# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0001193125-25-136472
**Filing Date:** 2025-6
**Character Count:** 218904
**Document Hash:** 8131b9441d12b7370a69fc437033d7f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-136472.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001193125-25-136472

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287828
- **FILM NUMBER:** 251029123

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908

**As filed with the Securities and Exchange Commission on June 6, 2025** 

**U.S. SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## ROYAL BANK OF CANADA
**(Exact name of Registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Canada** | **6029** | **13-5357855** |
| **(Province of Organization)** | **(Primary Standard Industrial**<br> **Classification) Code Number** | **(I.R.S. Employer**<br> **Identification Number)** |

---

**200 Bay Street** 

**Royal Bank Plaza** 

**Toronto, Ontario** 

**M5J 2J5** 

**(Address of Registrant's principal executive offices)** 

**AMENDED AND RESTATED ROYAL BANK OF CANADA US WEALTH ACCUMULATION PLAN, AS AMENDED** 

**AMENDED AND RESTATED ROYAL BANK OF CANADA EMPLOYEE DEFERRED ADVANTAGE PLAN, AS AMENDED** 

**Cogency Global** 

**122 East 42<sup>nd</sup> Street 18<sup>th</sup> Floor** 

**New York, NY 10168** 

**(212) 947-7200** 

**(Name and address and telephone number, including area code, of agent for service)** 

***with a copy to:***

**Sandra Cohen, Esq.** 

**Cohen & Buckmann P.C.** 

**100 Park Avenue – 16<sup>th</sup> Floor** 

**New York, NY 10017** 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a)** 

**PROSPECTUS** 

**Item 1. Plan Information** 

The documents containing information specified in Part I of Form S-8 will be sent or given to employees of the Registrant participating under the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan effective from and after January 1, 2020 (the "Wealth Accumulation Plan") and the Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan effective from and after January 1, 2020 (the "Deferred Advantage Plan" and, together with the Wealth Accumulation Plan, the "Plans") as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. Those documents and the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Item 2. Registrant Information and Employee Plan Annual Information** 

Upon written or oral request, any of the documents incorporated by reference in Item 3 of Part II of this Registration Statement (which documents are incorporated by reference in the Section 10(a) prospectus), other documents required to be delivered to eligible participants pursuant to Rule 428(b) or additional information about the Plans are available without charge. Requests should be directed to Investor Relations, Royal Bank of Canada at 200 Bay Street, South Tower, Toronto, Ontario Canada M5J 2J5 (telephone: (416) 955-7804), or by visiting www.rbc.com/investorrelations.

------

**PART II** 

**INFORMATION REQUIRED IN REGISTRATION STATEMENT** 

**Item 3. Incorporation of Documents by Reference** 

The Registrant hereby incorporates by reference into this Registration Statement the following documents previously filed with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"):

1. The Registrant's Annual Report on Form 40-F for the fiscal year ended October 31, 2024 (the "[Form 40-F](http://www.sec.gov/Archives/edgar/data/1000275/000119312524270294/d848219d40f.htm)"), filed with the Commission on December 4, 2024;

2. The Registrant's Current Reports on Form 6-K as filed with the Commission on[January 24, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000121465925001326/r1202506k.htm), [February 4, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000121465925001766/z1312526k.htm), [February 27, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000119312525037544/d819524d6k.htm), [February 27, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000119312525037542/d891046d6k.htm), [March 6, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000119312525048209/d889395d6k.htm), [March 27, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000121465925004915/b3262516k.htm), [April 10, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000119312525077949/d918104d6k.htm), [April 10, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000119312525077952/d943782d6k.htm), [May 29, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000119312525129942/d876636d6k.htm), [May 29, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1000275/000119312525129927/d926881d6k.htm) and [June 2, 2025](http://www.sec.gov/Archives/edgar/data/1000275/000119312525133435/d819372d6k.htm) (to the extent the information in such reports is filed and not furnished); and

3. The description of the Registrant's Common Shares contained under the heading "[Description of Capital Structure](http://www.sec.gov/Archives/edgar/data/1000275/000119312524270294/d848219dex1.htm)" in Exhibit 1 to the Form 40-F (the Royal Bank of Canada Annual Information Form dated December 3, 2024), including any amendment or report filed for the purpose of updating such description.

In addition, all documents subsequently filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities covered hereby then remaining unsold, shall be deemed to be incorporated by reference in, and to be part of, this Registration Statement from the filing date of each such document. Any statement, including financial statements, contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. Unless expressly incorporated into this Registration Statement, a report furnished on Form 6-K prior or subsequent to the date hereof shall not be incorporated by reference into this Registration Statement.

**Item 4. Description of Securities** 

<u>Deferred Compensation Obligations.</u> 

Under the Plans, the Registrant will provide eligible employees with the opportunity to defer a specified percentage or dollar amount of their compensation earned for calendar years beginning after 2020. This amount, along with any employer contribution provided for under the applicable Plan, will then be deemed to be credited to a notional account which the Registrant will establish on its books in the name of the eligible employee. Eligible employees may elect to have amounts credited to their account according to the performance of several notional investment options, including, without limitation, an account indexed to the value of the Registrant's Common Shares, without par value (the "Common Shares"), accounts that earn a specified or other rate of return the primary objective of which is the preservation of capital, accounts indexed to the value of mutual funds and accounts indexed to global asset management funds.

A description of these investment alternatives will be included in the documents referred to in Part I of this Registration Statement and delivered to participants in the Plans. The obligation ultimately to pay such deferred amounts, including the amounts that the Registrant has credited to a participant's account as employer contributions and earnings credited on such amounts, in accordance with the Plans (the "Deferred Compensation Obligations") will be unsecured obligations of the Registrant and will rank *pari passu* with other unsecured and unsubordinated indebtedness of the Registrant from time to time outstanding.

The applicable participant's election, if available under the terms of the applicable Plan, will determine the amount of compensation to be deferred, subject to maximum deferral limits set under the applicable Plan. At the time the participant makes a deferral election, he or she will specify the date on which payment of the balance of the account will be made or commenced or, depending on the type of deferred award, a payment date will be established by the Plan terms. For some participants, the terms of the Plans may require the deferral of a specified portion of incentive compensation and such required deferral may be subject to satisfaction of vesting requirements. Authorized officers of the Registrant or the applicable Plan administrative committee have the power to amend the Plans. Payments in respect to all account balances will be made in cash, less the amount of cash needed to satisfy tax withholding requirements.

------

The rights, benefits and payments under the Plans are not subject to assignment, sale or other transfer nor are they liable or subject in any manner to attachment, garnishment, or execution. Except in the case of termination of a Plan or the separation from employment, death or disability of the participant, the Deferred Compensation Obligations are not subject to redemption, in whole or in part, prior to the individual payment dates specified by or applicable to the participants. However, the Registrant reserves the right to amend or terminate any Plan at any time, except that no such amendment or termination shall, without the consent of the participant, reduce retroactively the right of a participant to the vested balance of his or her deferred accounts as of the date of such amendment or termination or extend the time of distribution of such participant's accounts.

The Deferred Compensation Obligations are not convertible into any other security of the Registrant. The Deferred Compensation Obligations will not have the benefit of a negative pledge or any other affirmative or negative covenant on the part of the Registrant. No trustee has been appointed having the authority to take action with respect to the Deferred Compensation Obligations, and each employee participant will be responsible for acting independently with respect to, among other things, the giving of notices, responding to any requests for consents, waivers or amendments pertaining to the Deferred Compensation Obligations, enforcing covenants, and taking action upon a default.

<u>Common Shares</u> 

The Common Shares are registered under Section 12(b) of the Exchange Act.

**Item 5. Interests of Named Experts and Counsel** 

Not applicable.

**Item 6. Indemnification of Directors and Officers** 

The By-laws of the Registrant (for these purposes and for the purposes of the By-laws, the term "Bank" below refers to the Registrant) provide that the Bank shall undertake towards each of its directors and officers, each of its former directors and officers and each of the persons who acts or has acted at the Bank's request as a director or officer of an entity of which the Bank is or was a shareholder or creditor, that the Bank will indemnify such person and such person's heirs and legal representatives (the "indemnified persons"), against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by such person in respect of any civil, criminal or administrative action or proceeding to which such person is made a party by reason of being or having been a director or officer of the Bank or such an entity and including all taxes, duties, imposts, or governmental charges whatsoever ("taxes") levied on amounts paid to so indemnify such person against such costs, charges, expenses and taxes if: (i) the indemnified person acted honestly and in good faith with a view to the best interests of the Bank; and (ii) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, such person had reasonable grounds for believing that such person's conduct was lawful. The Bank's By-laws further provide that the foregoing indemnification will not apply in respect of an action by or on behalf of the Bank to obtain a judgment in its favor unless the approval of a court is obtained as required by the *Bank Act* (Canada) (the "Bank Act"). Where any such indemnification requires or is subject to or conditional upon the approval or consent of any court or of any governmental body or regulatory authority, the Bank will exercise all reasonable efforts to obtain or assist in obtaining such approval or consent. These indemnification provisions could be construed to permit or require indemnification for certain liabilities arising out of United States federal securities laws.

The Bank's By-laws also provide that the chief executive officer and the chief operating officer of the Bank, or either of them acting alone, or such other officer or officers as the chief executive officer or the chief operating officer may appoint in writing, acting alone, are directed and empowered for and on behalf and in the name of the Bank to enter into an indemnity agreement with each of the directors, officers and persons setting out the Bank's undertakings described above.

------

Under the Bank Act, the indemnified persons referred to above are entitled to indemnity from the Bank in respect of all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the person in connection with the defense of any civil, criminal, administrative, investigative or other proceeding to which the person is subject because of their association with the Bank or other entity, if the person seeking indemnity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not judged by the court or other competent authority to have committed any fault or omitted to do anything
they ought to have done; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fulfills the conditions set out in (i) and (ii) above.

Additionally, under the Bank Act, the Bank may advance amounts to an indemnified person for the costs, charges and expenses of a proceeding described above, but such amounts must be repaid if such indemnified person does not fulfil the conditions set out in (i) and (ii) above. Further, the Bank may with the approval of a court indemnify an indemnified person or advance amounts to them, in respect of an action by or on behalf of the Bank or other entity to procure a judgment in its favour (i.e. a derivative action) to which the person is made a party because of the indemnified person's association with the Bank or other entity, against all costs, charges and expenses reasonably incurred by them in connection with that action if they fulfil the conditions set out in (i) and (ii) above.

As permitted under the Bank Act, the Bank has obtained director's and officer's liability insurance coverage, which, subject to policy terms and limitations, provides indemnification and reimbursement coverage for directors and officers of the Bank in certain circumstances where the Bank is unable to provide indemnification to such directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Bank pursuant to the foregoing provisions, the Bank has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed** 

Not applicable.

**Item 8. Exhibits** 

The following exhibits have been filed as part of this Registration Statement.

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 4.1 | [Royal Bank of Canada By-Laws adopted January 8, 1981, with revisions to April 10, 2025 (incorporated herein by reference to Exhibit 3.1 to the Registrant's Report on Form 6-K as filed with the Commission on June 2, 2025, File No. 001-13928).](http://www.sec.gov/Archives/edgar/data/1000275/000119312525133435/d819372dex31.htm) |
| 4.2 | [Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan effective from and after January 1, 2020.](d920627dex42.htm) |
| 4.3 | [Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan effective from and after January 1, 2020.](d920627dex43.htm) |
| 5.1 | [Opinion of Dorsey & Whitney LLP.](d920627dex51.htm) |
| 5.2 | [Opinion of Osler, Hoskin & Harcourt LLP.](d920627dex52.htm) |
| 23.1 | [Consent of PricewaterhouseCoopers LLP.](d920627dex231.htm) |
| 23.2 | [Consent of Dorsey & Whitney LLP (included in Exhibit 5.1)](d920627dex51.htm) |
| 23.3 | [Consent of Osler, Hoskin & Harcourt LLP (included in Exhibit 5.2)](d920627dex52.htm) |
| 24.1 | [Power of attorney (included on signature page hereto)](#sig) |
| 107 | [Filing Fee Table](d920627dexfilingfees.htm) |

---

------

**Item 9. Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of the securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in the Registration Statement;

PROVIDED, HOWEVER, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act,
each filing of the Registrant's annual report pursuant to section 13(a) or section 15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Toronto, Province of Ontario, Canada, on this 6th day of June 2025.

---

| |
|:---|
| **ROYAL BANK OF CANADA** |
| By: /s/ David McKay |
| David McKay |
| President and Chief Executive Officer |

---

------

Each person whose signature appears below constitutes and appoints each of and any of David McKay, Katherine Gibson, and Nick Tomovski, as his or her true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign, execute and file, or cause to be filed, with all exhibits thereto and other documents required in connection therewith, with the United States Securities and Exchange Commission, one or more registration statements on Form S-8 and any amendments thereto (including post-effective amendments) for purposes of registering both securities and deferred compensation obligations, as applicable, of the **Royal Bank of Canada** to be offered to employees pursuant to the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan effective from and after January 1, 2020 and the Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan effective from and after January 1, 2020, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys-in-fact and agents or their substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933 as amended, this registration statement has been signed below by the following persons in Toronto, Canada, in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| /s/ David McKay | President and Chief Executive Officer, Director<br> (Principal Executive Officer) | June 6, 2025 |
| David McKay |  |  |
| /s/ Katherine Gibson | Chief Financial Officer<br> (Principal Financial Officer) | June 6, 2025 |
| Katherine Gibson |  |  |
| /s/ Nick Tomovski | Senior Vice-President, Enterprise Controller<br> (Principal Accounting Officer) | June 6, 2025 |
| Nick Tomovski |  |  |
| /s/ Jacynthe Côté | Chair of the Board | June 6, 2025 |
| Jacynthe Côté |  |  |
| /s/ Mirko Bibic | Director | June 6, 2025 |
| Mirko Bibic |  |  |
| /s/ Andrew A. Chisholm | Director | June 6, 2025 |
| Andrew A. Chisholm |  |  |
| /s/ Toos N. Daruvala | Director | June 6, 2025 |
| Toos N. Daruvala |  |  |
| /s/ Cynthia Devine | Director | June 6, 2025 |
| Cynthia Devine |  |  |

---

------

---

| | | |
|:---|:---|:---|
| /s/ Roberta L. Jamieson, O.C. | Director | June 6, 2025 |
| Roberta L. Jamieson, O.C. |  |  |
| /s/ Amanda Norton | Director | June 6, 2025 |
| Amanda Norton |  |  |
| /s/ Barry Perry | Director | June 6, 2025 |
| Barry Perry |  |  |
| /s/ Maryann Turcke | Director | June 6, 2025 |
| Maryann Turcke |  |  |
| /s/ Thierry Vandal | Director | June 6, 2025 |
| Thierry Vandal |  |  |
| /s/ Frank Vettese | Director | June 6, 2025 |
| Frank Vettese |  |  |
| /s/ Jeffery Yabuki | Director | June 6, 2025 |
| Jeffery Yabuki |  |  |

---

------

**AUTHORIZED REPRESENTATIVE** 

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this Registration Statement on Form S-8, solely in the capacity of the duly authorized representative of the Registrant in the United States, in the city of New York, New York, on this 6th day of June 2025.

---

| |
|:---|
| /s/ John Penn |
| Name: John Penn |

---

Title: Assistant General Counsel & Managing Director, RBC U.S. Head of Regulatory Law

## Exhibit 4.2

**Exhibit 4.2** 

**Amended and Restated** 

**Royal Bank of Canada** 

**US Wealth Accumulation Plan** 

**And Prospectus** 

**The date of this document is January 1, 2020** 

This document constitutes part of

a prospectus covering securities

that have been registered under

The Securities Act of 1933

RBC U.S.A. Holdco. Corporation

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| SECTION 1 INTRODUCTION | SECTION 1 INTRODUCTION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | General Nature and Purpose of the Plan | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Rules of Interpretation | 5 |
| SECTION 2 DEFERRALS AND DEEMED INVESTMENTS | SECTION 2 DEFERRALS AND DEEMED INVESTMENTS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Eligibility | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Election to Voluntarily Defer Compensation | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Company Contributions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Investments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Participant Accounts | 9 |
| SECTION 3 INFORMATION CONCERNING INVESTMENT ALTERNATIVES | SECTION 3 INFORMATION CONCERNING INVESTMENT ALTERNATIVES | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Company Common Shares | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Plan Interest Rate | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Mutual Funds and GAM Funds | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Valuation | 10 |
| SECTION 4 VESTING | SECTION 4 VESTING | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Vesting of Voluntary Deferred Compensation | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Vesting of Company Contributions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Termination For Cause | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Change in Control | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | Forfeitures | 12 |
| SECTION 5 DISTRIBUTIONS | SECTION 5 DISTRIBUTIONS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Distributions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Distribution Dates | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Distribution Due to a Change In Control | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Form of Distributions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Distributions to Beneficiaries | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Designation of Beneficiary | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Disclaimers by Beneficiaries | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 | Federal Income Tax | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 | Tax Withholding | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | ERISA Matters | 17 |
| SECTION 6 SPENDTHRIFT PROVISIONS | SECTION 6 SPENDTHRIFT PROVISIONS | 17 |
| SECTION 7 ADMINISTRATION | SECTION 7 ADMINISTRATION | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | The Company | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Claims Procedure | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Making a Claim | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Requesting Review of a Denied Claim | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 | In General | 18 |

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  SECTION 8 OTHER ADMINISTRATIVE MATTERS | SECTION 8 OTHER ADMINISTRATIVE MATTERS | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Reporting | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Plan Obligor; Status as Unsecured General Creditors | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Disclaimer of Employment and Bonus Rights | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Administrative Expenses of the Plan | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Voting Rights | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Governing Law | 19 |
|  SECTION 9 AMENDMENT OR TERMINATION | SECTION 9 AMENDMENT OR TERMINATION | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Amendments to and Termination of Plan | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Merger | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Applicability to Successors | 20 |

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-ii-

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**SECTION 1** 

**INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 General Nature and Purpose of the Plan**. The Royal Bank of Canada US Wealth Accumulation Plan (the "**Plan**") is a nonqualified deferred compensation plan under which a select group of management or highly compensated employees of the Royal Bank of Canada (the "**Company**") and its Participating Subsidiaries (collectively, the "**Employers**") may defer receipt of a portion of their compensation until specific in-service or post-employment distribution dates. This Plan is a restatement of the US Wealth Accumulation Plan, first effective January 1, 2012, and it was restated effective January 1, 2016, and this restatement (the "**Restatement**") is effective from and after January 1, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Definitions**.

