Document:

ex_416157.htm

Exhibit 10.2

 

CONVERTIBLE PROMISSORY NOTE

 

	Effective Date: August 19, 2022. 	U.S. $50,000.00

       

FOR VALUE RECEIVED, FUSE GROUP HOLDING INC., a Nevada corporation (“Borrower”), promises to pay to LIU MARKETING (M) SDN. BHD., a corporation registered in Malaysia, (“Lender”), $50,000 on the date that is twenty-four (24) months after the Purchase Price Date (the “Maturity Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding Balance at the rate of three percent (3%) per annum from the Purchase Price Date until the same is paid in full. All interest calculations hereunder shall be computed on the basis of a 365-day year comprised of twelve (12) thirty (30) day months, shall be payable in accordance with the terms of this Note. This Convertible Promissory Note (this “Note”) is issued and made effective as of August 19, 2022 (the “Effective Date”). This Note is issued pursuant to that certain Convertible Notes Purchase Agreement dated August 19, 2022, as the same may be amended from time to time, by and between Borrower and Lender (the “Purchase Agreement”). Certain capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference.

 

The purchase price for this Note shall be $50,000.00 (the “Purchase Price”) in original principal balance. The Purchase Price shall be payable by Lender by wire transfer of immediately available funds in U.S. Dollars to the designated account by the Borrower.

 

	 	
			1.

				
			Payment; Prepayment.

			

 

1.1.    Payment. All payments owing hereunder shall be in lawful money of the United States of America or Conversion Shares (as defined below), as provided for herein, and delivered to Lender at the address or bank account furnished to Borrower for that purpose.

 

 

1.2.    Prepayment. Notwithstanding the foregoing, Borrower shall have the right to prepay all or any portion of the Outstanding Balance.

 

	 	
			2.

				
			Lender Optional Conversion.

			

 

 

2.1.    Conversions. Lender has the right at any time after the Purchase Price Date until the Outstanding Balance has been paid in full, at its election, to convert (“Conversion”) all or any portion of the Outstanding Balance into shares (“Conversion Shares”) of fully paid and non-assessable common stock, $0.001 par value per share (“Common Stock”), of Borrower as per the following conversion formula: the number of Conversion Shares equals the amount being converted (the “Conversion Amount”) divided by the Conversion Price (as defined below). Conversion notices in the form attached hereto as Exhibit A (each, a “Conversion Notice”) may be effectively delivered to Borrower by any method set forth in the “Notices” Section of the Purchase Agreement. Borrower shall deliver the Conversion Shares from any Conversion to Lender in accordance with Section 6 below.

 

2.2.    Conversion Price. Subject to adjustment as set forth in this Note, the price at which Lender has the right to convert all or any portion of the Outstanding Balance into Common Stock is $0.45 per share of Common Stock (the “Conversion Price”).

 

	 	
			3.

				
			Defaults and Remedies.

			

 

 

3.1.    Defaults. The following are events of default under this Note (each, an “Event of Default”): (a) Borrower fails to pay any principal or interest when due and payable hereunder; (b) Borrower fails to deliver any Conversion Shares in accordance with the terms hereof; (c) a receiver, trustee or other similar official shall be appointed over Borrower, or a material part of its assets and such appointment

 

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shall remain uncontested for 90 days or shall not be dismissed or discharged within 180 days;(d) Borrower files a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign); (e) an involuntary bankruptcy proceeding is commenced or filed against Borrower.

 

3.2.    Remedies. At any time following the occurrence of any Event of Default and upon written notice given by Lender to Borrower, the Borrower has 45 days (the “Grace Period”) from the date of the notice from Lender to cure such default. If the default is not cured after the Grace Period, Lender may accelerate this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash. For the avoidance of doubt, Lender may continue making Conversions at any time following an Event of Default until such time as the Outstanding Balance is paid in full.

 

4.    Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

5.    Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. Without limiting any provision hereof, if Borrower at any time on or after the Effective Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately prior to such subdivision will be proportionately reduced. Without limiting any provision hereof, if Borrower at any time on or after the Effective Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately increased. Any adjustment pursuant to this Section 5.1 shall become effective immediately after the effective date of such subdivision or combination.

 

6.    Method of Conversion Share Delivery. On or before the close of business on the tenth (10th) Trading Day following the date of delivery of a Conversion Notice (the “Delivery Date”), Borrower shall deliver to Lender via reputable overnight courier, a certificate representing the number of shares of Common Stock equal to the number of Conversion Shares to which Lender shall be entitled, registered in the name of Lender. The Conversion Shares shall include a restrictive securities legend on ground that such shares have not been registered with SEC under the Securities Act of 1933 and therefore they cannot be sold, pledged, assigned or otherwise disposed of unless they are subsequently registered under the Securities Act and applicable state securities laws or exemptions from such registration requirements are available.

 

7.    Governing Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of California, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of California or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference. Any disputes that arise under this Note, shall be heard only in the state or federal courts located in the City of Los Angeles, State of California.

 

8.    Cancellation. After repayment or conversion of the entire Outstanding Balance, this Note shall be deemed paid in full, shall automatically be deemed canceled, and shall not be reissued.

 

9.    Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

10.    Assignments. Borrower may not assign this Note without the prior written consent of Lender, subject to compliance with securities laws and regulations. This Note may not be offered, sold, assigned or transferred by Lender without the consent of Borrower and in compliance with securities laws and regulations.

 

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11.    Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance with the subsection of the Purchase Agreement titled “Notices.”

 

12.    Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve the objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full force and effect.

 

[Remainder of page intentionally left blank; signature page follows]

 

 

 

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IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed as of the Effective Date.

 

 

BORROWER:

 

FUSE GROUP HOLDING INC.

 

 

 

By: /s/Umesh Patel                                              

Name: Umesh Patel

Title: Chief Executive Officer

 

 

ACKNOWLEDGED, ACCEPTED AND AGREED:

LENDER: LIU MARKETING (M) SDN. BHD.

 

 

By:

 

By: /s/Liu Jun                              

 Name: Liu Jun

 Title: Chief Executive Officer

 

 

Signature Page to Secured Convertible Promissory Note

 

 

ATTACHMENT 1 

DEFINITIONS

 

For purposes of this Note, the following terms shall have the following meanings:

 

 

1.      “Outstanding Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as the case may be, pursuant to the terms hereof for payment, Conversion, offset, or otherwise, accrued but unpaid interest under this Note.

 

2.      “Purchase Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

 

3.       “Trading Day” means any day on which the OTC Markets (or such other principal market for the Common Stock) is open for trading.

 

 

 

 

[Remainder of page intentionally left blank]

 

 

 

Attachment 1 to Convertible Note, Page 1

 

 

EXHIBIT A

 

 

 

Fuse Group Holding Inc.                                                                                                                  Date:

Attn: Umesh Patel

805 W. Duarte Rd., Suite 102

Arcadia, CA 91007

 

CONVERSION NOTICE

 

The above-captioned Lender hereby gives notice to Fuse Group Holding Inc., a Nevada corporation (the “Borrower”), pursuant to that certain Convertible Promissory Note made by Borrower in favor of Lender on August 19, 2022 (the “Note”), that Lender elects to convert the portion of the Note balance set forth below into fully paid and non-assessable shares of Common Stock of Borrower as of the date of conversion specified below. Said conversion shall be based on the Conversion Price set forth below. In the event of a conflict between this Conversion Notice and the Note, the Note shall govern. Capitalized terms used in this notice without definition shall have the meanings given to them in the Note.

 

	 	
			A.

				
			Date of Conversion:                                   

			

	 	
			B.

				
			Conversion #:                                   

			

	 	
			C.

				
			Conversion Amount:                                   

			

	 	
			D.

				
			Conversion Price:                                  

			

	 	
			E.

				
			Conversion Shares:                                     (C divided by D)

			

	 	
			F.

