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Exhibit 10.19    
    

 
 

PATHMARK STORES, INC. 2000 EMPLOYEE EQUITY PLAN
  AS AMENDED AS OF JUNE 13, 2002    
    

1.     Purposes  

        The purposes of the Pathmark Stores, Inc. 2000 Employee Equity Plan (the "Plan") are to attract, retain and
motivate key employees of the Company, to compensate them for their contributions to the growth and profits of the Company and to encourage ownership by them of Common Stock. 

2.     Definitions  

        For purposes of the Plan, the following terms shall be defined as follows: 

        "Administrator" means the individual or individuals to whom the Committee delegates authority under the Plan in accordance with
Section 3(d). 

        "Award" means an award made pursuant to the terms of the Plan to an Eligible Individual in the form of Stock Options, Stock Appreciation
Rights, Stock Awards, Restricted Stock Units, Performance Units or Other Awards. 

        "Award Agreement" means a written document approved in accordance with Section 3 which sets forth the terms and conditions of the
Award to the Participant. An Award Agreement may be in the form of (i) an agreement between the Company which is executed by an officer on behalf of the Company and
is signed by the Participant or (ii) a certificate issued by the Company which is executed by an officer on behalf of the Company but does not require the signature of the Participant. 

        "Board" means the Board of Directors of the Company. 

        "Change in Control" shall mean any of the following: 

        (i)    the
acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of the
Common Stock then outstanding, but shall not include any such acquisition by any employee benefit plan of the Company, any Person or entity organized, appointed or established by the Company for or
pursuant to the terms of any such employee benefit plan; any Person (other than any of Fidelity Management & Research Company or Fidelity Management Trust Company or by any fund or account
associated with either Fidelity Management & Research Company or Fidelity Management Trust Company) who as of September 19, 2000 was the beneficial owner of 15% or more of the shares of
Common Stock outstanding on such date unless and until such Person, together with all Affiliates of such Person, becomes the beneficial owner of 35% or more of the shares of Common Stock then
outstanding whereupon a Change in Control shall be deemed to have occurred; 

        (ii)   consummation
after approval by the shareholders of Pathmark of either (A) a plan of complete liquidation or dissolution of Pathmark or (B) a merger,
amalgamation or consolidation of Pathmark with any other corporation, the issuance of voting securities of Pathmark in connection with a merger or consolidation of Pathmark or sale or other
disposition of all or substantially all of the assets of Pathmark or the acquisition of assets of another corporation (each, a "Business Combination"),
unless, in each case of a Business Combination, immediately following such Business Combination, all or substantially all of the individuals and entities who were the beneficial owners of the Common
Stock outstanding immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock and 50% of the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without
limitation, an entity which as a result of such transaction owns the Company or all or substantially all of Pathmark's assets either directly or 

 

through
one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Common Stock; or 

        (iii)  the
individuals who, as of September 19, 2000, constitute the Board, and subsequently elected members of the Board whose election is approved or recommended by
at least a majority of such current members or their successors whose election was so approved or recommended (other than any subsequently elected members whose initial assumption of office occurs as
a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board), cease for any reason to constitute at least a majority of such Board. 

        For
purposes of the above definition of Change in Control only, the following defined terms shall apply: 

        "Affiliate" means, with respect to any Person, any other entity which (i) is a Subsidiary of such Person, (ii) is, directly
or indirectly, under common control with such Person, or (iii) is, directly or indirectly, controlling such Person. 

        "Person" means any person, entity or "group" within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act,
except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company,
(iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) an entity owned, directly or indirectly, by the shareholders of Pathmark in
substantially the same proportions as their ownership of stock of Pathmark. 

        "Subsidiary" means with respect to any Person, any entity of which: 

        (i)    if
a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, collectively or individually, by such Person or by one or more Affiliates of such
Person, and 

        (ii)   if
a partnership, association, limited liability company or other entity, a majority of the partnership, membership or other similar ownership interest thereof is at
the time of determination owned or controlled, directly or indirectly, collectively or individually, by such Person or by one or more Affiliates of such Person. 

**** 

        "Code" means the Internal Revenue Code of 1986, as amended, and the applicable rulings and regulations (including
any proposed regulations) thereunder. 

        "Committee" means the Compensation Committee of the Board, any successor committee thereto or any other committee appointed from time to
time by the Board to administer the Plan. The Committee shall consist of at least two individuals and shall serve at the pleasure of the Board. To the extent acting under Section 14 hereof, the
Committee shall be comprised solely of "outside directors" within the meaning of Section 162(m). 

        "Common Stock" means the Common Stock of the Company, par value $.01 per share, or such other class or kind of shares or other securities
as may be applicable under Section 16 below. 

        "Company" means, individually and collectively, Pathmark and its Subsidiaries, and any successor thereto. 

        "Eligible Individuals" means the individuals described in Section 6 who are eligible for Awards under the Plan. 

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        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the applicable rulings and regulations thereunder. 

        "Excluded Individual" means (i) any individual who is designated by the Company at the time of hire as not eligible to participate
in the Plan or (ii) any individual who is treated or designated by the Company as an independent contractor, leased employee (including, without limitation, a "leased
employee" as defined in Section 414(n) of the Code) or consultant. Excluded Individuals are not eligible to participate in or receive benefits under the Plan. If any
Excluded Individual pursuant to the preceding clauses (i) or (ii) shall be determined by a court or federal, state or local regulatory or administrative authority to have served as a
common law employee of the Company, such determination shall not alter such person's status as an Excluded Individual for purposes of the Plan 

        "Fair Market Value" means, with respect to a share of Common Stock, the fair market value thereof as of the relevant date of
determination, as determined in accordance with a valuation methodology approved by the Committee, and according to the following, as applicable: 

        (i)    If
the Common Stock is quoted on the NASDAQ National Market, in the absence of any alternative valuation methodology approved by the Board, the Fair Market Value of a
share of Common Stock shall equal the per share closing price quoted on the day immediately prior to the date of grant as reported in the transactions index of each such exchange, as published in  The Wall Street
Journal, or, if no closing price was quoted in any such index for such date, then as of the next preceding date on which such a closing
price was quoted; 

        (ii)   If
the Common Stock is not quoted on the NASDAQ National Market, but is publicly traded on another national securities exchange or quoted on an automated system, the
Fair Market Value of a share of Common Stock shall equal the per share closing price quoted on the day immediately prior to the date of grant as reported in the transactions index of each such
exchange or automated system, as published in The Wall Street Journal, or, if no closing price was quoted in any such index for such date, then as of
the next preceding date on which such a closing price was quoted; and 

        (iii)  If
the Common Stock is not publicly traded on a national securities exchange or quoted on the NASDAQ National Market or any other automated system, the Fair Market
Value of a share of Common Stock shall be reasonably determined in good faith by the Board. 

        "Incentive Stock Option" means a Stock Option that is an "incentive stock option" within the meaning of Section 422 of the Code and
designated by the Committee as an Incentive Stock Option in an Award Agreement. 

        "Nonqualified Stock Option" means a Stock Option that is not an Incentive Stock Option. 

        "Other Award" means any other form of award authorized under Section 13 of the Plan. 

        "Participant" means an Eligible Individual to whom an Award has been granted under the Plan. 

        "Pathmark" means Pathmark Stores, Inc., a Delaware corporation. 

        "Performance Unit" means a performance unit granted to an Eligible Individual pursuant to Section 12 hereof. 

        "Restricted Stock Unit" means a restricted stock unit granted to an Eligible Individual pursuant to Section 11 hereof. 

        "Qualifying Award" means an Award intended to qualify under the exception for performance-based compensation in Section 162(m)
granted to an Eligible Individual pursuant to Section 14 hereof. 

        "Section 162(m)" shall mean Section 162(m) of the Code. 

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        "Stock Appreciation Right" means a right to receive all or some portion of the appreciation on shares of Common Stock granted to an
Eligible Individual pursuant to Section 9 hereof. 

        "Stock Award" means a share of Common Stock granted to an Eligible Individual for no consideration other than the provision of services or
offer for sale to an Eligible Employee at a purchase price determined by the Committee, in either case pursuant to Section 10 hereof. 

        "Stock Option" means an Award to purchase shares of Common Stock granted to an Eligible Individual pursuant to Section 8 hereof,
which Award may be either an Incentive Stock Option or a Nonqualified Stock Option. 

        "Subsidiary" means (i) a corporation or other entity with respect to which Pathmark, directly or indirectly, has the power, whether
through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such corporation's board of directors or analogous governing body, or
(ii) any other corporation or other entity in which Pathmark, directly or indirectly, has an equity or similar interest and which the Committee designates as a Subsidiary for purposes of the
Plan. 

3.     Administration of the Plan  

	(a)
	Power and Authority of the Committee. The Plan shall be administered by the Committee,
which shall have full power and authority, subject to the express provisions hereof:

	(i)
	to
select Participants from the Eligible Individuals;

	(ii)
	to
make Awards in accordance with the Plan;

	(iii)
	to
determine the number of shares of Common Stock subject to each Award or the cash amount payable in connection with an Award;

	(iv)
	to
determine the terms and conditions of each Award, other than the terms and conditions that are expressly required under the terms of the Plan;

	(v)
	to
specify and approve the provisions of the Award Agreements delivered to Participants in connection with their Awards;

	(vi)
	to
construe and interpret any Award Agreement delivered under the Plan;

	(vii)
	to
prescribe, amend and rescind rules and procedures relating to the Plan;

	(viii)
	to
vary the terms of Awards to take account of tax, securities law and other regulatory requirements of foreign jurisdictions;

	(ix)
	subject
to the provisions of the Plan and subject to such additional limitations and restrictions as the Committee may impose, to delegate to one or more officers of
the Company some or all of its authority under the Plan;

	(x)
	to
employ such legal counsel, independent auditors and consultants as it deems desirable for the administration of the Plan and to rely upon any opinion or computation
received therefrom; and

	(xi)
	to
make all other determinations and to formulate such procedures as may be necessary or advisable for the administration of the Plan.

	(b)
	Plan Construction and Interpretation. The Committee shall have full power and authority, subject to the express
provisions hereof, to construe and interpret the Plan. 

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	(c)
	Determinations of Committee Final and Binding. All determinations by the Committee in
carrying out and administering the Plan and in construing and interpreting the Plan shall be final, binding and conclusive for all purposes and upon all persons interested herein.

	(d)
	Delegation of Authority. The Committee may, but need not, from time to time delegate some or all of its
authority under the Plan to an Administrator consisting of one or more members of the Committee or of one or more officers of the Company; provided,
however, that the Committee may not delegate its authority (i) to make Awards to Eligible Individuals who are officers of the Company who are delegated authority by the
Committee hereunder, or (ii) under Sections 3(b), 14 and 17 of the Plan. Any delegation hereunder shall be subject to the restrictions and limits that the Committee specifies at the time of
such delegation or thereafter. Nothing in the Plan shall be construed as obligating the Committee to delegate authority to an Administrator, and the Committee may at any time rescind the authority
delegated to an Administrator appointed hereunder or appoint a new Administrator. At all times, the Administrator appointed under this Section 3(d) shall serve in such capacity at the pleasure
of the Committee. Any action undertaken by the Administrator in accordance with the Committee's delegation of authority shall have the same force and effect as if undertaken directly by the Committee,
and any reference in the Plan to the Committee shall, to the extent consistent with the terms and limitations of such delegation, be deemed to include a reference to the Administrator.

	(e)
	Liability of Committee. No member of the Committee shall be liable for any action or determination made in good
faith, and the members of the Committee shall be entitled to indemnification and reimbursement in the manner provided in Pathmark's Certificate of Incorporation as it may be amended from time to time.
In the performance of its responsibilities with respect to the Plan, the Committee shall be entitled to rely upon information and advice furnished by the Company's officers, the Company's accountants,
the Company's counsel and any other party the Committee deems necessary, and no member of the Committee shall be liable for any action taken or not taken in reliance upon any such advice.

	(f)
	Action by the Board. Anything in the Plan to the contrary notwithstanding, except with respect to matters which
are required to be determined under Section 162(m) in the sole and absolute discretion of the Committee, any authority or responsibility, which, under the terms of the Plan, may be exercised by
the Committee, may alternatively be exercised by the Board. 

4.     Effective Date and Term  

        The Plan shall become effective upon its adoption by the Board subject to its approval by the stockholders of Pathmark. Prior to such stockholder approval, the
Committee may grant Awards conditioned on stockholder approval. If such stockholder approval is not obtained at or before the first annual meeting of stockholders to occur after the adoption of the
Plan by the Board (including any adjournment or adjournments thereof), the Plan and any Awards made thereunder shall terminate  ab initio and be of no
further force and effect. In no event shall any Awards be made under the Plan after the tenth anniversary of the date of
stockholder approval. 

5.     Shares of Common Stock Subject to the Plan  

	(a)
	General. Subject to adjustment as provided in Section 16(b) hereof, the number of shares of Common Stock
that may be issued pursuant to Awards under the Plan (the "Section 5 Limit") shall not exceed, in
the aggregate 5,164,118 shares. Shares issued under this Plan may be either authorized but unissued shares, treasury shares or any combination thereof. 

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	(b)
	Rules Applicable to Determining Shares Available for Issuance. For purposes of determining the number of shares
of Common Stock that remain available for issuance, the following shares shall be added back to the Section 5 Limit and again be available for Awards:

	(i)
	The
number of shares tendered to pay the exercise price of a Stock Option or other Award; and

	(ii)
	The
number of shares withheld from any Award to satisfy a Participant's tax withholding obligations or, if applicable, to pay the exercise price of a Stock Option or
other Award. 

        In
addition, any shares underlying substitute Awards shall not be counted against the Section 5 Limit. 

6.     Eligible Individuals  

        Awards may be granted by the Committee to individuals ("Eligible Individuals") who are: (i) officers or
other key employees of the Company; (ii) employees of joint ventures, partnerships or similar business organizations in which the Company has a direct or indirect equity interest; and
(iii) individuals who provide services to any similar joint ventures or business organizations in which the Company may participate in the future. Excluded Individuals are not eligible to
receive Awards under the Plan. Members of the Committee will not be eligible to receive Awards under the Plan. An individual's status as an Administrator will not affect his or her eligibility to
participate in the Plan. 

7.     Awards in General  

	(a)
	Types of Award and Award Agreement. Awards under the Plan may consist of Stock Options, Stock Appreciation
Rights, Stock Awards, Restricted Stock Units, Performance Units or Other Awards. Any Award described in Sections 8 through 13 of the Plan may be granted singly or in combination or tandem with any
other Award, as the Committee may determine. Awards may be made in combination with, in replacement of, or as alternatives to grants of rights under any other employee compensation plan of the
Company, including the plan of any acquired entity, or may be granted in satisfaction of the Company's obligations under any such plan.

	(b)
	Terms Set Forth in Award Agreement. The terms and provisions of an Award shall be set forth in a written Award
Agreement approved by the Committee and delivered or made available to the Participant as soon as practicable following the date of the award. The vesting, exercisability, payment and other
restrictions applicable to an Award (which may include, without limitation, restrictions on transferability or provision for mandatory resale to the
Company) shall be determined by the Committee and set forth in the applicable Award Agreement. Notwithstanding the foregoing, the Committee may accelerate (i) the
vesting or payment of any Award, (ii) the lapse of restrictions on any Award or (iii) the date on which any Stock Option, Stock Appreciation Right or other Award first becomes
exercisable. The terms of Awards may vary among Participants and the Plan does not impose upon the Committee any requirement to make Awards subject to uniform terms. Accordingly, the terms of
individual Award Agreements may vary.

	(c)
	Termination of Employment and Change in Control. The terms of this Section 7(c) shall apply unless the
Committee, in its sole discretion, determines that alternative terms shall be included in any Award Agreement in which case the terms in such Award Agreement shall govern the rights of the
Participant.

	(i)
	In
the event of a Change in Control, all unvested Awards under the Plan shall become vested immediately prior to the Change in Control. 

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	(ii)
	Except
as provided in Sections 7(c)(iii), 7(c)(iv) and 7(c)(v) below, in the event that a Participant's employment with the Company is terminated for any
reason unless otherwise determined by the Committee in its sole discretion, the unvested portion of any outstanding Award held by such Participant shall lapse and become void and the vested portion of
any such Awards will remain exercisable for a period of sixty days after the date of such termination.

	(iii)
	With
respect to any Stock Option, if a Participant ceases to be employed by the Company by reason of death or permanent and total disability within the meaning of
Section 22(e)(3) of the Code, the unvested portion of any outstanding Stock Option held by such Participant shall lapse and become void and the vested portion of any such Stock Option will
remain exercisable for a period of twelve months after the date of such termination.

	(iv)
	With
respect to any Nonqualified Stock Option, if a Participant ceases to be employed by the Company by reason of his or her retirement on or after the Participant's
65th birthday, the unvested portion of any outstanding Nonqualified Option held by such Participant shall lapse and become void and the vested portion of any such Nonqualified Stock
Option will remain exercisable for a period of twelve months after the date of such termination.

	(v)
	With
respect to any Incentive Stock Option, in the event that a Participant's employment with the Company is terminated for any reason other than death or disability,
the unvested portion of any outstanding Incentive Stock Option held by such Participant shall lapse and become void and the vested portion of any such Incentive Stock Option will remain exercisable
for a period of ninety days after the date of such termination.

	(vi)
	The
date of a Participant's termination of employment for any reason shall be determined in the sole discretion of the Committee.

	(d)
	Dividends and Dividend Equivalents. The Committee may provide Participants with the right to receive dividends
or payments equivalent to dividends or interest with respect to outstanding Awards, which payments can either be paid currently or deemed to have been reinvested in shares of Common Stock, and can be
made in Common Stock, cash or a combination thereof, as the Committee shall determine. 