"**Account Balance**" means, for any given date, a Participant's Voluntary Deferred Compensation and Company Contributions, plus or minus the hypothetical investment performance thereon.

"**Adverse Benefit Determination**" means a claim for benefits by a Participant, beneficiary or personal representative that has been denied in whole or in part.

"**Affiliate**" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; the terms "controlling" and "controlled" have meanings correlative to the foregoing.

"**Business**" means the chief officer and/or operating committee of any Participating Subsidiary.

"**Cause**" means the occurrence of any one of the following: (a) any willful or intentional failure by the Employee to comply with any written Employer policy, rule or code, including but not limited to an Employer's Code of Conduct or Code of Ethics, as applicable, that results in material harm to the business or financial interests of an Employer; (b) conviction of, or plea of guilty or nolo contendere to, any act constituting a felony (or its equivalent in any non-United States jurisdiction), or any crime involving theft, fraud or embezzlement, dishonesty, breach of trust, misrepresentation or moral turpitude or unethical business conduct involving the business of the Employer or an Affiliate; (c) violation of any rule or regulation of any self-regulatory agency with which the Employee is licensed, which materially affects the business operations of the Employer or an Affiliate, regardless of whether such agency takes disciplinary action against the Employee; (d) the suspension or revocation of any license necessary to perform in the occupation for which Employee was hired, or the commission of any action that would cause Employee to become unbondable; (e) any willful or intentional unauthorized disclosure or use of confidential information which results in material harm to the Employer's business or financial interests; or (f) any other willful or intentional act by the Employee that materially injures the reputation of an Employer or otherwise materially and adversely affects the business or financial interests of an Employer; <u>provided</u>, <u>however</u>, that in the event an Employee is party to an employment agreement with an Employer that contains a different definition of Cause, the definition of Cause contained in such employment agreement will be controlling.

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"**Change in Control**" means the Company's sale of (a) at least 75% of the equity or (b) all or substantially all of the assets of a Participating Subsidiary to a person or entity (or a collection of Persons or entities acting as a group) that is not the Company, an Employer or an Affiliate of either. Notwithstanding the foregoing, a Change in Control will be deemed to have occurred only if such transaction meets the requirements of a "change in control" (as described in Treasury Regulation § 1.409A-3(i)(5)) with respect to the Participating Subsidiary.

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended, and includes the regulations and guidance in effect thereunder.

"**Committee**" means the WAP Committee (or successor committee), and any person, entity or office to whom the Committee properly delegates any authority related to this Plan. The members of the Committee, if any, serve at the pleasure of the Company, which has the power to appoint and remove members from time to time.

"**Company**" means Royal Bank of Canada, a Schedule I bank under the Bank Act (Canada) with its corporate headquarters in Toronto, Ontario, Canada, and any successor or assign.

"**Company Contribution**" means a contribution by the Employers, as described in <u>Section 2.3</u>.

"**Disability**" means the Participant's injury or illness that both (a) qualifies him or her for benefits under a long-term disability plan covering eligible employees of the Participant's Employer and (b) causes the Participant to be absent from his or her employment with his or her Employer for a continuous period of not less than 12 months; provided, however, that solely for purposes of Section 4.2(a) of the Plan, the Company may, in its sole discretion, determine that a Participant has a Disability if his or her injury or illness both (a) qualifies him or her for benefits under a long-term disability plan covering eligible employees of the Participant's Employer and (b) is expected to cause the Participant to be absent from his or her employment with his or her Employer for a continuous period of not less than 12 months. To be considered to have a Disability, the Participant must also have terminated from employment with the Employers and their Affiliates.

"**Employee**" means an individual classified as a common law employee by, and on the payroll of, an Employer.

"**Employers**" means the Company and Participating Subsidiaries.

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended, and includes the regulations and guidance in effect thereunder.

"**FICA**" means the Federal Insurance Contribution Act.

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"**Fiscal Year**" means the Company's accounting year, which begins each November 1 and ends each October 31.

"**Fund Addition Date**" means such times as interest or dividends are paid or other distributions are made in connection with a Mutual Fund or GAM Fund.

"**GAM Funds**" means the Company US Global Asset Management Funds as identified below, including any successor fund by virtue of a change in name, asset class and/or ticker symbol.

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| | |
|:---|:---|
| RBC Small Cap Core Fund Class R6 | RBRCX |
| RBC Emerging Markets Equity Fund Class R6 | RREMX |
| Access Capital Community Investment Fund Class I | ACCSX |
| RBC Short Duration Fixed Income Fund Class I | RSDIX |
| RBC Bluebay High Yield Bond Fund Class I | RGHYX |

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"**GAM Fund Price**" means, unless otherwise determined by the Committee, the daily reported closing price of an interest in, or units of, the GAM Funds.

"**Gross Cash Compensation**" has the meaning ascribed to "Recognized Compensation" under the Qualified Plan on the first day of each Plan Year to which an election to defer compensation relates. Gross Cash Compensation is Recognized Compensation that is earned by an Employee for services rendered during a Plan Year, and includes any amounts an Employee contributes to the Qualified Plan or an employer-sponsored cafeteria plan from his or her total compensation. Notwithstanding anything to the contrary, (i) if "Recognized Compensation" includes any distributions from deferred compensation plans, Gross Cash Compensation shall include such amounts only to the extent that any further deferral of such amounts into this Plan does not cause the imposition of an additional tax under Code Section 409A, (ii) Gross Cash Compensation shall exclude any "WAP Transition Payments," "heritage transition payments" or other similar payments that would otherwise be included in "Recognized Compensation," and (iii) Gross Cash Compensation earned for any payroll period that includes the last day of a calendar year, and for which payment is made after such last day of the calendar year in accordance with the Employer's standard payroll practice, shall be treated as earned in the year of payment.

"**In-Service Payment Date**" means a distribution date, as elected by the Employee on his or her election, that occurs while the Participant is an Employee (or an employee of an Affiliate of the Employers).

"**Measurement Year**" means the period beginning each October 1 and ending each September 30.

"**Mutual Funds**" means any of the mutual funds that have been selected by the Committee, as supplemented, replaced or eliminated from time-to-time at the discretion of the Committee.

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"**Mutual Fund Price**" means, unless otherwise determined by the Committee, the daily reported closing price of an interest in, or units of, the Mutual Funds.

"**NYSE**" means the New York Stock Exchange.

"**Participant**" means an individual who has an Account Balance.

"**Participating Subsidiary**" means a corporation, now or in the future, affiliated with the Company that adopts, or has adopted, the Plan. No corporation may become a Participating Subsidiary without prior consent of the Company. Such participation is subject to such limitations as the Company may impose and will cease upon a Change in Control of such Participating Subsidiary.

"**Person**" means any individual, sole proprietorship, corporation, partnership, joint venture, limited liability company, association, joint-stock company, trust, unincorporated organization, institution, public benefit corporation, entity or government instrumentality, division, agency, body or department.

"**Plan**" means the Royal Bank of Canada US Wealth Accumulation Plan, as set forth in this document and as amended from time to time.

"**Plan Interest Rate**" means an interest rate determined from time to time by the Committee.

"**Plan Obligor**" means the party that is responsible for satisfaction of amounts payable to Participants.

"**Plan Year**" means, with respect to a particular year, the 12-month period beginning January 1 and ending December 31 of such year.

"**Qualified Plan**" means the RBC-U.S.A. Retirement and Savings Plan, as amended from time to time.

"**Separation**" means the separation of employment from the Employers or any Affiliate of an Employer, as the case may be, of a Participant, other than due to such Participant's death or Disability pursuant to the terms set forth herein. Notwithstanding the foregoing, transfers of employment among the Employers and their Affiliates will not be a "Separation" for purposes of this Plan, and any separation from employment will not be a "Separation" unless it also constitutes a "separation from service" under Code Section 409A.

"**Total Cash Compensation**" means those items of an Employee's compensation that are coded as "BenSal" in his or her Employer's payroll system. Such items include, for example, base salary, commissions, cash bonuses, amounts vested and distributed under the Unit Award Plan and other cash-based nonqualified deferred compensation plans.

"**Unit Award Plan**" means the RBC Capital Markets Unit Award Plan or successor plan, as determined by the Business, that is in effect from time to time. 

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"**Valuation Date**" means the business day on which an Account Balance or distribution is valued. Valuation Dates for purposes of distributions described in <u>SECTION 5</u> are the following dates (or, if such date does not fall on a business day, the next following business day):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.2(a)</u>, In-Service Payment Date, the July 1 of each year that a distribution is due a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 5.2(b)</u>, Separation, the July 1 of each year that a distribution is due a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 5.2(c)</u>, Death:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The later of: (A) the date of death, and (B) the date of such Participant's final Voluntary Deferred Compensation contribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For any contributions made after the date of death, the date of the final Company Contribution made on behalf of the deceased Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For any deemed dividends paid after the Participant's death pursuant to <u>Section 3.1(b)</u>, the dividend payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Section 5.2(c)</u>, Disability, the date that the Participant meets the definition of Disability, including the 12-month period of Disability requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Section 5.3</u>, Change in Control, the date of the Change in Control.

"**Vice President of Pension & Benefits**" means the Company's Vice President of Pension & Benefits (or his or her successor), and any person, entity or office to whom the Vice President of Pension & Benefits properly delegates any authority related to this Plan.

"**Voluntary Deferred Compensation**" means the portion or percentage of an Employee's Gross Cash Compensation that the Employee elects to defer to the Plan in accordance with <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 Rules of Interpretation**. Whenever appropriate, words used herein in the singular may be read in the plural, or words used herein in the plural may be read in the singular; the masculine may include the feminine and the words "hereof," "herein" or "hereunder" or other similar compounds of the word "here" mean and refer to this entire Plan and not to any particular paragraph or section of this Plan unless the context clearly indicates to the contrary. The titles given to the various sections of this Plan are inserted for convenience of reference only and are not part of this Plan and they will not be considered in determining the purpose, meaning or intent of any provision hereof. Any reference in this Plan to a statute or regulation will be considered also to mean and refer to any subsequent amendment or replacement of that statute or regulation.

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**SECTION 2** 

**DEFERRALS AND DEEMED INVESTMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Eligibility.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Eligible Employees*. Employees eligible to participate in the Plan are any of the select group of management or highly compensated employees of an Employer whose compensation or production otherwise exceeds a level deemed appropriate by the Company ****and who are invited to become Participants by the Business or the Company. For 2020, and for successive Plan Years, unless revised by the Company, the following individuals shall be Eligible Employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employees classified as "Financial Advisors" by their Employer and whose production levels for the preceding Fiscal Year qualify for President or Chairman Council.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employees classified as "Branch Directors" by their Employer and whose production levels for the preceding Fiscal Year qualify for President or Chairman Council.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Employees whose employee class is other than "Financial Advisor" or "Branch Director" and who, for the preceding Measurement Year had Total Cash Compensation of at least $1 Million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Employees hired during a Plan Year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Whose performance at their prior employer during the 12 months prior to their employment date with an Employer would have qualified such Employee for President or Chairman Council if they had performed such services while classified as Financial Advisors or Branch Directors by an Employer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Who is subject to an offer letter or employment agreement that guarantees Gross Cash Compensation of at least $1 Million and their employee class is not "Financial Advisor" or "Branch Director."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Employees classified as "Members of the Global Asset Management Executive Committee" by their Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Employees classified as "Investment Team Heads within the Global Asset Management Group" by their Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Ineligible Employees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything in the Plan to the contrary, the following individuals are ineligible to participate in the Plan, even if they satisfy any of the eligibility criteria described in <u>Section 2.1(a)</u>:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) individuals who are classified as "Institutional Middle Market" by their Employer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) individuals who are employees of a "nonqualified entity," as that term is described under Code Section 457A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Voluntary Deferred Compensation, Company Contributions or other benefits are available under the Plan for services rendered by an Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) who is excluded pursuant to <u>Section 2.1(b)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) who is a resident of Canada for purposes of the Income Tax Act (Canada) throughout the period during which the services were rendered; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in Canada, or in connection with a business carried on by an Employer in Canada, or a combination thereof.

Notwithstanding Sections 2.1(b)(ii)(2) and (3), an officer of the Company who would otherwise be excluded under such sections shall nevertheless be eligible to participate in the Plan in the Company's sole discretion, and Voluntary Deferred Compensation, Company Contributions and other benefits shall be available under the Plan for services rendered by any such officer who is invited to become a Participant by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Election to Voluntarily Defer Compensation**. Eligible Employees may enroll in the Plan by electing to make Voluntary Deferred Compensation contributions for the next succeeding Plan Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Gross Cash Compensation*. Elections for Voluntary Deferred Compensation contributions of Gross Cash Compensation must be made no later than December 31 of the year immediately preceding the year in which such Voluntary Deferred Compensation will be earned; <u>provided</u>, <u>however</u>, that subject to such changes as may be determined by the Company, a new Employee who is eligible to participate in the Plan has 30 days from such Employee's hiring date to submit an election for such Plan Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Unit Award Plan Distributions*. An Employee who is also a participant in the Unit Award Plan may elect to make Voluntary Deferred Compensation contributions of distributions from the Unit Award Plan, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The deferral election must be made no later than within 30 days after the Employee performs the services that earn a contribution to the Unit Award Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The deferral election must be for 100% of the distribution (exclusive of any FICA taxes owed on such distribution) from the Unit Award Plan that relates to such service period, <u>provided</u>, <u>however</u>, that only amounts that vest under the Unit Award Plan at least 12 months after the date the individual makes an election described in paragraph (i) above may be deferred into this Plan; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No deferral will be made to this Plan if the individual is no longer considered an "Employee" or an employee of an Affiliate of an Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Effectiveness of Elections*. For a given Plan Year, a written or online election to defer compensation is irrevocable after it is accepted by the Company. An election by an Employee who is first eligible to participate in the Plan during a given year becomes effective beginning the first day of the month following the date such election is submitted and accepted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Limits on Elections*. The Business and Company have the discretion to limit the amount of Voluntary Deferred Compensation or the amount of Gross Cash Compensation that may be taken into account for making Voluntary Deferred Compensation contributions. The Company, which will accept input from the Business, will from time to time establish the maximum percentage of a Participant's Gross Cash Compensation that he or she may elect to defer under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Payroll Deduction*. Each payroll period for which a valid election is in place, the Voluntary Deferred Compensation will be deferred by payroll reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Company Contributions**. The Employers may make Company Contributions in such other amount as determined by the Business in its sole discretion. The Business will establish whether and the extent to which a Participant is eligible for a Company Contribution, which may vary from Employee to Employee and may be made based on any criteria. If an Employee is allocated a Company Contribution, his or her account will be deemed to have been allocated the amount of such Company Contribution on the date determined by the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Investments.** Plan contributions will be invested in the available hypothetical investments, described in <u>SECTION 3</u>, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Deferred Compensation*. On each Plan Year's election, a Participant (or Employee for the first election) may choose the form of the hypothetical investment of his or her Voluntary Deferred Compensation and Company Contributions by electing to credit such deferrals for any Plan Year to one or more of the hypothetical investments established by the Committee. If a Participant fails to elect how deferrals are deemed to be invested, such deferred compensation will be deemed to be invested at the Plan Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Investment Fund Exchanges*. Subject to such rules as the Company, from time to time and in its sole and absolute discretion, may impose a Participant may elect to have all or a portion of his or her Account Balance transferred to any other type of hypothetical investment. Participants may initiate an investment fund exchange by submitting a request in writing to the Company in such form as the Company determines. Requests made during any month to exchange all or any portion of an Account Balance for another hypothetical investment will be honored at the time/times determined by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Participant Accounts**. Accounts for Participants will be established for bookkeeping purposes only and will not be considered as, or as evidence of the creation of, a trust fund or a transfer or other segregation of assets for the benefit of the Participants or their estates. Such accounts will be established and credited with the appropriate amounts as provided for in the Plan as of the end of each business day, or in the case of any Company Contributions determined after the end of the Plan Year, on or around the first business day in January following the end of the Plan Year.

