Document:

Form of Deposit Agreement

 Exhibit 4.7 
  
  
  
 FIRST STATE BANCORPORATION 
 and 

                                       
     , 
 As Depositary 
 and 
 HOLDERS OF DEPOSITARY RECEIPTS 
  
  
 DEPOSIT AGREEMENT 
  
  
 Dated as of
                             ,         

  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Parties
	  		  	
	 Recitals
	  		  	
		
	 ARTICLE I DEFINITIONS
	  	1
		
	 “Articles of Incorporation”
	  	1
	 “Certificate of Designations”
	  	1
	 “Common Stock”
	  	1
	 “Company”
	  	1
	 “Corporate Office”
	  	1
	 “Deposit Agreement”
	  	2
	 “Depositary”
	  	2
	 “Depositary Share”
	  	2
	 “Depositary’s Agent”
	  	2
	 “New York Office”
	  	2
	 “Receipt”
	  	2
	 “record holder”
	  	2
	 “Registrar”
	  	2
	 “Securities Act”
	  	2
	 “Stock”
	  	2
		
	 ARTICLE II FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER, REDEMPTION AND CONVERSION OF RECEIPTS

	  	3
			
	 SECTION 2.01.
	  	 Form and Transfer of Receipts
	  	3
	 SECTION 2.02.
	  	 Temporary Receipts
	  	3
	 SECTION 2.03.
	  	 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof
	  	4
	 SECTION 2.04.
	  	 Redemption and Conversion of Stock
	  	5
	 SECTION 2.05.
	  	 Register of Transfer of Receipts
	  	7
	 SECTION 2.06.
	  	 Combination and Split-ups of Receipts
	  	7
	 SECTION 2.07.
	  	 Surrender of Receipts and Withdrawal of Stock
	  	8
	 SECTION 2.08.
	  	 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange of Receipts and Withdrawal or Deposit of
Stock
	  	9
	 SECTION 2.09.
	  	 Lost Receipts, etc.
	  	9
	 SECTION 2.10.
	  	 Cancellation and Destruction of Surrendered Receipts
	  	9
		
	 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
	  	10
			
	 SECTION 3.01.
	  	 Filing Proofs, Certificates and Other Information
	  	10
	 SECTION 3.02.
	  	 Payment of Taxes or Other Governmental Charges
	  	10
	 SECTION 3.03.
	  	 Withholding
	  	10
	 SECTION 3.04.
	  	 Representations and Warranties as to Stock
	  	11

  

 i 

					
	 ARTICLE IV THE STOCK, NOTICES
	  	11
			
	 SECTION 4.01.
	  	 Cash Distributions
	  	11
	 SECTION 4.02.
	  	 Distributions Other Than Cash
	  	11
	 SECTION 4.03.
	  	 Subscription Rights, Preferences or Privileges
	  	12
	 SECTION 4.04.
	  	 Notice of Dividends, Fixing of Record Date for Holders of Receipts
	  	12
	 SECTION 4.05.
	  	 Voting Rights
	  	13
	 SECTION 4.06.
	  	 Changes Affecting Stock and Reclassifications, Recapitalizations, etc.
	  	13
	 SECTION 4.07.
	  	 Reports
	  	14
	 SECTION 4.08.
	  	 Lists of Receipt Holders
	  	14
		
	 ARTICLE V THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY
	  	14
			
	 SECTION 5.01.
	  	 Maintenance of Offices, Agencies, Transfer Books by the Depositary; the Registrar
	  	14
	 SECTION 5.02.
	  	 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company
	  	15
	 SECTION 5.03.
	  	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company
	  	15
	 SECTION 5.04.
	  	 Resignation and Removal of the Depositary, Appointment of Successor Depositary
	  	17
	 SECTION 5.05.
	  	 Corporate Notices and Reports
	  	17
	 SECTION 5.06.
	  	 Deposit of Stock by the Company
	  	18
	 SECTION 5.07.
	  	 Indemnification by the Company
	  	18
	 SECTION 5.08.
	  	 Fees, Charges and Expenses
	  	18
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	18
			
	 SECTION 6.01.
	  	 Amendment
	  	18
	 SECTION 6.02.
	  	 Termination
	  	19
		
	 ARTICLE VII MISCELLANEOUS
	  	20
			
	 SECTION 7.01.
	  	 Counterparts
	  	20
	 SECTION 7.02.
	  	 Exclusive Benefits of Parties
	  	20
	 SECTION 7.03.
	  	 Invalidity of Provisions
	  	20
	 SECTION 7.04.
	  	 Notices
	  	20
	 SECTION 7.05.
	  	 Depositary’s Agents
	  	21
	 SECTION 7.06.
	  	 Holders of Receipts Are Parties
	  	21
	 SECTION 7.07.
	  	 Governing Law
	  	21
	 SECTION 7.08.
	  	 Headings
	  	21
	 EXHIBIT A
	  		  	A-1

  

 ii 

 DEPOSIT AGREEMENT 
 DEPOSIT AGREEMENT, dated as of                          ,
        , among First State Bancorporation, a New Mexico corporation,
                                    , a
             banking corporation, as Depositary, and all holders from time to time of Receipts issued hereunder. 
 W I T N E S S E T H: 
 WHEREAS, the Company desires to provide as hereinafter set forth
in this Deposit Agreement, for the deposit of shares of Stock with the Depositary, as agent for the beneficial owners of the Stock, for the purposes set forth in this Deposit Agreement and for the issuance hereunder of the Receipts evidencing
Depositary Shares representing an interest in the Stock so deposited; and 
 WHEREAS, the Receipts are to be substantially in the form
annexed as Exhibit A to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement. 
 NOW, THEREFORE, in consideration of the premises contained herein, it is agreed by and among the parties hereto as follows: 
 ARTICLE I 
 DEFINITIONS 
 The following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 
 “Articles of Incorporation” shall mean the Restated Articles of Incorporation, as amended and restated from time to time, of the Company.

 “Certificate of Designations” shall mean the Certificate of Designations establishing and setting forth the rights, preferences,
privileges and limitations of the Stock. 
 “Common Stock” shall mean the Company’s Common Stock, no par value. 
 “Company” shall mean First State Bancorporation, a New Mexico corporation, and its successors. 
 “Corporate Office” shall mean the office of the Depositary in
                    ,
                     at which at any particular time its business in respect of matters governed by this Deposit Agreement shall be
administered, which at the date of this Deposit Agreement is located at                         . 
  

 1 

 “Deposit Agreement” shall mean this agreement, as the same may be amended, modified or
supplemented from time to time. 
 “Depositary” shall mean
                                , as Depositary hereunder, and any successor as
Depositary hereunder. 
 “Depositary Share” shall mean the rights evidenced by the Receipts executed and delivered hereunder,
including the interests in Stock granted to holders of Receipts pursuant to the terms and conditions of the Deposit Agreement. Each Depositary Share shall represent an interest in
                     of a share of Stock deposited with the Depositary hereunder and the same proportionate interest in any and all other
property received by the Depositary in respect of such share of Stock and held under this Deposit Agreement. Subject to the terms of this Deposit Agreement, each record holder of a Receipt evidencing a Depositary Share or Shares is entitled,
proportionately, to all the rights, preferences and privileges of the Stock represented by such Depositary Share or Shares, including the dividend, voting and liquidation rights contained in the Certificate of Designations, and to the benefits of
all obligations and duties of the Company in respect of the Stock under the Certificate of Designations and the Articles of Incorporation. 
 “Depositary’s Agent” shall mean an agent appointed by the Depositary as provided, and for the purposes specified, in Section 7.05. 
 “New York Office” shall mean the facility maintained by the Depositary in the Borough of Manhattan, The City of New York for accepting, executing and delivering Receipts and other instruments prior to
processing such instruments at the Corporate Office, which facility at the date of this Deposit Agreement is located at                     .

 “Receipt” shall mean a Depositary Receipt executed and delivered hereunder, in substantially the form of Exhibit A hereto,
evidencing Depositary Share or Shares, as the same may be, amended from time to time in accordance with the provisions hereof. 
 “record holder” or “holder” as applied to a Receipt shall mean the person in whose name a Receipt is registered on the books maintained by or on behalf of the Depositary for such purpose. 
 “Registrar” shall mean any bank or trust company appointed to register ownership and transfers of Receipts as herein provided. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Stock” shall mean shares of the Company’s Preferred Stock, no par value. 
  

 2 

 ARTICLE II 
 FORM OF RECEIPTS, DEPOSIT OF STOCK, 
 EXECUTION AND DELIVERY, TRANSFER, SURRENDER, 
 REDEMPTION AND CONVERSION OF RECEIPTS 
 SECTION 2.01. Form and Transfer of Receipts. 
 Receipts shall be engraved or printed or lithographed on steel-engraved
borders and shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts shall be executed by the Depositary by the
manual signature of a duly authorized signatory of the Depositary; provided, however, that such signature may be a facsimile if a Registrar (other than the Depositary) shall have countersigned the Receipts by manual signature of a duly authorized
signatory of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on
its books each Receipt executed as provided above and delivered as hereinafter provided. Receipts bearing the facsimile signature of anyone who was at any time a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding
that such officer has ceased to hold such office prior to the delivery of such Receipts. 
 Receipts may be issued in denominations of any
number of whole Depositary Shares. All Receipts shall be dated the date of their execution. 
 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 as may be required by the Depositary or required to comply with any applicable law or regulation or with the rules
and regulations of any securities exchange upon which the Stock or the Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are
subject by reason of the date of issuance of the Stock or otherwise. 
 Title to any Receipt (and to the Depositary Shares evidenced by such
Receipt) that is properly endorsed or accompanied by a properly executed instrument of transfer shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that the Depositary may,
notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice provided
for in this Deposit Agreement and for all other purposes. 
 SECTION 2.02. Temporary Receipts. 
 Pending the preparation of definitive Receipts, the Depositary may, upon written order of the Company, issue temporary Receipts substantially identical
to (and entitling the holders thereof to all the rights pertaining to) the definitive Receipts but not in definitive form. Definitive Receipts will be prepared thereafter without unreasonable delay, and such temporary Receipts will be exchangeable
for definitive Receipts at the Company’s expense. 
  

 3 

 SECTION 2.03. Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. 

Subject to the terms and conditions of this Deposit Agreement, the Company or any holder of Stock may deposit such Stock under this Deposit Agreement
by delivery to the Depositary of a certificate or certificates for the Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a properly executed instrument of transfer in form satisfactory to the Depositary,
together with (a) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (b) a written order of the Company or such holder, as the case may be, 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 for the number of Depositary Shares representing such deposited Stock. 
 Upon receipt by the Depositary of a certificate or certificates for Stock to be deposited hereunder, together with the other documents specified above,
the Depositary shall, as soon as transfer and registration can be accomplished, present such certificate or certificates to the registrar and transfer agent of the Stock for transfer and registration in the name of the Depositary or its nominee of
the Stock being deposited. Deposited Stock shall be held by the Depositary in an account to be established by the Depositary at the Corporate Office. 
 Upon receipt by the Depositary of a certificate or certificates for Stock to be deposited hereunder, together with the other documents specified above, the Depositary, subject to the terms and conditions of this
Deposit Agreement, shall execute and deliver, to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.03, a Receipt or Receipts for the number of
whole Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the New York Office, except that, at
the request, risk and expense of any person requesting such delivery and for the account of such person, such delivery may be made at such other place as may be designated by such person. In each case, delivery will be made only upon payment by such
person to the Depositary of all taxes and other governmental charges and any fees payable in connection with such deposit and the transfer of the deposited Stock. 
 The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement. 
  

 4 

 SECTION 2.04. Redemption and Conversion of Stock.* 
 Whenever the Company shall elect to redeem or be required to convert shares of Stock into shares of Common Stock in accordance with the Certificate of
Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary in its capacity as Depositary not less than 5 business days’ prior notice of the proposed date of the mailing of a notice of redemption or
conversion of Stock and the simultaneous redemption or conversion of the Depositary Shares representing the Stock to be redeemed or converted and of the number of such shares of Stock held by the Depositary to be redeemed or converted. The
Depositary shall, as directed by the Company in writing, mail, first class postage prepaid, notice of the redemption or conversion of Stock and the proposed simultaneous redemption or conversion of the Depositary Shares representing the Stock to be
redeemed or converted, not less than 30 and not more than 60 days prior to the date fixed for redemption or conversion of such Stock and Depositary Shares, to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed or
converted, at the addresses of such holders as the same appear on the records of the Depositary; provided, that if the effectiveness of a Merger or Consolidation (as defined in the Certificate of Designations) makes it impracticable to provide at
least 30 days’ notice, the Depositary shall provide such notice as soon as practicable prior to such effectiveness. Any such notice shall also be published in the same manner as notices of redemption or conversion of Stock are required to be
published pursuant to the Certificate of Designations. Notwithstanding the foregoing, neither failure to mail or publish any such notice to one or more such holders nor any defect in any notice shall affect the sufficiency of the proceedings for
redemption or conversion. The Company shall provide the Depositary with such notice, and each such notice shall state: the redemption or conversion date; the number of Depositary Shares to be redeemed or converted; if fewer than all the Depositary
Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; in the case of a call for redemption, the call price payable upon redemption and the Current Market Price (as defined in the
Certificate of Designations to be used to calculate the number of shares of Common Stock deliverable upon redemption; whether the Company is exercising any option to deliver shares of Common Stock in lieu of any cash consideration pursuant to the
Certificate of Designations and the Current Market Price to be used to calculate the number of such shares; the place or places where Receipts evidencing Depositary Shares to be redeemed or converted are to be surrendered for redemption or
conversion; whether the Company is depositing with a bank or trust company on or before the redemption or conversion date, the shares of Common Stock and cash, if any, payable by the Company and the proposed date of such deposit; the amount of
accrued and unpaid dividends payable per share of Stock to be redeemed or converted to and including such redemption or conversion date, as the case may be, and that dividends in respect of the Stock represented by the Depositary Shares to be
redeemed or converted will cease to accrue on such redemption or conversion date (unless the Company shall default in delivering shares of Common Stock and cash, if any, at the time and place specified in such notice). On the date of any such
redemption or conversion, the Depositary shall surrender the certificate or certificates held by the Depositary evidencing the number of shares of Stock to be redeemed or converted in 
  

	*	This section to be modified to discuss specific redemption or conversion terms of the Stock, if any. 

