall have no right to receive, a dividend for that Dividend Period on the related Dividend Payment
Date or at any future time, whether or not dividends on the Series D Preferred Shares or any other series of preferred shares or common
shares are declared for any subsequent period. References herein to the “accrual” of dividends refer only to the determination
of the amount of such dividend and do not imply that any right to a dividend arises prior to the date on which a dividend is declared.


 


(c)            Priority
of Dividends. So long as any Series D Preferred Shares remain outstanding, unless as to a Dividend Payment Date full dividends on
all outstanding Series D Preferred Shares have been declared and paid or declared and a sum sufficient for the payment of those dividends
has been set aside for the Dividend Period then ending, the Corporation will not, and will cause its subsidiaries not to, during the
next succeeding Dividend Period that commences on such Dividend Payment Date, declare or pay any dividend on, make any distributions
relating to, or redeem, purchase, acquire or make a liquidation payment relating to, any Junior Stock, or make any guarantee payment
with respect thereto, other than:


 


(i)           purchases,
redemptions or other acquisitions of shares of Junior Stock in connection with (A) any employment contract, benefit plan or other similar
arrangement with or for the benefit of employees, officers, directors or consultants or (B) a dividend reinvestment or share purchase
plan;


 


(ii)          purchases or repurchases of shares of capital stock of the Corporation pursuant to  a contractually binding requirement to buy  stock
existing prior to the commencement of the then-current Dividend Period, including under a contractually binding share repurchase plan;


 


(iii)        any
declaration of a dividend in connection with any shareholders’ rights plan, or the issuance of rights, shares or other property
under any shareholders’ rights plan, or the redemption or repurchase of rights pursuant to the plan;


 


(iv)        through
the use of proceeds of a substantially contemporaneous sale of other shares of Junior Stock;


 


(v)          as
a result of an exchange, reclassification or conversion of any class or series of Junior Stock for any other class  or series of 
Junior Stock;


 


(vi)         the
purchase of fractional interests in shares of Junior Stock pursuant to the conversion or exchange provisions of such Junior  Stock
or the security being converted or exchanged;


 






     6


     


    

 


(vii)         
 the purchase of Junior Stock by any subsidiary of the Corporation in connection with the distribution thereof; or


 


(viii)       
the purchase of Junior Stock by any subsidiary of the Corporation in connection with market-making or other secondary-market activities
in the ordinary course of business.


 


The restrictions set forth in the preceding provisions
of this Subsection 4(c) shall not apply to any Junior Stock dividends paid by the Corporation where the dividend is in the form of the
same shares (or the right to buy the same shares) as that on which the dividend is being paid or ranks equal or junior to the Series D
Preferred Shares as to both dividends and distributions upon any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation.


 


Except as provided below, for so long as any Series
D Preferred Shares remain outstanding, if dividends are not declared and paid in full upon the Series D Preferred Shares and any Parity
Stock, all dividends declared upon the Series D Preferred Shares and such other Parity Stock will be declared on a proportional basis
so that the amount of dividends declared per share will bear to each other the same ratio that accrued dividends for the then-current
Dividend Period per Series D Preferred Share and accrued dividends for the then-current Dividend Period per share of such other Parity
Stock (including, in the case of any such other Parity Stock that bears cumulative dividends, all accrued and unpaid dividends), bear
to each other.


 


Subject to the foregoing, and not otherwise, such
dividends payable in cash, shares or otherwise, as may be determined by the Board of Directors or any duly authorized committee thereof,
may be declared and paid on any other class or series of capital stock of the Corporation from time to time out of any funds legally available
for such payment, and Holders will not be entitled to participate in those dividends.


 


		5.	Liquidation Rights.



 


(a)         Liquidation.
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, Holders shall be entitled, out
of funds legally available therefor, before any distribution or payment may be made by the Corporation or set aside for the holders of
any Junior Stock and subject to the rights of the holders of any class or series of capital stock ranking senior to or on parity with
Series D Preferred Shares upon liquidation and the rights of the Corporation’s depositors and other creditors, to receive in full
a liquidating distribution in the amount of the liquidation preference of $1,000,000 per share (the “Series D Liquidation Preference”),
plus any declared and unpaid dividends thereon, without accumulation of any undeclared dividends, from the last Dividend Payment Date
to, but excluding, the date of such voluntary or involuntary liquidation, dissolution or winding up of the Corporation. Holders shall
not be entitled to any further payments in the event of any such voluntary or involuntary liquidation, dissolution or winding up of the
Corporation other than what is expressly provided for in this Subsection 5.