**SECTION 3** 

**INFORMATION CONCERNING INVESTMENT ALTERNATIVES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Company Common Shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Company Common Shares*. For any Plan Year, in connection with a Participant's election to have a portion of his or her Voluntary Deferred Compensation and Company Contributions credited toward Company common shares, the applicable Participant's account will be deemed to have been allocated the number of Company common shares, including fractional shares, resulting from dividing such portion of the Participant's Voluntary Deferred Compensation and Company Contributions allocated to the investment in Company common shares by the closing price per Company common share on the NYSE as reported on the day of crediting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Dividends on Company Common Shares*. At such times as the Company declares dividends on its common shares, an amount equal to the number of Company common shares credited to a Participant's account on the record date multiplied by the declared dividend per share in U.S. dollars (such dividend to be calculated without taking into account any and all Canadian withholding taxes to which such dividend might be subject, if actually paid) will be credited, on the payment date, to such Participant's account in cash (if dividends are paid in cash) or in Company common shares (if dividends are declared in common shares), or in such other property determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Purchases of Company Common Shares*. All amounts credited to a Participant's account as a result of cash dividends will be used on a daily basis (or on such other date as determined by the Company in its sole discretion) to purchase hypothetical Company common shares. The number of additional Company common shares credited to each Participant's account after the end of each day due to the hypothetical purchases described in this paragraph will be equal to the number of Company common shares, including fractional shares, derived by dividing the total amount of cash credited to the Participant's account as described in this <u>Section 3.1</u> by the closing price per Company common share on the NYSE as reported on the date of the hypothetical purchase of the Company common shares credited to such Participant's account under this <u>Section 3.1</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Plan Interest Rate**. Participants may elect to have all or a portion of their Voluntary Deferred Compensation and Company Contributions invested at the Plan Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Mutual Funds and GAM Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Mutual Funds and GAM Funds*. A Participant may elect to have all or a portion of their Voluntary Deferred Compensation deemed invested in one or more Mutual Funds and/or GAM Funds. A Participant may elect to have all of his or her Company Contributions deemed invested in such Mutual Funds and/or GAM Funds. Such Participant's account will be allocated the number of units (including fractional units) of a Mutual Fund and/or GAM Fund equal to the portion of his or her Account Balance allocated to investments in Mutual Funds and/or GAM Funds divided by the Mutual Fund Price and/or GAM Fund Price, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Interest or Dividends on Mutual Funds and/or GAM Funds*. On each Fund Addition Date, a determination will be made as to the number of units (including fractional units) of the Mutual Fund and/or GAM Fund that will be credited to a Participant's account as of the Fund Addition Date. On the Fund Addition Date, an amount equal to the number of units of the Mutual Fund and/or GAM Fund credited to a Participant's account multiplied by the amount of the interest or dividend per unit of the Mutual Fund and/or GAM Fund will be credited to such Participant's account, or other fund determined by the Committee. Interest payments or other distributions will be deemed reinvested in additional units of the Mutual Fund and/or GAM Fund at prevailing market prices on the Fund Addition Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Valuation**. Except for changes resulting from plan investment fund exchanges described in <u>Section 2.4(b)</u>, the notional value of a Participant's accounts will be updated daily through the applicable Valuation Date to reflect any increases or decreases in the value of the Participant's hypothetical investment.

The account of a Participant with a hypothetical investment in Mutual Funds and/or GAM Funds will be debited by an amount representing a quarterly fee. The amount of the quarterly fee will be determined by multiplying the value of the Participant's hypothetical investment in such funds, as described above, by a decimal determined by the Company. The Company will from time to time review this calculation and may change the decimal factor used in this calculation.

**SECTION 4** 

**VESTING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Vesting of Voluntary Deferred Compensation**. All Voluntary Deferred Compensation recorded in a Participant's account will be fully vested at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Vesting of Company Contributions**. Company Contributions in a Participant's account will vest on the date or dates determined by the Business, in its sole discretion. The Business will announce any prospective change in the vesting schedule with respect to Company Contributions (and the related investment returns, if any) prior to December 31 of the year preceding each new Plan Year. Unless otherwise amended by the Business, all time period measurements for the vesting schedules established by the Business will begin on January 1 of the Plan Year following the Plan Year to which a Company Contribution relates. Notwithstanding the foregoing, a Participant's Company Contributions will immediately vest in full upon:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the death or Disability of such Participant while an employee of an Employer or an Affiliate of an Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of Separation of a Participant who, prior to Separation, has entered into a RBC Heritage Transition Plan with the Private Client Group, provided that such vesting shall be accelerated only for Company Contributions that the Business deems as other than retention, back-end recruiting or front-end recruiting, unless a separate agreement between the Participant and an Employer provides otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date of Separation of a Participant who is classified by his or her Employer as a Complex Director and who has been offered, at the Employer's discretion, to enter into, and who has actually entered into, a non-competition, non-solicitation and related agreement (the "**Restrictive Covenants Agreement**") of at least one year in the form then approved by the Company and/or Business; <u>provided</u> that such vesting shall be accelerated only for Company Contributions that the Business deems as other than retention bonuses, back end recruiting bonuses or front end recruiting bonuses, unless a separate agreement between the Participant and an Employer provides otherwise; provided further that for any resident of California, North Dakota, Oklahoma or any other jurisdiction as determined by the Company who enters into a Restrictive Covenants Agreement, such date shall be the later of the first anniversary of the date such Participant enters into the Restrictive Covenants Agreement or the first anniversary of the Participant's Separation (subject to the Participant's adherence to the terms therein until such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Termination For Cause**. Notwithstanding anything to the contrary in this <u>SECTION 4</u>, if a Participant is involuntarily terminated for Cause from an Employer or an Affiliate of an Employer at any time prior to the distribution of his or her Account Balance, upon such Participant's Separation, all or a portion of his or her Account Balance related to Company Contributions and related investment returns, as determined by the Company in its discretion, shall be forfeited, regardless of whether the vesting schedule has otherwise been satisfied with respect to such shares or assets, and the proceeds thereof will be deemed returned to the Company. The Company may also, in its discretion, seek the recoupment of Company Contributions, and related investment returns, paid to the Participant prior to his or her termination for Cause, including, without limitation, by offsetting other amounts payable under this Plan at the time of termination, subject to Code Section 409A and other applicable law. The Company has full discretionary authority to determine whether a Participant was terminated for Cause, and, if (a) a Participant has a voluntary Separation, and (b) the Company thereafter determines that the Participant could have been involuntary terminated by an Employer or an Affiliate of an Employer for Cause, then the Participant will be treated as though he or she was involuntarily terminated for Cause for all purposes of this Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Change in Control**. In the event of a Change in Control of a Participating Subsidiary, each Participant who is employed by such Participating Subsidiary immediately prior to the date on which the Change in Control is consummated and who, due to the Change in Control (as determined by the Company), is no longer employed by an Employer immediately after the Change in Control will become vested in his or her Company Contributions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Minimum Vesting*. The unvested portion of each affected Participant's Company Contributions will be vested pro rata, based on the period of time that has elapsed from the effective date of the contribution to the date of the Change in Control relative to the total vesting period related to such contribution. Before a Change in Control event, the Company will establish a reasonable method for calculating the pro rata portion of each affected Participant's Account Balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Discretionary Vesting*. The Board has the discretionary authority to vest any amount held in an affected Participant's account that remains unvested after the application of paragraph (a) above. In making its determination, the Board may consider the terms of the transaction governing the Change in Control, the financial impact on the Employers, and any other factors it deems relevant to its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Forfeitures**. Except as otherwise specifically set forth herein, all Company Contributions and related deemed investment returns that are not vested on the Participant's Separation date will be deemed forfeited, and such Participant's account will be appropriately reduced.

**SECTION 5** 

**DISTRIBUTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Distributions**. Except as otherwise described below, upon electing to participate in the Plan for a Plan Year, a Participant will also make an election with respect to the timing of the payment of the amounts credited to such Participant's account for such Plan Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Distribution Dates.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Distribution Pursuant to the In-Service Payment Date*. If the Participant selected an In-Service Payment Date, then, subject to this <u>SECTION 5</u> and any other terms and conditions the Company may impose, distributions will be made in a single payment in the specified year promptly after, but in no event after the 90th day following, July 1 of such year. The Participant's account will be valued as of the Valuation Date on or immediately preceding the distribution date. With the consent of the Company, a Participant may change the In-Service Payment Date pursuant to the procedures established by the Company and the restrictions under Code Section 409A, which generally require making a written or online request more than 12 months in advance of the In-Service Payment Date and selecting a new In-Service Payment Date that will occur at least five years after the originally selected date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Distribution on Separation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If distribution is made due to Separation, distributions will be made in either a lump sum payment or in installments, as selected by the Participant on his or her election. Available forms of distribution include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless item (2) below applies, distributions made due to a Separation, shall be made as elected by the Participant at the time of the deferral. Such available forms of distribution shall include a lump sum payment and substantially equal annual installments for up to ten years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For Voluntary Deferrals, Company Contributions, and investment returns thereon that are attributable to services performed before January 1, 2013, distribution upon a Separation shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in a single lump sum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in substantially equal annual installments for up to ten years if, at the time of such Separation, the
Participant's combined age and years of employment (as determined using the service rules set forth in the Qualified Plan) with the Employers equals 60.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any single lump sum payment and the first installment of any series of installment payments will be made promptly after, but in no event after the 90th day following, the July 1 of the Plan Year that begins following the year of Separation, and each annual installment will occur promptly after, but in no event after the 90th day following, the July 1 of each year thereafter. Subject to reduction as set forth in clause (i) above, each installment will be equal to a fraction of all vested amounts deemed allocated to the Participant's account, the numerator of such fraction being one and the denominator being the number of installments remaining to be paid. For example, if the Participant has elected five annual installments, the first installment will be equal to one-fifth of the Participant's total vested Account Balance on the date such Account Balance is valued for purposes of the first payment date and the second installment will be equal to one-fourth of the Participant's account on the date such account is valued for purposes of the second payment date, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Participant did not indicate a distribution date on his or her election, or if the election was not timely filed, then distribution of the Account Balance will be made promptly after, but in no event after the 90th day following, the July 1 immediately after the date of vesting or, for Voluntary Deferred Compensation, on the July 1 following the Plan Year in which the Separation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Distributions pursuant to this section will be made pro-rata from all of a Participant's hypothetical investments, and the Participant's account will be valued as of the Valuation Date on or immediately preceding the distribution date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) For purposes of Code Section 409A, each installment payment will be treated as a separate single payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Distributions Following Death or Disability*. Distributions following death will follow the procedures set forth in <u>Section 5.5</u>. Distributions following Disability will be made in a single payment to the Participant promptly after, but in no event after the 90th day following, the date the Participant satisfies the definition of Disability. The Participant's account will be valued as of the Valuation Date on or immediately preceding the distribution date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Distribution Due to a Change In Control**. If, as a result of a Change in Control, a Participant's employer that is a Participating Subsidiary ceases to be a Participating Subsidiary under the Plan, each Participant who is employed by such Participating Subsidiary immediately prior to the date on which the Change in Control is consummated and who, due to the Change in Control (at the determination of the Company), is no longer employed by an employer that is a Participating Subsidiary immediately after the Change in Control will receive his or her vested Account Balance on the date on or promptly after, but in no event after the 90th day following, the date the Change in Control is consummated. The Participant's account will be valued as of the Valuation Date on or immediately preceding the distribution date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Form of Distributions**. A Participant's Account Balance will be distributed in cash, less the amount of cash needed to satisfy withholding requirements with respect to all applicable federal, state and local taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Distributions to Beneficiaries**. Distribution of the Account Balance, based on the Valuation Date, of a Participant who dies before any payment to such Participant is made will be made to such Participant's beneficiary in a single lump sum provided that the Company has received a copy of the death certificate and completed distribution forms and considers such certificate and forms to be in good order. If the Participant dies after payments have commenced but before distribution is completed, the Participant's remaining Account Balance will be distributed to the Participant's beneficiary in lump sum after the Participant's death. For purposes of complying with Code Section 409A, such distribution will occur by the end of the calendar year in which the death occurs or by the fifteenth day of the third month following the date of death, if later. Notwithstanding the foregoing sentence, if the Company is not timely notified of the death of the Participant and therefore cannot reasonably begin or make payments by the distribution deadline required by Code Section 409A, a lump sum distribution will be made to the beneficiary as soon as possible following the Company's receipt of the death notification, distribution forms, and death certificate in good order, subject to any tax, interest, and penalties imposed by Section 409A. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 Designation of Beneficiary**. Each Participant has the right to designate in writing or on-line, in form satisfactory to the Company, one or more beneficiaries to receive the unpaid vested balance of the Participant's account in the event of such Participant's death, and may change or revoke any prior beneficiary designation by a similar instrument in writing. Any beneficiary designation must be received by the Company before the Participant's death. Any beneficiary designation of a Participant's spouse will be made void in the event of a divorce. If a Participant fails to designate a beneficiary or, having revoked a prior beneficiary designation, fails to designate a new beneficiary, or in the event the Participant's beneficiary designation fails, in whole or in part, by reason of the prior death of a designated beneficiary, divorce or for any other cause, then the undistributed vested balance of the Participant's account, or the portion thereof as to which such designation fails, as the case may be, will be paid to the Participant's spouse, or if none, the Participant's estate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 Disclaimers by Beneficiaries**. A beneficiary entitled to a distribution of all or a portion of a deceased Participant's accounts may disclaim his or her interest therein subject to the following requirements. To be eligible to disclaim, a beneficiary must be a natural person, must not have received a distribution of all or any portion of such accounts at the time such disclaimer is executed and delivered, and must have attained at least 21 years of age as of the date of the Participant's death. Any disclaimer must be in writing and must be executed personally by the beneficiary before a notary public. A disclaimer will state that the beneficiary's entire interest in the undistributed accounts is disclaimed or will specify what portion thereof is disclaimed. To be effective, duplicate original executed copies of the disclaimer must be both executed and actually delivered to the Company after the date of the Participant's death but not later than 180 days after the date the Company has actual knowledge of the Participant's death. A disclaimer will be irrevocable when delivered to the Company. A disclaimer will be considered to be delivered to the Company only when actually received by the Company. The Company will be the sole judge of the content, interpretation and validity of a purported disclaimer. Upon the filing of a valid disclaimer, the beneficiary will be considered not to have survived the Participant as to the interest disclaimed and any distribution made to the beneficiary will be reversed. A disclaimer by a beneficiary will not be considered to be a transfer of an interest in violation of the provisions of <u>SECTION 6</u> and will not be considered to be an assignment or alienation of benefits in violation of any law prohibiting the assignment or alienation of benefits under this Plan. The Company will not recognize any other form of attempted disclaimer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8 Federal Income Tax**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Tax Consequences of Participating in the Plan*. The Plan provides that the election to defer any portion of a Participant's compensation, and the establishment of a fixed date or schedule for payment, is made prior to the performance of the personal services for an Employer to which the compensation relates. Accordingly, the Company believes that Participants are not expected to recognize either the deferred amounts or the Company Contributions as ordinary income for federal income tax purposes until such amounts are actually paid or distributed to them by the Company; <u>provided</u>, that such amounts may still be subject to FICA taxes when deferred to the Plan or become vested under the Plan. Similarly, the Company is not expected to be allowed any income tax deduction on account of the Plan until, and for its taxable year in which, a Participant recognizes ordinary income hereunder, to the extent such amount satisfies the general rules concerning deductibility of compensation. As described above and in <u>Section 5.9</u> below, it is expected that the Company will be required to withhold or otherwise collect income and other payroll taxes upon such amounts as required under Code Section 3402 and certain other Code sections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Payment Acceleration for Employment Taxes*. Notwithstanding any provision of the Plan to the contrary, to the extent the Company cannot withhold FICA taxes from a Participant's regular payroll checks to cover the FICA taxes owed by a Participant on Company Contributions as they vest, the Company will accelerate distributions under the Plan as necessary to pay such FICA tax. In no event may the amount of the acceleration exceed the aggregate of the FICA taxes owed by such Participant that cannot be withheld from the Participant's regular payroll.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compliance with Code Section 409A.* Except as specifically provided in <u>Section 5.5</u>, notwithstanding any provision of the Plan to the contrary, the provisions of the Plan shall be administered, interpreted and construed in accordance with Code Section 409A, the regulations and other binding guidance promulgated thereunder (or disregarded to the extent such provisions cannot be so administered, interpreted or construed). It is intended that distribution events authorized under the Plan qualify as permissible distribution events for purposes of Code Section 409A, and the Plan shall be interpreted and construed accordingly in order to comply with Code Section 409A, the regulations and other binding guidance promulgated thereunder. Accordingly, if a Participant is a specified employee for purposes of Code Section 409A and a payment subject to Code Section 409A to the Participant is due upon separation from service, such payment shall be delayed for a period of six (6) months after the date the Participant separates from service (or, if earlier, the death of the Participant). The Company reserves the right to accelerate, delay or modify distributions to the extent permitted under Code Section 409A. Notwithstanding any provision of the Plan to the contrary, in no event shall the Committee or the Board of Directors of the Company (or any member thereof), or the Company (or its employees, officers, directors, or affiliates) have any liability to any Participant (or any other person) due to the failure of the Plan to satisfy the requirements of Code Section 409A or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Participants Should Consult Their Tax Advisors*. Due to the complexity of the applicable provisions of the Code, this summary of certain federal income tax consequences sets forth only the general tax principles affecting the Plan. These general tax principles are subject to changes that may be brought about by subsequent legislation or by regulations and administrative rulings, which may be applied on a retroactive basis. Neither the Company nor any Participating Subsidiary has obtained, and as a result of various provisions the Plan is not eligible for, a ruling from the Internal Revenue Service regarding the federal income tax consequences associated with participation in the Plan. Participants may be subject to state or local income taxes as a result of their election to defer compensation pursuant to the Plan, and Participants should refer to the applicable laws in those jurisdictions. **Accordingly, each Plan Participant should consult his or her own tax counsel on questions regarding tax liabilities arising upon any election to defer compensation pursuant to the Plan and any distributions made to such Participant pursuant to the Plan.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9 Tax Withholding**. All distribution payments will be treated as wages for tax purposes and therefore will be made net of all applicable income, FICA tax (to the extent not already withheld at the time of deferral or at vesting), payroll and other taxes required to be withheld. In connection with any event that gives rise to a federal or other governmental tax withholding obligation on the part of the Company or any of its Affiliates relating to amounts under the Plan (including, without limitation, FICA tax), (a) a Participant's employer may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to a Participant, whether or not pursuant to the Plan, or (b) the Company will be entitled to require that the Participant remit cash to the Company, his or her employer or any of its Affiliates (through payroll deductions or otherwise), in each case in an amount sufficient in the opinion of the Company to satisfy such withholding obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 ERISA Matters**. Although the Plan is not intended to be a tax-qualified plan under Code Section 401, the Plan might be determined to be an "employee pension benefit plan" as defined by ERISA. If the Plan is determined to be an "employee pension benefit plan," the Company believes that it constitutes an unfunded plan of deferred compensation maintained for a select group of management or highly compensated employees and, therefore, exempt from many ERISA requirements. A statement has been filed with the Department of Labor to comply with ERISA reporting and disclosure requirements.

