Document:

EX-10.1

			
	Amended and Restated	  	

	Institutional Account Agreement	  

 Execution Copy 

 
  

					
	Date	  		  	Account Number(s)
		  	6-7-13	  	102-44470
			
	Account Title	  	Global Indemnity Group, Inc.	  	

 This Amended and Restated Institutional Account Agreement (together with any annexes or supplements
hereto, this “Agreement”), dated as of June 7, 2013, is by and among Global Indemnity Group, Inc., a Corporation organized under the laws of the State of Delaware (“you” or, as the
context requires, “your”), and J.P. Morgan Clearing Corp. (“JPMCC”), J.P. Morgan Securities LLC, JPMorgan Chase Bank, N.A., J.P. Morgan Securities plc, J.P. Morgan Securities (Asia
Pacific) Limited, J.P. Morgan Securities Asia Private Limited, J.P. Morgan Securities Australia Limited, J.P. Morgan Securities Japan Co., Ltd., J.P. Morgan Prime Nominees Limited, J.P. Morgan Markets Limited and any other Affiliate thereof notified
to you from time to time (JPMCC and such Affiliates, individually and collectively as the context requires, a “JP Morgan Entity,” “JP Morgan,” “us,”
“our” or “we”). You and we hereby agree as follows: 
 1.
DEFINITIONS. 
 As used in this Agreement, the following terms shall have the following meanings: 

“Activity” means all transactions (including Clearing Transactions), confirmations, agreements (including
this Agreement and Governing Agreements), loans and other extensions of credit, promises of performance, open contractual commitments and guaranties between or among one or more JP Morgan Entities and you, whenever arising. 

“Activity Reports” mean written reports of Activities transacted in or for any of your clearance accounts
maintained by JP Morgan, including trades or other transactions reported to JP Morgan for clearance or booking, trades executed by a JP Morgan Entity and journal entries processed by JP Morgan. 

An “Act of Insolvency” shall occur with respect to you upon the occurrence of any of the following events:
(a) you are dissolved (other than pursuant to a consolidation, amalgamation or merger); (b) you become insolvent or are unable to pay your debts or fail, or admit in writing your inability, generally to pay your debts as they become due;
(c) you make a general assignment, arrangement or composition with or for the benefit of your creditors; (d) you institute or have instituted against you a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under
any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for your winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against you, such
proceeding or petition (i) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for your winding-up or liquidation or (ii) is not dismissed, discharged, stayed or restrained in
each case within 30 days of the institution or presentation thereof; (e) you have a resolution passed for your winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (f) you seek or
become subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for you or for all or substantially all your assets; (g) a secured party takes possession of all
or substantially all your assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all your assets and such secured party maintains possession, or any such
process is not 

  

	
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dismissed, discharged, stayed or restrained; (h) you cause or are subject to any event with respect to you which under the applicable laws of any jurisdiction, has an analogous effect to any
of the events specified in clauses (a) through (g); or (i) you take any action in furtherance of, or indicating your consent to, approval of, or acquiescence in, any of the foregoing acts. 

“Affiliate” (when used with respect to a JP Morgan Entity) shall include each trust, limited liability
company, corporation, partnership and any other entity that is owned directly or indirectly by one or more of the JP Morgan Entities listed on the signature page hereof, or which is controlled by or under common control with any such JP Morgan
Entity, whether such entity exists as of the date hereof or is hereafter created or acquired. 
 “Applicable
Laws” means all US (federal and state) and, where applicable, non-US, laws, rules and regulations, and the applicable provisions of the constitution or rules of the exchange, market, clearing system or Depository where any of your
Activities are executed, cleared or settled and of governing regulatory and self regulatory organizations, as the same may apply to any Activity, in each case as in effect from time to time, including, ERISA, the prohibited transaction provisions of
the Internal Revenue Code, and the regulations of the U.S. Department of Labor. 
 “Authorized
Person” is defined in Section 10A hereof. 
 “Authorized User” is defined
in Section 24C hereof. 
 “Bulk Input Instructions” means instructions in respect of your
Activities in the form of bulk input computer data delivered to JP Morgan by messenger or transmitted to JP Morgan via such transmission mechanism as the parties shall agree upon from time to time. 

“Clearing Obligation” means each and every obligation of any JP Morgan Entity to you and of you to any JP
Morgan Entity in connection with any Clearing Transaction, or its acceleration, cancellation, termination or liquidation, whenever arising and whether fixed, liquidated, un-liquidated, matured, unmatured or contingent 

“Clearing Transactions” means all actions, agreements, promises of performance and transactions relating
to the execution, clearance, settlement of transactions in or the maintenance of accounts for the purpose of carrying, custodying or financing positions in, securities, loans (including whole mortgage loans and bank debt), currencies, commodities or
derivatives, in each case, for you by any JP Morgan Entity and all transactions in which any JP Morgan Entity provides clearing, fixed income clearing, custody or settlement services to or for you (including as prime broker in connection with prime
broker transactions or fixed income clearing transactions, or in connection with any give-up, free delivery or unsettled transaction, or when acting as a clearance and/or settlement agent in any clearing system, market, or exchange, domestic or
international) or transactions in, or the custody of, cash made in connection with, or in contemplation of, any of the foregoing. 
 “Code” means the United States Bankruptcy Code as in effect from time to time. 
 “Costs” is defined in Section 14B hereof. 

“Content” means any research reports or materials, market data (including any valuations of securities or
other investments), news, documents and other information, reports, analytics, calculators, or data whether provided through Electronic Tools or otherwise. 
 “Court” is defined in Section 20B hereof. 

“Default” is defined in Section 6 hereof. 

“Default Costs” is defined in Section 7 hereof. 

“Depository” means a clearing organization; settlement or netting system customarily used to clear or net
transactions; book entry system participant or entity that JP Morgan employs based upon customary 

  
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market practice, such as the Federal Reserve Bank or any participant in the Federal Reserve book-entry system, The Depository Trust & Clearing Corporation, Euroclear, Clearstream,
Sicovam, the Mortgage- Backed Securities Division or the Government Securities Division of the Fixed Income Clearing Corporation and any other similar organization. 
 “Electronic Tool” means any software, system, electronic functionality or service, including interactive devices, internet capability, functionality, site or service
hardware, device or communications facility. 
 “Electronic and/or Extra Services” is defined in
Section 24A hereof. 
 “English Law Master Agreement” means any Governing Agreement between
you and a JP Morgan Entity that contains close-out and netting provisions, is governed by English law and is entitled to the benefits of a netting opinion. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “Excluded Assets” means (a) your account numbered 113-40705-13 maintained for you in your name by JPMorgan Chase Bank, N.A., any sub-account(s) thereof and any
replacement or successor accounts) thereto; (b) all property now or hereafter credited to or held in such account(s) and (c) all Proceeds of or distributions on any of the foregoing. 

“Extraordinary Event” is defined in Section 27F hereof. 

“FDICIA” means the Federal Deposit Insurance Corporation Improvement Act of 1991. The following terms used
in this Agreement shall have the same meanings herein as set forth in Title IV of FDICIA: “netting contract,” “covered contractual payment entitlement” and “covered
contractual payment obligation.” 
 “FINRA” means the Financial Industry
Regulatory Authority. 
 “Governing Agreement” means any agreement, excluding this Agreement,
between you and one or more JP Morgan Entities with respect to a particular Activity or any Electronic and/or Extra Service that is executed before, on, or after the date of this Agreement. 

“Guarantor” means a party who has guaranteed any of your Obligations. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 

“Investment Advisor” is defined in Section 10B hereof. 

“JP Morgan Persons” is defined in Section 24G hereof, 

“Margin” is defined in Section 3A hereof. 

“Master Repurchase Agreement” means any master repurchase agreement executed between you and a JP Morgan
Entity. 
 “NYSE” means the New York Stock Exchange, L.L.C. 

“NYUCC” means the Uniform Commercial Code as adopted in the State of New York as in effect from time to
time. The following terms used in this Agreement shall have the same meanings herein as set forth in the NYUCC: “Commodity Account,” “Commodity Contract,” “Commodity
Intermediary,” “Entitlement Order,” “Financial Asset,” “Instrument,” “Investment Property,”
“Proceeds,” “Securities,” “Securities Account,” “Security Entitlement,” and “Securities
Intermediary.” 
 “Obligation” means, (a) as the context requires each of your
obligations or liabilities to a JP Morgan Entity and of a JP Morgan Entity to you, including (i) a requirement to make a margin payment or settlement payment or to maintain Margin; (ii) any Clearing Obligation; (iii) any requirement hereunder or
with respect to an Activity; and (iv) any “debt” as defined in the Code; and (b) any 

  
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obligation or requirement you have to liquidate or otherwise reduce a position, account or Activity, or to pay or perform under a guarantee or indemnity; in each case, whether or not payment or
performance is due, including with respect to its acceleration, cancellation, termination or liquidation, whenever arising and whether fixed, matured, unmatured, liquidated, unliquidated or contingent. 

“Prime Rate” means the highest prime rate of U.S. money center commercial banks as published in the Wall
Street Journal. 
 “provisional remedy” is defined in Section 21B hereof. 

“Remote Clearance Instructions” means instructions in respect of your Activities that are input via a
remote terminal that is located on your premises and received by JP Morgan via an electronic link (directly or indirectly through J.P. Morgan Clearing Corp.). 
 “Relevant Counterparties” means, in respect of a Clearing Transaction, or a trade giving rise to a Clearing Transaction, the broker or dealer who executed such trade or
transaction, the purchaser, seller, lender or borrower, as applicable, with whom such trade was conducted, any broker or dealer clearing for any of the foregoing, and any Depository involved in such trade or transaction. 

“Service Fees” is defined in Section 8 hereof. 

“Short Sale Charges” is defined in Section 8 hereof. 

“Source” is defined in Section 24A hereof. 

“Trading System” means any device, software, network or system used by or for you or with which you
communicate for the purpose of entering, facilitating or routing orders or trading. 
 “UCC” is
defined in Section 4B(m) hereof. 
 “Used” is defined in Section 17 hereof. 

“User Code” means any digital certificate, identifier, user name or password that may be required to
access or use or communicate with or through some or all Trading Systems or Electronic Tools. 
 2. GENERAL OBLIGATIONS.
You shall pay and perform all of your Obligations in accordance with their terms, including in connection with any acceleration thereof. The parties shall conduct all Activities in accordance with Applicable Laws. 

3. SECURITY INTEREST AND LIEN. 
 A. Grant of Security Interest. You grant to each JP Morgan Entity a continuing security interest in and lien upon and assign to each JP Morgan Entity all of your rights, title and interests to: (a)
any account maintained for you by or with any JP Morgan Entity; (b) all property now or hereafter credited to or held in any such account or otherwise held, or carried by or through, or subject to the control of any JP Morgan Entity or agent
thereof, including all margin, Securities, Securities Accounts, monies, Commodity Contracts, Commodity Accounts and Investment Property (including all Financial Assets and Instruments) whether fully paid or otherwise; (c) all rights you have in any
Obligation of any JP Morgan Entity, all rights you have in or to any Activity, and all rights you have in any unsettled transactions; and (d) all Proceeds of or distributions on any of the foregoing (collectively, clauses (a) through (d), other than
the Excluded Assets, “Margin”), as security and margin for the payment and performance of each of your Obligations to each JP Morgan Entity; provided, however, that with respect to any English Law Master Agreement, JP
Morgan’s security interest shall be subject to any netting, offset and recoupment rights under the English Law Master Agreement. The description of any property that is Margin contained in any Activity is incorporated into this Agreement as if
fully set forth herein and constitutes Margin hereunder. Each item of property, including Investment Property, a Security, a general intangible, contract rights, an Instrument and cash, held in or credited to any Securities Account at a Securities
Intermediary shall be treated as a Financial Asset. 

  
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 B. Margin for All Your Obligations. Notwithstanding any provision to
the contrary contained in any Governing Agreement, all Margin pledged by you to a JP Morgan Entity, whether under this Agreement, any Governing Agreement or any Activity, shall be and shall constitute, to the fullest extent of any rights you have in
such assets, Margin pledged by you under and in connection with this Agreement, each Governing Agreement and each Activity, to margin and secure your Obligations under this Agreement, each Governing Agreement and each Activity, and each Governing
Agreement and each Activity, whenever entered into, shall be deemed amended accordingly. Each JP Morgan Entity shall, without your further consent, comply with any orders or instructions of each other JP Morgan Entity with respect to Margin,
including (a) any Entitlement Orders or other instructions, including to transfer to a JP Morgan Entity or other person or to redeem any Margin, and (b) if the JP Morgan Entity is a Commodity Intermediary, any instructions to such JP
Morgan Entity to apply any value distributed on account of a Commodity Contract as directed by each other JP Morgan Entity. All Margin is held as Margin by each JP Morgan Entity both for itself as a secured party and as agent and bailee of each
other JP Morgan Entity, and each JP Morgan Entity acknowledges that it is so acting and that it is on notice of the security interest you have granted to each other JP Morgan Entity. 

