Document:

Exhibit 10.1

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT,
MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

    

    

    

 

	[***]	Lantern Pharma
	ProjectConfidential	Page 2 of 27

 

    

    

    

 

 

	Patheon API Services, Inc. (“Patheon”)	Patheon API Services, Inc. (“Patheon”)
	
        101 Technology Place 

Florence,

        SC 29501
	
        101 Technology Place 

Florence,

        SC 29501

	By:  /s/ [***]

                                                                                 
	By:  /s/ [***]
	
        Name: [***]
	
        

        Name: [***]

	Title:Sr.
Business Manager 
	Title:Executive Director
	
         

        Date: July 10, 2020

         

         
	
         

        Date: July 10, 2020

 

	Lantern Pharma (“Client”)	Lantern Pharma (“Client”)
	
        1920 Mckinney Ave 7th Floor 

Dallas, Texas
        75201

        United States
	
        1920 Mckinney Ave 7th Floor 

Dallas, Texas
        75201

        United States

	
         

        By:
	
         

        /s/ David Margrave                        
        
	
         

        By:
	
        

                                                                                             

	
         

        Name:
	
         

        David Margrave                             
        
	
         

        Name:
	
        

                                                                                             

	Title:	Chief Financial Officer                  	Title:	                                                                                     
	Date:	July
    10, 2020                                  	Date:	                                                                                     
	 

         
	 

          
	
         

         
	
         

         

	Effective Date: July 10, 2020                           

                                                                                 

                                                                                 

 

This Proposal when executed
by Patheon and the Client will become a contract binding on the parties (the “Contract”). The Term of the Contract
will be from the Effective Date until completion by Patheon unless specified otherwise. This Proposal is a time-limited offer,
which will remain open for acceptance by the Client for 14 days from the issue date above. Following the expiry of this offer,
Patheon may, at its sole option, waive the time limit or rescind this offer without further notice to the Client.

 

Date of Confidentiality Agreement:
March 11, 2019

 

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        Peace of Mind

         

        Our global quality systems
        are proven by a regulatory track record that’s second to none.

 

	
         

         

         

        Unmatched Capabilities

         

        The most services across
        all phases, dosage forms and scales for drug substances and products.

	
         

         

         

        Experience

         

        We work with companies in
        more than 70 countries.

        

 
	
         

         

         

        Trust

         

        We understand the unique
        needs of small companies. More than 75% of our clients are emerging and mid-size biopharma organizations.

	
        

         

         

        True Partners

         

        Our Business Management
        approach nurtures client relationship, and the Voice of client program enables smooth issue resolution.

 

         

         

         
	
         

         

         

        Results

         

        We manufacture 117 products
        having received NDA approval from 2008-2017.

 

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Table
of Contents

 

 

	Part A: Project Overview	6
	 	Proposal Introduction	7
	Part B: Project Activities	8
	 	1. Technology Transfer and Process Evaluation	8
	 	2. Analytical Methods Implementation and Associated Services	8
	 	3. Manufacture of GMP Material	10
	 	4. Stability Studies	11
	 	5. Raw Materials	12
	 	6. Additional Services	13
	 	7. Project Management	13
	Part C: Budget Summary	14
	Part D: High Level Timeline	17
	Part E: Standard Assumptions	18
	Part F: Legal Terms and Conditions	22
	 	Project Team Profiles	25

 

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Part A: Project Overview

 

Lantern is currently evaluating it’s
API LP-300 in a Phase 2 clinical trial. They have requested that Patheon provide a proposal to transfer the previously validated
manufacturing process and analytical methods and produce [***] of final API under cGMP.

 

Technical Expertise

 

[***]

 

Reduced Timelines

 

[***]

 

Price

 

[***]

 

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Proposal
Introduction

 

Patheon is an industry
leading API Contract Development and Manufacturing Organisation (CDMO) with extensive experience of successfully undertaking programs
of work for many established and emerging pharmaceutical companies. The R&D and manufacturing facilities at Patheon’s
global network of sites are well- positioned to deliver on Lantern’s requirements for LP-300. The services covered by this
proposal will be undertaken at the Florence facility in South Carolina.

 

[***]

 

This FDA
approved facility [***] is primarily engaged in API process development and manufacture for early clinical phases. [***]

 

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Part B: Project Activities

 

1.
Technology Transfer and Process Evaluation

 

Goal

 

To reproduce the Client’s documented
procedures on laboratory scale

 

Complete a non-GMP demonstration batch in a glass reactor.

 

To carry out process improvement activities to
enable safe and robust manufacture on the desired scale

 

Deliverables

 

		●	Weekly updates. Format as per Patheon standard.

		●	Samples of any material produced

		●	One final report detailing work carried out. Format as per Patheon standard.

 

Estimated Duration

 

		●	Approximately 6 weeks after receipt of materials

 

Scope

 

Patheon will begin the
project by undertaking laboratory activities to implement and evaluate the process provided by Lantern. This work will be carried
out in the chemical and analytical R&D laboratories.

 

As the transfer and
evaluation of each stage of the process is completed, Patheon will carry out a non-GMP demonstration batch in a glass reactor.

 

Wherever possible, the
conditions already established by Lantern will be implemented for scale-up. Sometimes the process supplied by a Client needs to
be improved or formally developed in order to be safe and robust for the requested scale-up.

 

Assumptions

 

		●	Lantern technical personnel will be available as required to answer questions and generally support
the implementation process.

		●	The process provided by Lantern works reasonably similar as described

 

2.
Analytical Methods Implementation and Associated Services

 

Goals

 

		●	To transfer validated analytical methods from the Client or other third party to support the
cGMP manufacture, release, and stability testing of Product

		●	To develop suitable methods to support testing of non-GMP development activities, and to validate
the developed methods to support cGMP manufacture release of cGMP batches

		●	To perform verification of USP methods to support release and stability testing of the Product

		●	To generate/procure intermediate and impurity markers
for analytical method development

 

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Deliverables

 

		●	Patheon format documents providing details of the final analytical methods developed

 

Estimated Duration

 

		●	Approximately 6 weeks

 

Scope

 

Patheon will carry out analytical method transfer
in our R&D laboratories. Once the methods have been qualified in-house, they will be transferred to the Quality Control laboratory/personnel.
Impurity/intermediate markers will be either produced in-house or procured if commercially available. [***]. The remaining markers
will be produced in-house except for [***].[***] Procurement of this material will be captured as a pass-through cost once a source
is identified. All markers will be tested and a Certificate of Testing will be issued.

 

Assumptions

 

Already fixed specifications
for key raw materials, intermediates, and final product will be provided by the Client prior to commencement of work. If fixed
specifications are not available, timelines may be impacted and additional costs may be incurred and will be captured via the Change
of Scope process.

 

All Client-stated available
analytical methods, reference standards / marker substances will be provided by the Client to Patheon in good time prior to the
start of laboratory process familiarisation. If methods and standards are not provided or prove to be inadequate for the required
purpose, timelines may be impacted and additional costs may be incurred and will be captured via the Change of Scope process.

 

Patheon standard specifications
and release testing will be applied to all non-contributory or standard raw materials. If Client-defined specifications are required,
timelines may be impacted and additional costs may be incurred and will be captured via the Change of Scope process.

 

Methods to be
Transferred or Evaluated:

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

 

Other Analytical Services

 

Other analytical services
may include the following. Modify/delete as appropriate, including addition of appropriate scope text.

 

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		●	Impurity identification

		●	Genotoxic assessments in conjunction with chemical development

		●	Forced degradation study

		●	Characterisation of reference standards

		●	Specification generation

 

3.
Manufacture of GMP Material

 

Goal

 

To manufacture approximately [***]
of LP-300 under cGMP conditions

 

Deliverables

 

Target Quantity: Approximately
[***] of LP-300 to the agreed upon specifications on a campaign basis. Lantern will receive all material generated from the campaign
(except retains, QC samples, etc)

 

Campaign Report. Format
as per Patheon standard. A report will be issued four to six weeks after release, containing detailed process descriptions, commented
scale-up results, and information on key raw materials used for the scale-up. Key analytical data for intermediates and final product
will be included.

 

GMP Documentation: Copies
of all GMP Executed Batch Operating Procedures will be provided (incl. deviation/OOS reports, CoA and releases of all raw materials,
printouts of all IPC and release tests, cleaning records and temperature charts, and QA sign-off). Master Batch Operating Procedures
(BOP) (equivalent to Master Batch Records (MBR)) and Executed Batch Operating Procedures (equivalent to Executed Batch Records
(EBR)) in local language (English).

 

QA-approved TSE/BSE
certificate, certificate of compliance/conformity, release for intended application, and batch tree for the GMP batch.

 

Estimated Duration

 

		●	Approximately [***] after receipt of materials

 

Scope

 

Patheon will transfer
the manufacturing process established during the Technology Transfer and Process Evaluation phase of work to the production facility
and carry out a production campaign. The target quantity of this campaign will be [***]. This campaign shall be performed under
cGMP conditions using water for injection.

 

Assumptions

 

The final product will be tested against the following
specifications (tentative; to be discussed in good faith):

 

[***]

 

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[***]

 

4.
Stability Studies

 

Goal

 

To provide re-test data for LP-300.

 

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Deliverables

 

Data summaries will be provided to the Client at
intermediate time points, and a stability summary report will be provided to the Client following completion of the study.

 

Estimated Duration:

 

See table below

 

Scope

 

Patheon shall design a stability program to monitor:

 

		●	Single batch from the GMP campaign under ICH conditions

		●	Samples will be placed on storage concurrently and also tested concurrently at each test point.

		●	Unless indicated in the stability protocol, the analytical data from each batch manufactured
at Patheon will be used as initial time point (T=0) data.