**SECTION 6** 

**SPENDTHRIFT PROVISIONS** 

Neither any Participant nor the personal representative of any Participant has any transferable interest in the Participant's account or any right to anticipate, alienate, dispose of, pledge or encumber the same prior to actual receipt of payments in accordance with the rules described in <u>SECTION 4</u> and <u>SECTION 5</u>, nor will the same be subject to attachment, garnishment, execution following judgment or other legal process instituted by creditors (including current or former spouses) of the Participant or the personal representative of the Participant.

**SECTION 7** 

**ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 The Company**. The Plan will be administered by the Company. The Company has the full power and sole discretionary authority to make all determinations provided for in the Plan, including, without limitation, promulgating rules and regulations as the Company considers necessary or appropriate for the implementation and management of the Plan as well as rules to address potential conflicts of interest and determination of a termination of employment due to Cause under <u>Section 4.3</u>; <u>provided</u> that the Board of Directors of the Company also has the full power and discretionary authority to make determinations with respect to all provisions of the Plan. The decision or action of the Company, or its appropriate representative, as applicable, with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan. To further these administrative provisions, to the extent that the Company has rights or obligations under this Plan such rights or obligations may be performed by any person, entity or office, including employees with compensation and benefits responsibilities or employees of a Participating Subsidiary, in each case who are authorized by an officer of the Company with respect to this Plan. More information about Plan administration may be obtained by calling US HRSC at 1 (866) 477-3783.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Claims Procedure**. If any Participant or his or her estate is in disagreement with any determination that has been made for payment under this Plan, a claim may be presented to the Company in accordance with procedures set forth in this <u>SECTION 7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Making a Claim**. The claim must be written and must be delivered to the Company within 90 days of the date on which the Participant or beneficiary knows or should have known of his or her claim for benefits. Within 90 days after the claim is delivered, the claimant will receive either: (a) a decision or (b) a notice describing special circumstances requiring a specified amount of additional time (but no more than 180 days from the day the claims as delivered) to reach a decision.

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In the event of an Adverse Benefit Determination, the claimant will receive a written or electronic notice specifying: (a) the reasons for the determination; (b) the Plan provisions on which the Adverse Benefit Determination is based; (c) any additional information needed in connection with the claim and the reason such information is needed; and (d) a description of the Plan's review procedures, including a statement of the Participant's right to bring a civil action under ERISA Section 502(a) following an Adverse Benefit Determination upon appeal. Notice of the claimant's right to request a review (as described in Section 7.4) will also be given to the claimant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 Requesting Review of a Denied Claim**. A claimant may request that a denied claim be reviewed. The request for review must be written and must be delivered to the Vice President of Pension & Benefits within 60 days after claimant's receipt of written or electronic Adverse Benefit Determination. A request for review may (but is not required to) include issues and comments that the claimant wants considered in the review, even if such information was not provided in the initial request for benefits. The claimant may examine pertinent Plan documents, including the records and other documentation, by asking the Vice President of Pension & Benefits ****for such documents. Within 60 days after delivery of a request for review, the claimant will receive either: (a) a decision; or (b) a notice describing special circumstances requiring a specified amount of additional time (but no more than 120 days from the day the request for review was delivered) to reach a decision.

The Vice President of Pension & Benefits may require the claimant to submit such additional facts, documents or other material as it deems necessary or advisable in making its review. The Vice President of Pension & Benefits will notify the claimant in writing or electronically of its decision. If the Adverse Benefit Determination is confirmed in whole or in part, the communication will set forth: (a) the specific reasons for the decision; (b) the specific references to the Plan provisions on which the decision is based; (c) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, or other information relevant to the claim; and (d) a statement regarding the claimant's right to bring an action under ERISA Section 502(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5 In General**. All decisions on claims and on reviews of denied claims will be made by the Vice President of Pension & Benefits. The Vice President of Pension & Benefits also reserves the right to delegate its authority to make decisions. The Vice President of Pension & Benefits may, in its discretion, hold one or more hearings. If a claimant does not receive a decision within the specified time, the claimant should assume the claim or appeal was denied on the date the specified time expired. The claimant may, at the claimant's own expense, have an attorney or other representative act on behalf of the claimant, but the Vice President of Pension & Benefits reserves the right to require a written authorization.

No action at law or in equity may be brought to recover benefits or otherwise enforce the provisions of the Plan unless the Participant or beneficiary has exhausted all remedies under this <u>SECTION 7</u>. Any action brought after exhaustion of such remedies must be brought within ninety (90) days after the Participant or beneficiary has received final notice of an Adverse Benefit Determination under <u>Section 7.4</u>.

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**SECTION 8** 

**OTHER ADMINISTRATIVE MATTERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Reporting**. As soon as administratively feasible after each calendar quarter end, the Company will prepare and make available to each Participant a report showing (a) the amounts credited to the Participant's account since the last report from the Company, and (b) the amounts of any distributions made since the last report. At its discretion, the Company may prepare and make available more frequent reports to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Plan Obligor; Status as Unsecured General Creditors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will be the Plan Obligor with respect to distributions from all accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Participants are general unsecured creditors of the Plan Obligor with respect to amounts payable pursuant to distributions from the accounts.

As such, Participants and their estates will not have any secured or preferred interest by way of trust, escrow, lien or otherwise in any specific assets, of the Employers. The Plan does not require that any hypothetical investments under this Plan be funded by the Company. If the Plan Obligor, in its discretion, elects to set aside monies or other assets to meet its obligations under the Plan (there being no obligation to do so) through the creation of a trust or otherwise, such monies or other assets will be subject to the claims of its general creditors, and neither any Participant nor any beneficiary of any Participant will have a legal, beneficial or security interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Disclaimer of Employment and Bonus Rights**. The Plan is not a contract for employment and does not grant any employee the right to be retained in the employment of the Employers or to obtain any compensation. Upon dismissal or severance of employment, no Participant will have any right or interest under the Plan, other than as specifically provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 Administrative Expenses of the Plan**. Participants will be responsible for all administrative expenses incurred with respect to this Plan and for all administrative expenses and other fees of this Plan (to the extent such expenses are not paid by the Company), including the costs of outsourced record-keeping (which expenses will be deducted proportionately among Participants' accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 Voting Rights**. Participants' accounts under the Plan are bookkeeping accounts and, accordingly, Participants will not have any voting rights with respect to any common shares or any units or other interests in Mutual Funds and/or GAM Funds deemed allocated to any Participant's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6 Governing Law**. This instrument has been executed and delivered in the State of Minnesota and has been drawn in conformity to the laws of that state to the extent not preempted by federal law and will be construed and enforced in accordance with the laws of the State of Minnesota.

------

**SECTION 9** 

**AMENDMENT OR TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Amendments to and Termination of Plan.** The Plan may be amended from time to time or terminated at any time by the Company. Amendments may include, without limitation, (a) ensuring that neither the Plan Obligors nor the Participants are subject to adverse Canadian or United States tax consequences, (b) modifying the form of distribution of Participants' accounts and (c) such other amendments as deemed necessary or desirable; <u>provided</u>, <u>however</u>, that no such amendment or termination will have the effect of (i) reducing the vested portion of amounts already credited to a Participant's account; (ii) extending the time of distribution of such Participant's accounts, without the consent of such Participant and only in a manner permitted by Code Section 409A; or (iii) causing a violation of Code Section 409A. In the event of a termination of the Plan, all accounts will be deemed vested and amounts credited thereto will be distributed to Participants in accordance with the distribution guidelines under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 Merger.** The Company may cause all or part of this Plan to be merged with all or a part of any other nonqualified deferred compensation plan maintained by any company. If the Company agrees to such a merger, the Company will specify in writing the terms and conditions of such merger and may obtain such consents and agreements as it deems necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 Applicability to Successors.** This Plan will be binding upon and inure to the benefit of the Company and to the extent that the Company is a Plan Obligor under the Plan for any accounts, the Participating Subsidiaries, their successors and assigns, each Participant, his or her personal representatives and any beneficiaries. If the Company becomes a party to any merger, consolidation or reorganization, this Plan will remain in full force and effect as any obligation of the Company or its successors in interest.

IN WITNESS WHEREOF, Royal Bank of Canada has caused this Restatement to be executed by its duly authorized officer this 12<sup>th</sup> day of Nov, 2019.

---

| | |
|:---|:---|
|  | ROYAL BANK OF CANADA |
| By: | /s/ David Schwarz |
| Its: | /s/ David Schwarz |

---

------

AMENDMENT NO. 1 AND PROSPECTUS SUPPLEMENT TO

Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan (As of January 1, 2020)

WHEREAS: Royal Bank of Canada (the "Company") has previously adopted, and currently maintains, the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan (the "Plan"), which was most recently amended and restated as of January 1, 2020; and

WHEREAS: The Company has reserved the right, under Section 9 of the Plan, to amend the Plan at any time; and

WHEREAS: The Company wishes to amend the Plan, effective as of the dates specified below, to update the definition of "Committee" and make clarifying changes related to the removal of GAM Funds from the Plan's line-up.

NOW, THEREFORE, the Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Effective as of January 1, 2018, the definition of "Committee" in Section 1.2 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

**"Committee"** means the RBC USA Pensions and Benefits Committee (or successor committee), and any person, entity or office to whom the Committee properly delegates any authority related to this Plan. The members of the Committee, if any, serve at the pleasure of the Company, which has the power to appoint and remove members from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Effective July 1, 2022, the definition of "Fund Addition Date" in Section 1.2 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

**"Fund Addition Date"** means such times as interest or dividends are paid or other distributions are made in connection with a Mutual Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Effective July 1, 2022, the definition of "GAM Funds" in Section 1.2 of the Plan is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Effective July 1, 2022, the definition of "GAM Fund Price" in Section 1.2 of the Plan is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Effective July 1, 2022, Section 3.3 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Mutual Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Mutual Funds*. A Participant may elect to have all or a portion of their Voluntary Deferred Compensation deemed invested in one or more Mutual Funds. A Participant may elect to have all of his or her Company Contributions deemed invested in such Mutual Funds. Such Participant's account will be allocated the number of units (including fractional units) of a Mutual Fund equal to the portion of his or her Account Balance allocated to investments in Mutual Funds divided by the Mutual Fund Price, as applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Interest or Dividends on Mutual Funds*. On each Fund Addition Date, a determination will be made as to the number of units (including fractional units) of the Mutual Fund that will be credited to a Participant's account as of the Fund Addition Date. On the Fund Addition Date, an amount equal to the number of units of the Mutual Fund credited to a Participant's account multiplied by the amount of the interest or dividend per unit of the Mutual Fund will be credited to such Participant's account, or other fund determined by the Committee. Interest payments or other distributions will be deemed reinvested in additional units of the Mutual Fund at prevailing market prices on the Fund Addition Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Effective July 1, 2022, Section 3.4 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Valuation** 

Except for changes resulting from plan investment fund exchanges described in <u>Section 2.4(b)</u>, the notional value of a Participant's accounts will be updated daily through the applicable Valuation Date to reflect any increases or decreases in the value of the Participant's hypothetical investment.

The account of a Participant with a hypothetical investment in Mutual Funds will be debited by an amount representing a quarterly fee. The amount of the quarterly fee will be determined by multiplying the value of the Participant's hypothetical investment in such funds, as described above, by a decimal determined by the Company. The Company will from time to time review this calculation and may change the decimal factor used in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Effective July 1, 2022, Section 8.5 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 Voting Rights** 

Participants' accounts under the Plan are bookkeeping accounts and, accordingly, Participants will not have any voting rights with respect to any common shares or any units or other interests in Mutual Funds deemed allocated to any Participant's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In all other respects, the terms of the Plan are hereby ratified and affirmed.

------

IN WITNESS WHEREOF, Royal Bank of Canada has caused this amendment to be executed by its duly authorized officer this 19 day of May, 2022.

---

| | |
|:---|:---|
|  | ROYAL BANK OF CANADA |
| By: | /s/ David Schwarz |
| Its: | SVP, Compensation & Benefits |

---

------

AMENDMENT NO. 2 AND PROSPECTUS SUPPLEMENT TO

Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan (As of January 1, 2020)

WHEREAS: Royal Bank of Canada (the "Company") has previously adopted, and currently maintains, the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan (the "Plan"), amended and restated as of January 1, 2020, which was most recently amended as of July 1, 2022; and

WHEREAS: The Company has reserved the right, under Section 9 of the Plan, to amend the Plan at any time; and

WHEREAS: The Company wishes to amend the Plan, effective January 1, 2023, to: (a) clarify the Valuation Date for distributions following a Participant's death, (b) permit reducing or otherwise offsetting cash distributions to satisfy any outstanding debt or obligation owed by a Participant to the Employers or their Affiliates, and (c) clarify the process and timing for distributions following a Participant's death.

NOW, THEREFORE, the Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section (c) of the definition of "Valuation Date" in Section 1.2 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

"(c) <u>Section 5.2(c)</u>, Death, the date of distribution."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 5.4 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

"**5.4 Form of Distributions.** A Participant's Account Balance will be distributed in cash, less the amount of cash needed to satisfy withholding requirements with respect to all applicable federal, state and local taxes; provided, however, that a Participant's cash distribution may be further reduced or otherwise offset to satisfy any outstanding debt or obligation owed by the Participant to any of the Employers or their Affiliates, to the extent so permitted under Code Section 409A." 3. Section 5.5 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

------

"**5.5 Distributions to Beneficiaries.** 

If the Participant dies before any payment to such Participant is made, the Participant's entire Account Balance will be transferred to an investment at the Plan Interest Rate as soon as practical after the Plan receives notification of the Participant's death, and any Company Contributions and Voluntary Deferred Compensation contributions for the Plan Year that are credited after the Participant's death shall also be transferred to an investment at the Plan Interest Rate as of the date they are credited. Distribution of the Participant's entire Account Balance will be made in a single lump sum payment to such Participant's beneficiaries as soon as feasible after the Plan receives notification of the Participant's death or, if later, the date on which all Company Contributions and Voluntary Deferred Compensation Contributions have been credited, but in no event later than the end of the Plan Year following the Plan Year the Participant died. The value of the Account Balance will be based on the Valuation Date. If the Participant dies after payments have commenced but before distribution is completed, the Participant's remaining Account Balance will be transferred to an investment at the Plan Interest Rate as soon as practical after the Plan receives notification of the Participant's death or, if later, the date on which all Company Contributions and Voluntary Deferred Compensation Contributions have been credited. Distribution of the Participant's remaining Account Balance will be made in a single lump sum payment to such Participant's beneficiaries as soon as feasible thereafter, but in no event later than the end of the Plan Year following the Plan Year the Participant died. The value of the Account Balance will be based on the Valuation Date.

Notwithstanding the foregoing, if the Plan is not timely notified of the death of the Participant and therefore cannot reasonably begin or make payments by the distribution deadline required by Code Section 409A, a lump sum distribution will be made to the beneficiary as soon as possible following the Plan's receipt of the death notification, distribution forms, and death certificate in good order, subject to any tax, interest, and penalties imposed by Section 409A."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In all other respects, the terms of the Plan are hereby ratified and affirmed.

*[Signature Page Follows]* 

------

IN WITNESS WHEREOF, Royal Bank of Canada has caused this amendment to be executed by its duly authorized officer this 02 day of November, 2022.

