Document:

Warrant Agreement

 Exhibit 4.1 
  
  
 WARRANT AGREEMENT 
 Dated as of 
 March [—], 2010 
 between 
 Washington Federal, Inc. 
 and 
 American Stock
Transfer & Trust Company, LLC 
 as Warrant Agent 
  
  
 Warrants for 
 Common Stock 
  
  
  
  

 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I
	
	DEFINITIONS
			
	Section 1.01.	  	Definitions	  	1
	Section 1.02.	  	Other Definitions	  	2
	Section 1.03.	  	Rules of Construction	  	3
	
	ARTICLE II
	
	WARRANTS
			
	Section 2.01.	  	Form	  	3
	Section 2.02.	  	Execution and Countersignature	  	4
	Section 2.03.	  	Register	  	5
	Section 2.04.	  	Transfer and Exchange	  	5
	Section 2.05.	  	Definitive Warrants	  	7
	Section 2.06.	  	Replacement Certificates	  	8
	Section 2.07.	  	Outstanding Warrants	  	9
	Section 2.08.	  	Cancellation	  	9
	Section 2.09.	  	CUSIP Numbers	  	9
	
	ARTICLE III
	
	EXERCISE TERMS
			
	Section 3.01.	  	Exercise	  	10
	Section 3.02.	  	Manner of Exercise and Issuance of Shares	  	10
	Section 3.03.	  	Covenant to Make Stock Certificates Available	  	10
	
	ARTICLE IV
	
	ANTIDILUTION PROVISIONS
			
	Section 4.01.	  	Antidilution Adjustments; Notice of Adjustment	  	10
	Section 4.02.	  	Adjustment to Warrant Certificate	  	11
	
	ARTICLE V
	
	WARRANT AGENT
			
	Section 5.01.	  	Appointment of Warrant Agent	  	11
	Section 5.02.	  	Rights and Duties of Warrant Agent	  	11
	Section 5.03.	  	Individual Rights of Warrant Agent	  	12
	Section 5.04.	  	Warrant Agent’s Disclaimer	  	12
	Section 5.05.	  	Compensation and Indemnity	  	12
	Section 5.06.	  	Successor Warrant Agent	  	13

  

 i 

					
	ARTICLE VI
	
	MISCELLANEOUS
			
	Section 6.01.	  	Persons Benefitting	  	15
	Section 6.02.	  	Amendment	  	15
	Section 6.03.	  	Notices	  	16
	Section 6.04.	  	Governing Law	  	17
	Section 6.05.	  	Successors	  	17
	Section 6.06.	  	Multiple Originals	  	17
	Section 6.07.	  	Inspection of Agreement	  	17
	Section 6.08.	  	Table of Contents	  	17
	Section 6.09.	  	Severability	  	17
			
	EXHIBIT A	  	Form of Warrant	  	

  

 ii 

 WARRANT AGREEMENT dated as of March —,
2010 (this “Agreement”), between Washington Federal, Inc. (the “Company”) and American Stock Transfer & Trust Company, LLC, as Warrant Agent (the “Warrant Agent”). 
 The Company has issued the warrants described herein (each, a “Warrant” and collectively, the “Warrants”)
to the U.S. Department of the Treasury (“Treasury”) in connection with Treasury’s Capital Purchase Program pursuant to the Letter Agreement dated November 14, 2008 between the Company and Treasury, which agreement
incorporates by reference the Securities Purchase Agreement – Standard Terms attached thereto as Exhibit A. Each Warrant entitles the registered holder thereof (the “Holder”) to purchase one share of Common Stock, subject to
the provisions of this Agreement and the relevant Warrant Certificate. Each Warrant Certificate (including any Global Warrant) shall evidence such number of Warrants as is set forth therein, subject to adjustment pursuant to the provisions of the
Warrant Certificate. 
 Treasury desires to sell all or a portion of the Warrants at any time or from time to time. The Warrants
and the shares of Common Stock issuable upon exercise of the Warrants will be freely transferable by Holders that are not Affiliates of the Company. The Company desires the Warrant Agent to act on behalf of the Company in connection with the
registration, transfer, exchange, redemption, exercise and cancellation of the Warrants as provided herein and the Warrant Agent is willing to so act. 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of Warrants: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. 
 “Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with, such other Person. For purposes of this
definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect to any Person, means the possession, directly or indirectly, of the power to
cause the direction of management and/or policies of such Person, whether through the ownership of voting securities by contract or otherwise. 
 “Agent Members” means the securities brokers and dealers, banks and trust companies, clearing organizations and certain other organizations that are participants in the Depositary’s
system. 
 “business day” means any day except Saturday, Sunday and (i) at any time when the Warrants are
listed on the Nasdaq Stock Market, any day on which the Nasdaq Stock Market is authorized or required by law or other governmental actions to close or (ii) at any time when the Warrants are not listed on the Nasdaq Stock Market, any day on
which banking institutions in the State of New York generally are authorized or required by law or other governmental actions to close. 
  

 1 

 “Common Stock” means the common stock, par value $1.00 per share, of the
Company. 
 “Definitive Warrant” means a Warrant Certificate in definitive form that is not deposited with the
Depositary or with the Warrant Agent as custodian for the Depositary. 
 “Depositary” means The Depository
Trust Company, its nominees and their respective successors. 
 “Exchange Act” means the U.S. Securities
Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 
 “Exercise Price” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto. 
 “Officer” means the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed by two Officers. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Warrant Agent. Such
counsel may be an employee of or counsel to the Company or the Warrant Agent. 
 “Person” means an individual,
corporation, partnership, joint venture, association, joint-stock company, limited liability company, limited liability partnership, trust, unincorporated organization, or government or any agency or political subdivision thereof or any other
entity. 
 “Shares” has the meaning ascribed to it in the Warrant. 
 “Warrant Certificate” means any fully registered certificate (including a Global Warrant) issued by the Company and
authenticated by the Warrant Agent under this Agreement evidencing Warrants, in the form attached as Exhibit A hereto. 
 “Warrant Share Number” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto. 
 Section 1.02. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Agreement”
	  	Recitals
	 “Company”
	  	Recitals

  

 2 

			
	 Term
	  	Defined in
Section
	 “Global Warrant”
	  	2.01(a)
	 “Holders”
	  	Recitals
	 “Registry”
	  	2.03
	 “Warrant”
	  	Recitals
	 “Warrant Agent”
	  	Recitals

 Section 1.03. Rules of Construction. 
 Unless the text otherwise requires: 
 (i) a defined term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting
principles as in effect on the date hereof; 
 (iii) “or” is not exclusive; 
 (iv) “including” means including, without limitation; and 
 (v) words in the singular include the plural and words in the plural include the singular. 
 ARTICLE II 
 WARRANTS 
 Section 2.01. Form. 
 (a) Global Warrants. Except as provided in Section 2.04 or 2.05, Warrants issued upon any transfer or exchange thereof shall be
issued in the form of one or more permanent global Warrants in fully registered form with the global securities legend set forth in Exhibit A hereto (each, a “Global Warrant”), which shall be deposited on behalf of the Company with
the Warrant Agent, as custodian for the Depositary (or with such other custodian as the Depositary may direct), and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and countersigned by the
Warrant Agent as hereinafter provided. 
 (b) Book-Entry Provisions. This Section 2.01(b) shall apply only to a
Global Warrant deposited with or on behalf of the Depositary. 
 (i) The Company shall execute and the Warrant
Agent shall, in accordance with Section 2.02, countersign, by either manual or facsimile signature, and deliver one or more Global Warrants that (A) shall be registered in the name of the Depositary or the nominee of the Depositary and
(B) shall be delivered by the Warrant

  

 3 

 
Agent to the Depositary or pursuant to the Depositary’s instructions or held by the Warrant Agent as custodian for the Depositary. Each Global Warrant shall be dated the date of its
countersignature. 
 (ii) Agent Members shall have no rights under this Agreement with respect to any Global
Warrant held on their behalf by the Depositary or by the Warrant Agent as the custodian of the Depositary or under such Global Warrant except to the extent set forth herein or in a Warrant Certificate, and the Depositary may be treated by the
Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Global Warrant for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (A) prevent the Company, the Warrant
Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (B) impair, as between the Depositary and the Agent Members, the operation of
customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Warrant. 
 (c) Definitive Securities. Except as provided in Section 2.04 or 2.05, owners of beneficial interests in Global Warrants will not be entitled to receive physical delivery of Definitive Warrants. 
 (d) Warrant Certificates. Warrant Certificates shall be in substantially the form attached as Exhibit A hereto and shall be typed,
printed, lithographed or engraved or produced by any combination of such methods or produced in any other manner permitted by the rules of any securities exchange on which the Warrants may be listed, all as determined by the Officer or Officers
executing such Warrant Certificates, as evidenced by their execution thereof. Any Warrant Certificate shall have such insertions as are appropriate or required or permitted by this Agreement and may have such letters, numbers or other marks of
identification and such legends and endorsements, stamped, printed, lithographed or engraved thereon, (i) as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, (ii) such as may be required
to comply with this Agreement, any law or any rule of any securities exchange on which the Warrants may be listed and (iii) such as may be necessary to conform to customary usage. 
 Section 2.02. Execution and Countersignature. 
 At least one Officer shall sign the Warrant Certificates for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Warrant Certificate no longer holds that office at the time the Warrant Agent countersigns the Warrant Certificate, the Warrants evidenced by such Warrant Certificate
shall be valid nevertheless. 
 The Warrant Agent shall initially countersign, by either manual or facsimile signature, and
deliver Warrant Certificates entitling the Holders thereof to purchase in the aggregate not more than 1,707,456 shares of Common Stock (subject to adjustment as provided in such Warrant Certificates) upon a written order of the Company signed by one
Officer of the Company. Each Warrant Certificate shall be dated the date of its countersignature. 
  