 


(b)        Partial
Payment. If the assets of the Corporation are not sufficient to pay in full the aforesaid liquidation distributions to the Holders
and any liquidation distributions owed to holders of any class or series of capital stock of the Corporation ranking equally with the
Series D Preferred Shares in the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation, the amounts paid to the Holders and to the holders of all such equally ranking capital stock shall be pro rata in accordance
with the respective aggregate liquidating distributions to which they would otherwise be entitled.


 






     7


     


    

 


(c)          Merger,
Consolidation and Sale of Assets Not Liquidation. For purposes of this Subsection 5, the sale, conveyance, exchange or transfer
(for cash, shares of capital stock, securities or other consideration) of all or substantially all of the property and assets of the
Corporation shall not be deemed a voluntary or involuntary dissolution, liquidation or winding up of the Corporation, nor shall the merger,
consolidation or any other business combination transaction of the Corporation into or with any other corporation or Person or the merger,
consolidation or any other business combination transaction of any other corporation or Person into or with the Corporation be deemed
to be a voluntary or involuntary dissolution, liquidation or winding up of the Corporation.


 


		6.	Redemption.



 


(a)          Optional
Redemption. The Series D Preferred Shares are perpetual and have no maturity date. At its option, the Corporation may redeem out
of funds legally available therefor the Series D Preferred Shares at the time outstanding, (i) in whole or in part, from time to
time, in each case on any Dividend Payment Date after the First Reset Date on September 15, 2026, or (ii) in whole but not in part at
any time within 90 days following a Regulatory Capital Event, in the case of each clause (i) and (ii) at a cash redemption price equal
to $1,000,000 per share plus any declared and unpaid dividends, without accumulation of any undeclared dividends, to but excluding the
redemption date, upon notice given as provided in Subsection 6(b) below.


 


(b)          Notice of Redemption. Notice of every redemption of Series D Preferred Shares shall be mailed by first class mail, postage
prepaid, addressed to the Holders of such shares to be redeemed at their respective last addresses appearing on the share register of
the Corporation. Such mailing shall be at least 5 days and not more than 60 days before the date fixed for redemption. Any notice mailed
as provided in this Subsection 6(b) shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice,
but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any Holder of Series D Preferred
Shares designated for redemption shall not affect the validity of the proceedings for the redemption of any other Series D Preferred Shares.
Each notice shall state:


 


(i)           the
redemption date;


 


(ii)          the total number of Series D Preferred Shares to be redeemed and, if fewer than all the shares of a Holder are to be redeemed,
the number of such shares to be redeemed;


 


(iii)         the
redemption price;


 


(iv)         the
place or places where the certificates for such shares are to be surrendered for payment of the redemption price, if applicable; and


 


(v)          that dividends on the shares to be redeemed will cease to accrue on the redemption date.


 






     8


     


    

 


Notwithstanding the foregoing, if the Series D
Preferred Stock or depositary shares representing an interest in shares of Series D Preferred Stock are held in book-entry form through
the Depositary or any other similar facility, the Corporation may give such notice in any manner permitted by the Depositary or such facility.


 


(c)          Partial
Redemption. In case of any redemption of only part of the Series D Preferred Shares at the time outstanding, the Series D Preferred
Shares to be redeemed shall be selected (i) pro rata from the Holders in proportion to the number of Series D Preferred Shares held by
such Holders, (ii) by lot or (iii) in such other manner as the Board of Directors or any duly authorized committee thereof may determine,
in its sole discretion, to be fair and equitable.


