Document:

Exhibit 4.1

 

ARTICLES OF AMENDMENT

OF

WASHINGTON MUTUAL, INC.

(Series L Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock)

        Pursuant to the provisions of Chapter 23B.10 and Section 23B.06.020 of the Revised Code of Washington, the undersigned officer of Washington Mutual, Inc. (the "Company"), a corporation organized and existing under
the laws of the State of Washington, does hereby submit for filing these Articles of Amendment to the Company’s Amended and Restated Articles of Incorporation:

        FIRST:  The name of the Company is Washington Mutual, Inc.

        SECOND:  500 shares of the authorized preferred stock of the Company are hereby designated "Series L Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock".

The preferences, limitations, voting powers and relative rights of the Series L Perpetual Non-Cumulative Floating Rate Preferred Stock are as follows:

DESIGNATION

        Section 1.                 Designation.  There is hereby created out of the authorized and unissued shares of preferred stock of the Company a series of preferred stock designated as the “Series L Perpetual Non-cumulative Fixed-to-Floating Rate Preferred Stock” (the
“Series L Preferred Stock”). The number of shares constituting such series shall be 500. The Series L Preferred Stock shall have no par value per share and the liquidation preference of the Series L Preferred Stock shall be $1,000,000.00 per share. 
Shares of Series L Preferred Stock shall be issued if and only if a Conditional Exchange occurs.

        Section 2.                 Ranking. 

The Series L Preferred Stock will, with respect to dividend rights and rights on liquidation, winding-up and dissolution, rank (i) on a parity with the Company’s Series I Perpetual Non-cumulative
Fixed-to-Floating Rate Preferred Stock (the “Series I Preferred Stock”), the Company’s Series J Perpetual Non-cumulative Fixed Rate Preferred Stock (the “Series J Preferred Stock”), the Company’s Series K Perpetual
Non-Cumulative Floating Rate Preferred Stock (the “Series K Preferred Stock”) and with each other class or series of preferred stock established after the Designation Date by the Company the terms of which expressly provide that such class or series will
rank on a parity with the Series L Preferred Stock as to dividend rights and rights on liquidation, winding-up and dissolution of the Company (collectively referred to as “Parity Securities”) and (ii) senior to the Company’s common stock (the
“Common Stock”), the Company’s Series RP Preferred Stock and each other class of capital stock outstanding or established after the Designation Date by the Company the terms of which do not expressly provide that it ranks on a parity with or senior
to the Series L Preferred Stock as to dividend rights and rights on liquidation, winding-up and dissolution of the Company, including the Common Stock (collectively referred to as “Junior Securities”).  The Company has the right to authorize and/or
issue additional shares or series of Junior Securities and Parity Securities without the consent of the holders of the Series L Preferred Stock.

        Section 3.                 Definitions.  Unless the context or use indicates another meaning or intent, the following terms shall have the following meanings, whether used in the singular or the plural:

                (a)               “3-Month USD LIBOR” means, with respect to any Dividend
Period, a rate determined on the basis of the offered rates for three-month U.S. dollar deposits of not less than a principal amount equal to that which is representative for a single transaction in such market at such time, commencing on the first day of such
Dividend Period, which appears on US LIBOR Telerate Page 3750 as of approximately 11:00 a.m., London time, on the LIBOR Determination Date for such Dividend Period.  If on any LIBOR Determination Date no rate appears on US LIBOR Telerate Page 3750 as of
approximately 11:00 a.m., London time, the Company or an affiliate of the Company on behalf of the Company will on such LIBOR Determination Date request four major reference banks in the London interbank market selected by the Company to provide the Company with a
quotation of the rate at which three-month deposits in U.S. dollars, commencing on the first day of such Dividend Period, are offered by them to prime banks in the London interbank market as of approximately 11:00 a.m., London time, on such LIBOR Determination Date
and in a principal amount equal to that which is representative for a single transaction in such market at such time.  If at least two such quotations are provided, 3-Month USD LIBOR for such Dividend Period will be the arithmetic mean (rounded upward if
necessary to the nearest .00001 of 1%) of such quotations as calculated by the Company.  If fewer than two quotations are provided, 3‐Month USD LIBOR for such Dividend Period will be the arithmetic mean (rounded upward if necessary to the nearest .00001 of
1%) of the rates quoted as of approximately 11:00 am., New York time, on the first day of such Dividend Period by three major banks in New York City, New York selected by the Company for loans in U.S. dollars to leading European banks, for a three-month period
commencing on the first day of such Dividend Period and in a principal amount of not less than $1,000,000.

                (b)               “Business Day” means any day other than a Saturday,
Sunday or any other day on which banks in New York City, New York, or Seattle, Washington are generally required or authorized by law to be closed.

                (c)               “Common Stock” has the meaning set forth in Section
2.

                (d)               “Company” means Washington Mutual, Inc., a
Washington corporation.