C. Certain Rights with Respect to Margin. Each JP Morgan Entity is authorized, at any time and without notice to you, to
use, credit, apply or transfer Margin within such JP Morgan Entity and/or to any other JP Morgan Entity to which you have an Obligation (including under a Master Repurchase Agreement, in which event such transferred Margin shall become Additional
Purchased Securities or Margin Securities, as the case may be, as defined in the applicable Master Repurchase Agreement). Each JP Morgan Entity has the right to not comply with (a) any Entitlement Order or other instruction originated by you or
a third party that would require a JP Morgan Entity to make a delivery of Margin to you or any other person and (b) any instruction from you to apply any value on account of any Commodity Contract (whether such value is distributable or not),
in each case to the extent that delivery of such Margin contradicts an instruction received from a JP Morgan Entity or would result in any of your Activities or Obligations being collateralized in an amount less than the amount required by
Applicable Laws, any applicable Governing Agreement or this Agreement. You agree that the actions of a JP Morgan Entity in not complying with your instructions as allowed in this Section 3C does not violate any duties a JP Morgan Entity may
have as a Securities Intermediary or Commodity Intermediary. 
 D. Covenants in Respect of Margin; Power of Attorney. You
covenant that with respect to Margin and the delivery of Margin, you will take such reasonable action as is reasonably necessary to cooperate with JP Morgan to perfect or preserve its first priority security interest, legal or equitable charge or
other mortgage or assignment in the Margin. You irrevocably appoint each JP Morgan Entity to be your attorney-in-fact and your agent (with full powers of substitution and delegation) to: (a) act in your name and on your behalf and as your act
and deed or otherwise under a power coupled with an interest to do any act whatsoever required to be done under this Agreement as fully as you may do personally, including actions required to execute, sign, seal, deliver, lodge and file any
documents which such JP Morgan Entity may require for perfecting or preserving its first priority security interest, legal or equitable charge or other mortgage or assignment in the Margin, including financing statements or register notations and
(b) do all such acts and things as may be required for the full exercise of the powers conferred, including upon the occurrence of a Default, executing and filing such documents as are appropriate to effect any sale, lease, liquidation,
disposition, realization, receipt of such Margin, vesting the Margin in the JP Morgan Entity or the enforcement of any of the JP Morgan Entity’s rights hereunder. You covenant that on request, you will ratify and confirm any deed, document, act
and thing and all transactions that any such attorney-in-fact or agent may do which falls under the scope of the foregoing power of attorney. 
 E. Release of Excess Margin. JP Morgan shall comply with your written request to release Margin to you or to a third party, to the extent that after giving effect to such release, (i) you are in
compliance with all of your Activities and agreements with JP Morgan and (ii) after such release, all of 

  
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your Activities and Obligations will be collateralized in an amount not less than the amount required by Applicable Laws any applicable Governing Agreement and this Agreement Margin available for
release shall be reduced by the amount of any outstanding margin calls under any Activity. 
 4. REPRESENTATIONS, WARRANTIES
AND COVENANTS. 
 A. Representations and Covenants of Each Party. 

Each party represents and warrants that: 
 (a) it is authorized to enter into this Agreement and each Activity and to perform its respective Obligations; 
 (b) the Agreement is legal, valid, binding and enforceable against it, except as enforceability may be limited by bankruptcy, moratorium on payment of debt or other laws affecting the rights of creditors
generally; and 
 (c) the person who is executing this Agreement on its behalf is duly authorized to sign this Agreement in its
name. 
 Each party covenants that at the time it enters into any Activity, it will be authorized to enter into such Activity
and to perform its respective Obligations thereunder. 
 B. Your Representations and Covenants. 

You represent, warrant and covenant that; 
 (a) you will engage in all Activities as principal, and accordingly, you will determine the appropriateness for you of such Activities and address any legal, tax or accounting considerations applicable to
you; 
 (b) your transactions with JP Morgan are conducted with your own money and assets (other than your use of funds
borrowed from JP Morgan) and for your own account; 
 (c) you are and will be: (i) knowledgeable of and experienced in the
risks of entering into the Activities in which you engage; (ii) capable of evaluating the merits and risks of such Activities; (iii) able to bear the economic risks of such Activities, and (iv) solely responsible for monitoring
compliance with your own internal restrictions and procedures governing investments, trading limits and manner of authorizing investments, and Laws and regulations affecting your power, authority or ability to trade, invest or engage in Activities;

 (d) [Reserved] 
 (e) unless JP Morgan has expressly agreed otherwise in a written agreement under which JP Morgan receives compensation specifically identified as consideration for acting in such capacity or providing
such advice, (i) JP Morgan is not your fiduciary or adviser; (ii) no advice furnished by JP Morgan shall form a primary basis for any of your decisions; (iii) no amounts paid by you to JP Morgan shall be attributable to any advice
provided by JP Morgan; and (iv) you will not rely on JP Morgan taking any action with respect to any account, position or Activity, including advising you of any rights you may have or of the expiration of any periods for taking any action on
any matter; 
 (f) before depositing in any of your accounts, tendering as Margin or instructing JP Morgan to sell any
securities that are (i) “restricted securities” or securities of an issuer of which you are an “affiliate” (as those terms are defined in Rule 144 under the Securities Act of 1933);
or (ii) securities that are to be sold in reliance on Rule 701 and/or Rule 145(d) under such Act; or (iii) securities of an issuer of which you and any third party, including the issuer or their underwriter, have entered into an agreement
restricting the transferability of such securities, you will (w) advise JP Morgan of the status of such securities, (x) obtain clearance from JP Morgan with regard to the salability of such securities, (y) promptly furnish whatever
information and documents (including opinions of legal counsel) that JP Morgan may reasonably request and (z) not sell, pledge, assign or transfer such securities, unless you first provide any such required or requested documents; 

  
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 (g) you will neither use the name of JP Morgan nor make any disclosure with respect to our
relationship with you, except as required by Applicable Law, including in any disclosure document, solicitation, marketing or advertising material or any filing or news release, without our prior written consent provided, however, that
you may, use the name of the JP Morgan Entity that is acting as your prime broker in your disclosure document, solicitation, marketing or advertising materials or in any other document if your only use of such JP Morgan Entity’s name is to
reference that it is acting as your prime broker; 
 (h) unless you advise us to the contrary in writing, at all times, none of
your assets constitute, directly or indirectly, plan assets subject to the fiduciary responsibility and prohibited transaction sections of ERISA, the prohibited transaction provisions of the Internal Revenue Code or any federal, state, local or
non-U.S. law that is similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code; 
 (i) you will notify JP Morgan in writing prior to any of your assets becoming subject to the fiduciary responsibility and prohibited transaction sections of ERISA, the prohibited transaction provisions of
the Internal Revenue Code or any federal, state, local or non-U.S. law that is similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code and, upon JP Morgan’s request, you
will immediately terminate any or all Activities prior to your assets becoming subject to such laws; 
 (j) you have the right
to pledge and assign to JP Morgan all Margin pledged and assigned hereunder; 
 (k) the Margin is and at all times will be free
and clear of any liens, claims and encumbrances, except in favor of a JP Morgan Entity, and you will not take any action that would impair a JP Morgan Entity’s first priority, perfected security interest in the Margin; 

(l) you will cause the Margin to be subject at all times to a first priority perfected security interest in favor of JP Morgan
enforceable in accordance with terms hereof, including if required by Applicable Laws or requested by JP Morgan, promptly noting in your register of mortgages and charges or similar register, the security interest created by this Agreement over your
property; and 
 (m) upon your delivery of Margin, the filing of any financing statements required by the Uniform Commercial
Code as in effect in the applicable jurisdictions (“UCC”) and such other filings, registrations, licenses, recordings or consents which have been made or obtained, this Agreement will create, as security for your Obligations,
a valid and perfected, first priority security interest in all Margin pledged by you to secure any and all Obligations and no further filings, registrations, licenses, recordings or consents of or with any governmental body, agency or official are
necessary to create, preserve or perfect such first priority security interest in all such Margin. 
 C. Deemed Repeated.

 You will be deemed to have repeated each representation, warranty and covenant contained in Section 4B at the time
of entering into each Activity and on each day on which an Obligation is in existence and at the time of any transfer to or from you of Margin. 
 5. EXTENSIONS OF CREDIT; MARGIN. 
 A. Extensions of Credit. We may
from time to time lend you funds or securities or otherwise extend you credit. Unless otherwise expressly agreed in writing, debit balances, other extensions of credit and loans are repayable upon demand in accordance with Section 5D. 

  
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 B. JP Morgan’s Margin Requirements. Upon receipt of notice from JP Morgan, which
may be given orally, you shall transfer in accordance with Section 5D to JP Morgan such Margin or additional Margin as JP Morgan may require in connection with any Activity, in each case subject to the time requirements by which demands for
Margin must be satisfied, and the amount of Margin required under, any Governing Agreement, a confirmation of such Activity or relevant supplement. 
 C. Value and Amount of Margin. The market value of Margin shall be determined by JP Morgan for purposes of determining whether or not Margin is required in connection with an Activity.
Notwithstanding any provision to the contrary contained in this Agreement or any Governing Agreement, you shall be required to maintain Margin hereunder and with respect to each Governing Agreement and Activity in an amount not less than the amount
required by Applicable Laws. Unless otherwise agreed in writing to the contrary, JP Morgan may decline to accept any property as Margin or to ascribe value to any unsettled or open position in your account. Unless otherwise agreed in writing,
compliance with requirements for Margin for each Activity may be determined by JP Morgan without regard to any other Activity, notwithstanding industry custom or past practices, and notwithstanding that all Margin is pledged as security for all of
your Obligations. 
 D. Transfer Timing. Unless otherwise agreed to in writing to the contrary and subject to the
provisions of any Governing Agreement, you shall comply with any request by a JP Morgan Entity for (A) the repayment of a loan or extension of credit or (B) the provision of Margin or other deposit or collateral by no later than
(I) the close of business on any business day on which you have received such request, if you have received such request by 11:00 a.m. on such business day, or (II) 10:00 a.m. on the business day occurring after the business day you have
received such request, if you have received such request after 11:00 a.m. 
 6. DEFAULT. Each of the matters
provided for in clauses (a) through (f) below shall constitute and be referred to as a “Default”: (a) an Act of insolvency occurs in respect of you; (b) you breach, repudiate or default (however
denominated) under or in connection with any Obligation, this Agreement, any Governing Agreement or Activity, provided, that in respect of a default of an Activity governed by a Governing Agreement, the applicable JP Morgan Entity has
declared you in default (however denominated) under the relevant Governing Agreement or Activity, taking into account cure periods or notice requirements, if any, that may apply under such Governing Agreement or Activity, or you fail, or make an
oral or written statement that you are or will be unable, to meet a margin call or other demand for Margin when due; (c) [Reserved]; (d) any of your representations or warranties made in connection with any Obligation, this Agreement, any
Governing Agreement or Activity shall have been untrue in any material respect, either when made or when deemed repeated; (e) a Guarantor fails to perform under its guarantee, or an event that would be a Default if it occurred with respect to
you occurs (i) with respect to a Guarantor, or (ii) if you are a partnership or other similar entity (including a limited partnership), with respect to your general partner; or (f) if, after a request (which may be given orally) by JP
Morgan for adequate assurances of future performance made as a result of a change, or reports of a change, in your circumstances that JP Morgan reasonably believes, in good faith, affects your ability to perform your Obligations or to conduct
business in your ordinary course, you fail to provide JP Morgan with such adequate assurances within 72 hours of such request. 

7. REMEDIES. If a Default occurs, then, without notice and notwithstanding any notice, termination or cure provisions of
any applicable Governing Agreement or Activity, each and any JP Morgan Entity, at its option, may: 
 (a) determine you to be in
default (however denominated) of any or all Activities with any or all JP Morgan Entities; 

  
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 (b) in whole or in part, accelerate, cancel, terminate, liquidate or otherwise close out
this Agreement, any Governing Agreement or Activity with you in accordance with the terms of this Agreement or such Governing Agreement or Activity; 
 (c) retain any Margin, set-off, net, and/or recoup a JP Morgan Entity’s Obligations to you against any of your Obligations to any JP Morgan Entity, and your Obligations to a JP Morgan Entity shall be
deemed performed and discharged to the extent any JP Morgan Entity has effected a valid and unavoidable set-off, netting or recoupment, and you expressly waive any requirement of mutuality to allow one JP Morgan Entity to set off, net or recoup any
Obligation owed by you to a JP Morgan Entity against any Obligation of a different JP Morgan Entity to you (and you agree that the JP Morgan Entities may reconcile any such set off, netting or recoupment as they determine); 

(d) calculate any Obligation due to you by first deducting any Obligation that you owe to any JP Morgan Entity before determining the
final amount of any such Obligation; 
 (e) foreclose, collect, sell or otherwise liquidate any or all Margin a JP Morgan Entity
selects, in any order and at any time, and apply the Proceeds thereof to satisfy any of your Obligations to it or any other JP Morgan Entity; 
 (f) buy any and all property that may have been sold short; 
 (g) in each JP
Morgan Entity’s discretion, convert at your expense any Obligation from one currency into another currency at such rates as JP Morgan shall determine; and 
 (h) take any other action permitted by law or in equity or by any Activity to protect, preserve or enforce JP Morgan’s rights or to reduce any risk to JP Morgan of loss or delay, including entering
into hedging transactions for your account and risk. 
 You agree that JP Morgan has no obligation to liquidate any Margin in
any particular manner. At any sale of Margin or other sale or purchase permitted hereunder or otherwise, each JP Morgan Entity may sell or purchase to or from itself or third parties; and the parties acknowledge and agree that the Securities subject
to such sale or purchase are traded in a recognized market. You shall be liable to the extent permitted by law for interest on any amount not paid when due for the period from the due date thereof to the date of payment at a rate equal to the higher
of (i) the Prime Rate in effect from time to time and (ii) the highest rate applicable to any defaulted Activity, plus in either case two percentage points. You shall be liable to and shall pay such JP Morgan Entity for: (x) the
amount of all reasonable legal or other expenses incurred by such JP Morgan Entity in connection with or as a result of a Default, (y) damages in an amount equal to the loss or cost (including all fees, expenses and commissions) of entering
into replacement transactions and entering into or terminating hedge transactions, including for your account and risk, in connection with or as a result of a Default, and (z) any other loss, damage, cost or expense arising or resulting from
the occurrence of a Default in respect of any Activity (collectively, (x), (y) and (z), “Default Costs”). Our rights and remedies hereunder are cumulative and are in addition to any other rights and remedies
available at law or in equity. JP Morgan agrees that it will attempt to provide you notice, market conditions permitting, in respect of an Exercise of Remedies. 
 8. FEES AND CHARGES; ACCOUNT RELATED COSTS. JP Morgan may charge commissions and other fees in respect of Clearing Transactions, custody or any other services furnished to you (collectively,
“Service Fees”), and you shall pay such Service Fees at JP Morgan’s then-prevailing rates unless otherwise agreed in writing. Unless otherwise agreed with you in writing, such Service Fees may be changed from time
to time, upon prior written notice. With respect to any short sale transactions in securities that are or become hard-to-borrow, your account also may be charged an amount equal to the sum of (a) the costs and expenses incurred by JP Morgan and (b)
a Service Fee in connection with the establishment and/or maintenance of your short positions in that security (together, “Short Sale Charges”). A security is or becomes hard-to-borrow when increased short selling in
that security in the market causes an increase in demand to borrow the security, which in turn causes an increase in the cost 