 


(d)          Effectiveness
of Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice all funds
necessary for the redemption have been set aside by the Corporation, separate and apart from its other assets, for the pro rata benefit
of the Holders of the shares called for redemption, so as to be and continue to be available therefor, or deposited by the Corporation
with a bank or trust company selected by the Board of Directors or any duly authorized committee thereof (the “Trust”)
in trust for the pro rata benefit of the Holders of the shares called for redemption, then, notwithstanding that any certificate for
any share so called for redemption has not been surrendered for cancellation, on and after the redemption date all shares so called for
redemption shall cease to be outstanding, all dividends with respect to such shares shall cease to accrue on such redemption date, and
all rights with respect to such shares shall forthwith on such redemption date cease and terminate, except only the right of the Holders
thereof to receive the amount payable on such redemption from the Trust at any time after the redemption date from the funds so deposited,
without interest. The Corporation shall be entitled to receive, from time to time, from the Trust any interest accrued on such funds,
and the Holders of any shares called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at
the end of three years from the redemption date shall, to the extent permitted by law, be released or repaid to the Corporation, and
in the event of such repayment to the Corporation, the Holders of the shares so called for redemption shall be deemed to be unsecured
creditors of the Corporation for an amount equivalent to the amount deposited as stated above for the redemption of such shares and so
repaid to the Corporation, but shall in no event be entitled to any interest.


 


		7.	Voting Rights.



 


(a)          General.
The Holders shall not be entitled to vote on any matter except as set forth in this Subsection 7 or as required by the Business Corporation
Law. In any case in which the Holders shall be entitled to vote separately as a single class pursuant to the provisions of the Certificate
of Incorporation or pursuant to law, each Holder shall be entitled to one vote for each Series D Preferred Share held.


 






     9


     


    

 


(b)          Preferred
Share Directors.


 


(i)                
 Voting Right. Whenever dividends payable on the Preferred Shares of any series in an aggregate amount at least equal to
six full quarterly dividends (which need not be consecutive) on such series shall not have been paid (a “Nonpayment”),
the authorized number of directors of the Corporation shall automatically be increased by two and the holders of the outstanding Preferred
Shares of all series shall have the special right, voting separately as a single class, to elect two directors of the Corporation (hereinafter
the “Preferred Share Directors” and each a “Preferred Share Director”), to fill such newly created
directorships until such right shall terminate as provided below in Subsection 7(b)(ii); provided, however that it shall be a qualification
for election of any such director that the election of such director shall not cause the Corporation to violate the corporate governance
requirements of the New York Stock Exchange (or other exchange on which the Corporation’s securities may be listed) that listed
companies must have a majority of independent directors. At each meeting of shareholders at which the holders of the Preferred Shares
of all series shall have the special right, voting separately as a single class, to elect directors as provided in this Subsection (7)(b),
the presence in person or by proxy of the holders of record of one-third of the total number of the issued and outstanding Preferred Shares
of all series shall be necessary and sufficient to constitute a quorum of such class for such election by such shareholders, and such
election shall be by a plurality of the votes cast at such meeting by such shareholders.


 