                (e)               “Comparable Treasury Issue” means the United States
Treasury security selected by the Independent Investment Banker as having a maturity comparable to the term remaining to the Dividend Payment Date in December 2016 that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of perpetual preferred securities having similar terms as the Series L Preferred Stock with respect to the payment of dividends and distributions of assets upon liquidation, dissolution or winding-up of the issuer of such preferred stock.

                (f)                 “Comparable Treasury Price” means with
respect to any Redemption Date the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or if the Independent Investment Banker obtains fewer than five such
Reference Treasury Dealer Quotations, the average of all such quotations.

                (g)               “Conditional Exchange” means the automatic exchange
of the Trust Securities into depositary shares representing an interest in the Series L Preferred Stock which occurs upon the written direction of the OTS upon or after the occurrence of an Exchange Event. 

                (h)               “Designation Date” means December 13,
2006.

                (i)                  “Dividend Payment Date” has the
meaning set forth in Section 4(b).

                (j)                  “Dividend Period” has the meaning
set forth in Section 4(b).

                (k)                “Exchange Event” means the occurrence of any
one of the following at a time when the Trust Securities are issued and outstanding:

                                (i)                  WMB becomes undercapitalized under the Prompt
Corrective Action Regulations;

                                (ii)                WMB is placed into conservatorship or receivership; or

                                (iii)               the OTS, in its sole discretion, directs an exchange of the Trust
Securities into depositary shares representing an interest in the Series L Preferred Stock in anticipation of (A) WMB becoming undercapitalized under the Prompt Corrective Action Regulations or (B) the OTS taking any supervisory action that limits the payment of
dividends by WMB.

                (l)                  “Fixed-to-Floating Rate Delaware Preferred
Securities” means the Fixed-to-Floating Rate Perpetual Non-cumulative Preferred Securities, Series 2006-C, liquidation preference $1,000 per security, issued or to be issued by Washington Mutual Preferred Funding LLC, a Delaware limited liability
company.

                (m)             “Independent Investment Banker” means an independent investment
banking institution of national standing appointed by the Company.

                (n)               “Junior Securities” has the meaning set forth in
Section 2.

                (o)               “LIBOR Business Day” means any day on which
commercial banks are open for general business (including dealings in deposits in U.S. dollars) in London.

                (p)               “LIBOR Determination Date” means, as to each
Dividend Period, the date that is two LIBOR Business Days prior to the first day of such Dividend Period.

                (q)               “OTS” means the Office of Thrift Supervision or any
successor regulatory entity.

                (r)                 “Parity Securities” has the meaning set
forth in Section 2.

               
(s)               “Primary Treasury Dealer” has the meaning set forth
in Section 3(x).

                (t)                 “Prompt Corrective Action Regulation”
means 12 C.F.R. Part 565 as in effect from time to time, or any successor regulation.

                (u)               “Rating Agencies” means, at any time, Standard &
Poor’s Rating Services, a Division of the McGraw-Hill Companies, Inc., Moody’s Investors Service, Inc. and Fitch, Inc., but only in the case of each such agency if it is rating the relevant security, including the Fixed-to-Floating Rate Delaware Preferred
Securities at the relevant time or, if none of them is providing a rating for the relevant security, including the Fixed-to-Floating Rate Delaware Preferred Securities at such time, then any “nationally recognized statistical rating organization”
as that phrase is defined for purposes of Rule 436(g)(2) under the Securities Act of 1933, as amended, which is rating such relevant security.

                (v)                A “Rating Agency Event” occurs when the
Company reasonably determines that an amendment, clarification or change has occurred in the equity criteria for securities such as the Fixed-to-Floating Rate Delaware Preferred Securities of any Rating Agency that then publishes a rating for the Company which
amendment, clarification or change results in a lower equity credit for the Company than the respective equity credit assigned by such Rating Agency to the Fixed-to-Floating Rate Delaware Preferred Securities on the Designation Date.

                (w)              “Redemption Date” means any date that is designated by the
Company in a notice of redemption delivered pursuant to Section 7.

                (x)                “Reference Treasury Dealer” means each of the
three primary U.S. government securities dealers (each, a “Primary Treasury Dealer”), as specified by the Company; provided that if any Primary Treasury Dealer as specified by the Company ceases to be a Primary Treasury Dealer, the Company will
substitute for such Primary Treasury Dealer another Primary Treasury Dealer and if the Company fails to select a substitute within a reasonable period of time, then the substitute will be a Primary Treasury Dealer selected by the Independent Investment Banker after
consultation with the Company.

                (y)                “Reference Treasury Dealer Quotations” means,
with respect to the Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount)
quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

                (z)               A “Regulatory Capital Event” occurs when the Company
determines, based upon receipt of an opinion of counsel, that there is a significant risk that the Fixed-to-Floating Rate Delaware Preferred Securities will no longer constitute core capital of WMB for purposes of the capital adequacy regulations issued by the OTS as
a result of a change in applicable laws, regulations or related interpretations after issuance of the Fixed-to-Floating Rate Delaware Preferred Securities.