				
			Remaining Outstanding Balance of Note:                                   

			

 

 

Deliver all such certificated shares to Lender via reputable overnight courier after receipt of this Conversion Promissory Notice (by facsimile transmission or otherwise) to:

 

                                                                                

 

                                                                                

 

                                                                                

 

 

 

Sincerely,

 

 

Lender: LIU MARKETING (M) SDN. BHD.

 

 

 

By:                                                    

Name: Liu Jun

 

 

 

Exhibit A to Convertible Promissory Note, Page 1Exhibit 4.1

 

EXECUTION VERSION

 

DEPOSIT AGREEMENT

 

among

 

MIDLAND STATES BANCORP, INC.,

 

COMPUTERSHARE INC.,

 

and

 

COMPUTERSHARE TRUST COMPANY, N.A., together, the
Depository,

 

and

 

THE HOLDERS FROM TIME TO TIME OF

 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

 

Dated as of August 24, 2022

 

     

     

    

 

DEPOSIT AGREEMENT, dated as
of August 24, 2022, among (i) Midland States Bancorp, Inc., an Illinois corporation, (ii) Computershare Inc., a Delaware corporation,
and Computershare Trust Company, N.A., a federally chartered trust company and affiliate of Computershare, 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 Series A Preferred Stock of the Corporation from time
to time 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 Series A Preferred Stock so deposited; and

 

WHEREAS, the Receipts are to
be substantially in the form of Exhibit A attached 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:

 

“Affiliate”
shall mean, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under common control with, such
other Person. For the purpose of this definition, “controlling,” “controlled by” or “under common control
with,” mean the ownership, direct or indirect, of the power to direct or cause the direction of the operation or management and
policies of a Person, whether through the ownership or control of voting interests, by contract or otherwise.

 

“Computershare”
shall mean Computershare Inc., a Delaware corporation.

 

“Corporation”
shall mean Midland States Bancorp, Inc., an Illinois 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 Computershare and the Trust Company, collectively, and any successor Depositary hereunder.

 

“Depositary Shares”
shall mean the depositary shares, each representing 1/40th of one share of the Series A Preferred Stock, evidenced by
a Receipt.

 

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

 

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“Depositary’s
Office” shall mean the principal office of the Depository in Canton, Massachusetts, at which at any particular time its depositary
receipt business shall be administered.

 

“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.

 

“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 Corporation 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 the Exchange
Act and (B) the Corporation has not appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation
received such notice, or

 

(2) the Corporation 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 Corporation
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 Corporation, the Depositary and a Global Receipt Depository with respect to such Global
Receipt Depository’s rights and obligations with respect to any Global Registered Receipt, as the same may be amended, supplemented,
restated or otherwise modified from time to time and any successor agreement thereto.

 

“Officer’s Certificate”
means a certificate, which is signed by an officer of the Corporation and which shall include the terms and conditions of the Series A
Preferred Stock to be issued by the Corporation and deposited with the Depositary in accordance with the terms hereof.

 

“Person”
shall mean any natural person, partnership, joint venture, firm, corporation, limited liability company, limited liability partnership,
unincorporated association, trust or other entity, and shall include any successor (by merger or otherwise) of the foregoing.

 

“Receipt”
shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as Exhibit A hereto,
whether in definitive or temporary form, and evidencing a number of Depositary Shares held of record by a Record Holder.

 

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“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 mean $1,000 per share, plus the per share amount of any declared and unpaid dividends, without accumulation of any undeclared dividends,
on the Series A Preferred Stock to, but excluding, the Redemption Date.

 

“Registrar”
shall mean the Depositary or such other successor Person which shall be appointed by the Corporation to register ownership and transfers
of Receipts and the deposited Series A Preferred Stock as herein provided. If a successor Registrar shall be so appointed, all 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.

 

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

 

“Series A Preferred
Stock” shall mean the shares of the Corporation’s 7.750% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series
A, $2.00 par value per share, with a liquidation preference of $1,000 per share, designated in the Statement of Resolution and described
in the Officer’s Certificate delivered pursuant to Section 2.2 hereof.

 

“Statement of Resolution”
shall mean the Statement of Resolution filed or to be filed by the Corporation with the Secretary of State of the State of Illinois creating
the Series A Preferred Stock.

 

“Transfer Agent”
shall mean the Trust Company or such other successor Person which shall be appointed by the Corporation to transfer the Receipts or the
deposited shares of the Series A Preferred Stock, as the case may be, as herein provided.

 

“Trust Company”
shall mean Computershare Trust Company, N.A., a federally chartered trust company and affiliate of Computershare.

 

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ARTICLE II

FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED STOCK, EXECUTION

AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 

Section 2.1. Form and Transfer of Receipts.

 

The definitive Receipts shall
be substantially in the form set forth in Exhibit A attached to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided (but which do not affect the rights, duties, obligations or immunities of the Depositary
as set forth in this Deposit Agreement) and shall be engraved or otherwise prepared so as to comply with the applicable rules of The Nasdaq
Stock Market LLC. Pending the preparation of definitive Receipts, the Depositary, upon the order of the Corporation delivered in compliance
with Section 2.2, shall be authorized and instructed to, and shall execute and deliver temporary Receipts which may be 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 (but which do not affect the rights, duties, obligations
or immunities of the Depositary as set forth in this Deposit Agreement), with the Corporation’s prior approval, as the Persons executing
such Receipts may reasonably determine necessary, as evidenced by their execution of such Receipts. If temporary Receipts are issued,
the Corporation 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 penultimate paragraph of Section 2.2. Upon surrender for cancellation of any one or more temporary
Receipts, the Depositary is hereby authorized and instructed to, and shall execute and deliver in exchange therefor, definitive Receipts
representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts registered in the name
(and only in the name) of the holder of the temporary receipt; provided that the Depositary has been provided with all
necessary information that it may request in order to execute and deliver such definitive Receipt or Receipts. Such exchange shall be
made at the Corporation’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 Series A Preferred Stock, as definitive Receipts.

 

Any Receipt to be executed
by the Depositary pursuant to this Deposit Agreement shall be executed by the manual or facsimile signature of a duly authorized officer
of the Depositary. 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 by the facsimile signature of a duly authorized officer of the Depositary or, if a Registrar
for the Receipts (other than the Depositary) shall have been appointed, by the manual or facsimile signature of a duly authorized officer
of the Depositary and countersigned by the manual or facsimile signature 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, electronic or facsimile
signature of a duly authorized signatory of the Depositary who was at such time a proper signatory of the Depositary shall bind the Depositary,
notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or
did not hold such office on the date of issuance of such Receipts.

 

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

 

Receipts may be endorsed with
or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement
(but which do not affect the rights, duties, obligations or immunities of the Depositary) all as may be (i) reasonably required by the
Depositary and approved by the Corporation, (ii) required to comply with any applicable law or any regulation thereunder or with the rules
and regulations of any securities exchange upon which the Series A Preferred Stock, the Depositary Shares or the Receipts may be listed
or to conform with any usage with respect thereto, or (iii) to indicate any special limitations or restrictions to which any particular
Receipt is subject.

 

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Title to Depositary Shares
evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer accompanied by a guarantee
of the signature thereon by a guarantor institution that is a participant in a signature guarantee program approved by the Securities
Transfer Association at a guarantee level acceptable to the Transfer Agent (a “Signature Guarantee”) or endorsement, shall
be transferable by delivery of such Receipt with the same effect as if such Receipt were a negotiable instrument; provided, however,
that until transfer of any particular 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.

 

The Corporation shall provide
to the Depositary an opinion of counsel which shall state that all Depositary Shares or Series A Preferred Stock, as applicable, are (i)
registered under the Securities Act or are exempt from such registration and (ii) validly issued, fully paid and non-assessable.