 

The following storage conditions and time points
are suggested for testing:

 

	Storage	Number	Time points

	

conditions	

of

batches	0 M	1 M	2 M	3 M	6 M	9 M	12 M	18 M	24 M	36
    M	48
    M	60
    M
	Freezer -20°C	 	R	 	 	 	 	 	 	 	 	 	 	 
	Refrigerator 5°C	 	R	 	 	 	 	 	 	 	 	 	 	 
	Long term 25°C/60% R.H.	1	R	X	 	X	X	X	M	X	M	M	 	 
	Intermediate 30°C/65% R.H.	1	R	C	 	C	C	C	C	 	 	 	 	 
	Accelerated 40°C/75% R.H.	1	R	X	 	X	X	 	 	 	 	 	 	 

R = release test data

C = contingency (storage; testing only in
case of "significant change")

X = characteristics, assay & purity (HPLC),
water, XRPD

M = characteristics, assay & purity (HPLC),
water, XRPD, microbiology

 

Assumptions

 

The Client provided analytical method is stability
indicating, confirmed via a forced degradation study. If no forced degradation study has been undertaken, Patheon can arrange at
additional cost under a change of scope

 

5.
Raw Materials

 

		●	The amounts of raw materials have been calculated on the current yields. A contingency of [***]%
has been considered.

		●	All raw materials, reagents, solvents, and auxiliary chemicals will be purchased by Patheon
and assumed to be available within the required quality and quantity and assumed lead time.

		●	Commercial raw materials and starting materials will be released based on supplier CoA and identity
test. Starting materials and key raw materials will be additionally subjected to a use-test on lab scale.

		●	Supplier of starting materials and raw materials will not be qualified by Patheon at this stage.

 

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		●	Raw materials supplied by the client must be accompanied by the appropriate documentation (CoA,
BSE/TSE or GMO certificate).

		●	Import and forwarding costs for materials supplied by Clients will be passed through to the
Client in line with the rules for reimbursable items as set forth elsewhere in this document. Client or Client’s suppliers
have to make sure that shipment paperwork shows realistic commercial value of the material for the purpose of import.

		●	Raw material pricing and lead times will be confirmed upon PO initiation.

 

6.
Additional Services

 

The following items
are formally considered out of the scope of this proposal, but could be offered as additional services:

 

		●	Further development and/or revalidation of analytical methods

		●	Preparation of analytical reference standards

		●	Assessment and/or analysis of potential genotoxic impurities (pGTI)

		●	Long-term storage and costs for special packaging and transportation (if required); Florence
standard bulk packaging assumed (double PE bag in screw-lid HDPE drum)

		●	Micronization/particle size reduction.

		●	Certified translation of Master Batch Records and Executed Batch Records

		●	Analysis of solid state properties

 

7.
Project Management

 

Patheon will provide
dedicated project management support to monitor the progress of the project against the agreed scope of work and timelines and
will provide Lantern with routine updates while there are ongoing billable activities in progress (excluding stability).

 

Upon award of this project,
Patheon will form its project team. A Project Manager / Leader will be assigned to lead the team and be the primary client point
of contact from raw material procurement through process implementation, development and production, to shipment of the product.
The Project Manager / Leader typically has university degree (Ph.D. or BSc) qualifications in chemistry and significant prior experience
with chemical process research and development and API manufacturing

 

		●	The core team typically consists of the Project Leader, API Business Manager and Chemical and
Analytical R&D Scientists

		●	Other members join the core team on an as-needed basis (e.g. the Client Business Development
Executive, Process Safety Expert, Chemical Engineer, Plant personnel, Quality Control, and Quality Assurance representatives)

		●	Each team member reports into their own functional area but reports to the Project Manager /
Leader for direction on each specific project

		●	On a weekly basis, the Project Manager / Leader reports progress to the site management team
who oversee performance on the wider portfolio of site projects

 

The Project Manager / Leader
will typically organise:

 

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		●	Up to two, one-hour teleconference meetings per month. Other calls can be arranged as agreed
between the parties and ad hoc calls accommodated as needed. The frequency of meetings can be increased during peak activity
times and the Project Manager / Leader is available via e- mail/phone for discussions outside of scheduled meetings

		●	Minutes of teleconferences and other meetings. These can generally be customised to meet Client
or project requirements

		●	A quarterly Patheon site face-to-face project review / update meeting

		●	Delivery of project documentation. Documentation may include protocols, reports, master batch
records or executed batch records, Certificates of Analysis, BSE/TSE statements, summary data and analytical methods

 

The team will also be
made up of Lantern personnel as agreed. A formal project kick-off (KO) meeting will be arranged prior to start of work to review
the provided technical information and re-confirm that the scope of the project remains as per this proposal.

 

Part C:
Budget Summary

 

Price
Quotation

 

	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	
         

        [***]
	 
	[***]	[***]
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	[***]	[***]
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	[***]	[***]
	[***]	[***]
	
         

        [***]
	 
	[***]	[***]
	[***]	[***]

 

	[***]	 
	[***]	[***]
	[***]	[***]

 

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Costs which cannot be
quantified upfront e.g. analytical columns/reagents, external analytical testing, API packaging, shipping charges, custom fees,
etc. that must be purchased to run the project will be passed through at [***].

 

Payment and Delivery Terms

 

	Amount	Invoicing	Deliverable
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
    
	[***]	[***]	[***]
	[***]

        [***]
	[***]

                                                                                [***]
	[***]

 

Payment terms: [***]

 

[***]

 

Where applicable, please issue purchase orders,
referencing Proposal Number [***], to the legal entity which will perform the services covered by this proposal:

 

Patheon API Services, Inc.

[***]

 

Please send the purchase order to the following
addresses:

 

E-mail: [***]@thermofisher.com

 

E-Mail: [***]@patheon.com

 

E-Mail: [***]@patheon.com

 

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Shipping Options

 

	Service Selection	Description
	(A) Courier Management through Total Transportation Management (“TTM”)	
        TTM is a service whereby Patheon will manage the
        couriers for all shipments and lanes, such selection being based on data relating to courier performance across all shipments executed
        across the Patheon logistics network. The TTM fees will be based on actual shipment characteristics and provides for the following
        services:

         

        ●    Patheon
        will select the courier from a broad array of vendors managed and qualified through TTM’s quality management system

        ●    Patheon
        will coordinate the dispatch of the shipment with selected carrier

        ●    Patheon
        will support the facilitation and coordination of necessary documentation as required by a receiving country, including the generation
        and creation of such documents

        ●    All
        shipments will be tracked and traced via the Global Logistics Help Desk from origin to final destination

        ●    Patheon
        will assist with the resolution of shipment issues arising during transit and will escalate such issues to the Client in accordance
        when necessary

        The TTM fees will be quoted at the time of
        shipment in a TTM Freight Quote. Client will be responsible for any charges with respect to services that were not contemplated
        in this quote including, but not limited to, charges for supplementary services such as detention or demurrage. The Terms and Conditions
        specified in the applicable TTM Freight Quote issued at the time of shipment will apply.

         

        If you want to make use of this service, please
        contact:

        [***]@thermofisher.com

        Tel: North America [***]

        Tel: Europe [***]

         

	(B) Client Managed Shipping (Client Carrier)	Client will select the couriers for all shipments and lanes and manage the shipment from origin to destination. All Client carriers will bill any and all freight charges and other costs associated with all Client shipments directly to Client using the Client’s account number(s), and Client shall be solely responsible for the payment of all such charges and other costs.

 

 

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Part D:
High Level Timeline

 

The timeline below and
any estimated activity durations stated above are presented at this stage as a non- binding projected estimate of the milestone
durations and deliverables envisioned at the time of issuing this proposal. Patheon will use commercially reasonable efforts to
adhere to timeline estimates shown below by initiating the project as soon as a Lantern award by signature is received. All project
timelines are however subject to resource and production asset availability at the time the project is awarded. Once awarded, timelines
will be reviewed and updated and an updated project plan provided.

 

[***]

 

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Part E: Standard Assumptions

 

Financial

 

All prices presented in the Price Quotation are
NET of VAT.

 

All prices quoted are based on Patheon API Services
Inc Tariff 2020.

 

Any analytical columns/reagents, external
analytical testing, API packaging, shipping, and filter media that must be purchased will be charged additionally as pass through
costs.

 

Validity

 

This offer is valid until July 25, 2020.

 

Regulatory Management

 

To support the proposed
project and eventual product filing, it is anticipated that Lantern will conduct an audit of Patheon’s site for Quality Assurance
purposes. It is assumed that the audit will require one Patheon QA team member for up to two days. If additional resources and/or
time are required, these will be considered changes of scope and priced as per the table below.

 

The regulatory support
requirements of Clients vary from project to project. Patheon can provide support for activities such as:

 

		●	Provision of documentation not typically provided as part of routine project activities

		●	Regulatory body interactions associated with the regulatory applications or registration of Client
products, such as Pre-Approval Inspections and remote desk-top audits

		●	Third party due diligence activities towards the potential sale / licensing of the Clients Product
or company

		●	Translation of documentation

		●	General regulatory guidance or support for compilation of regulatory documentation

 

As the extent of regulatory
support can be uncertain, hourly rates are normally defined for any required services as per the table below.

 

	Regulatory Filing/Audit Assistance Fee
	Level of Support	Fee
	First audit (two days)	[***]
	Additional Audit Time per Person	[***]
	Miscellaneous Regulatory Support	[***]

 

Out of Scope

 

The following activities
are not within the normal scope of project activities and may incur additional costs if required:

 

		●	Extended Client site visits, for example, to observe manufacturing activities first hand

 

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		●	Additional raw material, intermediate, or final Product sampling that is outside the typical
scope of the activities proposed

 

OEL

 

Unless otherwise stated
above, Patheon assume that the OEL of the raw materials, intermediates and / or product have an OEL of >10 μg/m3. If the
OEL is confirmed as lower than >10 μg/m3 after project commencement, a further assessment of the handling requirements
will be made which may impact timelines and cost.