                (aa)           “Series I Preferred Stock” has the meaning set forth in Section 2.

                (bb)           “Series J Preferred Stock” has the meaning set forth in Section 2.

                (cc)           “Series K Preferred Stock” has the meaning set forth in Section 2.

                (dd)           “Series L Preferred Stock” has the meaning set forth in Section 1.

                (ee)           “Ten-Year Date” means the Dividend Payment Date in December 2016 and the
Dividend Payment Date of each tenth succeeding year (i.e., December 2026, December 2036, etc.), assuming in each case that the Series L Preferred Stock has been issued.

                (ff)               “Treasury Rate” means the rate per year equal to
the quarterly equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the relevant Redemption Date. 
The Treasury Rate will be calculated on the third Business Day preceding the relevant Redemption Date.

                (gg)           “Trust Securities” means the Fixed-to-Floating Rate Perpetual
Non-cumulative Trust Securities, liquidation preference $100,000 per security, issued by Washington Mutual Preferred Funding Trust II, a Delaware statutory trust.

                (hh)           “US LIBOR Telerate Page 3750”’ means the display page of
Moneyline’s Telerate Service designated as 3750 (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying rates comparable to 3-Month USD LIBOR).

                (ii)                “Voting Parity Securities” has the meaning
set forth in Section 8(b).

                (jj)                “WMB” means Washington Mutual Bank, a federal
savings association and a subsidiary of the Company, or its successor.

                Section 4.                 Dividends.

                (a)               Holders of shares of Series L Preferred Stock shall be entitled to
receive, when, as and if declared by the Board of Directors, out of the funds legally available therefor, non-cumulative cash dividends in the amount determined as set forth in Section 4(c), and no more.

                (b)               Subject to Section 4(a), dividends shall be payable in arrears on March
15, June 15, September 15 and December 15 of each year commencing on the first such day after the issuance of the Series L Preferred Stock or, in each case, if any such day is not a Business Day, the next Business Day (each, a “Dividend Payment Date”).
Each dividend will be payable to holders of record as they appear on the stock books of the Company on the first day of the month in which the relevant Dividend Payment Date occurs or, if such date is not a Business Day, the first Business Day of such month. 
Each period from and including a Dividend Payment Date (or the date of the issuance of the Series L Preferred Stock) to but excluding the following Dividend Payment Date (or the Redemption Date) is herein referred to as “Dividend Period”, except that, if
the Series L Preferred Stock is outstanding on December 15, 2016, the Dividend Period ending in December 2016 shall be to but excluding December 15, 2016 (whether or not a Business Day) and the Dividend Period ending  in March 2017 shall commence on
December 15, 2016 (whether or not a Business Day).

                (c)               If the date of issuance of the Series L Preferred Stock is prior to the
day immediately preceding December 15, 2016 or, if December 15, 2016 is not a Business Day, the first Business Day after December 15, 2016, then from such date of issuance to but not including December 15, 2016 (whether or not a Business Day),
dividends, if, when and as declared by the Board of Directors, will be, for each outstanding share of Series L Preferred Stock, at an annual rate of 6.665% on the per share liquidation preference of the Series L Preferred Stock.  From the later of the (i)
December 15, 2016 and (ii) the date of issuance of the Series L Preferred Stock, dividends, if, when and as declared by the Board of Directors, will be, for each outstanding share of Series L Preferred Stock, at an annual rate on the per share liquidation
preference of the Series L Preferred Stock equal to 3‐Month USD LIBOR for the related Dividend Period plus 1.7925%.  Dividends payable for any Dividend Period greater or less than a full Dividend Period will be computed on the basis of twelve 30-day
months, a 360-day year, and the actual number of days elapsed in the period if such Dividend Period ends in or prior to December 2016; thereafter dividends payable for any period greater or less than a full dividend period will be computed on the basis of the actual
number of days in the relevant period divided by 360.  No interest will be paid on any dividend payment of the Series L Preferred Stock.

                (d)               Dividends on the Series L Preferred Stock are non-cumulative.  If
the Board of Directors does not declare a dividend on the Series L Preferred Stock or declares less than a full dividend in respect of any Dividend Period, the holders of the Series L Preferred Stock will have no right to receive any dividend or a full dividend, as
the case may be, for the Dividend Period, and the Company will have no obligation to pay a dividend or to pay full dividends for that Dividend Period, whether or not dividends are declared and paid for any future Dividend Period with respect to the Series L Preferred
Stock or the Common Stock or any other class or series of the Company’s preferred stock.

                (e)               If full dividends on all outstanding shares of the Series L Preferred
Stock for any Dividend Period have not been declared and paid, the Company shall not declare or pay dividends with respect to, or redeem, purchase or acquire any of, its equity capital securities during the next succeeding Dividend Period, except dividends in
connection with the Series RP Preferred Stock or other shareholders’ rights plan, if any, or dividends in connection with benefit plans.