8.     Stock Options  

	(a)
	Terms of Stock Options Generally. A Stock Option shall entitle the Participant to whom the Stock Option was
granted to purchase a specified number of shares of Common Stock during a specified period at a price that is determined in accordance with Section 8(b) below. Stock Options may be either
Nonqualified Stock Options or Incentive Stock Options. The Committee will fix the vesting and exercisability conditions applicable to a Stock Option,  provided that no Stock Option shall vest sooner than
one year from the date of grant (subject to early vesting as provided in
Section 7(c) above and such other additional circumstances as the Committee may determine, in its discretion).

	(b)
	Exercise Price. The exercise price per share of Common Stock purchasable under a Stock Option shall be fixed by
the Committee at the time of grant or, alternatively, shall be determined by a method specified by the Committee at the time of grant; provided,
however, that the exercise price per share shall be no less than 100% of the Fair Market Value per share on the date of grant (or if the exercise price
is not fixed on the date of grant, then on such date as the exercise price is fixed); and provided further, that, except as
provided in Section 16(b) below, the exercise price per share of Common Stock applicable to a Stock Option may not be adjusted or amended, including by means of amendment, cancellation or the
replacement of such Stock Option with a subsequently awarded Stock Option. 

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	(c)
	Option Term. The term of each Stock Option shall be fixed by the Committee and shall not exceed ten years from
the date of grant.

	(d)
	Method of Exercise. Subject to the provisions of the applicable Award Agreement, the exercise price of a Stock
Option may be paid in cash or previously owned shares or a combination thereof and, if the applicable Award Agreement so provides, in whole or in part through the withholding of shares subject to the
Stock Option with a value equal to the exercise price. In accordance with the rules and procedures established by the Committee for this purpose, the Stock Option may also be exercised through a
"cashless exercise" procedure approved by the Committee involving a broker or dealer approved by the Committee, that affords Participants the opportunity to sell immediately some or all of the shares
underlying the exercised portion of the Stock Option in order to generate sufficient cash to pay the Stock Option exercise price and/or to satisfy withholding tax obligations related to the Stock
Option. 

9.     Stock Appreciation Rights  

	(a)
	General. A Stock Appreciation Right shall entitle a Participant to receive, upon satisfaction of the conditions
to the payment specified in the applicable Award Agreement, an amount equal to the excess, if any, of the Fair Market Value on the exercise date of the number of shares of Common Stock for which the
Stock Appreciation Right is exercised, over the exercise price for such Stock Appreciation Right specified in the applicable Award Agreement. The exercise price per share of Common Stock covered by a
Stock Appreciation Right shall be fixed by the Committee at the time of grant or, alternatively, shall be determined by a method specified by the Committee at the time of grant; provided, however,
that, except as provided in Section 9(b) below, the exercise price per share shall be no less than 100% of the Fair Market Value per share on the date of grant (or if
the exercise price is not fixed on the date of grant, then on such date as the exercise price is fixed); and provided further,
that, except as provided in Section 16(b) below, the exercise price per share of Common Stock subject to a Stock Appreciation Right may not be adjusted or amended, including by means of
amendment, cancellation or the replacement of such Stock Appreciation Right with a subsequently awarded Stock Appreciation Right. Notwithstanding the foregoing, the exercise price per share of a Stock
Appreciation Right that is a Substitute Award may be less than the Fair Market Value per share on the date of award, provided, that such exercise price is not less than the minimum exercise price that
would be permitted for an equivalent Stock Option as determined in accordance with Section 8(b) above. At the sole discretion of the Committee, payments to a Participant upon exercise of a
Stock Appreciation Right may be made in cash, in shares of Common Stock having an aggregate Fair Market Value as of the date of exercise equal to such amount, or in a combination of cash and shares
having an aggregate value as of the date of exercise equal to such amount.

	(b)
	Stock Appreciation Rights in Tandem with Stock Options. A Stock Appreciation Right may be granted alone or in
addition to other Awards, or in tandem with a Stock Option. A Stock Appreciation Right granted in tandem with a Stock Option may be granted either at the same time as such Stock Option or subsequent
thereto. If granted in tandem with a Stock Option, a Stock Appreciation Right shall cover the same number of shares of Common Stock as covered by the Stock Option (or such
lesser number of shares as the Committee may determine) and shall be exercisable only at such time or times and to the extent the related Stock Option shall be exercisable, and
shall have the same term and exercise price as the related Stock Option (which, in the case of a Stock Appreciation Right granted after the grant of the related Stock Option,
may be less than the Fair Market Value per share on the date of grant of the tandem Stock Appreciation Right). Upon exercise of a Stock Appreciation Right granted in tandem
with a Stock Option, the related Stock Option shall be canceled automatically to the extent of 

8

 

the
number of shares covered by such exercise; conversely, if the related Stock Option is exercised as to some or all of the shares covered by the tandem grant, the tandem Stock Appreciation Right
shall be canceled automatically to the extent of the number of shares covered by the Stock Option exercise. 

10.   Stock Awards  

	(a)
	General. A Stock Award shall consist of one or more shares of Common Stock granted to a Participant for no
consideration other than the provision of services (or, if required by applicable law in the reasonable judgment of the Company, for payment of the par value of such
shares). Stock Awards shall be subject to such restrictions (if any) on transfer or other incidents of ownership for such
periods of time, and shall be subject to such conditions of vesting, as the Committee may determine and as shall be set forth in the applicable Award Agreement.

	(b)
	Distributions. Any shares of Common Stock or other securities of the Company received by a Participant to whom
a Stock Award has been granted as a result of a stock distribution to holders of Common Stock or as a stock dividend on Common Stock shall be subject to the same terms, conditions and restrictions as
such Stock Award. 

11.   Restricted Stock Units  

        An Award of Restricted Stock Units shall consist of a grant of units, each of which represents the right of the Participant to receive one share of Common Stock,
subject to the terms and conditions established by the Committee in connection with the Award and set forth in the applicable Award Agreement. Upon satisfaction of the conditions to vesting and
payment specified in the applicable Award Agreement, Restricted Stock Units will be payable in Common Stock, equal to the Fair Market Value of the shares subject to such Restricted Stock Units.
Restricted Stock Units that are granted in respect to individual or corporate performance shall vest no sooner than one year from the date of grant, and Restricted Stock Units that are granted in
connection with hiring or retention arrangements between the Company and a Participant shall vest no sooner than three years from the date of grant (subject to early vesting as
provided in Section 7(c) above and such other additional circumstances as the Committee may determine, in its discretion). 

12.   Performance Units  

        Performance units may be granted as fixed or variable share- or dollar-denominated units subject to such conditions of vesting and time of payment as the
Committee may determine and as shall be set forth in the applicable Award Agreement relating to such Performance Units. Performance Units may be paid in Common Stock, cash or a combination of Common
Stock and cash, as the Committee may determine. 

13.   Other Awards  

        The Committee shall have the authority to specify the terms and provisions of other forms of equity-based or equity-related Awards not described above which the
Committee determines to be consistent with the purpose of the Plan and the interests of the Company, which Awards may provide for cash payments based in whole or in part on the value or future value
of Common Stock, for the acquisition or future acquisition of Common Stock, or any combination thereof. Other Awards shall also include cash payments (including the cash
payment of dividend equivalents) under the Plan which may be based on one or more criteria determined by the Committee which are unrelated to the value of Common Stock and
which may be granted in tandem with, or independent of, other Awards under the Plan. 

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14.   Section 162(m)  

	(a)
	General. The Committee shall have the authority, in its sole discretion, to grant to any Eligible Individual an
Award that is intended to qualify under the exception for performance-based compensation in Section 162(m) (a "Qualifying Award"). No provision
of the Plan shall apply with respect to a Qualifying Award to the extent that it would not satisfy the requirements of Section 162(m).

	(b)
	Stock Options and Stock Appreciation Rights. The Committee shall not grant to any Eligible Individual in any
sixty-month period beginning on or after January 1, 2002 Qualifying Awards that are Stock Options or Stock Appreciation Rights, subject to which the aggregate number of shares of Common Stock
exceeds 3,000,000.

	(c)
	Stock Awards, Restricted Stock Units, Performance Units and Other Awards. The Committee shall not grant to any
Eligible Individual in any sixty-month period beginning on or after January 1, 2002 Qualifying Awards that are Stock Awards, Restricted Stock Units, Performance Units or Other Awards, subject
to which the aggregate number of shares of Common Stock exceeds 1,000,000. For each such Qualifying Award, the Committee shall establish in accordance with the requirements of Section 162(m) a
performance period and an objectively determinable performance target which shall include one or more of the following components of overall Company performance: (i) same store sales,
(ii) earnings before interest, taxes, depreciation and amortization, (iii) working capital, (iv) operating profit, (v) return on equity, (vi) return on invested
capital, and (vii) earnings per share, in each case as determined in accordance with the Company's accounting practices in effect on the first day of such fiscal year (the
"Performance Goal"). The amount payable under or the vesting of the Qualifying Award shall be determined based on achievement of the Performance Goal;  provided, however,
 that the Committee, in its discretion, may reduce the amount payable to any Participant under or the vesting of any Qualifying Award.
Except as otherwise provided in Section 7(c)(i), prior to payment or vesting of the Qualifying Award, the Committee shall certify the achievement of the Performance Goal in a manner intended to
satisfy the requirements of Section 162(m). 

15.   Certain Restrictions  

	(a)
	Transfers. Unless the Committee determines otherwise, no Award shall be transferable other than by will or by
the laws of descent and distribution or pursuant to a domestic relations order; provided, however, that the Committee may, in its discretion and subject
to such terms and conditions as it shall specify, permit the transfer of an Award for no consideration to a Participant's family members or to one or more trusts or partnerships established in whole
or in part for the benefit of one or more of such family members (collectively, "Permitted Transferees"). Any Award transferred to a Permitted
Transferee shall be further transferable only by will or the laws of descent and distribution or, for no consideration, to another Permitted Transferee of the Participant. The Committee may in its
discretion permit transfers of Awards other than those contemplated by this Section.

	(b)
	Exercise. During the lifetime of the Participant, a Stock Option, Stock Appreciation Right or
similar-type Other Award shall be exercisable only by the Participant or by a Permitted Transferee to whom such Stock Option, Stock Appreciation Right or Other Award has been transferred
in accordance with Section 15(a). 

16.   Recapitalization or Reorganization  

	(a)
	Authority of the Company and Stockholders. The existence of the Plan, the Award Agreements and the Awards
granted hereunder shall not affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, 

10

 

recapitalization,
reorganization or other change in the Company's capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants or rights to
purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable
for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise. 

	(b)
	Change in Capitalization. The number and kind of shares authorized for issuance under Section 5(a)
above, shall be equitably adjusted in the event of a stock split, stock dividend, recapitalization, reorganization, merger, consolidation, extraordinary dividend, split-up,
spin-off, combination, exchange of shares, warrants or rights offering to purchase Common Stock at a price substantially below Fair Market Value or other similar corporate event affecting
the Common Stock in order to preserve, but not increase, the benefits or potential benefits intended to be made available under the Plan. In addition, upon the occurrence of any of the foregoing
events, the number of outstanding Awards and the number and kind of shares subject to any outstanding Award and the purchase price per share, if any, under any outstanding Award shall be equitably
adjusted (including by payment of cash to a Participant) in order to preserve the benefits or potential benefits intended to be made available to
Participants granted Awards. Such adjustments shall be made by the Committee, whose determination as to what adjustments shall be made, and the extent thereof, shall be final. Unless otherwise
determined by the Committee, such adjusted Awards shall be subject to the same vesting schedule and restrictions to which the underlying Award is subject. 

17.   Amendments  

        The Board or Committee may at any time and from time to time alter, amend, suspend or terminate the Plan in whole or in part; provided,
however, that any amendment which under the requirements of any applicable law or stock exchange rule must be approved by the stockholders of the Company shall not be effective
unless and until such stockholder approval has been obtained in compliance with such law or rule; and provided further, that, except as contemplated by
Section 16(b) above, the Board or Committee may not, without the approval of the Company's stockholders, increase the maximum number of shares issuable under the Plan or reduce the exercise
price of a Stock Option or Stock Appreciation Right. No termination or amendment of the Plan may, without the consent of the Participant to whom an Award has been granted, adversely affect the rights
of such Participant under such Award. Notwithstanding any provision herein to the contrary, the Board or Committee shall have
broad authority to amend the Plan or any Award under the Plan to take into account changes in applicable tax laws, securities laws, accounting rules and other applicable state and federal laws. 

18.   Miscellaneous  

	(a)
	Tax Withholding. The Company may require any individual entitled to receive a payment in respect of an Award to
remit to the Company, prior to such payment, an amount sufficient to satisfy any Federal, state or local tax withholding requirements. The Company shall also have the right to deduct from all cash
payments made pursuant to or in connection with any Award any Federal, state or local taxes required to be withheld with respect to such payments. In the case of an Award payable in shares of Common
Stock, the Company may permit such individual to satisfy, in whole or in part, such obligation to remit taxes by directing the Company to withhold shares of Common Stock that would otherwise be
received by such individual, pursuant to such rules as the Committee may establish from time to time.

	(b)
	No Right to Grants or Employment. No Eligible Individual or Participant shall have any claim or right to
receive grants of Awards under the Plan. Nothing in the Plan or in any Award or 

11

 

Award
Agreement shall confer upon any employee of the Company any right to continued employment with the Company or interfere in any way with the right of the Company to terminate the employment of
any of its employees at any time, with or without cause. 

	(c)
	Other Compensation. Nothing in this Plan shall preclude or limit the ability of the Company to pay any
compensation to a Participant under the Company's other compensation and benefit plans and programs.

	(d)
	Other Employee Benefit Plans. Payments received by a Participant under any Award made pursuant to the Plan
shall not be included in, nor have any effect on, the determination of benefits under any other employee benefit plan or similar arrangement provided by the Company, unless otherwise specifically
provided for under the terms of such plan or arrangement or by the Committee.

	(e)
	Unfunded Plan. The Plan is intended to constitute an unfunded plan for incentive compensation. Prior to the
payment or settlement of any Award, nothing contained herein shall give any Participant any rights that are greater than those of a general creditor of the Company. In its sole discretion, the
Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or payments in lieu thereof with respect to awards
hereunder.

	(f)
	Securities Law Restrictions. The Committee may require each Eligible Individual purchasing or acquiring shares
of Common Stock pursuant to a Stock Option or other Award under the Plan to represent to and agree with the Company in writing that such Eligible Individual is acquiring the shares for investment and
not with a view to the distribution thereof. All certificates for shares of Common Stock delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the Committee
may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any exchange upon which the Common Stock is then listed, and any applicable federal
or state securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. No shares of Common Stock shall be
issued hereunder unless the Company shall have determined that such issuance is in compliance with, or pursuant to an exemption from, all applicable federal and state securities laws.

	(g)
	Compliance with Rule 16b-3. Notwithstanding anything contained in the Plan or in any Award
Agreement to the contrary, if the consummation of any transaction under the Plan would result in the possible imposition of liability on a Participant pursuant to Section 16(b) of the Exchange
Act, the Committee shall have the right, in its sole discretion, but shall not be obligated, to defer such transaction or the effectiveness of such action to the extent necessary to avoid such
liability, but in no event for a period longer than six months.

	(h)
	Award Agreement. In the event of any conflict or inconsistency between the Plan and any Award Agreement, the
Plan shall govern, and the Award Agreement shall be interpreted to minimize or eliminate any such conflict or inconsistency.

	(i)
	Expenses. The costs and expenses of administering the Plan shall be borne by the Company.

	(j)
	Application of Funds. The proceeds received from the Company from the sale of Common Stock or other securities
pursuant to Awards will be used for general corporate purposes.

	(k)
	Applicable Law. Except as to matters of federal law, the Plan and all actions taken thereunder shall be
governed by and construed in accordance with the laws of the State of Delaware. 

12

QuickLinks

Exhibit 10.19

PATHMARK STORES, INC. 2000 EMPLOYEE EQUITY PLAN AS AMENDED AS OF JUNE 13, 2002QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.16  

AMERICAN
EQUITY INVESTMENT LIFE HOLDING COMPANY,

AS ISSUER 

AND

WEST DES MOINES STATE BANK,

AS TRUSTEE 

INDENTURE 

DATED
AS OF SEPTEMBER 7, 1999 

$23,216,587.63(1)

8%
CONVERTIBLE JUNIOR SUBORDINATED DEBENTURES DUE 2029 

	(1)
	Subject
to an increase to up to $30,927,840 in the event that additional Trust Securities are issued after the initial Closing Date as provided herein. 