 

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

 

Subject to the terms and conditions
of this Deposit Agreement, the Corporation may from time to time deposit shares of Series A Preferred Stock under this Deposit Agreement
by delivery to the Depositary of a certificate or certificates for such shares of Series A Preferred Stock to be deposited, properly endorsed
in the name of the Depositary (or its nominee) or accompanied, if required by the Depositary, by a duly executed instrument of transfer
or endorsement including a Signature Guarantee in a form satisfactory to the Depositary, together with (i) all such certifications as
may be required by the Depositary pursuant to this Deposit Agreement, (ii) an instruction letter from the Corporation authorizing the
Depositary to register such shares of the Series A Preferred Stock in book-entry form, each in form satisfactory to the Depositary, and
(iii) an Officer’s Certificate attaching the Statement of Resolution and all other information required to be set forth therein,
and together with a written order of the Corporation 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 shares of Series A Preferred Stock.

 

The shares of Series A Preferred
Stock that are deposited pursuant to this Deposit Agreement 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 any shares of Series A Preferred Stock deposited
hereunder.

 

Upon receipt by the Depositary
of a certificate or certificates for shares of Series A Preferred Stock to be deposited in accordance with the provisions of this Section
2.2, together with the other documents required as specified above, and upon recordation of the shares of Series A Preferred Stock
on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary (or its nominee), the Depositary,
subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the written order of the Person or
Persons named in the order delivered to the Depositary referred to in the first paragraph of this Section 2.2, a Receipt or
Receipts evidencing in the aggregate the number of Depositary Shares representing the shares of Series A Preferred Stock so deposited
and registered in such name or names as may be requested by such Person or Persons. The Depositary shall execute and deliver such Receipt
or Receipts at the Depositary’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.

 

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Section 2.3. Registration of Transfer
of Receipts.

 

The Corporation hereby appoints
Computershare and the Trust Company, collectively, to act as the Registrar and Transfer Agent for the Receipts and each of Computershare
and the Trust Company hereby accepts such appointment, subject to the express terms and conditions of this Deposit Agreement (and no implied
terms or conditions) and, as such, 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 or endorsement, including a Signature Guarantee, together with evidence of the payment by the applicable party of any taxes or
charges as may be required by law. 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. With respect to the appointment of the Computershare and the Trust Company, collectively, as Registrar
and Transfer Agent in respect of the Receipts, the Depositary, in its respective capacities under such appointments, shall be entitled
to the same rights, indemnities, immunities and benefits as the Depositary hereunder as if explicitly named in each such provision. Any
references to the Depositary herein shall, to the extent applicable, also mean the Depositary as the Transfer Agent and Registrar.

 

The Depositary shall not be
required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business 15 days next preceding any
selection of Depositary Shares and Series A Preferred Stock to be redeemed and ending at the close of business on the day of the sending
of notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt representing Depositary Shares 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 Series A Preferred 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 the receipt by the Depositary of all other necessary information and documents, and subject to the terms
and conditions of this Deposit Agreement, the Depositary shall execute by manual, electronic, or facsimile signature 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; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary
Share.

 

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Any Holder of a Receipt or
Receipts may withdraw the number of whole shares of Series A Preferred 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; provided, however that a Holder of a Receipt or Receipts may not withdraw such whole shares
of Series A Preferred Stock (or money and other property, if any, represented thereby) which has previously been called for redemption.
After such surrender and upon the receipt of written instructions from the Holder of such Receipt or Receipts, without unreasonable delay
(provided that the Corporation has provided the Depositary with all necessary documentation), 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 Series A
Preferred Stock (and all money and other property, if any), represented by such Receipt or Receipts so surrendered for withdrawal, but
Holders of such whole shares of Series A Preferred Stock will not thereafter be entitled to deposit such shares of Series A Preferred
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 Series A Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number
of whole shares of Series A Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or
subject to Section 2.3 upon the written order of such Holder, a new Receipt evidencing such excess number of Depositary
Shares. Delivery of such shares of the Series A Preferred Stock and such money and other property being withdrawn may be made by the delivery
of such certificates, documents of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary,
shall be properly endorsed or accompanied by proper instruments of transfer.

 

In no event will fractional
shares of Series A Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Series A Preferred
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 Series A Preferred 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
related Receipt or Receipts being surrendered for withdrawal of such Series A Preferred Stock, such Holder shall execute and deliver to
the Depositary, a written order so directing the Depositary, and the Depositary may require that the Receipt or Receipts surrendered by
such Holder for withdrawal of such shares of Series A Preferred Stock be properly endorsed in blank or accompanied by a properly executed
instrument of transfer in blank.

 

Delivery of the Series A Preferred
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, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for
the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder.

 

    7

     

    

 

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 Corporation may require (i) payment to it of a sum sufficient for the payment (or, in the event
that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges, taxes or expenses payable
by the Holder of a Receipt pursuant to Section 5.8 (including any such tax or charge with respect to any shares of Series
A Preferred Stock being deposited or withdrawn or any charges or expense pursuant to Section 3.2 and Section
5.7), (ii) the production of evidence satisfactory to it as to the identity and genuineness of any signature (which evidence may include
a Signature Guarantee) and any other reasonable evidence of authority that may be required by the Depositary, and (iii) compliance with
such additional requirements, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit
Agreement and/or applicable law and as may be required by any securities exchange on which the Series A Preferred Stock, the Depositary
Shares or the Receipts may be listed.

 

The deposit of shares of Series
A Preferred Stock may be refused, the delivery of Receipts against such shares of Series A Preferred 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 Corporation is closed or (ii) if any such action is deemed necessary or
advisable by the Depositary, any of the Depositary’s Agents or the Corporation 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, and absent notice to the Depositary that such Receipt has been acquired by a bona fide purchaser,
the Depositary in its discretion may execute and deliver in exchange therefor, a Receipt of like form and tenor in exchange and substitution
for such mutilated Receipt upon cancellation thereof, 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 the Depositary of such destruction or loss or theft
of such Receipt, of the authenticity thereof and of his or her ownership thereof; (ii) the Holder thereof furnishing the Depositary with
an affidavit and an open penalty surety bond or other indemnity reasonably satisfactory to the Depositary, holding the Depositary and
the Corporation harmless; and (iii) the payment of any reasonable expenses in connection with such execution and delivery. Such Holder
shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe.

 

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.

 

    8

     

    

 

Section 2.8. Redemption of Series A Preferred
Stock.

 

Whenever the Corporation shall
be permitted and shall elect to redeem shares of Series A Preferred Stock in accordance with the terms of the Statement of Resolution,
it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 30 days
and not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Series A
Preferred 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 Corporation stating that such redemption of shares of Series A Preferred Stock is in accordance
with the provisions of the Statement of Resolution. On the applicable Redemption Date, provided that the Corporation
shall then have paid or caused to be paid in full to the Depositary, the Redemption Price in immediately available funds of the Series
A Preferred Stock to be redeemed, the Depositary shall redeem the number of Depositary Shares representing such shares of Series A Preferred
Stock. The Depositary shall, if requested in writing and provided with all necessary information and documents, mail notice of the Corporation’s
redemption of shares of Series A Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares representing
such shares of the Series A Preferred Stock to be redeemed by first-class mail, postage prepaid, at the respective last addresses as they
appear on the records of the Depositary or transmit in accordance with the applicable procedures of any Global Receipt Depositary or by
such other method approved by the Depositary (in its reasonable discretion), in either case not less than 30 days and not more than 60
days prior to the date fixed for redemption of such shares of Series A Preferred 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
sufficiency of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by the Corporation 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 applicable Redemption
Price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price
applicable to the Depositary Shares; and (v) that dividends in respect of the Series A Preferred Stock represented by such 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 either pro rata or by lot or in such other manner as the Corporation
may determine to be fair and equitable and, if applicable, permitted by DTC and the rules of any national securities exchange on which
the Series A Preferred Stock is listed (which determination the Corporation will promptly notify the Depositary in writing).