                Section 5.                 Liquidation.

                (a)               In the event the Company voluntarily or involuntarily liquidates,
dissolves or winds up, the holders of Series L Preferred Stock at the time outstanding shall be entitled to receive liquidating distributions in the amount of $1,000,000 per share of Series L Preferred Stock, plus an amount equal to any declared but unpaid dividends
thereon for the current Dividend Period to and including the date of such liquidation, out of assets legally available for distribution to its shareholders, before any distribution of assets is made to the holders of Common Stock or any securities ranking junior to
the Series L Preferred Stock. After payment of the full amount of such liquidating distributions, the holders of Series L Preferred Stock will not be entitled to any further participation in any distribution of assets by, and shall have no right or claim to any
remaining assets of, the Company.

                (b)               In the event the assets of the Company available for distribution to
shareholders upon any liquidation, dissolution or winding-up of the affairs of the Company, whether voluntary or involuntary, shall be insufficient to pay in full the amounts payable with respect to all outstanding shares of the Series L Preferred Stock and the
corresponding amounts payable on any other Securities of equal ranking, the holders of Series L Preferred Stock and the holders of such other securities of equal ranking shall share ratably in any distribution of assets of the Company in proportion to the full
respective liquidating distributions to which they would otherwise be respectively entitled.

                Section 6.                 Maturity.  The Series L Preferred Stock shall be perpetual unless redeemed by the Company in accordance with Section 7. 

                Section 7.                 Redemptions.

                (a)               The Series L Preferred Stock shall not be redeemable at the option of
the holders at any time.

                (b)               The Series L Preferred Stock shall be redeemable at the option of the
Company in any of the following circumstances:

                (i)                  in whole but not in part, prior to the Dividend
Payment Date in December 2016, upon the occurrence of a Regulatory Capital Event or a Rating Agency Event, at a cash redemption price equal to the sum of:

                                (A)               the greater of:

                                        (1)            $1,000,000 per share of Series L Preferred Stock and

                                        (2)            The sum of the present value of $1,000,000 per share of Series L Preferred Stock,
discounted from the Dividend Payment Date in December 2016 to the redemption date, and the present values of all undeclared dividends for each Dividend Period from the redemption date to and including the Dividend Payment Date in December 2016, discounted from their
applicable Dividend Payment Dates to the redemption date, in each case on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, as calculated by an Independent Investment Banker, plus 0.50%; plus

                                (B)              any declared but unpaid dividends to the redemption date;

                         (ii)                in whole but not in part, on any Dividend Payment Date prior to
the Dividend Payment Date in December 2016 for any reason other than the occurrence of a Rating Agency Event or a Regulatory Capital Event, at a cash redemption price equal to:

                                (A)               the greater of:

                                        (1)            $1,000,000 per share of Series L Preferred Stock, or

                                        (2)            the sum of the present value of $1,000,000 per share of Series L Preferred Stock
discounted from the Dividend Payment Date in December 2016 to the redemption date, and the present values of all undeclared dividends for the Dividend Periods from the redemption date to and including the Dividend Payment Date in December 2016, discounted from their
applicable Dividend Payment Dates to the redemption date, in each case on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, as calculated by an Independent Investment Banker, plus 0.35%; plus

                                (B)              any declared but unpaid dividends to the redemption date;

                        (iii)               in whole but not in part, on any Dividend Payment Date after the
Dividend Payment Date in December 2016 that is not a Ten-Year Date, upon the occurrence of a Regulatory Capital Event or a Rating Agency Event, at a cash redemption price equal to $1,000,000 per share of Series L Preferred Stock, plus any declared and unpaid
dividends to the redemption date;

                        (iv)              in whole or in part, on each Dividend Payment Date that is a Ten-Year Date,
at a cash redemption price of $1,000,000 per share of Series L Preferred Stock, plus any declared and unpaid dividends to the redemption date; and

                        (v)                in whole but not in part, on any Dividend Payment Date after the
Dividend Payment Date in December 2016 that is not a Ten-Year Date for any reason other than the occurrence of a Rating Agency Event or a Regulatory Capital Event, at a cash redemption price equal to:

                                (A)               the greater of:

                                        (1)            $1,000,000 per share of Series L Preferred Stock, or

                                        (2)            the sum of the present value of $1,000,000 per share of Series L Preferred Stock,
discounted from the next succeeding Ten-Year Date to the redemption date, and the present values of all undeclared dividends for the Dividend Periods from the redemption date to and including the next succeeding Ten-Year Date, discounted from their applicable
Dividend Payment Dates to the redemption date, in each case on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the 3-month USD LIBOR Rate applicable to the Dividend Period immediately preceding such redemption date (which 3-month USD
LIBOR Rate will also, for the purposes of calculating such redemption price, be the rate used in calculating the amount for each undeclared dividend), as calculated by an Independent Investment Banker; plus

                                (B)              any declared but unpaid dividends to the redemption date;

in each case, without accumulation of any undeclared dividends with respect to Dividend Payment Dates prior to the redemption date.