 4 

 At any time and from time to time after the execution of this Agreement, the Warrant Agent
shall upon receipt of a written order of the Company signed by an Officer of the Company countersign for issue a Warrant Certificate evidencing the number of Warrants specified in such order; provided, however, that the Warrant Agent
shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel of the Company that it may reasonably request in connection with such countersignature of Warrants. Such order shall specify the number of Warrants to be evidenced
on the Warrant Certificate to be countersigned, the date on which such Warrant Certificate is to be countersigned and the number of Warrants then authorized. 
 The Warrants evidenced by a Warrant Certificate shall not be valid until an authorized signatory of the Warrant Agent countersigns the Warrant Certificate either manually or by facsimile signature. Such
signature shall be solely for the purpose of authenticating the Warrant Certificate and shall be conclusive evidence that the Warrant Certificate so countersigned has been duly authenticated and issued under this Agreement. 
 Section 2.03. Registry. 
 The Warrants shall be issued in registered form only. The Warrant Agent shall keep a registry (the “Registry”) of the Warrant Certificates and of their transfer and exchange. The Registry
shall show the names and addresses of the respective Holders and the date and number of Warrants evidenced on the face of each of the Warrant Certificates. The Holder of any Global Warrant will be the Depositary or a nominee of the Depositary in
whose name the Global Warrant is registered. The Warrant holdings of Agent Members will be recorded on the books of the Depositary. The beneficial interests in the Global Warrant held by customers of Agent Members will be reflected on the books and
records of such Agent Members and will not be known to the Warrant Agent, the Company or to the Depositary. 
 Except as
otherwise provided herein or in the Warrant Certificate, the Company and the Warrant Agent may deem and treat any Person in whose name a Warrant Certificate is registered in the Registry as the absolute owner of such Warrant Certificate for all
purposes whatsoever and neither the Company nor the Warrant Agent shall be affected by notice to the contrary. 
 Section 2.04. Transfer and Exchange. 
 (a) Transfer and Exchange of Global Warrants. 
 (i) Registration of the transfer and exchange of Global Warrants or beneficial interests therein shall be effected through
the book-entry system maintained by the Depositary, in accordance with this Agreement and the procedures of the Depositary therefor. Subject to the procedures of the Depositary, a transferor of a beneficial interest in a Global Warrant (or the
relevant Agent Member on behalf of such transferor) shall deliver to the Warrant Agent (x) a written order given in accordance with the Depositary’s procedures containing information regarding the account of the Agent

  

 5 

 
Member to be credited with a beneficial interest in the Global Warrant and (y) a written instruction of transfer in form satisfactory to the Warrant Agent, duly executed by the Holder
thereof or by his attorney, duly authorized in writing. Additionally, prior to the Holder registering the transfer or making the exchange as requested, the requirements for such transfer or exchange to be issued in a name other than the registered
Holder shall be met. Such requirements include, inter alia, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable
evidence of authority that may be required by the Warrant Agent. Upon satisfaction of the conditions in this Clause (i), the Warrant Agent shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Agent
Member specified in such instructions a beneficial interest in the Global Warrant and to debit the account of the Agent Member making the transfer of the beneficial interest in the Warrant being transferred. 
 (ii) Notwithstanding any other provisions of this Agreement (other than the provisions set forth in Section 2.05), a
Global Warrant may only be transferred as a whole, and not in part, and only by (i) the Depositary, to a nominee of the Depositary, (ii) a nominee of the Depositary, to the Depositary or another nominee of the Depositary or (iii) the
Depositary or any such nominee to a successor Depositary or its nominee. 
 (iii) In the event that a Global
Warrant is exchanged and transferred for Definitive Warrants pursuant to Section 2.05, such Warrants may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.04 and the
requirements of any Warrant Certificate and such other procedures as may from time to time be adopted by the Company that are not inconsistent with the terms of this Agreement or of any Warrant Certificate. 
 (b) Cancellation or Adjustment of Global Warrant. At such time as all beneficial interests in a Global Warrant have been exchanged
for Definitive Warrants, redeemed, repurchased or canceled, such Global Warrant shall be returned to the Depositary for cancellation or retained and canceled by the Warrant Agent. At any time prior to such cancellation, if any beneficial interest in
a Global Warrant is transferred or exchanged for Definitive Warrants, redeemed, repurchased or canceled, the number of Warrants represented by such Global Warrant shall be reduced and an adjustment shall be made on the books and records of the
Warrant Agent to reflect such reduction. 
 (c) Obligations with Respect to Transfers and Exchanges of Warrants.

 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent shall
countersign, by either manual or facsimile signature, Global Warrants and Definitive Warrants as required pursuant to the provisions of Section 2.02 and this Section 2.04. 
 (ii) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax, assessments or similar governmental charge payable in connection therewith. 
  

 6 

 (iii) All Warrants issued upon any registration of transfer or exchange
pursuant to the terms of this Agreement shall be the valid obligations of the Company, entitled to the same benefits under this Agreement as the Warrants surrendered upon such registration for transfer or exchange. 
 (d) No Obligation of the Warrant Agent. 
 (i) The Warrant Agent shall have no responsibility or obligation to any beneficial owner of a Global Warrant, any Agent Member or other Person with respect to the accuracy of the records of the Depositary
or its nominee or of any participant or member thereof, with respect to any ownership interest in the Warrants or with respect to the delivery to any Agent Member, beneficial owner or other Person (other than the Depositary) of any notice or the
payment of any amount, under or with respect to such Warrants. All notices and communications to be given to the Holders and all payments to be made to Holders under the Warrants shall be given or made only to or upon the order of the registered
Holders (which shall be the Depositary or its nominee in the case of a Global Warrant). The rights of beneficial owners in any Global Warrant shall be exercised through the Depositary subject to the applicable rules and procedures of the Depositary.
The Warrant Agent may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. 
 (ii) The Warrant Agent shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Agreement or under applicable law with respect to any transfer of any interest in any Warrant (including any transfer between or among the Agent Members or beneficial owners in any Global Warrant) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Agreement, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. 
 Section 2.05. Definitive Warrants. 
 (a) Beneficial interests in a Global Warrant deposited with the Depositary or with the Warrant Agent as custodian for the Depositary
pursuant to Section 2.01 shall be transferred pursuant to the requirements set forth in Section 2.04(a)(i) hereof, to each beneficial owner thereof in the form of Definitive Warrants evidencing a number of Warrants equivalent to such
owner’s beneficial interest in such Global Warrant, in exchange for such Global Warrant, only if such transfer complies with Section 2.04 and (i) the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Warrant or if at any time the Depositary ceases to be a “clearing agency” registered under the Exchange Act and, in each such case, a successor Depositary is not appointed by the Company within 90 days of such
notice, (ii) the Company, in its sole discretion, notifies the Warrant Agent in writing that it elects to cause the issuance of Definitive Warrants under this Agreement or (iii) the Company shall be adjudged

  

 7 

 
a bankrupt or insolvent or make an assignment for the benefit of its creditors or institute proceedings to be adjudicated a bankrupt or shall consent to the filing of a bankruptcy proceeding
against it, or shall file a petition or answer or consent seeking reorganization under Federal bankruptcy laws or any other similar applicable Federal or State law, or shall consent to the filing of any such petition, or shall consent 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 all or any substantial part of its
property shall be appointed, or if a public officer shall have taken charge or control of the Company or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation. 
 (b) Any Global Warrant that is transferable to the beneficial owners thereof in the form of Definitive Warrants pursuant to this
Section 2.05 shall be surrendered by the Depositary to the Warrant Agent, to be so transferred, in whole or from time to time in part, without charge, and the Warrant Agent shall countersign, by either manual or facsimile signature, and deliver
to each beneficial owner in the name of such beneficial owner, upon such transfer of each portion of such Global Warrant, Definitive Warrants evidencing a number of Warrants equivalent to such beneficial owner’s beneficial interest in the
Global Warrant. The Warrant Agent shall register such transfer in the Registry, and upon such transfer the surrendered Global Warrant shall be cancelled by the Warrant Agent. 
 (c) All Definitive Warrants issued upon registration of transfer pursuant to this Section 2.05 shall be the valid obligations of the
Company, evidencing the same obligations of the Company and entitled to the same benefits under this Agreement and the Global Warrant surrendered for registration of such transfer. 
 (d) Subject to the provisions of Section 2.05(b), the registered Holder of a Global Warrant may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Agreement or the Warrants. 
 (e) In the event of the occurrence of any of the events specified in Section 2.05(a), the Company will promptly make available to the
Warrant Agent a reasonable supply of Definitive Warrants in definitive, fully registered form. 
 (f) Neither the Company nor
the Warrant Agent will be liable or responsible for any registration or transfer of any Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary. 
 Section 2.06. Replacement Certificates. 
 If a mutilated Warrant Certificate is surrendered to the Warrant Agent or if the Holder of a Warrant Certificate provides proof reasonably satisfactory to the Company and the Warrant Agent that the
Warrant Certificate has been lost, destroyed or wrongfully taken, the Company shall issue and the Warrant Agent shall countersign, by either manual or facsimile signature, a replacement Warrant Certificate of like tenor and representing an
equivalent number of Warrants, if the reasonable requirements of the Warrant Agent and of Section 8-405 of the Uniform Commercial Code as in effect in the State of New York are met. If required by the

  

 8 

 
Warrant Agent or the Company, such Holder shall furnish an indemnity bond sufficient in the reasonable judgment of the Company and the Warrant Agent to protect the Company and the Warrant Agent
from any loss that either of them may suffer if a Warrant Certificate is replaced. The Company and the Warrant Agent may charge the Holder for their expenses in replacing a Warrant Certificate. Every replacement Warrant Certificate evidences an
additional obligation of the Company. 
 Section 2.07. Outstanding Warrants. 
 Warrants outstanding at any time are all Warrants evidenced on all Warrant Certificates authenticated by the Warrant Agent except for those
canceled by it and those delivered to it for cancellation. A Warrant ceases to be outstanding if the Company or an Affiliate of the Company holds the Warrant. 
 If a Warrant Certificate is replaced pursuant to Section 2.06, the Warrants evidenced thereby cease to be outstanding unless the Warrant Agent and the Company receive proof satisfactory to them that
the replaced Warrant Certificate is held by a bona fide purchaser. 
 Section 2.08. Cancellation. 
 In the event the Company shall purchase or otherwise acquire Definitive Warrants, the same shall thereupon be delivered to the Warrant Agent
for cancellation. 
 The Warrant Agent and no one else shall cancel and destroy all Warrant Certificates surrendered for
registration of transfer, exchange, replacement, exercise or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Warrant Agent to deliver canceled Warrant Certificates to the Company. The Company
may not issue new Warrant Certificates to replace Warrant Certificates to the extent they evidence Warrants that have been exercised or Warrants that the Company has purchased or otherwise acquired. 
 Section 2.09. CUSIP Numbers. 
 The Company in issuing the Warrants may use “CUSIP” numbers (if then generally in use) and, if so, the Warrant Agent shall use “CUSIP” numbers in notices as a convenience to Holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Warrant Certificates or as contained in any notice and that reliance may be placed only on
the other identification numbers printed on the Warrant Certificates. 
  

 9 

 ARTICLE III 
 EXERCISE TERMS 
 Section 3.01. Exercise. 
 The Exercise Price of each Warrant, the Warrant Share Number, the number of Warrants evidenced by any Warrant Certificate and the expiration
time of each Warrant shall be set forth in the related Warrant Certificate. The Exercise Price of each Warrant and the Warrant Share Number are subject to adjustment pursuant to the terms set forth in the Warrant Certificate. 
 Section 3.02. Manner of Exercise and Issuance of Shares. 
 Warrants may be exercised in the manner set forth in Section 3 of the Warrant Certificate, and upon any such exercise, Shares shall be issued in the manner set forth in Section 4 of the Warrant
Certificate. 
 Section 3.03. Covenant to Make Stock Certificates Available. 
 (a) The Warrant Agent is hereby authorized to requisition from time to time from any stock transfer agents of the Company stock certificates
required to honor outstanding Warrants upon exercise thereof in accordance with the terms of this Agreement, and the Company agrees to authorize and direct such transfer agents to comply with all such requests of the Warrant Agent. The Company shall
supply such transfer agents with duly executed stock certificates for such purposes and shall provide or otherwise make available any cash or scrip that may be payable upon exercise of Warrants as provided herein and in each Warrant Certificate.