  
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and expense to JP Morgan in establishing and/or maintaining a short position in such security for your account. Short Sale Charges may be disclosed to you at the time a short position is
established or may be imposed or increased from time to time in light of changing market conditions, with notice to you (which in certain instances may not be prior notice) and you agree to pay such Short Sale Charges at JP Morgan’s
then-prevailing rates. JP Morgan reserves the right to impose minimum Service Fees on inactive accounts. Out-of-pocket expenses incurred by JP Morgan in the performance of its services hereunder and all other charges and disbursements incurred or
made by JP Morgan in connection with your Activities shall be paid by you. You will pay any applicable value added tax and such other taxes, duties and fees as are applicable to Activities entered into by you. If you are required by law to make any
deduction or withholding from any payment due under any Activity or hereunder, you shall pay to us simultaneously with making such payment an additional amount as may be necessary in order for the total amount received by us after all deductions and
withholdings to be equal to the amount which we would have received had no deduction or withholding been made. Any and all taxes, including any interest and penalties with respect thereto, which may be levied or assessed under present or future laws
upon or in respect to your accounts, Activities or upon or in respect of income thereof shall be paid by you provided however, that no such additional amounts shall be paid with respect to taxes imposed on or measured by JP Morgan’s net income.
All such Service Fees, charges, expenses, disbursements and taxes as described above may be deducted by JP Morgan from your accounts. 
 9. ACTIVITY REPORTS; CONFIRMATIONS; ACCOUNT STATEMENTS; PRICING. 
 A.
Conclusiveness of Activity Reports. Activity Reports and other confirmations of transactions that have been made available or provided to you by JP Morgan, electronically or otherwise, by 10:00 a.m. on the business day immediately following a
trade date shall be conclusive if not objected to by 2:00 p.m. on that day. Activity Reports that have been made available to you after 10:00 a.m. on the business day immediately following a trade date shall be conclusive if not objected to within
four hours thereafter. Information relating to such Activities that is contained in confirmations and account statements, to the extent not included in such Activity Reports, shall be conclusive if not objected to in writing within three days (in
the case of confirmations) and ten days (in the case of account statements), after transmission to you by mail or otherwise. 

B. Estimated Price or Indicative Valuation. 
 (a) In providing you with an estimated price or indicative valuation, JP Morgan is not undertaking to render investment advice, manage money or act as a fiduciary with respect to your accounts or any of
your managed or fiduciary accounts. Providing you with an estimated price or indicative valuation at your request does not constitute a bid by JP Morgan for any security or derivatives transaction. We expressly disclaim any responsibility for (and
you agree to hold us harmless for any loss in respect of) any use to which you put an estimated price or indicative valuation and, by accepting it, you hereby agree that you will not provide it (or any part thereof) to any third parties without our
prior written consent In addition, the estimated price or indicative valuation should not be your primary basis for determining the value of any security or derivatives transaction or in making any investment decision. It should only be used by you
in conjunction with information obtained from other sources, including other pricing estimates and indicative valuations. It should not serve as your primary basis, and you will not state in any marketing or sales material that it serves as your
primary basis, for determining the official or estimated net asset value of a hedge fund, mutual fund or other collective investment vehicle; 
 (b) The estimated price or indicative valuation represents the good faith estimate of JP Morgan, at the time the estimated price or indicative valuation was determined, of the value of a security or
derivatives transaction between estimated bid and offer levels (the spread between which may be significant), given a stable market and a reasonable time for marketing. A market for the securities and

  
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derivatives transactions for which you have received an estimated price or indicative valuation may not exist, and a sale in an adverse market, or a distressed or forced sale, could result in
proceeds that are far less than the estimated price or indicative valuation provided; 
 (c) The estimated price or indicative
valuation may be based on one or all of a number of factors or assumptions, including general interest rate and market conditions; macroeconomic and deal-specific credit fundamentals; valuations of securities or derivatives transactions which may be
comparable in terms of rating, structure, maturity and/or covenant protection; cash flow projections (which are also based on assumptions about certain parameters that include, but are not limited to, default, prepayment, recovery and reinvestment
rates); information JP Morgan believes to be reasonable and accurate but which may no longer be current (including, for example, collateral manager or trustee reports); and proprietary models used by JP Morgan which may change from time to time and
vary from the assumptions and models used by other persons. In addition, it may be generated by a different, more automated and possibly less complex or current process than that used for, making margin calls in connection with repurchase, reverse
repurchase or securities lending transactions, trading or other internal purposes of JP Morgan; and 
 (d) The estimated price
or indicative valuation may not take into account position size, market volatility or other conditions, the risk of counterparty default or liquidity. It may differ significantly from prices at which securities or derivatives transactions could be
or could have been purchased or sold in any market or to or from any person or the prices at which JP Morgan or any other person would be willing to enter into, terminate, unwind or assign the relevant derivatives transactions. It has not been
confirmed by actual trades and may vary from the value JP Morgan or any another person assigns to such security or derivatives transaction while in its inventory, in your account or in connection with repurchase and reverse repurchase or securities
lending transactions. The disclaimers contained in this Section 9B are in addition to those contained in any JP Morgan Access Agreement, Customer Agreement, Account Agreement or other similar agreement and/or Electronic Services Agreement to
which you are a party. 
 10. AUTHORIZED PERSONS; INSTRUCTIONS. 

A. JP Morgan is Authorized to Act on Instructions. JP Morgan is authorized to act upon any instructions, oral or written or
delivered electronically or by facsimile, central processing unit connection, on-line terminal, magnetic tape, Remote Clearance Instructions or Bulk Input Instructions, reasonably believed by JP Morgan to have been given by a person (including
officers, directors, employees or Investment Advisors acting for you) whom JP Morgan reasonably believes has been authorized by you to give such instructions (each, an “Authorized Person”). JP Morgan shall not be
liable for acting in accordance with any such instruction; JP Morgan has no duty to make any inquiry as to such Authorized Person’s actual authority. You are obligated to and will perform all your Obligations to, and Activities entered into
with, JP Morgan based upon instructions from an Authorized Person. 
 B. Investment Advisor. In the event that you retain
an investment advisor, manager or other agent (“Investment Advisor”) to act for you, you agree and acknowledge that (a) such Investment Advisor, and not JP Morgan, is responsible for making or recommending
investments; (b) JP Morgan does not select, endorse or recommend any Investment Advisor; and (c) JP Morgan shall have no liability for acting in accordance with the instructions of such Investment Advisor. 

C. Investment Restrictions. JP Morgan does not monitor or control whether investments selected by you or your Investment Advisor
are consistent with or suitable to effect any investment program or strategy including any you may have agreed on with such Investment Advisor, any private placement memorandum or similar document, any statement to regulators, investors or lenders,
or laws and regulations affecting your ability to trade and invest 

  
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 D. Statute of Frauds. The parties waive any and all defenses that any instruction
for your account was not in writing as may be required by the statute of frauds or any similar law, rule or regulation. 

11. CLEARING TRANSACTIONS. 
 A. Delivery of Trade Details; Risk; Settlement Payment. When JP Morgan engages in Clearing Transactions for you: (a) you will furnish trade details in accordance with JP Morgan’s
requirements as to content, manner and timeliness of delivery, as may be established from time to time; (b) written instructions to you from JP Morgan shall include transmissions by or through facsimile transmission or delivered electronically
(using the facsimile number or email address listed in our records), central processing unit connection, on-line terminal, magnetic tape, Remote Clearance Instructions and Bulk Input Instructions; (c) you shall bear all the risks and costs
related to each Clearing Transaction, including non-performance by any Relevant Counterparty; (d) unless JP Morgan extends credit to you, no later than the time at which JP Morgan becomes obligated to a Relevant Counterparty, you will provide
JP Morgan, and be responsible for, the settlement payment (including the necessary securities) to enable JP Morgan to process, clear and settle the delivery of the securities and cash related to such Clearing Transaction, and any cash or securities
necessary to meet a demand for margin made by any Relevant Counterparty. If either you or any Relevant Counterparty fails for any reason to settle the transaction and/or return any free delivery within a reasonable period of time, as determined by
JP Morgan, you will be solely liable to JP Morgan for any and all loss, expenses or fail costs in connection therewith. JP Morgan shall have no liability whatsoever to you in any such circumstance. Nothing contained herein shall be construed as
imposing liability on any JP Morgan Entity as a principal party in connection with any Clearing Transaction in which it is acting as agent and you shall not, under any circumstance, represent to any third party broker or dealer or any other entity
that any JP Morgan Entity acts as a guarantor of any such Clearing Transaction. 
 B. Ability to Complete Transactions.
You will execute only bona-fide orders. If required for settlement, you will request a free delivery of cash or securities only when you have reasonable grounds to believe that the contra-party and the entity that executed your order have the
financial capability to complete the contemplated transaction. 
 C. Clearing Procedures and Timing. JP Morgan will
attempt to clear Clearing Transactions within a reasonable period as determined by the circumstances, and utilize the same procedures and standards it utilizes when clearing transactions on behalf of other customers. 

12. SHORT AND LONG SALES 
 A. Short Sales. Where required by Applicable Laws, in placing a sell order in any equity security with, or reporting a sell order to, JP Morgan for a short account, you shall designate the order as
“short.” Your reporting of a sell order as “short” shall constitute your representation that, if your order was executed by a broker other than JP Morgan, such executing broker or another registered broker dealer has obtained a
“locate” (i.e., assurances that the relevant securities can be obtained and delivered to JP Morgan in time to enable JP Morgan to settle the trade on a standard settlement basis) and you will identity to JP Morgan the source of your
“locate”. JP Morgan may in its discretion require you to obtain all “locates” from JP Morgan. JP Morgan may also determine not to accept your representation of having obtained a “locate” as the grounds required for
reliance by it under Applicable Laws and may in its discretion borrow or buy, for your account and risk, the securities you have sold short. 
 B. Long Sales. Where required by Applicable Laws, in placing any sell order with, or reporting a sell order to, JP Morgan for a long account, you shall designate the order as such. No order may be
designated as being for a “long” account unless (a) you own the relevant securities and such securities may be sold without restriction in the open market and (b) either such securities are in JP Morgan’s physical
possession and control at the time you place the order or, upon your request, 

  
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JP Morgan has determined that it may reasonably expect such securities to be in its physical possession or control in good deliverable form by settlement date. Your designation of an order as
“long” shall constitute your representation that (a) and (b) are true and accurate statements. 
 C. Designation Discrepancies. Your executing broker may identify your sale as “short” or “long” in the trade information
reported by it to JP Morgan, and JP Morgan will reconcile such information with the trade information reported to it by you. In order to enable JP Morgan and your executing broker to comply with their obligations under Applicable Laws, you
acknowledge that JP Morgan may advise your executing broker of any discrepancies between the trade information provided by your executing broker and the trade information provided by you and JP Morgan shall report such discrepancies to your
executing broker as soon as the technology to support such messages is developed. Further, if JP Morgan has not obtained a “locate” in respect of an order which either you or your executing broker has identified as
“short,” and you have not identified to JP Morgan the source of the “locate” required for such order, JP Morgan may notify your executing broker of such facts. 

D. Fails to Deliver. In the event (a) a “locate” was not obtained by your broker in connection
with a sale for a short account notwithstanding your representation to the contrary, JP Morgan may buy the securities for your account and risk, and charge your account for all costs and expenses incurred by it and (b) you fail to make delivery
of securities on a timely basis to enable JP Morgan to settle a sale for a long account, you shall pay to JP Morgan any losses, liability or expenses incurred by it 
 E. Threshold Securities. In order to enable JP Morgan to comply with its obligations under Applicable Laws, JP Morgan reserves the right to reject orders in Threshold Securities, as defined
in Regulation SHO, in which JP Morgan has aged fails in such securities. 
 F. “Hard to Borrow”
Securities. When securities that you have sold short are/or become “hard-to-borrow”, JP Morgan may make a change to any rebates that may be paid to you and/or assess a borrow fee applicable to such securities.