 
 
 

TABLE OF CONTENTS    
    

	 
	 	Page

	RECITALS OF THE COMPANY	 	1
	

ARTICLE ONE

  

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION
	

SECTION 101. Definitions	
 	

2
	

SECTION 102. Compliance Certificates and Opinions	
 	

7
	

SECTION 103. Form of Documents Delivered to Trustee	
 	

8
	

SECTION 104. Acts of Holders; Record Dates	
 	

8
	

SECTION 105. Notices, Etc., to Trustee and the Company	
 	

9
	

SECTION 106. Notice to Holders; Waiver	
 	

9
	

SECTION 107. Conflict with Trust Indenture Act	
 	

10
	

SECTION 108. Effect of Headings and Table of Contents	
 	

10
	

SECTION 109. Successors and Assigns	
 	

10
	

SECTION 110. Separability Clause	
 	

10
	

SECTION 111. Benefits of Indenture	
 	

10
	

SECTION 112. Governing Law	
 	

10
	

SECTION 113. Legal Holidays	
 	

10
	

ARTICLE TWO

  

DEBENTURE FORMS
	

SECTION 201. Forms Generally	
 	

11
	

SECTION 202. Initial Issuance to Property Trustee	
 	

11
	

ARTICLE THREE

  

THE DEBENTURES
	

SECTION 301. Title and Terms	
 	

11
	

SECTION 302. Denominations	
 	

12
	

SECTION 303. Execution, Authentication, Delivery and Dating	
 	

13
	

SECTION 304. Temporary Debentures	
 	

13
	

SECTION 305. Registration, Registration of Transfer and Exchange	
 	

13
	

SECTION 306. Mutilated, Destroyed, Lost and Stolen Debentures	
 	

14
	

SECTION 307. Payment of Interest; Interest Rights Preserved	
 	

15
	

SECTION 308. Persons Deemed Owners	
 	

16
	 	 	 

i

 

	

SECTION 309. Cancellation	
 	

16
	

SECTION 310. Right of Set Off	
 	

16
	

SECTION 311. CUSIP Numbers	
 	

16
	

SECTION 312. Option to Extend Interest Payment Period	
 	

17
	

SECTION 313. Paying Agent, Registrar and Conversion Agent	
 	

18
	

SECTION 314. Calculation of Original Issue Discount	
 	

18
	

ARTICLE FOUR

 

SATISFACTION AND DISCHARGE
	

SECTION 401. Satisfaction and Discharge of Indenture	
 	

18
	

SECTION 402. Application of Trust Money	
 	

18
	

ARTICLE FIVE

 

REMEDIES
	

SECTION 501. Indenture Events of Default	
 	

19
	

SECTION 502. Acceleration of Maturity; Rescission and Annulment	
 	

20
	

SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee	
 	

20
	

SECTION 504. Trustee May File Proofs of Claim	
 	

20
	

SECTION 505. Trustee May Enforce Claims Without Possession of Debentures	
 	

21
	

SECTION 506. Application of Money Collected	
 	

21
	

SECTION 507. Limitation on Suits	
 	

21
	

SECTION 508. Unconditional Right of Holders to Receive Principal and Interest and Convert	
 	

22
	

SECTION 509. Restoration of Rights and Remedies	
 	

22
	

SECTION 510. Rights and Remedies Cumulative	
 	

22
	

SECTION 511. Delay or Omission Not Waiver	
 	

22
	

SECTION 512. Control by Holders	
 	

22
	

SECTION 513. Waiver of Past Defaults	
 	

23
	

SECTION 514. Undertaking for Costs	
 	

23
	

SECTION 515. Waiver of Stay or Extension Laws	
 	

23
	

SECTION 516. Enforcement by Holders of Trust Preferred Securities	
 	

23
	

ARTICLE SIX

  

THE TRUSTEE
	

SECTION 601. Certain Duties and Responsibilities	
 	

24
	

SECTION 602. Notice of Defaults	
 	

24
	 	 	 

ii

 

	

SECTION 603. Certain Rights of Trustee	
 	

24
	

SECTION 604. Not Responsible for Recitals or Issuance of Debentures	
 	

25
	

SECTION 605. May Hold Debentures	
 	

25
	

SECTION 606. Money Held in Trust	
 	

25
	

SECTION 607. Compensation and Reimbursement	
 	

25
	

SECTION 608. Disqualification; Conflicting Interests	
 	

26
	

SECTION 609. Corporate Trustee Required; Eligibility	
 	

26
	

SECTION 610. Resignation and Removal; Appointment of Successor	
 	

26
	

SECTION 611. Acceptance of Appointment by Successor	
 	

27
	

SECTION 612. Merger, Conversion, Consolidation or Succession to Business	
 	

27
	

SECTION 613. Preferential Collection of Claims Against Company	
 	

27
	

ARTICLE SEVEN

  

HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY
	

SECTION 701. Company to Furnish Trustee Names and Addresses of Holders	
 	

27
	

SECTION 702. Preservation of Information; Communications to Holders	
 	

28
	

SECTION 703. Reports by Trustee	
 	

28
	

SECTION 704. Reports by Company	
 	

28
	

ARTICLE EIGHT

 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	

SECTION 801. Company May Consolidate, Etc., Only on Certain Terms	
 	

29
	

SECTION 802. Successor Substituted	
 	

29
	

ARTICLE NINE

 

SUPPLEMENTAL INDENTURES
	

SECTION 901. Supplemental Indentures Without Consent of Holders	
 	

29
	

SECTION 902. Supplemental Indentures with Consent of Holders	
 	

30
	

SECTION 903. Execution of Supplemental Indentures	
 	

31
	

SECTION 904. Effect of Supplemental Indentures	
 	

31
	

SECTION 905. Intentionally Omitted	
 	

31
	

SECTION 906. Reference in Debentures to Supplemental Indentures	
 	

31
	

ARTICLE TEN

  

COVENANTS; REPRESENTATIONS AND WARRANTIES
	

SECTION 1001. Payment of Principal and Interest	
 	

31
	 	 	 

iii

 

	

SECTION 1002. Maintenance of Office or Agency	
 	

31
	

SECTION 1003. Money for Debenture Payments to Be Held in Trust	
 	

32
	

SECTION 1004. Statement by Officers as to Default	
 	

32
	

SECTION 1005. Limitation on Dividends; Transactions with Affiliates; Covenants as to the Trust	
 	

33
	

SECTION 1006. Payment of Expenses of the Trust	
 	

33
	

ARTICLE ELEVEN

  

REDEMPTION OF DEBENTURES
	

SECTION 1101. Right of Redemption	
 	

34
	

SECTION 1102. Applicability of Article	
 	

34
	

SECTION 1103. Election to Redeem; Notice to Trustee	
 	

34
	

SECTION 1104. Selection by Trustee of Debentures to Be Redeemed	
 	

34
	

SECTION 1105. Notice of Redemption	
 	

35
	

SECTION 1106. Deposit of Redemption Price	
 	

35
	

SECTION 1107. Debentures Payable on Redemption Date	
 	

35
	

SECTION 1108. Debentures Redeemed in Part	
 	

36
	

SECTION 1109. Tax Event Redemption	
 	

36
	

SECTION 1110. No Sinking Fund	
 	

36
	

ARTICLE TWELVE

 

SUBORDINATION OF DEBENTURES
	

SECTION 1201. Agreement to Subordinate	
 	

37
	

SECTION 1202. Default on Senior Debt	
 	

37
	

SECTION 1203. Liquidation; Dissolution; Bankruptcy	
 	

37
	

SECTION 1204. Subrogation	
 	

38
	

SECTION 1205. Trustee to Effectuate Subordination	
 	

39
	

SECTION 1206. Notice by the Company	
 	

39
	

SECTION 1207. Rights of the Trustee; Holders of Senior Debt	
 	

40
	

SECTION 1208. Subordination May Not Be Impaired	
 	

40
	

ARTICLE THIRTEEN

 

CONVERSION OF DEBENTURES
	

SECTION 1301. Conversion Rights	
 	

40
	

SECTION 1302. Conversion Procedures	
 	

41
	

SECTION 1303. Conversion Price Adjustments—General	
 	

42
	 	 	 

iv

 

	

SECTION 1304. Reclassification, Consolidation, Merger or Sale of Assets	
 	

45
	

SECTION 1305. Notice of Adjustments of Conversion Price	
 	

46
	

SECTION 1306. Prior Notice of Certain Events	
 	

46
	

SECTION 1307. Dividend or Interest Reinvestment Plans	
 	

47
	

SECTION 1308. Certain Additional Rights	
 	

47
	

SECTION 1309. Restrictions on Common Stock Issuable Upon Conversion	
 	

47
	

SECTION 1310. Trustee Not Responsible for Determining Conversion Price or Adjustments	
 	

48
	

ARTICLE FOURTEEN

  

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS
	

SECTION 1401. No Recourse	
 	

48

EXHIBIT A—Form
of Debenture 

ANNEX A—Form
of Amended and Restated Declaration of Trust, among the Company, as Sponsor, West Des Moines State Bank, as Property Trustee, First Union Trust Company, National
Association, as Delaware Trustee, and Debra J. Richardson and Wendy L. Carlson, as Administrative Trustees, dated as of September 7, 1999 

Note:
This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

v

        INDENTURE, dated as of September 7, 1999, between American Equity Investment Life Holding Company, a corporation duly organized and existing under the laws of the State of Iowa
(the "Company"), having its principal office at 5000 Westown Parkway, Suite 440, West Des Moines, IA 50266, and West Des Moines State Bank, an Iowa banking corporation, as Trustee (the
"Trustee"). 

RECITALS OF THE COMPANY  

        WHEREAS, American Equity Capital Trust I, a Delaware business trust (the "Trust") formed under the Amended and Restated Declaration of Trust, dated as of
September 7, 1999 (the "Declaration"), by and among the Company, as sponsor, West Des Moines State Bank, as property trustee (the "Property Trustee"), First Union Trust Company, National
Association, as Delaware trustee (the "Delaware Trustee"), and Debra J. Richardson and Wendy L. Carlson, as Administrative Trustees, will issue and sell 750,669.67 (or up to an aggregate
of 1,000,000 if additional Trust Preferred Securities (as defined below) are issued after the initial Closing Date in accordance with the Declaration) 8% Convertible Trust Preferred Securities (the
"Trust Preferred Securities") representing undivided beneficial interests in the assets of Trust, with a liquidation amount of $30 per Trust Preferred Security, or $22,520,090 in the aggregate (or up
to $30,000,000 in the aggregate if additional Trust Preferred Securities are issued after the initial Closing Date in accordance with the Declaration); and 

        WHEREAS,
the Trust will issue and sell to the Company 23,216.59 (or up to an aggregate of 30,928 if additional Trust Common Securities (as defined below) are issued after the initial
Closing Date in accordance with the Declaration) convertible common securities (the "Trust Common Securities" and, together with the Trust Preferred Securities, the "Trust Securities") representing
undivided beneficial interests in the assets of Trust with a liquidation amount of $30 per Trust Common Security, or $696,497.63 in the aggregate (or up to $927,840 in the aggregate if additional
Trust Common Securities are issued after the initial Closing Date in accordance with the Declaration); and 

        WHEREAS,
pursuant to the Declaration, the Trust will use the proceeds from the sale of the Trust Securities to purchase from the Company the 8% Convertible Junior Subordinated Debentures
Due 2029 described in this Indenture (the "Debentures") in an aggregate principal amount of $23,216,587.63 (or up to an aggregate principal amount of $30,927,840 if additional Trust Securities are
issued after the initial Closing Date in accordance with the Declaration); and 

        WHEREAS,
in connection with the issuance and sale by the Trust of the Trust Preferred Securities and the issuance and sale of the Debentures by the Company to the Trust, the Company has
agreed to irrevocably guarantee the payment in full of the distributions on the Trust Preferred Securities, the amount payable upon redemption of the Trust Preferred Securities and, generally, the
liquidation preference of the Trust Preferred Securities, to the extent the Trust has funds available therefor, pursuant to the Trust Preferred Securities Guarantee Agreement of even date herewith
(the
"Guarantee") between the Company and West Des Moines State Bank, as Guarantee Trustee, for the benefit of the holders of the Trust Preferred Securities; and 

        WHEREAS,
so long as the Trust is a Holder (as defined herein) of Debentures, and any Trust Preferred Securities remain outstanding, the Declaration provides that the holders of Trust
Preferred Securities may cause the Conversion Agent to (a) exchange such Trust Preferred Securities for Debentures held by the Trust and (b) immediately convert such Debentures into
Common Stock (as defined herein), in each case at the times and in the manner set forth herein; and 

        WHEREAS,
the Company has duly authorized the creation of the Debentures, this Indenture sets forth the terms and conditions thereof, and all things necessary to make this Indenture a
valid agreement of the Company, subject to execution and delivery of this Indenture by the Company and the Trustee, have been done. 

 

        NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 

        For
and in consideration of the premises and the purchase of the Debentures by the Holders as provided for herein, it is mutually agreed, for the equal and proportionate benefit of the
Holders, as follows: 

 
 

ARTICLE ONE    
    
    DEFINITIONS AND OTHER PROVISIONS
  OF GENERAL APPLICATION    
    

        SECTION 101.    Definitions.    

        For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

        (1)   the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

        (2)   all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

        (3)   all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles; and 

        (4)   the
words "herein", "hereof" and "hereunder" and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision. 

        "Act",
when used with respect to any Holder, has the meaning specified in Section 104. 

        "Additional
Interest" has the meaning specified in Section 301. 

        "Additional
Payments" means Compounded Interest and Additional Interest, if any. 

        "Affiliate"
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For
the purposes of this definition, "control" when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. 

        "Agent"
means any Registrar, Paying Agent, Conversion Agent or co-registrar. 

        "Board
of Directors" means either the board of directors of the Company or any duly authorized committee of that board. 

        "Board
Resolution" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Trustee. 

        "Business
Day" means any day other than a Saturday, Sunday or day on which banking institutions in West Des Moines, Iowa or in Wilmington, Delaware are authorized or required by law to
close. 

        "Closing
Date" has the meaning specified in the Declaration. 

        "Closing
Price" of any security on any day means the last reported sale price, regular way, on such day or, if no sale takes place on such day, the average of the reported closing bid
and asked prices on such day, regular way, in either case as reported on the New York Stock Exchange Composite Tape, or, if such security is not listed or admitted to trading on The New York Stock
Exchange, Inc., on the principal national securities exchange on which such security is listed or admitted to trading, or if such 

2

 

security
is not listed or admitted to trading on a national securities exchange, on the National Market System of the National Association of Securities Dealers, Inc. or, if such security is
not quoted or admitted to trading on such quotation system, on the principal quotation system on which such security is listed or admitted to trading or quoted, or, if not listed or admitted to
trading or quoted on any national securities exchange or quotation system, the average of the closing bid and asked prices of such security in the over-the-counter market on
the day in question as reported by the National Quotation Bureau Incorporated, or a similar generally accepted reporting service, or, if not so available in such manner, as furnished by any New York
Stock Exchange member firm selected from time to time by the Board of Directors of the Company for that purpose, or, if not so available in such manner, as otherwise determined in good faith by the
Board of Directors of the Company. 

        "Commission"
means the United States Securities and Exchange Commission. 

        "Common
Stock" includes any stock of any class of the Company which has no preference with respect to dividends or to amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Company and which is not subject to redemption by the Company. However, subject to the provisions of Article Thirteen, shares issuable on conversion of
Debentures shall include only shares of the class designated as Common Stock of the Company at the date of this instrument or
shares of any class or classes resulting from any reclassification or reclassifications thereof and which have no preference with respect to dividends or to amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company and which are not subject to redemption by the Company; provided that if at any time there shall be more than one such
resulting class, the shares of each such class then so issuable on conversion shall be substantially in the proportion which the total number of shares of such class resulting from all such
reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications. 

        "Company"
means the Person named as the "Company" in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter "Company" shall mean such successor Person. 

        "Company
Request" or "Company Order" means a written request or order signed in the name of the Company by its Chairman of the Board, its President or a Vice President, and by its
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 

        "Company's
IPO" has the meaning specified in the Declaration. 

        "Compounded
Interest" has the meaning specified in Section 312. 

        "Conversion
Agent" means the Person appointed to act on behalf of the holders of Trust Preferred Securities in effecting the conversion of Trust Preferred Securities as and in the manner
set forth in the Declaration and Section 1302 hereof. 

        "Conversion
Date" has the meaning specified in Section 1302. 

        "Corporate
Trust Office" means the principal office of the Trustee in West Des Moines, Iowa, at which at any particular time its corporate trust business shall be administered and which
at the date of this Indenture is 1601 22nd Street, West Des Moines, Iowa 50266. 

        "Debentures"
has the meaning specified in the Recitals to this instrument. 

        "Declaration"
has the meaning specified in the Recitals to this instrument. 

        "Declaration
Event of Default" means a "Declaration Event of Default" as defined in the Declaration. 

        "Defaulted
Interest" has the meaning specified in Section 307. 

        "Delaware
Trustee" has the meaning specified in the Recitals to this instrument. 

3

 

        "Direct
Action" means a proceeding directly instituted by a holder of Trust Preferred Securities for enforcement of payment to such holder of the principal of or interest on the Junior
Subordinated Debentures having a principal amount equal to the aggregate liquidation amount of the Trust Preferred Securities of such holder on or after the respective due date specified in the
Debentures, if a Declaration Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay interest or principal on the Debentures on the date
such interest or principal is otherwise payable (or in the case of redemption, on the redemption date.) 

        "Dissolution
Event" means that, as a result of the occurrence and continuation of a Special Event, the Trust is to be dissolved in accordance with the Declaration and the Debentures held
by the Property Trustee are to be distributed to the holders of Trust Securities pro rata in accordance with the Declaration. 

        "Dissolution
Tax Opinion" has the meaning specified in the Declaration. 

        "Exchange
Act" means the Securities Exchange Act of 1934, as amended from time to time, or any successor legislation. 

        "Expiration
Time" has the meaning specified in Section 1303(e). 

        "Extension
Period" has the meaning specified in Section 312. 

        "Guarantee"
has the meaning specified in the Recitals to this instrument. 

        "Holder"
means a Person in whose name a Debenture is registered in the Register. 

        "Indenture"
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to
the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and
govern this instrument and any such supplemental indenture, respectively. 

        "Indenture
Event of Default" has the meaning specified in Section 501. 

        "Interest
Payment Date" has the meaning specified in Section 301. 

        "Investment
Company Event" has the meaning specified in the Declaration. 