 (b) In connection with the shares of Common Stock to be issued upon exercise, the Company shall, if so requested by the
Warrant Agent, provide an opinion of counsel, stating that all such shares, when issued, will be: 
 (i)
registered, or subject to a valid exemption from registration, under the Securities Act of 1933, as amended, and all material and necessary State securities law filings will have been made with respect to such shares; and 
 (ii) validly issued, fully paid and non-assessable. 
 ARTICLE IV 
 ANTIDILUTION PROVISIONS 
 Section 4.01. Antidilution Adjustments; Notice of Adjustment. 
 The Exercise Price and the Warrant Share Number shall be subject to adjustment from time to time as provided in Section 12 of the
Warrant Certificate. Whenever the Exercise Price or the Warrant Share Number is so adjusted or is proposed to be adjusted as provided in Section 12 of the Warrant Certificate, the Company shall deliver to the Warrant Agent the notices or
statements, and shall cause a copy of such notices or statements to be sent or communicated to each Holder pursuant to Section 6.03, as provided in Sections 12(H) and (I) of the Warrant Certificate. 
  

 10 

 Section 4.02. Adjustment to Warrant Certificate. 
 The form of Warrant Certificate need not be changed because of any adjustment made pursuant to the Warrant Certificate, and Warrant
Certificates issued after such adjustment may state the same Exercise Price and the same Warrant Share Number as are stated in the Warrant Certificates initially issued pursuant to this Agreement. The Company, however, may at any time in its sole
discretion make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such adjustments and that does not affect the substance of the Warrant Certificate, and any Warrant Certificate thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed. 
 ARTICLE V 
 WARRANT AGENT 
 Section 5.01. Appointment of Warrant Agent. 
 The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the provisions of this Agreement and the Warrant Agent hereby accepts such appointment. The Warrant Agent
shall not be liable for anything that it may do or refrain from doing in connection with this Agreement, except for its own gross negligence, willful misconduct or bad faith. 
 Section 5.02. Rights and Duties of Warrant Agent. 
 (a) Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any
obligation or relationship or agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 
 (b) Counsel. The Warrant Agent may consult with counsel satisfactory to it (who may be counsel to the Company), and the 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 accordance with the advice of such counsel. 
 (c) Documents.
The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or thing suffered by it in reliance upon any Warrant Certificate, 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. 
 (d) No
Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are specifically set forth herein and in the Warrant Certificates, and no implied duties or obligations of the Warrant Agent 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 that may involve it in any expense or liability for which it does not receive indemnity if such
indemnity is reasonably requested. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the

  

 11 

 
Warrant Certificates countersigned by the Warrant Agent and delivered by it to the Holders or on behalf of the Holders pursuant to this Agreement or for the application by the Company of the
proceeds of the Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Company 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 with respect to such default, including any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise. 
 (e) Not Responsible for Adjustments or Validity of Stock. The Warrant Agent shall not at any time be under any duty or responsibility
to any Holder to determine whether any facts exist that may require an adjustment of the Warrant Share Number or the Exercise Price, or with respect to the nature or extent of any adjustment when made, or with respect to the method employed, or
herein or in any supplemental agreement provided to be employed, in making the same. The Warrant Agent shall not be accountable with respect to the validity or value of any Shares or of any securities or property that may at any time be issued or
delivered upon the exercise of any Warrant or upon any adjustment pursuant to Section 12 of the Warrant Certificate, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company
to make any cash payment or to issue, transfer or deliver any Shares or stock certificates upon the surrender of any Warrant Certificate for the purpose of exercise or upon any adjustment pursuant to Section 12 of the Warrant Certificate, or to
comply with any of the covenants of the Company contained in the Warrant Certificate. 
 (f) If the Warrant Agent shall receive
any notice or demand (other than Notice of Exercise of Warrants) addressed to the Company by the Holder of a Warrant, the Warrant Agent shall promptly forward such notice or demand to the Company. 
 Section 5.03. Individual Rights of Warrant Agent. 
 The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or its affiliates or become
pecuniarily interested in transactions in which the Company or its affiliates may be interested, or contract with or lend money to the Company or its affiliates or otherwise act as fully and freely as though it were not the Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 
 Section 5.04. Warrant Agent’s Disclaimer. 
 The Warrant Agent shall not
be responsible for, and makes no representation as to the validity or adequacy of, this Agreement or the Warrant Certificates and it shall not be responsible for any statement in this Agreement or the Warrant Certificates other than its
countersignature thereon. 
 Section 5.05. Compensation and Indemnity. 
 (a) The Company agrees to pay the Warrant Agent from time to time reasonable compensation for its services as agreed and to reimburse the
Warrant Agent upon request for all

  

 12 

 
reasonable out-of-pocket expenses incurred by it, including the reasonable compensation and expenses of the Warrant Agent’s agents and counsel as agreed. The Company shall indemnify the
Warrant Agent, its officers, directors, agents and counsel against any loss, liability or expense (including reasonable agents’ and attorneys’ fees and expenses) incurred by it without gross negligence, willful misconduct or bad faith on
its part arising out of or in connection with the acceptance or performance of its duties under this Agreement. The Warrant Agent shall notify the Company promptly of any claim for which it may seek indemnity. The Company need not reimburse any
expense or indemnify against any loss or liability incurred by the Warrant Agent through willful misconduct, gross negligence or bad faith. The Company’s payment obligations pursuant to this Section shall survive the termination of this
Agreement. 
 (b) The Warrant Agent shall be responsible for and shall indemnify and hold the Company harmless from and against
any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of or attributable to the Warrant Agent’s refusal or failure to comply with the terms of this Agreement, or which arise out of Warrant
Agent’s gross negligence, bad faith or willful misconduct or which arise out of the breach of any representation or warranty of the Warrant Agent hereunder, for which the Warrant Agent is not entitled to indemnification under this Agreement;
provided, however, the Warrant Agent’s aggregate liability hereunder during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, whether in contract, or in tort, or otherwise, is
limited to, and shall not exceed, the amounts paid hereunder by the Company to the Warrant Agent as fees and charges, but not including reimbursable expenses. 
 To secure the Company’s payment obligations under this Agreement, the Warrant Agent shall have a lien prior to the Holders on all money or property held or collected by the Warrant Agent. 

Section 5.06. Successor Warrant Agent. 
 (a) Company to Provide and Maintain Warrant Agent. The Company agrees for the benefit of the Holders that there shall at all times be a Warrant Agent hereunder until all the Warrants have been
exercised or cancelled or are no longer exercisable. 
 (b) Resignation and Removal. The Warrant Agent may at any time
resign by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided, however, that such date shall not be less than 60 days after the date
on which such notice is given unless the Company otherwise agrees. 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 Company and specifying such removal and the
date when it shall become effective, which date shall not be less than 60 days after such notice is given unless the Warrant Agent otherwise agrees. Any removal under this Section shall take effect upon the appointment by the Company as hereinafter
provided of a successor Warrant Agent (which shall be (i) a bank or trust company, (ii) organized under the laws of the United States of America or one of the states thereof, (iii) authorized under the laws of the jurisdiction of its
organization to exercise corporate trust powers, (iv) having a combined capital and surplus of at least $50,000,000 (as set forth in its most recent reports of condition published pursuant to law or to the requirements of any United States
federal or state regulatory or supervisory

  

 13 

 
authority) and (v) having an office in the Borough of Manhattan, The City of New York) and the acceptance of such appointment by such successor Warrant Agent. The obligations of the Company
under Section 5.05 shall continue to the extent set forth herein notwithstanding the resignation or removal of the Warrant Agent. 
 (c) Company to Appoint Successor. In the event that at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or shall commence a voluntary case
under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or State bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian,
liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as
they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under
the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the
appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or
affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. In the
event that a successor Warrant Agent is not appointed by the Company, a successor Warrant Agent, qualified as aforesaid, may be appointed by the Warrant Agent or the Warrant Agent may petition a court to appoint a successor Warrant Agent. Upon the
appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder; provided, however, that in the event of the
resignation of the Warrant Agent under this subsection (c), such resignation shall be effective on the earlier of (i) the date specified in the Warrant Agent’s notice of resignation and (ii) the appointment and acceptance of a
successor Warrant Agent hereunder. 
 (d) Successor to Expressly Assume Duties. Any successor Warrant Agent appointed
hereunder shall execute, acknowledge and deliver to its predecessor and to the Company 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 rights 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) Successor by Merger. Any corporation into which the Warrant Agent hereunder may be merged or consolidated, or any corporation
resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all of its assets and business, 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; provided, however, that it shall be qualified as aforesaid. 
  

 14 

 Section 5.07. Representations of the Company. The Company represents and warrants to
the Warrant Agent that: 
 (a) the Company has been duly organized and is validly existing under the laws of the jurisdiction of
its incorporation; 
 (b) this Agreement has been duly authorized, executed and delivered by the Company and is enforceable
against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting the enforcement of creditors’ rights generally; and 
 (c) the execution and delivery of this Agreement does not, and the issuance of the Warrants in accordance with the terms of this Agreement
and the Warrant Certificate will not, (i) violate the Company’s certificate of incorporation or by-laws, (ii) violate any law or regulation applicable to the Company or order or decree of any court or public authority having
jurisdiction over the Company, or (iii) result in a breach of any mortgage, indenture, contract, agreement or undertaking to which the Company is a party or by which it is bound, except in the case of (ii) and (iii) for any violations
or breaches that could not reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole. 
 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.01. Persons Benefitting. 
 Nothing in this Agreement is intended or shall be construed to confer upon any Person other than the Company, the Warrant Agent and the Holders any right, remedy or claim under or by reason of this
Agreement or any part hereof. 
 Section 6.02. Amendment. 
 This Agreement and the Warrants may be amended by the parties hereto without the consent of any Holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or therein or adding or changing any other provisions with respect to matters or questions arising under this Agreement or the Warrants as the Company and
the Warrant Agent may deem necessary or desirable; provided, however, that such action shall not adversely affect the rights of any of the Holders in any material respect. Any amendment or supplement to this Agreement or the Warrants
that has a material adverse effect on the interests of any of the Holders or owners of a beneficial interest in a Global Warrant shall require the written consent of the Holders of a majority of the then outstanding Warrants; provided that
the consent of each Holder affected thereby shall be required for any amendment pursuant to which (i) the Exercise Price would be increased or the Warrant Share Number would be decreased (in each case, other than pursuant to adjustments
provided for in Section 12 of the Warrant Certificate), (ii) the time period during which the

  

 15 

 
Warrants are exercisable would be shortened or (iii) any change adverse to the Holder would be made to the anti-dilution provisions set forth in Article IV of this Agreement or
Section 12 of the Warrant Certificate. In determining whether the Holders of the required number of Warrants have concurred in any direction, waiver or consent, Warrants owned by the Company or by any Affiliate of the Company shall be
disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Warrant Agent shall be protected in relying on any such direction, waiver or consent, only Warrants that the Warrant Agent knows are so owned shall
be so disregarded. Also, subject to the foregoing, only Warrants outstanding at the time shall be considered in any such determination. The Warrant Agent shall have no duty to determine whether any such amendment would have an effect on the rights
or interests of the holders of the Warrants. Upon receipt by the Warrant Agent of an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the execution of the amendment have been complied with and such
execution is permitted by this Agreement and the Warrant Certificate, the Warrant Agent shall join in the execution of such amendment; provided, that the Warrant Agent may, but shall not be obligated to, execute any amendment or supplement
which affects the rights or changes or increases the duties or obligations of the Warrant Agent. 
 Section 6.03. Notices.