 G. Substitute Dividend Payments. When income is paid in relation to any securities sold short on, or by reference to,
an “ex-date” on which such short position remains open, JP Morgan shall debit a sum of money or property from your account equivalent to the amount necessary to enable JP Morgan to make the equivalent payment to its lender in relation to
the applicable securities loan, together with such additional amounts as may be agreed by you and JP Morgan. 
 13. OPTIONS
TRANSACTIONS. In the event you purchase or write (i.e. sell) listed options, you hereby agree and acknowledge the following: (a) all options transactions shall be subject to the constitution, rules, regulations, customs and usages of the Options
Clearing Corporation and any exchange or other marketplace where executed; (b) you will not, acting either alone or in concert with others, violate the position or exercise limits of the exchanges, which limits may change from time to time; (c) you
have read and understood the Options Risk Disclosure Document and Special Statement for Uncovered Writing and have determined that options trading is not unsuitable for you; and (d) you have read and understood the section of the Options Risk
Disclosure Document entitled “Exercise and Assignment” and you understand that (i) with respect to any option over which the Options Clearing Corporation has control if you fail to give instructions to the contrary prior to the expiration
date, of any such option, the Options Clearing Corporation will automatically exercise any such option which is in the money by a certain amount, which amount is determined by the Options Clearing Corporation in its discretion; (ii) JP Morgan shall
have no responsibility to advise you when an option in your account is nearing expiration and shall bear no responsibility for any loss incurred by you arising out of the fact that an option in your account was not exercised unless you have
instructed JP Morgan to exercise such option by the time established by JP Morgan; (iii) you may not receive actual notice of an exercise assignment until the week following the expiration date; (iv) exercise assignment notices for option contracts
are allocated among customer short positions pursuant to a procedure that randomly selects from among all 

  
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customer short positions, including positions established on the day of assignment, those contracts that are liable for assignment at any time; and (v) all American-style short options are
liable for assignment at any time, and by contrast, European-style short options are subject to assignment only on the expiration date. A more detailed description of such random allocation procedure is available upon request. You understand that JP
Morgan is required by Applicable Laws, including but not limited to FINRA Rule 2360, to obtain from you certain information regarding your investment objectives and financial situation in order to determine that options transactions are not
unsuitable for you and you hereby agree to provide JP Morgan with all information required to allow JP Morgan to make such determination. 
 14. LIMITATION OF LIABILITY; INDEMNIFICATION. 
 A. Limitation of
Liability. JP Morgan shall have no liability with respect to any breach of its Clearing Obligations which does not arise from its willful misfeasance, bad faith or gross negligence. Except for the following costs for which you shall be liable:
(i) Default Costs as set forth in Section 7, (ii) any regulatory fines resulting from our following your instructions, (iii) all losses and expenses incurred by JP Morgan resulting from claims by your investors, shareholders,
members, partners, limited partners, or other equity holders, as the case may be, involving or related to your accounts or Obligations, in each case, irrespective of whether of the foregoing are deemed consequential, incidental, special or indirect,
or (iv) as otherwise expressly provided in this Agreement, neither party shall have any liability for any consequential, incidental, or any similar damages and each party hereby irrevocably and unconditionally waives any right it may have to
claim or recover any such damages (even if it has informed the other party of the possibility or likelihood of such damages). The waiver in this Section 14 is an inducement to each party to enter into Activities with the other party. [JP Morgan
shall automatically debit your account for Costs incurred by JP Morgan in the ordinary course of its business with customers generally. With respect to Costs incurred by JP Morgan which are of the type that are outside the ordinary course of its
business with Customers, JP Morgan will not debit your accounts for such Costs until 3 days after demand has been made to you for the payment of such Costs.] 
 B. Indemnity. You shall indemnify and hold JP Morgan, its officers, directors, employees and agents harmless from and against, and shall pay JP Morgan on demand, any and all losses, claims,
damages, liabilities, obligations, penalties, excise taxes, judgments and awards and costs incurred by JP Morgan (including costs of collection, reasonable attorneys’ fees, court costs and other expenses) in connection with, related to or
arising from (a) your Obligations; (b) enforcing its rights hereunder, (c) any investigation, litigation or proceeding involving you, your accounts, any property therein (including claims to such property by third parties) or any
Activity; (d) the provision of any Electronic and/or Extra Services to you or use of or access to any Electronic and/or Extra Service under a User Code assigned to an authorized user; and (e) JP Morgan acting in reliance upon instructions
JP Morgan reasonably believes to be transmitted by an Authorized Person (collectively, clauses (a) through (e), (“Costs”), other than to the extent caused by JP Morgan’s gross negligence, willful misconduct
or fraud of JP Morgan. For the avoidance of doubt, your indemnity for claims as described above includes claims asserted by third party brokers or dealers in connection with Clearing Transactions (including JP Morgan’s right to refuse to enter
into a Clearing Transaction for you). Whether or not demand has been made, you authorize JP Morgan to debit any of your accounts for any and all such Costs. 
 15. AGENTS; SUB-CUSTODIANS. 
 A. Employment of Agents. JP Morgan may
employ agents or subcontractors in the performance of its Obligations under this Agreement or in connection with any Activity. The appointment of any such agent or subcontractor pursuant to this Section 15A shall not relieve JP Morgan of any of its
Obligations under this Agreement or in connection with any Activity. Notwithstanding the foregoing, no Depository shall be considered an agent or subcontractor of JP Morgan and JP Morgan shall have no liability for any loss or damage arising out of
the insolvency, acts or omissions of any Depository used by it. 

  
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 B. Appointment of Sub-custodians. JP Morgan may appoint sub-custodians, including its
own Affiliates, of assets held by or through JP Morgan in your accounts. JP Morgan will exercise reasonable skill, care and diligence in the selection of any such sub-custodian and will be responsible to you for satisfying itself as to the ongoing
suitability of such sub-custodian to provide custodial services, will maintain an appropriate level of supervision over such sub-custodian and will make appropriate inquiries periodically to confirm that the obligations of such sub-custodian
continue to be competently discharged. Anything herein to the contrary notwithstanding, JP Morgan will be liable only for loss or damage (subject to the limitations in Section 14 above) arising out of the insolvency, acts or omissions of any
sub-custodian appointed by it that is an Affiliate, but shall not be liable for any such loss or damage arising out of the insolvency, acts or omissions of any sub-custodian appointed by it that is not an Affiliate, provided that JP Morgan has
complied with its undertakings in the preceding sentence. Upon your request, JPMCC will provide you with a list that identifies the subcustodians selected by JP Morgan from time to time, such information may also be accessed through JPMCC’s
online MORCOM Prime web-based interface (or similar system). 
 16. FREE CREDIT BALANCES. You authorize JP Morgan to use
any free credit balance awaiting investment or reinvestment in any of your accounts in accordance with all Applicable Laws and to pay interest thereon at such rate or rates and under such conditions as are established from time to time by JP Morgan
for such accounts and for the amounts of cash so used. In accordance with applicable regulations, free credit balances are carried in customers’ accounts pending, and with a view towards, reinvestment. 

JP Morgan may determine not to pay interest on free credit balances representing (a) uncollected funds; (b) funds that are
deposited and subsequently withdrawn prior to the expiration of the minimum time period required by JP Morgan (which currently is a minimum of one complete business day); or (c) any credit balances created or increased solely for the purpose of
receiving interest thereon. 
 17. CONSENT TO LOAN OR PLEDGE SECURITIES. Unless prohibited by Applicable Laws, you
authorize JP Morgan to borrow and/or lend either to itself or to others any Securities which constitute Margin hereunder together with all attendant rights of ownership, and to use all Margin as collateral for JP Morgan’s general loans or other
obligations and with respect to repurchase transactions. All Margin, together with all attendant rights of ownership, may be pledged, repledged, sold, hypothecated or rehypothecated or become subject to repurchase transactions (collectively with any
of the uses described in the preceding sentence, “Used”) either separately or in common with other property for any amounts due to JP Morgan thereon, and for a greater sum than, and for periods longer than, your Obligations,
and JP Morgan shall have no obligation to retain a like amount of similar property in its possession and control. You acknowledge that, with respect to Securities Used by JP Morgan (a) in certain circumstances you may not be able to exercise
voting and other attendant rights of ownership, (b) rather than a dividend you may receive a payment which will not be eligible for the preferential tax rate or treatment which may apply to dividends and (c) JP Morgan may receive and
retain certain benefits (e.g. payments) to which you will not be entitled. Nothing herein shall be construed to limit JP Morgan’s Obligations to you hereunder. 
 18. TERMINATION; SURVIVAL; SUCCESSORS. Either party may terminate this Agreement upon 30 days’ prior written notice; provided, however, that your termination of this Agreement shall not be
effective until you have fully satisfied your Obligations. The following shall survive termination of this Agreement: (a) the provisions of this Agreement with respect to Obligations, Activities, actions or failures to take action relating to,
arising in or with respect to the period prior to termination of this Agreement; (b) Section 3, thereby extending the right to any lien and security interest until such time as, in the discretion of each JP Morgan Entity, security for the repayment
of your Obligations is no longer required; and (c) your indemnity under Section 14. This Agreement shall extend to and be binding upon all of the parties (whether now existing or hereafter added) and their respective

  
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successors and permitted assigns. Declining to clear or settle a prime broker transaction or any other Clearing Transaction or declining to accept certain property as margin does not constitute a
termination of this Agreement. 
 19. AMENDMENT. JP Morgan may modify the terms of this Agreement at any time in order to
comply with Applicable Law. Otherwise, this Agreement may not be waived or modified absent a written instrument signed by an authorized representative of JP Morgan and you. 
 20. RESOLUTION OF DISPUTES. 
 A. ANY DISPUTE BETWEEN YOU AND A JP MORGAN
ENTITY DIRECTLY OR INDIRECTLY BASED UPON, ARISING OUT OF, RELATING TO OR IN CONNECTION WITH JP MORGAN’S BUSINESS, ANY ACTIVITY, ANY OBLIGATION, THIS AGREEMENT, ANY CLAIM BY YOU AGAINST A JP MORGAN ENTITY OR ANY CLAIM BY A JP MORGAN ENTITY
AGAINST YOU (REFERRED TO COLLECTIVELY HEREIN AS A “DISPUTE”) SHALL BE DETERMINED BY LITIGATION IN A COURT EXCEPT THAT WITH RESPECT TO DISPUTES WHICH ARE ELIGIBLE FOR ARBITRATION PURSUANT TO FINRA
RULE 10101 AND/OR THE RULES OF THE NYSE, AS ADOPTED BY FINRA, YOU RETAIN THE RIGHT TO PROCEED BY OR COMPEL ARBITRATION. IF YOU CHOOSE TO PROCEED BY ARBITRATION, YOU AND JP MORGAN AGREE TO THE PROCEDURES, AND TO ABIDE BY THE REQUIREMENTS, LISTED IN
SECTION 21 BELOW. SHOULD EITHER PARTY CHOOSE TO PROCEED BY LITIGATION, YOU AND JP MORGAN AGREE TO FOLLOW THE PROCEDURES, AND TO ABIDE BY THE REQUIREMENTS, LISTED IN THIS SECTION 20. IF THIS SECTION 20 OR SECTION 21 IS INCONSISTENT WITH THE
PROVISIONS OF ANY OTHER AGREEMENT, THIS SECTION 20 AND SECTION 21 SHALL PREVAIL; PROVIDED, HOWEVER, IF THE DISPUTE ARISES SOLELY WITH RESPECT TO A TRANSACTION ARISING UNDER A GOVERNING AGREEMENT, YOU AND JP MORGAN AGREE TO
FOLLOW THE PROCEDURES, AND ABIDE BY THE REQUIREMENTS, LISTED IN SUCH GOVERNING AGREEMENT. 
 B. Exclusive
Jurisdiction. With respect to any application for a provisional remedy, any application for judgment on an arbitration award, and with regard to any suit, action, or other proceeding (excluding an arbitration proceeding and enforcement of a
judgment or award as provided in Section 20D below) with respect to, based upon or relating to a Dispute, each party irrevocably (a) submits to the exclusive jurisdiction of the U. S. District Court for the Southern District of New York
(located in New York County), or, if such court does not have jurisdiction, the Supreme Court of the State of New York, County of New York (each, the “Court,” as applicable); (b) waives any objection that it may
have at any time to the laying of venue of any proceedings brought in any such Court, waives any claim that such proceedings have been brought in an inconvenient or improper forum and further waives the right to object, with respect to such
proceedings, that such Court does not have any jurisdiction over such party; (c) will not commence any action or proceeding with respect to, based upon or relating to a Dispute in any other court; (d) agrees, subject, and without
prejudice, to the right to arbitration in accordance with Section 21 below, that all claims with respect to, based upon or relating to any Dispute may be heard and determined in such Court; and (e) waives and agrees not to assert any claim
of immunity from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to such party or its property. 

C. Consent to Service of Process. Except as otherwise provided by Section 21, the parties consent to service of process or
delivery of any notice with respect to, based upon or relating to any Dispute, judicial proceeding or arbitration, in each case, by personal delivery, delivery by mail, return receipt requested, delivery by a recognized overnight delivery service
and by any other means authorized 

  
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by Applicable Laws and, if applicable, by the rules governing any Dispute, judicial proceeding or arbitration, addressed, if to a JP Morgan Entity, as provided in Section 27E of this
Agreement, and, if to you, to an address contained in the records of JP Morgan on which JP Morgan customarily relies. 
 D.
Enforcement. Any judgment or award obtained with respect to a Dispute may be enforced in the courts of any jurisdiction where the party and/or any of its property may be found without re-examination of the matters previously adjudicated or
determined, and each party irrevocably submits to the jurisdiction of each such court for such purpose. 
 E. Service of
Process. You irrevocably designate and appoint the individual or entity listed below as an authorized agent to receive service of process on your behalf in connection with any Dispute, including with respect to any arbitration or other
proceeding, such appointment to continue until you appoint a different authorized agent acceptable to JP Morgan. If for any reason such authorized agent is unable to act as such, you will promptly notify JP Morgan and promptly appoint an authorized
agent acceptable to JP Morgan. 
 F. WAIVER OF JURY TRIAL. EACH OF YOU AND JP MORGAN (AND, TO THE EXTENT PERMITTED BY LAW, ON
BEHALF OF THEIR RESPECTIVE EQUITY HOLDERS AND CREDITORS) KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAWS, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY DISPUTE AND ANY RIGHT IT MAY HAVE
TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH PARTY (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF DISPUTE, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. IN THE EVENT OF DISPUTE, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 21. ARBITRATION. 
 A. THE PROVISIONS OF THIS SECTION 21 ARE APPLICABLE
ONLY TO ARBITRATION PROCEEDINGS ELIGIBLE FOR ARBITRATION PURSUANT TO FINRA RULE 10101 AND/OR THE RULES OF THE NYSE AS ADOPTED BY FINRA. YOU HAVE THE RIGHT TO HAVE ANY ACTION OR PROCEEDING DETERMINED BY BINDING ARBITRATION. 