---

| | |
|:---|:---|
|  | ROYAL BANK OF CANADA |
| By: | /s/ David Schwarz |
| Its: | SVP, Compensation & Benefits |

---

------

AMENDMENT NO. 3 AND PROSPECTUS SUPPLEMENT TO

Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan (As of January 1, 2020)

WHEREAS: Royal Bank of Canada (the "Company") has previously adopted, and currently maintains, the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan (the "Plan"), amended and restated as of January 1, 2020, which was most recently amended as of January 1, 2023; and

WHEREAS: The Company has reserved the right, under Section 9 of the Plan, to amend the Plan at any time; and

WHEREAS: The Company wishes to amend the Plan, effective January 1, 2024, to (a) recognize the 460 top-producing Financial Advisors by adding the "Executive Council" as an additional category of Financial Advisor eligible for Plan participation as well as change all Plan references to the "Chairman Council" to reflect its replacement by the "Premier Council," and the "Executive Council," and (b) clarify the positions eligible for the Plan.

NOW, THEREFORE, the Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 2.1(a) of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

"(a) *Eligible Employees*. Employees eligible to participate in the Plan are any of the select group of management or highly compensated employees of an Employer whose compensation or production otherwise exceeds a level deemed appropriate by the Company and who are invited to become Participants by the Business or the Company. For 2024, and for successive Plan Years, unless revised by the Company, the following individuals shall be Eligible Employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employees classified as "Financial Advisors" by their Employer and whose production levels for the preceding Fiscal Year qualify for Executive Council, Premier Council, or President's Council.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employees classified as "Branch Directors" by their Employer and whose production levels for the preceding Fiscal Year qualify for Executive Council, Premier Council, or President's Council.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Employees whose employee class is other than "Financial Advisor" or "Branch Director" and who, for the preceding Measurement Year had Total Cash Compensation of at least $1 Million.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Employees hired during a Plan Year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Whose performance at their prior employer during the 12 months prior to their employment date with an Employer would have qualified such Employee for Executive Council, Premier Council, or President's Council if they had performed such services while classified as Financial Advisors or Branch Directors by an Employer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Who is subject to an offer letter or employment agreement that guarantees Gross Cash Compensation of at least $1 Million and their employee class is not "Financial Advisor" or "Branch Director."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Employees classified as "Members of the Global Asset Management Executive Committee" by their Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Employees classified as "Investment Team Heads within the Global Asset Management Group" by their Employer."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 2.1(b)(i)(1) of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

"(1) individuals who are classified as "Institutional Middle Market", "Branch Network Director", "Complex Director", "Divisional Director" or "IMM Head" by their Employer; and"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In all other respects, the terms of the Plan are hereby ratified and affirmed.

*[Signature Page Follows]* 

------

IN WITNESS WHEREOF, Royal Bank of Canada has caused this amendment to be executed by its duly authorized officer this 1 day of November, 2023.

---

| | | |
|:---|:---|:---|
|  | ROYAL BANK OF CANADA | ROYAL BANK OF CANADA |
| 1.) | By: | David Schwarz |
|  |  | /s/ David Schwarz |
|  | Its: | SVP, Compensation & Benefits |
| 2.) | By: | Katharine Liu |
|  |  | /s/ Katharine Liu |
|  | Its: | VP, Compensation |

---

------

AMENDMENT NO. 4 AND PROSPECTUS SUPPLEMENT TO

Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan (As of January 1, 2020)

WHEREAS: Royal Bank of Canada (the "Company") has previously adopted, and currently maintains, the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan (the "Plan"), amended and restated as of January 1, 2020, which was most recently amended as of January 1, 2024; and

WHEREAS: The Company has reserved the right, under Section 9 of the Plan, to amend the Plan at any time; and

WHEREAS: The Company wishes to amend the Plan, effective May 1, 2024, to reflect the replacement of the RBC Interest Account with the Vanguard Federal Money Market Fund as the Plan's default investment option.

NOW, THEREFORE, the Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A new definition of "Default Investment Option" is hereby added to Section 1.2 of the Plan, to read as follows:

"**"Default Investment Option"** means a Plan investment option, the primary objective of which is the preservation of capital, as selected from time to time by the Committee in its discretion."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definition of "Plan Interest Rate" in Section 1.2 of the Plan is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section 2.4(a) of the Plan is hereby amended by replacing the phrase "at the Plan Interest Rate" with "in the Default Investment Option"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Section 3.2 of the Plan is hereby deleted in its entirety, and the following new Section 3.2 is substituted in its place:

"**3.2 Default Investment Option** 

Participants may elect to have all or a portion of their Deferred Compensation invested in the Default Investment Option."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Section 5.5 of the Plan is hereby amended by replacing the phrase "at the Plan Interest Rate" with "in the Default Investment Option" in each place it appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In all other respects, the terms of the Plan are hereby ratified and affirmed.

*[Signature Page Follows]* 

------

IN WITNESS WHEREOF, Royal Bank of Canada has caused this amendment to be executed by its duly authorized officer this 11 day of April, 2024.

---

| | |
|:---|:---|
| ROYAL BANK OF CANADA | ROYAL BANK OF CANADA |
| By: | /s/ David Schwarz |
| Its: | SVP, Compensation & Benefits |
| ROYAL BANK OF CANADA | ROYAL BANK OF CANADA |
| By: | /s/ Katharine Liu |
| Its: | VP, Compensation |

---

## Exhibit 4.3

**Exhibit 4.3** 

**Amended and Restated** 

**Royal Bank of Canada** 

**Employee Deferred Advantage Plan** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>And Prospectus</u>** 

**The date of this document is January 1, 2020** 

This document constitutes part of

a prospectus covering securities

that have been registered under

The Securities Act of 1933

RBC U.S.A. Holdco. Corporation

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  SECTION 1 INTRODUCTION | SECTION 1 INTRODUCTION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | General Nature and Purpose of the Plan | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Rules of Interpretation | 5 |
|  SECTION 2 DEFERRALS AND DEEMED INVESTMENTS | SECTION 2 DEFERRALS AND DEEMED INVESTMENTS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Eligibility | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Election to Voluntarily Defer Compensation | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Investments | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Participant Accounts | 8 |
|  SECTION 3 INFORMATION CONCERNING INVESTMENT ALTERNATIVES | SECTION 3 INFORMATION CONCERNING INVESTMENT ALTERNATIVES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Company Common Shares | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Plan Interest Rate | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Mutual Funds and GAM Funds | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Valuation | 9 |
|  SECTION 4 VESTING | SECTION 4 VESTING | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Vesting Date | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Change in Control | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Forfeitures | 11 |
|  SECTION 5 DISTRIBUTIONS | SECTION 5 DISTRIBUTIONS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Payment Date | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Distribution Dates | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Form of Distributions | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Designation of Beneficiary | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Disclaimers by Beneficiaries | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Federal Income Tax | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | Tax Withholding | 14 |
|  SECTION 6 SPENDTHRIFT PROVISIONS | SECTION 6 SPENDTHRIFT PROVISIONS | 15 |
|  SECTION 7 ADMINISTRATION | SECTION 7 ADMINISTRATION | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | The Company | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Claims Procedure | 15 |
|  SECTION 8 OTHER ADMINISTRATIVE MATTERS | SECTION 8 OTHER ADMINISTRATIVE MATTERS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Reporting | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Plan Obligor; Status as Unsecured General Creditors | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | Disclaimer of Employment and Bonus Rights | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Administrative Expenses of the Plan | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Voting Rights | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Governing Law | 16 |

---

-i-

------

**TABLE OF CONTENTS** 

(continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Page** | **Page** |
|  SECTION 9 AMENDMENT OR TERMINATION | SECTION 9 AMENDMENT OR TERMINATION |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Amendments to and Termination of Plan |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Merger |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Applicability to Successors |  | 17 |

---

-ii-

------

**SECTION 1** 

**INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 General Nature and Purpose of the Plan**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Nature and Purpose*. The Royal Bank of Canada Employee Deferred Advantage Plan (the "**Plan**") is a nonqualified deferred compensation plan under which certain key employees of the Royal Bank of Canada (the "**Company**") and its Participating Subsidiaries (collectively, the "**Employers**") may defer receipt of a portion of their compensation until specified distribution dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Company U.S. Deferred Compensation Plan History*. This Plan is a plan that is wholly separate from the US Wealth Accumulation Plan, and benefits under this Plan are separate from and unrelated to any benefits provided under the US Wealth Accumulation Plan. Further, distribution elections for, timing of, and triggering events for contributions made under this Plan are governed by this Plan, not the US Wealth Accumulation Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Purposes of the Plan*. The purposes of this Plan are to (i) allow key employees to defer taxation of a portion of their income, (ii) induce key employees to increase performance to assist the Company in reaching its goal of increased profitability, and (iii) attract and retain key employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Applicability of ERISA.* The Plan is not intended to be a tax-qualified plan under Code Section 401 or an "employee pension benefit plan" as defined by the Employee Retirement Income Security Act of 1974, as amended. The intent of this Plan is to provide in-service distributions of deferrals made hereunder and restricting payments after a Separation to only incidental payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Effectiveness*. This Plan was first effective January 1, 2013, and it was restated effective January 1, 2016, and this restatement (the "**Restatement**") is effective from and after January 1, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Definitions**.

"**Account Balance**" means, for any given date, a Participant's Deferred Compensation, plus or minus the hypothetical investment performance thereon.

"**Affiliate**" of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; the terms "controlling" and "controlled" have meanings correlative to the foregoing.

"**Bonus**" means that portion of Gross Cash Compensation that is paid during a Plan Year that is based on services performed during the Performance Year.

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"**Business**" means the chief officer and/or operating committee of any Participating Subsidiary.

"**Change in Control**" means the Company's sale of (a) at least 75% of the equity or (b) all or substantially all of the assets of a Participating Subsidiary to a person or entity (or a collection of Persons or entities acting as a group) that is not the Company, an Employer or an Affiliate of either. Notwithstanding the foregoing, a Change in Control will be deemed to have occurred only if such transaction meets the requirements of a "change in control" (as described in Treasury Regulation § 1.409A-3(i)(5)) with respect to the Participating Subsidiary.

"**Code**" means the U.S. Internal Revenue Code of 1986, as amended, and includes the regulations and guidance in effect thereunder.

"**Committee**" means the WAP Committee (or successor committee), and any person, entity or office to whom the Committee properly delegates any authority related to this Plan. The members of the Committee, if any, serve at the pleasure of the Company, which has the power to appoint and remove members at any time.

"**Company**" means Royal Bank of Canada, a Schedule I bank under the Bank Act (Canada) with its corporate headquarters in Toronto, Ontario, Canada, and any successor or assign.

"**CRMOC**" means the Compensation Risk Management Operating Committee (or successor committee). The members of the CRMOC, if any, serve at the pleasure of the Company, which has the power to appoint or remove members at any time.

"**Deferred Compensation**" means the sum of a Participant's Voluntary Deferrals and Mandatory Deferrals, if any.

"**Disability**" means the Participant's injury or illness that both (a) qualifies him or her for benefits under a long-term disability plan covering eligible employees of the Participant's Employer and (b) causes the Participant to be absent from his or her employment with his or her Employer for a continuous period of not less than 12 months; provided, however, that solely for purposes of Section 4.1(c) of the Plan, the Company may, in its sole discretion, determine that a Participant has a Disability if his or her injury or illness both (a) qualifies him or her for benefits under a long-term disability plan covering eligible employees of the Participant's Employer and (b) is expected to cause the Participant to be absent from his or her employment with his or her Employer for a continuous period of not less than 12 months. To be considered to have a Disability, the Participant must also have terminated from employment with the Employers and their Affiliates.

"**Employee**" means an individual classified as a common law employee by, and on the payroll of, an Employer.

"**Employers**" means the Company and Participating Subsidiaries.

"**FICA**" means the Federal Insurance Contribution Act.

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"**Fiscal Year**" means the Company's accounting year, which begins each November 1 and ends each October 31.

"**Fund Addition Date**" means such times as interest or dividends are paid or other distributions are made in connection with a Mutual Fund or GAM Fund.

"**GAM Funds**" means the Company US Global Asset Management Funds as identified below, including any successor fund by virtue of a change in name, asset class and/or ticker symbol.

---

| | |
|:---|:---|
| RBC Small Cap Core Fund Class R6 | RBRCX |
| RBC Emerging Markets Equity Fund Class R6 | RREMX |
| Access Capital Community Investment Fund Class I | ACCSX |
| RBC Short Duration Fixed Income Fund Class I | RSDIX |
| RBC Bluebay High Yield Bond Fund Class I | RGHYX |

---

"**GAM Fund Price**" means, unless otherwise determined by the Committee, the daily reported closing price of an interest in, or units of, the GAM Funds.

"**Gross Cash Compensation**" has the meaning ascribed to "Recognized Compensation" under the Qualified Plan on the first day of each Plan Year to which an election to defer compensation relates. Gross Cash Compensation is Recognized Compensation that is earned by an Employee for services rendered during a Plan Year, and includes any amounts an Employee contributes to the Qualified Plan or an employer-sponsored cafeteria plan from his or her total compensation. Notwithstanding anything to the contrary, (i) if "Recognized Compensation" includes any distributions from deferred compensation plans, Gross Cash Compensation shall include such amounts only to the extent that any further deferral of such amounts into this Plan does not cause the imposition of an additional tax under Code Section 409A, (ii) Gross Cash Compensation shall exclude any "DAP Transition Payments," "heritage transition payments" or other similar payments that would otherwise be included in "Recognized Compensation," and (iii) Gross Cash Compensation earned for any payroll period that includes the last day of a calendar year, and for which payment is made after such last day of the calendar year in accordance with the Employer's standard payroll practice, shall be treated as earned in the year of payment.

"**Latest Payment Date**" means the July 1 following the fifth calendar year after the year in which the Voluntary Deferrals were contributed to this Plan. For example, for Voluntary Deferrals contributions made in 2020, the latest Payment Date is July 1, 2026.

"**Mandatory Deferrals**" means that portion of an Employee's Gross Cash Compensation that must be deferred to the Plan, as determined pursuant to the formula set forth in the Institutional Middle Market compensation plan or the Complex Director Compensation Plan, as applicable. For purposes of Code Section 409A, Mandatory Deferrals are not "voluntary deferrals" and can be subject to a "substantial risk of forfeiture" as that term is used in Code Section 409A.

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"**Measurement Year**" means the period beginning each October 1 and ending each September 30.

"**Mutual Funds**" means any of the mutual funds that have been selected by the Committee, as supplemented, replaced or eliminated from time-to-time at the discretion of the Committee.

"**Mutual Fund Price**" means, unless otherwise determined by the Committee, the daily reported closing price of an interest in, or units of, the Mutual Funds.

"**NYSE**" means the New York Stock Exchange.

"**Participant**" means an individual who has an Account Balance.

"**Participating Subsidiary**" means a corporation, now or in the future, affiliated with the Company that adopts, or has adopted, the Plan. No corporation may become a Participating Subsidiary without prior consent of the Company. Such participation is subject to such limitations as the Company may impose and will cease upon a Change in Control of such Participating Subsidiary.

"**Payment Date**" means a July 1 on or before the Latest Payment Date, as elected by the Employee on his or her election Form, as described in <u>Section 2.2</u>.

"**Performance Year**" means the 12-month service period beginning each April 1 and ending on the following March 31.

"**Person**" means any individual, sole proprietorship, corporation, partnership, joint venture, limited liability company, association, joint-stock company, trust, unincorporated organization, institution, public benefit corporation, entity or government instrumentality, division, agency, body or department.

"**Plan**" means the Royal Bank of Canada Employee Deferred Advantage Plan, as set forth in this document and as amended from time to time.

"**Plan Interest Rate**" means an interest rate determined from time to time by the Committee.

"**Plan Obligor**" means the party that is responsible for satisfaction of amounts payable to Participants.

"**Plan Year**" means, with respect to a particular year, the 12-month period beginning January 1 and ending December 31 of such year.

"**Qualified Plan**" means the RBC-U.S.A. Retirement and Savings Plan, as amended from time to time.

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"**Separation**" means the separation of employment from the Employers or any Affiliate of an Employer, as the case may be, of a Participant, other than due to such Participant's death or Disability. Notwithstanding the foregoing, transfers of employment among the Employers and their Affiliates will not be a "Separation" for purposes of this Plan, and any separation from employment will not be a "Separation" unless it also constitutes a "separation from service" under Code Section 409A.

"**Total Cash Compensation**" means those items of an Employee's compensation that are coded as "BenSal" in his or her Employer's payroll system. Such items include, for example, base salary, commissions, cash bonuses, and amounts distributed under cash-based nonqualified deferred compensation plans.

"**Vesting Date**" means the date that Mandatory Deferrals vest, as set forth in <u>Section 4.1</u>.

"**Vice President of Pension & Benefits**" means the Company's Vice President of Pension & Benefits (or his or her successor), and any person, entity or office to whom the Vice President of Pension & Benefits properly delegates any authority related to this Plan.

"**Voluntary Deferrals**" means the portion or percentage of an Employee's eligible Gross Cash Compensation that the Employee elects to defer to the Plan in accordance with <u>Section 2.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 Rules of Interpretation**. Whenever appropriate, words used herein in the singular may be read in the plural, or words used herein in the plural may be read in the singular; the masculine may include the feminine and the words "hereof," "herein" or "hereunder" or other similar compounds of the word "here" mean and refer to this entire Plan and not to any particular paragraph or section of this Plan unless the context clearly indicates to the contrary. The titles given to the various sections of this Plan are inserted for convenience of reference only and are not part of this Plan and they will not be considered in determining the purpose, meaning or intent of any provision hereof. Any reference in this Plan to a statute or regulation will be considered also to mean and refer to any subsequent amendment or replacement of that statute or regulation.