 

Fees include a single revision of documentation.
Patheon will invoice the Client on issue of draft report.

 

For Analytical Out Of
Specification (OOS) investigations, Patheon will conduct investigations according to Patheon’s Standard Operating Procedure
and report findings to the Client, the costs for which will be borne by the Client should the OOS be a result of the nature of
the product rather than Patheon error in processing or testing.

 

At the Client request,
issued documents may need to be updated throughout the life of the project. The requirement for update could be based on, but is
not limited to, new stability data or new storage conditions. Documents requiring update may include Certificate of Analysis, specifications,
test methods, reports or any other document already issued by Patheon. Any additional costs for the update will be communicated
to the Client via the Change of Scope process prior to initiating the documentation change.

 

If the Client requests
Patheon to provide a quarantine release (provisional batch release pending full release for shipment), the Client shall pay Patheon
a fee of [***] per-quarantine released batch (fee not included within the Price Quotation) to cover the additional administrative
and QA requirements necessary to meet such a request. Patheon makes no warranty of any kind, either expressed or implied of fitness
for a particular purpose or warranty of merchantability in respect to the quarantine release.

 

Deliveries

 

According to tax law,
VAT or customs may have to be charged on the product price in case of delivery destination changes (from 3rd party country to Europe
or the other way). This is valid for inbound materials as well as outbound materials. The potential changes have to be evaluated
case by case between the Client and Patheon. Delivery destinations have to be communicated well in advance.

 

Storage

 

In the event that the
Client does not take delivery of a product at the agreed time, Patheon have the option but not the obligation to store the product
at its site or through carefully selected external partners. In such a case, the product is deemed delivered by transferring it
into the storage facility. Any storage will be subject to a fee and certain terms and conditions which will be discussed and agreed
at the time any storage need becomes known.

 

In addition, the Client
and Patheon have to evaluate the customs situation if products are not delivered to the Client within six months after the invoice
date. For quantities produced in commercial buildings customs needs to be evaluated immediately upon invoicing.

 

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Product Release by Client

 

In the event it will
be agreed that a product shall be released by the Client, the Client is obliged to carry out such release within the agreed time.
Otherwise, Patheon are entitled to release and ship the product.

 

Provided Goods

 

Provided goods have to fulfil specifications and
other agreed quality criteria and they have to be fit for use.

 

Cancellation Terms

 

[***]

 

Intellectual Property

 

The term “Intellectual
Property” includes, without limitation, rights in patents, patent applications, formulae, trade- marks, trade-mark applications,
trade-names, trade secrets, inventions, copyright, industrial designs, data and know-how.

 

[***]

 

[***]

 

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[***].

 

[***]

 

[***]

 

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Part F:
Legal Terms and Conditions

 

Unless otherwise specified
in this proposal, the Patheon API Services Inc. General Terms and Conditions of Sale (provided separately with this proposal) apply
to the transaction covered by this proposal.

 

In case of any discrepancies
between this proposal and the General Terms and Conditions of Sale the conditions of this proposal shall prevail.

 

This proposal has been
made to the best of Patheon’s knowledge. It is based upon the information available at the time of offering and the assumptions
specified in this proposal. Patheon are entitled to adequately amend this proposal, if determining factors have been subject to
change.

 

This proposal is subject to
Patheon Management approval.

 

		1.	GENERAL

 

		1.1.	These General Terms and Conditions of Sale (“Conditions”)
govern the offering, sale and delivery of all goods and/or services (hereinafter jointly referred to as the “Product(s)”)
from or on behalf of Patheon API Services,Inc., Florence, South Carolina (“PATHEON”), to client (“Client”)
and apply to all transactions between PATHEON and Client.

 

		1.2.	By contracting on the basis of the Conditions, Client
agrees to the applicability thereof in respect of all future dealings, even if this is not explicitly stated.

 

		1.3.	PATHEON explicitly rejects the applicability of any general
terms and conditions of Client. Furthermore, the Conditions supersede any and all terms of prior oral and written quotations,
communications, agreements and understandings of the parties in respect of the sale and delivery of the Products and shall apply
in preference to and supersede any and all terms and conditions of any order placed by Client and any other terms and conditions
submitted by Client. Failure by PATHEON to object to the terms and conditions set by Client shall in no event be construed as
an acceptance of any of the terms and conditions of Client.Neither PATHEON’scommencementof performance nor PATHEON’s
delivery shall be deemed as acceptance of any of Client’s terms and conditions. If the Conditions differ from any of the
terms and conditions of Client, the Conditions and any subsequent communication or conduct by or on behalf of PATHEON, including,
without limitation, confirmation of an order and delivery of Products, constitute a counter-offer and not acceptance of such terms
and conditions submitted by Client. Any communication or conduct of Client which confirms an agreement for the delivery of Products
by PATHEON, as well as acceptance by Client of any delivery of Products from PATHEON shall constitute an unqualified acceptance
by Client of the Conditions.

 

		1.4.	PATHEON reserves the right to amend the Conditions at
any time. PATHEON will notify Client of any such amendments by sending the amended Conditions to Client, posting them on the aforementioned
Internet sites or otherwise. The amended Conditions
will take effect on the date of notification of these amendments. The amended Conditions shall apply to all transactions concluded
between Client and PATHEON after the date of such notification.

 

		1.5.	Any electronic communication between PATHEON and Client
shall be effective as originals and shall be considered to be a “writing” between the parties. The electronic communication
system used by PATHEON will serve as sole proof for the content and the time of delivery and receipt of such electronic communications.

 

		2.	QUOTATIONS,ORDERSAND CONFIRMATION

 

		2.1.	Unless stated otherwise by PATHEON, quotations made by
PATHEON in whatever form are not binding to PATHEON and merely constitute an invitation to Client to place an order. All quotations
issued by PATHEON are revocable and subject to change without notice. Orders are not binding until accepted by PATHEON in writing
(“Confirmed Order”). PATHEON shall be entitled to refuse an order without indicating the reasons.

 

		2.2.	Price quotations based on estimated or projected quantities
are subject to increase in the event that actual quantities purchased during the specified period are less than the estimated
or projected quantities.

 

		2.3.	Each delivery shall stand as a separate transaction and
any failure to deliver shall have no consequences for other deliveries.

 

		3.	PRICES

 

		3.1.	Prices and currencies of PATHEON’s Products are as set out in the Confirmed Order.
                                                                                 Unless otherwise agreed, PATHEON’s prices include standard packaging but do not include Value Added Tax or any other
                                                                                 similar applicable taxes, duties, levies or charges in any jurisdiction levied in relation to the Products or the delivery
                                                                                 thereof (“Taxes”). The amount of any Taxes levied in connection with the sale of Products to Client shall be for
                                                                                 Client’s account and shall either be added to each invoice or separately invoiced by PATHEON to Client. If PATHEON grants
a discount, this discount only relates to the delivery specifically mentioned in the Confirmed Order.

  

		3.2.	Unless the prices have been indicated as firm by PATHEON
in the Confirmed Order, PATHEON is entitled to increase the price of the Products still to be delivered if the cost price determining
factors have been subject to an increase. These factors include but are not limited to: raw and auxiliary materials, energy, products
obtained by PATHEON from third parties, wages, salaries, social security contributions, governmental charges, freight costs and
insurance premiums. PATHEON shall notify Client of such increase which shall not exceed the increase in the determining cost factors.

 

		4.	PAYMENT AND CLIENT’S CREDIT

 

		4.1.	Unless stated otherwise in the Confirmed Order, payment
shall be made on the basis of net cash, to be received by PATHEON within [***] following the date of PATHEON’s
invoice. All payments shall be made without any deduction on account of any Taxes and free of set-off or other counterclaims except
for set-offs with uncontestedand/orenforceable counterclaims.

 

		4.2.	With regard to payment for the Products, time is of the
essence. PATHEON may, without prejudice to any other rights of PATHEON, charge interest on any overdue payment at [***] per annum from the due date computed on a daily basis until all outstanding amounts are paid in full. All costs and expenses
incurred by PATHEON with respect to the collection of overdue payments (including, without limitation, reasonable attorney’s
fees, expert fees, court costs and other expenses of litigation) shall be for Client’s account.

 

		4.3.	Every payment by Client shall in the first place serve
to pay the judicial and extra- judicial costs and the accrued interest and shall afterwards be deducted from the oldest outstanding
claim regardless of any advice to the contrary from Client.

 

		4.4.	Any complaint with respect to the invoice must be notified
to PATHEON in writing within 20 (twenty) days
after the date of invoice. Thereafter, Client shall be deemed to have approved the invoice.

 

    	[***] 
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		5.	DELIVERY AND ACCEPTANCE

 

		5.1.	Unless stated otherwise in the Confirmed Order, all deliveries
of Products shall be [***]. The term [***] shall have the meaning as defined in the latest version of INCOTERMS
published by the International Chamber of Commerce in Paris, France, at the time of the Confirmed Order.

 

		5.2.	Unless stated otherwise in the Confirmed Order, any times
or dates for delivery by PATHEON are estimates and shall not be of the essence. PATHEON is entitled to deliver the Products as
stated in the Confirmed Order in parts and to invoice separately. Delay in delivery of any Products shall not relieve Client of
its obligation to accept delivery thereof, unless Client cannot reasonably be expected to accept such late delivery. Client shall
be obliged to accept the Products and pay the rate specified in the Confirmed Order for the quantity of Products delivered by
PATHEON.