  

 5 

 the manner specified in the notice of redemption or conversion of Stock provided by the Company pursuant to the
Certificate of Designations. The Depositary shall, thereafter, redeem or convert the number of Depositary Shares representing such redeemed or converted Stock upon the surrender of Receipts evidencing such Depositary Shares in the manner provided in
the notice sent to record holders of Receipts; provided, that the Depositary shall have received, upon surrendering such certificate or certificates as aforesaid, a sufficient number of shares of Common Stock to convert or redeem such number of
Depositary Shares (including, in the event that the Company elects pursuant to the Certificate of Designations to exercise any option to deliver shares of Common Stock in lieu of any cash consideration payable on the Effective Date (as defined in
the Certificate of Designations) of any Merger or Consolidation, a number of shares of Common Stock equal to such cash consideration (as determined in the manner set forth in the Certificate of Designations)), plus any accrued and unpaid dividends
payable with respect thereto to and including the date of any such redemption or conversion and any other cash consideration payable on the Effective Date of a Merger or Consolidation (other than any dividends or other cash consideration payable on
the Effective Date of a Merger or Consolidation that the Company has elected to pay in shares of Common Stock pursuant to the Certificate of Designations) as instructed and calculated by the Company. In case fewer than all the outstanding Depositary
Shares are to be redeemed, the Depositary Shares to be redeemed shall be selected by the Depositary by lot or on a pro rata basis. 
 Notice
having been mailed by the Depositary as aforesaid, from and after the redemption or conversion date (unless the Company shall have failed to redeem or convert the shares of Stock to be redeemed or converted by it upon the surrender of the
certificate or certificates therefor by the Depositary as described in the preceding paragraph), the Depositary Shares called for redemption or subject to conversion shall be deemed no longer to be outstanding and all rights of the holders of
Receipts evidencing such Depositary Shares (except the right to receive the shares of Common Stock and cash, if any, payable upon redemption or conversion upon surrender of such Receipts) shall, to the extent of such Depositary Shares, cease and
terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be converted into or redeemed
for shares of Common Stock at a rate equal to                      of the number of shares of Common Stock delivered, and the holders thereof
shall be entitled to                      of the cash, if any, payable, in respect of the shares of Stock pursuant to the Certificate of
Designations. The foregoing shall be subject further to the terms and conditions of the Certificate of Designations. 
 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 shares of Common Stock and all accrued and unpaid dividends to
and including the date fixed for redemption payable in respect of the Depositary Shares called for redemption, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 
 To the extent that Depositary Shares are converted into or redeemed for shares of Common Stock and all of such shares of Common Stock cannot be
distributed to the record holders of Receipts converted or called for redemption without creating fractional interests in such shares, the Depositary may, with the consent of the Company, adopt such method as it 

  

 6 

 
deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of such shares of Common Stock
at such place or places and upon such terms as it may deem proper, and the net proceeds of any such sale shall, subject to Section 3.02, be distributed or made available for distribution to such record holders that would otherwise receive
fractional interests in such shares of Common Stock. 
 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 Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption of Depositary Shares
or (b) to transfer or exchange for another Receipt any Receipt evidencing Depositary Shares called or being called for redemption, in whole or in part, or subject to conversion except as provided in the second preceding paragraph of this
Section 2.04. 
 Any funds deposited by the Company with the Depositary for any Depositary Shares that are not claimed after a period of
two years from the date such funds are so deposited will be returned to the Company. 
 SECTION 2.05. Register of Transfer of
Receipts. 
 Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time
transfers of Receipts upon any surrender thereof at the Corporate Office, the New York Office or such other office as the Depositary may designate for such purpose, by the record holder in person or by a duly authorized attorney, properly endorsed
or accompanied by a properly executed instrument of transfer, together with evidence of the payment of any transfer taxes as may be required by law. Upon such surrender, the Depositary shall execute a new Receipt or Receipts and deliver the same to
or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 
 SECTION 2.06. Combination and Split-ups of Receipts. 
 Upon surrender of a Receipt or Receipts at the
Corporate Office, the New York Office or such other office as the Depositary may designate for the purpose of effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall
execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided, however, that the Depositary shall not
issue any Receipt evidencing a fractional Depositary Share. 
  

 7 

 SECTION 2.07. Surrender of Receipts and Withdrawal of Stock.* 
 Any holder of a Receipt or Receipts may withdraw any or all of the Stock (but only in whole shares of Stock) represented by the Depositary Shares
evidenced by such Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts at the Corporate Office, the New York Office or at such other office as the Depositary may designate
for such withdrawals. After such surrender, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the whole number of shares of Stock and all such
money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal. If the Receipt or Receipts 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 whole Depositary Shares representing the whole number of shares of Stock to be withdrawn, the Depositary shall at the same time, in addition to such whole number of shares of Stock
and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject to Section 2.05) upon his order, a new Receipt or Receipts evidencing such excess number of whole Depositary Shares. Delivery of the 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. 
 If the Stock and the money and other property being withdrawn are to be delivered to a
person or persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require
that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank and that the signature on such instrument of transfer
be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Rule 17Ad-15 of the Securities Exchange Act of
1934, as amended. 
 The Depositary shall deliver the Stock and the money and other property, if any, represented by the Depositary Shares
evidenced by Receipts surrendered for withdrawal, without unreasonable delay, at the office at which such Receipts were surrendered, 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, without unreasonable delay, at such other place as may be designated by such holder. 
  

	*	This Section to be modified to reflect any restrictions on withdrawal of underlying securities. 

  

 8 

 SECTION 2.08. Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and
Exchange of Receipts and Withdrawal or Deposit of Stock. 
 As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination, surrender or exchange of any Receipt, the delivery of any distribution thereon or the withdrawal or deposit of Stock, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the
following: (a) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge with respect thereto (including
any such tax or charge with respect to the Stock being deposited or withdrawn or with respect to the Common Stock or other securities or property of the Company being issued upon conversion or redemption); (b) production of proof satisfactory
to it as to the identity and genuineness of any signature; and (c) compliance with such reasonable regulations, if any, as the Depositary or the Company may establish not inconsistent with the provisions of this Deposit Agreement. 

The deposit of Stock may be refused, the delivery of Receipts against Stock or the registration of transfer, split-up, combination, surrender or
exchange of outstanding Receipts and the withdrawal of deposited Stock may be suspended (a) during any period when the register of stockholders of the Company is closed, (b) if any such action is deemed necessary or advisable by the
Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement, or
(c) with the approval of the Company, for any other reason. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any shares of Stock that are required to be registered under the
Securities Act unless a registration statement under the Securities Act is in effect as to such shares of Stock. 
 SECTION 2.09. Lost
Receipts, etc. 
 In case any Receipt shall be mutilated or destroyed or lost or stolen, the Depositary shall execute and deliver a
Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution for such destroyed, lost or stolen Receipt unless the Depositary has notice that such Receipt has been acquired by a bona fide
purchaser; provided, however, that the holder thereof provides the Depositary with (a) evidence satisfactory to the Depositary of such destruction, loss or theft of such Receipt, of the authenticity thereof and of his ownership thereof,
(b) reasonable indemnification satisfactory to the Depositary or the payment of any charges incurred by the Depositary in obtaining insurance in lieu of such indemnification and (c) payment of any expense (including fees, charges and
expenses of the Depositary) in connection with such execution and delivery. 
 SECTION 2.10. 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 to destroy such Receipts so cancelled. 
  

 9 

 ARTICLE III 
 CERTAIN OBLIGATIONS OF HOLDERS 
 OF RECEIPTS AND THE COMPANY 
 SECTION 3.01. Filing Proofs, Certificates and Other Information. 
 Any person presenting Stock for deposit or any holder of a Receipt may be required from time to time to file such proof of residence or other information, to execute such certificates and to make such representations
and warranties as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold or delay the delivery of any Receipt, the registration of transfer, redemption, conversion or exchange of any
Receipt, the withdrawal of the Stock represented by the Depositary Shares evidenced by any Receipt or the distribution of any dividend or other distribution until such proof or other information is filed, such certificates are executed or such
representations and warranties are made. 
 SECTION 3.02. Payment of Taxes or Other Governmental Charges. 
 If any tax or other governmental charge shall become payable by or on behalf of the Depositary with respect to (a) any Receipt, (b) the
Depositary Shares evidenced by such Receipt, (c) the Stock (or fractional interest therein) or other property represented by such Depositary Shares, or (d) any transaction referred to in Section 4.06, such tax (including transfer,
issuance or acquisition taxes, if any) or governmental charge shall be payable by the holder of such Receipt, who shall pay the amount thereof to the Depositary. Until such payment is made, registration of transfer of any Receipt or any split-up or
combination thereof or any withdrawal of the Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may be withheld and any part or all of the Stock
or other property (including Common Stock received in connection with a conversion or redemption of Stock) represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by
reasonable means to notify such holder prior to such sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such tax or other governmental charge, the holder of such Receipt remaining
liable for any deficiency. 
 SECTION 3.03. Withholding. 
 The Depositary shall act as the tax withholding agent for any payments, distributions and exchanges made with respect to the Depositary Shares and
Receipts, and the Stock, Common Stock or other securities or assets represented thereby (collectively, the “Securities”). The Depositary shall be responsible with respect to the Securities for the timely (a) collection and deposit of
any required withholding or backup withholding tax, and (b) filing of any information returns or other documents with federal (and other applicable) taxing authorities. 
  

 10 

 SECTION 3.04. Representations and Warranties as to Stock. 
 In the case of the initial deposit of the Stock, the Company and, in the case of subsequent deposits thereof, each person so depositing Stock under this
Deposit Agreement shall be deemed thereby to represent and warrant that such Stock and each certificate therefor are valid and that the person making such deposit is duly authorized to do so. Such representations and warranties shall survive the
deposit of the Stock and the issuance of Receipts therefor. 
 ARTICLE IV 
 THE STOCK, NOTICES 
 SECTION 4.01. Cash Distributions. 
 Whenever the Depositary shall receive any cash dividend or other cash distribution on the Stock, the Depositary shall, subject to Section 3.02,
distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by
such holders; provided, however, that in case the Company or the Depositary shall be required by law to withhold and does withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes, the amount
made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed
without attributing to any owner of Depositary Shares a fraction of one cent and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum
received by the Depositary for distribution to record holders of Receipts then outstanding. 
 SECTION 4.02. Distributions Other Than
Cash. 
 Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Stock, the
Depositary shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion
to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. If, in the opinion of the
Company after consultation with the Depositary, such distribution cannot be made proportionately among such record holders, or if for any other reason (including any tax withholding or securities law requirement), the Depositary deems, after
consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company which approval shall not be unreasonably withheld, 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, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall,
subject to Section 3.02, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.01 in the case of a distribution received in cash. 
  

 11 

 SECTION 4.03. Subscription Rights, Preferences or Privileges. 
 If the Company shall at any time offer or cause to be offered to the persons in whose names Stock is registered on the books of the Company any rights,
preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the
record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants representing such rights, preferences or privileges); provided, however, that (a) if at the time of issue or
offer of any such rights, preferences or privileges the Company determines and instructs the Depositary that it is not lawful or feasible to make such rights, preferences or privileges available to some or all holders of Receipts (by the issue of
warrants or otherwise) or (b) if and to the extent instructed by holders of Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, in each case, and if applicable laws or the terms of such
rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders 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
distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. 
 If 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 such securities, the Company shall
promptly file 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 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 unless the offering and sale of such securities to such holders are exempt from registration
under the provisions of the Securities Act. 
 If any other action under the law 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, the Company agrees with the Depositary that the Company 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. 
 SECTION 4.04. Notice of Dividends, Fixing of Record Date for Holders of Receipts. 
 Whenever (a) any cash dividend or other cash distribution shall become payable, or any distribution other than cash shall be made, or any rights,
preferences or privileges shall at any time be offered, with respect to the Stock, or (b) the Depositary shall receive notice of any 

  

 12 

 
meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice or of the mandatory conversion of, or any election
on the part of the Company to call for the redemption of, any shares of Stock, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the
determination of the holders of Receipts (i) who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or (ii) who shall be entitled to give instructions for
the exercise of voting rights at any such meeting or to receive notice of such meeting or of such conversion or redemption. 
 SECTION 4.05.
Voting Rights. 
 Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as
soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (a) such information as is contained in such notice of meeting, (b) a statement that the
holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable provision of law, the Articles of Incorporation or the Certificate of Designations, to instruct
the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective Depositary Shares and (c) a brief statement as to the manner in which such instructions may be given. Upon the written request of a
holder of a Receipt on such record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted the Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such
request. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the
holder of a Receipt, the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by such Receipt. 
 SECTION 4.06. Changes Affecting Stock and Reclassifications, Recapitalizations, etc. 
 Upon any
split-up, consolidation or any other reclassification of Stock, or upon any recapitalization, reorganization, merger, amalgamation or consolidation affecting the Company or to which it is a party (other than a Merger or Consolidation) or sale of all
or substantially all of the Company’s assets, the Depositary shall treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or upon conversion of or in respect of the
Stock as new deposited property under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or upon conversion or in
respect of such Stock. In any such case the Depositary may, in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts
specifically describing such new deposited property. 
  