THIS AGREEMENT CONTAINS A PREDISPUTE ARBITRATION CLAUSE. BY SIGNING AN ARBITRATION AGREEMENT THE PARTIES AGREE AS FOLLOWS:

 (a) ALL PARTIES TO THIS AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO A TRIAL
BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A CLAIM IS FILED. 
 (b) ARBITRATION AWARDS
ARE GENERALLY FINAL AND BINDING; A PARTY’S ABILITY TO HAVE A COURT REVERSE OR MODIFY AN ARBITRATION AWARD IS VERY LIMITED. 
 (c) THE ABILITY OF THE PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS AND OTHER DISCOVERY IS GENERALLY MORE LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS. 

  
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 (d) THE ARBITRATORS DO NOT HAVE TO EXPLAIN THE REASONS FOR THEIR AWARD UNLESS, IN AN
ELIGIBLE CASE, A JOINT REQUEST FOR AN EXPLAINED DECISION HAS BEEN SUBMITTED BY ALL PARTIES TO THE PANEL AT LEAST 20 DAYS PRIOR TO THE FIRST SCHEDULED HEARING DATE. 
 (e) THE PANEL OF ARBITRATORS MAY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY. 

(f) THE RULES OF SOME ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION. IN SOME CASES, A CLAIM THAT IS
INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT. 
 (g) THE RULES OF THE ARBITRATION FORUM IN WHICH THE CLAIM IS
FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED INTO THIS AGREEMENT. 
 ANY ARBITRATION UNDER THIS AGREEMENT
SHALL BE HELD ONLY AT THE FACILITIES OF, BEFORE AN ARBITRATION PANEL APPOINTED BY, AND PURSUANT TO THE RULES OF FINRA. THE AWARD OF THE ARBITRATORS, OR OF THE MAJORITY OF THEM, SHALL BE FINAL, AND JUDGMENT UPON THE AWARD RENDERED MAY BE ENTERED IN
ANY COURT, STATE OR FEDERAL, HAVING JURISDICTION. NO PERSON SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION, NOR SEEK TO ENFORCE ANY PRE-DISPUTE ARBITRATION AGREEMENT AGAINST ANY PERSON WHO HAS INITIATED IN COURT A PUTATIVE CLASS
ACTION; WHO IS A MEMBER OF A PUTATIVE CLASS WHO HAS NOT OPTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOMPASSED BY THE PUTATIVE CLASS ACTION UNTIL: 
 (i) THE CLASS CERTIFICATION IS DENIED; OR 
 (ii) THE CLASS IS
DECERTIFIED; OR 
 (iii) THE CUSTOMER IS EXCLUDED FROM THE CLASS BY THE COURT. 

SUCH FORBEARANCE TO ENFORCE AN AGREEMENT TO ARBITRATE SHALL NOT CONSTITUTE A WAIVER OF ANY RIGHTS UNDER THIS AGREEMENT EXCEPT TO THE EXTENT STATED
HEREIN. 
 B. Provisional Remedy. Notwithstanding the provisions of paragraph A above, either party may seek, in
either Court, any such temporary or provisional relief or remedy (“provisional remedy”) provided for by the laws of the United States or the laws of the State of New York as would be available in an action based upon
such dispute or controversy in the absence of an agreement to arbitrate. The parties intend to have any such application for a provisional remedy decided by the Court to which it is made and that such application shall not be referred to or settled
by arbitration. No such application for a provisional remedy, nor any act or conduct by either party in furtherance of or in opposition to such application, shall constitute a relinquishment or waiver of any right to have the underlying dispute or
controversy with respect to which such application is made settled by arbitration in accordance with paragraph A above. 

22. OTHER AGREEMENTS. The rights and remedies granted herein to each party are in addition to any other rights and remedies which
arise under any Governing Agreement or Activity. Each Governing Agreement or Activity shall remain in full force and effect and shall supersede this Agreement in the event of any express inconsistencies, with the exception of Sections 3, 6, 7, 14,
20 and 21 of this Agreement, which shall supercede the provisions of any Governing Agreement in the event of any 

  
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express inconsistencies. The provisions of this Agreement shall amend and restate and supersede any prior Institutional Account Agreement or Professional Account Agreement entered into by and
between you and JP Morgan. 
 23. GUARANTEED ACCOUNTS. You acknowledge that, if your account is guaranteed by a third
party, we are under no obligation to seek recovery under any such guarantee or from any third party. Any guarantee provided by you to any JP Morgan Entity shall continue to be effective or be reinstated (as the case may be) if at any time all or any
part of any payment or interest or other performance by the obligor under such guarantee is avoided or is otherwise restored or repaid by any JP Morgan Entity. 
 24. ELECTRONIC AND/OR EXTRA SERVICES. 
 A. JP Morgan may from time
to time directly or indirectly make available to or provide or arrange access to you various electronic systems and services and non-broker-dealer services (“Electronic and/or Extra
Services”), including any: (a) Trading System; (b) Electronic Tools; (c) Content; (d) account or Activity Reports; and/or (e) products or services not directly related to JP Morgan’s
business as a broker-dealer, including the ability to participate in JP Morgan’s purchasing programs. All or any part of the Electronic and/or Extra Services may be developed, licensed and/or provided by third- party licensors, vendors,
subcontractors or other third-party sources (each, a “Source”). JP Morgan and/or any such Source, at any time, with or without notice, may monitor, modify any aspect of, limit or terminate
your use or access to any or all of the Electronic and/or Extra Services. 
 B. In addition to the provisions herein,
Electronic and/or Extra Services will also be subject to the terms of the JP Morgan Online Services Agreement and/or such other agreements that govern the use of JP Morgan’s electronic information systems and/or a separate user agreement that
governs its use and the rights and responsibilities of JP Morgan and you with respect to particular Electronic and/or Extra Services. 
 C. You and/or one or more of your officers, directors, employees and any person(s) and/or entity(ies) which is (are) authorized to act on your behalf, and the officers, directors and employees of
such person(s) and/or entity(ies) (each, an “Authorized User”) may be provided with one or more User Codes. You (a) will not, nor will you permit any other person to, remove, modify,
exchange, disable, penetrate or otherwise defeat any security procedures; (b) shall restrict access to the User Codes and to the Electronic and/or Extra Services to those persons who are duly authorized to have such access on your behalf;
(c) shall notify JP Morgan or the relevant Source promptly in writing in the event that (i) the authority or employment of any such Authorized User has been or is about to be terminated (in which case you will promptly return to JP Morgan
any security device previously issued to the Authorized User); (ii) any User Code is lost, stolen or, the confidentiality of any User Code issued to any Authorized User has been compromised in any way; or (iii) you learn about possible or
actual unauthorized access to and/or use of the Electronic and/or Extra Services; (d) are responsible for all acts or omissions that occur under any User Code issued to an Authorized User, and (e) you are responsible for ensuring that all
information contained in any request for a User Code is complete and accurate. 
 D. You will be responsible for all
orders, instructions and transactions that are identified by any of the Electronic and/or Extra Services as coming from an Authorized User, and all consequences thereof, whether entered by authorized or unauthorized personnel or by any other person.
Furthermore, any agreement, consent or assent communicated through access to the Electronic and/or Extra Services under a User Code issued to one of your Authorized Users will be deemed to be your duly signed writing, sufficient to bind you thereto.

  
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 E. Content. JP Morgan obtains certain Content (including Content contained or
reflected in an Activity Report) from Sources JP Morgan believes to be reliable. The accuracy, completeness, timeliness or correct sequencing of the Content cannot be guaranteed by either JP Morgan or any Source. Neither JP Morgan nor any Source
will be liable for the accuracy of, or availability of, such Content or will have any duty to verify, correct, complete or update any Content. 
 F. You will permit only specifically authorized personnel to use a Trading System for the purpose of entering orders. Prior to any use of a Trading System, you agree to implement internal control
and supervisory procedures with regard to any Trading System that will at a minimum incorporate the following features: (a) controls that limit use of the system to authorized persons/parties; (b) checks for validation of order accuracy;
(c) established limits and/or order prohibitors, to prevent orders exceeding preset credit and order size parameters from being transmitted for execution; and (d) controls that monitor for duplication/retransmission of orders, previously
transmitted for execution. 
 G. NO WARRANTY; NO CONSEQUENTIAL DAMAGES. EACH JP MORGAN ENTITY AND ITS SUCCESSORS AND
ASSIGNS, OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS (COLLECTIVELY, “JP MORGAN PERSONS”) AND THE SOURCES EXPRESSLY DISCLAIM ANY AND ALL WARRANTIES, GUARANTIES, CONDITIONS, COVENANTS AND REPRESENTATIONS RELATING TO ANY
ELECTRONIC AND/OR EXTRA SERVICE, INCLUDING ANY RELATED TO MERCHANTABILITY, QUALITY, ACCURACY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, TIMELINESS, CURRENCY, ABSENCE OF VIRUSES OR DAMAGING OR DISABLING CODE, AND ANY WARRANTIES OR
REPRESENTATIONS (1) THAT ANY ELECTRONIC AND/OR EXTRA SERVICE OR ACCESS TO ANY PORTION OF IT WILL BE UNINTERRUPTED OR ERROR-FREE, OR (2) THAT DEFECTS IN SUCH ELECTRONIC AND/OR EXTRA SERVICES WILL BE CORRECTABLE OR CORRECTED. NOTWITHSTANDING
ANYTHING HEREIN TO THE CONTRARY, NO JP MORGAN PERSON OR SOURCE WILL BE LIABLE FOR ANY LOSS, COST, CLAIM OR DAMAGE (INCLUDING DIRECT, INDIRECT OR CONSEQUENTIAL DAMAGES OR LOST PROFITS) ARISING OUT OF OR OTHERWISE RELATING TO ANY ELECTRONIC AND/OR
EXTRA SERVICES OR THE USE OR ACCESS TO OR UNAVAILABILITY OF ANY OF THE SAME. 
 H. Notwithstanding any tools or support
JP Morgan provides to you, you have sole responsibility for, and will ensure, your compliance with any and all Applicable Laws that may apply to (a) your use of any of the Electronic and/or Extra Services, and (b) any transaction executed
through, or order or instruction communicated using, any of the Electronic and/or Extra Services or otherwise. 
 I. You
shall not directly or indirectly: (a) reverse engineer (e.g., decompile, disassemble, reverse compile, reverse assemble, or reverse translate) any Electronic Tool or use any means to discover the source code of or trade secrets in any
Electronic Tool or (b) otherwise circumvent any technological measure that controls access to any Electronic Tool. 
 J.
Consent to Electronic Delivery. You consent to electronic delivery of all documents that may be required to be delivered to you, including prospectuses, confirmations and/or account statements. Such electronic delivery may be effected by file
transfer and/or by delivery to the electronic mail address you provide to JP Morgan. JP Morgan shall deliver all such files by secure FTP or electronic mail or by any other means agreed to by the parties in writing. 

25. MUTUAL FUND TRANSACTIONS. In the event you engage in mutual fund transactions, you hereby agree and acknowledge that JP Morgan
shall process orders for the purchase or redemption of mutual fund shares provided that (a) JP Morgan receives the orders from you by the earlier of 4:00 p.m. on such day or such other time as determined by JP Morgan or required by Applicable Laws
or the applicable mutual fund’s prospectus and (b) the applicable mutual fund has accepted the order for 

  
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processing on that day. Orders that are accepted by the applicable mutual fund shall be priced by such mutual fund at the applicable net asset value of the mutual fund shares as computed by the
mutual fund that same day for such transactions. 
 26. DEBIT BALANCES/TRUTH-IN-LENDING. You acknowledge receipt of JP
Morgan’s Truth-in-Lending disclosure statement or any analogous disclosure statement. You understand that interest will be charged on any debit balances in your accounts in accordance with the methods described in such statement or in any
amendment thereof or revision thereto which may be provided to you or at the rate provided for in Section 7, if higher and not prohibited by Applicable Laws. Any debit balance that is not paid at the close of an interest period will be added to
the opening balance for the next interest period. 
 27. MISCELLANEOUS. 

A. USA Patriot Act. JP Morgan is committed to complying with U.S. statutory and regulatory requirements designed to combat money
laundering and terrorist financing. The USA PATRIOT Act of 2001 requires that all financial institutions obtain certain identification documents or other information in order to comply with their customer identification procedures. Until you provide
the required information or documents, JP Morgan may not be able to open or maintain accounts or effect any transactions for you. 
 B. Impartial Lottery Allocation. In the event JP Morgan holds on your behalf bonds or preferred stocks in street name or bearer form which arc callable in part, you agree that you will participate
in the impartial lottery allocation system of the called securities in accordance with the rules of the NYSE, or if not applicable, any other appropriate self-regulatory organization. When any such call is favorable, no allocation will be made to
any account with respect to which JP Morgan has actual knowledge that its officers, directors or employees have any financial interest until all other customers are satisfied on an impartial lottery basis. 

C. No Waiver. Neither JP Morgan’s nor your failure to insist at any time upon strict compliance with this Agreement or with
any of the terms hereof, nor any continued course of such conduct on its part, shall constitute or be considered a waiver by JP Morgan or you of any of their rights or privileges hereunder. For the avoidance of doubt, JP Morgan may provide notices
to you that it is not required to provide to you and may refrain from making Margin calls or otherwise insisting on strict performance of your Obligations, and you acknowledge and agree that no such conduct shall constitute, or be relied upon by you
as constituting, a waiver of JP Morgan’s rights to strict performance of all agreements with you or as imposing any obligation on JP Morgan not contained in any agreement with you. No demands, calls, tenders or notices that JP Morgan may have
made or given in the past in any one or more instances shall constitute a requirement that JP Morgan make or give the same in the future. 
 D. Assignment. Any assignment of your rights and Obligations without obtaining the prior written consent of an authorized representative of JP Morgan shall be null and void. Each JP Morgan Entity
shall have the right to assign any of its rights and Obligations to any other JP Morgan Entity without prior notice to you; provided, however, that if you object within five days of notice (which notice need not precede the transfer),
the transferring JP Morgan Entity shall remain obligated for any performance default by the transferee JP Morgan Entity. 