 

		6.	CANCELLATION

 

		6.1.	Client’s wrongful non-acceptance or rejection of
Products or cancellation of the Confirmed Order shall entitle PATHEON to recover from Client, in addition to any other damages
caused by such action:

 

		 	[***]

 

		7.	EXAMINATION AND CONFORMITY TO SPECIFICATIONS

 

		7.1.	On delivery and during the handling, use, commingling,
alteration, incorporation, processing, transportation, storage, importation and (re)sale of the Products (the “Use”),
Client shall examine the Products and satisfy itself that the Products delivered meet the agreed specifications for the Products
as stated in the Confirmed Order or, in the absence of agreed specifications, to the most recent specifications used by PATHEON
at the time of delivery of the Products (the “Specifications”).

 

		7.2.	Complaints about the Products shall be made in writing and must
reach PATHEON not later than [***] from the date of delivery in respect of any defect, default or shortage which would be apparent
from a reasonable inspection on delivery, and [***] from the date on which any other claim (e.g. hidden defects) was or ought to
have been apparent, but in no event later than (i) [***] from the date of delivery of the Products or (ii) the expiry of the Products’
shelf-life whichever is the earlier. Any Use of the Products shall be deemed to be an unconditional acceptance of the Products
as of the date of delivery and a waiver of all claims in respect of the Products.

 

		7.3.	A determination of whether or not delivered Products
conform to the Specifications shall be done solely by PATHEON analysing the samples or records retained by PATHEON and taken from
the batches or production runs in which the Products were produced in accordance with the methods of analysis used by PATHEON.
In case of a disaccord between the parties concerning the quality of a batch or production run of Products supplied by PATHEON
to Client, PATHEON will submit representative samples of said batch or run to an independent laboratory reasonably acceptable
to Client to have determined whether or not the batch or run in question has met the Specifications. The results of such analysis
shall be binding upon the parties and the party unable to uphold its position shall bear the related costs of the laboratory.

 

		7.4.	Defects in parts of the Products do not entitle Client
to reject the entire delivery of the Products, unless Client cannot reasonably be expected to accept delivery of the remaining
non defective parts of the Products. Complaints, if any, do not affect Client’s obligation to pay as defined in Article
4.

 

		8.	TRANSFER OF RISK AND PROPERTY

 

		8.1.	The risk of the Products shall pass to Client according
to the applicable Incoterm (see Article 5.1).

 

		8.2.	The title to the Products shall not pass to Client and
full legal and beneficial ownership of the Products shall remain with PATHEON unless and until PATHEON has received payment in
full for the Products, including costs such as interest, charges, expenses etc.

 

		8.3.	In the event of termination on the basis of Article 16,
PATHEON shall, without prejudice to any other rights of PATHEON, be entitled to require immediate return of the Products, or to
repossess the Products, for which it may invoke a retention of title.

 

		9.	LIMITED WARRANTY

 

[***]

 

		10.	LIMITED LIABILITY

 

		10.1.	PATHEON’s liability for any and all claims arising out
of or in connection with the Products and the Use thereof shall per occurrence be limited to [***].

 

		10.2.	PATHEON shall under no circumstances be liable to Client
or any other person for any kind of special, incidental, indirect, consequential or punitive damage or loss, cost or expense,
including without limitation, damage based upon lost goodwill, lost sales or profit, delay in delivery, work stoppage, production
failure, impairment of other goods or based on any other cause, and whether arising out of or in connection with breach of warranty,
breach of contract, misrepresentation, negligence or otherwise.

 

		11.	FORCE MAJEURE

 

		11.1.	Neither party shall be liable in any way for any damage,
loss, cost or expense arising out of or in connection with any delay, restriction, interference or failure in performing any obligation
towards the other party caused by any circumstance beyond its reasonable control, including, without limitation, acts of God,
laws and regulations, administrative measures, orders or decrees of any court, earthquake, flood, fire, explosion, war, terrorism,
riot, sabotage, accident, epidemic, strike, lockout, slowdown, labour disturbances, difficulty in obtaining necessary labour or
raw materials, lack of or failure of transportation, breakdown of plant or essential machinery, emergency repair or maintenance,
breakdown or shortage of utilities, delay in delivery or defects in goods supplied by suppliers or subcontractors (“Force
Majeure”).

 

		11.2.	Upon the occurrence of any event of Force Majeure, the party
suffering thereby shall promptly inform the other party by written notice thereof specifying the cause of the event and how it
will affect its performance of its obligations under the Confirmed Order. In the event of any delay, the obligation to deliver
shall be suspended for a period equal to the time loss by reason of Force Majeure. [***]

 

		12.	MODIFICATIONS AND INFORMATION; INDEMNITY

 

		12.1.	Unless the Specifications have been agreed to be firm
for a certain period of time or quantity of Products, PATHEON reserves the right to change or modify the Specifications and/or
manufacture of Products and to substitute materials used in the production and/or manufacture of Products from time to time without
notice. Client acknowledges that data in PATHEON’s catalogues, product data sheets and other descriptive publications distributed
or published on its websites may accordingly be varied from time to time without notice.

 

    	[***] 
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		12.2.	Client must utilise and solely rely on its own expertise,
know-how and judgment in relation to the Products and Client’s Use thereof. Consultation provided by PATHEON shall not give
rise to any additional obligations. Client shall indemnify
and hold PATHEON harmless from and against any and all damages, losses, costs, expenses, claims, demands and liabilities (including
without limitation product liabilities) arising out of or in connection with the Products and Client’s Use thereof.

 

		13.	COMPLIANCE WITH LAWS AND STANDARDS

 

		13.1.	Client acknowledges that the Use of the Products may
be subject to requirements or limitations under any law, statute ordinance, regulation, code or standard (“Laws and Standards”).
Client shall be exclusively responsible for (i) ensuring compliance with all Laws and Standards associated with its intended Use
of the Products; and (ii) obtaining all necessary approvals, permits or clearances for such Use.

 

		14.	INDEPENDENT CONTRACTORS

 

		14.1.	PATHEON and Client are independent contractors, and the
relationship created hereby shall not be deemed to be that of principal and agent.

 

		15.	NON-ASSIGNMENT AND CHANGE OF CONTROL

 

		15.1.	Neither party may assign any of the rights or obligations
under the Confirmed Order without the prior written consent of the other party, except that either party may assign such rights
and obligations to any of its affiliates or to a third party acquiring all or a substantial part of its assets or business relating
to the Products.

 

		15.2.	PATHEON shall have the right to terminate the Confirmed Order
with immediate effect if at any time during the term of the Confirmed Order a person or group of persons, who are unrelated to
the persons controlling Client as of the date of the Confirmed Order, acquires control, through ownership of voting securities
or otherwise, over Client. Client must notify PATHEON of such acquisition within [***] thereof. PATHEON may exercise its right
to terminate the Confirmed Order by giving Client written notice of such exercise within [***] after the date of receipt of such
notice.

 

		16.	SUSPENSION AND TERMINATION

 

[***]

 

		17.	WAIVER

 

		17.1.	Failure by PATHEON to enforce at any time any provision
of the Conditions shall not be construed as a waiver of PATHEON’s right to act or to enforce any such term or condition
and PATHEON’s rights shall not be affected by any delay, failure or omission to enforce any such provision.

 

No waiver by PATHEON of
any breach of Client’s obligations shall constitute a waiver of any other prior or subsequent breach.

 

		18.	SEVERABILITY AND CONVERSION

 

		18.1.	In the event that any provision of the Conditions shall
be held to be invalid or unenforceable, the same shall not affect in any respect whatsoever, the validity and enforceability of
the remaining provisions between the parties and shall be severed therefrom. The pertaining provisions held to be invalid or unenforceable
shall be reformed to meet the legal and economic intent of the original provisions to the maximum extent permitted by law.

 

		19.	LIMITATION OF ACTION

 

		19.1.	Unless otherwise stated hereunder, no action by Client shall
be brought unless Client first provides written notice to PATHEON of any claim alleged to exist against PATHEON within [***] after
the event complained of first becomes known to Client and an action is commenced by Client within [***] after such notice.

 

		20.	GOVERNING LAW AND VENUE

 

		20.1.	The parties’ rights and obligations arising out
of or in connection with the Confirmed Order and/or the Conditions shall be governed, construed, interpreted and enforced according
to the laws of South Carolina, without regard to the conflict of laws provisions thereof. The United Nations Convention on Contracts
for the International Sale of Goods dated 11 April 1980 (CISG) shall not apply.

 

		21.	SURVIVAL OF RIGHTS

 

		20.2.	The parties’ rights and obligations shall be binding
upon and inure to the benefit of the parties and their respective successors, permitted assigns, directors, officers, employees,
agents and legal representatives. Termination of one or more of the parties’ rights and obligations, for whatever reason,
shall not affect those provisions of the Conditions which are intended to remain in effect after such termination.

 

		22.	HEADINGS

 

		22.1.	The headings contained in the Conditions are included
for mere convenience of reference and shall not affect the latter’s construction or interpretation.

 

		23.	LANGUAGE

 

		24.1.	The original version of the Conditions is made in the
English language. In the event of any inconsistency or contradiction between the English version and any translation thereof,
the English version shall prevail.