 Any notice or communication shall be in writing and delivered in person or mailed by first-class mail addressed as follows:

 if to the Company: 
 Washington Federal, Inc. 
 425 Pike Street 
 Seattle, WA 98101 
 Telephone: (206) 624-7930 
 Facsimile: (206) 624-2334 
 Attention: Edwin C. Hedlund 
 with a copy to: 
 Arnold & Porter LLP 
 555 12th St., N.W. 
 Washington, D.C. 20004 
 Telephone: (202) 942-5998 
 Facsimile: (202) 942-5999 
 Attention: Steven Kaplan 
 if to the Warrant Agent: 
 American Stock Transfer & Trust Company, LLC 
 Telephone: (718) 921-8208 
 Facsimile: (718) 234-5001 
 Attention: Geraldine Zarbo 
  

 16 

 The Company or the Warrant Agent by notice to the other may designate additional or
different addresses for subsequent notices or communications. 
 Unless the Warrant is a Global Warrant, any notice or
communication mailed to a Holder shall be mailed to the Holder at the Holder’s address as it appears on the Registry and shall be sufficiently given if so mailed within the time prescribed. Any notice to the owners of a beneficial interest in a
Global Warrant shall be distributed through the Depositary in accordance with the procedures of the Depositary. Communications to such Holder shall be deemed to be effective at the time of dispatch to the Depositary. 
 Failure to provide a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is provided in the manner provided above, it is duly given, whether or not the intended recipient actually receives it. 
 Section 6.04. Governing Law. 
 This Agreement will be governed by and
construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
 Section 6.05. Successors. 
 All agreements of the Company in this Agreement
and the Warrants shall bind its successors. All agreements of the Warrant Agent in this Agreement shall bind its successors. 
 Section 6.06. Multiple Originals. 
 The parties may sign any number of copies of this Agreement. Each signed copy
shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Agreement. 
 Section 6.07. Inspection of Agreement. 
 A copy of this Agreement shall be made available at all reasonable times
for inspection by any registered Holder or owner of a beneficial interest in a Global Warrant at the principal office of the Warrant Agent (or successor warrant agent). 
 Section 6.08. Table of Contents. 
 The table of contents and headings of the
Articles and Sections of this Agreement have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 Section 6.09. Severability. 
 The provisions of this Agreement are severable, and if any clause or provision shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such

  

 17 

 
invalidity or unenforceability shall affect in that jurisdiction only such clause or provision, or part thereof, and shall not in any manner affect such clause or provision in any other
jurisdiction or any other clause or provision of this Agreement in any jurisdiction. 
  

 18 

 IN WITNESS WHEREOF, the parties have caused this Warrant Agreement to be duly
executed as of the date first written above. 
  

			
	WASHINGTON FEDERAL, INC.
		
	by	 	  

		 	Name:
		 	Title:
	
	 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
 as Warrant Agent,

		
	by	 	  

		 	Name:
		 	Title:

  

 19 

 EXHIBIT A 
 FORM OF WARRANT 
  

 20 

 EXHIBIT A 
 FORM OF WARRANT 
 Global Securities Legend 
 UNLESS THIS GLOBAL WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL WARRANT
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO ON THE REVERSE HEREOF. 
  

 1 

 GLOBAL WARRANT 
 representing 
 WARRANTS 
 to purchase 
 Shares of 
 Common Stock 
 of 
 Washington Federal, Inc. 
  

			
	No.         	 	CUSIP No: 938824 117

 1.
Definitions. Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated. Any capitalized terms used but not defined herein that are defined in the Warrant Agreement shall have the meanings
set forth in the Warrant Agreement. 
 “Affiliate” means, with respect to any Person, any Person directly or
indirectly controlling, controlled by or under common control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control
with”) when used with respect to any Person, means the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such Person, whether through the ownership of voting securities by contract or
otherwise. 
 “Agent Members” means the securities brokers and dealers, banks and trust companies, clearing
organizations and certain other organizations that are participants in the Depositary’s system. 
 “Board of
Directors” means the board of directors of the Company, including any duly authorized committee thereof. 
 “Business Combination” means a merger, consolidation, statutory share exchange or similar transaction that requires the approval of the Company’s stockholders. 
 “business day” means any day except Saturday, Sunday and (i) at any time when the Warrants are listed on the Nasdaq
Stock Market, any day on which the Nasdaq Stock Market is authorized or required by law or other governmental actions to close or (ii) at any time when the Warrants are not listed on the Nasdaq Stock Market, any day on which banking
institutions in the State of New York generally are authorized or required by law or other governmental actions to close. 
 “Capital Stock” means (A) with respect to any Person that is a corporation or company, any and all shares, interests, participations or other equivalents (however designated) of capital or capital stock of such Person
and (B) with respect to any Person that is not a corporation or company, any and all partnership or other equity interests of such Person. 
  

 2 

 “Charter” means, with respect to any Person, its certificate or articles of
incorporation, articles of association, or similar organizational document. 
 “Common Stock” means the common
stock, par value $1.00 per share, of the Company. 
 “Company” means Washington Federal, Inc., a corporation
duly organized and existing under the laws of Washington. 
 “Definitive Warrant” means a Warrant Certificate
in definitive form that is not deposited with the Depositary or with the Warrant Agent as custodian for the Depositary. 
 “Depositary” means The Depository Trust Company, its nominees and their respective successors. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 
 “Exercise Price” means $17.57, subject to adjustment as set forth herein. 
 “Expiration Time” has the meaning set forth in Section 3. 
 “Fair Market Value” means, with respect to any security or other property, the fair market value of such security or other
property as determined by the Board of Directors, acting in good faith. 
 “Global Warrant” means a Warrant
Certificate in global form that is deposited with the Depositary or with the Warrant Agent as custodian for the Depositary. 
 “Governmental Entities” means, collectively, all United States and other governmental, regulatory or judicial authorities. 
 “Issue Date” means November 14, 2008. 
 “Market
Price” means, with respect to a particular security, on any given day, the last reported sale price regular way or, in case no such reported sale takes place on such day, the average of the last closing bid and ask prices regular way, in
either case on the principal national securities exchange on which the applicable securities are listed or admitted to trading, or if not listed or admitted to trading on any national securities exchange, the average of the closing bid and ask
prices as furnished by two members of the Financial Industry Regulatory Authority, Inc. selected from time to time by the Company for that purpose. “Market Price” shall be determined without reference to after hours or extended hours
trading. If such security is not listed and traded in a manner that the quotations referred to above are available for the period required hereunder, the Market Price per share of Common Stock shall be deemed to be the fair market value per share of
such security as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the Company for this purpose; provided that if any such security
is listed or traded on a non-U.S. market, such fair market value shall be determined by reference to the closing price of such security as of the end of the most recently ended business day in such market prior to the date of

  

 3 

 
determination; and further provided that if making such determination requires the conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be
done in accordance with customary procedures based on the relevant noon buying rate published by the Federal Reserve Bank of New York on such exercise date. For the purposes of determining the Market Price of the Common Stock on the “trading
day” preceding, on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after the regular scheduled closing time of trading on the Nasdaq Global Select Market or, if trading is closed at an
earlier time, such earlier time and (ii) that trading day shall end at the next regular scheduled closing time, or if trading is closed at an earlier time, such earlier time (for the avoidance of doubt, and as an example, if the Market Price is
to be determined as of the last trading day preceding a specified event and the closing time of trading on a particular day is 4:00 p.m. and the specified event occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to
such 4:00 p.m. closing price). 
 “Ordinary Cash Dividends” means a regular quarterly cash
dividend on shares of Common Stock out of surplus or net profits legally available therefor (determined in accordance with generally accepted accounting principles in effect from time to time), provided that Ordinary Cash
Dividends shall not include any cash dividends paid subsequent to the Issue Date to the extent the aggregate per share dividends paid on the outstanding Common Stock in any quarter exceed $0.21, as adjusted for any stock split, stock dividend,
reverse stock split, reclassification or similar transaction. 
 “Person” has the meaning given to it in
Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. 
 “Per
Share Fair Market Value” has the meaning set forth in Section 12(B). 
 “Pro Rata Repurchases”
means any purchase of shares of Common Stock by the Company or any Affiliate thereof pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or
(B) any other offer available to substantially all holders of Common Stock, in the case of both (A) or (B), whether for cash, shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company
or any other Person or any other property (including, without limitation, shares of Capital Stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while this Warrant Certificate is outstanding.
The “Effective Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange by the Company under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect
to any Pro Rata Repurchase that is not a tender or exchange offer. 
 “SEC” means the U.S. Securities and
Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, or any successor
statute, and the rules and regulations promulgated thereunder. 
 “Shares” has the meaning set forth in
Section 2. 
  

 4 

 “trading day” means (A) if the shares of Common Stock are not traded
on any national or regional securities exchange or association or over-the-counter market, a business day or (B) if the shares of Common Stock are traded on any national or regional securities exchange or association or over-the-counter market,
a business day on which such relevant exchange or quotation system is scheduled to be open for business and on which the shares of Common Stock (i) are not suspended from trading on any national or regional securities exchange or association or
over-the-counter market for any period or periods aggregating one half hour or longer; and (ii) have traded at least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for
the trading of the shares of Common Stock. The term “trading day” with respect to any security other than the Common Stock shall have a correlative meaning based on the primary exchange or quotation system on which such security is listed
or traded. 
 “Transfer Agent” means American Stock Transfer & Trust Company, LLC, as transfer agent
of the Company, and any successor transfer agent. 
 “U.S. GAAP” means United States generally accepted
accounting principles. 
 “Warrant” means a right to purchase a number of shares of the Company’s Common
Stock equal to the Warrant Share Number as provided herein. References herein to “Warrant” shall include the Global Warrant where the context requires. 
 “Warrant Certificate” means a fully registered certificate evidencing Warrants. 
 “Warrantholder” means a registered owner of Warrants as set forth in the Registry. 
 “Warrant Share Number” means one share of Common Stock, as subsequently adjusted pursuant to the terms of this Warrant and the Warrant Agreement. 
 “Warrant Agreement” has the meaning set forth in Section 16. 
 2. Number of Shares; Exercise Price. This certifies that, for value received, Cede & Co., and any of its registered assigns,
is the registered owner of the number of Warrants set forth on Schedule A hereto, each of which entitles the Warrantholder to purchase from the Company, upon the terms and subject to the conditions hereinafter set forth, a number of fully paid and
nonassessable shares of Common Stock (each a “Share” and collectively the “Shares”) equal to the Warrant Share Number at a purchase price per share equal to the Exercise Price. The Warrant Share Number and the
Exercise Price are subject to adjustment as provided herein, and all references to “Warrant Share Number” and “Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments. 
 3. Exercise of Warrant; Term. Subject to Section 2, to the extent permitted by applicable laws and regulations, all or a portion
of the Warrants evidenced by Warrant Certificate are exercisable by the Warrantholder, at any time or from time to time after the

  