                (c)               Dividends will cease to accrue on the Series L Preferred Stock called
for redemption on and as of the date fixed for redemption and such Series L Preferred Stock will be deemed to cease to be outstanding, provided  that the redemption price, including any authorized and declared but unpaid dividends for the current Dividend
Period, if any, to the date fixed for redemption, has been duly paid or provision has been made for such payment.

                (d)               In the case of any redemption under this Section 7, notice shall be
mailed to each holder of record of the Series L Preferred Stock, not less than thirty nor more than 60 days prior to the Redemption Date specified in such notice; provided, however, that a longer minimum notice may be agreed to by the Company, including in a deposit
agreement relating to depositary shares representing interests in the Series L Preferred Stock.  The notice of redemption shall include a statement of (i) the redemption date, (ii) the redemption price, and (iii) the number of shares to be redeemed.

                (e)               Any shares of Series L Preferred Stock redeemed pursuant to this
Section 7 or otherwise acquired by the Company in any manner whatsoever shall become authorized but unissued preferred shares of the Company but such preferred shares shall not under any circumstances be reissued as Series L Preferred Shares. The Company shall from
time-to-time take such appropriate action as may be necessary to reduce the authorized number of shares of Series L Preferred Stock accordingly.

Section 8.                 Voting
Rights. 

                (a)               Holders of the Series L Preferred Stock will not have any voting
rights, including the right to elect any directors, except (i) voting rights, if any, required by law, and (ii) voting rights, if any, described in this Section 8.

                (b)               Holders of the Series L Preferred Stock will in the circumstances to
the extent set forth in this Section 8(b), have the right to elect two directors.

                        (i)                  If after the issuance of the Series L Preferred Stock
the Company fails to pay, or declare and set aside for payment, full dividends on the Series L Preferred Stock or any other class or series of Parity Securities having similar voting rights (“Voting Parity Securities”) for six Dividend Periods or their
equivalent, the authorized number of the Company’s directors will be increased by two.  Subject to compliance with any requirement for regulatory approval of, or non-objection to, persons serving as directors, the holders of Series L Preferred Stock,
voting together as a single and separate class with the holders of any outstanding Voting Parity Securities, will have the right to elect two directors in addition to the directors then in office at the Company’s next annual meeting of shareholders.  This
right will continue at each subsequent annual meeting until the Company pays dividends in full on the Series L Preferred Stock and any Voting Parity Securities for three consecutive Dividend Periods or their equivalent and pays or declares and sets aside for payment
dividends in full for the fourth consecutive Dividend Period or its equivalent or, if earlier, upon the redemption of all Series L Preferred Stock.

                        (ii)                The term of such additional directors will terminate, and the
total number of directors will be decreased by two, at such time as  the Company pays dividends in full on the Series L Preferred Stock and any Voting Parity Securities for three consecutive Dividend Periods or their equivalent and declares and pays or sets
aside for payment dividends in full for the fourth consecutive Dividend Period or its equivalent or, if earlier, upon the redemption of all Series L Preferred Stock.  After the term of such additional directors terminates, the holders of the Series L Preferred
Stock will not be entitled to elect additional directors unless full dividends on the Series L Preferred Stock have again not been paid or declared and set aside for payment for six future Dividend Periods.

                        (iii)               Any additional director elected by the holders of the Series L
Preferred Stock and the Voting Parity Securities may only be removed by the vote of the holders of record of the outstanding Series L Preferred Stock and Voting Parity Securities, voting together as a single and separate class, at a meeting of the Company
shareholders called for that purpose.  Any vacancy created by the removal of any such director may be filled only by the vote of the holders of the outstanding Series L Preferred Stock and Voting Parity Securities, voting together as a single and separate
class.

                (c)               So long as any shares of Series L Preferred Stock are outstanding, the
vote or consent of the holders of at least 66 2/3% of the shares of Series L Preferred Stock at the time outstanding, voting as a class with all other classes and series of Parity Securities upon which like voting rights have been conferred and are exercisable, given
in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, will be necessary for effecting or validating any of the following actions, whether or not such approval is required by Washington law:

                        (i)                  any amendment, alteration or repeal of any provision
of the Company’s Amended and Restated Articles of Incorporation (including the Articles of Amendment creating the Series L Preferred Stock) or the Company’s bylaws that would alter or change the voting powers, preferences or special rights of the Series L
Preferred Stock so as to affect them adversely;

                        (ii)                any amendment or alteration of the Company’s Amended and
Restated Articles of Incorporation to authorize or create, or increase the authorized amount of, any shares of, or any securities convertible into shares of, any class or series of the Company’s capital stock ranking prior to the Series L Preferred Stock in the
payment of dividends or in the distribution of assets on any liquidation, dissolution or winding up of the Company; or