        "Maturity",
when used with respect to any Debenture, means the date on which the principal of such Debenture becomes due and payable as therein or herein provided, whether at the Stated
Maturity or by declaration of acceleration, call for redemption or otherwise. 

        "Ministerial
Action" has the meaning specified in Section 1110. 

        "90-Day
Period" has the meaning specified in Section 1110. 

        "No
Recognition Opinion" has the meaning specified in the Declaration. 

        "Notice
of Conversion" means the notice to be given by a holder of Trust Preferred Securities to the Conversion Agent directing the Conversion Agent to exchange such Trust Preferred
Securities for Debentures and to convert such Debentures into Common Stock on behalf of such holder. 

        "Officers'
Certificate" means a certificate signed by the Chairman of the Board, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an
Assistant Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers' Certificate given pursuant to Section 1004 shall be the principal executive,
financial or accounting officer of the Company. 

        "Opinion
of Counsel" means a written opinion of counsel, who may be counsel for the Company, and who shall be acceptable to the Trustee. 

4

 

        "Outstanding",
when used with respect to Debentures, means, as of the date of determination, all Debentures theretofore authenticated and delivered under this Indenture, except:
(i) Debentures theretofore canceled by the Trustee or delivered to the Trustee for cancellation; (ii) Debentures for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for
the Holders of such Debentures; provided, that if such Debentures are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made; and (iii) Debentures that have been paid pursuant to Section 306, converted into Common Stock pursuant to Section 1301, or in exchange for or in lieu of
which other Debentures have been authenticated and delivered pursuant to this Indenture, other than any such Debentures with respect to which there shall have been presented to the Trustee proof
satisfactory to it that such Debentures are held by a bona fide purchaser in whose hands such Debentures are valid obligations of the Company, provided, however, that in determining whether the
Holders of the requisite principal amount of the Outstanding Debentures have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Debentures owned by the Company
or any other obligor upon the Debentures or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Debentures which the Trustee knows to be so owned shall be so disregarded.
Debentures so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee's right so to act with respect to
such Debentures and that the pledgee is not the Company or any other obligor upon the Debentures or any Affiliate of the Company or of such other obligor. 

        "Paying
Agent" means any Person authorized by the Company to pay the principal of or interest on any Debentures on behalf of the Company. 

        "Person"
means any individual, corporation, company, partnership, limited liability company, joint venture, trust, unincorporated organization or government or any agency or political
subdivision thereof. 

        "Predecessor
Debenture" of any particular Debenture means every previous Debenture evidencing all or a portion of the same debt as that evidenced by such particular Debenture; and, for
the purposes of this definition, any Debenture authenticated and delivered under Section 306 in exchange for or in lieu
of a mutilated, destroyed, lost or stolen Debenture shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Debenture. 

        "pro
rata", when used with respect to any payment, distribution or treatment of the Debentures, shall mean pro rata to each Holder of Debentures according to the aggregate principal
amount of the Debentures Outstanding, provided that in the event any Debentures are held by the Company or any affiliate thereof and an Indenture Event of Default has occurred and is continuing, any
funds available for such payment shall first be paid to each Holder of the Debentures (other than the Company or any affiliate thereof) pro rata according to the aggregate principal amount of the
Debentures held by each such Holder relative to the aggregate principal amount of all Debentures Outstanding and held by such Holders, and only after satisfaction of all amounts owed to such Holders
of the Debentures (other than the Company or any affiliate thereof), any additional funds available for such payment shall be made to the Company or any affiliate thereof pro rata according to the
aggregate principal amount of Debentures held by them. 

        "Purchased
Shares" has the meaning specified in Section 1303(e). 

        "Redemption
Date", when used with respect to any Debenture to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 

5

 

        "Redemption
Price", when used with respect to any Debenture to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 

        "Redemption
Tax Event" has the meaning specified in Section 1110. 

        "Redemption
Tax Opinion" has the meaning set forth in the Declaration. 

        "Reference
Date" has the meaning specified in Section 1303(c). 

        "Register"
and "Registrar" have the respective meanings specified in Section 305. 

        "Regular
Record Date" has the meaning specified in Section 301. 

        "Responsible
Officer", when used with respect to the Trustee, means the chairman or any vice-chairman of the board of directors, the chairman or any vice-chairman
of the executive committee of the board of directors, the chairman of the trust committee, the president, any vice president, any assistant vice president, the treasurer, any assistant treasurer, any
trust officer or assistant trust officer, the controller or any assistant controller or any other officer of the Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject. 

        "Restricted
Securities Legend" has the meaning specified in Section 202. 

        "Senior
Debt" means with respect to the Company (i) the principal, premium, if any, and interest with respect to (A) indebtedness of such obligor for money borrowed and
(B) indebtedness evidenced by securities, debentures, bonds or other similar instruments issued by such obligor, (ii) all capital lease obligations of such obligor, (iii) all
obligations of such obligor issued or assumed as the deferred purchase price of property, all conditional sale obligations of such obligor and all obligations of such obligor under any title retention
agreement (but excluding trade accounts payable arising in the ordinary course of business), (iv) all obligations of such obligor for the reimbursement of any letter of credit, banker's
acceptance, security purchase facility (or repurchase agreement) or similar credit transaction, (v) all obligations of the type referred to in clauses (i) through (iv) above of other
persons for the payment of which such obligor is responsible or liable as obligor, guarantor or otherwise, and (vi) all obligations of the type referred to in clauses (i) through (v)
above of other persons secured by any lien on any property or asset of such obligor (whether or not such obligation is assumed by such obligor), except for (1) any such indebtedness that is by
its terms subordinated to or pari passu with the Debentures and (2) any indebtedness between or among such obligor or its affiliates, including
all other debt securities and guarantees in respect of those debt securities issued to any other trust, or a trustee of such trust, partnership, or other entity affiliated with the Company that is,
directly or indirectly, a financing vehicle of the Company (a "Financing Entity") in connection with the issuance by such Financing Entity of preferred securities or other securities which rank junior
to or pari passu with, the Trust Preferred Securities. Such Senior Debt shall continue to be Senior Debt and entitled to the benefits of the
subordination provisions irrespective of any amendment, modification or waiver of any term of such Senior Debt. 

        "Special
Event" has the meaning specified in the Declaration. 

        "Special
Record Date" for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307. 

        "Stated
Maturity", when used with respect to any Debenture or any installment of interest thereon, means the date specified in such Debenture as the fixed date on which the principal,
together with any accrued and unpaid interest (including Compounded Interest), of such Debenture or such installment of interest is due and payable. 

6

 

        "Subsidiary"
of any Person means (i) a corporation more than 50% of the outstanding Voting Stock of which is owned, directly or indirectly, by such Person or by one or more other
Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof or (ii) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of
such Person or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management and affairs thereof. 

        "Tax
Event" has the meaning specified in the Declaration. 

        "Trading
Day" means a day on which securities are traded on The New York Stock Exchange, Inc. 

        "Trust"
has the meaning specified in the Recitals to this instrument. 

        "Trustee"
means the Person named as the "Trustee" in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter "Trustee" shall mean such successor Trustee. 

        "Trust
Common Securities" has the meaning specified in the recitals to this Instrument. 

        "Trust
Common Securities Guarantee" means any guarantee that the Company may enter into that operates directly or indirectly for the benefit of holders of Trust Common Securities of the
Trust. 

        "Trust
Indenture Act" means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act
of 1939 is amended after such date, "Trust Indenture Act" means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

        "Trust
Preferred Securities" has the meaning specified in the Recitals to this instrument. 

        "Trust
Preferred Securities Guarantee" means any guarantee that the Company may enter into that operates directly or indirectly for the benefit of holders of Trust Preferred Securities
of the Trust. 

        "Trust
Securities" has the meaning specified in the Recitals to this instrument. 

        "Vice
President", when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title
"vice president". 

        "Voting
Stock" of any Person means capital stock of such Person which ordinarily has voting power for the election of directors (or Persons performing similar functions) of such Person,
whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. 

        SECTION 102.    Compliance Certificates and Opinions.    

        Upon
any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act or reasonably requested by the Trustee in connection with such application or request. Each such certificate or opinion shall be given in the
form of an Officers' Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the applicable provisions of the Trust
Indenture Act and any other applicable requirement set forth in this Indenture. 

        Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include 

        (1)   a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

7

  

        (2)   a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based; 

        (3)   a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been complied with; and 

        (4)   a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

        SECTION 103.    Form of Documents Delivered to Trustee.    

        In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

        Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous. 

        Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they
may, but need not, be consolidated and form one instrument. 

        SECTION 104.    Acts of Holders; Record Dates.    

        (a)   Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section. 

        (b)   The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a
notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where
such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee or the Company, as the case may be, deems
sufficient. 

8

 

        (c)   The
Company may, in the circumstances permitted by the Trust Indenture Act, fix any day as the record date for the purpose of determining the Holders of Outstanding
Debentures entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action, or to vote on any action, authorized or permitted to be given or taken
by Holders. If not set by the Company prior to the first solicitation of a Holder made by any Person in respect of any such action, or, in the case of any such vote, prior to such vote, the record
date for any such action or vote shall be the 30th day (or, if later, the date of the most recent list of Holders required to be provided pursuant to Section 701) prior to such first
solicitation or vote, as the case may be. With regard to any record date, only the Holders on such date (or their duly designated proxies) shall be entitled to give or take, or vote on, the relevant
action. 

        (d)   The
ownership of Debentures shall be proved by the Register. 

        (e)   Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Debenture shall bind every future Holder of the same Debenture
and the Holder of every Debenture issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee
or the Company in reliance thereon, whether or not notation of such action is made upon such Debenture. 

        (f)    Without
limiting the foregoing, a Holder entitled hereunder to give or take any such action with regard to any particular Debenture may do so with regard to all or any
part of the principal amount of such Debenture or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any different part of such principal
amount. 

        SECTION 105.    Notices, Etc., to Trustee and the Company.    

        Any
request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to,
or filed with, 

        (1)   the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its
Corporate Trust Office, Attention: Senior Corporate Trust Officer, or 

        (2)   the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in
writing to the Trustee by the Company. 

        SECTION 106.    Notice to Holders; Waiver.    

        Where
this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at such Holder's address as it appears in the Register, not later than the latest date (if any), and not earlier than the earliest
date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice when mailed to a Holder in the aforesaid manner shall be conclusively deemed to have been
received by such Holder whether or not actually received by such Holder. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver. 

9

 

        In
case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made
with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

        SECTION 107.    Conflict with Trust Indenture Act.    

        If
any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that would be required under such Act to be a part of and govern this Indenture, were
this Indenture qualified under such Act, the latter provision shall control. If any provision of this Indenture modifies or excludes any such provision of the Trust Indenture Act that may be so
modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

        SECTION 108.    Effect of Headings and Table of Contents.    

        The
Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

        SECTION 109.    Successors and Assigns.    

        All
covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

        SECTION 110.    Separability Clause.    

        In
case any provision in this Indenture or in the Debentures shall be invalid, illegal or unenforceable, the validity, legality and enforce ability of the remaining provisions shall not
in any way be affected or impaired thereby. 

        SECTION 111.    Benefits of Indenture.    

        Nothing
in this Indenture or in the Debentures, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the holders of Senior Debt,
the holders of Trust Preferred Securities (to the extent provided herein) and the Holders of Debentures, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

        SECTION 112.    GOVERNING LAW.    

        THIS
INDENTURE AND THE DEBENTURES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF IOWA, WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAWS. 

        SECTION 113.    Legal Holidays.    

        In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Debenture or the last date on which a Holder has the right to convert his Debentures shall not be a
Business Day, then (notwithstanding any other provision of this Indenture or of the Debentures) payment of interest or principal or conversion of the Debentures need not be made on such date, but may
be made on the next succeeding Business Day (except that, if such Business Day is in the next succeeding calendar year, such Interest Payment Date, Redemption Date or Stated Maturity, as the case may
be, shall be the immediately preceding Business Day) with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity or on such last day for
conversion, provided, that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 

10

 

 
 

ARTICLE TWO    
    
    DEBENTURE FORMS    
    

        SECTION 201.    Forms Generally.    

        The
Debentures and the Trustee's certificates of authentication shall be substantially in the form of Exhibit A which is hereby incorporated in and expressly made a part of this
Indenture. The Debentures may have notations, legends or endorsements required by law, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or
endorsement is in a form acceptable to the Company). The Company shall furnish any such legend not contained in Exhibit A to the Trustee in writing. Each Debenture shall be dated the date of
its authentication. The terms and provisions of the Debentures set forth in Exhibit A are part of the terms of this Indenture and to the extent applicable, the Company and the Trustee, by their
execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

        The
definitive Debentures shall be typewritten or printed, lithographed or engraved or produced by any combination of these methods on steel engraved borders or may be produced in any
other manner, all as determined by the officers executing such Debentures, as evidenced by their execution of such Debentures. 

        SECTION 202.    Initial Issuance to Property Trustee.    

        The
Debentures initially issued to the Property Trustee of the Trust shall be in the form of one or more individual certificates in definitive, fully registered form without distribution
coupons and shall bear the following legend (the "Restricted Securities Legend") unless the Company determines otherwise in accordance with applicable law: 

        THIS
DEBENTURE AND ANY COMMON STOCK ISSUED ON CONVERSION THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. BY THE ACQUISITION HEREOF, THE HOLDER AGREES THAT SUCH HOLDER WILL GIVE EACH PERSON TO
WHOM THIS DEBENTURE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN THE CASE OF ANY TRANSFER OR OTHER DISPOSITION MADE OTHERWISE THAN PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, THE HOLDER HEREOF SHALL BE REQUIRED TO PROVIDE TO THE COMPANY AND THE TRANSFER AGENT, PRIOR TO SUCH TRANSFER, AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH TRANSFER IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS. 

 
 

ARTICLE THREE    
    
    THE DEBENTURES    
    

        SECTION 301.    Title and Terms.    

        The
aggregate principal amount of Debentures that may be authenticated and delivered under this Indenture is limited to the sum of $23,216,587.63 (or up to an aggregate principal amount
of $30,927,840 if additional Trust Securities are issued after the initial Closing Date in accordance with the 

11

 

Declaration),
except for Debentures authenticated and delivered upon transfer of, or in exchange for, or in lieu of, other Debentures pursuant to Section 304, 305, 306, 906, 1108 or 1301. 

        The
Debentures shall be known and designated as the "8% Convertible Junior Subordinated Debentures Due 2029" of the Company. Their Stated Maturity shall be September 30, 2029, and
they shall bear interest at the rate of 8% per annum, from August 30, 1999 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
as the case may be, payable quarterly (subject to deferral as set forth herein), in arrears, on March 31, June 30, September 30 and December 31 (each an "Interest Payment
Date") of each year, commencing December 31, 1999 until the principal thereof is paid or made available for payment, and they shall be paid to the Person in whose name the Debenture is
registered at the close of business on the regular record date for such interest installment, which shall be the close of business on the date which is 15 days prior to each Interest Payment
Date (the "Regular Record Date"). Interest will compound quarterly and will accrue at the rate of 8% per annum on any interest installment in arrears or during an extension of an interest payment
period as set forth in Section 312 hereof. 

        The
amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. Except as provided in the following
sentence, the amount of interest payable for any period shorter than a full quarterly period for which interest is computed, will be computed on the basis of the actual number of days elapsed. In the
event that any date on which interest is payable on the Debentures is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day
(and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made on such date. 

        If
at any time while the Property Trustee is the Holder of any Debentures, the Trust or the Property Trustee is required to pay any taxes, duties, assessments or governmental charges of
whatever nature (other than withholding taxes) imposed by the United States, or any other taxing authority, then, in any such case, the Company will pay as additional interest ("Additional Interest")
on the Debentures held by the Property Trustee, such amounts as shall be required so that the net amounts received and retained by the Trust and the Property Trustee after paying any such taxes,
duties, assessments or other governmental charges will be not less than the amounts the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other governmental
charges been imposed. 

        The
principal of and interest on the Debentures shall be payable at the office or agency of the Company in the United States maintained for such purpose and at any other office or agency
maintained by the Company for such purpose in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Register. 

        The
Debentures shall be redeemable as provided in Article Eleven hereof. 

        The
Debentures shall be subordinated in right of payment to Senior Debt as provided in Article Twelve hereof. 

        The
Debentures shall be convertible as provided in Article Thirteen hereof. 

        SECTION 302.    Denominations.    

        The
Debentures shall be issuable only in registered form without coupons and only in denominations of $30 and integral multiples thereof. 

12

 

        SECTION 303.    Execution, Authentication, Delivery and Dating.    

        The
Debentures shall be executed on behalf of the Company by its Chairman of the Board, its President or one of its Vice Presidents, under its corporate seal reproduced thereon attested
by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Debentures may be manual or facsimile. 

        Debentures
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the authentication and delivery of such Debentures or did not hold such offices at the date of such Debentures. 

        At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Debentures executed by the Company to the Trustee for authentication,
together with a
Company Order for the authentication and delivery of such Debentures; and the Trustee in accordance with such Company Order shall authenticate and make available for delivery such Debentures as in
this Indenture provided and not otherwise. 

        No
Debenture shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Debenture a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Debenture shall be conclusive evidence, and the only evidence, that such
Debenture has been duly authenticated and delivered hereunder. 

        SECTION 304.    Temporary Debentures.    

        Pending
the preparation of definitive Debentures, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Debentures which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Debentures in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the officers executing such Debentures may determine, as evidenced by their execution of such Debentures. 

        If
temporary Debentures are issued, the Company will cause definitive Debentures to be prepared without unreasonable delay. After the preparation of definitive Debentures, the temporary
Debentures shall be exchangeable for definitive Debentures upon surrender of the temporary Debentures at any office or agency of the Company designated pursuant to Section 1002, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary Debentures the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor
a like principal amount of definitive Debentures of authorized denominations. Until so exchanged the temporary Debentures shall in all respects be entitled to the same benefits under this Indenture as
definitive Debentures. 