 5 

 
execution and delivery of this Warrant Certificate by the Company on the date hereof, but in no event later than 5:00 p.m., New York City time on the tenth anniversary of the Issue Date (the
“Expiration Time”), by (A) delivery to the Warrant Agent of a Notice of Exercise in the form annexed hereto, duly completed and executed (or to the Company or to such other office or agency of the Company in the United
States as the Company may designate by notice in writing to the Warrantholders pursuant to Section 18), and (B) payment of the Exercise Price for the Shares thereby purchased by having the Company withhold, from the shares of Common Stock
that would otherwise be delivered to such Warrantholder upon such exercise, Shares issuable upon exercise of the Warrants so exercised equal in value to the aggregate Exercise Price as to such Shares, based on the Market Price of the Common Stock on
the trading day on which such Warrants are exercised and the Notice of Exercise is delivered to the Warrant Agent pursuant to this Section 3. For the avoidance of doubt, if Warrants are exercised such that the Exercise Price would exceed the
value of the Shares issuable upon exercise, no amount shall be due and payable by the Warrantholder to the Company. In the case of a Global Warrant, any person with a beneficial interest in such Global Warrant shall effect compliance with the
requirements in clauses (A) and (B) above through the relevant Agent Member in accordance with procedures of the Depositary. 
 In the case of a Global Warrant, whenever some but not all of the Warrants represented by such Global Warrant are exercised in accordance with the terms thereof and of the Warrant Agreement, such Global Warrant shall be surrendered by the
Warrantholder to the Warrant Agent, which shall cause an adjustment to be made to Schedule A to such Global Warrant so that the number of Warrants represented thereby will be equal to the number of Warrants theretofor represented by such Global
Warrant less the number of Warrants then exercised. The Warrant Agent shall thereafter promptly return such Global Warrant to the Warrantholder or its nominee or custodian. In the case of a Definitive Warrant, whenever some but not all of the
Warrants represented by such Definitive Warrant are exercised in accordance with the terms thereof and of the Warrant Agreement, the Warrantholder shall be entitled, at the request of such Warrantholder, to receive from the Company within a
reasonable time, and in any event not exceeding three business days, a new Definitive Warrant in substantially identical form for the number of Warrants equal to the number of Warrants theretofor represented by such Definitive Warrant less the
number of Warrants then exercised. 
 If this Warrant Certificate shall have been exercised in full, the Warrant Agent shall
promptly cancel such certificate following its receipt from the Warrantholder or the Depositary, as applicable. 
 Notwithstanding anything in this Warrant Certificate to the contrary, in the case of Warrants evidenced by a Global Warrant any Agent Member may, without the consent of the Warrant Agent or any other person, on its own behalf and on behalf
of any beneficial owner for which it is acting, enforce, and may institute and maintain, any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, its right to exercise, and to receive Shares for, its
Warrants as provided in the Global Warrant, and to enforce the Warrant Agreement. 
 4. Issuance of Shares; Authorization;
Listing. Shares issued upon exercise of Warrants evidenced by this Warrant Certificate shall be (i) issued in such name or names as the

  

 6 

 
exercising Warrantholder may designate and (ii) delivered by the Transfer Agent to such Warrantholder or its nominee or nominees (A) via book-entry transfer crediting the account of
such Warrantholder (or the relevant Agent Member for the benefit of such Warrantholder) through the Depositary’s DWAC system (if the Transfer Agent participates in such system), or (B) otherwise in certificated form by physical delivery to
the address specified by the Warrantholder in the Notice of Exercise. The Company shall use its commercially reasonable efforts to cause its Transfer Agent to be a participant in the Depositary’s DWAC system. The Company shall cause the number
of full Shares to which such Warrantholder shall be entitled to be so delivered by the Transfer Agent within a reasonable time, not to exceed three business days after the date on which Warrants evidenced by this Warrant Certificate have been duly
exercised in accordance with the terms hereof. 
 The Company hereby represents and warrants that any Shares issued upon the
exercise of Warrants evidenced by this Warrant Certificate in accordance with the provisions of Section 3 will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than liens
or charges created by a Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Shares so issued will
be deemed to have been issued to a Warrantholder as of the close of business on the date on which Warrants evidenced by this Warrant Certificate have been duly exercised, notwithstanding that the stock transfer books of the Company may then be
closed or certificates representing such Shares may not be actually delivered on such date. The Company will at all times until the Expiration Time (or, if such date shall not be a business day, then on the next succeeding business day) reserve and
keep available, out of its authorized but unissued Common Stock, solely for the purpose of providing for the exercise of Warrants evidenced by this Warrant Certificate, the aggregate number of shares of Common Stock then issuable upon exercise
hereof at any time. The Company will (A) procure, at its sole expense, the listing of the Shares issuable upon exercise hereof at any time, subject to issuance or notice of issuance, on all principal stock exchanges on which the Common Stock is
then listed or traded and (B) maintain such listings of such Shares at all times after issuance. The Company will use reasonable best efforts to ensure that the Shares may be issued without violation of any applicable law or regulation or of
any requirement of any securities exchange on which the Shares are listed or traded. 
 5. No Fractional Shares or Scrip.
No fractional Shares or scrip representing fractional Shares shall be issued upon any exercise of Warrants evidenced by this Warrant Certificate. In lieu of any fractional Share which would otherwise be issued to a Warrantholder upon the exercise of
any Warrants, such Warrantholder shall be entitled to receive a cash payment equal to the Market Price of the Common Stock on the date of exercise representing such fractional Share. The beneficial owners of the Warrants and the Warrantholder, by
their acceptance hereof, expressly waive their right to receive any fraction of a share of Common Stock or a certificate representing a fraction of a share of Common Stock or Warrant Certificate representing a fractional Warrant upon exercise of any
Warrant. 
 6. No Rights as Stockholders; Transfer Books. Warrants evidenced by this Warrant Certificate do not entitle
the Warrantholder or the owner of any beneficial interest in such Warrants to any voting rights or other rights as a stockholder of the Company prior to the date of exercise hereof. The Company will at no time close its transfer books against
transfer of Warrants in any manner which interferes with the timely exercise hereof. 
  

 7 

 7. Charges, Taxes and Expenses. Issuance of Shares in certificated or book-entry form
to the Warrantholder upon the exercise of Warrants evidenced by this Warrant Certificate shall be made without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such Shares (other
than liens or charges created by a Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith), all of which taxes and expenses shall be
paid by the Company. 
 8. Transfer/Assignment. This Warrant Certificate and all rights hereunder are transferable, in
whole or in part, upon the books of the Company (or an agent duly appointed by the Company) by the registered holder hereof in person or by duly authorized attorney, and one or more new Warrant Certificates shall be made and delivered by the
Company, of the same tenor and date as this Warrant Certificate but registered in the name of one or more transferees, upon surrender of this Warrant Certificate, duly endorsed, to the office or agency of the Company described in Section 3;
provided that if this Warrant Certificate is a Global Warrant registered in the name of the Depositary, transfers of such Global Warrant may only be made as a whole, and not in part, and only by (i) the Depositary to a nominee of the
Depositary, (ii) a nominee of the Depositary to the Depositary or another nominee of the Depositary or (iii) the Depositary or any such nominee to a successor Depositary or its nominee. All expenses (other than stock transfer taxes) and
other charges payable in connection with the preparation, execution and delivery of the new Warrants pursuant to this Section 8 shall be paid by the Company. 
 If this Warrant Certificate is a Global Warrant, then so long as the Global Warrant is registered in the name of the Depositary, the holders of beneficial interests in the Warrants evidenced thereby shall
have no rights under this Agreement with respect to the Global Warrant held on their behalf by the Depositary or the Warrant Agent as its custodian, and the Depositary may be treated by the Company, the Warrant Agent and any agent of the Company or
the Warrant Agent as the absolute owner of the Global Warrant for all purposes whatsoever except to the extent set forth herein. Accordingly, any such owner’s beneficial interest in the Global Warrant will be shown only on, and the transfer of
such interest shall be effected only through, records maintained by the Depositary or the Agent Members, and neither the Company nor the Warrant Agent shall have any responsibility with respect to such records maintained by the Depositary or the
Agent Members. Notwithstanding the foregoing, nothing herein shall (i) prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or (ii) impair, as between the Depositary and the Agent Members, the operation of customary practices governing the exercise of the rights of a holder of a beneficial interest in any Warrant. Except as may otherwise
be provided in this Warrant Certificate or the Warrant Agreement, the rights of beneficial owners in a Global Warrant shall be exercised through the Depositary subject to the applicable procedures of the Depositary. Any holder of the Global Warrant
shall, by acceptance of the Global Warrant, agree that transfers of beneficial interests in the Global Warrant may be effected only through a book-entry system maintained by the Depositary, and that ownership of a beneficial interest in the Warrants
represented thereby shall be required to be reflected in book-entry form. 
  

 8 

 A Global Warrant shall be exchanged for Definitive Warrants, and Definitive Warrants may be
transferred or exchanged for a beneficial interest in a Global Warrant, only at such times and in the manner specified in the Warrant Agreement. The holder of a Global Warrant may grant proxies and otherwise authorize any person, including Agent
Members and persons that may hold beneficial interests in such Global Warrant through Agent Members, to take any action that a Warrantholder is entitled to take under a Warrant or the Warrant Agreement. 
 9. Exchange and Registry of Warrants. This Warrant Certificate is exchangeable, upon the surrender hereof by the Warrantholder to the
Company, for a new Warrant Certificate or Warrant Certificates of like tenor and representing the same aggregate number of Warrants. The Company or an agent duly appointed by the Company (which initially shall be the Warrant Agent) shall maintain a
Registry showing the name and address of the Warrantholder as the registered holder of this Warrant Certificate. This Warrant Certificate may be surrendered for exchange or exercise in accordance with its terms, at the office of the Company or any
such agent, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such Registry. 
 10. Loss, Theft, Destruction or Mutilation of Warrant Certificate. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate, and in the case of
any such loss, theft or destruction, upon receipt of a bond, indemnity or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant Certificate, the Company shall make
and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of like tenor and representing the same aggregate number of Warrants as provided for in such lost, stolen, destroyed or mutilated
Warrant Certificate. 
 11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action
or the expiration of any right required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day. 
 12. Adjustments and Other Rights. The Exercise Price and the Warrant Share Number shall be subject to adjustment from time to time as
follows; provided that if more than one subsection of this Section 12 is applicable to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall cause an adjustment under more than one
subsection of this Section 12 so as to result in duplication: 
 (A) Stock Splits, Subdivisions, Reclassifications or
Combinations. If the Company shall (i) declare and pay a dividend or make a distribution on its Common Stock in shares of

  