 

Version: August, 2018

 

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Project
Team Profiles

 

[***]

 

[***]

 

[***]

 

[***]

 

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Pharma Services - Global Site
Network

 

	 					
	Ahmedabad, India	 	 	 	•	 
	Allentown, PA	 	 	 	•	 
	Basel, Switzerland	 	 	 	•	 
	Beijing, China	 	 	 	•	 
	Bend, OR	 	 	•	 	 
	 	 	 	 	 	 
	Bogota, Colombia	 	 	 	•	 
	Bourgoin, FR	 	 	•	 	•
	Brisbane, AU	 	•	 	 	 
	Buenos Aires, Argentina	 	 	 	•	 
	Cincinnati, OH	 	 	•	 	•
	Ferentino, IT	 	 	•	 	•
	Florence, SC – West	•	 	 	 	 
	Florence, SC – East	•	 	 	 	 
	Greenville, SC	•	 	 	 	 
	Greenville, NC	 	 	•	 	•
	Groningen, NL	 	•	 	 	 
	High Point, NC	 	 	•	 	•
	Horsham, UK	 	 	 	•	 
	Indianapolis, IN	 	 	 	•	 
	Lima, Peru	 	 	 	•	 
	Linz, AT	•	 	 	 	 
	Manatí, PR	 	 	 	 	•
	Mexico City, Mexico	 	 	 	•	 
	Milton Park, UK	 	 	•	 	 
	Monza, IT	 	 	•	 	•
	Moscow, Russia	 	 	 	•	 
	Mt. Prospect, IL	 	 	 	•	 
	Pretoria, South Africa	 	 	 	•	 
	Princeton, NJ	 	•	 	 	 
	Regensburg, DE	•	 	 	 	 
	Santiago, Chile	 	 	 	•	 
	São Paulo, Brazil	 	 	 	•	 
	Seoul, Korea	 	 	 	•	 
	Singapore	 	 	 	•	 
	St. Louis, MO	 	•	 	 	 
	Suzhou, China	 	 	 	•	 
	Swindon, UK	 	 	 	 	•
	Tilburg, NL	 	 	•	 	•
	Tokyo, Japan	 	 	 	•	 
	Toronto, ON	 	 	•	 	•
	Weil am Rhein, Germany	 	 	 	•	 
	Whitby, ON	 	 	•	 	•

 

    	[***] 
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Your truly integrated pharma
services partner

 

Built on a proven foundation of quality systems
and commitment to continuous improvement, Thermo Fisher Pharma Services has the capabilities and expertise to help you achieve
success at every milestone.

 

	
        

         
	
        

         
	
         

        

         

         
	
         
	
        
	
         

        

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+1 919 226 3200 •
thermofisher.com/patheon • doingbusiness@patheon.com

 

©
2018 Thermo Fisher Scientific Inc. All rights reserved.

Published 6/18 PATH0712

 

    	[***] 
 ProjectConfidential	Lantern Pharma 
 Page 27 of 27EX-4.1

 Exhibit 4.1 
  

 
  

DEPOSIT AGREEMENT 
 among 

FULTON FINANCIAL CORPORATION, 

EQUINITI TRUST COMPANY, 
 as
Depositary 
 and 
 THE HOLDERS
FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of October 29, 2020 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	
	DEFINED TERMS	  

			
	 Section 1.1.
	 	 Definitions
	  	 	1	 
	
	ARTICLE II	  

	
	FORM OF RECEIPTS, DEPOSIT OF STOCK,	
 

	EXECUTION AND DELIVERY, TRANSFER,	  

	SURRENDER AND REDEMPTION OF RECEIPTS	  

			
	 Section 2.1.
	 	 Form and Transfer of Receipts
	  	 	3	 
			
	 Section 2.2.
	 	 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	4	 
			
	 Section 2.3.
	 	 Registration of Transfer of Receipts
	  	 	5	 
			
	 Section 2.4.
	 	 Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of Stock
	  	 	5	 
			
	 Section 2.5.
	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	6	 
			
	 Section 2.6.
	 	 Lost Receipts, etc.
	  	 	6	 
			
	 Section 2.7.
	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	7	 
			
	 Section 2.8.
	 	 Redemption of Stock
	  	 	7	 
			
	 Section 2.9.
	 	 Receipts Issuable in Global Registered Form
	  	 	8	 
	
	ARTICLE III	  

	
	CERTAIN OBLIGATIONS OF	  

	HOLDERS OF RECEIPTS AND THE COMPANY	
 

			
	 Section 3.1.
	 	 Filing Proofs, Certificates and Other Information
	  	 	9	 
			
	 Section 3.2.
	 	 Payment of Taxes or Other Governmental Charges
	  	 	10	 
			
	 Section 3.3.
	 	 Warranty as to Stock
	  	 	10	 
			
	 Section 3.4.
	 	 Warranty as to Receipts
	  	 	10	 

  
 -i- 

							
	ARTICLE IV	  

	
	THE DEPOSITED SECURITIES; NOTICES	  

			
	 Section 4.1.
	 	 Cash Distributions
	  	 	10	 
			
	 Section 4.2.
	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	11	 
			
	 Section 4.3.
	 	 Subscription Rights, Preferences or Privileges
	  	 	11	 
			
	 Section 4.4.
	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	12	 
			
	 Section 4.5.
	 	 Voting Rights
	  	 	12	 
			
	 Section 4.6.
	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	13	 
			
	 Section 4.7.
	 	 Delivery of Reports
	  	 	14	 
			
	 Section 4.8.
	 	 Lists of Receipt Holders
	  	 	14	 
	
	ARTICLE V	  

	
	THE DEPOSITARY, THE DEPOSITARY’S	  

	AGENTS, THE REGISTRAR AND THE COMPANY	
 

			
	 Section 5.1.
	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	 	14	 
			
	 Section 5.2.
	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Company
	  	 	15	 
			
	 Section 5.3.
	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Company
	  	 	15	 
			
	 Section 5.4.
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	16	 
			
	 Section 5.5.
	 	 Corporate Notices and Reports
	  	 	17	 
			
	 Section 5.6.
	 	 Indemnification by the Company
	  	 	17	 
			
	Section 5.7.	 	Fees, Charges and Expenses	  	18	 

  
 -ii- 

							
	ARTICLE VI	  

	
	AMENDMENT AND TERMINATION	  

			
	 Section 6.1.
	 	 Amendment
	  	 	18	 
			
	 Section 6.2.
	 	 Termination
	  	 	19	 
	
	ARTICLE VII	  

	
	MISCELLANEOUS	  

			
	 Section 7.1.
	 	 Counterparts
	  	 	20	 
			
	 Section 7.2.
	 	 Exclusive Benefit of Parties
	  	 	20	 
			
	 Section 7.3.
	 	 Invalidity of Provisions
	  	 	20	 
			
	 Section 7.4.
	 	 Notices
	  	 	20	 
			
	 Section 7.5.
	 	 Depositary’s Agents
	  	 	21	 
			
	 Section 7.6.
	 	 Appointment of Registrar and Transfer Agent in Respect of the Receipts
	  	 	21	 
			
	 Section 7.7.
	 	 Appointment of Transfer Agent, Registrar, Dividend Disbursing Agent and Redemption Agent in
Respect of the Stock
	  	 	22	 
			
	 Section 7.8.
	 	 Holders of Receipts Are Parties
	  	 	22	 
			
	 Section 7.9.
	 	 Governing Law
	  	 	22	 
			
	 Section 7.10.
	 	 Inspection of Deposit Agreement
	  	 	22	 
			
	 Section 7.11.
	 	 Headings
	  	 	22	 
			
	 Exhibit A
	 	 Form of Receipt
	  	 	A-1	 

  
 -iii- 

 DEPOSIT AGREEMENT dated as of October 29, 2020, among (i) FULTON FINANCIAL
CORPORATION, a Pennsylvania corporation, (ii) EQUINITI TRUST COMPANY, as depositary, and (iii) the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, of the Company with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in
respect of the Stock so deposited; and 
 WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with
appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration
of the premises, the parties hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 
  

	 	Section 1.1.	 Definitions. 

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in this Deposit Agreement:

 “Company” shall mean Fulton Financial Corporation, a Pennsylvania corporation, and its successors. 

“Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the
terms hereof. 
 “Depositary” shall mean Equiniti Trust Company, and any successor as Depositary hereunder. 

“Depositary Shares” shall mean the depositary shares, each representing one-fortieth
(1/40th) of one share of Stock and evidenced by a Receipt. 

“Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5. 

“Depositary’s Office” shall mean the principal office of the Depositary, at which at any particular time its depositary
receipt business shall be administered, which at the date of this Deposit Agreement is located at 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120. 

 “DTC” shall mean The Depository Trust Company, together with its successors
and assigns. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

“Exchange Event” shall mean with respect to any Global Registered Receipt, 

(1)    (A) the Global Receipt Depository which is the holder of such Global Registered Receipt notifies the
Company that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under Exchange Act and (B) the Company has not appointed a
qualified successor Global Receipt Depository within ninety (90) calendar days after the Company received such notice, or 

(2)    the Company in its sole discretion notifies the Depositary in writing that the Receipts or portion
thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Registered Receipt. 

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as
Global Receipt Depository by the Company in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Exchange Act. 

“Global Registered Receipt” shall mean a global registered Receipt registered in the name of a nominee of DTC. 

“Letter of Representations” shall mean any applicable agreement among the Company, the Depositary and a Global Receipt
Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any successor
agreement thereto. 
 “Receipt” shall mean one of the depositary receipts, substantially in the form set forth as
Exhibit A hereto, issued hereunder, whether in definitive or temporary form and evidencing the number of Depositary Shares held of record by the record holder of such Depositary Shares. 

“record holder” or “holder” as applied to a Receipt shall mean the person in whose name such Receipt is
registered on the books of the Depositary maintained for such purpose. 
 “Redemption Date” shall have the meaning set
forth in Section 2.8. 
 “Redemption Price” shall have the meaning set forth in the Statement with Respect to Shares.