                        (iii)               the consummation of a binding share exchange or
reclassification involving the Series L Preferred Stock or a merger or consolidation of the Company with another entity, except that holders of Series L Preferred Stock will have no right to vote under this provision or under §23B.11.035 of the Revised
Code of Washington or otherwise under Washington law if in each case (x) the Series L Preferred Stock remains outstanding or, in the case of any such merger or consolidation with respect to which the Company is not the surviving or resulting entity, is converted into
or exchanged for preference securities of the surviving or resulting entity or its ultimate parent, and (y) such Series L Preferred Stock remaining outstanding or such preference securities, as the case may be, have such rights, preferences, privileges and voting
powers, taken as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers of the Series L Preferred Stock, taken as a whole;

provided, however, that any increase in the amount of the authorized or issued Series L Preferred  Stock or authorized preferred stock or the creation and issuance, or an
increase in the authorized or issued amount, of other series of preferred stock ranking equally with and/or junior to the Series L Preferred Stock with respect to the payment of dividends (whether such dividends are cumulative or non-cumulative) and/or the
distribution of assets upon the Company’s liquidation, dissolution or winding up will not be deemed to adversely affect the voting powers, preferences or special rights of the Series L Preferred stock and, notwithstanding §23B.10.040(1)(a), (e) or (f) of
the Revised Code of Washington or any other provision of Washington law, holders of Series L Preferred Stock will have no right to vote on such an increase, creation or issuance.

If an amendment, alteration, repeal, share exchange, reclassification, merger or consolidation described above would adversely affect one or more but not all series of preferred stock with like voting rights (including
the Series L Preferred Stock for this purpose), then only the series affected and entitled to vote shall vote as a class in lieu of all such series of preferred stock.

Section 9.                 Certificates.  The Company may at its option issue the Series L Preferred Stock without certificates.

                THIRD:  This amendment does not provide for an exchange, reclassification or cancellation of any issued shares.

                FOURTH:  The date of this amendment's adoption is December 12, 2006.

                FIFTH:  This amendment to the Amended and Restated Articles of Incorporation was duly adopted by the Board of Directors of the Company.

                SIXTH:  
 No shareholder action was required.

EXECUTED this 12th day of December, 2006.

WASHINGTON MUTUAL, INC.

By:
                                                                     

Name:
                                                          

 Title:EX-10.1

	 	 	 	 	 
	ZUSATZVEREINBARUNG	 	SUPPLEMENTAL AGREEMENT
	ZUM	 	TO THE
	ANSTELLUNGSVERTRAG	 	EMPLOYMENT AGREEMENT
	zwischen	 	between

	 
	 	 	 	 
	SCM Microsystems GmbH

	 
	 	 	 	 
	- nachfolgend “SCM” genannt -
	 	- hereinafter referred to as “SCM” -
	 
	 	 	 	 
	und
	 	and
	 
	 	 	 	 
	Stephan Rohaly

Heidelberger Landstraße 2

64297 Darmstadt

	 
	 	 	 	 
	- nachfolgend “Mitarbeiter” genannt -
	 	- hereinafter referred to as “Employee” -
	 
	 	 	 	 
	vom
	 	dated
	 
	 	 	 	 
	14. März 2006 / 14 March 2006

	 
	 	 	 	 
	- nachfolgend
“Anstellungsvertrag”
genannt -	 	- hereinafter referred to as “Employment Agreement “ -

	 	 	 
	Präambel	 	Preamble
	 
	 	 
	 
	 	 
	Die Parteien wollen den

bestehenden Anstellungsvertrag

dahingehen ergänzen, dass der

Mitarbeiter unter bestimmten

Bedingungen eine Abfindung

erhalten soll, wenn ihm im

Zusammenhang mit einer Übernahme

von SCM durch einen Dritten

gekündigt wird. Dies

vorausgeschickt, vereinbaren die

Parteien folgende

Zusatzvereinbarung zum

Anstellungsvertrag:

	 	

Parties want to amend the

Employment Agreement to the

effect that the Employee shall

receive a severance under certain

conditions if he is given notice

of termination in connection with

a take over of SCM by a third

party. Having said this, Parties

agree on the following

Supplemental Agreement to the

Employment Agreement:
	 
	 	 

1

	 	 	 
	§ 1 Abfindung bei Kündigung im

Zusammenhang mit einer Übernahme

der Gesellschaft

	 	§ 1 Severance in Case of Notice

in Connection with a Take Over of

Company

	 	 	 
	(1) Unter “Übernahme der

Gesellschaft” verstehen die

Parteien den vollendeten Erwerb

der Mehrheit der

stimmberechtigten Aktien SCM

Microsystems, Inc., USA, (der

Muttergesellschaft von SCM) oder

den vollendeten Erwerb der

wesentlichen Betriebmittel von

SCM - jeweils durch einen Dritten

(Erwerber), der nicht ein mit SCM

verbundenes Unternehmen ist.