(ii)              Termination.
Each Preferred Share Director shall hold office until the annual meeting of shareholders next succeeding his or her election and
until his or her successor, if any, is elected by the holders of the issued and outstanding Preferred Shares and qualified or, if
earlier, until the Preferred Share Director Termination Date or his or her death, resignation or removal in the manner provided in
the By-Laws; provided, however, that notwithstanding any provision in the By-Laws, a Preferred Share Director may be removed
only by the affirmative vote of the holders a majority of the issued and outstanding Preferred Shares if such removal is without
cause. In case any vacancy shall occur among the Preferred Share Directors, such vacancy may be filled for the unexpired portion of
the term by vote of the single remaining Preferred Share Director or his or her successor in office, or, if such vacancy shall occur
more than 90 days prior to the first anniversary of the next preceding annual meeting of shareholders, by the holders of the issued
and outstanding Preferred Shares at a special meeting of such shareholders called for the purpose. Whenever the Corporation has paid
noncumulative dividends in full on all series of Preferred Shares for at least four consecutive quarterly Dividend Periods following
a Nonpayment and has paid arrearages of cumulative dividends in full on any Preferred Shares entitled to cumulative dividends, then
the right of the Holders to elect Preferred Share Directors will cease (the time of such cessation, the “Preferred Share
Director Termination Date”). Upon a Preferred Share Director Termination Date, the terms of office of the Preferred Share
Directors will immediately terminate, the persons then serving as Preferred Share Directors shall immediately cease to be qualified
to hold office as Preferred Share Directors, the Preferred Share Directors shall cease to be directors of the Corporation and the
number of directors constituting the Board of Directors shall be automatically reduced, without any action by the Board of Directors
or the shareholders of the Corporation, by the number of Preferred Share Directors authorized immediately prior to such termination,
but subject always to the same provisions for the vesting of such special right, voting separately as a single class, to elect two
directors in the case of any future arrearages in an aggregate amount at least equal to six full quarterly dividends as described in
this Subsection (7)(b). Notwithstanding the foregoing, if (a) the date of the first annual meeting of shareholders following the
date on which all arrears of dividends on the issued and outstanding Preferred Shares of all series providing for cumulative
dividends shall have been paid and dividends on the issued and outstanding Preferred Shares of all series for the current quarterly
period shall have been paid or declared and provided for is later than (b) the Preferred Share Director Termination Date that would
be applicable pursuant to the foregoing provision, the Preferred Share Director Termination Date shall instead be the date of such
later annual meeting. At any time after the special voting power has vested pursuant to Subsection 7(b)(i) above, the secretary of
the Corporation may, and upon the written request (addressed to the secretary at the Corporation’s principal office) of the
holders of at least 20% of the voting power of the Series D Preferred Shares or the holders of at least 20% of the voting power of
any series of Preferred Shares (with such voting power measured based on the voting power to elect Preferred Share Directors), must
(unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the shareholders
at which Preferred Share Directors are to be elected, in which event such election shall be held at such next annual or special
meeting of shareholders), call a special meeting of the holders of the Preferred Shares of all series for the purposes of electing
Preferred Share Directors.


 






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(iii)          Vote.
The Preferred Share Directors shall each be entitled to one vote per director on any matter.


 


(iv)          Notice
of Special Meeting. Notice for a special meeting to elect Preferred Share Directors will be given in a similar manner to that provided
in the By-Laws for a special meeting of the shareholders.  If the secretary of the Corporation does not call a special meeting within
20 days after receipt of any request (although the special voting power has vested pursuant to Subsection 7(b)(i) above), then any Holders
meeting the requirements of Subsection 7(b)(ii) may (at the expense of the Corporation) call such meeting, upon notice as provided in
this Subsection 7(b)(iv), and for that purpose will have access to the share register of the Corporation.  The Preferred Share Directors
elected at any such special meeting, and each Preferred Share Director elected at a subsequent annual or special meeting of shareholders,
will be elected for term expiring upon the earlier of the Preferred Share Director Termination Date and the next annual meeting of shareholders
following such Preferred Share Director’s election. Preferred Share Directors may only be elected by the holders of the Preferred
Shares in accordance with this Subsection 7. If the holders of the Preferred Shares fail to elect a sufficient number of directors to
fill all directorships for which they are entitled to elect directors pursuant to this Subsection 7, then any directorship not so filled
shall remain vacant until such time as the holders of the Preferred Shares elect a person to fill such directorship in accordance with
this Subsection 7, or such vacancy is otherwise filled in accordance with this Subsection 7; and no such directorship may be filled by
shareholders of the Corporation other than in accordance with this Subsection 7.


 






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(c)          Senior
Issuances; Adverse Changes. So long as any Series D Preferred Share is outstanding, but subject to the final paragraph of this Subsection
7(c), in addition to any other vote or consent of holders of the Corporation’s capital stock required by New York law, the vote
or consent of the holders of at least two-thirds of the voting power of the Series D Preferred Shares and any other issued and outstanding
preferred shares of the Corporation entitled to vote together with the Series D Preferred Shares thereon, given in person or by proxy,
at an annual or special meeting of shareholders called for the purpose, at which all holders of all issued and outstanding Series D Preferred
Shares and such preferred shares shall vote separately as a single class, shall be necessary for effecting any of the following actions,
whether or not such approval is required by New York law:


 


(i)               any
amendment, alteration or repeal of any provision of the Certificate of Incorporation (including this Section 12) or the By-Laws so as
to adversely affect the relative rights, preferences or limitations of the Series D Preferred Shares;


 