E. Notices. Any notices, demands, or other communications from you to JP Morgan under this Agreement shall be written, addressed
to JP Morgan, 383 Madison Avenue, New York, New York 10179, Attention: Chief Legal Officer, or such other address of which we give you written notice and shall be effective upon actual receipt by JP Morgan at such address. JP Morgan may accept
signatures on facsimiles as if they were originals. 

  
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 Unless otherwise specifically provided in this Agreement, notices to you shall be deemed received by you
when (a) any of the following occur: (i) JP Morgan receives acknowledgement that a notice sent to you by certified mail, return receipt requested, has been delivered to Three Bala Plaza East, Suite 300, Bala Cynwyd, PA 19004, (ii) JP
Morgan receives acknowledgement from an overnight courier or other third party service provider that such notice has been delivered to such address, (iii) such notice is conveyed by telephone or in person to any of the persons listed below,

  

					
	 Name
	  	 Office Telephone Number
	  	 Other Telephone Number

			
	 Thomas M. McGeehan, CFO and Executive Vice President
	  	610-660-3676	  	610-664-1500
			
	 James G. Genghini, Assistant Vice President and Assistant Controller
	  	610-660-6897	  	610-664-1500
			
	 Cynthia Y. Valko, CEO
	  	610-660-6824	  	610-664-1500
			
	 Stephen W. Ries, Senior Corporate Counsel
	  	610-668-3270	  	610-664-1500

 or (iv) JP Morgan has received electronic confirmation that such notice has been successfully transmitted by
facsimile to 610-668-3385, or 610-660-8887, or (b) any two of the following occur: (i) JP Morgan has attempted to place a telephone call to all persons listed in the chart in clause (a)(iii) above, at each telephone number listed opposite
such persons’ name, even if JP Morgan does not reach any such persons for any reason, including but not limited to, the fact that the calls placed where not answered, a “busy” signal is received for the call and/or the person called
is not available to answer the call, (ii) JP Morgan has attempted to communicate such notice three times via facsimile to each of the numbers listed in clause (a)(iv) above even if JP Morgan is unsuccessful in transmitting such facsimile, and
(iii) JP Morgan has attempted to communicate such notice to you by electronic mail via each of the electronic mail addresses listed below: 
 tmgeehan@global-indemnity.com; 
 jgenghini@global-indemnity.com;

 cvalko@global-indemnity.com; 
 sries@global-indemnity.com, 
 provided, that any contact information set forth in this
paragraph, including, your business address, the list of persons to be contacted, such persons’ telephone numbers, your facsimile number, and the list of e-mail addresses to which notice should be sent, shall automatically be amended two
business days after receipt by JP Morgan of your request to amend such information. 
 Receipt of a facsimile copy of any writing delivered in
connection with the transactions contemplated hereby shall have the same force and effect as receipt of the original copy thereof. 
 F. Force Majeure. In no event shall JP Morgan be liable for (a) any cost, damages or delay caused, directly or indirectly, by war, acts of terrorism, riots, civil commotion, strikes, labor
disputes, government acts, laws or regulations, exchange or market rulings, suspension of trading, embargoes, natural disasters, electrical failures, telephone communication line failures, computer failures, unavailability of the Federal Reserve
Bank wire or telex or otherwise or communication facility or otherwise or any other cause of contingency to the extent beyond JP Morgan’s control that may prevent or 

  
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delay the performance of any JP Morgan’s Obligations (an “Extraordinary Event”); or (b) any damages caused, directly or indirectly, by your executing
broker, by erroneous information received from you or by your failure to deliver instructions, including a failure which results in a lack of position or a failure to exercise rights on your behalf. In the event of an Extraordinary Event that may
prevent or delay the performance of any of JP Morgan’s Obligations, the performance of JP Morgan’s Obligations shall be excused for the period of the delay and JP Morgan will in no event be liable for any loss, liability, damage, claim,
cost or expense (including fees and expenses of legal counsel) arising from such delay or non-performance. 
 G. Credit
Information and Investigation; Sharing of Information. You authorize JP Morgan and, if applicable, your broker, in its or their discretion, to make and obtain reports concerning your credit standing and business conduct. You may make a written
request within a reasonable period of time for a description of the nature and scope of the reports made or sharing of information obtained by JP Morgan among JP Morgan Entities. You acknowledge that JP Morgan Entities share many computer systems
and employees, and also share information concerning their respecting customers for the purpose of monitoring and approving credit, legal, regulatory and underwriting exposures and administration of the customer’s accounts with and transactions
with or through any JP Morgan Entities. Such information will be treated by each JP Morgan Entity pursuant to its policies and procedures designed to protect the confidentiality and security of customer information and to ensure that such
information is used only in a manner that is consistent with Applicable Laws. 
 H. Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of the State of New York without reference to any choice of law rules that would result in the application of the law of any other jurisdiction. 

I. Severability. If any provision hereof is or should become inconsistent with any present or future law, rule or regulation of
any sovereign government or regulatory body having jurisdiction over the subject matter of this Agreement, such provision shall be deemed to be rescinded or modified in accordance with any such law, rule or regulation. In all other respects, this
Agreement shall continue to remain in full force and effect. 
 J. Headings. The headings of the provisions hereof are
for descriptive purposes only and shall not modify or qualify any of the rights or obligations set forth in such provisions. 

K. Construction. References to times in this Agreement are to the prevailing time in New York City. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” Unless otherwise expressly provided, any
time JP Morgan is authorized or entitled to take any action, refrain from taking any action or make any determination, it may do so in its sole discretion, exercised in good faith. The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms. 
 L. Recording. For the protection of the parties, and
as a way of correcting misunderstandings, you authorize JP Morgan, at its discretion and without prior notice to you, to monitor and/or record any or all telephone conversations between you and any of JP Morgan’s employees or agents which may
be used in connection with any dispute between the parties or in any other way related to this Agreement. 
 M. Right to
Decline or Set Limits on Activities. Nothing in this Agreement obligates JP Morgan to enter into any Activity with you, notwithstanding past practice or market custom. Rather, JP Morgan may (a) decline to execute, clear or settle any Clearing
Transaction and (b) decline to enter into, execute, extend, renew or “roll over” any Activity, including any Activity done on an “open” or “demand” basis.
Such a declination, in and of itself, shall not operate as a termination of this Agreement. JP Morgan may, at any time, place a limit (expressed in dollars, positions, or number of units) on the size of transactions that JP Morgan will accept for
execution, clearance and/or settlement. JP Morgan may by 

  
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notice to you, which may be provided orally, require you immediately to liquidate or otherwise reduce, reverse or hedge a position, account or Activity to reduce the amount of your Obligations or
JP Morgan’s obligations to third parties or otherwise mitigate risk, and you hereby authorize JP Morgan to take such action on your behalf for your account and risk if you fail to comply with JP Morgan’s request. 

N. Performance. Each Activity has been entered into in consideration of each other Activity and, unless otherwise determined by JP
Morgan, (a) your performance of each and every one of your Obligations when due is a condition precedent to JP Morgan’s performance of its Obligations to you and (b) the Obligation of each JP Morgan Entity to you shall be suspended
and shall not mature until you have paid and performed in full all of your Obligations when due to each JP Morgan Entity; provided, however, that Activities shall not be merged. 

O. Marshalling of Assets. You waive marshalling of assets and any similar doctrine dealing with the application of collateral.
Subject to the terms of this Agreement, Margin may be utilized or applied by JP Morgan Entities as they determine. 
 P.
Repurchase Agreements. Nothing contained in this Agreement shall be construed to affect the validity of the characterization of an Activity under any repurchase agreement between JP Morgan and you as a purchase and sale. 

Q. Netting Contract. It is understood that this Agreement constitutes a “netting contract” and each
payment entitlement and payment obligation under any Activity hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation”,
respectively (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). 
 R. Documentation. You will provide us with any necessary documentation (including prospectuses and opinions) in order to satisfy legal transfer requirements, in accordance with Applicable Laws.

 S. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and
all of which, taken together, shall constitute one and the same agreement. 
 T. Facsimiles. Either party may accept
facsimile or .pdf copies of this or any other document or instruction as if it were the original and may accept signatures on facsimiles or .pdfs as if they were originals. 
 [Signature page follows] 

  
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 BY SIGNING THIS AGREEMENT, YOU ACKNOWLEDGE THAT: 

THE SECURITIES IN YOUR MARGIN ACCOUNTS AND ANY SECURITIES FOR WHICH YOU HAVE NOT FULLY PAID, TOGETHER WITH ALL ATTENDANT OWNERSHIP RIGHTS, MAY BE USED
BY JP MORGAN AS MORE SPECIFICALLY SET FORTH IN SECTION 17 ABOVE; AND 
 THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE AT
SECTIONS 20 AND 21 WHICH SECTIONS START ON PAGES 16 AND 17. 
 IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amended and Restated Institutional Account Agreement to be duly executed and delivered as of the date first above written. Parties organized under the laws of the Cayman Islands hereby execute this Amended and Restated
Institutional Account Agreement as a deed. 
  

									
	 Global Indemnity Group, Inc.
	 		 	J.P. MORGAN CLEARING CORP.
	Name of Accountholder	 		 	 J.P. MORGAN SECURITIES LLC
 JPMORGAN CHASE BANK, N.A.
 J.P. MORGAN SECURITIES PLC

J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED

J.P. MORGAN SECURITIES ASIA PRIVATE LIMITED
 J.P.
MORGAN SECURITIES AUSTRALIA LIMITED
 J.P. MORGAN SECURITIES JAPAN CO., LTD
 J.P. MORGAN PRIME NOMINEES LIMITED
 J.P. MORGAN MARKETS LIMITED

	By:	 	 

  
	 		 		 	 

  

	         Thomas M. McGeehan
	 		 	By:	 
	Name and Title of Authorized Agent	 		 		 	 Teresa Heitsenrether
 Managing Director

		 	 Executive Vice President &
 Chief Financial Officer
	 		 		 

  
  

For JP Morgan Use Only (10-01-2012) Form # 0000 

¡ 000    SEC
 Disc    ¡ 000 W-8     ¡ 000 IAA 

 SUPPLEMENT TO INSTITUTIONAL ACCOUNT AGREEMENT 

REGARDING FIXED INCOME CLEARING TRANSACTIONS 
 [Reserved] 

  
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 SUPPLEMENT TO INSTITUTIONAL ACCOUNT AGREEMENT 

REGARDING PRIME BROKERAGE SERVICES 
 The terms and conditions hereof (this “Supplement”) shall supplement, part of, and be subject to, the Amended and Restated Institutional Account Agreement (the
“IAA”) to which it is attached. This Supplement sets forth additional terms and conditions under which JP Morgan will provide prime brokerage services for your accounts that are serviced by the Global Clearance
Services Department. Notwithstanding the foregoing or anything else contained in this Supplement, this Supplement shall not apply to Activities that constitute clearance services to you for transactions executed away from JP Morgan involving
securities that are processed and cleared through your accounts that are serviced by the Fixed Income Clearance Services Department (“Fixed Income Clearing Transactions”). In the event of any uncertainty or dispute, JP
Morgan shall determine whether a transaction is a Fixed Income Clearing Transaction. Each transaction hereunder shall be deemed both a “Clearing Transaction” and an “Activity”, as defined
in the IAA. All defined terms in the IAA shall have the same meanings herein as they have in the IAA. The prime brokerage services hereunder shall be provided in a manner not inconsistent with the no-action letter dated January 25, 1994 issued
by the Division of Market Regulation of the Securities and Exchange Commission (the “SEC Letter”), as amended or supplemented. 
 1. Prior to the commencement of any prime brokerage activity, JP Morgan will enter into an agreement with the executing broker you have designated which will set forth the terms and conditions under which
your executing broker will be authorized to accept orders from you for settlement by JP Morgan (each, a “PB Agreement”). Thereafter JP Morgan will enter into PB Agreements with any additional executing brokers you
designate to it from time to time. JP Morgan will accept for clearance and settlement trades executed on your behalf by your executing broker with which it has executed a PB Agreement with respect to you. On the day following each transaction, JP
Morgan will send you a notification of each trade placed with your executing broker based upon the information provided by you. This notification contains some but not all of the information required to appear in a confirmation. Your executing
broker is responsible for delivering to you a confirmation of each trade executed and settled on your behalf. 
 2. JP Morgan may become
obligated to settle trades executed on your behalf by your executing broker and reported to JP Morgan by you and your executing broker provided that you have reported to JP Morgan promptly upon execution of the trade, but in no event later than 5:30
p.m. (New York time) on the trade date, or by such other time as JP Morgan may advise you, all the details of such trades including the contract amount, the security involved, the number of shares or the number of units and whether the transaction
was a long, or a short sale or a purchase, and further provided that JP Morgan has not “DK’d” (“indicated it does not know”) or has not subsequently disaffirmed such trades. If JP Morgan becomes obligated to settle a trade,
you shall be responsible and liable to JP Morgan for making the settlement payment (including the delivery of applicable securities) with respect to each such trade. If JP Morgan determines not to settle a trade, JP Morgan shall send you a
cancellation notification to offset the notification sent to you under Section 1 whereupon you shall be solely responsible and liable to your executing broker for settling such trade and JP Morgan shall not have settlement responsibility for
such trade. In addition, JP Morgan may be required to cease providing prime brokerage services to you in accordance with the PB Agreement. 
 3.
If (i) (A) an Act of Insolvency occurs in respect of your executing broker, (B) your executing broker’s registration is terminated or it ceases to do business as a broker-dealer, or (C) your executing broker fails, refuses or is unable, for any
reason or for no reason, to settle a trade, and (ii) JP Morgan agrees to settle any trades executed on your behalf by such executing broker, regardless whether JP Morgan did not DK and did not disaffirm such trades, then you shall be solely
responsible, and liable to JP Morgan, for any losses, costs or expenses arising out of or incurred in connection with JP Morgan’s agreement to settle such trades. 