	 	

(1) Hereunder, “Take Over of the

Company” shall mean the completed

acquisition of the majority of

the voting stock of SCM

Microsystems, Inc., USA, (SCM’s

parent company) or the completed

acquisition of the essential

assets of SCM - each by a third

party (Buyer) which is not an

affiliate of SCM.

	 	 	 	 	 
	(2) Wenn dem Mitarbeiter im

Zusammenhang mit einer Übernahme

der Gesellschaft - spätestens

jedoch innerhalb von sechs

Monaten nach der Übernahme der

Gesellschaft — eine ordentliche

Kündigung durch SCM oder den

Erwerber ausgesprochen wird, ohne

dass

	 	•	 	der
Mitarbeiter selbst
zuvor eine Kündigung
ausgesprochen hat,
oder

	 	•	 	dem
Mitarbeiter aus
wichtigen Grund von
SCM oder dem Erwerber
wirksam gekündigt
wird, oder

	 	•	 	der
Mitarbeiter SCM oder
den Erwerber durch
ein gravierendes und
vermeidbares
Fehlverhalten
(welches von
erheblichem Gewicht
sein muss, allerdings
nicht die Qualität
eines wichtigen
Grundes für eine
außerordentliche
Kündigung haben muss)
zur Kündigung
veranlasst hat,
erhält der Mitarbeiter (2) If the Employee is given
eine einmalige            ordinary notice of termination
Brutto-Abfindung für den            of his employment by SCM or the
Verlust seiner Anstellung            Buyer in connection with a Take
nach Maßgabe von            Over of the Company - however no
nachstehenden Absätzen. later than within six months
Der Mitarbeiter erhält            after the Take Over of the
diese einmalige            Company — without
Brutto-Abfindung auch,

	 	•	 	the Employee before
wenn er selbst im            having himself given notice of
Zusammenhang mit einer            termination, or
Übernahme der Gesellschaft

	 	•	 	SCM or the Buyer giving
- spätestens jedoch            valid extraordinary notice to
innerhalb von sechs            the Employee for serious cause,
Monaten nach der Übernahme            or
der Gesellschaft — eine

	 	•	 	the Employee having
ordentliche Kündigung            caused SCM or the Buyer to give
erklärt, sofern er die            notice by severe and avoidable
Kündigung erklärt, weil            misconduct (which must be

	 	•	 	SCM oder der            significantly severe, but need
Erwerber seinen            not reach the quality of a
regelmäßigen            serious cause for an
Dienstort ohne sein            extraordinary notice),
Einverständnis a) an            the Employee shall be entitled
einen Ort innerhalb            to a gross one-time severance
Europas verlegt hat, for the loss of employment in
der sich außerhalb            accordance with below
eines Umkreis von 100 subsections.
Kilometern zu einem            The Employee shall also be
internationalen            entitled to this gross one-time
Verkehrsflughafen            severance if he himself gives
befindet oder b) an            ordinary notice of termination
einen Ort außerhalb            of his employment in connection
Europas verlegt hat, with a Take Over of the Company
oder - however no later than within

	 	•	 	SCM oder der            six months after the Take Over
Erwerber eine            of the Company -, because
wesentliche und dem

	 	•	 	SCM or the Buyer,
Mitarbeiter objektiv            without the Employee having
unzumutbare Änderung            agreed to this, has transferred
der bisherigen            his regular place of work a) to
Aufgaben und            a place within Europe which is
Zuständigkeiten            more than 100 kilometres away
vorgenommen hat, ohne            from an international airport or
dass hierüber ein            b) to a place outside Europe,
Einvernehmen mit dem            or
Mitarbeiter bestand

	 	•	 	SCM or the Buyer,
(die Parteien sind            without the Employee having
sich einig, dass eine            agreed to this, has effected a
Beschränkung der            significant change of the tasks
Zuständigkeiten und            and responsibilities of the
Aufgaben des            Employee which is unacceptable
Mitarbeiters auf eine            to the Employee from an
“Finanzchef            objective perspective (Parties
Europa"-Position            agree that a limitation of the
keine wesentliche und            tasks and responsibilities of
unzumutbare Änderung            the Employee to a “Chief
darstellt). Financial Officer
Die Höhe der einmaligen            Europe"-position does not
Brutto-Abfindung beträgt € constitute such significant and
174.000,00. Der Anspruch            unacceptable change).
auf die Abfindung entsteht            The amount of gross one-time
nur, wenn durch die            severance shall be € 174,000.00.
Kündigung das            The entitlement to this
Arbeitsverhältnis            severance shall only arise if
tatsächlich beendet wurde. the employment was actually
Der Mitarbeiter kann die            terminated by such notice. The
Abfindung nur einmalig            Employee is only once entitled
erhalten. to this severance.