(ii)             
the authorization of any class or series of capital stock of the Corporation (a) ranking prior to the Series D Preferred Shares
in the payment of dividends and/or the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding up
of the Corporation, or an increase in the authorized amount of any shares of, or any securities convertible into shares of, any class
or series of capital stock of the Corporation ranking prior to the Series D Preferred Shares in the payment of dividends or in the distribution
of assets on any liquidation, dissolution, or winding up of the Corporation or (b) voting together with the Series D Preferred Shares
on a basis that grants such class or series more than one vote per $1,000,000 of liquidation preference; or


 


(iii)           
the consummation of a binding share exchange or reclassification involving the Series D Preferred Shares or a merger or consolidation
of the Corporation with another entity, except that holders of the Series D Preferred Shares will have no right to vote under this provision
or otherwise under applicable law if in each case (i) the Series D Preferred Shares remain outstanding or, in the case of any such
merger or consolidation with respect to which the Corporation is not the surviving or resulting entity, are converted into or exchanged
for preferred securities of the surviving or resulting entity or its ultimate parent, and (ii) such Series D Preferred Shares remaining
outstanding or such preferred securities, as the case may be, have such relative rights, preferences or limitations, taken as a whole,
as are not less favorable to the holders thereof than the relative rights, preferences and limitations of the Series D Preferred Shares,
taken as a whole;


 


provided, however, that, for the avoidance of doubt,
any increase in the amount of the authorized or issued Series D Preferred Shares or authorized Common Shares or Parity Stock or any securities
convertible into Common Shares or Parity Stock or the creation and issuance, or an increase in the authorized or issued amount, of series
of Junior Stock or any securities convertible into Junior Stock will not be deemed to adversely affect the voting powers, preferences
or special rights of the Series D Preferred Shares, and no shareholder will have the right to vote on such an increase, creation or issuance
by reason of this Subsection 7.


 






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If any amendment, alteration, repeal, share exchange,
reclassification, merger or consolidation specified in this Subsection 7(c) would adversely affect the relative rights preferences or
limitations of the Series D Preferred Shares but not all other series of issued and outstanding preferred shares of the Corporation, then
only such series of issued and outstanding preferred shares as are adversely affected by and entitled to vote on the matter shall vote
on the matter together with the Series D Preferred Shares as a single class (in lieu of all other series of preferred shares of the Corporation)
for purposes of the vote or consent required by this Subsection 7(c).


 


(d)          Changes
Permitted without Consent. Without the consent of the holders of the Series D Preferred Shares, so long as such action does not adversely
affect the rights, preferences, privileges and voting powers of the Series D Preferred Shares, the Corporation may amend, alter, supplement
or repeal any terms of the Series D Preferred Shares:


 


(i)              to
cure any ambiguity, or to cure, correct or supplement any provision contained in this Certificate of Amendment for the Series D Preferred
Shares that may be defective or inconsistent; or


 


(ii)            to
make any provision with respect to matters or questions arising with respect to the Series D Preferred Shares that is not inconsistent
with the provisions of this Certificate of Amendment.


 


(e)          No Vote if Redemption. No vote or consent of the Holders shall be required pursuant to Subsection 7(b) or 7(c) if,
at or prior to the time when the act with respect to such vote or consent would otherwise be required shall be effected, the Corporation
shall have redeemed or shall have called for redemption all outstanding Series D Preferred Shares, with proper notice and sufficient funds
having been set aside for such redemption, in each case pursuant to Subsection 6 above.


 


		8.	Preemption and Conversion Rights.



 


The Holders shall not have any preemptive rights
or conversion rights as a result of the terms hereof.


 


		9.	Rank.



 


For the avoidance of doubt, the Board of Directors
or any duly authorized committee thereof may, without the vote of the Holders, authorize and issue additional shares of Junior Stock or
Parity Stock.


 


		10.	Reacquired Shares.



 


The Board of Directors shall take such actions
as are necessary to cause the Series D Preferred Shares that have been redeemed or otherwise purchased or acquired by the Corporation
to be retired and restored to the status of authorized but unissued preferred shares without designation as to series.


 


		11.	No Sinking Fund.



 


The Series D Preferred Shares are not subject to
the operation of a sinking fund.


 






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		12.	Transfer Agent, Calculation Agent, Registrar and Paying Agent.