**SECTION 2** 

**DEFERRALS AND DEEMED INVESTMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Eligibility**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Eligible Employees*. Employees eligible to participate in the Plan are key employees of an Employer whose compensation or production exceeds a level deemed appropriate by the Company and who are invited to become Participants by the Company or the Business. For 2020, and for successive Plan Years unless revised by the Company, the following individuals shall be Eligible Employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employees classified as "Financial Advisors" (excluding those Financial Advisors who are also classified as "Institutional Middle Market") by their Employer and whose production levels for the preceding Fiscal Year are at least $550,000, but do not qualify for President or Chairman Council.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Employees classified as "Branch Directors" by their Employer and whose production levels for the preceding Fiscal Year are at least $550,000, but do not qualify for President or Chairman Council.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Employees (including newly hired employees) classified as "PCG Complex Directors," as "PCG Divisional Directors," as "Institutional Middle Market Sales - Financial Advisors" or as "Institutional Middle Market—Head."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Employees who hold positions classified by their Employer as similar to those referenced in (i) and (ii) above, whose production levels for the preceding Fiscal Year are at least $550,000, and who are notified in writing that they are eligible to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Employees whose employment class is not listed in item (i), (ii) or (iii) above and who, for the preceding Measurement Year, had Total Cash Compensation of at least $350,000, but less than $1 Million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Employees hired during a Plan Year whose performance at their prior employer during the 12 months prior to their employment date with an Employer would have qualified them for participation under item (i) or (ii) above had such Employees performed such services for an Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Employees hired during a Plan Year whose employment class is not listed in item (i) or (ii) above and who are guaranteed to earn at least $350,000, but less than $1 Million, in salary and bonus during the Measurement Year that contains their hire date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Ineligible Employees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything in the Plan to the contrary, employees of a "nonqualified entity," as that term is described under Code Section 457A are ineligible to participate in the Plan, even if they satisfy any of the eligibility criteria described in <u>Section 2.1(a)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Deferred Compensation or other benefits are available under the Plan for services rendered by an Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) who is excluded pursuant to <u>Section 2.1(b)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) who is a resident of Canada for purposes of the Income Tax Act (Canada) throughout the period during which the services were rendered; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in Canada, or in connection with a business carried on by an Employer in Canada, or a combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Election to Voluntarily Defer Compensation**. Eligible Employees may enroll in the Plan by electing to make Voluntary Deferrals for the next succeeding Plan Year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Compensation Eligible for Deferral.* Eligible Employees may defer all a portion of their Gross Cash Compensation to the Plan pursuant to this Section and subject to any rules and limits as determined by the Company and/or Business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Irrevocable elections for Voluntary Deferrals on Gross Cash Compensation, excluding any Bonus, earned during a Plan Year must be made no later than December 31 of the year immediately preceding the Plan Year in which such compensation will be earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Irrevocable elections for Voluntary Deferrals on Gross Cash Compensation related to a Bonus payable in the Plan Year must be made no later than the day immediately before the Performance Year subject to the election, or such later date as may be permitted under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding items (i) and (ii) above, an Employee who first becomes eligible to participate in the Plan during a Plan Year has 30 days from the date of such initial eligibility to submit an election to defer compensation described in items (i) or (ii) above, as applicable, for services performed during such Plan Year or Performance Year, respectively, after the date of such initial election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effectiveness of Elections*. For a given Plan Year, a written or online election to defer compensation is irrevocable after it is accepted by the Company. An election by an Employee who is first eligible to participate in the Plan during a given year becomes effective beginning the first day of the month following the date such election form is submitted and accepted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Limits on Elections*. The Business and Company have the discretion to limit the amount of Voluntary Deferrals or the amount of Gross Cash Compensation that may be taken into account for making Voluntary Deferral contributions. The Company, which may accept input from the Business, will from time to time establish the maximum percentage of a Participant's Gross Cash Compensation and/or Bonus that he or she may elect to defer under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Payroll Deduction*. Voluntary Deferrals will be deferred by payroll reduction during each payroll period for which a valid election is in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Annual Deferrals*. On each Plan Year's election, a Participant (or Employee for the first election) may choose the form of the hypothetical investment of his or her Deferred Compensation by electing to credit such deferrals for any Plan Year to one or more of the hypothetical investments established by the Committee. If a Participant fails to elect how deferrals are deemed to be invested, such Deferred Compensation will be deemed to be invested at the Plan Interest Rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Investment Fund Exchanges.* Subject to such rules as the Company, from time to time and in its sole and absolute discretion, may impose a Participant may elect to have all or a portion of his or her Account Balance transferred to any other type of hypothetical investment. Participants may initiate an investment fund exchange by submitting a request in writing to the Company in such form as the Company determines. Requests made during any month to exchange all or any portion of an Account Balance for another hypothetical investment will be honored at the time/times determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Participant Accounts**. Accounts for Participants will be established for bookkeeping purposes only and will not be considered as, or as evidence of the creation of, a trust fund or a transfer or other segregation of assets for the benefit of the Participants or their estates. Such accounts will be established and credited with the appropriate amounts as provided for in the Plan as of the end of each business day.

**SECTION 3** 

**INFORMATION CONCERNING INVESTMENT ALTERNATIVES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Company Common Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Company Common Shares*. For any Plan Year, in connection with a Participant's election to have a portion of his or her Deferred Compensation credited toward Company common shares, the applicable Participant's account will be deemed to have been allocated the number of Company common shares, including fractional shares, resulting from dividing such portion of the Participant's Deferred Compensation allocated to the investment in Company common shares by the closing price per Company common share on the NYSE as reported on the day of crediting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Dividends on Company Common Shares*. At such times as the Company declares dividends on its common shares, an amount equal to the number of Company common shares credited to a Participant's account on the record date multiplied by the declared dividend per share in U.S. dollars (such dividend to be calculated without taking into account any and all Canadian withholding taxes to which such dividend might be subject, if actually paid) will be credited, on the payment date, to such Participant's account in cash (if dividends are paid in cash) or in Company common shares (if dividends are declared in common shares), or in such other property determined by the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Purchases of Company Common Shares*. All amounts credited to a Participant's account as a result of cash dividends will be used on a daily basis (or on such other date as determined by the Committee in its sole discretion) to purchase hypothetical Company common shares. The number of additional Company common shares credited to each Participant's account after the end of each day due to the hypothetical purchases described in this paragraph will be equal to the number of Company common shares, including fractional shares, derived by dividing the total amount of cash credited to the Participant's account as described in this <u>Section 3.1</u> by the closing price per Company common share on the NYSE as reported on the date of the hypothetical purchase of the Company common shares credited to such Participant's account under this <u>Section 3.1</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Plan Interest Rate**. Participants may elect to have all or a portion of their Deferred Compensation invested at the Plan Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Mutual Funds and GAM Funds**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Mutual Funds and GAM Funds*. A Participant may elect to have all or a portion of their Deferred Compensation deemed invested in one or more Mutual Funds and/or GAM Funds. Such Participant's account will be allocated the number of units (including fractional units) of a Mutual Fund and/or GAM Fund equal to the portion of his or her Account Balance allocated to investments in Mutual Funds and/or GAM Funds divided by the Mutual Fund Price and/or GAM Fund price, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Interest or Dividends on Mutual Funds and/or GAM Funds*. On each Fund Addition Date, a determination will be made as to the number of units (including fractional units) of the Mutual Fund and/or GAM Fund that will be credited to a Participant's account as of the Fund Addition Date. On the Fund Addition Date, an amount equal to the number of units of the Mutual Fund and/or GAM Fund credited to a Participant's account multiplied by the amount of the interest or dividend per unit of the Mutual Fund and/or GAM Fund will be credited to such Participant's account, or other fund determined by the Committee. Interest payments or other distributions will be deemed reinvested in additional units of the Mutual Fund and/or GAM Fund at prevailing market prices on the Fund Addition Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Valuation**. Except for changes resulting from Plan investment fund exchanges described in Section 2.3(b), the notional value of a Participant's accounts will be updated daily (through the applicable valuation date described in Section 5.2) to reflect any increases or decreases in the value of the Participant's hypothetical investment.

The account of a Participant with a hypothetical investment in Mutual Funds and/or GAM Funds will be debited by an amount representing a quarterly fee. The amount of the quarterly fee will be determined by multiplying the value of the Participant's hypothetical investment in such funds, as described above, by a decimal determined by the Company. The Company will from time to time review this calculation and may change the decimal factor used in this calculation.

**SECTION 4** 

**VESTING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Vesting Date**. Voluntary Deferrals (and the related investment returns) are fully vested at all times. Mandatory Deferrals (and the related investment returns) in a Participant's account will vest on the "Vesting Date," which is the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to one-third of each Mandatory Deferral, the first day of the first, second and third Plan Years following the Plan Year in which such Mandatory Deferral was made to the Plan; provided, that for purposes of Section 5.2(b), the "Vesting Date" for any Mandatory Deferral shall be the date upon which such Mandatory Deferral becomes fully vested in accordance with the foregoing vesting schedule;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of the Participant's death while employed with an Employer or an Affiliate of an Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date the Participant satisfies the definition of Disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date of Separation for a Participant who is classified by an Employer as Institutional Middle Market or Complex Director and whose age and years of employment (as determined using the service rules set forth in the Qualified Plan) with the Employers when combined equals at least 60 at Separation and who has entered into a non-competition, non-solicitation and related agreement (the "Restrictive Covenants Agreement") of at least one year at the request of the Participant's employer in the form then approved by the Company and/or Business; provided that for any resident of California, North Dakota, Oklahoma or any other jurisdiction as determined by the Company who enters into a Restrictive Covenants Agreement, such date shall be the later of the first anniversary of the date such Participant enters into the Restrictive Covenants Agreement or the first anniversary of the Participant's Separation (subject to the Participant's adherence to the terms therein until such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date of Separation for a Participant who is classified by an Employer as Institutional Middle Market and who is terminated due to restructuring, as determined by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the date described in <u>Section 4.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Change in Control**. In the event of a Change in Control of a Participating Subsidiary, each Participant who is employed by such Participating Subsidiary immediately prior to the date on which the Change in Control is consummated and who, due to the Change in Control (as determined by the Company), is no longer employed by an Employer immediately after the Change in Control will become vested in his or her Mandatory Deferrals (and related investment returns) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Minimum Vesting*. Each affected Participant's Mandatory Deferrals will be vested pro rata, based on the period of time that has elapsed from the effective date of the contribution to the date of the Change in Control relative to the total vesting period related to such contribution. Before a Change in Control event, the Company will establish a reasonable method for calculating the pro rata portion of each affected Participant's Account Balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Discretionary Vesting*. The Board has the discretionary authority to vest any amount held in an affected Participant's account that remains unvested after the application of paragraph (a) above. In making its determination, the Board may consider the terms of the transaction governing the Change in Control, the financial impact on the Employers, and any other factors it deems relevant to its determination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Forfeitures**. Except as otherwise specifically set forth herein, all Mandatory Deferrals and related deemed investment returns that are not vested on the Participant's Separation date will be deemed forfeited, and such Participant's account will be appropriately reduced.

**SECTION 5** 

**DISTRIBUTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Payment Date**. Upon electing to make Voluntary Deferrals to the Plan for a Plan Year, a Participant must select a Payment Date on his election for such deferrals. Such Payment Date will govern the date the related Voluntary Deferrals will be distributed to the Participant and must be no later than Latest Payment Date. If the Participate fails to name a Payment Date, the default payment date will the Latest Payment Date. The Payment Date is subject to this <u>SECTION 5</u> and any other terms and conditions the Company may impose. Notwithstanding anything to the contrary, the Company may require a Participant to elect a date that is earlier than the Latest Payment Date in order to prevent payments under this Plan to be made after such Participant's Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Distribution Dates**. Distributions of a Participant's Account Balance will be made upon the first to occur of the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *The Payment Date*. Distributions of a Participant's Voluntary Deferrals and related investment returns will be made in a single payment on the Payment Date or within 90 days following the Payment Date. The Voluntary Deferrals to be distributed will be valued as of the Payment Date (or, if the Payment Date is not a business day, the next following business day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *The Vesting Date.* Distributions of a Participant's Mandatory Deferrals and related investment returns will be made in a single payment on the July 1 (or within 90 days following the July 1) immediately following the Vesting Date. The Mandatory Deferrals to be distributed will be valued as of the July 1 following the Vesting Date (or, if such date is not a business day, the next following business day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Death Distributions.* If the Participant dies while employed by the Employers or their Affiliates, distribution of his or her Account Balance will be made in a single payment to such Participant's beneficiaries within 90 days after the Participant's death. The value of the vested Account Balance will be determined as of the date the Participant died (or the date of his or her last Voluntary Deferral or Mandatory Deferral, if later). Notwithstanding the foregoing, if any Deferred Compensation contributions are made on behalf of the Participant after his or her death, such contributions will be made no later than on the first business day of the Plan Year following the year of the Participant's death. Such contributions and any dividends allocated to the Participant pursuant to <u>Section 3.1(b)</u> will be (i) fully vested when made, (ii) distributed in a single payment to the appropriate beneficiaries as soon as feasible after the final contribution is made on behalf of the Participant (but no later than March 15 following the Plan Year in which the Participant died), (iii) valued as of the date the final contribution (and dividend allocation date for deemed dividends) is made on behalf of the Participant, and (iv) deemed separate distributions for purposes of Code Section 409A

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Disability*. Distributions due to Disability will be made in a single payment to the Participant promptly after, but in no event after the 90th day following, the date the Participant satisfies the definition of Disability. The Participant's account will be valued as of the date the Participant satisfies the definition of Disability. If such date is not a business day, the account will be valued as of the next following business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Separation.* If the Participant has a Separation before his or her Payment Date, a distribution of his or her vested Account Balance will be made in a single sum promptly after, but in no event after the 90th day following, the July 1 of the Plan Year that begins following the year of Separation. The Participant's account will be valued as of the July 1 on or preceding the distribution date. If such July 1 is not a business day, the account will be valued as of the next following business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Change In Control*. If, as a result of a Change in Control, a Participant's employer that is a Participating Subsidiary ceases to be a Participating Subsidiary under the Plan, each Participant who is employed by such Participating Subsidiary immediately prior to the date on which the Change in Control is consummated and who, due to the Change in Control (at the determination of the Company), is no longer employed by a Participating Subsidiary immediately after the Change in Control will receive his or her vested Account Balance on the date on or promptly after, but in no event after the 90th day following, the date the Change in Control is consummated. The Participant's account will be valued as of the date of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Form of Distributions**. A Participant's Account Balance will be distributed in cash, less the amount of cash needed to satisfy withholding requirements with respect to all applicable federal, state and local taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Designation of Beneficiary**. Each Participant has the right to designate in writing or on-line, in form satisfactory to the Company, one or more beneficiaries to receive the unpaid vested balance of the Participant's account in the event of such Participant's death, and may change or revoke any prior beneficiary designation by a similar instrument in writing. Any beneficiary designation must be received by the Company before the Participant's death. Any beneficiary designation of a Participant's spouse will automatically be made void in the event of a divorce. If a Participant fails to designate a beneficiary or, having revoked a prior beneficiary designation, fails to designate a new beneficiary, or in the event the Participant's beneficiary designation fails, in whole or in part, by reason of the prior death of a designated beneficiary, divorce or for any other cause, then the undistributed vested balance of the Participant's account, or the portion thereof as to which such designation fails, as the case may be, will be paid to the Participant's spouse, or if none, the Participant's estate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Disclaimers by Beneficiaries**. A beneficiary entitled to a distribution of all or a portion of a deceased Participant's accounts may disclaim his or her interest therein subject to the following requirements. To be eligible to disclaim, a beneficiary must be a natural person, must not have received a distribution of all or any portion of such accounts at the time such disclaimer is executed and delivered, and must have attained at least 21 years of age as of the date of the Participant's death. Any disclaimer must be in writing and must be executed personally by the beneficiary before a notary public. A disclaimer will state that the beneficiary's entire interest in the undistributed accounts is disclaimed or will specify what portion thereof is disclaimed. To be effective, duplicate original executed copies of the disclaimer must be both executed and actually delivered to the Company after the date of the Participant's death but not later than 180 days after the date the Company has actual knowledge of the Participant's death. A disclaimer will be irrevocable when delivered to the Company. A disclaimer will be considered to be delivered to the Company only when actually received by the Company. The Company will be the sole judge of the content, interpretation and validity of a purported disclaimer. Upon the filing of a valid disclaimer, the beneficiary will be considered not to have survived the Participant as to the interest disclaimed and any distribution made to the beneficiary will be reversed. A disclaimer by a beneficiary will not be considered to be a transfer of an interest in violation of the provisions of <u>SECTION 6</u> and will not be considered to be an assignment or alienation of benefits in violation of any law prohibiting the assignment or alienation of benefits under this Plan. The Company will not recognize any other form of attempted disclaimer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 Federal Income Tax**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Tax Consequences of Participating in the Plan*. The Plan provides that the election to defer any portion of a Participant's compensation, and the establishment of a fixed date for payment, is made prior to the performance of the personal services for an Employer to which the compensation relates. Accordingly, the Company believes that Participants are not expected to recognize the deferred amounts as ordinary income for federal income tax purposes until such amounts are actually paid or distributed to them by the Company; <u>provided</u>, that such amounts may still be subject to FICA taxes when deferred to the Plan or become vested under the Plan. Similarly, the Company is not expected to be allowed any income tax deduction on account of the Plan until, and for its taxable year in which, a Participant recognizes ordinary income hereunder, to the extent such amount satisfies the general rules concerning deductibility of compensation. As described above and in <u>Section 5.7</u> below, it is expected that the Company will be required to withhold or otherwise collect income and other payroll taxes upon such amounts as required under Code Section 3402 and certain other Code sections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Payment Acceleration for Employment Taxes*. Notwithstanding any provision of the Plan to the contrary, to the extent the Company cannot withhold FICA taxes from the Participant's regular payroll checks to cover the FICA taxes owed by a Participant on Mandatory Contributions as they vest, the Company will accelerate distributions under the Plan as necessary to pay such FICA tax. In no event may the amount of the acceleration exceed the aggregate of the FICA taxes owed by such Participant that cannot be withheld from the Participant's regular payroll.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compliance with Code Section 409A.* Notwithstanding any provision of the Plan to the contrary, the provisions of the Plan shall be administered, interpreted and construed in accordance with Code Section 409A, the regulations and other binding guidance promulgated thereunder (or disregarded to the extent such provisions cannot be so administered, interpreted or construed). It is intended that distribution events authorized under the Plan qualify as permissible distribution events for purposes of Code Section 409A, and the Plan shall be interpreted and construed accordingly in order to comply with Code Section 409A, the regulations and other binding guidance promulgated thereunder. Accordingly, if a Participant is a specified employee for purposes of Code Section 409A and a payment subject to Code Section 409A to the Participant is due upon separation from service, such payment shall be delayed for a period of six (6) months after the date the Participant separates from service (or, if earlier, the death of the Participant). The Company reserves the right to accelerate, delay or modify distributions to the extent permitted under Code Section 409A. Notwithstanding any provision of the Plan to the contrary, in no event shall the Committee or the Board of Directors of the Company (or any member thereof), or the Company (or its employees, officers, directors, or affiliates) have any liability to any Participant (or any other person) due to the failure of the Plan to satisfy the requirements of Code Section 409A or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Participants Should Consult Their Tax Advisors*. Due to the complexity of the applicable provisions of the Code, this summary of certain federal income tax consequences sets forth only the general tax principles affecting the Plan. These general tax principles are subject to changes that may be brought about by subsequent legislation or by regulations and administrative rulings, which may be applied on a retroactive basis. Neither the Company nor any Participating Subsidiary has obtained, and as a result of various provisions the Plan is not eligible for, a ruling from the Internal Revenue Service regarding the federal income tax consequences associated with participation in the Plan. Participants may be subject to state or local income taxes as a result of their election to defer compensation pursuant to the Plan, and Participants should refer to the applicable laws in those jurisdictions. **Accordingly, each Plan Participant should consult his or her own tax counsel on questions regarding tax liabilities arising upon any election to defer compensation pursuant to the Plan and any distributions made to such Participant pursuant to the Plan.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 Tax Withholding**. All distribution payments will be treated as wages for tax purposes and therefore will be made net of all applicable income, FICA (to the extent not already withheld at the time of deferral or at vesting), payroll and other taxes required to be withheld. In connection with any event that gives rise to a federal or other governmental tax withholding obligation on the part of the Company or any of its Affiliates relating to amounts under the Plan (including, without limitation, FICA tax), (a) a Participant's employer may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to a Participant, whether or not pursuant to the Plan, or (b) the Company will be entitled to require that the Participant remit cash to the Company, his or her employer or any of its Affiliates (through payroll deductions or otherwise), in each case in an amount sufficient in the opinion of the Company to satisfy such withholding obligations.