 13 

 SECTION 4.07. Reports. 
 The Depositary shall make available for inspection by holders of Receipts at the Corporate Office, the New York 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 Company that are received by the Depositary as the holder of Stock. 
 SECTION 4.08. Lists of Receipt Holders. 
 Promptly upon request from time to time by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the
books of the Depositary. At the expense of the Company, the Company shall have the right to inspect transfer and registration records of the Depositary, any Depositary’s Agent or the Registrar, take copies thereof and require the Depositary,
any Depositary’s Agent or the Registrar to supply copies of such portions of such records as the Company may request. 
 ARTICLE V

 THE DEPOSITARY, THE DEPOSITARY’S AGENTS, 
 THE REGISTRAR AND THE COMPANY 
 SECTION 5.01. Maintenance of Offices, Agencies, Transfer Books by the
Depositary; the Registrar. 
 Upon execution of this Deposit Agreement in accordance with its terms, the Depositary shall maintain
(a) at the New York Office facilities for the execution and delivery, registration, registration of transfer, surrender and exchange, split-up, combination, redemption and conversion of Receipts and deposit and withdrawal of Stock and
(b) at the Corporate Office and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration, registration of transfer, surrender and exchange, split-up, combination, conversion and redemption of Receipts
and deposit and withdrawal of Stock, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at
the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise such right shall certify to
the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares. The Depositary shall consult with the Company upon receipt of any request for inspection. The
Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 
 If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more stock exchanges, the Depositary shall, with the approval of the Company,
appoint a Registrar for registry of such Receipts or Depositary Shares in accordance with the requirements of such exchange or 

  

 14 

 
exchanges. Such Registrar (which may be the Depositary if so permitted by the requirements of such exchange or exchanges) may be removed and a substitute
registrar appointed by the Depositary upon the request or with the approval of the Company. In addition, if the Receipts, such Depositary Shares or such Stock are listed on one or more stock exchanges, the Depositary will, at the request of the
Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange, split-up, combination, redemption or conversion of such Receipts, such Depositary Shares or such Stock as may be required by law or
applicable stock exchange regulations. 
 SECTION 5.02. Prevention or Delay in Performance by the Depositary, the Depositary’s
Agents, the Registrar or the Company. 
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall
incur any liability to any holder of any Receipt, if by reason of any provision of any present or future law or regulation thereunder of the United States of America or of any other governmental authority or, in the case of the Depositary, the
Registrar or any Depositary’s Agent, by reason of any provision, present or future, of the Articles of Incorporation or the Certificate of Designations or, in the case of the Company, the Depositary, the Registrar or any Depositary’s
Agent, by reason of any act of God or war or other circumstances beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or
thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur any liability to any holder of a Receipt (a) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or (b) by reason of any exercise of, or failure to exercise, any discretion
provided for in this Deposit Agreement except, in the case of the Depositary, any Depositary’s Agent or the Registrar, if any such exercise or failure to exercise discretion is caused by its negligence or bad faith. 
 SECTION 5.03. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. 
 The Company assumes no obligation and shall be subject to no liability under this Deposit Agreement or the Receipts to holders or other persons, except
to perform in good faith such obligations as are specifically set forth and undertaken by it to perform in this Deposit Agreement. Each of the Depositary, the Depositary’s Agents and the Registrar assumes no obligation and shall be subject to
no liability under this Deposit Agreement or the Receipts to holders or other persons, except to perform such obligations as are specifically set forth and undertaken by it to perform in this Deposit Agreement without negligence or bad faith.

 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding with respect to Stock, Depositary Shares, Receipts or Common Stock that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and
liability be furnished as often as may be required. 
  

 15 

 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be liable
for any action or any failure to act by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt or any other person believed by it in good faith to be
competent to give such advice or information. The Depositary, any Depositary’s Agent, the Registrar and the Company may each rely and shall each be protected in acting 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 Registrar and any Depositary’s
Agent may own and deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares. The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates.

 It is intended that neither the Depositary nor any Depositary’s Agent shall be deemed to be an “issuer” of the Stock, the
Depositary Shares, the Receipts or the Common Stock issued upon conversion or redemption of the Stock under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any
Depositary’s Agent are acting only in a ministerial capacity as Depositary for the Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this
Deposit Agreement in its capacity as Depositary. 
 Neither the Depositary (or its officers, directors, employees or agents) nor any
Depositary’s Agent makes any representation or has any responsibility as to the validity of the Registration Statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or any
instruments referred to therein or herein, or as to the correctness of any statement made therein 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, which can be taken as a statement of the
Company summarizing certain provisions of this Deposit Agreement. Notwithstanding any other provision herein or in the Receipts, the Depositary makes no warranties or representations as to the validity, genuineness or sufficiency of any 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 except that the Depositary hereby represents and warrants as follows: (a) the Depositary has been duly organized and is validly existing and in good standing under the laws of the State of
                    , with full power, authority and legal right under such law to execute, deliver and carry out the terms of this Deposit
Agreement; (b) this Deposit Agreement has been duly authorized, executed and delivered by the Depositary; and (c) this Deposit Agreement constitutes a valid and binding obligation of the Depositary, enforceable against the Depositary in
accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting enforcement of creditors’ rights generally and except as enforcement thereof is subject to general
principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). The Depositary shall not be accountable for the use or application by the Company of the Depositary Shares or the Receipts or the proceeds
thereof. 
  

 16 

 SECTION 5.04. Resignation and Removal of the Depositary, Appointment of Successor Depositary.

 The Depositary may at any time resign as Depositary hereunder by written notice via registered mail of its election to do so delivered to
the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Company by written notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor depositary and its acceptance of
such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be a bank or trust company, or an affiliate of a bank or trust company, having its principal office in
the United States of America and having a combined capital and surplus of at least $50,000,000. If a successor depositary shall not have been appointed in 60 days, the resigning or removed Depositary may petition a court of competent jurisdiction to
appoint a successor depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act
or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the
written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest in the Stock
and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. Any successor depositary shall promptly mail notice of its appointment to the record holders of
Receipts. 
 Any corporation into or with which the Depositary may be merged, consolidated or converted shall be the successor of such
Depositary without the execution or filing of any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 
 SECTION 5.05. Corporate Notices and Reports. 
 The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies of
all notices and reports (including financial statements) required by law, by the rules of any national securities exchange upon which the Stock, the Depositary Shares or the Receipts are listed or by the Articles of Incorporation and the Certificate
of Designations to be furnished by the Company to holders of Stock. Such transmission will be at the Company’s expense and the Company will provide the Depositary 

  

 17 

 
with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the record holders of
Receipts at the Company’s expense such other documents as may be requested by the Company. 
 SECTION 5.06. Deposit of Stock by the
Company. 
 The Company agrees with the Depositary that neither the Company nor any company controlled by the Company will at any time
deposit any Stock if such Stock is required to be registered under the provisions of the Securities Act and no registration statement is at such time in effect as to such Stock. 
 SECTION 5.07. Indemnification by the Company. 
 The Company agrees to indemnify the Depositary, any Depositary’s Agent and any Registrar against, and hold each of them harmless from, any liability, costs and expenses (including reasonable fees and expenses of
counsel) that may arise out of or in connection with its acting as Depositary, Depositary’s Agent or Registrar, respectively, under this Deposit Agreement and the Receipts, except for any liability arising out of negligence, bad faith or
willful misconduct on the part of any such person or persons. 
 SECTION 5.08. Fees, Charges and Expenses. 
 No fees, charges and expenses of the Depositary or any Depositary’s Agent hereunder or of any Registrar shall be payable by any person other than
the Company, except for any taxes and other governmental charges and except as provided in this Deposit Agreement. If, at the request of a holder of a Receipt, the Depositary incurs fees, charges or expenses for which it is not otherwise liable
hereunder, such holder or other person will be liable for such fees, charges and expenses. All other fees, charges and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar (including, in each case, reasonable
fees and expenses of counsel) incident to the performance of their respective obligations hereunder will be paid from time to time upon consultation and agreement between the Depositary and the Company as to the amount and nature of such fees,
charges and expenses. 
 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 SECTION 6.01. Amendment. 
 The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company
and the Depositary in any respect that they may deem necessary or desirable. Any amendment that shall impose or increase any fees, taxes or charges payable by holders of Receipts (other than taxes and other governmental charges, fees and other
expenses payable by holders pursuant to the terms hereof or of the Receipts), or that otherwise prejudice any substantial existing right of holders of Receipts, shall not become effective as to outstanding Receipts until the expiration of 30 days
after notice of such amendment shall have been mailed to the record holders of outstanding 

  

 18 

 
Receipts. 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 this Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.03, 2.06 and 2.07 and Article III, of any owner of
any Depositary Shares to surrender the Receipt evidencing such Depositary Shares with instructions to the Depositary to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with
mandatory provisions of applicable law. 
 SECTION 6.02. Termination. 
 Whenever so directed by the Company, the Depositary will terminate this Deposit Agreement by mailing notice of such termination to the record holders of
all Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate this Deposit Agreement if at any time 60 days shall have expired after the Depositary shall have
delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.04. In either case, on a date not less than 60 days after such
notice, the Depositary shall deliver or make available for delivery to holders of Receipts, upon surrender of such Receipts evidencing Depositary Shares, such number of whole or fractional shares of the Stock as are represented by the Depositary
Shares. 
 This Deposit Agreement shall automatically terminate after all outstanding Depositary Shares have been redeemed or there has been
a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution has been distributed to the holders of the Receipts. 
 If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Depositary thereafter shall discontinue the
transfer of Receipts, shall suspend the distribution of dividends to the holders thereof and shall not give any further notices (other than notice of such termination) or perform any further acts under this Deposit Agreement, except as provided
below and that the Depositary shall continue to collect dividends and other distributions pertaining to Stock, shall sell rights, preferences or privileges as provided in this Deposit Agreement and shall continue to deliver the Stock and any money
and other property represented by Receipts, without liability for interest thereon, upon surrender thereof by the holders thereof. At any time after the expiration of two years from the date of termination, the Depositary may sell Stock then held
hereunder at public or private sale, at such places and upon such terms as it deems proper and may thereafter hold in a segregated account the net proceeds of any such sale, together with any money and other property held by it hereunder, without
liability for interest, for the benefit, pro rata in accordance with their holdings, of the holders of Receipts that have not heretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this
Deposit Agreement except to account for such net proceeds and money and other property. Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to
the Depositary, any Depositary’s Agent and any Registrar under Sections 5.07 and 5.08. [In the event this Deposit Agreement is terminated, the Company hereby agrees to use its best efforts to list the underlying Stock on the NASDAQ Global
Select Market.] 
  

 19 

 ARTICLE VII 
 MISCELLANEOUS 
 SECTION 7.01. Counterparts. 
 This Deposit Agreement may be executed by the Company and the Depositary in 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. Delivery of an executed counterpart of a signature page to this Deposit Agreement by telecopier shall be effective as
delivery of a manually executed counterpart of this Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the Corporate Office
and the New York Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 
 SECTION 7.02.
Exclusive Benefits 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 7.03. Invalidity of Provisions. 
 In case any one or more of the provisions contained in this Deposit Agreement or
in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 SECTION 7.04. Notices. 
 Any notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or telex or telecopier confirmed by letter,
addressed to the Company at 7900 Jefferson N.E. Albuquerque, New Mexico 87109, Attention: Corporate Secretary, or at any other place to which the Company may have transferred its principal executive office. 
 Any notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally
delivered or sent by mail, or by telegram or telex or telecopier confirmed by letter, addressed to the Depositary at the Corporate Office. 
  

 20 

 Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be in writing
and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or telex or telecopier 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 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 telegram or telex or telecopier shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a duly addressed letter confirming an earlier notice in the case of a telegram or telex or telecopier message) is deposited, postage prepaid, in a post office letter box. The Depositary or the Company may, however, act upon
any telegram or telex or telecopier message received by it from the other or from any holder of a Receipt, notwithstanding that such telegram or telex or telecopier message shall not subsequently be confirmed by letter as aforesaid. 
 SECTION 7.05. Depositary’s Agents. 
 The Depositary may, with the approval of the Company which approval shall not be unreasonably withheld, from time to time appoint one or more Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit
Agreement and may vary or terminate the appointment of such Depositary’s Agents. 
 SECTION 7.06. Holders of Receipts Are
Parties. 
 Notwithstanding that holders of Receipts have not executed and delivered this Deposit Agreement or any counterpart thereof,
the holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and conditions, and be entitled to all of the benefits, hereof and of the Receipts by acceptance of delivery of
Receipts. 
 SECTION 7.07. Governing Law. 
 This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of the State of New York,
including, without limitation, Section 5-1401 of the New York General Obligations Law. 
 SECTION 7.08. 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 to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
  

 21 

 IN WITNESS WHEREOF, First State Bancorporation and
                     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. 
  