 


The duly appointed Transfer Agent, Calculation
Agent, Registrar and paying agent for the Series D Preferred Shares shall be Computershare Trust Company, N.A. The Corporation may, in
its sole discretion, remove the Transfer Agent, Calculation Agent, Registrar and paying agent in accordance with the agreement between
such party and the Corporation; provided, however, that the Corporation shall appoint a successor transfer agent who shall accept
such appointment prior to the effectiveness of such removal. Upon any such removal or appointment, the Corporation shall send notice thereof
by first-class mail, postage prepaid, to the Holders.


 


		13.	Replacement Certificates for Mutilated, Destroyed, Stolen and Lost Certificates.



 


If physical certificates are issued, the Corporation
shall replace any mutilated certificate at the Holder’s expense upon surrender of that certificate to the Transfer Agent. The Corporation
shall replace certificates that become destroyed, stolen or lost at the Holder’s expense upon delivery to the Corporation and the
Transfer Agent of satisfactory evidence that the certificate has been destroyed, stolen or lost, together with any indemnity that may
be required by the Transfer Agent and the Corporation.


 


		14.	Form.



 


(a)          Series
D Preferred Shares Certificates. The Corporation may at its option issue shares of Series D Preferred Shares without certificates.


 


		15.	Taxes.



 


(a)         Transfer Taxes. The Corporation shall
pay any and all stock transfer, documentary, stamp and similar taxes or governmental charges that may be payable in respect of any issuance
or delivery of Series D Preferred Shares. The Corporation shall not, however, be required to pay any such tax or governmental charge that
may be payable in respect of any transfer involved in the issuance or delivery of Series D Preferred Shares, in a name other than that
in which the Series D Preferred Shares were registered, or in respect of any payment to any Person other than a payment to the registered
holder thereof, and shall not be required to make any such issuance, delivery or payment unless and until the Person otherwise entitled
to such issuance, delivery or payment has paid to the Corporation the amount of any such tax or governmental charge or has established,
to the satisfaction of the Corporation, that such tax has been paid or is not payable.


 


(b)          Withholding
Taxes. All payments and distributions (or deemed distributions) on the Series D Preferred Shares shall be subject to withholding and
backup withholding of tax to the extent required by law, subject to applicable exemptions, and amounts withheld, if any, shall be treated
as received by Holders.


 






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		16.	Notices.



 


All notices referred to in this Section 12 shall
be in writing, and, unless otherwise specified in this Section 12, all notices hereunder shall be deemed to have been given upon the earlier
of receipt thereof or three Business Days after the mailing thereof if sent by registered or certified mail (unless first class mail shall
be specifically permitted for such notice under the terms of this Section 12) with postage prepaid, addressed: (i) if to the Corporation,
to its office at American Express Tower, 200 Vesey Street, New York, New York 10285 (Attention: Secretary) or to the Transfer Agent at
its office at 150 Royall Street, Canton, Massachusetts 02021 (Attn: General Counsel), or other agent of the Corporation designated as
permitted by this Section 12, or (ii) if to any Holder, to such Holder at the address of such Holder as listed in the share record
books of the Corporation (which may include the records of the Transfer Agent) or (iii) to such other address as the Corporation
or any such Holder, as the case may be, shall have designated by notice similarly given. Notwithstanding the foregoing, if the Series
D Preferred Stock or depositary shares representing an interest in shares of Series D Preferred Stock are held in book-entry form through
the Depositary or any other similar facility, such notices may be given to the holders of the Series D Preferred Stock in any manner permitted
by the Depositary or such facility.


 


		17.	Other Rights Disclaimed.



 


The Series D Preferred Shares have no voting powers,
preferences or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other
than as set forth in this Section 12 or elsewhere in the Certificate of Incorporation.”


 


4.                 
The foregoing amendment of the Certificate of Incorporation was authorized by the Board of Directors at a meeting duly called and
held on January 27, 2021, by the Risk Committee thereof at a meeting duly called and held on July 20, 2021 and by the Preferred Share
Pricing Committee thereof by written consent dated July 27, 2021.


 






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IN WITNESS WHEREOF, the undersigned has signed this Certificate of
Amendment of the Certificate of Incorporation of American Express Company on the 2nd day of August, 2021.


 


	/s/ David L. Yowan	 
	Name: David L. Yowan	 
	Title: Treasurer	 



 






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