        SECTION 305.    Registration, Registration of Transfer and Exchange.    

        (a)   General.

        The
Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency designated pursuant
to Section 1002 being herein sometimes collectively referred to as the "Register") in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the
registration of Debentures and of transfers of Debentures. The Trustee is hereby appointed "Registrar" for the purpose of registering Debentures and transfers of Debentures as herein provided. 

        Upon
surrender for registration of transfer of any Debenture at an office or agency of the Company designated pursuant to Section 1002 for such purpose, the Company shall execute,
and the 

13

 

Trustee
shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Debentures of any authorized denominations and of a like aggregate principal amount. 

        At
the option of the Holder, Debentures may be exchanged for other Debentures of any authorized denominations and of a like aggregate principal amount, upon surrender of the Debentures
to be exchanged at such office or agency. Whenever any Debentures are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and make available for delivery, the
Debentures which the Holder making the exchange is entitled to receive. 

        All
Debentures issued upon any registration of transfer or exchange of Debentures shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Debentures surrendered upon such registration of transfer or exchange. 

        Every
Debenture presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a
written instrument of transfer in form satisfactory to the Company and the Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 

        No
service charge shall be made for any registration of transfer or exchange of Debentures, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Debentures, other than exchanges pursuant to Section 304, 906, 1108 or 1301 not involving any transfer. 

        The
Company shall not be required (i) in the case of a partial redemption of the Debentures, to issue, register the transfer of or exchange any Debenture during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of Debentures selected for redemption under Section 1104 and ending at the close of business on
the day of such mailing, or (ii) to register the transfer of or exchange any Debenture so selected for redemption in whole or in part, except the unredeemed portion of any Debenture being
redeemed in part. 

        (b)   Transfer
Procedures and Restrictions. 

        The
Debentures may not be transferred except in compliance with the Restricted Debentures Legend unless otherwise determined by the Company in accordance with applicable law. Upon any
distribution of the Debentures to the holders of the Trust Preferred Securities in accordance with the Declaration, the Company and the Trustee shall enter into a supplemental indenture pursuant to
Section 901(6) to provide for transfer procedures and restrictions with respect to the Debentures substantially similar to those contained in the Declaration to the extent applicable in the
circumstances existing at the time of such distribution. 

        SECTION 306.    Mutilated, Destroyed, Lost and Stolen Debentures.    

        If
any mutilated Debenture is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Debenture of like tenor and
principal amount and bearing a number not contemporaneously outstanding. 

        If
there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Debenture and (ii) such security or
indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Debenture has been acquired
by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Debenture, a new Debenture of like tenor and principal
amount and bearing a number not contemporaneously outstanding. 

        In
case any such mutilated, destroyed, lost or stolen Debenture has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Debenture,
pay such Debenture. 

14

  

        Upon the issuance of any new Debenture under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

        Every
new Debenture issued pursuant to this Section in lieu of any destroyed, lost or stolen Debenture shall constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Debenture shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Debentures duly issued hereunder. 

        The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Debentures. 

        SECTION 307.    Payment of Interest; Interest Rights Preserved.    

        Interest
on any Debenture which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Debenture (or one or
more Predecessor Debentures) is registered at the close of business on the Regular Record Date. 

        Any
interest on any Debenture which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called "Defaulted Interest") shall forthwith cease
to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided
in Clause (1) or (2) below: 

        (1)   The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Debentures (or their respective Predecessor Debentures) are registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Debenture and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment
of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by
the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder at his address as it appears in the Register, not less
than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Debentures (or their respective Predecessor Debentures) are registered at the close of business on such Special Record Date and shall no longer be
payable pursuant to the following Clause (2). 

        (2)   The
Company may make payment of any Defaulted Interest in any other lawful manner, if, after notice given by the Company to the Trustee of the proposed payment pursuant
to this Clause, such manner of payment shall be deemed practicable by the Trustee. 

        Subject
to the foregoing provisions of this Section, each Debenture delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Debenture
shall carry the 

15

 

rights
to interest accrued and unpaid, and to accrue (including in each such case Compounded Interest), which were carried by such other Debenture. 

        In
the case of any Debenture which is converted after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any Debenture whose Maturity is
prior to such Interest Payment Date), whose Stated Maturity is on such Interest Payment Date, interest shall be payable on such Interest Payment Date notwithstanding such conversion, and such interest
(whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Debenture (or one or more Predecessor Debentures) is registered at the close of business on such
Regular Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Debenture that is converted, whose Stated Maturity is after the date of conversion
of such Debenture, interest shall not be payable, and the Company shall not make nor be required to make any other payment, adjustment or allowance with respect to accrued but unpaid interest
(including Additional Interest and Compounded Interest) on the Debentures being converted, which shall be deemed to be paid in full. 

        SECTION 308.    Persons Deemed Owners.    

        Prior
to due presentment of a Debenture for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such
Debenture is registered as the owner of such Debenture for the purpose of receiving payment of principal of and (subject to Section 307) interest (including Additional Interest and Compounded
Interest) on such Junior Subordinated Debenture and for all other purposes whatsoever, whether or not such Debenture be overdue, and neither the Company, the Trustee nor any agent of the Company or
the Trustee shall be affected by notice to the contrary. 

        SECTION 309.    Cancellation.    

        All
Debentures surrendered for payment, redemption, registration of transfer or exchange or conversion shall, if surrendered to any Person other than the Trustee, be delivered to the
Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Debentures previously authenticated and delivered hereunder which the Company may
have acquired in any manner whatsoever, and all Debentures so delivered shall be promptly canceled by the Trustee. No Debentures shall be authenticated in lieu of or in exchange for any Debentures
canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Debentures held by the Trustee shall be disposed of as directed by a Company Order; provided,
however, that the Trustee shall not be required to destroy the certificates representing such canceled Debentures. 

        SECTION 310.    Right of Set Off.    

        Notwithstanding
anything to the contrary in this Indenture, the Company shall have the right to set off any payment it is otherwise required to make hereunder to the extent the Company
has theretofore made, or is concurrently on the date of such payment making, a payment under the Guarantee. 

        SECTION 311.    CUSIP Numbers.    

        The
Company in issuing the Debentures may use "CUSIP" numbers (if then generally in use), and, if so, the Trustee shall use "CUSIP" numbers in notices of redemption as a convenience to
Holders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Debentures or as contained in any notice of a redemption
and that reliance may be placed only on the other identification numbers printed on the Debentures, and any such redemption shall not be affected by any defect in or omission of such numbers. 

16

 

        SECTION 312.    Option to Extend Interest Payment Period.    

        (a)   The
Company shall have the right at any time during the term of the Debentures to defer interest payments from time to time by extending the interest payment period for
successive periods not exceeding 20 consecutive quarters for each such period; except that no Extension Period may extend beyond the stated maturity of the Debentures. At the end of each Extension
Period, the Company shall pay all interest then accrued and unpaid together with interest thereon compounded quarterly at the rate specified for the Debentures to the extent permitted by applicable
law ("Compounded Interest"); provided, that during any Extension Period, the Company shall not (a) declare or pay dividends on, or make a distribution with respect to, or redeem or purchase or
acquire, or make a liquidation payment with respect to, any of its capital stock (other than (i) purchases or acquisitions of shares of Common Stock (or Common Stock equivalents) in connection
with the satisfaction by the Company of its obligations under any employee benefit or agent plans or the satisfaction by the Company of its obligations pursuant to any contract or security requiring
the Company to purchase shares of Common Stock (or Common Stock equivalents), (ii) purchases of shares of Common Stock (or Common Stock equivalents) from officers or employees of the Company or
its subsidiaries upon termination of employment or retirement not pursuant to any obligation under any contract or security requiring the Company to purchase shares of Common Stock (or Common Stock
equivalents), (iii) as a result of a reclassification of the Company's capital stock or the exchange or conversion of one class or series of the Company's capital stock for another class or
series of the Company's capital stock, (iv) dividends or distributions of shares of Common Stock on Common Stock or (v) the purchase of fractional interests in shares of the Company's
capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged), (b) make any payment of principal (and premium, if any) or
interest on or repay, repurchase or redeem any debt securities (including guarantees) issued by the Company that rank pari passu with or junior to the
Debentures (except by conversion into or exchange for shares of Common Stock) and (c) make any guarantee payments with respect to any of the foregoing (other than pursuant to the Guarantee).
Upon the termination of any Extension Period and the payment of all amounts then due, the Company may commence a new Extension Period, subject to the above requirements. No interest during an
Extension Period, except at the end thereof, shall be due and payable. 

        (b)   If
the Property Trustee is the sole Holder of the Debentures at the time the Company selects an Extension Period, the Company shall give written notice to the
Administrative Trustees, the Property Trustee and the Trustee of its selection of such Extension Period at least one Business Day prior to the earlier of (i) the date the distributions on the
Trust Preferred Securities are payable or (ii) the date the Trust is required to give notice to any applicable self-regulatory organization or to holders of the Trust Preferred
Securities on the record date or the date such distributions are payable, but in any event not less than ten Business Days prior to such record date. 

        (c)   If
the Property Trustee is not the sole Holder of the Debentures at the time the Company selects an Extension Period, the Company shall give the Holders of the
Debentures and the Trustee written notice of its selection of such Extension Period at least ten Business Days prior to the earlier of (i) the Interest Payment Date or (ii) the date the
Company is required to give notice to any applicable self-regulatory organization or to Holders of the Debentures on the record or payment date of such related interest payment, but in any
event not less than two Business Days prior to such record date. 

        (d)   The
quarter in which any notice is given pursuant to paragraphs (b) and (c) hereof shall be counted as one of the 20 quarters permitted in the maximum Extension
Period permitted under paragraph (a) hereof. 

17

 

        SECTION 313.    Paying Agent, Registrar and Conversion Agent.    

        The
Trustee will initially act as Paying Agent, Registrar and Conversion Agent. The Company may change any Paying Agent, Registrar, co-registrar or Conversion Agent without
prior notice. The Company or any of its Affiliates may act in any such capacity. 

        SECTION 314.    Calculation of Original Issue Discount.    

        The
Company shall file with the Trustee promptly at the end of each calendar year a written notice specifying the amount of original issue discount, if any (including daily rates and
accrual periods), accrued on Outstanding Securities as of the end of such year. 

 
 

ARTICLE FOUR    
    
    SATISFACTION AND DISCHARGE    
    

        SECTION 401.    Satisfaction and Discharge of Indenture.    

        This
Indenture shall cease to be of further effect (except as to any surviving rights of conversion, registration of transfer or exchange of Debentures herein expressly provided for),
and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (1) either (A) all
Debentures theretofore authenticated and delivered (other than (i) Debentures which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306
and (ii) Debentures for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or (B) all such Debentures not theretofore delivered to the Trustee for cancellation have become
due and payable, and the Company has deposited or caused to be deposited with the Trustee funds in trust for the purpose and in an amount sufficient to pay and discharge the entire indebtedness on
such Junior Subordinated Debentures not theretofore delivered to the Trustee for cancellation, for principal and interest (including Compounded Interest) to the date of such deposit (in the case of
Debentures which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; (2) the Company has paid or caused to be paid all other sums payable hereunder by
the Company; and (3) the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for or relating to
the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under
Section 607 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under
Section 402 and the last paragraph of Section 1003 shall survive. 

        SECTION 402.    Application of Trust Money.    

        Subject
to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in
accordance with the provisions of the Debentures and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the Persons entitled thereto, of the principal and interest for whose payment such money has been deposited with the Trustee. All moneys deposited with the Trustee pursuant to
Section 401 (and held by it or any Paying Agent) for the payment of Debentures subsequently converted shall be returned to the Company upon Company Request. 

18

 

 
 

ARTICLE FIVE    
    
    REMEDIES    
    

        SECTION 501.    Indenture Events of Default.    

        "Indenture
Event of Default," wherever used herein, means any one of the following events that has occurred and is continuing (whatever the reason for such Indenture Event of Default and
whether it shall be occasioned by the provisions of Article Twelve or be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body): 

        (1)   failure
for 30 days to pay interest on the Debentures, including any Additional Interest and Compounded Interest in respect thereof, when due; provided that a
valid extension of an interest payment period will not constitute a default in the payment of interest (including any Additional Interest or Compounded Interest) for this purpose; 

        (2)   failure
to pay principal of or premium, if any, on the Debentures when due whether at maturity, upon redemption, by declaration or otherwise; 

        (3)   failure
by the Company to deliver shares of its Common Stock upon an election by a holder of Trust Preferred Securities to convert such Trust Preferred Securities; 

        (4)   failure
to observe or perform any other covenant contained in this Indenture for 90 days after notice to the Company by the Trustee or by the Holders of not less
than a majority in aggregate principal amount of outstanding Debentures; 

        (5)   entry
by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or of substantially all of the property of the Company, or ordering the winding up or liquidation of its affairs, and the
continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 

        (6)   the
commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of
any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Company to the entry of a decree or order for relief in respect of itself in an involuntary case or
proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the
Company, or the filing by the Company of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by the Company to the filing of such
petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of substantially all of the
property of the Company, or the making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its debts generally as they
become due, or the taking of corporate action by the Company in furtherance of any such action; or 

        (7)   the
voluntary or involuntary dissolution, winding up or termination of the Trust, except in connection with (i) the distribution of Debentures to holders of Trust
Preferred Securities in liquidation of the Trust upon the occurrence of a Dissolution Event, or (ii) certain mergers, consolidations or amalgamations, each as permitted by the Declaration. 

19

 

        SECTION 502.    Acceleration of Maturity; Rescission and Annulment.    

        If
an Indenture Event of Default occurs and is continuing, then, and in every such case, the Trustee or the Holders of not less than a majority in principal amount of the Outstanding
Debentures may declare
the principal of all the Debentures and any other amounts payable hereunder to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon
any such declaration such principal and all accrued interest shall become immediately due and payable. 

        At
any time after such a declaration of acceleration has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as provided in this
Article hereinafter, the Holders of a majority in aggregate principal amount of the Outstanding Debentures, by written notice to the Company and the Trustee, may rescind and annul such declaration and
its consequences if: 

        (1)   the
Company has paid or deposited with the Trustee a sum sufficient to pay 

        (A)  all
overdue interest (including any Additional Interest and Compounded Interest) on all Debentures, 

        (B)  the
principal of any Debentures which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Debentures, and 

        (C)  all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 

        (2)   all
Events of Default, other than the non-payment of the principal of Debentures which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 513. No such rescission shall affect any subsequent default or impair any right consequent thereon. 

        SECTION 503.    Collection of Indebtedness and Suits for Enforcement by Trustee.    

        The
Company covenants that if: 

        (1)   default
is made in the payment of any interest (including any Additional Interest or Compounded Interest) on any Debenture when such interest becomes due and payable and
such default continues for a period of 30 days, or 

        (2)   default
is made in the payment of the principal of any Debenture at the Maturity thereof, the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Debentures, the whole amount then due and payable on such Debentures for principal and interest (including any Additional Payments) and, to the extent that payment thereof shall be
legally enforceable, interest on any overdue principal and on any overdue interest (including any Additional Interest and Compounded Interest), at the rate borne by the Debentures, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel. 

        If
an Indenture Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders by such appropriate
judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy. 

        SECTION 504.    Trustee May File Proofs of Claim.    

        In
case of any judicial proceeding relative to the Company (or any other obligor upon the Debentures), its property or its creditors, the Trustee shall be entitled and empowered, by
intervention 

20

 

in
such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that
the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 

        No
provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Debentures or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

        SECTION 505.    Trustee May Enforce Claims Without Possession of Debentures.    

        All
rights of action and claims under this Indenture or the Debentures may be prosecuted and enforced by the Trustee without the possession of any of the Debentures or the production
thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Debentures in
respect of which such judgment has been recovered. 

        SECTION 506.    Application of Money Collected.    

        Subject
to Article Twelve, any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of
the distribution of such money on account of principal or interest (including any Additional Payments), upon presentation of the Debentures and the notation thereon of the payment if only partially
paid and upon surrender thereof if fully paid: 

        FIRST:
To the payment of all amounts due the Trustee under Section 607; and 

        SECOND:
To the payment of the amounts then due and unpaid for principal of and interest (including any Additional Payments) on the Debentures in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Debentures for principal and interest (including any
Compounded Interest), respectively. 

        SECTION 507.    Limitation on Suits.    

        No
Holder of any Debenture shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless 

        (1)   such
Holder has previously given written notice to the Trustee of a continuing Indenture Event of Default; 

        (2)   the
Holders of not less than a majority in aggregate principal amount of the Outstanding Debentures shall have made written request to the Trustee to institute
proceedings in respect of such Indenture Event of Default in its own name as Trustee hereunder; 

        (3)   such
Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 

21

  

        (4)   the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

        (5)   no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount
of the Outstanding Debentures; it being understood and intended that no one or more Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture
to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all the Holders. The limitations specified in (1) through (5) above shall not apply to a suit initiated by a Holder of a Debenture
for enforcement of payment of interest, principal or premium, if any, on such Debenture on or after the respective due dates of such payments expressed in such Debenture. 

        SECTION 508.    Unconditional Right of Holders to Receive Principal and Interest and Convert.    

        Notwithstanding
any other provision in this Indenture, the Holder of any Debenture shall have the right, which is absolute and unconditional, to receive payment of the principal of and
(subject to Section 307) interest (including any Additional Payments) on such Debenture on the respective Stated Maturities expressed in such Debenture (or, in the case of redemption, on the
Redemption Date) and to convert such Debenture in accordance with Article Thirteen and to institute suit for the enforcement of any such payment and right to convert, and such rights shall not be
impaired without the consent of such Holder. 