									
	Attest:	 		 	FIRST STATE BANCORPORATION
					
	By:	 	 	 		 	By:	 	 
		 		 		 		 	Authorized Officer
		 		 		 		 	
	Attest:	 		 	 
					
	By:	 	 	 		 	By:	 	 
		 		 		 		 	Authorized Signatory

  

 22 

 EXHIBIT A 
 DEPOSITARY RECEIPT 
 FOR 
 DEPOSITARY SHARES 
 EACH REPRESENTING
                     OF A SHARE OF 
 PREFERRED STOCK 
 OF 
 FIRST STATE BANCORPORATION 
 (Incorporated under the Laws of the State of New Mexico) 
 No. 
                                      (the
“Depositary”) hereby certifies that                      is the registered owner of
                     Depositary Shares (the “Depositary Shares”), each Depositary Share representing
                     of a share of
                                     Preferred Stock, no par
value (the “Stock”), of First State Bancorporation, a corporation duly organized and existing under the laws of the State of New Mexico (the “Company”), and the same proportionate interest in any and all other property received
by the Depositary in respect of such shares of Stock and held by the Depositary under the Deposit Agreement (as defined below). Subject to the terms of the Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the
rights, preferences and privileges of the Stock represented thereby, including the dividend, voting, liquidation and other rights contained in the Certificate of Designations establishing the rights, preferences, privileges and limitations of the
Stock (the “Certificate of Designations”), copies of which are on file at the office of the Depositary at which at any particular time its business in respect of matters governed by the Deposit Agreement shall be administered, which at the
time of the execution of the Deposit Agreement is located at                     ,
                    ,
                     (the “Corporate Office”). 
 This Depositary Receipt (“Receipt”) shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose unless this Receipt shall have been executed manually or, if a
Registrar for the Receipts (other than the Depositary) shall have been appointed, by facsimile by the Depositary by the signature of a duly authorized signatory and, if executed by facsimile signature of the Depositary, shall have been countersigned
manually by such Registrar by the signature of a duly authorized signatory. 
 THE DEPOSITARY IS NOT RESPONSIBLE FOR THE VALIDITY OF ANY
DEPOSITED STOCK. THE DEPOSITARY ASSUMES NO RESPONSIBILITY FOR THE CORRECTNESS OF THE DESCRIPTION SET FORTH IN THIS RECEIPT, WHICH CAN BE TAKEN AS A STATEMENT OF THE COMPANY SUMMARIZING CERTAIN PROVISIONS OF THE DEPOSIT AGREEMENT. UNLESS EXPRESSLY
SET FORTH IN THE DEPOSIT AGREEMENT, THE DEPOSITARY MAKES NO WARRANTIES OR REPRESENTATIONS AS TO THE VALIDITY, GENUINENESS OR SUFFICIENCY OF ANY STOCK AT ANY TIME DEPOSITED WITH THE DEPOSITARY UNDER THE 

  

 A-1 

 
DEPOSIT AGREEMENT OR OF THE DEPOSITARY SHARES, AS TO THE VALIDITY OR SUFFICIENCY OF THE DEPOSIT AGREEMENT, AS TO THE VALUE OF THE DEPOSITARY SHARES OR AS TO
ANY RIGHT, TITLE OR INTEREST OF THE RECORD HOLDERS OF THE DEPOSITARY RECEIPTS IN AND TO THE DEPOSITARY SHARES. 
 The Company will furnish to
any holder of this Receipt without charge, upon request addressed to its executive office, a full statement of the designation, relative rights, preferences and limitations of the shares of each authorized class, and of each class of preferred stock
authorized to be issued, so far as the same may have been fixed, and a statement of the authority of the Board of Directors of the Company to designate and fix the relative rights, preferences and limitations of other classes. 
 This Receipt is continued on the reverse hereof and the additional provisions therein set forth for all purposes have the same effect as if set forth at
this place. 
 Dated: 
  

					
	 	 	,
		 	as Depositary and Registrar	 	
			
	By:	 	 	 	
		 	Authorized Signatory	 	

  

 A-2 

 [FORM OF REVERSE 
 OF DEPOSITARY RECEIPT] 
 1. The Deposit Agreement. Depositary Receipts (the “Receipts”), of
which this Receipt is one, are made available upon the terms and conditions set forth in the Deposit Agreement, dated as of
                             ,
             (the “Deposit Agreement”), among the Company, the Depositary and all holders from time to time of Receipts. The Deposit Agreement (copies of which are on file
at the Corporate Office, the office maintained by the Depositary in the Borough of Manhattan, the City of New York which at the time of the execution of the Deposit Agreement is located at
                                 (the “New York Office”) and at the
office of any agent of the Depositary) sets forth the rights of holders of Receipts and the rights and duties of the Depositary. The statements made on the face and the reverse of this Receipt are summaries of certain provisions of the Deposit
Agreement and are subject to the detailed provisions thereof, to which reference is hereby made. In the event of any conflict between the provisions of this Receipt and the provisions of the Deposit Agreement, the provisions of the Deposit Agreement
will govern. 
 2. Definitions. Unless otherwise expressly herein provided, all defined terms used herein shall have the meanings
ascribed thereto in the Deposit Agreement. 
 3. Redemption and Conversion of Stock.* Whenever the Company shall elect to redeem or be
required to convert shares of Stock into shares of Common Stock in accordance with the Certificate of Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary in its capacity as Depositary not less than 5
business days’ prior notice of the proposed date of the mailing of a notice of redemption or conversion of Stock and the simultaneous redemption or conversion of the Depositary Shares representing the Stock to be redeemed or converted and of
the number of such shares of Stock held by the Depositary to be redeemed or converted. The Depositary shall, as directed by the Company in writing, mail, first class postage prepaid, notice of the redemption or conversion of Stock and the proposed
simultaneous redemption or conversion of Depositary Shares representing the Stock to be redeemed or converted, not less than 30 and not more than 60 days prior to the date fixed for redemption or conversion of such Stock and Depositary Shares, to
the record holders of the Receipts evidencing the Depositary Shares to be so redeemed or converted, at the addresses of such holders as the same appear on the records of the Depositary; provided, that if the effectiveness of a Merger or
Consolidation (as defined in the Certificate of Designations) makes it impracticable to provide at least 30 days’ notice, the Depositary shall provide such notice as soon as practicable prior to such effectiveness. Any such notice shall also be
published in the same manner as notices of redemption or conversion of the Stock are required to be published pursuant to the Certificate of Designations. On the date of any such redemption or conversion, the Depositary shall surrender the
certificate or certificates held by the Depositary evidencing the number of shares of Stock to be redeemed or converted in the manner specified in the notice of redemption or conversion of Stock provided by the Company pursuant to the Certificate of
Designations. The Depositary shall, thereafter, redeem or convert the number of Depositary 
  

	*	This section to be modified to discuss specific redemption or conversion terms of the Stock, if any. 

  

 A-3 

 Shares representing such redeemed or converted Stock upon the surrender of Receipts evidencing such Depositary Shares in
the manner provided in the notice sent to record holders of Receipts; provided, that the Depositary shall have received, upon surrendering such certificate or certificates as aforesaid, a sufficient number of shares of Common Stock to convert or
redeem such number of Depositary Shares (including, in the event that the Company elects pursuant to the Certificate of Designations to exercise any option to deliver shares of Common Stock in lieu of any cash consideration payable on the Effective
Date (as defined in the Certificate of Designations) of any Merger or Consolidation, a number of shares of Common Stock equal to such cash consideration (as determined in the manner set forth in the Certificate of Designations)), plus any accrued
and unpaid dividends payable with respect thereto to and including the date of any such redemption or conversion and any other cash consideration payable on the Effective Date of a Merger or Consolidation (other than any dividends or other cash
consideration payable on the Effective Date of a Merger or Consolidation that the Company has elected to pay in shares of Common Stock pursuant to the Certificate of Designations). In case fewer than all the outstanding Depositary Shares are to be
redeemed, the Depositary Shares to be redeemed shall be selected by the Depositary by lot or on a pro rata basis. Notice having been mailed and published as aforesaid, from and after the redemption or conversion date (unless the Company shall have
failed to redeem or convert the shares of Stock to be redeemed or converted by it upon the surrender of the certificate or certificates therefor by the Depositary as described above), the Depositary Shares called for redemption or subject to
conversion shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the shares of Common Stock and cash, if any, payable upon redemption or conversion upon
surrender of such Receipts) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the
Depositary shall so require), such Depositary Shares shall be converted into or redeemed for shares of Common Stock at a rate equal to
                     of the number of shares of Common Stock delivered, and the holders thereof shall be entitled to
                     of the cash, if any, payable, in respect of the shares of Stock pursuant to the Certificate of Designations. The
foregoing is subject further to the terms and conditions of the Certificate of Designations. If fewer than all of the Depositary Shares evidenced by this Receipt are called for redemption, the Depositary will deliver to the holder of this Receipt
upon its surrender to the Depositary, together with shares of Common Stock and all accrued and unpaid dividends to and including the date fixed for redemption payable in respect of the Depositary Shares called for redemption, a new Receipt
evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 
 4. Surrender of Receipts and Withdrawal
of Stock. Upon surrender of this Receipt to the Depositary at the Corporate Office, the New York Office or at such other offices as the Depositary may designate, and subject to the provisions of the Deposit Agreement, the holder hereof is
entitled to withdraw, and to obtain delivery, without unreasonable delay, to or upon the order of such holder, any or all of the Stock (but only in whole shares of Stock) and all money and other property, if any, at the time represented by the
Depositary Shares evidenced by this Receipt; provided, however, that, in the event this Receipt shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the whole number of shares of Stock to be
withdrawn, the Depositary shall, in addition to such whole number of shares of Stock and such money and other property, if any, to be withdrawn, deliver, to or upon the order of such holder, a new Receipt or Receipts evidencing such excess number of
whole Depositary Shares. 
  

 A-4 

 5. Transfers, Split-ups, Combinations. Subject to Paragraphs 6, 7 and 8 below, this Receipt
is transferable on the books of the Depositary upon surrender of this Receipt to the Depositary at the Corporate Office or the New York Office, or at such other offices as the Depositary may designate, properly endorsed or accompanied by a properly
executed instrument of transfer, and upon such transfer the Depositary shall sign and deliver a Receipt or Receipts to or upon the order of the person entitled thereto, all as provided in and subject to the Deposit Agreement. This Receipt may be
split into other Receipts or combined with other Receipts into one Receipt evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided, however, that the Depositary shall not issue any Receipt
evidencing a fractional Depositary Share. 
 6. Conditions to Signing and Delivery, Transfer, etc., of Receipts. Prior to the
execution and delivery, registration of transfer, split-up, combination, surrender or exchange of this Receipt, the delivery of any distribution hereon or the withdrawal or deposit of Stock, the Depositary, any of the Depositary’s Agents or the
Company may require any or all of the following: (a) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any tax or other governmental
charge with respect thereto (including any such tax or charge with respect to Stock being deposited or withdrawn or with respect to Common Stock or other securities or property of the Company being issued upon conversion or redemption);
(b) production of proof satisfactory to it as to the identity and genuineness of any signature and (c) compliance with such reasonable regulations, if any, as the Depositary or the Company may establish not inconsistent with the Deposit
Agreement. Any person presenting Stock for deposit, or any holder of this Receipt, may be required to file such proof of information, to execute such certificates and to make such representations and warranties as the Depositary or the Company may
reasonably deem necessary or proper. The Depositary or the Company may withhold or delay the delivery of this Receipt, the registration of transfer, redemption, conversion or exchange of this Receipt, the withdrawal of the Stock represented by the
Depositary Shares evidenced by this Receipt or the distribution of any dividend or other distribution until such proof or other information is filed, such certificates are executed or such representations and warranties are made. 
 7. Suspension of Delivery, Transfer, etc. The deposit of Stock may be refused and the delivery of this Receipt against Stock or the registration
of transfer, split-up, combination, surrender or exchange of this Receipt and the withdrawal of deposited Stock may be suspended (a) during any period when the register of stockholders of the Company is closed, (b) if any such action is
deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of
the Deposit Agreement, or (c) with the approval of the Company, for any other reason. 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 Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption of Depositary Shares or (b) to transfer or exchange for another Receipt any Receipt
evidencing Depositary Shares called or being called for redemption, in whole or in part, or subject to conversion except as provided in the last sentence of Paragraph 3. 
  

 A-5 

 8. Payment of Taxes or Other Governmental Charges. If any tax or other governmental charge shall
become payable by or on behalf of the Depositary with respect to (a) this Receipt, (b) the Depositary Shares evidenced by this Receipt, (c) the Stock (or fractional interest therein) or other property represented by such Depositary
Shares, or (d) any transaction referred to in Section 4.06, of the Deposit Agreement, such tax (including transfer, issuance or acquisition taxes, if any) or governmental charge shall be payable by the holder of this Receipt, who shall pay
the amount thereof to the Depositary. Until such payment is made, registration of transfer of this Receipt or any split-up or combination hereof or any withdrawal of the Stock or money or other property, if any, represented by the Depositary Shares
evidenced by this Receipt may be refused, any dividend or other distribution may be withheld and any part or all of the Stock or other property (including Common Stock received in connection with a conversion or redemption of Stock) represented by
the Depositary Shares evidenced by this Receipt may be sold for the account of the holder hereof (after attempting by reasonable means to notify such holder prior to such sale). Any dividend or other distribution so withheld and the proceeds of any
such sale may be applied to any payment of such tax or other governmental charge, the holder of this Receipt remaining liable for any deficiency. 
 9. Amendment. The form of the Receipts and any provision of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect that they may deem necessary or
desirable. Any amendment that shall impose or increase any fees, taxes or charges payable by holders of Receipts (other than taxes and other governmental charges, fees and other expenses payable by holders as provided herein or in the Deposit
Agreement), or that shall otherwise prejudice any substantial existing right of holders of Receipts, shall not become effective as to outstanding Receipts until the expiration of 30 days after such notice of such amendment shall have been given to
the record holders of outstanding Receipts. The holder of this Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold this 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 Paragraphs 3, 4, 6, 7 and 8 hereof and of Sections 2.04, 2.07 and 2.08 and Article III of the Deposit Agreement, of the owner
of the Depositary Shares evidenced by this Receipt to surrender this Receipt with instructions to the Depositary to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with
mandatory provisions of applicable law. 
 10. Fees, Charges and Expenses. The Company will pay all fees, charges and expenses of the
Depositary, except for taxes (including transfer taxes, if any) and other governmental charges and such charges as are expressly provided in the Deposit Agreement to be at the expense of persons depositing Stock, holders of Receipts or other
persons. 
 11. Title to Receipts. It is a condition of this Receipt, and every successive holder hereof by accepting or holding the
same consents and agrees, that title to this Receipt (and to the Depositary Shares evidenced hereby), when properly endorsed or accompanied by a properly executed instrument of transfer, is transferable by delivery with the same effect as in the
case of 

  

 A-6 

 
a negotiable instrument; provided, however, that the Depositary may, notwithstanding any notice to the contrary, treat the record holder hereof at such time
as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes. 
 12. Dividends and Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution on the Stock, the Depositary
shall, subject to the provisions of the Deposit Agreement, distribute to record holders of Receipts such amounts of such sums as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts
held by such holders; provided, however, that in case the Company or the Depositary shall be required by law to withhold and does withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes, the
amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be
distributed without attributing to any owner of Depositary Shares a fraction of one cent and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of
the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. 
 13. Subscription Rights,
Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose name Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance, subject to the provisions of the Deposit Agreement, be made available by the Depositary to the record
holders of Receipts in such manner as the Company shall instruct. 
 14. Notice of Dividends, Fixing of Record Date. Whenever
(a) any cash dividend or other cash distribution shall become payable, or any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the Stock, or (b) the
Depositary shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice or of the mandatory conversion of, or any election on the part of the Company to call for redemption
of, any shares of Stock, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the determination of the holders of Receipts (i) who
shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or (ii) who shall be entitled to give instructions for the exercise of voting rights at any such meeting or of
such meeting or to receive notice of such conversion or redemption. 
 15. Voting Rights. Upon receipt of notice of any meeting at
which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall contain (a) such information as is contained in such notice of meeting,
(b) a statement that the holders of Receipts at the close of business on a specified record date determined as provided in Paragraph 14 will be entitled, subject to any applicable provision of law, the Articles of Incorporation or the
Certificate of Designations, to 