 9 

 
Common Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock into a greater number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock
into a smaller number of shares, the Warrant Share Number at the time of the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so that the
holder of a Warrant after such date shall be entitled to purchase the number of shares of Common Stock which such holder would have owned or been entitled to receive in respect of the Warrant Share Number had such Warrant been exercised immediately
prior to such date. In such event, the Exercise Price in effect immediately prior to the record date for such dividend or distribution or the effective date of such subdivision, combination or reclassification shall be adjusted by multiplying such
Exercise Price by the quotient of (x) the Warrant Share Number immediately prior to such adjustment divided by (y) the new Warrant Share Number determined pursuant to the immediately preceding sentence. 
 (B) Other Distributions. In case the Company shall fix a record date for the making of a distribution to all holders of shares of its
Common Stock of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its Common Stock and other dividends or distributions referred to in Section 12(A)), in each such case, the
Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price determined by multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x) the Market Price of the
Common Stock on the last trading day preceding the first date on which the Common Stock trades regular way on the principal national securities exchange on which the Common Stock is listed or admitted to trading without the right to receive such
distribution, minus the amount of cash and/or the Fair Market Value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common Stock (such amount and/or Fair Market Value, the
“Per Share Fair Market Value”) divided by (y) such Market Price on such date specified in clause (x); such adjustment shall be made successively whenever such a record date is fixed. In such event, the Warrant Share Number
shall be increased to the number obtained by multiplying the Warrant Share Number immediately prior to such adjustment by the quotient of (x) the Exercise Price in effect immediately prior to the distribution giving rise to this adjustment
divided by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. In the case of adjustment for a cash dividend that is, or is coincident with, a regular quarterly cash dividend, the Per Share Fair Market
Value would be reduced by the per share amount of the portion of the cash dividend that would constitute an Ordinary Cash Dividend. In the event that such distribution is not so made, the Exercise Price and the Warrant Share Number then in effect
shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price and the Warrant Share Number
that would then be in effect if such record date had not been fixed. 
 (C) Certain Repurchases of Common Stock. In case
the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction
of which the numerator shall be (i) the product of (x) the number of shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market Price of a share of Common Stock on the trading day immediately
preceding the first

  

 10 

 
public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which
the denominator shall be the product of (i) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so repurchased and (ii) the Market Price per share of
Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such event, the Warrant Share Number shall be increased to the number
obtained by multiplying the Warrant Share Number immediately prior to such adjustment by the quotient of (x) the Exercise Price in effect immediately prior to the Pro Rata Repurchase giving rise to this adjustment divided by (y) the new
Exercise Price determined in accordance with the immediately preceding sentence. For the avoidance of doubt, no increase to the Exercise Price or decrease in the Warrant Share Number shall be made pursuant to this Section 12(C). 
 (D) Business Combinations. In case of any Business Combination or reclassification of Common Stock (other than a reclassification of
Common Stock referred to in Section 12(A)), a Warrantholder’s right to receive Shares upon exercise of a Warrant shall be converted into the right to exercise such Warrant to acquire the number of shares of stock or other securities or
property (including cash) which the Common Stock issuable (at the time of such Business Combination or reclassification) upon exercise of such Warrant immediately prior to such Business Combination or reclassification would have been entitled to
receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Warrantholder shall be appropriately adjusted
so as to be applicable, as nearly as may reasonably be, to such Warrantholder’s right to exercise a Warrant in exchange for any shares of stock or other securities or property pursuant to this paragraph. In determining the kind and amount of
stock, securities or the property receivable upon exercise of a Warrant following the consummation of such Business Combination, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon consummation
of such Business Combination, then the consideration that a Warrantholder shall be entitled to receive upon exercise shall be deemed to be the types and amounts of consideration received by the majority of all holders of the shares of Common Stock
that affirmatively make an election (or of all such holders if none make an election). For purposes of determining any amount to be withheld pursuant to Section 3 from stock, securities or the property that would otherwise be delivered to a
Warrantholder upon exercise of Warrants following any Business Combination, the amount of such stock, securities or property to be withheld shall have a Market Price equal to the aggregate Exercise Price as to which such Warrants are so exercised,
based on the fair market value of such stock, securities or property on the trading day on which such Warrants are exercised and the Notice of Exercise is delivered to the Warrant Agent; provided that in the case of any property that is not a
security, the Market Price of such property shall be deemed to be its fair market value as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking firm retained by the
Company for this purpose; and further provided that if making such determination requires the conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with customary procedures
based on the relevant noon buying rate published by the Federal Reserve Bank of New York on such exercise date. 
  

 11 

 (E) Rounding of Calculations; Minimum Adjustments. All
calculations under this Section 12 shall be made to the nearest one-tenth ( 1/10th) of a cent or to the nearest one-hundredth ( 1/100th) of a share, as the case may be. Any provision of this Section 12 to the contrary notwithstanding, no adjustment in the Exercise Price or the Warrant Share Number
shall be made if the amount of such adjustment would be less than $0.01 or one-tenth ( 1/10th) of a share of Common Stock, but any such amount shall be carried forward and an adjustment with respect thereto shall be made at the time of and together with any subsequent adjustment which,
together with such amount and any other amount or amounts so carried forward, shall aggregate $0.01 or  1/10
th of a share of Common Stock, or more, or on exercise of a Warrant if it shall earlier occur. 
 (F) Timing of Issuance of Additional Common Stock Upon Certain Adjustments. In any case in which the provisions of this
Section 12 shall require that an adjustment shall become effective immediately after a record date for an event, the Company may defer until the occurrence of such event (i) issuing to a Warrantholder of Warrants exercised after such
record date and before the occurrence of such event the additional shares of Common Stock issuable upon such exercise by reason of the adjustment required by such event over and above the shares of Common Stock issuable upon such exercise before
giving effect to such adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional share of Common Stock; provided, however, that the Company upon request shall deliver to such Warrantholder a due
bill or other appropriate instrument evidencing such Warrantholder’s right to receive such additional shares, and such cash, upon the occurrence of the event requiring such adjustment. 
 (G) Other Events. Neither the Exercise Price nor the Warrant Share Number shall be adjusted in the event of a change in the par value
of the Common Stock or a change in the jurisdiction of incorporation of the Company. 
 (H) Statement Regarding
Adjustments. Whenever the Exercise Price or the Warrant Share Number shall be adjusted as provided in Section 12, the Company shall forthwith file at the principal office of the Company a statement showing in reasonable detail the facts
requiring such adjustment and the Exercise Price that shall be in effect and the Warrant Share Number after such adjustment. The Company shall deliver to the Warrant Agent a copy of such statement and shall cause a copy of such statement to be sent
or communicated to the Warrantholders pursuant to Section 18. 
 (I) Notice of Adjustment Event. In the event that
the Company shall propose to take any action of the type described in this Section 12 (but only if the action of the type described in this Section 12 would result in an adjustment in the Exercise Price or the Warrant Share Number or a
change in the type of securities or property to be delivered upon exercise of a Warrant), the Company shall deliver to the Warrant Agent a notice and shall cause such notice to be sent or communicated to the Warrantholders in the manner set forth in
Section 18, which notice shall specify the record date, if any, with respect to any such action and the approximate date on which such action is to take place. Such notice shall also set forth the facts with respect thereto as shall be
reasonably necessary to indicate the effect on the Exercise Price and the number, kind or class of shares or other securities or property which shall be deliverable upon exercise of a Warrant. In the case of any action which would require the fixing
of a record date, such notice shall be given at least 10 days prior to the date so fixed, and in case of all other action, such notice shall be given at least 15 days prior to the taking of such proposed action. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of any such action. 
  

 12 

 (J) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to
the taking of any action which would require an adjustment pursuant to this Section 12, the Company shall take any action which may be necessary, including obtaining regulatory, New York Stock Exchange, NASDAQ Stock Market or other applicable
national securities exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all Shares that a Warrantholder is entitled to receive upon exercise of a Warrant
pursuant to this Section 12. 
 (K) Adjustment Rules. Any adjustments pursuant to this Section 12 shall be made
successively whenever an event referred to herein shall occur. If an adjustment in Exercise Price made hereunder would reduce the Exercise Price to an amount below par value of the Common Stock, then such adjustment in Exercise Price made hereunder
shall reduce the Exercise Price to the par value of the Common Stock. 
 13. No Impairment. The Company will not, by
amendment of its Charter or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant Certificate and in taking of all such action as may be necessary or appropriate in order to protect
the rights of the Warrantholder. 
 14. Governing Law. This Warrant Certificate and the Warrants evidenced hereby
shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
 15. Binding Effect; Countersignature by Warrant Agent. This Warrant Certificate shall be binding upon any successors or assigns of the Company. This Warrant Certificate shall not be valid until an
authorized signatory of the Warrant Agent (as defined below) or its agent as provided in the Warrant Agreement (as defined below) countersigns this Warrant Certificate. Such signature shall be solely for the purpose of authenticating this Warrant
Certificate and shall be conclusive evidence that this Warrant Certificate has been countersigned under the Warrant Agreement. 
 16. Warrant Agreement; Amendments. This Warrant Certificate is issued under and in accordance with a Warrant Agreement dated as of March 9, 2010 (the “Warrant Agreement”), between the Company and American Stock
Transfer & Trust Company, LLC (the “Warrant Agent,” which term includes any successor Warrant Agent under the Warrant Agreement), and is subject to the terms and provisions contained in the Warrant Agreement, to all of
which terms and provisions the beneficial owners of the Warrants and the Warrantholders consent by acceptance hereof. The Warrant Agreement is hereby incorporated herein by reference and made a part hereof. Reference is hereby made to the Warrant
Agreement for a statement of the respective rights, limitations of rights, duties and obligations of the Company, the Warrant Agent and the Warrantholders and beneficial owners of the Warrants. A copy of the Warrant

  

 13 

 
Agreement may be obtained for inspection by the Warrantholders upon written request to the Warrant Agent at 59 Maiden Lane, Plaza Level, New York, NY 10038, Attention: Geraldine Zarbo. The
Warrant Agreement and this Warrant Certificate may be amended and the observance of any term of the Warrant Agreement or this Warrant Certificate may be waived only to the extent provided in the Warrant Agreement. 
 17. Prohibited Actions. 
 The Company agrees that it will not take any action which would entitle the Warrantholder to an adjustment of the Exercise Price if the total number of shares of Common Stock issuable after such action
upon exercise of the Warrants evidenced by this Warrant Certificate, together with all shares of Common Stock then outstanding and all shares of Common Stock then issuable upon the exercise of all outstanding options, warrants, conversion and other
rights, would exceed the total number of shares of Common Stock then authorized by its Charter. 
 18. Notices. Unless
this Warrant Certificate is a Global Warrant, any notice or communication mailed to the Warrantholder shall be mailed to the Warrantholder at the Warrantholder’s address as it appears in the Registry and shall be sufficiently given if so mailed
within the time prescribed. Any notice to holders of a beneficial interest in a Global Warrant shall be distributed through the Depositary in accordance with the procedures of the Depositary. Communications to such holders shall be deemed to be
effective at the time of dispatch to the Depositary. 
 [Remainder of page intentionally left blank] 
  

 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed by a
duly authorized officer. This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
 Dated: March     , 2010 
  

			
	WASHINGTON FEDERAL, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 Countersigned:
  
 AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC,
 as Warrant Agent

		
	By:	 	 
		 	Authorized Signatory

  

 15 

 Schedule A to Global Warrant 
 The initial number of Warrants represented by the Global Warrant is 1,707,456. 
 The following decreases in the number of Warrants represented by this Global Warrant have been made as a result of the exercise of certain
Warrants represented by this Global Warrant: 
  

							
	 Date of Exercise
 of Warrants
	  	 Number of
 Warrants Exercised
	  	 Total Number of Warrants
Represented
Hereby
 Following Such Exercise
	  	 Notation Made
 by Warrant Agent

		  		  		  	
		  		  		  	
		  		  		  	

  

 1 

 Form of Notice of Exercise 
 (to be executed only upon exercise of Warrants) 
 Date:
                     
  

	TO:	Washington Federal, Inc. (the “Company”) 

  

	RE:	Election to Purchase Common Stock 

 The undersigned registered holder of                      Warrants irrevocably elects to exercise the number of Warrants set forth
below represented by the Global Warrant (or, in the case of a Definitive Warrant, the Warrant Certificate enclosed herewith), and surrenders all right, title and interest in the number of Warrants exercised hereby to the Company, and directs that
the shares of Common Stock or other securities or property delivered upon exercise of such Warrants, and any interests in the Global Warrant or Definitive Warrant representing unexercised Warrants, be registered or placed in the name and at the
address specified below and delivered thereto. 
  