  
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 4. You shall maintain in your account with JP Morgan such minimum net equity in cash or securities as JP
Morgan may require, from time to time (the “JP Morgan Net Equity Requirement”), which shall in no event be less than the minimum net equity required by the SEC Letter (the “SEC Net Equity
Requirements”). In the event your account falls below the SEC Net Equity Requirements, you hereby authorize JP Morgan to notify promptly all executing brokers with whom it has a PB Agreement on your behalf of such event. Moreover,
if you fail to restore your account to compliance with the SEC Net Equity Requirements within the time specified in the SEC Letter, JP Morgan shall: (i) notify all such executing brokers that JP Morgan is no longer acting as your prime broker
and (ii) “DK” all prime brokerage transactions on your behalf with trade date after the business day on which such notification was sent In the event either: (i) your account falls below the JP Morgan Net Equity Requirements,
(ii) JP Morgan determines that there would not be enough cash in your account to settle such transactions or that a maintenance margin call may be required as a result of settling such transactions, or (iii) JP Morgan determines that the
continuation of prime brokerage services to you presents an unacceptable risk to JP Morgan taking into consideration all the facts and circumstances, JP Morgan may disaffirm all your prime brokerage transactions and/or cease to act as your prime
broker. 
 5. If you have instructed your executing broker to send confirmations to you in care of JP Morgan, as your prime broker, the
confirmation sent by such executing broker is available to you promptly from JP Morgan, at no additional charge. 
 6. If your account is
managed on a discretionary basis, you hereby acknowledge that your prime brokerage transactions may be aggregated with those of other accounts of your advisor, according to your advisor’s instructions, for execution by your executing brokers in
a single bulk trade and for settlement in bulk by JP Morgan. You hereby authorize JP Morgan to disclose your name, address and tax ID number to your executing brokers. In the event any trade is disaffirmed, as soon as practicable thereafter, JP
Morgan shall supply your executing brokers with the allocation of the bulk trade, based upon information provided by your advisor. 
  

					
	 Global Indemnity Group. Inc.
	  	
	 Name of Accountholder

 
	  	
	By:	  	

 	  	
			
	Name and Title:	  	Thomas M. McGeehan	  	 Executive Vice President &
 Chief Financial Officer

	  
 Date:
	  	  
 June 7,
2013
	  
		  		  	

  
 Prepared by BP
for MM from 
 Standard Form IAA 2012-10-01 
 2 

  
 

 
 LIQUID SHARES NOTICE TERMS AND CONDITIONS 

These terms and conditions apply to any locate notice that we issue to you (or to an investment manager or other agent acting on your behalf) in relation
to liquid shares being shares to which EU Regulation No 236/2012 on short selling and certain aspects of credit default swaps (the “Regulation”) applies and which meet the liquidity requirement established in Article
22 of EU Regulation No 1287/2006, or are included in the main national equity index as identified by the relevant competent authority of a member state and are the underlying financial instrument for a derivative contract admitted to trading on a
trading venue (as contemplated under Article 6(4) of Commission Implementing Regulation (EU) No 827/2012) (“Shares”) (each such notice a “Liquid Shares Notice”). 

These terms and conditions are supplemental to the Amended and Restated Institutional Account Agreement entered into between you and us (the
“IAA”). To the extent that there is a conflict between these terms and conditions and the terms and conditions of the IAA, these terms and conditions shall prevail. Words and expressions defined in the IAA have the
same meanings in these terms. 
 Confirmation: If we issue a Liquid Shares Notice to you or to an investment manager or other
agent acting on your behalf, this will be confirmation by us that (subject to these terms and conditions): (i) we consider that we can make Shares of the description and up to the maximum number specified in the Liquid Shares Notice (the
“Maximum Number”) available to you for settlement in due time (being the standard settlement time for the relevant Shares following the time of the trade) taking into account the amount of the Shares specified in the
Liquid Shares Notice and market conditions; and (ii) such Shares are easy to borrow or purchase in the relevant quantity taking into account market conditions and other information available to us on the supply of such Shares. If we issue a
Liquid Shares Notice to an investment manager or other agent acting on your behalf and on behalf of another party or parties, the aggregate number of Shares that we consider we can make available for settlement to all parties for whom such
investment manager or other agent is acting will be equal to the Maximum Number of Shares. 
 No Commitment: The Liquid Shares
Notice represents our assessment of our ability to make Shares available to you for settlement and is not an undertaking to lend or otherwise procure the transfer of Shares to you. 
 Duration: Our confirmation will be valid in respect of sales of Shares entered into at or prior to the close of business on the date of the relevant Liquid Shares Notice in the market within
the European Economic Area on which the Shares specified in the Liquid Shares Notice are admitted to trading (or such other time as is specified in the Liquid Shares Notice). 
 Liability: Our liability to you under these terms and conditions shall be subject to the provisions of the IAA including but not limited to any limitation of liability and force majeure
provisions. 
 No Representation: It is your sole responsibility to ensure your compliance with the requirements of the
Regulation. We accept no obligation or liability in this regard, and make no representation as to the compliance of any arrangements with the requirements of the Regulation. 
 Confirmation: Without prejudice to the paragraph above, we confirm that as part of our business we participate in the borrowing and purchasing of Shares. 

  
  

			
	 (v.1) Form # 6478

01091
	  	 JPMCC Standard Form Liquid Shares Notice Terms and Conditions

Annex to Institutional Account Agreement 2012-11-01

  
 

 
 ILLIQUID SHARES NOTICE TERMS AND CONDITIONS 

These terms and conditions apply to any locate notice that we issue to you (or to an investment manager or other agent acting on your behalf) in relation
to illiquid shares being shares to which EU Regulation No 236/2012 on short selling and certain aspects of credit default swaps (the “Regulation”) applies and which neither meet the liquidity requirement established in
Article 22 of EU Regulation No 1287/2006 nor are included in the main national equity index as identified by the relevant competent authority of a member state and are the underlying financial instrument for a derivative contract admitted to trading
on a trading venue (as contemplated under Article 6(4) of Commission Implementing Regulation (EU) No 827/2012)) (“Shares”) (each such notice an “Illiquid Shares Notice”). 

These terms and conditions are supplemental to the Amended and Restated Institutional Account Agreement entered into between you and us (the
“IAA”). To the extent that there is a conflict between these terms and conditions and the terms and conditions of the IAA, these terms and conditions shall prevail. Words and expressions defined in the IAA have the
same meanings in these terms and conditions. 
 Commitment: If we issue an Illiquid Shares Notice to you or to an investment
manager or other agent acting on your behalf, this will be a commitment by us to lend or otherwise transfer to you or to your order Shares of the description and up to the maximum number specified in the Illiquid Shares Notice (the
“Maximum Number”). subject to the terms set out below and the terms of the IAA. If we issue an Illiquid Shares Notice to an investment manager or other agent acting on your behalf and on behalf of another party or
parties, the maximum aggregate amount of our commitment to all parties for whom such investment manager or other agent is acting will be equal to the Maximum Number of Shares. 
 Duration and undertaking: Our commitment will be valid in respect of sales of Shares entered into at or prior to the close of business on the date of the relevant Illiquid Shares Notice in
the market within the European Economic Area on which the Shares specified in the Illiquid Shares Notice are admitted to trading (or such other time as is specified in the Illiquid Shares Notice) (the “Cut-off Time”).
Provided that you have, or an investment manager or other agent acting on your behalf has, submitted to us before 7:00 p.m. (New York time) (or such other time as is specified in the Illiquid Shares Notice) (the “Trade File Cut-off
Time”) a trade file specifying the relevant sale transactions (the “Trade File”), we undertake (subject to these terms and conditions and the terms of the IAA) to lend or otherwise transfer to you or
to your order Shares of the description specified in the Illiquid Shares Notice in a number (the “Actual Number”) equal to the lesser of (i) the number of such Shares specified in the Illiquid Shares Notice and
(ii) the number of such Shares specified in the Trade File, for settlement at such time as is specified in the Trade File (being no earlier than the standard settlement time for the relevant Shares following the time of the trade). If the Trade
File is submitted by an investment manager or other agent acting on your behalf and on behalf of another party or parties, the aggregate number of Shares that we undertake to lend or otherwise transfer to all parties for whom such investment manager
or other agent is acting will be equal to the Actual Number of Shares. 
 Following the Trade File Cut-off Time we will have no further
commitment to you in respect of any Shares other than those specified in the Trade File. 
 Revocation or amendment: We may at any
time by notice to you revoke or reduce our commitment or specify a different Cut-off Time. Such notice will not affect our commitment to lend or otherwise transfer to you in accordance with these terms and conditions any Shares specified in the
Illiquid Shares Notice that you have sold before such notice is given and that are specified in a Trade File submitted to us (whether before or after your receipt of such notice) before the Trade File Cut-off Time. 

Terms: The fee or rate payable in respect of the loan or other provision of Shares will be as notified to or agreed with you (or an
investment manager or other agent acting on your behalf). 

  
  

			
	 (v.1) Form # 5477

01092
	  	 JPMCC Standard Form Illiquid Shares Notice Terms and Conditions

Annex to Institutional Account Agreement 2012-11-01

 Conditions: Our obligation to lend or otherwise transfer Shares to you in accordance with
these terms and conditions is conditional on (i) your continued compliance in all material respects with the terms of the IAA, including but not limited to your maintaining, providing or making available to us such amount of eligible margin or
collateral in respect of the loan or other provision of Shares (together with your other obligations) as is required under the IAA and any related documentation; and (ii) no event permitting us to terminate the IAA without notice (“event
of default”) or event which, upon the expiry of time or our determination in accordance with the provisions of the IAA, would be an event of default having occurred. 
 Liability: Our liability for any failure to lend or otherwise transfer Shares to you in accordance with these terms and conditions shall be subject to the provisions of the IAA including but
not limited to any limitation of liability and force majeure provisions, provided that any force majeure provisions shall operate to exclude our liability for any such failure rather than to terminate our obligation to lend or otherwise transfer
Shares to you but without prejudice to our ability to rely on any right under the IAA to be indemnified by you. 
 No
representation: It is your sole responsibility to ensure your compliance with the requirements of the Regulation. We accept no obligation or liability in this regard, and make no representation as to the compliance of any arrangements with
the requirements of the Regulation. 
 Acceptance: By making a request to us for a commitment in relation to Shares pursuant to
these terms and conditions you will be deemed to accept these terms and conditions. 

  
  

					
	 (v.1) Form # 5477

01092
	  	  
 Page 2
	  	 JPMCC Standard Form Illiquid Shares Notice Terms and Conditions

Annex to Institutional Account Agreement 2012-11-01

  
 

 
 STANDARD SOVEREIGN DEBT NOTICE TERMS AND CONDITIONS 

These terms and conditions apply to any locate notice that we issue to you (or to an investment manager or other agent acting on your behalf) in relation
to sovereign debt instruments to which EU Regulation No. 236/2012 on short selling and certain aspects of credit default swaps (the “Regulation”) applies (“Sovereign Debt”) (each
such notice a “Standard Sovereign Debt Notice”). 
 These terms and conditions are supplemental to the Amended
and Restated Institutional Account Agreement entered into between you and us (the “IAA”). To the extent that there is a conflict between these terms and conditions and the terms and conditions of the IAA, these terms
and conditions shall prevail. Words and expressions defined in the IAA have the same meaning in these terms. 
 Confirmation: If
we issue a Standard Sovereign Debt Notice to you (or to an investment manager or other agent acting on your behalf), this will be confirmation by us that (subject to these terms and conditions) we consider that we can make Sovereign Debt of the
description and up to the maximum amount specified in the Standard Sovereign Debt Notice (the “Maximum Amount”) available to you for settlement in due time (being the standard settlement time for the relevant Sovereign
Debt following the time of the trade) taking into account the amount of the Sovereign Debt specified in the Standard Sovereign Debt Notice and market conditions. If we issue a Standard Sovereign Debt Notice to an investment manager or other agent
acting on your behalf and on behalf of another party or parties, the aggregate amount of Sovereign Debt that we consider we can make available for settlement to all parties for whom such investment manager or other agent is acting will be equal to
the Maximum Amount of Sovereign Debt. 
 No Commitment: The Standard Sovereign Debt Notice represents our assessment of our
ability to make Sovereign Debt available to you for settlement and is not an undertaking to lend or otherwise procure the transfer of Sovereign Debt to you. 
 Duration: Our confirmation will be valid in respect of sales of Sovereign Debt entered into at or prior to the close of business on the date of the relevant Standard Sovereign Debt Notice
(or such other time as is specified in the Standard Sovereign Debt Notice). 
 Liability: Our liability to you under these terms
and conditions shall be subject to the provisions of the IAA including but not limited to any limitation of liability and force majeure provisions. 
 No Representation: It is your sole responsibility to ensure your compliance with the requirements of the Regulation. We accept no obligation or liability in this regard, and make no
representation as to the compliance of any arrangements with the requirements of the Regulation. 
 Confirmation: Without
prejudice to the paragraph above, we confirm that as part of our business we participate in the borrowing and purchasing of Sovereign Debt. 

  
  

			
	 (v.1) Form # 5478

01093
	  	 JPMCC Standard Form Standard Sovereign Debt Notice Terms and Conditions

Annex to Institutional Account Agreement 2012-11-01EX-4.1

 Exhibit 4.1 

 
  

 
 AMERICAN INTERNATIONAL GROUP,
INC. 
  