 “Registrar” shall mean the Depositary or such other bank or trust company which shall be appointed by the Company to
register ownership and transfers of Receipts as herein provided and if a Registrar shall be so appointed, references herein to “the books” of or maintained by the Depositary shall be deemed, as applicable, to refer as well to the register
maintained by such Registrar for such purpose. 

  
 2 

 “Securities Act” shall mean the Securities Act of 1933, as amended from
time to time. 
 “Stock” shall mean shares of the Company’s Fixed Rate
Non-Cumulative Perpetual Preferred Stock, Series A, no par value, $1,000 liquidation preference per share. 

“Statement with Respect to Shares” shall mean the Statement with Respect to Shares filed with the Department of State of the
Commonwealth of Pennsylvania establishing the Stock as a series of preferred stock of the Company. 
 ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF STOCK, 

EXECUTION AND DELIVERY, TRANSFER, 

SURRENDER AND REDEMPTION OF RECEIPTS 

 

	 	Section 2.1.	 Form and Transfer of Receipts. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A attached hereto, with appropriate insertions, modifications
and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Company, delivered in compliance with Section 2.2, shall execute and deliver temporary Receipts which are
printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons
executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation
of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described in the second paragraph of Section 2.2, without charge to the holder. Upon surrender
for cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or
Receipts. Such exchange shall be made at the Company’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement, and with respect to
the Stock, as definitive Receipts. 
 Receipts shall be executed by the Depositary by the manual or electronic signature of a duly
authorized officer of the Depositary; provided, that such signature may be a facsimile if a Registrar for the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by a duly authorized officer of the
Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or electronically by a duly authorized officer of the Depositary or, if a
Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual or electronic signature of a duly authorized officer of the Depositary and 

  
 3 

 
countersigned by a duly authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or
electronic or, if applicable, facsimile signature of a duly authorized officer of the Depositary who was at such time a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such signatory ceased to hold such
office prior to the execution and delivery of such Receipts by the Depositary or did not hold such office on the date of issuance of such Receipts 

Receipts shall be in denominations of any number of whole Depositary Shares. 

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

Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary
may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice
provided for in this Deposit Agreement and for all other purposes. 
  

	 	Section 2.2.	 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. 

Subject to the terms and conditions of this Deposit Agreement, the Company may from time to time deposit shares of the Stock under this Deposit
Agreement by delivery to the Depositary, including via electronic book-entry, of shares of the Stock to be deposited (or in such other manner as may be agreed to by the Company and the Depositary), properly endorsed or accompanied, if required by
the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with a written order of the Company directing the Depositary to execute and deliver to, or upon the written order of, the
person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Stock. 

Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall
determine. The Depositary shall not lend, transfer, pledge or otherwise hypothecate any Stock deposited hereunder. 
 Upon receipt by the
Depositary of shares of the Stock deposited in accordance with the provisions of this Section, together with the other documents required as above specified, and upon recordation of the Stock on the books of the Company (or its duly appointed
transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions 

  
 4 

 
of this Deposit Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of
this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and
deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 

 

	 	Section 2.3.	 Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing
the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 

The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business
fifteen days next preceding any selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day notice of redemption is given, or (b) to transfer or exchange for another Receipt any Receipt called or being
called for redemption in whole or in part except as provided in Section 2.8. 
  

	 	Section 2.4.	 Split-ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of Stock. 

 Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other
offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a
new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the
order of the holder of the Receipt or Receipts so surrendered. 
 Any holder of a Receipt or Receipts may withdraw the number of whole
shares of Stock and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts, at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter,
without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the
Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the
holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the
same time, in addition to such number of whole shares of Stock and such money and other property, if any, to be so withdrawn, deliver to such holder, or subject to Section 2.3 upon his order, a new Receipt evidencing such excess number of
Depositary Shares. 

  
 5 

 In no event will fractional shares of Stock (or any cash payment in lieu thereof) be
delivered by the Depositary; provided, that, in the event this Deposit Agreement is terminated by the Company in accordance with Section 6.2, the Depositary shall deliver, upon surrender of the Receipts representing the Depositary Shares, the
number of whole or fractional shares of Stock as are represented by such Depositary Shares. Delivery of the Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other
instruments as the Depositary may deem appropriate. 
 If the Stock and the money and other property, if any, being withdrawn are to be
delivered to a person or persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the
Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

Delivery of the Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the
Depositary at the Depositary’s Office. 
  

	 	Section 2.5.	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 As a condition precedent to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require payment to it of a sum sufficient for the payment (or, in the event
that the Depositary or the Company shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 

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

	 	Section 2.6.	 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like
form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder thereof with the Depositary of evidence satisfactory to

  
 6 

 
the Depositary of such mutilation, destruction, loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof and (ii) the holder thereof furnishing of the
Depositary with reasonable indemnification satisfactory to the Depositary. 
  

	 	Section 2.7.	 Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 
  

	 	Section 2.8.	 Redemption of Stock. 

Whenever the Company shall be permitted and shall elect to redeem shares of Stock in accordance with the provisions of the Statement with
Respect to Shares, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 35 days and not more than 75 days prior to the Redemption Date (as defined below), notice of
the date of such proposed redemption of Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable Redemption Price, which notice shall be accompanied by a certificate from the Company stating that such
redemption of Stock is in accordance with the provisions of the Statement with Respect to Shares. On the date of such redemption, provided that the Company shall then have paid or caused to be paid in full to the Depositary the Redemption Price of
the Stock to be redeemed in accordance with the provisions of the Statement with Respect to Shares, the Depositary shall redeem the number of Depositary Shares representing such Stock. The Depositary shall mail notice of the Company’s
redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock to be redeemed by first-class mail, postage prepaid (or another transmission method reasonably acceptable to the Company), not
less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption Date”), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed
at the addresses of such holders as they appear on the records of the Depositary; but neither failure to mail or transmit any such notice of redemption of Depositary Shares to one or more such holders nor any defect in any notice of redemption of
Depositary Shares to one or more such holders shall affect the validity of the proceedings for redemption as to the other holders. Each such notice shall be prepared by the Company and shall state: (i) the Redemption Date; (ii) the number
of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iii) the Redemption Price; and
(iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered for payment of the Redemption Price; and (v) that dividends in respect of the Stock represented by the Depositary Shares to be redeemed will cease
to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected by the Depositary by lot or pro rata or in any other manner that the Depositary
may deem equitable and permitted by the rules of the NASDAQ Stock Market (or any other stock exchange on which the Depositary Shares may be listed). In any such case, the Depositary Shares shall only be redeemed in increments of 40 shares and any
integral multiple thereof. 

  
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 Notice having been mailed or transmitted by the Depositary as aforesaid, from and after the
Redemption Date (unless the Company shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Stock so called for Redemption shall cease to
accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the holders of Receipts evidencing such Depositary Shares (except the right to
receive the Redemption Price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption
(properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to
one- (1/40th) of the Redemption Price per share of Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares,
including any declared and unpaid dividends up to the Redemption Date in accordance with the provisions of the Statement with Respect to Shares. 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such
Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 

The Company shall be entitled to receive, from time to time, from the Depositary any interest accrued on such funds deposited with the
Depositary, and the holders of any Receipts called for redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of two years from the applicable Redemption Date shall, to the extent permitted by law, be
repaid by the Depositary to the Company. 
  

	 	Section 2.9.	 Receipts Issuable in Global Registered Form. 

If the Company shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of
one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing such Receipts, which (i) shall
represent, and shall be denominated in an amount equal to the aggregate liquidation preference of the Receipts to be represented by such Global Registered Receipt or Receipts and (ii) shall be registered in the name of the Global Receipt
Depository therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise
provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a
nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global
Registered Receipt selected or approved by the Company or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive
physical delivery of the Receipts represented by such Global Registered Receipt. Neither 

  
 8 

 
any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered Receipt
held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Company, the Depositary, any Depositary’s Agent and any director, officer, employee or agent of the Company, the Depositary or any
Depositary’s Agent as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable
Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with the Letter of
Representations, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Company, the Depositary or any Depositary’s Agent shall give all such
notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository, in each case in accordance with the Letter of Representations. 

If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt
of a written order from the Company for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, execute and deliver, individual definitive registered Receipts, in authorized
denominations and of like tenor and terms in an aggregate liquidation preference equal to the liquidation preference of the Global Registered Receipt in exchange for such Global Registered Receipt. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names
and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the
persons in whose names such Receipts are so registered. 
 Notwithstanding anything to the contrary in this Deposit Agreement, should the
Company determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of the Letter of Representations. 

ARTICLE III 

CERTAIN OBLIGATIONS OF 

HOLDERS OF RECEIPTS AND THE COMPANY 

 

	 	Section 3.1.	 Filing Proofs, Certificates and Other Information. 

Any holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute
such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold the delivery, or delay the registration of transfer or redemption,
of any Receipt or the withdrawal of the Stock represented by the Depositary Shares evidenced by any Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until such proof or other
information is filed or such certificates are executed or such representations and warranties are made. 

  
 9 

	 	Section 3.2.	 Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends or other
distributions or payments may be withheld or any part of or all the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting
by reasonable means to notify such holder prior to such sale), and such dividends or other distributions or payments or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining
liable for any deficiency. 
  

	 	Section 3.3.	 Warranty as to Stock. 

The Company hereby represents and warrants to the Depositary that the Stock, when issued, will be duly authorized, validly issued, fully paid
and nonassessable. Such representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 
  

	 	Section 3.4.	 Warranty as to Receipts. 

The Company hereby represents and warrants to the Depositary that the Receipts, when issued, will be entitled to the benefits of this Deposit
Agreement. Such representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 
 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 

 

	 	Section 4.1.	 Cash Distributions. 