 

Notice having been mailed or
transmitted by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the
funds necessary to redeem the Series A Preferred Stock evidenced by the Depositary Shares called for redemption) (i) all dividends on
the shares of Series A Preferred 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 applicable 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 1/40th of the Redemption
Price for each share of Series A Preferred Stock so redeemed.

 

    9

     

    

 

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 applicable Redemption Price for all of the Depositary Shares redeemed, a new Receipt evidencing the
Depositary Shares evidenced by such prior Receipt and not called for redemption; provided, however, that the Depositary
shall not issue any Receipt evidencing a fractional Depositary Share.

 

Section 2.9. Bank Accounts.

 

All funds received by Computershare
under this Deposit Agreement that are to be distributed or applied by Computershare in the performance of services hereunder (the “Funds”)
shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare
in its name as agent for the Corporation. Until paid pursuant to this Deposit Agreement, Computershare may hold or invest the Funds through
such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1
or better by Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”),
respectively, (iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts,
short term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with Tier 1 capital
exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long
Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall not
bear responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare
in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party.
Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments. Computershare
shall not be obligated to pay such interest, dividends or earnings to the Corporation, any Holder or any other party.

 

Section 2.10. Receipts Issuable in Global
Registered Form.

 

If the Corporation 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, if instructed and provided with all necessary information, in accordance with the other provisions
of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts of such series which (i)
shall represent, and shall be denominated in an amount equal to the aggregate number of Depositary Shares evidenced by 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.

 

    10

     

    

 

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 Corporation 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 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 Corporation, the Depositary and any
director, officer, employee or agent of the Corporation or the Depositary 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 its applicable procedures
and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required
under this Deposit Agreement, the Corporation and the Depositary shall give all such notices, payments and communications specified herein
to be given to such holders to the applicable Global Receipt Depository.

 

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
Corporation authorizing and directing the Depositary to execute and deliver individual definitive registered Receipts in exchange for
such Global Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in authorized denominations and
of like tenor and terms in an aggregate number of Depositary Shares equal to the aggregate number of Depositary Shares represented by
the Global Registered Receipt being delivered in exchange for such Receipts. The Depositary shall have no duties, obligations or liability
under this paragraph unless and until such order has been received by the Depositary.

 

Definitive registered Receipts
issued in exchange for a Global Registered Receipt pursuant to this Section 2.10 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 Corporation determine that the Receipts should be issued as a Global Registered Receipt,
the parties hereto shall comply with the terms of any Letter of Representations.

 

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ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS

AND THE CORPORATION

 

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 Corporation may reasonably deem necessary or proper. The Depositary
or the Corporation may withhold the delivery, or delay the registration of transfer or redemption, of any Receipt or the withdrawal of
shares of Series A Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or withhold or delay 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.

 

Section 3.2. Payment of Taxes or Other
Governmental Charges.

 

Holders of Receipts shall be
obligated to make payments to the Depositary, of certain taxes, charges and expenses, as provided in Section 5.8. Registration
of transfer of any Receipt or any withdrawal of shares of Series A Preferred 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, interest payments
or other distributions may be withheld or any part of or all the Series A Preferred 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, interest payments or other distributions or the proceeds of any such
sale may be applied to any payment of such charges or expenses, with the Holder of such Receipt remaining liable for any deficiency. The
Depositary shall not have any duty or obligation to take any action under any section of this Deposit Agreement that requires the payment
of taxes and/or charges unless and until it is satisfied that all such payments have been made.

 

Section 3.3. Warranty as to Series A Preferred
Stock.

 

The Corporation hereby represents
and warrants that the Series A Preferred Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such
representation and warranty shall survive the deposit of the Series A Preferred Stock and the issuance of the related Receipts.

 

Section 3.4. Warranty as to Depositary
Shares.

 

The Corporation hereby represents
and warrants that the Receipts, when issued, will represent legal and valid interests in the Series A Preferred Stock. Such representation
and warranty shall survive the deposit of the Series A Preferred Stock and the related issuance of the Receipts.

 

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ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES

 

Section 4.1. Cash Distributions.

 

Whenever the Depositary shall
receive any cash dividend or other cash distribution on the Series A Preferred Stock, the Depositary shall, subject to Section
3.1 and Section 3.2, and if received, upon the written instructions from the Corporation, 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 Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution
in respect of the Series A Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in
respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash dividend or other cash distribution
to be paid to any Record Holder on the aggregate number of Depositary Shares held by such Record Holder results in an amount that is a
fraction of a cent and that fraction of a cent is equal to or greater than $0.005, the amount the Depositary shall distribute to such
Record Holder shall be rounded up to the next highest whole cent; otherwise, such fractional amount shall be disregarded by the Depository
and shall be added to and be treated as part of the next succeeding distribution. Each Holder of a Receipt shall provide the Depositary
with its certified tax identification number on 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 other than cash, rights, preferences or privileges upon the Series A Preferred Stock, the Depositary shall, subject
to Section 3.1 and Section 3.2, 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 number of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary (with
the approval of the Corporation) may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary
and the Corporation, such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including
any requirement that the Corporation or the Depositary withhold an amount on account of taxes or charges) the Depositary deems, after
consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of the Corporation, 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 Section 3.1 and Section 3.2, 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 Corporation shall not make any distribution of securities or property (other than cash) to the Depositary and the
Depositary shall not make any distribution of securities or property (other than cash) to the Holders of Receipts unless the Corporation
shall have provided an opinion of counsel, dated as of or prior to the date of such distribution, stating that such securities or property
have been registered under the Securities Act or do not need to be so registered in connection with such distributions.

 

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Section 4.3. Subscription Rights, Preferences
or Privileges.

 

If the Corporation shall at
any time offer or cause to be offered to the Persons in whose names the Series A Preferred Stock is recorded on the books of the Corporation
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 communicated to the Depositary and made available by the
Depositary to the Record Holders of Receipts in such manner as the Corporation shall reasonably direct, either by the issue to such Record
Holders of warrants 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 Corporation; provided, however, that (i) if at the time of issue or offer
of any such rights, preferences or privileges the Depositary or the Corporation determines that it is not lawful or (after consultation
with the Depositary) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants
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 the acknowledgement of the Corporation, 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 or the terms of
such rights, preferences or 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 be delivered to the Depositary
and, if received, upon the written instructions of the Corporation and, subject to Section 3.1 and Section 3.2,
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 Corporation 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 the Corporation agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with
respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause
such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges in
compliance with the Securities Act 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 statement shall have become effective or the Corporation shall have provided to the Depositary an opinion of counsel
stating that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities
Act.

 

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The Corporation shall notify
the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent
or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation
agrees with the Depositary that the Corporation will use its reasonable best efforts to take such action or obtain such authorization,
consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise
such rights, preferences or privileges.

 

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

 

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 the Series A Preferred Stock, or whenever the Depositary shall receive notice of any meeting
at which holders of the Series A Preferred Stock are entitled to vote or of which holders of the Series A Preferred Stock are entitled
to notice, or whenever the Depositary and the Corporation 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 Corporation with respect to or otherwise in accordance with
the terms of the Series A Preferred 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 Statement of
Resolution, upon receipt of notice from the Corporation of any meeting at which the holders of the Series A Preferred Stock are entitled
to vote, the Depositary shall, if requested in writing and provided with all necessary information and documents, as soon as practicable
thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts,
as determined on the record date set forth in Section 4.4, a notice prepared by the Corporation which shall contain (i) such
information as is contained in such notice of meeting, (ii) a statement that the Holders of Receipts at the close of business on a specified
record date fixed pursuant to Section 4.4 may, subject to any applicable restrictions, instruct the Depositary as to
the exercise of the voting rights pertaining to the shares of Series A Preferred 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 Corporation), and (iii) 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 Series A Preferred Stock represented
by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby
agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Series
A Preferred Stock or cause such Series A Preferred 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 Series A Preferred Stock unless directed
to the contrary by the Holders of all the Receipts) to the extent of the Series A Preferred Stock represented by the Depositary Shares
evidenced by such Receipt. The Depositary shall not be required to exercise any discretion in voting any shares of the Series A Preferred
Stock represented by the Depositary Shares evidenced by such Receipt.