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**SECTION 6** 

**SPENDTHRIFT PROVISIONS** 

Neither any Participant nor the personal representative of any Participant has any transferable interest in the Participant's account or any right to anticipate, alienate, dispose of, pledge or encumber the same prior to actual receipt of payments in accordance with the rules described in <u>SECTION 5</u>, nor will the same be subject to attachment, garnishment, execution following judgment or other legal process instituted by creditors (including current or former spouses) of the Participant or the personal representative of the Participant.

**SECTION 7** 

**ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 The Company**. The Plan will be administered by the Company. The Company has the full power and sole discretionary authority to make all determinations provided for in the Plan, including, without limitation, promulgating rules and regulations as the Company considers necessary or appropriate for the implementation and management of the Plan as well as rules to address potential conflicts of interest and to restricted post-employment payments; provided that the Board of Directors of the Company also has the full power and discretionary authority to make determinations with respect to all provisions of the Plan. The decision or action of the Company, or its appropriate representative, as applicable, with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan. To further these administrative provisions, to the extent that the Company has rights or obligations under this Plan such rights or obligations may be performed by any person, entity or office, including employees with compensation and benefits responsibilities or employees of a Participating Subsidiary, in each case who are authorized by an officer of the Company with respect to this Plan. More information about Plan administration may be obtained by calling US HRSC at 1 (866) 477-3783.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Claims Procedure**. If any Participant or his or her estate is in disagreement with any determination that has been made for payment under this Plan, a claim may be presented to the Vice President of Pension & Benefits in accordance with procedures set forth in this <u>SECTION 7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The claim must be written and must be delivered to the Vice President of Pension & Benefits within 90 days of the date on which the Participant or beneficiary knows or should have known of his or her claim for benefits. Within 90 days after the claim is delivered, the claimant will receive either a decision by the Vice President of Pension & Benefits, a request for more information, or notification that additional time is necessary. The Vice President of Pension & Benefits will generally deliver a determination within 180 days of the initial claim, which decision shall be final and binding on the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No action at law or in equity may be brought to recover benefits or otherwise enforce the provisions of the Plan unless the Participant or beneficiary has exhausted all remedies under this <u>SECTION 7</u>. Any action brought after exhaustion of such remedies must be brought within 90 days after the Participant or beneficiary has received final notice of a claim determination under <u>Section 7.2(a)</u>. 

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**SECTION 8** 

**OTHER ADMINISTRATIVE MATTERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Reporting**. As soon as administratively feasible after each calendar quarter end, the Company will prepare and make available to each Participant a report showing (a) the amounts credited to the Participant's account since the last report from the Company, and (b) the amounts of any distributions made since the last report. At its discretion, the Company may prepare and make available more frequent reports to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Plan Obligor; Status as Unsecured General Creditors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will be the Plan Obligor with respect to distributions from all accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Participants are general unsecured creditors of the Plan Obligor with respect to amounts payable pursuant to distributions from the accounts.

As such, Participants and their estates will not have any secured or preferred interest by way of trust, escrow, lien or otherwise in any specific assets, of the Employers. The Plan does not require that any hypothetical investments under this Plan be funded by the Company. If a Plan Obligor, in its discretion, elects to set aside monies or other assets to meet its obligations under the Plan (there being no obligation to do so) through the creation of a trust or otherwise, such monies or other assets will be subject to the claims of its general creditors, and neither any Participant nor any beneficiary of any Participant will have a legal, beneficial or security interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 Disclaimer of Employment and Bonus Rights**. The Plan is not a contract for employment and does not grant any employee the right to be retained in the employment of the Employers or to obtain any compensation. Upon dismissal or severance of employment, no Participant will have any right or interest under the Plan, other than as specifically provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 Administrative Expenses of the Plan**. Participants will be responsible for all administrative expenses incurred with respect to this Plan and for all administrative expenses and other fees of this Plan (to the extent such expenses are not paid by the Company), including the costs of outsourced record-keeping (which expenses will be deducted proportionately among Participants' accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 Voting Rights**. Participants' accounts under the Plan are bookkeeping accounts and, accordingly, Participants will not have any voting rights with respect to any common shares or any units or other interests in Mutual Funds and/or GAM Funds deemed allocated to any Participant's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6 Governing Law**. This instrument has been executed and delivered in the State of Minnesota and has been drawn in conformity to the laws of that state to the extent not preempted by federal law and will be construed and enforced in accordance with the laws of the State of Minnesota.

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**SECTION 9**

**AMENDMENT OR TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 Amendments to and Termination of Plan.** The Plan may be amended from time to time or terminated at any time by the Company. Amendments may include, without limitation, (a) ensuring that neither the Plan Obligors nor the Participants are subject to adverse Canadian or United States tax consequences, (b) modifying the form of distribution of Participants' accounts and (c) such other amendments as deemed necessary or desirable; <u>provided</u>, <u>however</u>, that no such amendment or termination will have the effect of (i) reducing the vested portion of amounts already credited to a Participant's account; (ii) extending the time of distribution of such Participant's accounts, without the consent of such Participant and only in a manner permitted by Code Section 409A; or (iii) causing a violation of Code Section 409A. In the event of a termination of the Plan, all accounts will be deemed vested and amounts credited thereto will be distributed to Participants in accordance with the distribution guidelines under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 Merger. T**he Company may cause all or part of this Plan to be merged with all or a part of any other nonqualified deferred compensation plan maintained by any company. If the Company agrees to such a merger, the Company will specify in writing the terms and conditions of such merger and may obtain such consents and agreements as it deems necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 Applicability to Successors.** This Plan will be binding upon and inure to the benefit of the Company and to the extent that the Company is a Plan Obligor under the Plan for any accounts, the Participating Subsidiaries, their successors and assigns, each Participant, his or her personal representatives and any beneficiaries. If the Company becomes a party to any merger, consolidation or reorganization, this Plan will remain in full force and effect as any obligation of the Company or its successors in interest.

IN WITNESS WHEREOF, Royal Bank of Canada has caused this Restatement to be executed by its duly authorized officer this 12<sup>th</sup> day of Nov, 2019.

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| | |
|:---|:---|
| ROYAL BANK OF CANADA | ROYAL BANK OF CANADA |
| By: | /s/ David Schwarz |
| Its: | /s/ David Schwarz |

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AMENDMENT NO. 1 AND PROSPECTUS SUPPLEMENT TO

Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan (As of January 1, 2020)

WHEREAS: Royal Bank of Canada (the "Company") has previously adopted, and currently maintains, the Royal Bank of Canada Employee Deferred Advantage Plan (the "Plan"), which was most recently amended and restated as of January 1, 2020; and

WHEREAS: The Company has reserved the right, under Section 9 of the Plan, to amend the Plan at any time; and

WHEREAS: The Company wishes to amend the Plan, effective as of the dates specified below, to update the definition of "Committee" and make clarifying changes related to the CRMOC no longer being active, the removal of GAM Funds from the Plan's line-up, and the eligibility of PCG Associate Complex Directors.

NOW, THEREFORE, the Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Effective as of January 1, 2018, the definition of "Committee" in Section 1.2 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

**"Committee"** means the RBC USA Pensions and Benefits Committee (or successor committee), and any person, entity or office to whom the Committee properly delegates any authority related to this Plan. The members of the Committee, if any, serve at the pleasure of the Company, which has the power to appoint and remove members from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Effective as of March 30, 2022, the definition of "CRMOC" in Section 1.2 of the Plan is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Effective July 1, 2022, the definition of "Fund Addition Date" in Section 1.2 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

**"Fund Addition Date"** means such times as interest or dividends are paid or other distributions are made in connection with a Mutual Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Effective July 1, 2022, the definition of "GAM Funds" in Section 1.2 of the Plan is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Effective July 1, 2022, the definition of "GAM Fund Price" in Section 1.2 of the Plan is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Effective as of March 30, 2022, Section 2.1(a)(iii) of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Employees (including newly hired employees) classified as "PCG Complex Directors," as "PCG Associate Complex Directors," as "PCG Divisional Directors," as "Institutional Middle Market Sales - Financial Advisors" or as "Institutional Middle Market - Head."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Effective July 1, 2022, Section 3.3 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Mutual Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Mutual Funds*. A Participant may elect to have all or a portion of their Deferred Compensation deemed invested in one or more Mutual Funds. Such Participant's account will be allocated the number of units (including fractional units) of a Mutual Fund equal to the portion of his or her Account Balance allocated to investments in Mutual Funds divided by the Mutual Fund Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Interest or Dividends on Mutual Funds*. On each Fund Addition Date, a determination will be made as to the number of units (including fractional units) of the Mutual Fund that will be credited to a Participant's account as of the Fund Addition Date. On the Fund Addition Date, an amount equal to the number of units of the Mutual Fund credited to a Participant's account multiplied by the amount of the interest or dividend per unit of the Mutual Fund will be credited to such Participant's account, or other fund determined by the Committee. Interest payments or other distributions will be deemed reinvested in additional units of the Mutual Fund at prevailing market prices on the Fund Addition Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Effective July 1, 2022, Section 3.4 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Valuation** 

Except for changes resulting from Plan investment fund exchanges described in <u>Section 2.3(b)</u> the notional value of a Participant's accounts will be updated daily (through the applicable valuation date described in <u>Section 5.2</u>) to reflect any increases or decreases in the value of the Participant's hypothetical investment.

The account of a Participant with a hypothetical investment in Mutual Funds will be debited by an amount representing a quarterly fee. The amount of the quarterly fee will be determined by multiplying the value of the Participant's hypothetical investment in such funds, as described above, by a decimal determined by the Company. The Company will from time to time review this calculation and may change the decimal factor used in this calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Effective July 1, 2022, Section 8.5 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 Voting Rights** 

Participants' accounts under the Plan are bookkeeping accounts and, accordingly, Participants will not have any voting rights with respect to any common shares or any units or other interests in Mutual Funds deemed allocated to any Participant's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. In all other respects, the terms of the Plan are hereby ratified and affirmed.

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IN WITNESS WHEREOF, Royal Bank of Canada has caused this amendment to be executed by its duly authorized officer this 19 day of May, 2022.

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| | |
|:---|:---|
|  | ROYAL BANK OF CANADA |
| By: | /s/ David Schwarz |
| Its: | SVP, Compensation & Benefits |

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AMENDMENT NO. 2 AND PROSPECTUS SUPPLEMENT TO

Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan (As of January 1, 2020)

WHEREAS: Royal Bank of Canada (the "Company") has previously adopted, and currently maintains, the Royal Bank of Canada Employee Deferred Advantage Plan (the "Plan"), amended and restated as of January 1, 2020, which was most recently amended as of July 1, 2022; and

WHEREAS: The Company has reserved the right, under Section 9 of the Plan, to amend the Plan at any time; and

WHEREAS: The Company wishes to amend the Plan, effective January 1, 2023, to: (a) change the production level for Plan eligibility from $550,000 to $600,000, (b) clarify the process and timing for distributions following a Participant's death, and (c) permit reducing or otherwise offsetting cash distributions to satisfy any outstanding debt or obligation owed by a Participant to the Employers or their Affiliates.

NOW, THEREFORE, the Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All references to "$550,000" in Section 2.1(a) of the Plan are hereby deleted and "$600,000" is substituted therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 5.2(c) of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

"(c) *Death Distributions.* If the Participant becomes vested in the Participant's Account Balance pursuant to <u>Section 4.1(b)</u>, the Participant's entire Account Balance will be transferred to an investment at the Plan Interest Rate as soon as practical after the Plan receives notification of the Participant's death, and any Deferred Compensation contributions for the Plan Year that are credited to the Participant's account after the Participant's death shall also be transferred to an investment at the Plan Interest Rate as of the date they are credited. Distribution of the Participant's entire Account Balance will be made in a single payment to such Participant's beneficiaries as soon as feasible after the Plan receives notification of the Participant's death or, if later, the date on which all Deferred Compensation contributions have been credited, but in no event later than the end of the Plan Year following the Plan Year the Participant died. The value of the vested Account Balance will be determined as of the date of distribution."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section 5.3 of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

"**5.3 Form of Distributions.** A Participant's Account Balance will be distributed in cash, less the amount of cash needed to satisfy withholding requirements with respect to all applicable federal, state and local taxes; provided, however, that a Participant's cash distribution may be further reduced or otherwise offset to satisfy any outstanding debt or obligation owed by the Participant to any of the Employers or their Affiliates, to the extent so permitted under Code Section 409A."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In all other respects, the terms of the Plan are hereby ratified and affirmed.

*[Signature Page Follows]*

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IN WITNESS WHEREOF, Royal Bank of Canada has caused this amendment to be executed by its duly authorized officer this 02 day of November, 2022.

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| | |
|:---|:---|
|  | ROYAL BANK OF CANADA |
| By: | /s/ David Schwarz |
| Its: | SVP, Compensation & Benefits |

---

------

AMENDMENT NO. 3 AND PROSPECTUS SUPPLEMENT TO

Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan (As of January 1, 2020)

WHEREAS: Royal Bank of Canada (the "Company") has previously adopted, and currently maintains, the Royal Bank of Canada Employee Deferred Advantage Plan (the "Plan"), which was most recently amended and restated as of January 1, 2020, which was most recently amended as of January 1, 2023; and

WHEREAS: The Company has reserved the right, under Section 9 of the Plan, to amend the Plan at any time; and

WHEREAS: The Company wishes to amend the Plan, effective January 1, 2024, to (a) change all Plan references to the "Chairman Council" to reflect its replacement by the "Premier Council" and the "Executive Council," and (b) clarify that PCG Associate Complex Directors are not eligible for the Plan unless notified in writing on a case-by-case basis.