							
	Number of Warrants	  	  
	  		  	

  

			
	Holder:	 	  

	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature guaranteed by (if a guarantee is required): 
  

									
	  
	  		  		  		  	

  

 1 

 Securities and/or check to be issued to: 
 If in book-entry form through the Depositary: 
  

			
	Depositary Account Number:	  	  

			
		
	Name of Agent Member:	  	  

 If in definitive form: 
  

			
	 Social Security Number
 or
Other Identifying Number:
	 	  

		
	Name:	 	  

		
	Street Address:	 	  

		
	City, State and Zip Code:	 	  

 Any unexercised Warrants evidenced by the exercising Warrantholder’s interest in the Global Warrant or Definitive Warrant, as the case may be, to be issued to: 
 If in book-entry form through the Depositary: 
  

			
	Depositary Account Number:	  	  

			
		
	Name of Agent Member:	  	  

 If in definitive form: 
  

			
	 Social Security Number
 or
Other Identifying Number:
	 	  

		
	Name:	 	  

		
	Street Address:	 	  

		
	City, State and Zip Code:	 	  

  

 2 

 Form of Assignment 
 For value received, the undersigned registered Warrantholder of the within Warrant Certificate hereby sells, assigns and transfers unto the
Assignee(s) named below (including the undersigned with respect to any Warrants constituting a part of the Warrants evidenced by the within Warrant Certificate not being assigned hereby) all of the right, title and interest of the undersigned under
the within Warrant Certificate with respect to the number of Warrants set forth below. 
  

							
	 Name of Assignees
	  	 Address
	  	 Number of Warrants
	  	 Social Security Number
 or other Identifying
 Number

		  		  		  	
		  		  		  	
		  		  		  	

 and does irrevocably constitute and appoint
                    , the undersigned’s attorney, to make such transfer on the books of the Company maintained for the purpose, with full
power of substitution in the premises. 
 Dated: 
  

			
	Holder:	 	  

	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature guaranteed by (if a guarantee is required): 
  

									
	  
	  		  		  		  	

  

 3Amended and Restated Incentive Deferred Compensation Plan

 Exhibit 4(e) 
 STATE AUTO PROPERTY & CASUALTY INSURANCE COMPANY 
 AMENDED AND RESTATED 
 INCENTIVE DEFERRED COMPENSATION PLAN 
 Initially Effective 
 August 1, 1995, 
 Amended and Restated in its Entirety, 
 March 1, 2010 

 STATE AUTO PROPERTY & CASUALTY INSURANCE COMPANY 
 AMENDED AND RESTATED 
 INCENTIVE DEFERRED COMPENSATION PLAN 
 (the “Plan”) 
 I 
 PURPOSE 
 State Auto Property & Casualty Insurance Company (the “Company”) is
willing to provide as an incentive for those individuals to continue their relationship with the Company, the benefits certain key associates could otherwise earn under the State Auto Insurance Companies Retirement Savings Plan (fka the State Auto
Insurance Companies Capital Accumulation Plan, the “Qualified Plan”) if certain federal law restrictions did not apply and to provide such individuals an opportunity to defer designated amounts of salary and bonuses. Only a select
group of the Company’s management or highly compensated associates will be eligible to participate in this program. The Company’s goal is to retain and reward its key associates by helping them to accumulate benefits for retirement.

 The Plan is the continuation of the State Auto Insurance Companies Incentive Deferred Compensation Plan effective
August 1, 1995, which is being amended and restated in its entirety effective March 1, 2010, to (1) incorporate amendments made to the Plan subsequent to the Plan’s prior restatement effective March 1, 2001 and
(2) reflect the addition of State Auto Financial Corporation stock as an investment option under the Plan. 
 The Plan
provides for deferred compensation and as such, is subject to, and is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and related guidance provided thereunder. However,
notwithstanding the foregoing, any amounts deferred, fully vested and in pay status under the Plan prior to December 31, 2004 (the “Grandfathered Amounts”) shall not be subject to Code Section 409A and shall be
administered in compliance with the Plan’s terms as they existed on October 3, 2004. In addition, benefits commencing pay status between January 1, 2005 and December 31, 2008, shall be subject to Code Section 409A, but shall
be paid according to the elections made, if any, under the applicable transition rules of Code Section 409A. All benefits payable on or after January 1, 2009 shall be subject to Code Section 409A and the terms of this Plan, as
amended. 
 II 
 ELIGIBILITY 
 Selection of the Company’s associates eligible to
participate in the Plan is within the sole discretion of the President, Chairman and C.E.O. of State Auto Property & Casualty Insurance Company (the “Chairman”). Only high income or key management associates are eligible
for selection. If you fall into one of these groups and are chosen to participate in the Plan, you will receive enrollment materials which detail the requirements you must satisfy to be eligible to receive this additional retirement benefit from the
Company. The Chairman will review and determine his selections each year. Thus, selection in one year does not automatically confer a right to participate in succeeding years. 
 III 
 INCENTIVE DEFERRED COMPENSATION
ACCUMULATIONS 
 The benefits provided to participants under the Plan are paid from the Company’s general assets.
The program is, therefore, considered to be an “unfunded” arrangement as amounts are not set aside or held by the Company in a trust, escrow, or similar account or fiduciary relationship on your behalf. Each participant’s right to
benefits under the Plan are equivalent to the rights of any unsecured creditor of the Company. However, the Company may (a) open accounts with one or more investment companies selected by the Chairman, in his discretion, including from among
those used as investment options under the Qualified Plan, (b) open accounts with one or more firms to hold common shares, without par value, of State Auto Financial Corporation, purchased in open market transactions (“STFC
Shares”), and may invest funds subject to this Plan in such investment company

 
account(s) or STFC Shares (collectively, the “investment options”) at their then current offering price. Each participant may be permitted to direct how the portion of the
Company’s funds allocable to him or her is invested among the investment options if any such accounts are established; provided, however, that no participant may be permitted to invest more than 20% of his account in STFC Shares. The Company
currently expects any such investment options to be similar to those available under the Qualified Plan, but it is not obligated to make these or any other particular investment options available or, if made available at any one time, to continue to
make them available. The total number of STFC Shares that may be made available as an investment option under this Plan for the purpose of all participant accounts is 50,000. All investments shall at all times continue to be a part of the
Company’s general assets for all purposes. 
 To measure the amount of the Company’s obligations to a participant in
this program, the Company will maintain a bookkeeping record or account of each participant’s “Accumulations.” There are two basic components of each participant’s Accumulations: 
 First, to encourage each participant to invest in his or her own future, you may elect to defer the payment of a portion of your compensation
and bonus to be earned during the balance of the current or next calendar year, as applicable, as a credit to your Accumulations. This source of Accumulations, adjusted for earnings or losses as described below, is known as the “Deferral
Value”. You may defer: (a) a minimum of 1% and a maximum of 100% of your eligible base salary for the plan year; (b) a minimum of 1% and a maximum of 100% of your eligible bonus for the plan year; and (c) a minimum of 1% and
a maximum of 100% of any award under the State Auto Financial Corporation Long-Term Incentive Plan (the “LTIP”), as earned and paid per the terms of the LTIP, if any. For purposes of the Plan, “eligible base salary”
means your salary, but does not include other cash or noncash compensation, expense reimbursements or other benefits provided by the Company, other than your own salary deferrals into this Plan or the Qualified Plan and “eligible
bonus” means any cash bonus amounts paid and received for the applicable plan year. 
 Second, the Company will also
match your eligible base salary deferrals at the same rate and in the same manner that it is generally matching 401(k) deferrals under the Qualified Plan for the period in question. Any “caps” on the match under the Qualified Plan will
also apply to this Plan, with the match under this Plan being offset by the match to the Qualified Plan to the extent duplicative. For example, at the present time under the Qualified Plan, the Company will match up to 6% of compensation at the rate
of 100% on the first 1% of contributions plus 50% on contributions in excess of 1%, up to a maximum of 6%. Under this Plan, the Company will similarly match up to 6% of eligible base salary, as defined above, less amounts matched under the Qualified
Plan. The amounts credited to your Accumulations on a matching basis, adjusted for earnings or losses as described below, are referred to as your “Matching Value.” 
 Earnings (or Losses): As long as you have a credit balance in your Accumulations, the Company will credit your Accumulations with
earnings (or losses), if any, and determine the value of your Accumulations on a daily basis. The earnings (or losses) may either be credited on the basis of the earnings (or losses) allocable to your directed portion of the Company investment
options, if any, or on the basis of a hypothetical earnings rate, as determined by the Company in its sole discretion from time to time. The Company also reserves the right to adjust the earnings (or losses) credited to your Accumulations and to
determine the value of your Accumulations as of any date by adjusting such earnings (or losses) or such fair market value for the Company’s tax and other costs of providing this Plan. 
 Tax Consequences: These earnings may compensate for the postponement of the receipt of the Accumulations and give you the benefit of
tax-deferred growth of the accumulating amounts, if any. Under current federal income tax rules, the amounts credited to your Accumulations, including earnings, will not be taxable income to you in the year they are credited to your account. You, or
your beneficiaries in the event of your death, will generally be taxed on these amounts and the credited earnings, if any, only if and when benefits are actually paid to you. And any such amounts, when paid, will be taxable as ordinary income. Thus,
this program provides the opportunity to defer income and the payment of income taxes. 
 Selection of Investment
Options: In the event the Company makes any investment options available to participants, at such time each year as you elect to defer a portion of your compensation (the “Deferred Amount”), you will be given information
regarding how you may direct the investment of such Deferred Amount among the

 
available investment options. The Company may also provide information to participants how they may change their directions with respect to the allocation of their Deferred Amount among the
investment options or reallocate their Accumulations among the investment options, from time to time. 
 The Company will invest
a participant’s Deferred Amount in accordance with the participant’s directions as soon as practicable after the Company has deemed such amount to have been earned. All purchases by the Company of shares of investment companies will be at
such shares’ current offering price, and purchases by the Company of STFC Shares will be made in the open market at their then current market value. The Company, however, reserves the right to delay or suspend its purchase of STFC Shares as it
may deem necessary or appropriate to comply with all applicable securities laws, including the Securities Exchange Act of 1934, as amended. The Company may also periodically advise participants generally as to their reporting requirements and other
possible limitations associated with directing a portion of their Deferral Amount or Accumulations to be invested in STFC Shares. 
 IV 
 BENEFITS 
  

	A.	Vesting 

 If you
participate in the deferral portion of the Plan, your Deferral Value will always be 100% “vested”. This means you will always be entitled to receive benefits from this portion of your Accumulations. 
 The portion of your Accumulations derived from the Matching Value will not be vested until you complete five years of service for the
Company. A “year of service” for this purpose means a period of 12 consecutive calendar months during which you were employed by the Company. Years of service are calculated from the date you were first hired as an associate by the
Company, and anniversaries of that date. 
 In addition, you also become 100% vested in your Matching Value Accumulations upon
the attainment of age 55, upon your death, or if you become totally disabled (as defined in Section D.3. below) prior to age 55 or other separation from service (as defined in Code Section 409A; provided, however, that “at least 80
percent” shall be used instead of the 50 percent standard as referenced in Treasury Regulations Section 1.409A-1(h)(3)) with the Company. 
  