        SECTION 509.    Restoration of Rights and Remedies.    

        If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or
has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

        SECTION 510.    Rights and Remedies Cumulative.    

        Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debentures in the last paragraph of Section 306, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

        SECTION 511.    Delay or Omission Not Waiver.    

        No
delay or omission of the Trustee or of any Holder of any Debenture to exercise any right or remedy accruing upon any Indenture Event of Default shall impair any such right or remedy
or constitute a waiver of any such Indenture Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from
time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

        SECTION 512.    Control by Holders.    

        The
Holders of a majority in principal amount of the Outstanding Debentures shall have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee; provided, that (1) such direction 

22

 

shall
not be in conflict with any rule of law or with this Indenture; and (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

        SECTION 513.    Waiver of Past Defaults.    

        Subject
to Section 902 hereof, the Holders of not less than a majority in principal amount of the Outstanding Debentures may on behalf of the Holders of all the Debentures waive
any past default hereunder and its consequences, except a default (1) in the payment of the principal of, premium, if any, or interest (including any Additional Payments) on any Debenture
(unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal due otherwise than by acceleration has been deposited with the Trustee); or
(2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each
Outstanding Debenture affected; provided, however, that if the Debentures are held by the Trust or a trustee of the Trust, such waiver shall not be effective until the holders of a majority in
liquidation amount of Trust Securities shall have consented to such waiver; provided, further, that if the consent of the Holder of each Outstanding Debenture is required, such waiver shall not be
effective until each holder of the Trust Securities shall have consented to such waiver. 

        Upon
any such waiver, such default shall cease to exist, and any Indenture Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

        SECTION 514.    Undertaking for Costs.    

        In
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may
require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the
Trust Indenture Act; provided, that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit
instituted by the Company or the Trustee or in any suit for the enforcement of the right to receive the principal of and interest (including any Additional Payments) on any Debenture or to convert any
Debenture in accordance with Article Thirteen. 

        SECTION 515.    Waiver of Stay or Extension Laws.    

        The
Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay or extension of law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 

        SECTION 516.    Enforcement by Holders of Trust Preferred Securities.    

        Notwithstanding
the foregoing, if a Declaration Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay interest or principal
on the Debentures on the date such interest or principal is otherwise payable, the Company acknowledges that, in such event, a holder of Trust Preferred Securities may institute a Direct Action for
payment on or after the respective due date specified in the Debentures. The Company may not amend the Indenture to remove the foregoing right to bring a Direct Action without the prior written
consent of all the holders of Trust Preferred Securities. Notwithstanding any payment made to such holder of Trust Preferred Securities by the Company in connection with a Direct Action, the Company
shall remain obligated to pay the principal of or interest on the Debentures held by the Trust or the Property 

23

 

Trustee
and the Company shall be subrogated to the rights of the holder of such Trust Preferred Securities with respect to payments on the Trust Preferred Securities to the extent of any payments made
by the Company to such holder in any Direct Action. The holders of Trust Preferred Securities will not be able to exercise directly any other remedy available to the Holders of the Debentures. 

 
 

ARTICLE SIX    
    
    THE TRUSTEE    
    

        SECTION 601.    Certain Duties and Responsibilities.    

        The
duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

        SECTION 602.    Notice of Defaults.    

        The
Trustee shall give the Holders notice of any default hereunder as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the
character specified in
Section 501(4), no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term "default" means any event which
is, or after notice or lapse of time or both would become, an Indenture Event of Default. 

        SECTION 603.    Certain Rights of Trustee.    

        Subject
to the provisions of Section 601: 

        (a)   the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper
party or parties; 

        (b)   any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of
Directors may be sufficiently evidenced by a Board Resolution; 

        (c)   whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers' Certificate; 

        (d)   the
Trustee may consult with counsel of its choice and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

        (e)   the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders
pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction; 

        (f)    the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the 

24

 

Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to reasonable examination of the books, records and premises of the Company, personally or by agent or attorney; 

        (g)   the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall
not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and 

        (h)   the
Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith, without negligence or willful misconduct, and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 

        SECTION 604.    Not Responsible for Recitals or Issuance of Debentures.    

        The
recitals contained herein and in the Debentures, except the Trustee's certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Debentures. The Trustee shall not be accountable for the use or
application by the Company of the Debentures or the proceeds thereof. 

        SECTION 605.    May Hold Debentures.    

        The
Trustee, any Paying Agent, any Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Debentures and, subject to
Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Registrar, or such other agent. 

        SECTION 606.    Money Held in Trust.    

        Money
held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any
money received by it hereunder except as otherwise agreed with the Company. 

        SECTION 607.    Compensation and Reimbursement.    

        The
Company agrees: 

        (1)   to
pay to the Trustee from time to time such reasonable compensation as the Company and the Trustee shall from time to time agree in writing for all services rendered by
it hereunder; 

        (2)   except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, fees, disbursements and advances incurred or made
by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith; and 

        (3)   to
indemnify the Trustee and any predecessor Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its
part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder. 

        When
the Trustee incurs expenses or renders services in connection with an Indenture Event of Default specified in Section 501(6) or Section 501(7), the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy,
insolvency or other similar law. 

25

 

        The
provisions of this Section shall survive the termination of this Indenture. 

        SECTION 608.    Disqualification; Conflicting Interests.    

        If
the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in
the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 

        SECTION 609.    Corporate Trustee Required; Eligibility.    

        There
shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at
least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

        SECTION 610.    Resignation and Removal; Appointment of Successor.    

        (a)   No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee under Section 611. 

        (b)   The
Trustee may resign at any time by giving written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered
to the Trustee within 30 days after the giving of such notice of removal, the Trustee to be removed may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

        (c)   The
Trustee may be removed at any time by Act of the Holders of a majority in principal amount of the Outstanding Debentures, delivered to the Trustee and to the
Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

        (d)   If
at any time: (1) the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Debenture for at least six months, or (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company
or by any such Holder, or (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any
public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company
by Board Resolution may remove the Trustee, or (ii) subject to Section 514, any Holder who has been a bona fide Holder of a Debenture for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

        (e)   If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed
by Act of the Holders of a majority in principal amount of the Outstanding Debentures delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the
Holders and accepted appointment in the 

26

 

manner
hereinafter provided, any Holder who has been a bona fide Holder of a Debenture for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee. 

        (f)    The
Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to all Holders in the manner provided in
Section 106. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 

        SECTION 611.    Acceptance of Appointment by Successor.    

        Every
successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; provided, that on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder. Upon request of any such successor Trustee, the Company shall execute any and all instruments
required to more fully and certainly vest in and confirm to such successor Trustee all such rights, powers and trusts. 

        No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 

        SECTION 612.    Merger, Conversion, Consolidation or Succession to Business.    

        Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any
Debentures shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Debentures so authenticated with the same effect as if such successor Trustee had itself authenticated such Debentures. 

        SECTION 613.    Preferential Collection of Claims Against Company.    

        If
and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Debentures), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor). 

 
 

ARTICLE SEVEN    
    
    HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY    
    

        SECTION 701.    Company to Furnish Trustee Names and Addresses of Holders.    

        The
Company will furnish or cause to be furnished to the Trustee (a) within 14 days after each record date for payment of interest, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders, as of such record date, and (b) at any other time, within 30 days of receipt by the Trust of a written request for a List
of Holders as of a date no more than 14 days before such List of Holders is given to the Trustee; excluding from any such list names and addresses received by the Trustee in its capacity as
Registrar. 

27

 

        SECTION 702.    Preservation of Information; Communications to Holders.    

        (a)   The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the
Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Registrar. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished. 

        (b)   The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Debentures, and the corresponding rights and
duties of the Trustee, shall be as provided by the Trust Indenture Act. 

        (c)   Every
Holder of Debentures, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either
of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture Act. 

        SECTION 703.    Reports by Trustee.    

        (a)   Within
60 days after November 15 of each year, commencing November 15, 1999, the Trustee shall transmit by mail to Holders such reports concerning
the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act in the manner provided pursuant thereto. 

        (b)   A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which the Debentures are listed,
with the Commission and with the Company. The Company will notify the Trustee when the Debentures are listed on any stock exchange. 

        SECTION 704.    Reports by Company.    

        The
Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided, that any such information, documents or reports required to be filed with the Commission
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. 

        Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers' Certificates). 

        The
Company shall also provide to the Trustee on a timely basis such information as the Trustee requires to enable the Trustee to prepare and file any form required to be submitted by
the Company with the Internal Revenue Service and the Holders of the Debentures relating to original issue discount, including, without limitation, Form 1099-OID or any successor
form. 

28

  

 
 

ARTICLE EIGHT    
    
    CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE    
    

        SECTION 801.    Company May Consolidate, Etc., Only on Certain Terms.    

        The
Company shall not consolidate with or merge with or into any other Person or, directly or indirectly, convey, transfer or lease all or substantially all of its properties and assets
on a consolidated basis to any Person, unless: 

        (1)   the
Person formed by such consolidation or into which the company is merged or the Person which acquires by conveyance, transfer or lease, all or substantially all of
the properties and assets of the Company on a consolidated basis shall be a corporation, partnership or trust, shall be organized and validly existing under the laws of the United States of America,
any State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee,
the due and punctual payment of the principal of (and premium, if any) and interest on all the Debentures and the performance or observance of every covenant of this Indenture on the part of the
Company to be performed or observed and shall have provided for conversion rights in accordance with Article Thirteen; 

        (2)   immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such
transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Indenture Event of Default, and no event which, after notice or lapse of time or both, would
become an Indenture Event of Default, shall have happened and be continuing; and 

        (3)   the
Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease
and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Article and that all conditions precedent herein provided for relating
to such transaction have been complied with. 

        This
Section shall only apply to a merger or consolidation in which the Company is not the surviving corporation and to conveyances, leases and transfers by the Company as transferor or
lessor. 

        SECTION 802.    Successor Substituted.    

        Upon
any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of all or substantially all the properties and assets of
the Company on a consolidated basis in accordance with Section 801, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer
or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named
as the Company herein, and thereafter the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Debentures. 

 
 

ARTICLE NINE    
    
    SUPPLEMENTAL INDENTURES    
    

        SECTION 901.    Supplemental Indentures Without Consent of Holders.    

        Without
the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

        (1)   to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Debentures; 

29

 

        (2)   to
add to the covenants of the Company for the benefit of the Holders, or to surrender any right or power herein conferred upon the Company; 

        (3)   to
make provision with respect to the conversion rights of Holders pursuant to the requirements of Article Thirteen; 

        (4)   to
cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Indenture which shall not be inconsistent with the provisions of this Indenture; provided, that such action pursuant to this clause shall not
adversely affect the interests of the Holders of the Debentures or, so long as any of the Trust Preferred Securities shall remain outstanding, the holders of the Trust Preferred Securities; or 

        (5)   to
make provision for transfer procedures, certification, the form of restricted securities legends, if any, to be placed on Debentures, and all other matters required
pursuant to Section 305(b) or otherwise necessary, desirable or appropriate in connection with the issuance of Debentures to holders of Trust Preferred Securities in the event of a distribution
of Debentures by the Trust upon the occurrence of a Dissolution Event. 

        SECTION 902.    Supplemental Indentures with Consent of Holders.    

        With
the consent of the Holders of not less than a majority in principal amount of the Outstanding Debentures, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Debenture affected thereby 

        (1)   extend
the Stated Maturity of the principal of, or any installment of interest (including any Additional Payments) on, any Debenture, or reduce the principal amount
thereof, or reduce the rate or extend the time for payment of interest thereon, or reduce any premium payable upon the redemption thereof, or change the place of payment where, or the coin or currency
in which, any Debenture or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date), or adversely affect the right to convert any Debenture as provided in Article Thirteen (except as permitted by Section 901(3)), or modify the
provisions of this Indenture with respect to the subordination of the Debentures in a manner adverse to the Holders, 

        (2)   reduce
the percentage in principal amount of the Outstanding Debentures, the consent of whose Holders is required for any such supplemental indenture, or the consent of
whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

        (3)   modify
any of the provisions of this Section or Section 513, except to increase any such percentage or to provide that certain other provisions of this Indenture
cannot be modified or waived without the consent of the Holder of each Outstanding Debenture affected thereby; provided that if the Debentures are held by the Trust or a trustee of the Trust, such
supplemental indenture shall not be effective until the holders of a majority in liquidation amount of Trust Securities shall have consented to such supplemental indenture; provided, further, that if
the consent of the Holder of each Outstanding Debenture is required, such supplemental indenture shall not be effective until each holder of the Trust Securities of the Trust shall have consented to
such supplemental indenture. 

30

 

        It
shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall
approve the substance thereof. 

        The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date is
fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders
after such record date; provided that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such
record date, any such consent previously given shall automatically and without further action by any Holder be canceled and of no further effect. 

        SECTION 903.    Execution of Supplemental Indentures.    

        In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee's own rights, duties or immunities
under this Indenture or otherwise. 

        SECTION 904.    Effect of Supplemental Indentures.    

        Upon
the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Debentures theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. No such supplemental indenture shall directly or
indirectly modify the provisions of Article Twelve in any manner which might terminate or impair the rights of the Senior Debt pursuant to such subordination provisions. 

        SECTION 905.    [Intentionally Omitted].    

        SECTION 906.    Reference in Debentures to Supplemental Indentures.    

        Debentures
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Debentures so modified as to conform, in the opinion of the Trustee and the
Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Debentures. 

 
 

ARTICLE TEN    
    
    COVENANTS; REPRESENTATIONS AND WARRANTIES    
    

        SECTION 1001.    Payment of Principal and Interest.    

        The
Company will duly and punctually pay the principal of and interest on the Debentures in accordance with the terms of the Debentures and this Indenture. 

        SECTION 1002.    Maintenance of Office or Agency.    

        The
Company will maintain in the United States an office or agency where Debentures may be presented or surrendered for payment, where Debentures may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in respect of the Debentures and this Indenture may be served. The Company will give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the 

31

 

Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

        The
Company may also from time to time designate one or more other offices or agencies (in the United States) where the Debentures may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office
or agency in the United States for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 

        SECTION 1003.    Money for Debenture Payments to Be Held in Trust.    

        If
the Company shall at any time act as its own Paying Agent, it will, on or before each due date of the principal of or interest on any of the Debentures, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum sufficient to pay the principal or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to act. 

        Whenever
the Company shall have one or more Paying Agents, it will, prior to each due date of the principal of or interest on any Debentures, deposit with a Paying Agent a sum sufficient
to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so
to act. 

        The
Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to
the provisions of this Section, that such Paying Agent will (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during the continuance
of any default by the Company (or any other obligor upon the Debentures) in the making of any payment in respect of the Debentures, upon the written request of the Trustee, forthwith pay to the
Trustee all sums held in trust by such Paying Agent as such. 

        The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to
pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

        Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or interest on any Debenture and remaining unclaimed
for two years after such principal or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the
Holder of any such Debenture shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 

        SECTION 1004.    Statement by Officers as to Default.    

        The
Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers' Certificate, stating whether
or not to the best knowledge of the signers thereof the Company is in default in the performance and observance of any of the material terms, provisions and conditions of this Indenture (without
regard to any period of 

32

 

grace
or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. 

        SECTION 1005.    Limitation on Dividends; Transactions with Affiliates; Covenants as to the Trust.    

        (a)   The
Company covenants that so long as the Debentures are outstanding, if (i) there shall have occurred and be continuing any event that with the giving of notice
or the lapse of time or both, would constitute an Indenture Event of Default, (ii) the Company shall be in default with respect to its payment of any obligations under the Guarantee, or
(iii) the Company has exercised its option to defer interest payments on the Debentures by extending the interest payment period and such period, or any extension thereof, shall be continuing,
then the Company (a) shall not declare or pay dividends on, make distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any of its capital
stock (other than (i) purchases or acquisitions of shares of Common Stock (or Common Stock equivalents) in connection with the satisfaction by the Company of its obligations under any employee
benefit or agent plans or the satisfaction by the Company of its obligations pursuant to any contract or security requiring the Company to purchase shares of Common Stock (or Common Stock
equivalents), (ii) purchases of shares of Common Stock (or Common Stock equivalents) from officers or employees of the Company or its subsidiaries upon termination of employment or retirement
not pursuant to any obligation under any contract or security requiring the Company to purchase shares of Common Stock (or Common Stock equivalents), (iii) as a result of a reclassification of
the Company's capital stock or the exchange or conversion of one class or series of the Company's capital stock for another class or series of the Company's capital stock, (iv) dividends or
distributions of shares of Common Stock on Common Stock of the Company or (v) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or
exchange provisions of such capital stock or the security being converted or exchanged), (b) shall not make any payment of principal (or premium, if any) or interest on or repay, repurchase or
redeem any debt securities (including guarantees) issued by the Company that rank pari passu with or junior to the Debentures (except by conversion into
or exchange for shares of Common Stock), and (c) shall not make any guarantee payments with respect to the foregoing (other than pursuant to the Guarantee). 

        (b)   The
Company also covenants and agrees (i) that it shall directly or indirectly maintain 100% ownership of the Trust Common Securities; provided, however, that any
permitted successor of the Company hereunder may succeed to the Company's ownership of such Trust Common Securities and (ii) that it shall use its reasonable efforts, consistent with the terms
and provisions of the Declaration, to cause the Trust (x) to remain a statutory business trust, except in connection with the distribution of the Debentures to the holders of Trust Securities
in liquidation of the Trust upon the occurrence of a Dissolution Event, or certain mergers, consolidations or amalgamations, each as permitted by the Declaration, and (y) to otherwise continue
to be classified as a grantor trust for United States federal income tax purposes. 