 

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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 Series A Preferred Stock, subject to the Statement of Resolution, or
upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary
shall, upon the written instructions of the Corporation setting forth any adjustment, (i) make such adjustments as are certified by the
Corporation in the fraction of an interest represented by one Depositary Share in one share of Series A Preferred Stock and in the ratio
of the redemption price per Depositary Share to the redemption price per share of Series A Preferred Stock, in each case as may be necessary
fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series A Preferred
Stock, or of such recapitalization, reorganization, merger or consolidation, as stated in such instructions and (ii) treat any securities
or property (including cash) which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series
A Preferred Stock as new deposited securities or property so received in exchange for or upon conversion or in respect of such Series
A Preferred Stock. In any such case the Depositary shall, upon receipt of the written instructions of the Corporation, 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 or property. 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 Series
A Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with
instructions to convert, exchange or surrender the Series A Preferred Stock represented thereby only into or for, as the case may be,
the kind and amount of shares and other securities and property and cash into which the Series A Preferred Stock represented by such Receipts
might have been converted or for which such Series A Preferred Stock might have been exchanged or surrendered immediately prior to the
effective date of such transaction; provided, that the Depositary shall not have any obligations under this sentence unless and until
it has received written instructions from the Corporation.

 

Section 4.7. Delivery of Reports.

 

The Depositary shall make available
for inspection by Holders of Receipts at the Depositary’s Office and at such other places as it may from time to time deem advisable
during normal business hours any reports and communications received from the Corporation, which are received by the Depositary and which
the Corporation is required to furnish to the holders of the Series A Preferred Stock. In addition, the Depositary shall, at the expense
of the Corporation, transmit, upon the request of the Corporation, certain notices and reports to the Holders of Receipts as provided
in Section 5.6.

 

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Section 4.8. Lists of Receipt Holders.

 

Reasonably promptly upon request
from time to time by the Corporation, at the sole expense of the Corporation, the Registrar shall furnish to it a list, as of the most
recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts.

 

Section 4.9. Withholding.

 

The Depositary, on its own
behalf and on behalf of the Corporation, will comply with all applicable certification, information reporting and withholding (including
 “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to
(a) any payments made with respect to the Depositary Shares and Series A Preferred Stock or (b) the issuance, delivery, holding, transfer
or exercise of rights under the Receipts or the Depositary Shares. Such compliance shall include, without limitation, the preparation
and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority
or its designated agent.

 

The Depositary shall comply
with any written direction received from the Corporation with respect to the application of such requirements to particular payments or
holders or in other particular circumstances, and may for purposes of this Agreement rely on and shall not be liable and shall be indemnified
by the Corporation for any action taken, suffered or omitted by the Depositary in reliance upon any such written instructions from the
Corporation in accordance with the provisions of Section 5.4 hereof.

 

The Depositary shall maintain
all appropriate records documenting compliance with such requirements, and shall make such records available on request to the Corporation
or to its authorized representatives during the term of this Deposit Agreement.

 

ARTICLE V

THE DEPOSITARY, THE DEPOSITARY’S AGENTS,

THE REGISTRAR AND THE CORPORATION

 

Section 5.1. Appointment of the Depositary.

 

The Corporation hereby appoints
Computershare and the Trust Company, collectively, to act as Depositary in accordance with the express terms and conditions hereof (and
no implied terms or conditions), and each of Computershare and the Trust Company accepts this appointment. Depositary is engaged in an
independent business and will perform its obligations under this Deposit Agreement as an agent of the Corporation.

 

Section 5.2. 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.

 

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The Depositary shall keep books
at the Depositary’s Office for the registration and registration of transfer of Receipts. Upon direction from the Corporation and
with reasonable notice to the Depositary, the Registrar shall open its books for inspection by the Record Holders of Receipts; provided that
any such Record 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; provided, further,
that (i) such inspection shall be performed not more than once every twelve (12) months for each such Record Holder; (ii) such inspection
is carried out at such Record Holder’s cost during the Depositary’s business hours; (iii) such Record Holder and/or its agents
shall not cause any disruption to the Depositary’s business; (iv) such Record Holder or its agent shall only be given access to
such Record Holder’s information and not to data of any third party or other Record Holder; and (v) such Record Holder and/or its
agent shall not copy or remove any materials from the premises where the inspection is performed.

 

The Depositary or Registrar
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,
or deemed necessary or advisable by the Depositary, the Registrar, any Depositary’s Agent or the Corporation because of any requirement
of law or of any government, governmental body or commission, stock exchange or any applicable self-regulatory body.

 

If the Receipts or the Depositary
Shares evidenced thereby or the Series A Preferred Stock represented by such Depositary Shares shall be listed on one or more national
securities exchanges, the Depositary may, with the written approval of the Corporation, appoint a Registrar (acceptable to the Corporation)
for registration of the 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 Corporation. If the Receipts, Depositary Shares or the Series A Preferred Stock
are listed on one or more other securities exchanges, the Depositary will, at the written request and expense of the Corporation, arrange
such facilities for the delivery, registration, registration of transfer, surrender and exchange of such Receipts, Depositary Shares or
Series A Preferred Stock as may be required by law or applicable securities exchange regulation.

 

Section 5.3. Prevention of or Delay in
Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation.

 

Neither the Depositary nor
any Depositary’s Agent nor any Registrar nor the Corporation, as the case may be, shall incur any liability to any Holder of 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, as the case may be, by reason
of any provision, present or future, of the Corporation’s Amended and Restated Certificate of Incorporation (including the Statement
of Resolution) 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 Corporation, as the case may be, shall be prevented, delayed, 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 Corporation, as the case may be, 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.

 

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Section 5.4. Obligations of the Depositary,
the Depositary’s Agents, the Registrar, the Transfer Agent and the Corporation.

 

Neither the Depositary nor
any Depositary’s Agent nor any Registrar, any Transfer Agent nor the Corporation, as the case may be, assumes any obligation or
shall be subject to any liability under this Deposit Agreement to Holders of Receipts or to any other Person (other than to the Corporation
in accordance with the last sentence of this paragraph below) other than for its gross negligence, willful misconduct or bad faith (each
as finally determined by a non-appealable judgment of a court of competent jurisdiction). Notwithstanding anything in this Deposit Agreement
to the contrary, the aggregate liability of the Depositary, any Depositary’s Agent or the Registrar or Transfer Agent, as the case
may be, to the Corporation under this Deposit Agreement, with respect to, arising from or arising in connection with this Deposit Agreement,
or from all services provided or omitted to be provided under this Deposit Agreement whether in contract, tort, or otherwise, is limited
to, and shall not exceed, the lesser of: (i) the amount of actual damages incurred by the Corporation and (ii) an amount equal to the
amounts paid hereunder by the Corporation to the Depositary as fees and charges (but not including reimbursable expenses) during the twelve
(12) month period (or such lesser period if the services provided hereunder have been provided for less than twelve (12) months) immediately
preceding the date of occurrence of the event upon which a claim is asserted, less any amounts previously paid by the Depositary in satisfaction
or settlement of other claims applicable to the services provided hereunder giving rise to such claim or cause of action, regardless of
the basis on which the Corporation is entitled to claim damages (including, without limitation, breach, negligence, misrepresentation,
or other contract claim) and shall constitute the Corporation’s sole monetary remedy.

 

NOTWITHSTANDING ANYTHING IN THIS DEPOSIT AGREEMENT
TO THE CONTRARY, NEITHER THE DEPOSITARY, NOR THE DEPOSITARY’S AGENT NOR ANY REGISTRAR NOR THE TRANSFER AGENT NOR THE CORPORATION,
AS THE CASE MAY BE, 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 Transfer Agent nor the Registrar nor the Corporation, as the case may be, shall be under any obligation
to appear in, prosecute or defend any action, suit or other proceeding in respect of the Series A Preferred Stock, the Depositary Shares
or the Receipts which, in its opinion, may involve it in expense or liability unless indemnity reasonably satisfactory to it against all
expense and liability be furnished as often as may be required.