Whenever the Depositary shall receive any cash dividend or other cash distribution on Stock, the Depositary shall, subject to Sections 3.1, 3.2
and 5.7, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Stock an amount on
account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount,
however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated
as part of the next sum received by the Depositary for distribution to record holders of Receipts then 

  
 10 

 
outstanding. Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 or W-9, as
may be applicable. Each holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the
Depositary of a portion of any of the distributions to be made hereunder. 
  

	 	Section 4.2.	 Distributions Other than Cash, Rights, Preferences or Privileges. 

Whenever the Depositary shall receive any distribution of any securities or property other than cash, rights, preferences or privileges upon
Stock, the Depositary shall, subject to Sections 3.1, 3.2 and 5.7, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of
the Depositary such distribution cannot be made proportionately among such record holders, or if for any other reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems, after
consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at
public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1, 3.2 and 5.7, be distributed or made available for
distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Company shall not make any distribution of such securities or property to the
Depositary and the Depositary shall not make any distribution of such securities or property to the holders of Receipts unless the Company shall have provided an opinion of counsel (which may be in-house
counsel) stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distribution. 
  

	 	Section 4.3.	 Subscription Rights, Preferences or Privileges. 

If the Company shall at any time offer or cause to be offered to the persons in whose names Stock is recorded on the books of the Company any
rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to
the record holders of Receipts in such manner as the Depositary may determine, either by the issue to such record holders of instruments representing such rights, preferences or privileges or by such other method as may be approved by the Depositary
in its discretion with the approval of the Company; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it is not lawful or (after consultation with the
Company) not feasible to make such rights, preferences or privileges available to holders of Receipts by the issue of instruments, or otherwise, or (ii) if and to the extent so instructed by holders of Receipts who do not desire to exercise
such rights, preferences or privileges, then the Depositary, in its discretion (with approval of the Company, in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may, if
applicable laws and the terms of such rights, preferences or 

  
 11 

 
privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any
such sale shall, subject to Sections 3.1, 3.2 and 5.7, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

The Company shall notify the Depositary whether registration under the Securities Act of the securities to which any rights, preferences or
privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and, if necessary, the Company agrees with the Depositary that it will promptly register the
distribution of such rights, preferences or privileges and securities under the Securities Act and use its best efforts and take all steps available to it to cause such registration to become effective sufficiently in advance of the expiration of
such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to
purchase any securities unless and until such registration shall have become effective, or the Company shall have provided to the Depositary an opinion of counsel (which may be in-house counsel) to the effect
that the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act. 

The Company shall notify the Depositary whether any other action or consent under any federal or state law is required in order for such
rights, preferences or privileges to be made available to holders of Receipts, and the Company agrees with the Depositary that the Company will use its reasonable best efforts to take such action or obtain such consent sufficiently in advance of the
expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 
  

	 	Section 4.4.	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to Stock, or whenever the Depositary shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice, or
whenever the Depositary and the Company shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to or otherwise in accordance
with the terms of the Stock) for the determination of the holders of Receipts who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the
exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 
  

	 	Section 4.5.	 Voting Rights. 

Subject to the provisions of the Statement with Respect to Shares, upon receipt of notice of any meeting at which the holders of Stock are
entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice prepared by the Company which shall contain (i) such information as is contained in such notice of meeting and
(ii) a 

  
 12 

 
statement that the holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Stock represented by their
respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Company) and a brief statement as to the manner in which such instructions may
be given. Upon the written request of the holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum
number of whole shares of Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Company hereby agrees to take all reasonable action which may be deemed necessary by the
Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any meeting
with respect to such Stock unless directed to the contrary by the holders of all the Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by such Receipt. 

 

	 	Section 4.6.	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.

 Upon any change in par or stated value, split-up, combination or any other
reclassification of the Stock, or upon any recapitalization, reorganization, merger, consolidation or other business combination affecting the Company or to which it is a party, the Depositary may in its discretion with the approval of, and shall
upon the instructions of, the Company, and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments as are certified by the Company in the fraction of an interest represented by one Depositary Share in one
share of Stock as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of Stock, or of such recapitalization, reorganization,
merger, consolidation or business combination and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or
upon conversion or in respect of such Stock. In any such case the Depositary may in its discretion, with the approval of the Company, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged
for new Receipts specifically describing such new deposited securities. Anything to the contrary herein notwithstanding, holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Stock or any such recapitalization, reorganization, merger, consolidation, or business combination to surrender such Receipts to the Depositary with
instructions to convert, exchange or surrender the Stock represented thereby only into or for, as the case may be, the kind and amount of shares of stock and other securities and property and cash into which the Stock represented by such Receipts
might have been converted or for which such Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

  
 13 

	 	Section 4.7.	 Delivery of Reports. 

The Depositary shall furnish to holders of Receipts any reports and communications received from the Company which are received by the
Depositary and which the Company is required by the first sentence of Section 5.5 to furnish to the holders of the Stock. 
  

	 	Section 4.8.	 Lists of Receipt Holders. 

Promptly upon request from time to time by the Company, the Depositary shall furnish to it a list, as of the most recent practicable date, of
the names, addresses and holdings of Depositary Shares of all record holders of Receipts. 
 ARTICLE V 

THE DEPOSITARY, THE DEPOSITARY’S 

AGENTS, THE REGISTRAR AND THE COMPANY 

 

	 	Section 5.1.	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 

Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in
accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s Office for the
registration and registration of transfer of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise such right shall certify to the
Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder. 
 The Depositary may, with the approval of the Company, appoint a Registrar for registration of the Receipts or the
Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depositary will appoint a Registrar
(acceptable to the Company) for registration of such Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be
removed and a substitute Registrar appointed by the Depositary upon the request or with the approval of the Company. If the Receipts, such Depositary Shares or such Stock are listed on one or more other securities exchanges, the Depositary will, at
the request of the Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock as may be required by law or applicable securities exchange
regulation. 

  
 14 

	 	Section 5.2.	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Company. 

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall incur any
liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the
Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Company’s Amended and Restated Articles of Incorporation (including the Statement with Respect to Shares) or by reason of any act of God or war or
other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or
thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Company incur liability to any holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 
  

	 	Section 5.3.	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Company. 

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company assumes any
obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts other than for its gross negligence, willful misconduct or actual fraud (each as finally determined by a
non-appealable judgment, order, decree or ruling of a court of competent jurisdiction). Notwithstanding anything in this Deposit Agreement to the contrary, neither the Depositary, nor the Depositary’s
Agent nor any Registrar nor the Company shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits), even if they have been advised of
the likelihood of such loss or damage and regardless of the form of action. 
 Neither the Depositary nor any Depositary’s Agent nor
any Registrar nor the Company shall be under, any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or
liability unless indemnity satisfactory to it against all expense and liability be furnished by the holders as often as may be required. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Company shall be liable for any action or any failure to act
by it in reliance upon the written advice of legal counsel (including in-house counsel) or accountants, or information from any person presenting Stock for deposit, any holder of a Receipt or any other person
believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Company may each rely and shall each be protected in acting upon or omitting to act upon any written notice,
request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

  
 15 

 The Depositary shall not be responsible for any failure to carry out any instruction to vote
any of the shares of Stock or for the manner or effect of any such vote made, as long as any such action or non-action is taken in good faith. The Depositary undertakes, and any Registrar shall be required to
undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 

The Depositary, the Depositary’s Agents, and any Registrar may own and deal in any class of securities of the Company and its affiliates
and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates. 

The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of
this Deposit Agreement or of the Receipts, the Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds on
behalf of the Company and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depositary believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary shall deem it necessary or desirable that a matter be proved or established prior to
taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Company, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Company,
any holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by the Company which eliminates such ambiguity or uncertainty to the
satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. 
  

	 	Section 5.4.	 Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

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

 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery
of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus,

  
 16 

 
along with its affiliates, of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the
resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the
Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such
predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the record holders of all
outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion,
notice of its appointment to the record holders of Receipts. 
 Any entity into or with which the Depositary may be merged, consolidated or
converted or any entity succeeding to all or substantially all of the Depositary’s trust business shall be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be
required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or in its own name as successor Depositary. 

The removal or resignation of the Depositary shall automatically be deemed to be a removal of the Depositary as Registrar and Transfer Agent
(to the extent the Depositary is also acting in such capacities) herein, without any further act or deed. 
  

	 	Section 5.5.	 Corporate Notices and Reports. 

The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the record
holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon
which the Stock, the Depositary Shares or the Receipts are listed or by the Company’s Amended and Restated Articles of Incorporation (including the Statement with Respect to Shares), to be furnished to the record holders of Receipts. Such
transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the record holders of
Receipts at the Company’s expense such other documents as may be requested by the Company. For purpose of clarity, this Section 5.5 imposes no timeliness obligation on the Company. 

 

	 	Section 5.6.	 Indemnification by the Company. 

Notwithstanding Section 5.3 to the contrary, the Company shall indemnify the Depositary, any Depositary’s Agent and any Registrar
(including each of their officers, directors, 

  
 17 

 
agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which
may arise out of acts performed, suffered or omitted to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any
transactions or documents contemplated hereby, except for any liability arising out of gross negligence, willful misconduct or actual fraud (each as finally determined by a non-appealable judgment, order,
decree or ruling of a court of competent jurisdiction) on the respective parts of any such person or persons. The obligations of the Company set forth in this Section 5.6 shall survive any succession or termination of any Depositary, Registrar
or Depositary’s Agent. 
  

	 	Section 5.7.	 Fees, Charges and Expenses. 