        SECTION 1006.    Payment of Expenses of the Trust.    

        In
connection with the offering, sale and issuance of the Debentures to the Property Trustee in connection with the sale of the Trust Securities by the Trust, the Company shall: 

        (a)   pay
for all costs, fees and expenses relating to the offering, sale and issuance of the Debentures, including compensation of the Trustee under the Indenture in
accordance with the provisions of Section 607 of this Indenture; 

        (b)   be
responsible for and pay for all debts and obligations (other than with respect to the Trust Securities) of the Trust, pay for all costs and expenses of the Trust
(including, but not limited to, costs and expenses relating to the organization of the Trust, the offering, sale and issuance of the Trust Securities, the fees and expenses of the Property Trustee and
the Delaware Trustee, the costs and expenses relating to the operation of the Trust, including without limitation, costs and expenses of 

33

 

accountants,
attorneys, statistical or bookkeeping services, expenses for printing and engraving and computing or accounting equipment, paying agent(s), registrar(s), transfer agent(s), duplicating,
travel and telephone and other telecommunications expenses and costs and expenses incurred in connection with the acquisition, financing, and disposition of Trust assets); and 

        (c)   pay
any and all taxes (other than United States withholding taxes attributable to the Trust or its assets) and all liabilities, costs and expenses with respect to such
taxes of the Trust. 

 
 

ARTICLE ELEVEN    
    
    REDEMPTION OF DEBENTURES    
    

        SECTION 1101.    Right of Redemption.    

        (a)   The
Debentures may be redeemed at the election of the Company, in whole or in part, at any time and from time to time, in cash at a redemption price equal to 100% of the
principal amount of the Debentures to be redeemed, plus any accrued and unpaid interest on such Debentures, if any, to the Redemption Date (the "Redemption Price"), on or after the earliest to occur
of (i) September 30, 2002 and (ii) the 91st day immediately following the closing of the Company's IPO. 

        (b)   The
Debentures may be redeemed, at the election of the Company, in whole (but not in part), at any time, in cash at the Redemption Price, within 90 days following
the occurrence of a Redemption Tax Event; provided, however, that if at the time, there is available to the Company or the Trust the opportunity to eliminate, within such 90 Day Period, the Redemption
Tax Event by taking some Ministerial Action, such as filing a form or making an election, or pursuing some other similar reasonable measure, which in the sole judgment of the Company has or will cause
no adverse effect on the Trust, the Holders of the Trust Securities or the Company or will involve no material cost, then the Company or the Trust shall pursue such measure in lieu of redemption. 

        SECTION 1102.    Applicability of Article.    

        Redemption
of Debentures at the election of the Company, as permitted by Section 1101, shall be made in accordance with such provision and this Article. 

        SECTION 1103.    Election to Redeem; Notice to Trustee.    

        The
election of the Company to redeem Debentures pursuant to Section 1101 shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company, the
Company shall, at least 60 days and no more than 90 days prior to the Redemption Date fixed by the Company, notify the Trustee in writing of such Redemption Date and of the principal
amount of Debentures to be redeemed and provide a copy of the notice of redemption to be given to Holders of Debentures to be redeemed pursuant to Section 1105. 

        SECTION 1104.    Selection by Trustee of Debentures to Be Redeemed.    

        If
less than all the Debentures are to be redeemed (unless such redemption affects only a single Debenture), the particular Debentures to be redeemed shall be selected not more than
60 days prior to the Redemption Date by the Trustee, from the Outstanding Debentures not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and
which may provide for the selection for redemption of portions (equal to $30 or any integral multiple thereof) of the principal amount of the Debentures, provided, however, that following the
distribution of the Debentures to the Holders of Trust Preferred Securities and the Trust Common Securities, the Debentures shall be redeemed on a pro rata basis. 

        The
Trustee shall promptly notify the Company in writing of the Debentures selected for redemption as aforesaid and, in case of any Debentures selected for partial redemption as
aforesaid, the principal amount thereof to be redeemed. 

34

 

        The
provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting only a single Debenture, whether such Debenture is to be redeemed in whole or in
part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Junior
Subordinated Debenture shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Debenture. 

        For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Debentures shall relate, in the case of any Debentures redeemed or
to be redeemed only in part, to the portion of the principal amount of such Debentures which has been or is to be redeemed. 

        SECTION 1105.    Notice of Redemption.    

        Notice
of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Debentures
to be redeemed, at such Holder's address appearing in the Register. 

        All
notices of redemption shall identify the Debentures to be redeemed (including, if relevant, CUSIP or ISIN number) and shall state: 

        (1)   the
Redemption Date, 

        (2)   the
Redemption Price, 

        (3)   that
on the Redemption Date the Redemption Price will become due and payable upon each such Debenture to be redeemed and that interest thereon will cease to accrue on
and after said date, and 

        (4)   the
place or places where such Debentures are to be surrendered for payment of the Redemption Price. 

        Notice
of redemption of Debentures to be redeemed at the election of the Company shall be given by the Company or, at the Company's request, by the Trustee in the name and at the expense
of the Company. 

        SECTION 1106.    Deposit of Redemption Price.    

        Prior
to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the
Debentures which are to be redeemed on that date. 

        If
any Debenture called for redemption is converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption of such Debenture
shall (subject to any right of the Holder of such Debenture or any Predecessor Debenture to receive interest as provided in the last paragraph of Section 307) be paid to the Company upon
Company Request or, if then held by the Company, shall be discharged from such trust. 

        SECTION 1107.    Debentures Payable on Redemption Date.    

        Notice
of redemption having been given as aforesaid, the Debentures so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and
from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Debentures shall cease to bear interest. Upon surrender of any such
Debenture for redemption in accordance with said notice, such Debenture shall be paid by the Company at the Redemption Price, together with accrued interest (including Additional Payments, if any) to
the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior 

35

 

to
the Redemption Date shall be payable to the Holders of such Debentures, or one or more Predecessor Debentures, registered as such at the close of business on the relevant Record Dates according to
the terms and the provisions of Section 307. 

        If
any Debenture called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate
borne by the Debenture. 

        SECTION 1108.    Debentures Redeemed in Part.    

        In
the event of any redemption in part, the Company shall not be required to (i) issue, register the transfer of or exchange any Debenture during a period beginning at the opening
of business 15 days before any selection for redemption of Debentures and ending at the close of business on the earliest date in which the relevant notice of redemption is deemed to have been
given to all holders of
Debentures to be so redeemed and (ii) register the transfer of or exchange any Debentures so selected for redemption, in whole or in part, except for the unredeemed portion of any Debentures
being redeemed in part. 

        Any
Debenture which is to be redeemed only in part shall be surrendered at a place of payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and make available for delivery to the Holder of such Debenture without service charge, a new Debenture or Debentures, of any authorized denomination as requested by such
Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Debenture so surrendered. 

        SECTION 1109.    Tax Event Redemption.    

        If
a Tax Event has occurred and is continuing and: 

        (a)   the
Company has received a Redemption Tax Opinion; or 

        (b)   after
receiving a Dissolution Tax Opinion, the Administrative Trustees shall have been informed by tax counsel rendering the Dissolution Tax Opinion that a No
Recognition Opinion cannot be delivered to the Trust (each such case, a "Redemption Tax Event"), then, notwithstanding Section 1109(a) but subject to Section 1109(b), the Company shall
have the right upon not less than 30 days nor more than 60 days' notice to the Holders of the Debentures to redeem the Debentures in whole (but not in part) for cash within
90 days following the occurrence of such Redemption Tax Event (the "90-Day Period") at the Redemption Price; provided, however, that if, at the time there is available to the
Company or the Trust the opportunity to eliminate within the 90-Day Period, the Redemption Tax Event by taking some ministerial action, such as filing a form or making an election, or
pursuing some other similar reasonable measure which, in the sole judgment of the Company, has or will cause no adverse effect on the Company, the Trust or the Holders of the Trust Securities and will
involve no material cost (a "Ministerial Action"), the Company or the Trust shall pursue such Ministerial Action or other measure in lieu of redemption, and provided, further, that the Company shall
have no right to redeem the Debentures while the Trust is pursuing any Ministerial Action or other similar measure pursuant to its obligations under the Declaration. Payment of the Redemption Price
shall be made prior to 12:00 noon, Central time, on the date of such redemption or such earlier time as the Company determines, provided, that the Company shall deposit with the Trustee an amount
sufficient to make such redemption payment by 10:00 a.m. on the date such redemption payment is to be made. Any redemption pursuant to this Section 1110 shall be made pursuant to the
provisions of Sections 1101 through 1108 hereof. 

        SECTION 1110.    No Sinking Fund.    

        The
Debentures are not entitled to the benefit of any sinking fund. 

36

  

 
 

ARTICLE TWELVE    
    
    SUBORDINATION OF DEBENTURES    
    

        SECTION 1201.    Agreement to Subordinate.    

        The
Company covenants and agrees, and each Holder of Debentures by such Holder's acceptance thereof likewise covenants and agrees, that all Debentures shall be issued subject to the
provisions of this Article Twelve; and each Holder of a Debenture, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions. The payment by
the Company of the principal of, premium, if any, and interest (including Additional Payments) on all Debentures issued hereunder shall, to the extent and in the manner hereinafter set forth, be
subordinated and junior in right of payment to the prior payment in full of all existing and future Senior Debt, whether outstanding at the date of this Indenture or thereafter incurred; provided
however, that no provision of this Article Twelve shall prevent the occurrence of any default or Indenture Event of Default hereunder. 

        SECTION 1202.    Default on Senior Debt.    

        In
the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any Senior Debt continuing beyond the
period of grace, if any, specified in the instrument evidencing such Senior Debt, unless and until such default shall have been cured or waived or shall have ceased to exist, and in the event that the
maturity of any Senior Debt has been accelerated because of a default, then no payment shall be made by the Company with respect to the principal of (including redemption payments, if any), premium,
if any, or interest on the Debentures. 

        In
the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such payment is prohibited by the preceding paragraph of this Section 1202,
such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Debt or their
respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Debt may have been issued, as their respective interests may appear, but only to the
extent that the holders of the Senior Debt (or their representative or representatives or a trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and
owing on the Senior Debt and only the amounts specified in such notice to the Trustee shall be paid to the holders of Senior Debt. 

        SECTION 1203.    Liquidation; Dissolution; Bankruptcy.    

        Upon
any payment by the Company or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding
up or liquidation or reorganization of the Company, whether voluntary or involuntary, or in bankruptcy, insolvency, receivership or other proceedings, all principal of, and premium, if any, and
interest due or to become due on, all Senior Debt must be paid in full before any payment is made on account of the principal (and premium, if any) or interest on the Debentures; and upon any such
dissolution or winding up or liquidation or reorganization, any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to
which the Holders of the Debentures or the Trustee would be entitled, except for the provisions of this Article Twelve, shall be paid by the Company or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the Debentures or by the Trustee under this Indenture if received by them or it, directly to the
holders of Senior Debt (pro rata to such holders on the basis of the respective amounts of Senior Debt held by such holders, as calculated by the Company) or their representative or representatives,
or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Debt may have been issued, as their respective interests may appear, to the extent necessary
to pay such Senior Debt in full, in money 

37

 

or
money's worth, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Debt, before any payment or distribution is made to the Holders of Debentures or to
the Trustee. 

        In
the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, prohibited by
the foregoing, shall be received by the Trustee or the Holders of the Debentures before all Senior Debt is paid in full, or provision is made for such payment in money in accordance with its terms,
such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Debt or their representative or representatives, or to the trustee
or trustees under any indenture pursuant to which any instruments evidencing such Senior Debt may have been issued, and their respective interests may appear, as calculated by the Company, for
application to the payment of all Senior Debt remaining unpaid to the extent necessary to pay such Senior Debt in full in money in accordance with its terms, after giving effect to any concurrent
payment or distribution to or for the holders of such Senior Debt. 

        For
purposes of this Article Twelve, the words, "cash, property or securities" shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities
of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article Twelve with
respect to the Debentures to the payment of all Senior Debt which may at the time be outstanding; provided, that (i) such Senior Debt is assumed by the new corporation, if any, resulting from
any such reorganization or readjustment, and (ii) the rights of the holders of such Senior Debt are not, without the consent of such holders, altered by such reorganization or readjustment. The
consolidation of the Company with, or the merger of the Company with or into, another Person or the liquidation or dissolution of the Company following the conveyance, transfer or lease of all or
substantially all its properties and assets on a consolidated basis to another Person upon the terms and conditions provided for in Article Eight hereof shall not be deemed a dissolution, winding up,
liquidation or reorganization for the purposes of this Section 1203 if such other Person shall, as a part of such consolidation, merger, conveyance, transfer or lease, comply with the
conditions stated in Article Eight hereof. Nothing in Section 1202 or in this Section 1203 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607
hereof. 

        SECTION 1204.    Subrogation.    

        Subject
to the payment in full of all Senior Debt, the rights of the Holders of the Debentures shall be subrogated to the rights of the holders of such Senior Debt to receive payments or
distributions of cash, property or securities of the Company, as the case may be, applicable to such Debentures until the principal of (and premium, if any), and interest on the Senior Debt shall be
paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of such Senior Debt of any cash, property or securities to which the Holders of the Debentures or
the Trustee would be entitled except for the provisions of this Article Twelve, and no payment pursuant to the provisions of this Article Twelve, to or for the benefit of the holders of such Senior
Debt by Holders of the Debentures or the Trustee, shall, as between the Company, its creditors other than holders of Senior Debt, and the Holders of the Debentures, be deemed to be a payment by the
Company to or on account of such Debentures. It is understood that the provisions of this Article Twelve are and are intended solely for the purposes of defining the relative rights of the Holders of
the Debentures, on the one hand, and the holders of such Senior Debt on the other hand. 

        Nothing
contained in this Article Twelve or elsewhere in this Indenture or in the Debentures is intended to or shall impair, as between the Company, its creditors, other than the holders
of Senior Debt, and the Holders of the Debentures, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Debentures the principal of (and premium, if any)
and 

38

 

interest
on the Debentures as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Debentures and
creditors of the Company, as the case may be, other than the holders of Senior Debt, nor shall anything herein or therein prevent the Trustee or the Holder of any Debenture from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article Twelve of the holders of such Senior Debt in respect of cash,
property or securities of the Company, as the case may be, received upon the exercise of any such remedy. 

        Upon
any payment or distribution of assets of the Company referred to in this Article Twelve, the Trustee, subject to the provisions of Section 603, and the Holders of the
Debentures, shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of the Debentures,
for the purposes of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Debt and other indebtedness of the Company, as the case may be, the amount thereof
or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article Twelve. 

        SECTION 1205.    Trustee to Effectuate Subordination.    

        Each
Holder of Debentures by such Holder's acceptance thereof authorizes and directs the Trustee on such Holder's behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article Twelve and appoints the Trustee as such Holder's attorney-in-fact for any and all such purposes. 

        SECTION 1206.    Notice by the Company.    

        The
Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company which would prohibit the making of any payment of monies to or by
the Trustee in respect of the Debentures pursuant to the provisions of this Article Twelve. Notwithstanding the provisions of this Article Twelve or any other provision of this Indenture, the Trustee
shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment of monies to or by the Trustee in respect of the Debentures pursuant to the provision
of this Article Twelve, unless and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office of the Trustee from the Company or a holder or
holders of Senior Debt
or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section 603 hereof, shall be entitled in all respects to assume that
no such facts exist; provided, however, that if the Trustee shall not have received the notice provided for in this Section 1206 at least three Business Days prior to the date upon which by the
terms hereof any money may become payable for any purpose (including, without limitation, the payment of the principal of (and premium, if any) or interest on any Debenture), then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purposes for which they were received, and shall not be
affected by any notice to the contrary which may be received by it within three Business Days prior to such date. 

        The
Trustee, subject to the provisions of Section 603, shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of
Senior Debt (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of such Senior Debt or a trustee on behalf of any such holder or holders. In the event that
the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this
Article Twelve, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt held by such Person, the extent to which such
Person is entitled to participate in such 

39

 

payment
or distribution and any other facts pertinent to the right of such Person under this Article Twelve, and, if such evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such payment. 

        SECTION 1207.    Rights of the Trustee; Holders of Senior Debt.    

        The
Trustee in its individual capacity shall be entitled to all the rights set forth in this Article Twelve in respect of any Senior Debt at any time held by it, to the same extent as
any other holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder. 

        With
respect to the holders of Senior Debt of the Company, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in
this Article Twelve, and no implied covenants or obligations with respect to the holders of such Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to
owe any fiduciary duty to the holders of such Senior Debt and, subject to the provisions of Section 603, the Trustee shall not be liable to any holder of such Senior Debt if it shall pay over
or deliver to Holders of Debentures, the Company or any other Person money or assets to which any holder of such Senior Debt shall be entitled by virtue of this Article Twelve or otherwise. 

        SECTION 1208.    Subordination May Not Be Impaired.    

        No
right of any present or future holder of any Senior Debt to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or otherwise be charged with. 

        Without
in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without the consent of or notice to the Trustee
or the Holders of the Debentures, without incurring responsibility to the holders of the Debentures and without impairing or releasing the subordination provided in this Article Twelve or the
obligations hereunder of the Holders of the Debentures to the holders of Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of
payment of, or renew or alter, such Senior Debt, or otherwise amend or supplement in any manner such Senior Debt or any instrument evidencing the same or any agreement under which such Senior Debt is
outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing such Senior Debt; (iii) release any Person liable in any manner for
the collection of such Senior Debt; and (iv) exercise or refrain from exercising any rights against the Company and any other Person. 