 

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Neither the Depositary nor
any Depositary’s Agent nor any Registrar nor the Transfer Agent nor the Corporation, as the case may be, shall be liable for any
action or any failure to act by it in reliance upon the advice or opinion of legal counsel (who may be legal counsel for the Company or
the Depositary) or accountants, or information from any Person presenting Series A Preferred Stock for deposit, any Holder of a Receipt
or any other Person believed by it, in the absence of bad faith, gross negligence, or willful misconduct (each as determined by a final
non-appealable judgment of a court of competent jurisdiction), to be competent to give such information. The Depositary, any Depositary’s
Agent, any Registrar, any Transfer Agent and the Corporation, as the case may be, 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.

 

The Depositary, the Depositary’s
Agent, any Registrar or Transfer Agent, as the case may be, shall not be responsible for any failure to carry out any instruction to vote
any of the shares of the Series A Preferred Stock or for the manner or effect of any such vote made, as long as any such action or non-action
is not taken with gross negligence, willful misconduct, or in bad faith (each as determined in a final, non-appealable judgment of a court
of competent jurisdiction). The Depositary undertakes, and any Depositary’s Agent, Registrar and any Transfer Agent, as the case
may be, 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 Depositary’s Agent,
Transfer Agent or Registrar.

 

The Depositary, its parent,
Affiliates, or subsidiaries, and Depositary’s Agents, and any Transfer Agent or Registrar, as the case may be, may own and deal
in any class of securities of the Corporation and its Affiliates and in Receipts or Depositary Shares or become pecuniarily interested
in any transaction in which the Corporation or its Affiliates may be interested or contract with or lend money to or otherwise act as
fully or as freely as if it were not the Depositary, the parent, Affiliate or subsidiary of the Depositary or the Depositary’s Agent
or Transfer Agent or Registrar hereunder. The Depositary may also act as transfer agent, trustee, or registrar of any of the securities
of the Corporation and its Affiliates or act in any other capacity for the Corporation or 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 Series A Preferred 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 Corporation
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,
the Depositary’s Agents, any Transfer Agent or Registrar, as the case may be, believes any ambiguity or uncertainty exists hereunder
or in any notice, instruction, direction, request or other communication, paper or document received by the Depositary, the Depositary’s
Agents, any Transfer Agent or Registrar hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary,
the Depositary’s Agents, any Transfer Agent or Registrar 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, the Depositary’s Agents, any Transfer Agent
or Registrar may, in its sole discretion upon providing written notice to the Corporation, refrain from taking any action and the Depositary,
the Depositary’s Agents, any Transfer Agent or Registrar shall be fully protected and shall not be liable in any way to the Corporation,
any Holders of Receipts or any other Person or entity for refraining from taking such action, unless the Depositary, the Depositary’s
Agents, any Transfer Agent or Registrar receives written instructions or a certificate signed by a duly authorized officer of the Corporation
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, the Depositary’s Agents, any Transfer Agent or Registrar. Such written instructions shall
be full and complete authorization to the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar, as the case may
be, and the Depositary, the Depositary’s Agents, any Transfer Agent or Registrar shall incur no liability for or in respect of any
action taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such written instructions.

 

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In the event the Depositary,
the Depositary’s Agent, the Registrar or the Transfer Agent, as the case may be, shall receive conflicting claims, requests or instructions
from any Holders of Receipts, on the one hand, and the Corporation, on the other hand, the Depositary, the Depositary’s Agent, the
Registrar or the Transfer Agent, as the case may be, shall be entitled to act on such claims, requests or instructions received from the
Corporation, and shall incur no liability and shall be entitled to the full indemnification set forth in Section 5.7 hereof
in connection with any action so taken.

 

From time to time, the Corporation
may provide the Depositary or any Registrar with instructions concerning the services performed by the Depositary under this Deposit Agreement. In
addition, at any time, the Depositary or any Registrar may apply to any officer of the Corporation for instruction, and may consult with
legal counsel for the Depositary or any Registrar or the Corporation with respect to any matter arising in connection with the services
to be performed by the Depositary or any Registrar under this Deposit Agreement. The Depositary or such Registrar and its respective
agents and subcontractors shall not be liable and shall be indemnified by the Corporation for any action taken, suffered or omitted by
the Depositary or such Registrar in reliance upon any instructions from the Corporation or its agents or advisors. The Depositary
or any Registrar shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from
the Corporation.

 

It is intended that the none
of the Depositary, any Depositary’s Agent, Registrar, or Transfer Agent as the case may be, shall be deemed to be an “issuer”
of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that
the Depositary, any Depositary’s Agent, Registrar or Transfer Agent are acting only in a ministerial capacity as Depositary, Depositary’s
Agent, Registrar or Transfer Agent as applicable, for the deposited Series A Preferred Stock. The Depositary will not be under any duty
or responsibility to ensure compliance with any applicable federal or state securities laws in connection with the issuance, transfer
or exchange of the Receipts, the shares of the Series A Preferred Stock or Depositary Shares; provided, however,
that the Depositary agrees to comply with all information reporting and withholding requirements required to be complied by it under law
or this Deposit Agreement as Depositary.

 

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

 

The Depositary assumes no responsibility
for the correctness of the description that appears in the Receipts. Notwithstanding any other provision herein or in the Receipts, the
Depositary makes no warranties or representations as to the validity or genuineness of any shares of the Series A Preferred Stock at any
time deposited with the Depositary hereunder or of the Depositary Shares, as to the validity or sufficiency of this Deposit Agreement,
as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary
Shares. The Depositary shall not be accountable for the use or application by the Corporation of the Depositary Shares or the Receipts
or the proceeds thereof.

 

The Depositary may rely on
and be fully authorized and protected in acting or failing to act upon (a) any Signature Guarantee or guaranty of signature by an “eligible
guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature
guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or
any interpretation of the same.

 

The Depositary may execute
and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys
or agents, and the Depositary shall not be answerable or accountable for any act, omission, default, neglect or misconduct of any such
attorneys or agents or for any loss to the Corporation, to the holders of the Receipts or any other Person resulting from any such act,
omission, default, neglect or misconduct, absent gross negligence, willful misconduct or bad faith (each as determined by a final, non-appealable
judgment of a court of competent jurisdiction).

 

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

 

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

 

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

 

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(iii) shall not be obligated
to take any legal or other action hereunder; if, however, the Depositary, Depositary’s Agent, any Registrar, and any Transfer Agent
determines to take any legal or other action hereunder except as expressly set forth herein, and, where the taking of such action might
in such Person’s judgment subject or expose it to any expense or liability, it shall not be required to act unless it shall have
been furnished with an indemnity satisfactory to it;

 

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

 

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

 

(vi) shall not be called upon
at any time to advise any Person with respect to the shares of the Series A Preferred Stock or Receipts;

 

(vii) shall not be liable or
responsible for any recital or statement contained in any documents relating hereto or the shares of the Series A Preferred Stock, Depositary
Shares or Receipts;

 

(viii) shall not be liable
to any Holder for any property that has been delivered to a public official pursuant to applicable abandoned property law; and

 

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

 

The obligations of the Corporation
and the rights of Depositary, the Depositary’s Agent, Transfer Agent or Registrar set forth in this Section 5.4 shall
survive the replacement, removal or resignation of the Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination
of this Deposit Agreement.

 

Section 5.5. 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 Corporation, 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 Corporation by at least thirty (30) days prior written notice of such removal delivered to the Depositary, such removal
to take effect upon the appointment of a successor Depositary.