  

 A-7 

 
instruct the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective Depositary Shares, and (c) a
brief statement as to the manner in which such instructions may be given. Upon the written request of a holder of this Receipt on such record date the Depositary shall endeavor insofar as practicable to vote or cause to be voted the Stock
represented by the Depositary Shares evidenced by this Receipt in accordance with the instructions set forth in such request. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable
the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the holder of this Receipt, the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares
evidenced by this Receipt. 
 16. Reports, Inspection of Transfer Books. The Depositary shall make available for inspection by holders
of Receipts at the Corporate Office, the New York 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 Company that are received by the Depositary as
the holder of Stock. The Depositary shall keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times will be open for inspection by the record holders of Receipts; provided that any such
holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares. 
 17. Liability of the Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s
Agent nor the Registrar nor the Company shall incur any liability to any holder of this Receipt, if by reason of any provision of any present or future law or regulation thereunder of any governmental authority or, in the case of the Depositary, the
Registrar or any Depositary’s Agent, by reason of any provision present or future, of the Articles of Incorporation or the Certificate of Designations or, in the case of the Company, the Depositary, the Registrar or any Depositary’s Agent,
by reason of any act of God or war or other circumstances beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing
that the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur any liability to any holder of this Receipt (a) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the Deposit Agreement provide shall or may be done or performed, or (b) by reason of any exercise of, or failure to exercise, any discretion
provided for in the Deposit Agreement except, in the case of the Depositary, any Depositary’s Agent or the Registrar, if such exercise or failure to exercise discretion is caused by its negligence or bad faith. 
 18. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. The Company assumes no obligation and shall be
subject to no liability under the Deposit Agreement or this Receipt to the holder hereof or other persons, except to perform in good faith such obligations as are specifically set forth and undertaken by it to perform in the Deposit Agreement. Each
of the Depositary, the Depositary’s Agents and the Registrar assumes no obligation and shall be subject to no liability under the Deposit Agreement or this Receipt to the holder hereof or other persons, except to perform such obligations as are
specifically set forth and undertaken by it to perform in the Deposit Agreement without negligence or bad faith. 
  

 A-8 

 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under
any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to Stock, Depositary Shares or Receipts or Common Stock that in its opinion may involve it in expense or liability, unless indemnity satisfactory to
it against all expense and liability be furnished as often as may be required. 
 Neither the Depositary nor any Depositary’s Agent nor
the Registrar nor the Company will be liable for any action or failure to act by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of this Receipt or any other
person believed by it in good faith to be competent to give such advice or information. 
 19. Termination of Deposit Agreement.
Whenever so directed by the Company, the Depositary will terminate this Deposit Agreement by mailing notice of such termination to the record holders of all Receipts then outstanding at least 60 days prior to the date fixed in such notice for such
termination. The Depositary may likewise terminate the Deposit Agreement if at any time 60 days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor depositary shall
not have been appointed and accepted its appointment as provided in Section 5.04 of the Deposit Agreement. In either case, on a date not less than 60 days after such notice, the Depositary shall deliver or make available for delivery to holders
of Receipts, upon surrender of the such Receipts evidencing Depositary Shares, such number of whole or fractional shares of the Stock as are represented by the Depositary Shares. 
 The Deposit Agreement shall automatically terminate after all outstanding Depositary Shares have been redeemed or there has been a final distribution in
respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution has been distributed to the holders of the Receipts. 
 Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations thereunder except for its obligations to the
Depositary, any Depositary’s Agent and any Registrar under Sections 5.07 and 5.08 of the Deposit Agreement. 
 If any Receipts
remain outstanding after the date of termination of the Deposit Agreement, the Depositary thereafter shall discontinue all functions and be discharged from all obligations as provided in the Deposit Agreement, except as specifically provided
therein. 
 20. Governing Law. The Deposit Agreement and this Receipt and all rights thereunder and hereunder and provisions
thereof and hereof shall be governed by, and construed in accordance with, the laws of the State of New York, including, without limitation, Sections 5-1401 of the New York General Obligations Law. 
  

 A-9 

 FORM OF ASSIGNMENT 
 For value received                                  hereby sell(s),
assign(s) and transfer(s) unto
                                         
        (Please insert social security or other taxpayer identification number of assignee.) 
 the within Receipt and
all rights and interests represented by the Depositary Shares evidenced thereby, and hereby irrevocably constitutes and appoints
                                 attorney to transfer the same on the books of the
within-named Depositary, with full power of substitution in the premises. 
 Dated:
                         
  

					
	Signature(s)	 		 	  
			
		 		 	  
			
		 		 	  
		 		 	Signature Guarantee*

 NOTICE: The above signatures of the holder(s) hereof must correspond with the name as written upon the face of
this Security in every particular without alteration or enlargement or any change whatever. 
  

	*	(Signature must be guaranteed by an “eligible guarantor institution,” that is, a bank, stockbroker, savings and loan association or credit union meeting the requirements
of the Conversion Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Conversion
Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.) 

  

 A-10Form of Warrant Agreement (Stock)

 Exhibit 4.8 
 FORM OF STOCK WARRANT AGREEMENT 
  
  
  
 FIRST STATE BANCORPORATION 
 and 

 
  
 As Warrant Agent 
  
  
 WARRANT AGREEMENT 
 Dated as of                     ,
         
  
  
  
  
  

 TABLE OF CONTENTS1 
  

					
	 	  	 	  	Page
	 ARTICLE I ISSUANCE, EXECUTION AND AUTHENTICATION OF WARRANT CERTIFICATES
	  	1
			
	 Section 1.1
	  	 Issuance of Warrant Certificates
	  	1
	 Section 1.2
	  	 Form of Warrant Certificate
	  	1
	 Section 1.3
	  	 Execution and Authentication of Warrant Certificates
	  	2
	 Section 1.4
	  	 Temporary Warrant Certificates
	  	2
	 Section 1.5
	  	 Payment of Taxes
	  	3
	 Section 1.6
	  	 Definition of Holder
	  	3
		
	 ARTICLE II WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS
	  	3
			
	 Section 2.1
	  	 Warrant Price
	  	3
	 Section 2.2
	  	 Duration of Warrants
	  	3
	 Section 2.3
	  	 Exercise of Warrants
	  	3
	 Section 2.4
	  	 Reservation of Shares
	  	4
		
	 ARTICLE III OTHER TERMS OF WARRANTS
	  	5
			
	 Section 3.1
	  	 [Call of Warrants by the Corporation]
	  	5
	 Section 3.2
	  	 Adjustment of Exercise Price and Number of Shares Purchasable or Number of Warrants
	  	5
		
	 ARTICLE IV REGISTRATION, EXCHANGE, TRANSFER AND SUBSTITUTION OF WARRANT CERTIFICATES
	  	8
			
	 Section 4.1
	  	 Registration, Exchange and Transfer of Warrant Certificates
	  	8
	 Section 4.2
	  	 Mutilated, Destroyed, Lost or Stolen Warrant Certificates
	  	9
	 Section 4.3
	  	 Persons Deemed Owners
	  	9
	 Section 4.4
	  	 Cancellation of Warrant Certificates
	  	10
		
	 ARTICLE V OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES
	  	10
			
	 Section 5.1
	  	 No Rights as Stockholders Conferred by Warrants or Warrant Certificates
	  	10
	 Section 5.2
	  	 Holder of Warrant Certificate May Enforce Rights
	  	10
		
	 ARTICLE VI CONCERNING THE WARRANT AGENT
	  	10
			
	 Section 6.1
	  	 Warrant Agent
	  	10

  

	 1
	 The Table of Contents is not a part of the Warrant Agreement 

  

 i 

					
	 	  	 	  	Page
	 Section 6.2
	  	 Conditions of Warrant Agent’s Obligations
	  	11
	 Section 6.3
	  	 Resignation, Removal and Appointment of Successor
	  	12
		
	 ARTICLE VII MISCELLANEOUS
	  	13
			
	 Section 7.1
	  	 Consolidations and Mergers of the Corporation and Sales, Leases and Conveyances Permitted Subject to Certain Conditions
	  	13
	 Section 7.2
	  	 Rights and Duties of Successor Corporation
	  	13
	 Section 7.3
	  	 Amendment
	  	14
	 Section 7.4
	  	 Notices and Demands to the Corporation and Warrant Agent
	  	14
	 Section 7.5
	  	 Notices to Warrant Holders
	  	14
	 Section 7.6
	  	 Addresses
	  	15
	 Section 7.7
	  	 Governing Law
	  	16
	 Section 7.8
	  	 Delivery of Prospectus
	  	16
	 Section 7.9
	  	 Obtaining of Governmental Approvals
	  	16
	 Section 7.10
	  	 Persons Having Rights Under Warrant Agreement
	  	16
	 Section 7.11
	  	 Headings
	  	16
	 Section 7.12
	  	 Counterparts
	  	16
	 Section 7.13
	  	 Inspection of Agreement
	  	16

 Exhibit A - Form of Warrant Certificate 
  

 ii 

 THIS WARRANT AGREEMENT, dated as of
                ,         , between First State Bancorporation, a corporation duly organized and existing under the
laws of the State of New Mexico (the “Corporation”) and                     , a [corporation] [national banking association]
organized and existing under the laws of                     , as Warrant Agent (herein called the “Warrant Agent”). 
 WHEREAS, the Corporation proposes to sell [If Offered Securities and Warrants — [title of Offered Securities being offered] (the
“Offered Securities”) with] warrant certificates (such warrant certificates and other warrant certificates issued pursuant to this Agreement herein called the “Warrant Certificates”) evidencing one or more warrants (the
“Warrants” or, individually, a “Warrant”) each representing the right to purchase          shares of [name of security] (the “Stock”) [describe terms of securities
including liquidation preference in the case of preferred stock]; and 
 WHEREAS, the Corporation desires the Warrant Agent to act on behalf
of the Corporation, and the Warrant Agent is willing to so act, in connection with the issuance, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions
of the Warrant Certificates and the terms and conditions on which they may be issued, exchanged, exercised and replaced; 
 NOW, THEREFORE,
in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows: 
 ARTICLE I 

ISSUANCE, EXECUTION AND AUTHENTICATION OF WARRANT CERTIFICATES 
 Section 1.1 Issuance of Warrant Certificates. [If Warrants alone — Upon issuance, each Warrant Certificate shall evidence one or more Warrants.] [If Offered Securities and Warrants —
Warrant Certificates shall be [initially] issued in units with the Offered Securities and shall [not] be separately transferable [before                 ,
         (the “Detachable Date”)]. Each such unit shall consist of a Warrant Certificate or Certificates evidencing an aggregate of
                 Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one
share of Stock. 
 Section 1.2 Form of Warrant Certificate. The Warrant Certificates (including the Form(s) of Exercise [and
Assignment] to be set forth on the reverse thereof) shall be in substantially the form set forth in Exhibit A hereto, shall be printed, lithographed or engraved on steel engraved borders (or in any other manner determined by the officers executing
such Warrant Certificates, with the execution thereof by such officers conclusively evidencing such determination) and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrant Certificates may be listed or as may, consistently herewith, be determined by the officers
executing such Warrant Certificates, with the execution thereof by such officers conclusively evidencing such determination. 

 Section 1.3 Execution and Authentication of Warrant Certificates. The Warrant Certificates shall
be executed on behalf of the Corporation by its Chief Executive Officer, its President, one of its Vice Presidents (any reference to a Vice President of the Company herein shall be deemed to include any Vice President of the Company whether or not
designated by a number or a word or words added before or after the title “Vice President”), its Chief Financial Officer or its Controller, under its corporate seal reproduced thereon attested to by its Secretary or any Assistant
Secretary. The signature of any of these officers on the Warrant Certificates may be manual or facsimile. 
 Warrant Certificates may be
executed by the Corporation and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Corporation,
authenticate Warrant Certificates evidencing Warrants representing the right to purchase shares of Stock and shall deliver such Warrant Certificates to or upon the order of the Corporation. Subsequent to such original issuance of the Warrant
Certificates, the Warrant Agent shall authenticate a Warrant Certificate only if the Warrant Certificate is issued in exchange or in substitution for one or more previously authenticated Warrant Certificates or in connection with their transfer, as
hereinafter provided. 
 Each Warrant Certificate shall be dated the date of its authentication by the Warrant Agent. 
 No Warrant Certificate shall be entitled to any benefit under this Agreement or be valid or obligatory for any purpose, and no Warrant evidenced thereby
shall be exercisable, until such Warrant Certificate has been authenticated by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Corporation shall be conclusive evidence, and
the only evidence, that the Warrant Certificate so authenticated has been duly issued hereunder. 
 Warrant Certificates bearing the manual
or facsimile signatures of individuals who were at the time the proper officers of the Corporation shall bind the Corporation, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Warrant Certificates or did not hold such offices at the date of such Warrant Certificates. 
 Section 1.4 Temporary
Warrant Certificates. Pending the preparation of definitive Warrant Certificates, the Corporation may execute, and upon the order of the Corporation the Warrant Agent shall authenticate and deliver, temporary Warrant Certificates which are
printed, lithographed, typewritten, mimeographed or otherwise produced substantially of the tenor of the definitive Warrant Certificates in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Warrant Certificates may determine, with the execution thereof by such officers conclusively evidencing such determination. 
 If temporary Warrant Certificates are issued, the Corporation will cause definitive Warrant Certificates to be prepared without unreasonable delay. After the preparation of definitive Warrant Certificates, the
temporary Warrant Certificates shall be exchangeable for 