The Company agrees promptly to pay the Depositary the compensation to be agreed upon with the Company for all services rendered by the
Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the
Depositary without gross negligence, willful misconduct or actual fraud (each as finally determined by a non-appealable judgment, order, decree or ruling of a court of competent jurisdiction) on its part in
connection with the services rendered by it hereunder. The Company shall pay all charges of the Depositary in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of the Stock
by owners of Depositary Shares, and any redemption or exchange of the Stock at the option of the Company. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements.
All other transfer and other taxes and governmental charges shall be at the expense of holders of Depositary Shares evidenced by Receipts. If, at the request of a holder of Receipts, the Depositary incurs charges or expenses for which the Company is
not otherwise liable hereunder, such holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a holder of a Receipt to prepay the Depositary any charge or expense the Depositary has
been asked to incur at the request of such holder of Receipts. The Depositary shall present its statement for charges and expenses to the Company at such intervals as the Company and the Depositary may agree. 

ARTICLE VI 

AMENDMENT AND TERMINATION 

 

	 	Section 6.1.	 Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall impose additional charges or materially and adversely alter the rights of the holders of Receipts shall be
effective unless such amendment shall have been approved by the holders of at least two-thirds of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment
becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the 

  
 18 

 
Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5, 2.6 and 5.7 and Article III, of any owner of Depositary
Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory
provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. 
  

	 	Section 6.2.	 Termination. 

This Deposit Agreement may be terminated by the Company at any time and for any reason upon not less than 60 days’ prior written
notice to the Depositary, in which case, at least 30 days prior to the date fixed in such notice for such termination, the Depositary will mail notice of such termination to the record holders of all Receipts then outstanding. 

If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Depositary thereafter shall discontinue
the transfer of Receipts, shall suspend the distribution of dividends to the holders thereof and shall not give any further notices (other than notice of such termination) or perform any further acts under this Deposit Agreement, except that the
Depositary shall continue to collect dividends and other distributions pertaining to Stock, shall sell rights, preferences or privileges as provided in this Deposit Agreement and shall continue to deliver the Stock and any money and other property,
if any, represented by Receipts upon surrender thereof by the holders thereof. At any time after the expiration of two years from the date of termination, the Depositary may sell Stock then held hereunder at public or private sale, at such places
and upon such terms as it deems proper and may thereafter hold the net proceeds of any such sale, together with any money and other property held by it hereunder, without liability for interest, for the benefit, pro rata in accordance with their
holdings, of the holders of Receipts that have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement except to account for such net proceeds and money and other
property. 
 This Deposit Agreement may be terminated by the Depositary only if (i) all outstanding Depositary Shares have been
redeemed pursuant to Section 2.8, (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed
to the holders of Depositary Shares pursuant to Article IV or (iii) upon the consent of holders of Depositary Receipts representing in the aggregate not less than two-thirds of the Depositary Shares
outstanding. 
 Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit
Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7. 

  
 19 

 ARTICLE VII 

MISCELLANEOUS 
  

	 	Section 7.1.	 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. All documents and instruments contemplated to be executed hereunder may be executed by
electronic signature and any reference to executed shall include an electronic signature. 
  

	 	Section 7.2.	 Exclusive Benefit of Parties. 

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

	 	Section 7.3.	 Invalidity of Provisions. 

In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

 

	 	Section 7.4.	 Notices. 

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

Fulton Financial Corporation 

One Penn Square 
 Lancaster,
Pennsylvania 17602 
 Attention: Chief Legal Officer 

Email: DStolzer@fult.com 

Facsimile No.: 717-295-9194 

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

Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail or recognized next day courier service, by electronic mail, or by facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office at: 

Equiniti Trust Company 

  
 20 

 1110 Centre Pointe Curve, Suite 101 

Mendota Heights, MN 55120 

Attention: Daisy Kuhn, Relationship Manager 

Email: Daisy.Kuhn@equiniti.com 

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

Any and all notices to be given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to
have been duly given if personally delivered or sent by mail, electronic mail or facsimile transmission confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary, or if
such holder shall have timely filed with the Depositary a written request that notices intended for such holder be delivered, mailed or transmitted to some other address, at the address designated in such request or in the case of any Global Receipt
Depository, in accordance with the Letter of Representations. 
 Delivery of a notice sent by mail or by facsimile transmission to any
holder of record shall be deemed to be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. 

Delivery of a notice by any record holder of a Receipt to the Company or the Depositary shall be effective upon receipt. The Depositary or the
Company may act upon any electronic mail or facsimile transmission received by it from the other or from any holder of a Receipt, notwithstanding that such electronic mail or facsimile transmission shall not subsequently be confirmed by letter.
Delivery of a notice by the Company to the Depositary or by the Depositary to the Company shall be effective, (i) in the case of hand delivery, upon receipt, (ii) in the case of mail, five business days after deposit, postage prepaid, into
a post-office letter box, (iii) in the case of a recognized next-day courier service, the next business day after delivery to the courier service, (iv) in the case of electronic mail, the receipt of
the electronic mail on a business day during normal business hours, and (v) in the case of facsimile, upon receipt of a confirmation of delivery on a business day during normal business hours. 

 

	 	Section 7.5.	 Depositary’s Agents. 

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

	 	Section 7.6.	 Appointment of Registrar and Transfer Agent in Respect of the Receipts. 

The Company hereby appoints the Depositary as Registrar and transfer agent in respect of the Receipts and the Depositary hereby accepts such
appointments. 

  
 21 

	 	Section 7.7.	 Appointment of Transfer Agent, Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the
Stock. 

 The Company hereby appoints Equiniti Trust Company as transfer agent, registrar, dividend disbursing agent
and redemption agent in respect of the Stock, and Equiniti Trust Company hereby accepts such appointments. With respect to the appointments of Equiniti Trust Company as transfer agent, registrar, dividend disbursing agent and redemption agent
in respect of the Stock, each of the Company and Equiniti Trust Company, in their respective capacities under such appointments, shall be entitled to the same rights, indemnities, immunities and benefits as the Company and Depositary hereunder,
respectively, as if explicitly named in each such provision. 
  

	 	Section 7.8.	 Holders of Receipts Are Parties. 

The holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance of delivery thereof. 
  

	 	Section 7.9.	 Governing Law. 

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

	 	Section 7.10.	 Inspection of Deposit Agreement. 

Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during
normal business hours at the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 
  

	 	Section 7.11.	 Headings. 

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

 

	 	Section 7.12.	 Force Majeure. 

Notwithstanding anything to the contrary contained herein, neither the Depositary nor the Company shall be liable for any delays or failures in
performance resulting from acts beyond its reasonable control including, without limitation, acts of God, pandemics, terrorist acts, labor difficulties, war, or civil unrest. The provisions of this Section 7.12 shall survive the termination of
this Deposit Agreement and the resignation or removal of any Depositary. 

  
 22 

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

 

					
	FULTON FINANCIAL CORPORATION
		
	By:	 	 /s/ Daniel R. Stolzer 

		 	Name:	 	Daniel R. Stolzer
		 	Title:	 	 Senior Executive Vice President
 and Chief
Legal Officer

  

					
	EQUINITI TRUST COMPANY
		
	By:	 	 /s/ Rebecca Paulson 

		 	Name:	 	Rebecca Paulson
		 	Title:	 	Senior Vice President

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 Unless this receipt
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Fulton Financial Corporation 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 DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

Any purchaser of the Depositary Shares (as defined below) or any interest therein represents by its purchase of the Depositary Shares that either (1) it
is not (A) a pension, profit-sharing or other employee benefit plan subject to the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or an individual retirement account, Keogh plan or any other plan subject to
Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (B) an employee benefit plan that is a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of
ERISA) or a non-U.S. plan (as described in Section 4(b)(4) of ERISA) that is not subject to the requirements of ERISA or the Code but is subject to similar provisions under applicable federal, state,
local, non-U.S. or other laws (“Similar Laws”) or (C) an entity whose underlying assets include “plan assets” by reason of any such plan’s investment in the entity or (2) the
purchase of the Depositary Shares will not constitute a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or under any applicable Similar Laws. 

  
 A-1 

 DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH 

REPRESENTING 1/40TH OF ONE SHARE OF 

FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A, 

OF 
 FULTON FINANCIAL CORPORATION

 INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF 

PENNSYLVANIA 
 CUSIP
                    
 ISIN
                    
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Equiniti Trust Company, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the
registered owner of                  DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/40th of one share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, liquidation preference $1,000 per share (the “Stock”), of
Fulton Financial Corporation, a Pennsylvania corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of October 29, 2020 (the
“Deposit Agreement”), among the Corporation, the Depositary and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the
terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or
electronic signature of a duly authorized officer. 
 Dated:
                                        

 Equiniti Trust Company, Depositary 
  

			
	By:	 	  

		 	      Authorized Officer

  
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 [FORM OF REVERSE OF RECEIPT] 

FULTON FINANCIAL CORPORATION 

FULTON FINANCIAL CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR
SUMMARY OF THE STATEMENT WITH RESPECT TO SHARES OF THE FIXED RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A, OF FULTON FINANCIAL CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY
NAMED ON THE FACE OF THIS RECEIPT. 
  
  

The Corporation will furnish in writing and without charge to each receipt holder who so requests the powers, designations, preferences and
relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation
or to the transfer agent for the Stock. 
 EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

			
	TEN COM-	  	as tenants in common
		
	TEN ENT-	  	as tenants by the entireties
		
	JT TEN-	  	as joint tenants with right of survivorship and not as tenants in common
		
	UNIF GIFT MIN ACT-	  	                      Custodian
                    
 (Minor)
                         (Cus)

under Uniform Gifts to Minors Act

                          
                  
 (State)

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

  
 A-3 

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

                       
                                         
                                         
                                         
            
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

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

	
	
Dated:                  
                                         
  

  

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

 SIGNATURE GUARANTEED 

NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with
membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
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