 

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In case at any time, the Depositary
acting hereunder shall resign or be removed, the Corporation 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 (i) a Person having its principal office in the United States
of America and having a combined capital and surplus, along with its Affiliates, of at least $50,000,000 or (ii) an Affiliate of any such
Person. In the event of such removal or resignation, the Corporation will appoint a successor depositary and inform the Depositary of
the name and address of any successor depositary so appointed, provided that no failure by the Corporation to appoint
such a successor depositary shall affect the termination of this Deposit Agreement or the discharge of the Depositary as depositary hereunder.
Upon payment of all outstanding fees and expenses hereunder, at the expense of the Corporation, the Depositary shall promptly forward
to the successor depositary or its designee, any shares of stock held by it and any certificates, letters, notices and other document
that the Depositary may receive after its appointment has so terminated.

 

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 Corporation 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 Corporation, 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 Series
A Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the Record
Holders of all outstanding Receipts 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 Person into or with which
the Depositary may be merged, consolidated or converted, or any Person to which all or a substantial part of the assets of the Depositary
may be transferred or which succeeds to the shareholder services business of the Depositary 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 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 herein without any further
act or deed.

 

Section 5.6. Corporate Notices and Reports.

 

The Corporation agrees that
it will deliver to the Depositary, and the Depositary will, upon the Corporation’s written instruction, promptly after receipt of
all necessary information and documents, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s
or Registrar’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 Series A Preferred Stock, the Depositary Shares or the Receipts are listed
or by the Corporation’s Restated Certificate of Incorporation, as amended (including the Statement of Resolution), to be furnished
to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation 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 Corporation’s expense such other documents as may be requested by the Corporation.

 

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Section 5.7. Indemnification by the Corporation.

 

Notwithstanding Section
5.4 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar and any Transfer
Agent (including each of their officers, directors, agents and employees) against, and hold each of them harmless from and against, any
fee, loss, claim, damage, cost, penalty, fine, judgment, liability or expense (including the reasonable costs and expenses of its legal
counsel) which may arise out of acts taken, suffered or omitted to be taken in connection with its acting as Depositary, Depositary’s
Agent, Registrar or Transfer Agent, respectively, under this Deposit Agreement (including, without limitation, the enforcement of 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 such fee, loss, claim, damage, cost, penalty, fine, judgment,
liability or expense arising out of gross negligence, willful misconduct, fraud or bad faith (each as finally determined by a non-appealable
judgment of a court of competent jurisdiction) on the respective parts of any such Person or Persons. The obligations of the Corporation
and the rights of the Depositary set forth in this Section 5.7 shall survive the replacement, removal, resignation or
any succession of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement.

 

Section 5.8. Fees, Charges and Expenses.

 

The Corporation agrees promptly
to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the Depositary, Depositary’s
Agent, Registrar and Transfer Agent hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable
counsel fees and expenses) incurred by the Depositary, Depositary’s Agent, Registrar and Transfer Agent in connection with the services
rendered by such Depositary, Depositary’s Agent, Registrar and Transfer Agent, as the case may be, hereunder. The Corporation shall
pay all charges of the Depositary in connection with the initial deposit of the Series A Preferred Stock and the initial issuance of the
Depositary Shares, all withdrawals of shares of Series A Preferred Stock by owners of Depositary Shares, and any redemption or exchange
of the Series A Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and charges arising
solely from the existence of the depositary arrangements. All other transfer and other taxes and 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 Corporation 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 Corporation at such intervals as the Corporation and the Depositary may agree.

 

Section 5.9. Corporate Existence and Authority
of the Depositary.

 

The Depositary hereby represents
and warrants that it: (i) has been duly incorporated or formed and is validly existing in good standing under the laws of the jurisdiction
of its formation; (ii) has full corporate power and authority and possesses all governmental or other powers, franchises, licenses, permits,
authorizations and approvals necessary to enable it to own, lease or otherwise hold its properties and assets and to carry on its business
as presently conducted; (iii) has been duly qualified as a foreign entity for the transaction of business and is in good standing under
the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification,
or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; and (iv) Trust
Company is a bank or trust company having its principal office in the United States of America and having a combined capital and surplus,
including that of its affiliates, of at least $150,000,000. The Depositary hereby agrees to promptly inform the Corporation in the event
that any of the statements in the foregoing sentence cease to be true and complete in all material respects.

 

This Deposit Agreement has
been duly authorized, executed and delivered by the Depositary and constitutes a legal, valid and binding obligation of the Depositary,
enforceable against the Depositary in accordance with its terms and this Deposit Agreement will be maintained continuously as part of
the Depositary’s official records, in accordance with law and its records management policy. The Depositary hereby agrees to perform
its obligations under this Deposit Agreement with the diligent care of a professional provider of such services, in a timely manner and
in conformance with all applicable laws, rules and regulations.

 

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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 Corporation and the
Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment
(other than any change in the fees of any Depositary, Depositary’s Agent, Transfer Agent, or Registrar, as the case may be) which
shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such
amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a majority 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 Deposit Agreement as amended thereby. In no event
shall any amendment impair the right, subject to the provisions of Section 2.5 and Section 2.6 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 Series A Preferred 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. As a condition precedent to the Depositary’s execution of any amendment, the Corporation shall deliver to the
Depositary a certificate from a duly authorized officer of the Corporation that states that the proposed amendment is in compliance with
the terms of this Section 6.1. No amendment to this Deposit Agreement shall be effective unless duly executed by the Depositary
and the Corporation.

 

Section 6.2. Termination.

 

This Deposit Agreement may
be terminated by the Corporation at any time 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 (at the Corporation’s expense) 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 of the Receipts 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 the Series A Preferred Stock.

 

Subject to the first paragraph
of this Section 6.2, this Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding
Depositary Shares issued hereunder have been redeemed pursuant to Section 2.8, (ii) there shall have been made a final distribution
in respect of the Series A Preferred Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution
shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or Section
4.2, as applicable, or (iii) upon the consent of Holders of Receipts representing in the aggregate not less than a majority of the
Depositary Shares outstanding.

 

The rights of the Depositary,
any Depositary’s Agent, Transfer Agent or Registrar and the obligations of the Corporation under Sections 5.3, 5.7
and 5.8 hereof shall survive termination of this Deposit Agreement or the resignation, removal or succession of the Depositary.

 

    26

     

    

 

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.
A signature to this Deposit Agreement transmitted electronically shall have the same authority, effect, and enforceability as an original
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; provided, however, that if any such provision adversely affects the rights, duties, liabilities or obligations of
the Depositary, the Depositary shall be entitled to resign immediately.

 

Section 7.4. Notices.

 

Any and all notices, requests,
orders, approvals, instructions or directions to be given to the Corporation 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 a nationally recognized overnight delivery service, or by
facsimile transmission or electronic mail, confirmed either by (a) telephone with the recipient of such facsimile transmission or electronic
mail or (b) letter, addressed to the Corporation at:

 

Midland States Bancorp, Inc.

1201 Network Centre Drive

Effingham, Illinois 62401

Attention: Douglas J. Tucker, Senior Vice President and Corporate Counsel

Email: dtucker@midlandsb.com

 

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

 

Any and all notices, requests,
orders, approvals, instructions or directions 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 a nationally recognized overnight delivery service, or by
facsimile transmission or electronic mail, confirmed either by (a) telephone with the recipient of such facsimile transmission or electronic
mail or (b) letter, addressed to the Depositary at:

 

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

Attention: Client Services

 

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

 

    27

     

    

 

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 transmitted
through the facilities of DTC in accordance with DTC’s procedures or personally delivered, sent by a nationally recognized overnight
delivery service or sent by 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 mailed to some other address, at the address designated in such request.

 

Delivery of a notice sent by
mail or by facsimile transmission 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. The Depositary or the Corporation
may, however, act upon any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding that
such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid.

 

Section 7.5. Depositary’s Agents.

 

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

 

	Section 7.6. 	Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Series A Preferred Stock.