  

 2 

 
definitive Warrant Certificates upon surrender of the temporary Warrant Certificates at the corporate trust office of the Warrant Agent [or
                            ], without charge to the Holder (as defined in Section 1.6
below). Upon surrender for cancellation of any one or more temporary Warrant Certificates, the Corporation shall execute and the Warrant Agent shall authenticate and deliver in exchange therefor definitive Warrant Certificates representing the same
aggregate number of Warrants. Until so exchanged, the temporary Warrant Certificates shall in all respects be entitled to the same benefits under this Agreement as definitive Warrant Certificates. 
 Section 1.5 Payment of Taxes. The Corporation will pay all stamp taxes and other duties, if any, to which, under the laws of the United States of
America or any State or political subdivision thereof, this Agreement or the original issuance of the Warrant Certificates may be subject. 
 Section 1.6 Definition of Holder. The term “Holder” as used herein shall mean [If Offered Securities and Warrants which are not immediately detachable — prior to the Detachable Date, the registered owner of the
Offered Security to which such Warrant Certificate was initially attached, and, after such Detachable Date,] the person in whose name at the time such Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for
that purpose pursuant to Section 4.1. [If Offered Securities and Warrants which are not immediately detachable — Prior to the Detachable Date, the Corporation will, or will cause the registrar of the Offered Securities to, make
available to the Warrant Agent current information as to Holders of the Offered Securities.] 
 ARTICLE II 
 WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS 
 Section 2.1 Warrant Price. During the period set forth in Section 2.2, each Warrant shall entitle the Holder thereof, subject to the provisions of this Agreement, to purchase from the Corporation one share of Stock at the
exercise price of $            . Such exercise price of each Warrant is referred to in this Agreement as the “Exercise Price.” 
 Section 2.2 Duration of Warrants. Any Warrant evidenced by a Warrant Certificate may be exercised at any time, as specified herein, on or after
[the date thereof] [            ,         ] and at or before 5:00 p.m. New York City time on
            ,          (the “Expiration Date”). Each Warrant not exercised at or before the close of business on the
Expiration Date shall become void, and all rights of the Holder of the Warrant Certificate evidencing such Warrant under this Agreement or otherwise shall cease. 
 Section 2.3 Exercise of Warrants. (a) During the period specified in Section 2.2, any whole number of Warrants may be exercised by surrendering the Warrant Certificate evidencing such Warrants at the
place or at the places set forth in the Warrant Certificate, with the purchase form set forth in the Warrant Certificate duly executed, accompanied by payment in full, in lawful money of the United States of America, [in cash or by certified check
or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds,] of the Exercise Price for each Warrant exercised. The date on which payment in full of the Exercise Price for a Warrant and the duly
executed and completed 

  

 3 

 
Warrant Certificate are received by the Warrant Agent shall be deemed to be the date on which such Warrant is exercised. The Warrant Agent shall deposit all
funds received by it as payment for the exercise of Warrants to the account of the Corporation maintained with it for such purpose and shall advise the Corporation by telephone at the end of each day on which such a payment is received of the amount
so deposited to its account. The Warrant Agent shall promptly confirm such telephonic advice to the Corporation in writing. 
 (b) The Warrant Agent shall from time to time, as promptly as practicable after the exercise of any Warrants in accordance with the terms and conditions of this Agreement and the Warrant Certificates, advise the Corporation of (i) the
number of Warrants so exercised, (ii) the instructions of each Holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the certificate or certificates representing shares of Stock to which such Holder is entitled
upon such exercise, and instructions of such Holder as to delivery of Warrant Certificates evidencing the balance, if any, of the Warrants remaining after such exercise, and (iii) such other information as the Corporation shall reasonably
require. 
 (c) As soon as practicable after the exercise of any Warrants, the Corporation shall issue to or upon the order of
the Holder of the Warrant Certificate evidencing such Warrants, a certificate or certificates representing the number of shares of Stock to which such Holder is entitled in such name or names as may be directed by such Holder; and, if fewer than all
of the Warrants evidenced by such Warrant Certificate were exercised, the Corporation shall execute and an authorized officer of the Warrant Agent shall manually authenticate and deliver a new Warrant Certificate evidencing the number of Warrants
remaining unexercised. 
 (d) The Corporation shall not be required to pay any stamp or other tax or other governmental charge
required to be paid in connection with any transfer involved in the issuance of the Stock; and in the event that any such transfer is involved, the Corporation shall not be required to issue or deliver any shares of Stock until such tax or other
charge shall have been paid or it has been established to the Corporation’s satisfaction that no such tax or other charge is due. 
 Section 2.4 Reservation of Shares. For the purpose of enabling it to satisfy any obligation to issue shares of Stock upon exercise of Warrants, the Corporation will, at all times through the close of business on the Expiration Date,
reserve and keep available, free from preemptive rights and out of its aggregate authorized but unissued shares of Stock, the number of shares of Stock deliverable upon the exercise of all outstanding Warrants. In addition, so long as the Stock is
listed on a stock exchange or is quoted on an interdealer quotation system, the Corporation will use its best efforts to list, or to be quoted, as the case may be, subject to notice of issuance, the Stock issuable upon the exercise of the Warrants
on any such stock exchange or interdealer quotation system, as the case may be. 
 The Corporation covenants that all shares of Stock issued
upon exercise of the Warrants will, upon issuance in accordance with the terms of this Agreement, be fully paid and nonassessable and free from all taxes, liens, charges and security interests created by or imposed upon the Corporation with respect
to the issuance and holding thereof. 
  

 4 

 ARTICLE III 
 OTHER TERMS OF WARRANTS 
 Section 3.1 [Call of Warrants by the Corporation. If Warrants issued
hereunder are callable by the Corporation — The Corporation shall have the right to call and repurchase any or all Warrants on or after             ,
         (the “Call Date”) and upon the occurrence of [discuss events or circumstances under which Corporation may call the Warrants] (the “Call Terms”) at a price of
$             per Warrant (the “Call Price”). Notice of such Call Price, Call Date and Call Terms shall be given to registered holders of Warrants in the manner provided in
Section 7.5.] 
 Section 3.2 Adjustment of Exercise Price and Number of Shares Purchasable or Number of Warrants. The Exercise
Price, the number of shares of Stock purchasable upon the exercise of each Warrant and the number of Warrants outstanding are subject to adjustment from time to time upon the occurrence of the events enumerated in this Section 3.2. 

(a) If the Corporation shall (i) pay a dividend in or make a distribution of shares of its capital stock, whether shares of Stock
or shares of its capital stock of any other class, (ii) subdivide its outstanding shares of Stock, (iii) combine its outstanding shares of Preferred Stock into a smaller number of shares of Stock or (iv) issue any shares of its
capital stock in a reclassification of the Stock (including any such reclassification in connection with a consolidation or merger in which the Corporation is the continuing corporation), the number of shares of Stock purchasable upon exercise of
each Warrant immediately prior thereto shall be adjusted so that the holder of each Warrant shall be entitled to receive the kind and number of shares of Stock or other securities of the Corporation which such holder would have owned or have been
entitled to receive after the happening of any of the events described above, had such Warrant been exercised immediately prior to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this
paragraph (a) shall become effective immediately after the effective date of such event, retroactive to immediately after the record date, if any, for such event. 
 (b) If the Corporation shall issue rights, options or warrants to all holders of its outstanding Stock, without any charge to such
holders, entitling them to subscribe for or purchase shares of Stock at a price per share that is lower than the market price per share of Stock (as defined in paragraph (e) below) at the record date mentioned below, the number of shares of
Stock thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of shares of Stock theretofore purchasable upon exercise of each Warrant by a fraction, of which the numerator shall be (i) the number
of shares of Stock outstanding on the date of issuance of such rights, options or warrants plus the number of additional shares of Stock offered for subscription or purchase, and of which the denominator shall be (ii) the number of shares of
Stock outstanding on the date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering price of the total number of shares of Stock so offered would purchase at the market price per share of Stock at
such record date. Such adjustment shall be made whenever such rights, options or warrants are issued, and shall become effective retroactive to immediately after the record date for the determination of stockholders entitled to receive such rights,
options or warrants. If at the end of 

  

 5 

 
the period during which such rights, options or warrants are exercisable, not all rights, options or warrants shall have been exercised, the adjusted number
of shares of Stock purchasable upon exercise of the Warrants shall be immediately readjusted to what it would have been if the adjustments made in the foregoing formula had been based on the number of shares actually issued. 
 (c) If the Corporation shall distribute to all holders of its shares of Stock evidences of its indebtedness or assets (excluding cash
dividends or distributions payable out of capital surplus and dividends or distributions referred to in paragraph (a) above) or rights, options or warrants or convertible or exchangeable securities containing the right to subscribe for or
purchase shares of Stock (excluding those referred to in paragraph (b) above), then in each case the number of shares of Stock thereafter purchasable upon the exercise of each Warrant shall be determined by multiplying the number of shares of
Stock theretofore purchasable upon the exercise of each Warrant, by a fraction, of which the numerator shall be (i) the then current market price per share of Stock (as defined in paragraph (e) below) on the date of such distribution, and
of which the denominator shall be (ii) the then current market price per share of Stock less the then fair value (as determined by the Board of Directors of the Corporation, whose determination shall be conclusive) of the portion of the assets
or evidences of indebtedness so distributed or of such subscription rights, options or warrants or convertible or exchangeable securities applicable to one share of Stock. Such adjustment shall be made whenever any such distribution is made, and
shall become effective on the date of distribution retroactive to immediately after the record date for the determination of stockholders entitled to receive such distribution. If at the end of the period during which such rights, options or
warrants or convertible or exchangeable securities are exercisable, not all rights, options or warrants or convertible or exchangeable securities shall have been exercised, the adjusted number of shares of Stock purchasable upon exercise of the
Warrants shall be immediately readjusted to what it would have been if the adjustments made in the foregoing formula had been based on the number of shares actually issued. 
 (d) In the event of any capital reorganization or any reclassification of the Stock (except as provided in paragraphs (a) through
(c) above), any holder of Warrants upon exercise thereof shall be entitled to receive, in lieu of the Stock to which he or she would have become entitled upon exercise immediately prior to such reorganization or reclassification, the shares (of
any class or classes) or other securities or property of the Corporation that he or she would have been entitled to receive at the same aggregate Exercise Price upon such reorganization or reclassification if his or her Warrants had been exercised
immediately prior thereto. 
 (e) For the purpose of any computation under paragraphs (b) and (c) of this
Section 3.02, the current or closing market price per share of Stock at any date shall be deemed to be the average of the daily closing prices for          consecutive trading days
commencing              trading days before the date of such computation. The closing price for each day shall be [the last sale price] for such day, in either case as reported in
the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the NASDAQ Global Select Market (the “NASDAQ”) or if the Stock is not listed on the NASDAQ, then on the principal United
States national securities exchange on which the Stock is listed or quoted. If the Stock is not listed or quoted on any United States national securities exchange, then the current or closing market price per share of Stock shall be determined by
the Board of Directors of the Corporation in good faith. 
  

 6 

 (f) Whenever the number of shares of [NAME OF SECURITY] purchasable upon the exercise of
each Warrant is adjusted as herein provided, the Exercise Price payable upon the exercise of each Warrant shall be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, of which the numerator shall be the
number of shares purchasable upon the exercise of each Warrant immediately prior to such adjustment, and of which the denominator shall be the number of shares so purchasable immediately thereafter. 
 (g) The Corporation may elect, on or after the date of any adjustment required by paragraphs (a) through (d) of this
Section 3.2, to adjust the number of Warrants in substitution for an adjustment in the number of shares of Stock purchasable upon the exercise of a Warrant. Each of the Warrants outstanding after such adjustment of the number of Warrants shall
be exercisable for the same number of shares of Stock as immediately prior to such adjustment. Each Warrant held of record prior to such adjustment of the number of Warrants shall become that number of Warrants (calculated to the nearest hundredth)
obtained by dividing the Exercise Price in effect prior to adjustment of the Exercise Price by the Exercise Price in effect after adjustment of the Exercise Price. The Corporation shall notify the holders of Warrants, in the same manner as provided
in the first paragraph of Section 7.5, of its election to adjust the number of Warrants, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on
which the Exercise Price is adjusted or any day thereafter. Upon each adjustment of the number of Warrants pursuant to this paragraph (g) the Corporation shall, as promptly as practicable, cause to be distributed to holders of record of
Warrants on such record date Warrant Certificates evidencing, subject to paragraph (h), the additional Warrants to which such holders shall be entitled as a result of such adjustment, or, at the option of the Corporation, shall cause to be
distributed to such holders of record in substitution and replacement for the Warrant Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Corporation, new Warrant Certificates evidencing
all the Warrants to be issued, executed and registered in the manner specified in Section 1 (and which may bear, at the option of the Corporation, the adjusted Exercise Price) and shall be registered in the names of the holders of record of
Warrant Certificates on the record date specified in the notice. 
 (h) The Corporation shall not be required to issue
fractions of Warrants on any distribution of Warrants to holders of Warrant Certificates pursuant to paragraph (g) or to distribute Warrant Certificates that evidence fractional Warrants. In lieu of such fractional Warrants, there shall be paid
to the registered holders of the Warrant Certificates with regard to which such fractional Warrants would otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a full Warrant on the trading day
immediately prior to the date on which such fractional Warrant would have been otherwise issuable (the “Valuation Date”). For purposes of this paragraph (h), the current market value of a Warrant shall be the aggregate closing market
price on the Valuation Date (determined as set forth in paragraph (e)) of all shares of Stock issuable upon exercise of one Warrant plus the fair value (as determined by the Board of Directors of the Corporation, whose determination shall be
conclusive) of any other assets or securities purchasable upon exercise of one Warrant less the Exercise Price of one Warrant. 
  