	 	 	 
	(3) Der Anspruch auf diese

Abfindung entfällt, wenn dem

Mitarbeiter vor Ablauf der

Kündigungsfrist eine finanziell

vergleichbare oder finanziell

bessere Position durch SCM oder

durch den Erwerber oder einen mit

diesen verbundenen Unternehmen

angeboten wurde, die mindestens

einer “Finanzchef

Europa"-Position entspricht und

deren regelmäßiger Dienstort sich

in Europa und innerhalb eines

Umkreis von 100 Kilometern zu

einem internationalen

Verkehrsflughafen befindet,

gleichgültig ob der Mitarbeiter

dieses Angebot annimmt oder

nicht.

	 	

(3) The entitlement to this

severance shall forfeit if SCM,

the Buyer or an affiliate of

either before the end of the

notice period offers the Employee

a monetarily similar or better

position, which corresponds to a

“Chief Financial Officer

Europe"-position, at least, and

for which the regular place of

work is based within Europe and

within 100 kilometres of an

international airport, regardless

whether the Employee accepts this

offer or not.

	 	 	 
	(4) Die Abfindung ist zum

Zeitpunkt der rechtlichen

Beendigung des

Arbeitsverhältnisses fällig, aber

nicht bevor jedweder Rechtsstreit

über die Beendigung/das

Fortbestehen des

Arbeitsverhältnisses oder über

Vergütungsansprüche, den der

Mitarbeiter gegen SCM, den

Erwerber oder mit denen

verbundene Unternehmen etwaig

eingeleitet hat, rechtskräftig

beendet wurde.

	 	

(4) The entitlement to the

severance shall become due upon

the legal termination of the

employment, but no earlier than

the date of a legally binding

termination of any lawsuit the

Employee may have initiated

against SCM, the Buyer or an

affiliate of either regarding the

termination / continuation of the

employment or claims for

remuneration.

	 	 	 
	(5) Sämtliche Steuern auf die

Abfindung trägt der Mitarbeiter.

	 	(5) All taxes on the severance

are to be borne by the Employee.

	 	 	 
	§ 2

Schlussbestimmungen

	 	§ 2

Miscellaneous

	 	 	 
	(1) Die Bestimmungen des

Anstellungsvertrags bleiben im

Übrigen von dieser

Zusatzvereinbarung unberührt.

	 	(1) The other provisions of the

Employment Agreement shall not be

affected by this Supplemental

Agreement.

	 	 	 
	(2) Diese Zusatzvereinbarung ist

in deutscher und englischer

Sprache ausgefertigt. Im Fall

einer Unstimmigkeit oder eines

Widerspruchs zwischen der

deutschen und der englischen

Fassung hat die deutsche Fassung

Vorrang.

	 	

(2) This Supplemental Agreement

is executed in both German and

English. In case of discrepancies

or contradictions between the

German and the English version,

the German version shall prevail.

	 	 	 
	(3) Sollte eine der Bestimmungen

dieser Zusatzvereinbarung

unwirksam sein oder werden, so

wird dadurch die Wirksamkeit der

übrigen Bestimmungen nicht

beeinträchtigt. Anstelle der

unwirksamen Bestimmung oder zur

Ausfüllung eventueller Lücken

dieses Vertrages werden die

Parteien eine angemessene

Regelung treffen, die dem am

nächsten kommt, was die

Vertragsparteien nach ihrer

wirtschaftlichen Zwecksetzung

gewollt haben bzw. die dem

entspricht, was nach Sinn und

Zweck dieser Zusatzvereinbarung

vereinbart worden wäre, hätte man

die Angelegenheit von vornherein

bedacht.

	 	

(3) Should individual provisions

of this Supplemental Agreement be

or become invalid in whole or in

part, the remaining provisions

shall not be affected thereby. In

the place of the invalid

provision or to fill any gaps of

this Supplemental Agreement, the

Parties shall agree on an

adequate provision, which as

closely as possible reflects what

the Parties intended in

accordance with their economic

goals, or what the Parties would

have agreed according to the

intent of this Supplemental

Agreement if the matter had been

considered from the start.

	 	 	 
	(4) Mündliche Nebenabreden zu

dieser Zusatzvereinbarung

bestehen nicht. Änderungen und

Ergänzungen zu dieser

Zusatzvereinbarung,

einschließlich dieser Bestimmung,

bedürfen zu ihrer

Rechtswirksamkeit der

Schriftform.

	 	

(4) No verbal side agreements to

this Supplemental Agreement

exist. Modifications and

additions to this Supplemental

Agreement require written form to

be valid; the same applies to

this written form requirement.

	 	 	 
	(5) Diese Zusatzvereinbarung

unterliegt dem Recht der

Bundesrepublik Deutschland.

	 	

(5) This Supplemental Agreement

is subject to German law.

	 	 	 
	(6) Vereinbarter Gerichtsstand

ist München.

	 	(6) The courts of Munich shall

have jurisdiction.

	 	 	 	 	 
	Ismaning, den 12 Dezember 2006
SCM Microsystems GmbH
___/s/ Robert Schneider
—
	 	/s/ Stephan Rohaly
	Robert Schneider
	 	 	—	 
	Geschäftsführer
	 	Stephan Rohaly

2

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