 

The Corporation hereby appoints
the Computershare and the Trust Company, collectively, as Registrar, Transfer Agent, dividend disbursing agent and redemption agent with
respect to the shares of the Series A Preferred Stock deposited with the Depositary hereunder, and each Computershare and the Trust Company
hereby accept such respective appointments, subject to the express terms and conditions of this Deposit Agreement (and no implied terms
or conditions) and, as such, will reflect changes in the number of shares of deposited Series A Preferred Stock held by it by notation,
book-entry or other appropriate method. With respect to the appointment of the Computershare and the Trust Company, collectively, as Registrar,
Transfer Agent, dividend disbursing agent and redemption agent in respect of the shares of the Series A Preferred Stock, each of Computershare
and the Trust Company, in its respective capacities under such appointments, shall be entitled to the same rights, indemnities, immunities
and benefits as the Depositary hereunder as if explicitly named in each such provision.

 

Section 7.7. 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.

 

    28

     

    

 

Section 7.8. Governing Law.

 

This Deposit Agreement and
the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be interpreted and construed in accordance
with the laws of the State of New York. Any and all claims, controversies, and causes of action arising out of or relating to this Deposit
Agreement and the Receipts, whether sounding in contract, tort, or statute, shall be governed by the laws of the State of New York, including
its statutes of limitations, without giving effect to any conflict-of-laws rule that would result in the application of the laws of a
different jurisdiction. The parties hereby irrevocably submit to the jurisdiction of any state or federal court sitting in New York County,
New York over any suit, action or proceeding arising out of or relating to this Deposit Agreement or the Receipts.

 

Section 7.9. Inspection of Deposit Agreement.

 

Copies of this Deposit Agreement
shall be filed with the Depositary and the Depositary’s Agents and shall be made available for inspection during business hours
upon reasonable notice to the Depositary by any Holder of a Receipt.

 

Section 7.10. Headings.

 

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

 

Section 7.11. Force Majeure.

 

Notwithstanding anything to
the contrary contained herein, the Depositary, any Depositary’s Agent, Transfer Agent or Registrar will not be liable for any delays
or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts,
shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures
or mechanical difficulties with information storage or retrieval systems, labor difficulties, pandemic, epidemic, war, or civil unrest.

 

Section 7.12. Further Assurances

 

Each of the Corporation and
the Depositary, respectively, agrees that it will perform, acknowledge, and deliver or cause to be performed, acknowledged or delivered,
all such further and other acts, documents, instruments and assurances as the Depositary or the Corporation, respectively, may reasonably
require in connection with the performance of this Deposit Agreement.

 

Section 7.13. Confidentiality.

 

The Depositary and the Corporation
agree that all books, records, information and data pertaining to the business of the other party, including inter alia, personal,
non-public Holder information and the fees for services, which are exchanged or received pursuant to the negotiation or the carrying out
of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other Person, except as may be required
by law or legal process. To avoid doubt, the parties hereto shall not be required to keep the terms of this Deposit Agreement confidential.
To the extent Depositary processes personal information that would constitute EU Personal Data as defined under Regulation (EU) 2016/679
(General Data Protection Regulation), Depositary will comply with applicable law.

 

[Remainder of page intentionally left blank;
signature page follows.]

 

    29

     

    

 

IN WITNESS WHEREOF, the Corporation
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.

 

	 	MIDLAND STATES BANCORP, INC.
	 	 	 
	 	By:	/s/ Jeffrey G. Ludwig
	 	Name: 	Jeffrey G. Ludwig
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	COMPUTERSHARE INC.
	 	 	 
	 	By:	/s/ Rachel Fisher
	 	Name:	Rachel Fisher
	 	Title:	Sr. Contract Negotiation Specialist
	 	 	 
	 	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.
	 	 	 
	 	By:	/s/ Rachel Fisher
	 	Name:	Rachel Fisher
	 	Title:	Sr. Contract Negotiation Specialist

 

[Signature Page to Deposit Agreement]

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF RECEIPT]

 

[IF GLOBAL RECEIPT IS ISSUED:
UNLESS THIS GLOBAL RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE DEPOSITARY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT 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.

 

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

 

     

     

    

 

DEPOSITARY SHARES,

EACH REPRESENTING 1/40th OF ONE SHARE

OF

7.750% FIXED RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK,

SERIES A

OF

MIDLAND STATES BANCORP, INC.

SEE REVERSE FOR CERTAIN DEFINITIONS

 

Dividend Payment Dates: When,
as, and if declared by the board of directors or a duly authorized committee of the board of directors of Midland States Bancorp, Inc.,
an Illinois corporation (the “Corporation”), and to the extent the Corporation has the funds legally available, it
will pay cash dividends on Series A Preferred Stock (as defined below) quarterly, in arrears, on March 30, June 30, September 30 and December
30 of each year, beginning on December 30, 2022.

 

Computershare
Inc., a Delaware corporation, and Computershare Trust Company, N.A., a national
banking association, acting jointly as Depository (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 7.750% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, liquidation preference $1,000 per share, $2.00
par value per share (the “Series A Preferred Stock”), of the Corporation, on deposit with the Depositary, subject to
the terms and entitled to the benefits of the Deposit Agreement, dated as of August 24, 2022 (the “Deposit Agreement”),
among the Corporation, the Depositary and the Holders from time to time of the 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 Receipt shall not be valid
or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary
by the manual or facsimile signature of a duly authorized officer and, if a Registrar for the Receipts (other than the Depositary) shall
have been appointed, countersigned by such Registrar by the manual or facsimile signature of a duly authorized officer thereof.

 

	Dated:	 	Dated:
	Computershare Inc. and Computershare Trust Company, N.A., as	 	Computershare Trust Company, N.A., as
	Depositary	 	Transfer Agent and Registrar
	 
	By: 	 	 	By: 	 
	 
	 	 	 
	Authorized Officer	 	Authorized Officer

 

     

     

    

 

[FORM OF REVERSE OF RECEIPT]

 

THE CORPORATION WILL FURNISH
WITHOUT CHARGE TO EACH REGISTERED HOLDER OF RECEIPTS WHO SO REQUESTS, A COPY OF THE DEPOSIT AGREEMENT AND A COPY OF THE STATEMENT OF RESOLUTION
OF 7.750% FIXED RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A OF MIDLAND STATES BANCORP, INC. ANY SUCH REQUEST IS TO BE
ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

 

The Corporation will furnish
without charge to each registered holder of Receipts 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 Registrar.

 

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. Abbreviations in addition to those appearing below may be used.

 

	Abbreviation	Equivalent Word	Abbreviation	Equivalent Word
	JT TEN	As joint tenants, with right of survivorship and not as tenants in common	TEN BY ENT	As tenants by the entireties
	TEN IN COM	As tenants in common	UNIF GIFT MIN ACT	Uniform Gifts to Minors Act

 

	Abbreviation	Equivalent

Word	Abbreviation	Equivalent

Word	Abbreviation	Equivalent

Word
	ADM	Administrator(s),

Administratrix	EX	Executor(s), Executrix	PL	Public Law
	AGMT	Agreement	FBO	For the benefit of	TR	(As) trustee(s), for, of
	ART	Article	FDN	Foundation	U	Under
	CH	Chapter	GDN	Guardian(s)	UA	Under Agreement
	CUST	Custodian for	GDNSHP	Guardianship	UW	Under will of, Of will of, Under last will & testament
	DEC	Declaration	MIN	Minor(s)	 	 
	EST	Estate, of Estate of	PAR	Paragraph	 	 

 

     

     

    

 

ASSIGNMENT

 

For value received,                                 
hereby sell(s), assign(s) and transfer(s) unto                                 
whose taxpayer identification number is                                 
and whose address including postal zip code is                                 ,
the 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:	 	 	Signed:	 
	 	 	 
	 	 	 

 

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 a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Corporation’s transfer agent.
Guarantees by a notary public are not acceptable.

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