 7 

 (i) Notwithstanding any adjustment pursuant to Section 3.2 in the number of shares
of Stock purchasable upon the exercise of a Warrant, the Corporation shall not be required to issue fractions of shares of Stock upon exercise of the Warrants or to distribute certificates which evidence fractional shares. In lieu of fractional
shares, there shall be paid to the registered holders of Warrant Certificates at the time such Warrant Certificates are exercised as herein provided an amount in cash equal to the same fraction of the current market value of a share of Stock. For
purposes of this paragraph (i), the current market value of a share of Stock shall be the closing market price (determined as set forth in paragraph (e)) of a share of Stock for the trading day immediately prior to the date of such
exercise. 
 (j) No adjustment in the number of shares of Stock purchasable upon exercise of the Warrant need be made unless
the adjustment would require an increase or decrease of at least 0.5%. Any adjustment that is not made shall be carried forward and taken into account in any subsequent adjustment, provided that no such adjustment shall be deferred beyond the date
on which a Warrant is exercised. All calculations under this Article III shall be made to the nearest 1/1000th of a share. 
 (k) To the extent the Warrants become convertible into cash, no adjustment need be made thereafter as to the amount of cash into which such Warrants are exercisable. Interest will not accrue on the cash. 
 ARTICLE IV 
 REGISTRATION, EXCHANGE, TRANSFER
AND SUBSTITUTION OF WARRANT CERTIFICATES 
 Section 4.1 Registration, Exchange and Transfer of Warrant Certificates. The Warrant Agent
shall keep, at its corporate trust office [and at                 ], books in which, subject to such reasonable regulations as it may prescribe, it shall register
Warrant Certificates and transfers of outstanding Warrant Certificates. 
 [If Offered Securities and Warrants which are immediately
detachable — Prior to the Detachable Date, a Warrant Certificate may be exchanged or transferred only together with the Offered Security to which such Warrant Certificate was initially attached, and only for the purpose of effecting, or in
conjunction with, an exchange or transfer of such Offered Security. Additionally, on or prior to the Detachable Date, each transfer or exchange of an Offered Security [on the register of the Offered Securities] shall operate also to transfer or
exchange the Warrant Certificate or Certificates to which such Offered Security was initially attached. After the Detachable Date, upon] [If Offered Securities and Warrants which are immediately detachable or if Warrants alone — Upon]
surrender at the corporate trust office of the Warrant Agent [or                 ] of Warrant Certificates properly endorsed [or accompanied by appropriate
instruments of transfer] and accompanied by written instructions for [transfer or] exchange, all in form satisfactory to the Corporation and the Warrant Agent, such Warrant Certificates may be exchanged for other Warrant Certificates or may be
transferred in whole or in part; provided that 

  

 8 

 
Warrant Certificates issued in exchange for [or upon transfer of] surrendered Warrant Certificates shall evidence the same aggregate number of Warrants as
the Warrant Certificates so surrendered. No service charge shall be made for any exchange [or transfer] of Warrant Certificates, but the Corporation may require payment of a sum sufficient to cover any stamp or other tax or governmental charge that
may be imposed in connection with any such exchange [or transfer]. Whenever any Warrant Certificates are so surrendered for exchange [or transfer], the Corporation shall execute and an authorized officer of the Warrant Agent shall manually
authenticate and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates as so requested. The Warrant Agent shall not be required to effect any exchange [or transfer] which would result in the issuance of a
Warrant Certificate evidencing a fraction of a Warrant or a number of full Warrants and a fraction of a Warrant. All Warrant Certificates issued upon any exchange [or transfer] of Warrant Certificates shall evidence the same obligations, and be
entitled to the same benefits under this Agreement, as the Warrant Certificates surrendered for such exchange [or transfer]. 
 Section 4.2
Mutilated, Destroyed, Lost or Stolen Warrant Certificates. If any mutilated Warrant Certificate is surrendered to the Warrant Agent, the Corporation shall execute and an officer of the Warrant Agent shall manually authenticate and deliver in
exchange therefor a new Warrant Certificate of like tenor and bearing a number not contemporaneously outstanding. If there shall be delivered to the Corporation and the Warrant Agent (i) evidence to their satisfaction of the destruction, loss
or theft of any Warrant Certificate and of the ownership thereof and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Corporation or
the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Corporation shall execute and upon its request an officer of the Warrant Agent shall manually authenticate and deliver, in lieu of any such destroyed,
lost or stolen Warrant Certificate, a new Warrant Certificate of like tenor and bearing a number not contemporaneously outstanding. Upon the issuance of any new Warrant Certificate under this Section, the Corporation may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) connected therewith. Every new Warrant Certificate issued pursuant to this
Section in lieu of any destroyed, lost or stolen Warrant Certificate shall evidence an original additional contractual obligation of the Corporation, whether or not the destroyed, lost or stolen Warrant Certificate shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly issued hereunder. The provisions of this Section are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Warrant Certificates. 
 Section 4.3 Persons Deemed Owners. [If Offered Securities and Warrants which are not immediately detachable — Prior to the Detachable Date, the Corporation, the Warrant Agent and all other persons
may treat the owner of any Offered Security as the owner of the Warrant Certificates initially attached thereto for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced by such Warrant Certificates, any
notice to the contrary notwithstanding. After the Detachable Date, and] Prior to due presentment of a Warrant Certificate for registration of transfer, the Corporation, the Warrant Agent and all other persons may treat the Holder as the owner
thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary notwithstanding. 
  

 9 

 Section 4.4 Cancellation of Warrant Certificates. Any Warrant Certificate surrendered for
exchange[, transfer] or exercise of the Warrants evidenced thereby shall, if surrendered to the Corporation, be delivered to the Warrant Agent, and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly cancelled
by it and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in lieu or in exchange thereof. The Corporation may at any time deliver to the Warrant Agent for cancellation any
Warrant Certificates previously issued hereunder which the Corporation may have acquired in any manner whatsoever, and all Warrant Certificates so delivered shall be promptly cancelled by the Warrant Agent. All cancelled Warrant Certificates held by
the Warrant Agent shall be disposed of, as instructed by the Corporation, subject to applicable law. 
 ARTICLE V 
 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT CERTIFICATES 
 Section 5.1 No Rights as Stockholders Conferred by Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the Holder thereof to any of the rights of a stockholder,
including, without limitation, the right to receive dividends (except in certain cases for adjustments as expressly provided in Article III hereof). 
 Section 5.2 Holder of Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any Holder of any Warrant Certificate, without the consent of the Warrant Agent, any
stockholder or the Holder of any other Warrant Certificate, may, on its own behalf and for its own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Corporation suitable to enforce or otherwise in respect of
its right to exercise the Warrant or Warrants evidenced by his or her Warrant Certificate in the manner provided in the Warrant Certificates and in this Agreement. 
 ARTICLE VI 
 CONCERNING THE WARRANT AGENT 
 Section 6.1 Warrant Agent. The Corporation hereby appoints
                 as Warrant Agent of the Corporation in respect of the Warrants and the Warrant Certificates upon the terms and subject to the conditions herein
set forth, and                  hereby accepts such appointment. The Warrant Agent shall have the power and authority granted to and conferred upon it in the
Warrant Certificates and hereby and such further power and authority to act on behalf of the Corporation as the Corporation may hereafter grant to or confer upon it. All of the terms and provisions with respect to such power and authority contained
in the Warrant Certificates are subject to and governed by the terms and provisions hereof. 
  

 10 

 Section 6.2 Conditions of Warrant Agent’s Obligations. The Warrant Agent accepts its
obligations herein set forth, upon the terms and conditions hereof, including the following, to all of which the Corporation agrees and to all of which the rights hereunder of the Holders from time to time of the Warrant Certificates shall be
subject: 
 (a) Compensation and Indemnification. The Corporation agrees promptly to pay the Warrant Agent the
compensation to be agreed upon with the Corporation for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred by the Warrant Agent in
connection with the services rendered hereunder by the Warrant Agent. The Corporation also agrees to indemnify the Warrant Agent for, and hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on the part
of the Warrant Agent, arising out of or in connection with its acting as such Warrant Agent hereunder, including the reasonable costs and expenses of defending itself against any claim or liability in connection with the exercise or performance at
any time of its powers or duties hereunder. The obligations of the Corporation under this subsection (a) shall survive the exercise of the Warrant Certificates and the resignation or removal of the Warrant Agent. 
 (b) Agent for the Corporation. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant
Agent is acting solely as agent of the Corporation and does not assume any obligation or relationship of agency or trust for or with any of the owners or holders of the Warrant Certificates. 
 (c) Counsel. The Warrant Agent may consult with counsel, which may include counsel for the Corporation, and the written advice of
such counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith and in reliance thereon. 
 (d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted
by it in reliance upon any notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 
 (e) Certain Transactions. The Warrant Agent, any of its officers, directors and employees, or any other agent of the Corporation,
in its individual or any other capacity, may become the owner of, or acquire any interest in, any Warrant Certificates, with the same rights that it would have if it were not such Warrant Agent, officer, director, employee or other agent, and, to
the extent permitted by applicable law, it may engage or be interested in any financial or other transaction with the Corporation and may act on, or as depositary, trustee or agent for, any committee or body of holders of securities or other
obligations of the Corporation as freely as if it were not such Warrant Agent, officer, director, employee or other agent. 
 (f) No Liability for Interest. The Warrant Agent 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 Agreement or of the Warrant Certificates unless
otherwise agreed to in writing by the Corporation and the Warrant Agent and except for the negligence of the Warrant Agent. 
  

 11 

 (g) No Liability for Invalidity. The Warrant Agent shall not incur any liability
with respect to the validity of this Agreement or any of the Warrant Certificates. 
 (h) No Responsibility for
Representations. The Warrant Agent shall not be responsible for any of the Recitals or representations contained herein or in the Warrant Certificates (except as to the Warrant Agent’s Certificate of Authentication thereon), all of which
are made solely by the Corporation. 
 (i) No Implied Obligations. The Warrant Agent shall be obligated to perform such
duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any
obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any
duty or responsibility for the use by the Corporation of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Corporation pursuant to this Agreement or for the application by the Corporation of the proceeds
of the Warrant Certificates or any exercise of the Warrants evidenced thereby. The Warrant Agent shall have no duty or responsibility in case of any default by the Corporation in the performance of its covenants or agreements contained herein or in
the Warrant Certificates or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or
attempt to initiate any proceedings at law or otherwise or, except as provided in Section 7.4 hereof, to make any demand upon the Corporation. 
 Section 6.3 Resignation, Removal and Appointment of Successor. (a) The Corporation agrees, for the benefit of the Holders from time to time of the Warrant Certificates, that there shall at all times be a Warrant Agent hereunder
until all of the Warrant Certificates are no longer exercisable. 
 (b) The Warrant Agent may at any time resign as such agent
by giving written notice to the Corporation of such intention on its part, specifying the date on which it desires its resignation to become effective; provided that, without the consent of the Corporation, such date shall not be less than three
months after the date on which such notice is given. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Corporation and specifying such removal and the date on which
the Corporation expects such removal to become effective. Such resignation or removal shall take effect upon the appointment by the Corporation of a successor Warrant Agent (which shall be a bank or trust company organized and doing business under
the laws of the United States of America, any State thereof or the District of Columbia and authorized under such laws to exercise corporate trust powers) by an instrument in writing filed with such successor Warrant Agent and the acceptance of such
appointment by such successor Warrant Agent pursuant to Section 6.3(d). 
 (c) In case at any time the Warrant Agent
shall resign, or be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or make an assignment for the benefit of its creditors or consent 

  

 12 

 
to the appointment of a receiver or custodian of all or any substantial part of its property, or shall admit in writing its inability to pay or meet its
debts as they mature, or if a receiver or custodian of it or of all or any substantial part of its property shall be appointed, or if an order of any court shall be entered approving any petition filed by or against it under the provisions of any
applicable bankruptcy or similar law, or if any public officer shall have taken charge or control of the Warrant Agent or of its property or affairs, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Corporation by an
instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the latter of such appointment, the Warrant Agent so superseded shall cease to be the Warrant Agent
hereunder. 
 (d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor
and to the Corporation an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities,
duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and
pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 
 (e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may
be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Warrant Agent,
provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.1 Consolidations and Mergers of the Corporation and Sales, Leases and Conveyances Permitted Subject to Certain Conditions. The
Corporation may consolidate with, or sell or convey all or substantially all of its assets to, or merge with or into any other corporation, provided that in any such case, either the Corporation shall be the continuing corporation, or the
corporation (if other than the Corporation) formed by such consolidation or into which the Corporation is merged or the corporation which acquired by purchase or conveyance all or substantially all of the assets of the Corporation shall expressly
assume the obligations of the Corporation hereunder. 
 Section 7.2 Rights and Duties of Successor Corporation. In case of any such
consolidation, merger, sale, lease or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Corporation, with the same effect as if it had been named herein, and
the predecessor corporation, except in the event of a lease, shall be relieved of any further obligation under this Agreement and the Warrants. Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in
the name of the Corporation, any or all of the shares of Stock issuable pursuant to the terms hereof. 
  