NOW, THEREFORE, the Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 2.1(a)(i) of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

"(i) Employees classified as "Financial Advisors" (excluding those Financial Advisors who are also classified as "Institutional Middle Market") by their Employer and whose production levels for the preceding Fiscal Year are at least $550,000, but do not qualify for President, Premier, or Executive Council."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 2.1(a)(ii) of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

"(ii) Employees classified as "Branch Directors" by their Employer and whose production levels for the preceding Fiscal Year are at least $550,000, but do not qualify for President, Premier, or Executive Council."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section 2.1(a)(iii) of the Plan is hereby deleted in its entirety, and the following is substituted therefor:

"(iii) Employees (including newly hired employees) classified as "PCG Branch Network Directors", as "PCG Complex Directors," as "PCG Divisional Directors," as "Institutional Middle Markets Sales – Financial Advisors" or as "Institutional Middle Market – Head."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A new Section 2.1(a)(viii) is hereby added to the Plan, to read as follows:

"(viii) Employees who hold positions classified by their Employer as similar to those referenced in (iii) above and who are notified in writing that they are eligible to participate in the Plan."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In all other respects, the terms of the Plan are hereby ratified and affirmed.

------

IN WITNESS WHEREOF, Royal Bank of Canada has caused this amendment to be executed by its duly authorized officer this 1 day of November, 2023.

---

| | | |
|:---|:---|:---|
|  | ROYAL BANK OF CANADA | ROYAL BANK OF CANADA |
| 1.) | By: | David Schwarz |
|  |  | /s/ David Schwarz |
|  | Its: | SVP, Compensation & Benefits |
| 2.) | By: | Katharine Liu |
|  |  | /s/ Katharine Liu |
|  | Its: | VP, Compensation |

---

------

AMENDMENT NO. 4 AND PROSPECTUS SUPPLEMENT TO

Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan (As of January 1, 2020)

WHEREAS: Royal Bank of Canada (the "Company") has previously adopted, and currently maintains, the Royal Bank of Canada Employee Deferred Advantage Plan (the "Plan"), which was most recently amended and restated as of January 1, 2020, which was most recently amended as of January 1, 2024; and

WHEREAS: The Company has reserved the right, under Section 9 of the Plan, to amend the Plan at any time; and

WHEREAS: The Company wishes to amend the Plan, effective May 1, 2024, to reflect the replacement of the RBC Interest Account with the Vanguard Federal Money Market Fund as the Plan's default investment option.

NOW, THEREFORE, the Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A new definition of "Default Investment Option" is hereby added to Section 1.2 of the Plan, to read as follows:

"**"Default Investment Option"** means a Plan investment option, the primary objective of which is the preservation of capital, as selected from time to time by the Committee in its discretion."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The definition of "Plan Interest Rate" in Section 1.2 of the Plan is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section 2.3(a) of the Plan is hereby amended by replacing the phrase "at the Plan Interest Rate" with "in the Default Investment Option"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Section 3.2 of the Plan is hereby deleted in its entirety, and the following new Section 3.2 is substituted in its place:

"**3.2 Default Investment Option** 

Participants may elect to have all or a portion of their Deferred Compensation invested in the Default Investment Option."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Section 5.2(c) of the Plan is hereby amended by replacing the phrase "at the Plan Interest Rate" with "in the Default Investment Option" in each place it appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In all other respects, the terms of the Plan are hereby ratified and affirmed.

------

IN WITNESS WHEREOF, Royal Bank of Canada has caused this amendment to be executed by its duly authorized officer this 11 day of April, 2024.

---

| | |
|:---|:---|
|  | ROYAL BANK OF CANADA |
| By: | /s/ David Schwarz |
| Its: | SVP, Compensation & Benefits |
|  | ROYAL BANK OF CANADA |
| By: | /s/ Katharine Liu |
| Its: | VP, Compensation |

---

------

AMENDMENT NO. 5 AND PROSPECTUS SUPPLEMENT TO

Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan (As of January 1, 2020)

WHEREAS: Royal Bank of Canada (the "Company") has previously adopted, and currently maintains, the Royal Bank of Canada Employee Deferred Advantage Plan (the "Plan"), which was most recently amended and restated as of January 1, 2020, which was most recently amended as of May 1, 2024; and

WHEREAS: The Company has reserved the right, under Section 9 of the Plan, to amend the Plan at any time; and

WHEREAS: The Company wishes to amend the Plan, effective January 1, 2025, to change the production level for Plan eligibility from $600,000 to $660,000.

NOW, THEREFORE, the Plan is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Effective January 1, 2025, all references to "$600,000" in Section 2.1(a) of the Plan are hereby deleted and "$660,000" is substituted therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In all other respects, the terms of the Plan are hereby ratified and affirmed.

IN WITNESS WHEREOF, Royal Bank of Canada has caused this amendment to be executed by its duly authorized officer this 04 day of October, 2024.

---

| | |
|:---|:---|
|  | ROYAL BANK OF CANADA |
| By: | /s/ Sherena Jeske |
| Its: | Director, US Retirement & Benefits |
| ROYAL BANK OF CANADA | ROYAL BANK OF CANADA |
| By: | /s/ Chanel Watkins |
| Its: | Manager, US Benefits & Wellness |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g920627g31z39.jpg)

**CAM C. HOANG** 

**Partner** 

**(612) 492-6109** 

**FAX (612) 677-3694** 

**hoang.cam@dorsey.com** 

June 6, 2025

Royal Bank of Canada

Royal Bank Plaza

200 Bay Street

Toronto, Ontario, Canada

MSJ2JS

Re: <u>Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We have acted as counsel to Royal Bank of Canada, a Canadian chartered bank with its principal place of business in Toronto, Ontario (the "Company"), in connection with a registration statement on Form S-8 (the "Registration Statement") to be filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the "Act"), relating to $600 million of deferred compensation obligations of the Company (the "Obligations") which represent unsecured obligations of the Company to pay deferred compensation in the future in accordance with the terms of either the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan effective from and after January 1, 2020 (the "Wealth Accumulation Plan") or the Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan effective from and after January 1, 2020 (the "Deferred Advantage Plan" and, together with the Wealth Accumulation Plan, the "Plans").

We have examined such documents and have reviewed such questions of law as we have considered necessary and appropriate for the purposes of our opinion set forth below. In rendering our opinion set forth below, we have assumed that the Company is a Canadian chartered bank duly organized and validly existing as a Schedule I bank under the Bank Act (Canada). We have assumed that (i) the Plans have been duly authorized by all requisite corporate action by the Company and (ii) the Company has the requisite corporate power to issue the Obligations under the Plans. We have assumed that the authorization of the Plans and the issuance of the Obligations by the Company will not violate or conflict with (i) the charter documents of the Company or any agreement or instrument to which the Company is a party or by which the Company is bound, or (ii) any law of Canada or any rule or regulation of any Canadian governmental authority or regulatory body, or any judgment, order or decree applicable to the Company of any court, governmental authority or arbitrator.

Minnesota Statutes Section 290.371, subd. 4, provides that any corporation required to file a Notice of Business Activities Report does not have a cause of action upon which it may bring suit under Minnesota law unless the corporation has filed a Notice of Business Activities Report and provides that the use of the courts of the State of Minnesota for all contracts executed and all causes of action that arose before the end of any period for which a corporation failed to file a required report is precluded. Insofar as our opinion relates to the valid, binding and enforceable character of any agreement under Minnesota law or in a Minnesota court, we have assumed that any party seeking to enforce such agreement has at all times been, and will continue at all times to be, exempt from the requirement of filing a Notice of Business Activities Report, or, if not exempt, has duly filed, and will continue to file, all Notice of Business Activities Reports.

**50 South Sixth Street \| Suite 1500 \| Minneapolis, MN \| 55402-1498 \| T 612.340.2600 \| F 612.340.2868 \| dorsey.com**

------

![LOGO](g920627g31z39.jpg)

Royal Bank of Canada

June 6, 2025

Furthermore, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies. We also have assumed the legal capacity for all purposes relevant hereto of all natural persons and, with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power and authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements or instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties and that such agreements or instruments are the valid, binding and enforceable obligations of such parties. As to questions of fact material to our opinion, we have relied upon certificates of officers of the Company and of public officials.

Based on the foregoing, we are of the opinion as of the date hereof that, when up to $600 million of the Obligations are issued by the Company in accordance with the terms of either the Wealth Accumulation Plan or the Deferred Advantage Plan, the Obligations will be valid and binding obligations of the Company, enforceable in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights or general equity principles.

In addition, the Wealth Accumulation Plan is designed to be a top-hat plan for the purposes of providing deferred compensation for a select group of management or highly compensated employees within the meaning of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The provisions of the written Wealth Accumulation Plan document comply with the ERISA provisions applicable to top-hat plans, and a statement has been filed with the Department of Labor to comply with ERISA reporting and disclosure requirements applicable to top-hat plans. We express no opinion as to whether the Wealth Accumulation Plan is being operated by the Company as a top-hat plan under ERISA, or whether the employees that the Company has deemed eligible to participate in the Wealth Accumulation Plan would constitute a select group of management or highly compensated employees.

Our opinions expressed above are limited to Title I of ERISA and Minnesota law. We express no opinion with respect to the applicability thereto, or the effect thereon, of Canadian law or the laws of any other jurisdiction.

We note that Osler, Hoskin & Harcourt LLP is providing to you an opinion dated as of the date hereof addressing certain matters of Canadian federal and Ontario provincial law with respect to the Company and the Obligations under the Plans.

------

![LOGO](g920627g31z39.jpg)

Royal Bank of Canada

June 6, 2025

We express no opinion as to the matters contained in, or the laws of the jurisdictions addressed by, the opinion of Osler, Hoskin & Harcourt LLP.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such an opinion, we do not hereby admit that we are acting within the category of persons whose consent is required under Section 7 of the Act or the rules or regulations of the Commission thereunder.

---

| |
|:---|
|  Very truly yours, |
| ![LOGO](g920627g43b05.jpg) |
|  DORSEY & WHITNEY LLP |

---

CCH/MJV

## Exhibit 5.2

**Exhibit 5.2** 

---

| | | |
|:---|:---|:---|
|  | **Osler, Hoskin & Harcourt LLP** | ![LOGO](g920627dsp12.jpg)  |
|  | Box 50, 1 First Canadian Place | ![LOGO](g920627dsp12.jpg)  |
|  | Toronto, Ontario, Canada M5X 1B8 | ![LOGO](g920627dsp12.jpg)  |
|  | 416.362.2111 MAIN | ![LOGO](g920627dsp12.jpg)  |
|  | 416.862.6666 FACSIMILE |  |
| Toronto | June 6, 2025 | Our Matter No.: 1268797 |
| Montréal | **Sent via E-Mail** |  |
| Calgary | Royal Bank of Canada |  |
| Ottawa | Royal Bank Plaza |  |
|  | 200 Bay Street |  |
| Vancouver | Toronto, ON M5J 2J5 |  |
| New York | Dear Sirs/Mesdames: |  |
|  | **Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan, as Amended and Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan, as Amended** | **Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan, as Amended and Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan, as Amended** |
|  | In connection with the registration under the Securities Act of 1933 (the "**Act**") of $600,000,000 of deferred compensation obligations (the "**Bank's Obligations**") of the Royal Bank of Canada (the "**Bank**") that may be issued by the Bank pursuant to the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan, as amended and the Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan, as amended (together, the "**Plans**"), we, as your counsel, have furnished the opinions set forth below. | In connection with the registration under the Securities Act of 1933 (the "**Act**") of $600,000,000 of deferred compensation obligations (the "**Bank's Obligations**") of the Royal Bank of Canada (the "**Bank**") that may be issued by the Bank pursuant to the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan, as amended and the Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan, as amended (together, the "**Plans**"), we, as your counsel, have furnished the opinions set forth below. |
|  | We understand that the Bank is filing a Registration Statement on Form S-8 (the "**Registration Statement**") in respect of the Plans with the United States Securities and Exchange Commission. This opinion is delivered to you in connection with the Registration Statement. | We understand that the Bank is filing a Registration Statement on Form S-8 (the "**Registration Statement**") in respect of the Plans with the United States Securities and Exchange Commission. This opinion is delivered to you in connection with the Registration Statement. |
|  | In rendering the opinions set out below, we have examined the Plans and the by-laws of the Bank and made such investigations and examined original or duplicate copies or certified copies of such corporate records or other documents and such certificates of public officials and considered such questions of law as we have considered necessary for the purposes of the opinions expressed below. We have assumed the legal capacity of all individuals, the genuineness of all signatures, including electronic or digital signatures resulting from the use of technology, the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed, photostatic or facsimile copies. | In rendering the opinions set out below, we have examined the Plans and the by-laws of the Bank and made such investigations and examined original or duplicate copies or certified copies of such corporate records or other documents and such certificates of public officials and considered such questions of law as we have considered necessary for the purposes of the opinions expressed below. We have assumed the legal capacity of all individuals, the genuineness of all signatures, including electronic or digital signatures resulting from the use of technology, the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed, photostatic or facsimile copies. |
|  | The opinions expressed herein are confined to the laws of the Province of Ontario and the federal laws of Canada applicable therein, as in force on the date hereof. No opinion is expressed as to the laws of any other jurisdiction. | The opinions expressed herein are confined to the laws of the Province of Ontario and the federal laws of Canada applicable therein, as in force on the date hereof. No opinion is expressed as to the laws of any other jurisdiction. |
|  | Based upon and subject to the foregoing and to the qualifications hereinafter expressed, we are of the opinion that: | Based upon and subject to the foregoing and to the qualifications hereinafter expressed, we are of the opinion that: |

---

![LOGO](g920627dsp12a.jpg)

------

![LOGO](g920627dsp12.jpg) <br>Page 2<br>

---

| | |
|:---|:---|
| 1. | The Bank validly exists as a Schedule I bank under the Bank Act (Canada). |
| 2. | The Plans as established have been duly authorized and approved by the Bank and the Bank has the corporate power to perform the Bank's Obligations. |
| 3. | The performance of the Bank's Obligations by the Bank will not contravene any existing provision of applicable law or result in a breach of the Bank Act (Canada) or the by-laws of the Bank. |
| The foregoing opinions are subject to the following assumptions and qualifications: | The foregoing opinions are subject to the following assumptions and qualifications: |
| (a) | enforceability of the Bank's Obligations may be limited by applicable bankruptcy, insolvency, reorganization, receivership, preference, moratorium, arrangement or winding up laws or other similar laws affecting the enforcement of creditors' rights generally; |
| (b) | enforceability of the Bank's Obligations may be limited by equitable principles, including the principle that equitable remedies, such as specific performance and injunction, may only be granted in the discretion of a court of competent jurisdiction; |
| (c) | a court may not treat as conclusive those determinations which the Plans state are to be so treated; and |
| (d) | the validity and enforceability of any provision of the Plans which purports to sever from the Plans any provision which is prohibited or unenforceable under applicable law without affecting the enforceability or validity of the remainder of the agreement or instrument would be determined only in the discretion of the court. |
| We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, without admitting that we are "experts" within the meaning of the Act or the rules or regulations of the United States Securities and Exchange Commission thereunder with respect to any part of the Registration Statement. | We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, without admitting that we are "experts" within the meaning of the Act or the rules or regulations of the United States Securities and Exchange Commission thereunder with respect to any part of the Registration Statement. |
| <br> Yours very truly,<br>/s/ Osler, Hoskin & Harcourt LLP | <br> Yours very truly,<br>/s/ Osler, Hoskin & Harcourt LLP |

---

## Exhibit 23.1

**Exhibit 23.1** 

Consent of Independent Registered Public Accounting Firm 

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Royal Bank of Canada of our report dated December 3, 2024 relating to the consolidated financial statements and effectiveness of internal control over financial reporting, which appears in Exhibit 2 to Royal Bank of Canada's Annual Report on Form 40-F for the year ended October 31, 2024.

We also consent to the reference to us under the heading "Experts" in the Annual Information Form, which is filed as Exhibit 1 to Royal Bank of Canada's Annual Report on Form 40-F for the year ended October 31, 2024, which is incorporated by reference in such Registration Statement.

**/s/PricewaterhouseCoopers LLP** 

Chartered Professional Accountants, Licensed Public Accountants Toronto, Canada

June 6, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ROYAL BANK OF CANADA**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| 1 | Other | Deferred Compensation Obligations | Other | 600000000 | $1.00 | $600000000.00 | 0.0001531 | $91860.00 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $600000000.00  |  | $91860.00  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $91860.00  |

---

 **Offering Note** <br>

<sup>1</sup> (1) The Deferred Compensation Obligations are unsecured obligations of Royal Bank of Canada to pay deferred compensation in the future, which may in whole or in part consist of or be based on its Common Shares (defined below) or other interests therein, in accordance with the terms of the Amended and Restated Royal Bank of Canada US Wealth Accumulation Plan, effective from and after January 1, 2020 (the "Wealth Accumulation Plan") and the Amended and Restated Royal Bank of Canada Employee Deferred Advantage Plan, effective from and after January 1, 2020 (the "Deferred Advantage Plan" and, together with the Wealth Accumulation Plan, the "Plans"). (2) The amount registered is based upon an estimate of the amount of compensation to be deferred by participants under the Plans, estimated to be approximately U.S.$420,000,000 for the Wealth Accumulation Plan and approximately U.S. $180,000,000 for the Deferred Advantage Plan, and is estimated solely for purposes of calculating the registration fee pursuant to Rule 457(h) under the Securities Act of 1933, as amended.