	B.	Forfeiture of Benefits 

 If your employment with the Company terminates for any reason other than retirement at age 55 or beyond, death, or total disability (as defined in Section D.3. of the Plan) prior to the time you have completed five years of service, you
will forfeit your rights to receive benefits under the Plan, except that you will still be entitled to receive benefits based on your Deferral Value. 
  

	C.	Deferral Elections 

 Within 30 days of when you first become eligible to participate in the Plan for your initial year of participation, you may elect to defer a portion of your compensation to be earned during the balance of the current calendar year,
according to the process and procedures as determined by the Company. For subsequent years of participation, you must make your deferral election no later than the December 31 prior to each such year and you may elect to defer a portion of your
compensation and/or bonus amounts to be earned during the next calendar year. In addition, you may make a deferral election to defer receipt of any LTIP award provided such election is made prior to the completion of one-half of the applicable
performance period. For example, if you receive an LTIP award in January 2010, which will not be paid until 2013, if at all, you must make a deferral election for this award by June 30, 2011. 

	D.	Payment of Benefits 

  

	 	1.	Cash Payment Only. Any benefits payable to you under the Plan will be made solely in cash and not in the form of any other property or securities, including any
shares of an investment company or STFC Shares that may be an investment option hereunder. Any investment options representing a participant’s Accumulations under the Plan are the sole and exclusive property of the Company. As a result, you
will have no rights as a shareholder, including voting rights, with respect to the investment options representing your Accumulations. 

  

	 	2.	Retirement Benefits. Retirement benefits under the Plan will be paid upon the later of attainment of age 55 or your separation from service (as defined in Code
Section 409A; provided, however, that “at least 80 percent” shall be used instead of the 50 percent standard as referenced in Treasury Regulations Section 1.409A-1(h)(3)). Retirement benefits will be paid as a monthly benefit
payable for 60 or 120 months, per your distribution election; provided, however, that Grandfathered Amounts may be paid, per your election and subject to Section D.6. of Article IV of the Plan, in any alternative form available under the Plan. The
amount of your benefit will equal the amount necessary to amortize your total Accumulations over the period of time corresponding to your distribution election (e.g., 60 or 120 months). The amount payable each month will either be based on an
approximately equal amortization of principal plus actual earnings (or less actual losses) or an amortization based on an assumed interest rate declared by the Company from time to time during the period of distribution. You must give the Company at
least 30 days’ advance written notice of your intention to retire and receive retirement benefits under the Plan and complete any administrative forms or procedures as determined by the Company. 

  

	 	3.	Disability Benefits. If you become totally disabled before satisfying the requirements for retirement benefits, you will be eligible to receive payment of any
amounts credited to your Accumulations as a monthly benefit commencing after six months of total disability and payable for a period of 60 or 120 months, per your distribution election; provided, however, that Grandfathered Amounts will be paid for
a period of 60 months unless another election is made pursuant to the provisions of Section D.6. of Article IV. The amount of the benefit will be determined in the same manner as retirement benefits. For this purpose, “totally
disabled” or “total disability” means that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months. It is up to the Company to determine whether you qualify as being totally disabled and the Company may require you to submit to periodic medical examinations to confirm that you
are, and continue to be, totally disabled. If your disability ends, your disability benefit payments will stop. However, you could continue to qualify for benefits under another provision of the Plan. 

  

	 	4.	Death Benefits. In the event of your death while receiving benefit payments under the Plan, the Company will pay the beneficiary or beneficiaries designated by
you any remaining payments due under the terms of the Plan using the same method of distribution in effect to you at the date of your death. In the event of death prior to beginning to receive benefits under the Plan, the Company will pay any vested
benefits to your beneficiary or beneficiaries, beginning as soon as practicable after your death. In this case, benefits will be paid as a monthly benefit for a period of 60 or 120 months, per your distribution election; provided, however, that
Grandfathered Amounts will be paid for a period of 60 months unless another election is made pursuant to the provisions of Section D.6. of Article IV. The Company will provide you with the form for designating your beneficiary or beneficiaries. If
you fail to make a beneficiary designation, or if your designated beneficiary predeceases you or cannot be located, any death benefits will be paid to your estate. 

  

	 	5.	Other Termination of Service. If your service with the Company terminates for any reason other than retirement, death, or total disability, then your
Accumulations will be paid to you in the same manner as your distribution election made for retirement benefits under Section D.2. above, and computed in the same manner as retirement benefits, beginning as soon as administratively practicable after
your employment terminates. Grandfathered Amounts will be paid to you as a monthly benefit payable for 60 months unless another election is made pursuant to the provisions of Section D.6. of Article IV. 

	 	6.	Payment Alternatives. At the Company’s election, or upon your request, benefits may be paid in a lump sum or over a shorter or longer period of time than
the 60 months generally called for, as described above. However, no request by you or your beneficiaries for a different payment method will be binding on the Company, and any accelerated or deferred payment of benefits shall be made only in the
sole discretion of the Company. In addition, the Company may alter the payment method in effect from time to time in its discretion, for example, in order to avoid the loss of a deduction under Code Section 162(m). If the payment method is
altered, the amount you or beneficiaries will receive will be computed under one of the alternative methods for determining payment amounts provided for under the normal form of distribution for your Accumulations, determined by the Company in its
discretion. The provisions of this Section D.6. shall apply to Grandfathered Amounts only. 

  

	 	7.	Distribution Elections. You may elect the form of the distribution of your Accumulations that are not Grandfathered Amounts and which are payable under Sections
D.2., D.3., and D.4. above. A different form of payment may be elected for deferrals made for each plan year for benefits to be paid under Section D.2. only. Distribution elections for benefits paid under Sections D.3. and D.4. shall apply to all
Accumulations that are not Grandfathered Amounts. If no distribution election is made, then all Accumulations that are not Grandfathered Amounts shall be distributed in the form of 60 monthly installments. 

 Initial distribution elections shall be made when you initially enroll in the Plan or no later than December 31, 2008 for participants
in the Plan as of that date. Thereafter, distribution elections shall be made during the annual deferral election period prior to the beginning of each plan year for the amounts to be deferred in that plan year or no later than the completion of
one-half of the applicable performance period for any LTIP award. 
 After making your initial distribution election, you may
change or modify your distribution election according to the following rules: 
  

	 	(a)	your distribution election is filed with the Company at least 12 months prior to the date of the first scheduled payment; 

  

	 	(b)	your distribution election is not effective until at least 12 months after the date on which the change is made; 

  

	 	(c)	your distribution election defers the first installment payment with respect to which such election is made for a period of not less than five years from the date such
payment would otherwise have been made; 

  

	 	(d)	your distribution election does not accelerate payment of the deferred amount; and 

  

	 	(e)	your distribution election does not request other than 60 or 120 monthly installments (or a specified date certain distribution as provided below).

 For purposes of the Plan, an election to receive benefits as 60 or 120 monthly installments shall be treated as
the entitlement to a single payment as further described in Treas. Reg. Section 1.409A-2(b)(iii). You may not change a distribution election or distribution date in a manner that does not comply with Code Section 409A. If a distribution
election is made or changed and a distribution is triggered before 12 months have elapsed, the distribution will be made in accordance with the distribution election in effect prior to the change. 
  

	 	8.	 Specified Date Certain Elections. In addition to the distribution election options available under Section D.7. above, you may elect to receive
a distribution of your Accumulations that are not

	 	 
Grandfathered Amounts and which would otherwise be payable under Sections D.2. or D.5, in a single, lump sum distribution as of a specified date, regardless of whether your service with the
Company has terminated. All other provisions of Section D.7 above regarding the timing of and changes to distribution elections shall apply. 

  

	E.	Exceptions to General Timing and Distribution Rules 

  

	 	1.	Specified Employee Delay. If you are a “specified employee” as defined in Code Section 409A and you are entitled to a benefit distribution
under the Plan due to a separation from service, as defined in Code Section 409A (e.g., due to retirement or other termination, but not death or total disability), you may not receive a distribution under the Plan until a date that is at least
six months after the date of your separation from service. Any amounts due to be paid during the six-month delay shall be accumulated and paid with the first payment made. 

  

	 	2.	Delay of Payment. A payment of benefits otherwise payable in accordance with the terms of the Plan or your payment election, as applicable, will be delayed to a
date after the payment date under any of the following circumstances: 

  

	 	(a)	where the Company reasonably anticipates that its deduction with respect to such payment otherwise would be limited or eliminated by Code Section 162(m); provided,
however, that payment will be made or commence at the earliest date at which the Company reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by Code Section 162(m) or the calendar year in
which you separate from service; 

  

	 	(b)	where the Company reasonably anticipates that making such payment will violate a term of a loan agreement or other similar contract to which the Company is a party, and
such violation will cause material harm to the Company; provided, however, that payment will be made or commence at the earliest date at which the Company reasonably anticipates that the making of the payment will not cause material harm to the
Company; or 

  

	 	(c)	where the Company reasonably anticipates that the making of such payment will violate federal securities laws or other applicable law within the meaning of Code
Section 409A and the regulations thereunder; provided, however, that payment will be made or commence at the earliest date at which the Company reasonably anticipates that the making of the payment will not cause such violation.

 V 
 MISCELLANEOUS PROVISIONS 
  

	A.	No Right to Company Assets 

 As explained previously, this Plan is an unfunded arrangement and the agreement that you will enter into with the Company does not create a trust of any kind or a fiduciary relationship between the Company and you, your designated
beneficiaries or any other person. To the extent you, your designated beneficiaries, or any other person acquires a right to receive payments from the Company under the Plan, that right is no greater than the right of any unsecured general creditor
of the Company. 
  

	B.	Modification or Revocation 

 Your participation in the Plan will continue in effect until all benefits are paid, even during any period of time when you are an “inactive” participant because you are not designated by the Company as eligible to accumulate
additional benefits. However, this Plan may be amended, revoked or terminated at any time, in whole or in part, by the Company, in its sole discretion, subject to the requirements under Code Section 409A. Unless you agree otherwise, you will
still be entitled to the benefit, if any, that you have earned through the date of any

 
amendment or termination. Such benefits will be payable at the times and in the amounts provided for in the Plan and your election, if applicable, unless otherwise provided upon the Plan’s
termination in accordance with Code Section 409A. 
  

	C.	Rights Preserved 

 Nothing
in this Plan gives any associate the right to continued employment by the Company. The relationship between you and the Company shall continue to be “at will” and may be terminated at any time by the Company or you, with or without cause,
except as may be specifically set forth in any separate written employment agreement between you and the Company. 
  

	D.	Controlling Documents 

 The Plan’s controlling documents consist of this Plan document and the corresponding enrollment materials, which are hereby incorporated by reference. The Company reserves the right to determine appropriate processes and procedures for
the administration of the Plan, within its discretion, and in compliance with Code Section 409A, as applicable.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00170-of-00352.parquet"}]]