  

Nineteenth Supplemental 
 Indenture 
 Dated as of August 9, 2013 

 
  

(Supplemental to Indenture Dated as of October 12, 2006) 

 
  

THE BANK OF NEW YORK MELLON, 
 as Trustee 
  

 
  

 NINETEENTH SUPPLEMENTAL INDENTURE, dated as of August 9, 2013 (the “Nineteenth
Supplemental Indenture”), between American International Group, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), and The Bank of New York Mellon, a New York banking
corporation, as Trustee (herein called “Trustee”); 
 R E C I T A L S: 

WHEREAS, the Company has heretofore executed and delivered to The Bank of New York Mellon, as trustee, an Indenture, dated as of
October 12, 2006 (the “Base Indenture”), as supplemented by the Fourth Supplemental Indenture, dated as of April 18, 2007, and the Eighth Supplemental Indenture, dated as of December 3, 2010 (the “Eighth Supplemental
Indenture”, and the Base Indenture, as so supplemented, the “Existing Indenture”), providing for the issuance from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (herein and therein
called the “Securities”), to be issued in one or more series; and the Existing Indenture, as may be amended or supplemented from time to time, including by this Nineteenth Supplemental Indenture, is hereinafter referred to as the
“Indenture”; 
 WHEREAS, Section 901 of the Existing Indenture permits the Company and the Trustee to enter into
an indenture supplemental to the Existing Indenture to establish the form and terms of additional series of Securities; 

WHEREAS, Sections 201, 301 and 901 of the Existing Indenture permit the form and the terms of Securities of any additional series of
Securities to be established pursuant to an indenture supplemental to the Existing Indenture; 
 WHEREAS, the Company has
authorized the issuance of $1,000,000,000 in aggregate principal amount of its 3.375% Notes due 2020 (the “Notes”); 

WHEREAS, the Notes will be established as a series of Securities under the Indenture; 

WHEREAS, pursuant to resolutions of (i) the Board of Directors of the Company adopted at a meeting duly called on September 14,
2010, approving certain additional covenants made by the Company, and (ii) the Finance and Risk Management Committee of the Board of Directors of the Company adopted at a meeting duly called on December 4, 2012, the Company has duly
authorized the execution and delivery of this Nineteenth Supplemental Indenture to establish the form and terms of the Notes; and 
 WHEREAS, all things necessary to make this Nineteenth Supplemental Indenture a valid agreement according to its terms have been done; 

 NOW, THEREFORE, THIS NINETEENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 
 Section 1.1 Relation to Existing Indenture

 This Nineteenth Supplemental Indenture constitutes a part of the Indenture (the provisions of which, as modified by this
Nineteenth Supplemental Indenture, shall apply to the Notes) in respect of the Notes, and shall not modify, amend or otherwise affect the Existing Indenture insofar as it relates to any other series of Securities or affects in any manner the terms
and conditions of the Securities of any other series. 
 Section 1.2 Definitions 

For all purposes of this Nineteenth Supplemental Indenture, the capitalized terms used herein (i) which are defined in the recitals
or introductory paragraph hereof have the respective meanings assigned thereto in the applicable provision of the recitals and introductory paragraph, and (ii) which are defined in the Existing Indenture (and which are not defined in the
recitals or introductory paragraph hereof) have the respective meanings assigned thereto in the Existing Indenture. For all purposes of this Nineteenth Supplemental Indenture: 
 All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Nineteenth Supplemental Indenture; and 

The terms “herein”, “hereof”, and “hereunder” and words of similar import refer to this Nineteenth
Supplemental Indenture. 
 ARTICLE TWO 
 GENERAL TERMS AND CONDITIONS OF THE NOTES 
 Section 2.1 Forms of Notes
Generally 
 The Notes shall be in substantially the forms set forth in this Article with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by the Existing Indenture and this Nineteenth Supplemental Indenture and may have such letters, numbers or other marks of identification and such legends or

  
 -2-

 
endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary thereto, or as may, consistent with the Existing Indenture and this Nineteenth
Supplemental Indenture, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

The Notes shall be issued initially in the form of the Global Notes, registered in the name of the Depositary or its nominee and
deposited with the Trustee, as custodian for the Depositary, for credit by the Depositary to the respective accounts of beneficial owners of the Notes represented thereby (or such other accounts as they may direct). Each such Global Note will
constitute a single Security for all purposes of the Indenture. 
 Section 2.2 Form of Notes 

The Notes shall be in substantially the form of Annex A to this Nineteenth Supplemental Indenture. 

Section 2.3 Form of Trustee’s Certificate of Authentication of the Notes 

The Trustee’s certificates of authentication shall be in substantially the following form: 

This is one of the Notes of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 THE BANK OF NEW YORK MELLON
 As Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

 Section 2.4 Title and Terms 

Pursuant to Sections 201 and 301 of the Indenture, there is hereby established a series of Securities, the terms of which shall be as
follows: 
 (a) Designation. The Notes shall be known and designated as the “3.375% Notes due 2020.” 

(b) Aggregate Principal Amount. The aggregate principal amount of the Notes that may be authenticated and delivered under this
Nineteenth Supplemental Indenture is initially limited to $1,000,000,000, except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes issued pursuant to Section 304, 305, 306,
906, 1107 or 1203 of the Existing Indenture. The Company may, without the consent of the Holders of the Notes, issue additional 

  
 -3-

 
notes of this series in an unlimited amount having the same ranking, interest rate, Stated Maturity, CUSIP and ISIN numbers and terms as to status, redemption or otherwise as the Notes (other
than dates as to the initial accrual of interest), in which event such notes and the Notes shall constitute one series for all purposes under the Indenture, including without limitation, amendments, waivers and redemptions. 

(c) Interest and Maturity. The Stated Maturity of the Notes shall be August 15, 2020 and the Notes shall bear interest
and have such other terms as are described in the form of Note attached as Annex A to this Nineteenth Supplemental Indenture. 
 (d) Redemption. The Company shall have no obligation to redeem or purchase the Notes pursuant to any sinking fund or analogous provision, or at the option of a Holder thereof. The Notes
shall be redeemable at the election of the Company from time to time, in whole or in part, at the times and at the prices specified in the form of Note attached as Annex A to this Nineteenth Supplemental Indenture. Notice of redemption shall be
given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed at his address appearing in the Security
Register. 
 (e) Defeasance. The Notes shall be subject to the defeasance and discharge provisions of
Section 1302 of the Existing Indenture and the defeasance of certain obligations and certain events of default provisions of Section 1303 of the Existing Indenture. 

(f) Denominations. The Notes shall be issuable only in fully registered form without coupons and only in denominations of
$2,000 and multiples of $1,000 in excess thereof. 
 (g) Authentication and Delivery. The Notes shall be
executed, authenticated, delivered and dated in accordance with Section 303 of the Existing Indenture. 
 (h)
Additional Covenant and Amendment to the Base Indenture. The additional covenant of the Company and amendment to the Base Indenture, each as set forth in Article III of the Eighth Supplemental Indenture, shall apply to the Notes.

 (i) Depositary. With respect to Notes issuable or issued in whole or in part in the form of one or more
Global Notes, the Depositary shall be The Depository Trust Company, for so long as it shall be a clearing agency registered under the Exchange Act, or such successor (which shall be a clearing agency registered under the Exchange Act) as the Company
shall designate from time to time in an Officers’ Certificate delivered to the Trustee. 
 Section 2.5 Exchanges of
Global Note for Non-Global Note 
 Notwithstanding any other provision in this Indenture, no Global Note may be exchanged
in whole or in part for Notes registered, and no transfer of a Global Note in 

  
 -4-

 
whole or in part may be registered, in the name of any Person other than the Depositary for such Global Note or a nominee thereof unless (A) such Depositary has notified the Company that it
is unwilling or unable or no longer permitted under applicable law to continue as Depositary for such Global Note and the Company does not appoint another institution to act as Depositary within 90 days, (B) there shall have occurred and be
continuing an Event of Default with respect to such Global Note, or (C) the Company so directs the Trustee by a Company Order. 
 ARTICLE THREE 
 MISCELLANEOUS 

Section 3.1 Relationship to Existing Indenture 
 This Nineteenth Supplemental Indenture is a supplemental indenture within the meaning of the Existing Indenture. The Existing Indenture, as supplemented and amended by this Nineteenth Supplemental
Indenture, is in all respects ratified, confirmed and approved and, with respect to the Notes, the Existing Indenture, as supplemented and amended by this Nineteenth Supplemental Indenture, shall be read, taken and construed as one and the same
instrument. 
 Section 3.2 Modification of the Existing Indenture 

Except as expressly modified by this Nineteenth Supplemental Indenture, the provisions of the Existing Indenture shall govern the terms
and conditions of the Notes. 
 Section 3.3 Governing Law 

This instrument shall be governed by and construed in accordance with the laws of the State of New York. 

Section 3.4 Counterparts 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. 
 Section 3.5 Trustee Makes No Representation 

The recitals contained herein are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the
correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Nineteenth Supplemental Indenture other than its certificates of authentication. 

  
 -5-

 IN WITNESS WHEREOF, the parties hereto have
caused this Nineteenth Supplemental Indenture to be duly executed all as of the day and year first above written. 
  

 

			
	 AMERICAN INTERNATIONAL GROUP, INC.

 

	 By:
	 	 /s/ Brian T. Schreiber

		 	 Name: Brian T. Schreiber

		 	Title:   Executive Vice President and
		 	             Treasurer

		 	

 Attest: 
  

	
	
	
	/s/ Christopher B. Chorengel
	

 
			
	 THE BANK OF NEW YORK MELLON, 
 as Trustee
  

	 By:
	 	 /s/ Francine Kincaid

		 	 Name: Francine Kincaid

		 	Title:   Vice President
		 	

 [Signature Page to Nineteenth Supplemental Indenture] 

 ANNEX A 
 FORM OF THE NOTES 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO AMERICAN INTERNATIONAL GROUP, INC. OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CEDE & CO. (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 

  
 -6-

 AMERICAN INTERNATIONAL GROUP, INC. 

3.375% NOTES DUE 2020 
  

			
	 No. [•]
	  	
	 CUSIP No.: 026874CX3
	  	$[•]            

 AMERICAN INTERNATIONAL GROUP, INC., a corporation duly organized and existing under the laws of Delaware
(herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
[•] Dollars ($[•]) on August 15, 2020, and to pay interest thereon from August 9, 2013, or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually in
arrears on each February 15 and August 15 (each such date, an “Interest Payment Date”), commencing on February 15, 2014 at the rate of 3.375% per annum, until the principal hereof is paid or made available for payment.
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of
business on the Regular Record Date for such interest, which shall be February 1 or August 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof which shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 In the event that an Interest Payment Date is not a Business Day, the
Company shall pay interest on the next succeeding Business Day, with the same force and effect as if made on the Interest Payment Date, and without any interest or other payment with respect to the delay. If the Stated Maturity or earlier Redemption
Date falls on a day that is not a Business Day, the payment of principal, premium, if any, and interest need not be made on such date, but may be made on the next succeeding Business Day, with the same force and effect as if made on the Stated
Maturity or earlier Redemption Date, provided that no interest shall accrue for the period from and after such Stated Maturity or earlier Redemption Date. 

  
 -7-

 Payment of the principal of and premium, if any, and interest on this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated: 
  

			
	AMERICAN INTERNATIONAL GROUP, INC.
		
	 By:
	 	  

		 	Name: Brian T. Schreiber
		 	Title:   Executive Vice President and
		 	            Treasurer

 [SEAL] 
 Attest: 
  
  

  
 -8-

 This is one of the Notes of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: 
  

			
	 THE BANK OF NEW YORK MELLON
 As Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

  
 -9-

 [Reverse of the Notes] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), designated as its 3.375%
Notes due 2020, issued and to be issued in one or more series under an Indenture, dated as of October 12, 2006, as supplemented by the Fourth Supplemental Indenture, dated as of April 18, 2007, the Eighth Supplemental Indenture, dated as
of December 3, 2010, and the Nineteenth Supplemental Indenture, dated as of August 9, 2013 (as so supplemented, the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The
Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series
designated on the face hereof. 
 The Notes of this series are subject to redemption at any time, in whole or in part, at the
election of the Company, upon not less than 30 nor more than 60 days’ notice given as provided in the Indenture, at a Redemption Price equal to the greater of (i) 100% of the principal amount, together with accrued and unpaid interest to,
but excluding, the Redemption Date, and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest
accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 25 basis points, plus accrued and unpaid interest to, but
excluding, the Redemption Date. 
 The definitions of certain terms used in the paragraph above are listed below. 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by the Quotation Agent as having a maturity comparable to
the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

  
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 “Comparable Treasury Price” means, with respect to any Redemption Date, the
average of the Reference Treasury Dealer Quotations for such Redemption Date. 
 “Quotation Agent” means AIG Markets,
Inc. or any other firm appointed by the Company, acting as quotation agent for the Notes. Any successor or substitute Quotation Agent may be an Affiliate of the Company. 
 “Reference Treasury Dealer” means (i) each of Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and a Primary Treasury Dealer (as defined below) selected by each of U.S. Bancorp
Investments, Inc. and Wells Fargo Securities, LLC, or the respective successor of any of them; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a
“Primary Treasury Dealer”), the Company shall substitute therefor another Person that is a Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Quotation Agent after consultation with the Company.

 “Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any Redemption
Date, the average, as determined by the Quotation Agent, 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 Quotation Agent by such Reference
Treasury Dealer at 3:30 p.m. on the third Business Day preceding such Redemption Date. 
 In the event of redemption of the
Notes in part only, a new Note or Notes of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

The Notes of this series do not have the benefit of any sinking fund obligation and are not subject to repurchase at the option of the
Holders. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Note or certain
restrictive covenants and Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified 

  
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percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes of this series, the Holders of not less than 25% in principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee
and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Notes of this series at the time Outstanding a direction inconsistent with such request, and shall have
failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof
or premium, if any, or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, or interest on this Note at the times, place and rate,
and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and premium, if any, or interest on this
Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one
or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes of this series are issuable only in fully registered form without coupons in denominations of $2,000 and any multiple of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. 

  
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 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Note which are defined in the Indenture shall have the meaning assigned to them in the Indenture. 

  
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