 13 

 In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and
form (but not in substance) may be made in Stock thereafter to be issued as may be appropriate. 
 Section 7.3 Amendment. This
Agreement [If preferred stock is to be issued upon exercise of the Warrants — and the certificate of designations of such series of Stock (the “Certificate of Designations”)] may be amended by the parties hereto, without the
consent of the Holder of any Warrant Certificate, for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein, or making such provisions in regard to matters or questions arising under
this Agreement [If preferred stock is to be issued upon exercise of the Warrants — or the Certificate of Designations] as the Corporation may deem necessary or desirable; provided that such action shall not adversely affect the interests
of the Holders of the Warrant Certificates in any material respect. Any amendment or supplement to this Agreement [If preferred stock is to be issued upon exercise of the Warrants — or the Certificate of Designations] or the Warrants
that has a material adverse effect on the interests of Holders of any series of Warrants shall require the written consent of the Holders of a majority of the then outstanding Warrants of such series [If preferred stock is to be issued upon
exercise of the Warrants — (provided that if Stock has been issued, then the consent of holders of a majority of the then outstanding Warrants of such series and the Stock voting as a class shall instead be required)]. The consent of each
Holder of a Warrant affected shall be required for any amendment pursuant to which the Warrant Price would be increased or the number of shares of Stock purchasable upon exercise of Warrants would be decreased. The Warrant Agent may, but shall not
be obligated to, enter into any amendment to this Agreement which affects the Warrant Agent’s own rights, duties or immunities under this Agreement or otherwise. 
 Section 7.4 Notices and Demands to the Corporation and Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Corporation by the Holder of a Warrant Certificate pursuant to the
provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Corporation. 
 Section 7.5
Notices to Warrant Holders. Upon any adjustment of the number of shares purchasable upon exercise of each Warrant, the Exercise Price or the number of Warrants outstanding pursuant to Section 3.2, the Corporation within
             calendar days thereafter shall (i) cause to be filed with the Warrant Agent a certificate of a firm of independent public accountants of recognized standing
selected by the Corporation (who may be the regular auditors of the Corporation) setting forth the Exercise Price and either the number of shares of Stock and other securities or assets purchasable upon exercise of each Warrant or the additional
number of Warrants to be issued for each previously outstanding Warrant, as the case may be, after such adjustment and setting forth in reasonable detail the method of calculation and the facts upon which such adjustment are made, which certificate
shall be conclusive evidence of the correctness of the matters set forth therein, and (ii) cause to be given to each of the registered holders of the Warrant Certificates at such holder’s address appearing on the Warrant Register written
notice of such adjustments by first-class mail, postage prepaid. Where appropriate, such notice may be given in advance and included as part of the notice required to be mailed under the provisions of this Section 7.5. 
  

 14 

 Pursuant to Sections 3.1 [add other sections as applicable], the Corporation shall cause written
notice of such Call Price, Call Date and Call Terms [reference other items as applicable], as the case may be, to be given as soon as practicable to the Warrant Agent and to each of the registered holders of the Warrant Certificates by first class
mail, postage prepaid, at such holder’s address appearing on the Warrant Register. In addition to the written notice referred to in the preceding sentence, the Corporation shall make a public announcement in a daily morning newspaper of general
circulation in                  of such Call Price, Call Date, and Call Terms [reference other items as applicable], as the case may be, at least once a week for
two successive weeks prior to the implementation of such terms. 
 If: 
 (a) the Corporation shall declare any dividend payable in any securities upon its shares of Stock or make any distribution (other than a
cash dividend) to the holders of its shares of Stock; or 
 (b) the Corporation shall offer to the holders of its shares of
Stock any additional shares of Stock or securities convertible into shares of Stock or any right to subscribe thereto; or 
 (c) there shall be a dissolution, liquidation or winding up of the Corporation (other than in connection with a consolidation, merger, or sale of all or substantially all of its property, assets, and business as an entirety); 
 then the Corporation shall (i) cause written notice of such event to be filed with the Warrant Agent and shall cause written notice of such event to be given to
each of the registered holders of the Warrant Certificates at such holder’s address appearing on the Warrant Register, by first-class mail, postage prepaid, and (ii) make a public announcement in a daily newspaper of general circulation in
                                 of such event, such giving of notice and
publication to be completed at least                  calendar days prior to the date fixed as a record date or the date of closing the transfer books for the
determination of the stockholders entitled to such dividend, distribution, or subscription rights, or for the determination of stockholders entitled to vote on such proposed dissolution, liquidation or winding up. Such notice shall specify such
record date or the date of closing the transfer books, as the case may be. The failure to give the notice required by this Section 7.5 or any defect therein shall not affect the legality or validity of any distribution, right, warrant,
dissolution, liquidation or winding up or the vote upon or any other action taken in connection therewith. 
 Section 7.6 Addresses.
Any communications from the Corporation to the Warrant Agent with respect to this Agreement shall be addressed to
                        , Attention:
                    , and any communications from the Warrant Agent to the Corporation with respect to this Agreement shall be addressed to
First State Bancorporation, 7900 Jefferson N.E. Albuquerque, New Mexico 87109, Attention: Corporate Secretary (or such other address as shall be specified in writing by the Warrant Agent or by the Corporation). 
  

 15 

 Section 7.7 Governing Law. This Agreement and each Warrant Certificate issued hereunder shall
be governed by and construed in accordance with the laws of the State of New York including, without limitation, Section 5-1401 of the New York General Obligations Law. 
 Section 7.8 Delivery of Prospectus. The Corporation will furnish to the Warrant Agent sufficient copies of a prospectus, appropriately
supplemented, relating to the Stock (the “Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant Certificate, the Warrant Agent will deliver to the person designated to receive a certificate representing shares of
Stock, prior to or concurrently with the delivery of such Securities, a Prospectus. 
 Section 7.9 Obtaining of Governmental
Approvals. The Corporation will from time to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities acts filings under United
States Federal and State laws (including, without limitation, to the extent required, the maintenance of the effectiveness of a registration statement in respect of the Stock under the Securities Act of 1933, as amended), which may be or become
required in connection with exercise of the Warrant Certificates and the original issuance and delivery of the Stock. 
 Section 7.10
Persons Having Rights Under Warrant Agreement. Nothing in this Agreement expressed or implied and nothing that may be inferred from any of the provisions herein is intended, or shall be construed, to confer upon, or give to, any person or
corporation other than the Corporation, the Warrant Agent and the Holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise or agreement hereof; and all
covenants, conditions, stipulations, promises and agreements contained in this Agreement shall be for the sole and exclusive benefit of the Corporation and the Warrant Agent and their successors and of the Holders of the Warrant Certificates.

 Section 7.11 Headings. The Article and Section headings herein and the Table of Contents are for convenience of reference only and
shall not affect the construction hereof. 
 Section 7.12 Counterparts. This Agreement may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original; but such counterparts shall together constitute but one and the same instrument. 
 Section 7.13 Inspection of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent [and at
                ] for inspection by the Holder of any Warrant Certificate. The Warrant Agent may require such Holder to submit its Warrant Certificate for
inspection by it. 
  

 16 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, and their
respective corporate seal to be hereunto affixed and attested, all as of the day and year first above written. 
  

			
	FIRST STATE BANCORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	[SEAL]
	
	Attest
	
	  
	[Assistant] Secretary
	
	[SEAL] Attest:
	
	 
	[Assistant] Secretary

  

			
	[NAME OF WARRANT AGENT]
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	[SEAL]
	
	Attest:
	
	  
	[Assistant] Secretary

 EXHIBIT A 
 [FORM OF WARRANT CERTIFICATE] 
 [Face] 
  

			
	Form of Legend if Offered Securities with Warrants which are not immediately detachable	  	[Prior to ___________, this Warrant Certificate may be transferred or exchanged if and only if the [Title of Security] to which it was initially attached is so transferred or
exchanged.]
		
	Form of Legend if Warrants are not immediately exercisable	  	[Prior to _________________, Warrants evidenced by this Warrant Certificate cannot be exercised.]

 EXERCISABLE ONLY IF AUTHENTICATED BY THE WARRANT 
 AGENT AS PROVIDED HEREIN 
 VOID AFTER THE CLOSE OF BUSINESS ON
                ,          
 FIRST STATE BANCORPORATION 
 Warrant Certificate representing 
 Warrants to purchase 
 [name of security]

 as described herein. 
  
  
  

			
	No.	  	                 Warrants

 This certifies that
             or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such registered owner to purchase, at any time [after the
close of business on                 ,         , and] on or before the close of business on
            ,         , one share of the [designation of [name of security]] (“Stock”) of First State Bancorporation (the
“Corporation”), on the following basis.* During such period, each Warrant shall entitle the Holder thereof, subject to the provisions of the Warrant Agreement (as defined below), to purchase from the Corporation one share of Stock at the
exercise price of $             (the “Exercise Price”). The Holder of this Warrant Certificate may exercise the Warrants evidenced hereby, in whole or in part, by
surrendering this Warrant Certificate, with the purchase form set forth hereon duly completed, accompanied by payment in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in 
  

	*	Complete and modify the following provisions as appropriate to reflect the terms of the Warrants. 

  

 A-1 

 New York Clearing House funds or by bank wire transfer in immediately available funds], the Exercise Price for each
Warrant exercised, to the Warrant Agent (as hereinafter defined), at the corporate trust office of [name of Warrant Agent], or its successor, as warrant agent (the “Warrant Agent”) [or at
                ], the addresses specified on the reverse hereof and upon compliance with and subject to the conditions set forth herein and in the Warrant
Agreement. 
 The term “Holder” as used herein shall mean [If Offered Debt Securities with Warrants which are not immediately
detachable — prior to                 ,          (the “Detachable Date”), the registered owner
of the Corporation’s [title of Offered Securities] to which such Warrant Certificate was initially attached, and after such Detachable Date,] the person in whose name at the time such Warrant Certificate shall be registered upon the books to be
maintained by the Warrant Agent for that purpose pursuant to Section 4.1 of the Warrant Agreement. 
 Any whole number of Warrants
evidenced by this Warrant Certificate may be exercised to purchase shares of Stock. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the registered owner hereof a new Warrant
Certificate evidencing the number of Warrants remaining unexercised. 
 This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of             ,          (the “Warrant Agreement”), between the Corporation and the Warrant Agent
and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the
above-mentioned office of the Warrant Agent [and at             ]. 
 [If Offered Securities with Warrants which are not immediately detachable — prior to             ,          (the
“Detachable Date”), this Warrant Certificate may be exchanged or transferred only together with the [title of Offered Security] (the “Offered Security”) to which this Warrant Certificate was initially attached, and only for the
purpose of effecting, or in conjunction with, an exchange or transfer of such Offered Security. Additionally, on or prior to the Detachable Date, each transfer of such Offered Security on the register of the Offered Securities shall operate also to
transfer this Warrant Certificate. After the Detachable Date, this] [If Offered Debt Securities with Warrants which are immediately detachable or Warrants alone — This] Warrant Certificate and all rights hereunder, may be transferred
when surrendered at the corporate trust office of the Warrant Agent [or             ] by the registered owner or his assigns, in person or by an attorney duly authorized in writing,
in the manner and subject to the limitations provided in the Warrant Agreement. 
 [If Offered Securities with Warrants which are not
immediately detachable — Except as provided in the immediately preceding paragraph, after] [If Offered Debt Securities with Warrants which are immediately detachable or Warrants alone-After] authentication by the Warrant Agent and
prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate trust office of the Warrant Agent [or at
                            ] for Warrant Certificates representing the same aggregate number of
Warrants. 
  

 A-2 

 This Warrant Certificate shall not entitle the registered owner hereof to any of the rights of a
stockholder, including, without limitation, the right to receive dividends. 
 Reference is hereby made to the further provisions of this
Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid obligatory for any purpose until authenticated by the Warrant Agent. 
  

 A-3 

 IN WITNESS WHEREOF, the Corporation has caused this Warrant Certificate to be duly executed under its
corporate seal. 
 Dated:                     

  

			
	FIRST STATE BANCORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	Attest:
	
	  
	Certificate of Authentication

 This is one of the Warrant Certificates referred to in the within-mentioned Warrant Agreement.

  

	
	  
	As Warrant Agent

  

			
	By:	 	 
		 	Authorized Signature

  

 A-4 

 [FORM OF WARRANT CERTIFICATE] 
 [REVERSE] 
 (Instructions for Exercise of Warrants) 
 To exercise any Warrants evidenced hereby, the Holder of this Warrant Certificate must pay [in cash or by certified check or by bank wire transfer in
immediately available funds], the Exercise Price in full for each of the Warrants exercised, to             , Corporate Trust Department,
            , Attn: [or             ], which payment should specify the name of the Holder of this Warrant
Certificate and the number of Warrants exercised by such Holder. In addition, the Holder of this Warrant Certificate should complete the information required below and present in person or mail by registered mail this Warrant Certificate to the
Warrant Agent at the addresses set forth below. 
 [FORM OF EXERCISE] 
 (To be executed upon exercise of Warrants.) 
 The undersigned hereby irrevocably elects
to exercise Warrants, represented by this Warrant Certificate, to purchase              shares of the [designation of [name of security]] (“Stock”) of First State
Bancorporation and represents that he or she has tendered payment for such shares of Stock [in cash or by certified check official bank check in New York Clearing House funds or by bank wire transfer in immediately available funds] to the order of
First State Bancorporation, c/o Chief Financial Officer, in the amount of $             in accordance with the terms hereof. The undersigned requests that said shares of Stock be
registered in such names and delivered, all as specified in accordance with the instructions set forth below. 
 If said number of shares of
Stock is less than all of the shares of Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of the Warrants evidenced hereby be issued and delivered to the undersigned unless
otherwise specified in the instructions below. 
 Dated: 
  

			
	Name	 	 
		 	(Please Print)

  

	
	  
	(Insert Social Security or Other Identifying Number of Holder)

  

 A-5 

			
	Address	 	 
	
	 
	
	 
	
	Signature (Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate and must be guaranteed by an “eligible guarantor
institution,” that is, a bank, stockbroker, savings and loan association or credit union meeting the requirements of the Warrant Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.)

 This Warrant may be exercised at the following addresses: 
  

					
	By hand at	 		 	  
	 	 		 	  
	 	 		 	  
	By mail at	 		 	  
	 	 		 	  
	 	 		 	  

 (Instructions as to form and delivery of certificates representing shares of Stock and/or Warrant
Certificates): 
  

 A-6 

 [FORM OF ASSIGNMENT] 
 (TO BE EXECUTED TO TRANSFER 
 THE WARRANT CERTIFICATE) 
 FOR VALUE RECEIVED                      hereby
sells, assigns and transfers unto 
  

	
	  
	 Please print name and address
 (including zip code)

  

	
	Please insert social security or other identifying number
	  

                                        
                                         
                                     the right represented by the
within Warrant Certificate and does hereby irrevocably constitute and appoint                 , Attorney, to transfer said Warrant Certificate on the books of the
Warrant Agent with full power of substitution. 
 Dated: 
  

	
	  
	Signature
	
	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate and must be guaranteed by an “eligible guarantor institution,” that is,
a bank, stockbroker, savings and loan association or credit union meeting the requirements of the Warrant Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Warrant Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.)

  

	
	Signature Guaranteed:
	
	  

  

 A-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]