 
 

ARTICLE THIRTEEN    
    
    CONVERSION OF DEBENTURES    
    

        SECTION 1301.    Conversion Rights.    

        Subject
to and upon compliance with the provisions of this Article, the Debentures are convertible, at the option of the Holder, at any time on or after the earliest to occur of
(i) September 30, 2002 and (ii) the 91st day immediately following the closing of the Company's IPO, and prior to 5:00 p.m. (Central time) on the Business Day
immediately preceding the date of repayment of such Debentures, whether at maturity or upon redemption, into shares of Common Stock at a conversion price equal to the lesser of (A) $30 per
share of Common Stock (equivalent to a conversion rate of one share of Common Stock for each $30 in aggregate principal amount of Debentures) and (B) 90% of the initial price per share to the
public of Common Stock in the Company's IPO, subject to adjustment as described in this Article Thirteen. A Holder of Debentures may convert any portion of the principal amount of the Debentures into
that number of fully paid and nonassessable shares of Common Stock 

40

 

(calculated
as to each conversion to the nearest 1/100th of a share) obtained by dividing the principal amount of the Debentures to be converted by such conversion price. 

        SECTION 1302.    Conversion Procedures.    

        (a)   In
order to convert all or a portion of the Debentures, the Holder thereof shall deliver to the Conversion Agent an irrevocable Notice of Conversion setting forth the
principal amount of Debentures to be converted, together with the name or names, if other than the Holder, in which the shares of Common Stock should be issued upon conversion and, surrender to the
Conversion Agent the Debentures to be converted, duly endorsed or assigned to the Company or in blank. In addition, a holder of Trust Preferred Securities may exercise its right under the Declaration
to convert such Trust Preferred Securities into Common Stock by delivering to the Conversion Agent an irrevocable Notice of Conversion setting forth the information called for by the preceding
sentence and directing the Conversion Agent (i) to exchange such Trust Preferred Security for a portion of the Debentures held by the Trust (at an exchange rate of $30 principal amount of
Debentures for each Trust Preferred Security) and (ii) to immediately convert such Debentures, on behalf of such holder, into Common Stock of the Company pursuant to this Article Thirteen and
surrendering such Trust Preferred Securities, duly endorsed or assigned to the Company or in blank. So long as any Trust Preferred Securities are outstanding, the Trust shall not convert any
Debentures except pursuant to a Notice of Conversion delivered to the Conversion Agent by a holder of Trust Preferred Securities and only with respect to the Trust Preferred Securities requested to be
converted in such Notice of Conversion. 

        If
a Notice of Conversion is delivered on or after the Regular Record Date and prior to the subsequent Interest Payment Date, the Holder will be entitled to receive the interest payable
on the subsequent Interest Payment Date on the portion of Debentures to be converted notwithstanding the conversion thereof prior to such Interest Payment Date. Except as otherwise provided in the
immediately preceding sentence, in the case of any Debenture which is converted, whose Stated Maturity is after the Conversion Date (as defined below) interest on such Debenture shall not be payable,
and the Company shall not make nor be required to make any other payment, adjustment or allowance with respect to accrued but unpaid interest on the Debentures being converted, which shall be deemed
to be paid in full. Each conversion shall be deemed to have been effected immediately prior to the close of business on the day on which the Notice of Conversion was received (the "Conversion Date")
by the Conversion Agent from the Holder or from a holder of the Trust Preferred Securities effecting a conversion
thereof pursuant to its conversion rights under the Declaration, as the case may be. The Person or Persons entitled to receive the Common Stock issuable upon such conversion shall be treated for all
purposes as the record holder or holders of such Common Stock as of the Conversion Date. As promptly as practicable on or after the Conversion Date, the Company shall issue and deliver at the office
of the Conversion Agent, unless otherwise directed by the Holder in the Notice of Conversion, a certificate or certificates for the number of full shares of Common Stock issuable upon such conversion,
together with the cash payment, if any, in lieu of any fraction of any share to the Person or Persons entitled to receive the same. The Conversion Agent shall deliver such certificate or certificates
to such Person or Persons. 

        (b)   The
Company's delivery upon conversion of the fixed number of shares of Common Stock into which the Debentures are convertible (together with the cash payment, if any,
in lieu of fractional shares) shall be deemed to satisfy the Company's obligation to pay the principal amount at Maturity of the portion of Debentures so converted and any unpaid interest (including
Compounded Interest and Additional Interest) accrued on such Debentures at the time of such conversion. 

        (c)   No
fractional shares of Common Stock will be issued as a result of conversion, but in lieu thereof, the Company shall pay to the Conversion Agent a cash adjustment in an
amount equal to the same fraction of the applicable conversion price of such fractional interest on the date on which the 

41

 

Debentures
or Trust Preferred Securities, as the case may be, were duly surrendered to the Conversion Agent for conversion. 

        (d)   In
the event of the conversion of any Debenture in part only, a new Debenture or Debentures for the unconverted portion thereof will be issued in the name of the Holder
thereof upon the cancellation thereof in accordance with Section 305. 

        (e)   In
effecting the conversion transactions described in this Section, the Conversion Agent is acting as agent of the holders of Trust Preferred Securities (in the exchange
of Trust Preferred Securities for Debentures) and as agent of the Holders of Debentures (in the conversion of Debentures into Common Stock), as the case may be, directing it to effect such conversion
transactions. The Conversion Agent is hereby authorized (i) to exchange Debentures held by the Trust from time to time for Trust Preferred Securities in connection with the conversion of such
Trust Preferred Securities in accordance with this Article Thirteen and (ii) to convert all or a portion of the Debentures into Common Stock and thereupon to deliver such shares of Common Stock
in accordance with the provisions of this Article Thirteen and to deliver to the Trust a new Debenture or Debentures for any resulting unconverted principal amount. 

        (f)    All
shares of Common Stock delivered upon any conversion of Debentures shall bear a restrictive legend substantially in the form of the legend required to be set forth
on such Debentures and shall be subject to the restrictions on transfer provided in such legend and in Section 305(b) hereof. Neither the Trustee nor the Conversion Agent shall have any
responsibility for the inclusion or content of any such restrictive legend on such Common Stock; provided, however, that the Trustee or the Conversion Agent shall have provided to the Company or to
the Company's transfer agent for such Common Stock, prior to or concurrently with a request to the Company to deliver to such Conversion Agent certificates for such Common Stock, written notice that
the Debentures delivered for conversion are Restricted Debentures. 

        SECTION 1303.    Conversion Price Adjustments—General.    

        The
conversion price shall be subject to adjustment (without duplication) from time to time as follows: 

        (a)   In
case the Company shall, while any of the Debentures are outstanding, (i) pay a dividend or make a distribution with respect to its Common Stock in shares of
Common Stock, (ii) subdivide its outstanding shares of Common Stock, (iii) combine its outstanding shares of Common Stock into a smaller number of shares or (iv) issue by
reclassification of its shares of Common Stock any shares of capital stock of the Company (other than a reclassification or recapitalization of shares of Common Stock subject to Section 1304(a)
hereof), the conversion privilege and the conversion price in effect immediately prior to such action shall be adjusted so that the Holder of any Debentures thereafter surrendered for conversion shall
be entitled to receive the number of shares of capital stock of the Company which he would have owned immediately following such action had such Debentures been converted immediately prior thereto. An
adjustment made pursuant to this subsection (a) shall become effective immediately after the record date in the case of a dividend or other distribution or a subdivision, combination or
reclassification (or immediately after the record date if a record date shall have been established for such event). If, as a result of an adjustment made pursuant to this subsection (a), the
Holder of any Debenture thereafter surrendered for conversion shall become entitled to receive shares of two or more classes or series of capital stock of the Company, the Board of Directors (whose
determination shall be conclusive and shall be described in a Board Resolution filed with the Trustee) shall determine the allocation of the adjusted conversion price between or among shares of such
classes or series of capital stock. 

        (b)   In
case the Company shall, while any of the Debentures are outstanding, issue rights or warrants to all holders of its Common Stock entitling them (for a period expiring
within 45 days after 

42

 

the
record date mentioned below) to subscribe for or purchase shares of Common Stock at a price per share less than the current market price per share of Common Stock (as determined pursuant to
subsection (f) below) on the record date mentioned below, the conversion price for the Debentures shall be adjusted so that the same shall equal the price determined by multiplying the
conversion price in effect immediately prior to the date of issuance of such rights or warrants by a fraction of which the numerator shall be the number of shares of Common Stock outstanding on the
date of issuance of such rights or warrants plus the number of shares which the aggregate offering price of the total number of shares so offered for subscription or purchase would purchase at such
current market price, and of which the denominator shall be the number of shares of Common Stock outstanding on the date of issuance of such rights or warrants plus the number of additional shares of
Common Stock offered for subscription or purchase. Such adjustment shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights or
warrants. For the purposes of this subsection, the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Company. The Company shall not issue
any rights or warrants in respect of shares of Common Stock held in the treasury of the Company. In case any rights or warrants referred to in this subsection in respect of which an adjustment shall
have been made shall expire unexercised within 45 days after the same shall have been distributed or issued by the Company, the conversion price shall be readjusted at the time of such
expiration to the conversion price that would have been in effect if no adjustment had been made on account of the distribution or issuance of such expired rights or warrants. 

        (c)   Subject
to the last sentence of this subparagraph, in case the Company shall, by dividend or otherwise, distribute to all holders of its Common Stock evidences of its
indebtedness, shares of any class or series of capital stock, cash or assets (including securities, but excluding any rights or warrants referred to in subparagraph (b), any dividend or
distribution paid exclusively in cash and any dividend or distribution referred to in subparagraph (a) of this Section 1303), the conversion price shall be reduced so that the same shall
equal the price determined by multiplying the conversion price in effect immediately prior to the effectiveness of the conversion price reduction contemplated by this subparagraph (c) by a
fraction of which the numerator shall be the current market price per share (determined as provided in subparagraph (f)) of the Common Stock on the date fixed for the payment of such
distribution (the "Reference Date") less the fair market value (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a resolution of the
Board of Directors), on the Reference Date, of the portion of the evidences of indebtedness, shares of capital stock, cash and assets so distributed applicable to one share of Common Stock and the
denominator shall be such current market price per share of the Common Stock, such reduction to become effective immediately prior to the opening of business on the day following the Reference Date.
In the event that such dividend or distribution is not so paid or made, the conversion price shall again be adjusted to be the conversion price which would then be in effect if such dividend or
distribution had not occurred. If the Board of Directors determines the fair market value of any distribution for purposes of this subparagraph (c) by reference to the actual or when issued
trading market for any securities comprising such distribution, it must in doing so consider the prices in such market over the same period used in computing the current market price per share of
Common Stock (determined as provided in subparagraph (f)). For purposes of this subparagraph (c), any dividend or distribution that includes shares of Common Stock or rights or warrants
to subscribe for or purchase shares of Common Stock shall be deemed instead to be (1) a dividend or distribution of the evidences of indebtedness, shares of capital stock, cash or assets other
than such shares of Common Stock or such rights or warrants (making any conversion price reduction required by this subparagraph (c)) immediately followed by (2) a dividend or
distribution of such shares of Common Stock or such rights or warrants (making any further conversion price reduction required by subparagraph (a) or (b)), except (A) the Reference Date
of such dividend or distribution as defined in this subparagraph shall be substituted as (a) "the record date in the case of a dividend or other distribution," and (b) "the record 

43

 

date
for the determination of stockholders entitled to receive such rights or warrants" and (c) "the date fixed for such determination" within the meaning of subparagraphs (a) and (b)
and (B) any shares of Common Stock included in such dividend or distribution shall not be deemed outstanding for purposes of computing any adjustment of the conversion price in
subparagraph (a). 

        (d)   In
case the Company shall pay or make a dividend or other distribution on its Common Stock exclusively in cash, excluding all regular cash dividends if the annualized
amount thereof per share of Common Stock does not exceed 15% of the current market price per share determined as provided in subparagraph (f) of the Common Stock on the Trading Day immediately
preceding the date of declaration of such dividend (such adjustment being limited to the amount in excess of 15% of such Current Market Price), the conversion price shall be reduced so that the same
shall equal the price determined by multiplying the conversion price in effect immediately prior to the effectiveness of the conversion price reduction contemplated by this subparagraph by a fraction
of which the numerator shall be the current market price per share (determined as provided in subparagraph (f)) of the Common Stock on the date fixed for the payment of such distribution less
the amount of cash so distributed and not excluded as provided applicable to one share of Common Stock and the denominator shall be such current market price per share of the Common Stock, such
reduction to become effective immediately prior to the opening of business on the day following the date fixed for the payment of such distribution; provided, however, that in the event the portion of
the cash so distributed applicable to one share of Common Stock is equal to or greater than the current market price per share (as defined in subparagraph (f)) of the Common Stock on the record
date mentioned above, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder of shares of Debentures shall have the right to receive upon conversion the amount of
cash such Holder would have received had such Holder converted each share of the Debentures immediately prior to the record date for the distribution of the cash. In the event that such dividend or
distribution is not so paid or made, the conversion price shall again be adjusted to be the conversion price which would then be in effect if such record date had not been fixed. 

        (e)   In
case a tender or exchange offer (other than an odd-lot offer) made by the Company or any Subsidiary of the Company for all or any portion of the Company's
Common Stock shall expire and such tender or exchange offer shall involve the payment by the Company or such Subsidiary of consideration per share of Common Stock having a fair market value (as
determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a resolution of the Board of Directors) at the last time (the "Expiration Time") tenders or
exchanges may be made pursuant to such tender or exchange offer (as it shall have been amended) that exceeds 110% of the current market price per share (determined as provided in
subparagraph (f)) of the Common Stock on the Trading Day next succeeding the Expiration Time, the conversion price shall be reduced so that the same shall equal the price determined by
multiplying the conversion price in effect immediately prior to the effectiveness of the conversion price reduction contemplated by this subparagraph (e) by a fraction of which the numerator
shall be the number of shares of Common Stock outstanding (including any tendered or exchanged shares) at the Expiration Time multiplied by the current market price per share (determined as provided
in subparagraph (f)) of the Common Stock on the Trading Day next succeeding the Expiration Time and the denominator shall be the sum of (x) the fair market value (determined as
aforesaid) of the aggregate consideration payable to stockholders based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer) of all shares validly tendered or
exchanged and not withdrawn as of the Expiration Time (the shares deemed so accepted, up to any such maximum, being referred to as the "Purchased Shares") and (y) the product of the number of
shares of Common Stock outstanding (less any Purchased Shares) at the Expiration Time and the current market price per share (determined as provided in subparagraph (f)) of the Common Stock on
the Trading Day next succeeding the Expiration Time, such reduction to become effective immediately prior to the opening of business on the day following the Expiration Time. 

44

  

        (f)    For the purpose of any computation under subparagraphs (b), (c), (d) or (e), the current market price per share of Common Stock on any date in question shall be
(i) prior to the Company's IPO, as determined in good faith by the Board of Directors of the Company and (ii) following the Company's IPO, the average of the daily Closing Prices of the
Common Stock for the ten (10) consecutive Trading Days selected by the Company commencing not more than twenty (20) Trading Days before, and ending not later than, the earlier of the day
in question or, if applicable, the day before the "ex" date with respect to the issuance or distribution in question. 

        (g)   The
Company may make such reductions in the conversion price, in addition to those required by subparagraphs (a) through (e), as it considers to be advisable to
avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock resulting from any dividend or distribution of stock (or rights to acquire stock) or from any event
treated as such for income tax purposes. The Company from time to time may reduce the conversion price by any amount for any period of time if the period is at least twenty (20) days, the
reduction is irrevocable during the period, and the Board of Directors of the Company shall have made a determination that such reduction would be in the best interest of the Company, which
determination shall be conclusive. Whenever the conversion price is reduced pursuant to the preceding sentence, the Company shall mail to holders of record of the Debentures a notice of the reduction
at least fifteen (15) days prior to the date the reduced conversion price takes effect, and such notice shall state the reduced conversion price and the period it will be in effect. 

        (h)   No
adjustment of the conversion price shall be required upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the
reinvestment of dividends or interest payable on securities of the Company and the investment of additional optional amounts in shares of Common Stock under any such plan. No adjustment in the
conversion price shall be required unless such adjustment would require an increase or decrease of at least 1% in the conversion price; provided, however, that any adjustments which by reason of this
subparagraph are not required to be made shall be carried forward and taken into account in determining whether any subsequent adjustment shall be required. 

        (i)    If
any action would require adjustment of the conversion price pursuant to more than one of the provisions described above, only one adjustment shall be made and such
adjustment shall be the amount of adjustment that has the highest absolute value to the Holder of the Debentures. 

        SECTION 1304.    Reclassification, Consolidation, Merger or Sale of Assets.    

        In
the event that the Company shall be a party to any transaction (including without limitation (a) any recapitalization or reclassification of the Common Stock (other than a
change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination of the Common Stock), (b) any consolidation of the
Company with, or merger of the Company into, any other Person, any merger of another Person into the Company (other than a merger which does not result in a reclassification, conversion, exchange or
cancellation of outstanding shares of Common Stock of the Company), (c) any sale, transfer or lease of all or substantially all of the properties and assets of the Company on a consolidated
basis or (d) any compulsory share exchange) pursuant to which the Common Stock is converted into the right to receive other securities, cash or other property, then lawful provision shall be
made as part of the terms of such transaction whereby the Holder of each Security then outstanding shall have the right thereafter to convert such Security only into the kind and amount of securities,
cash or other property receivable upon consummation of such transaction by a holder of the number of shares of Common Stock of the Company into which such Security could have been converted
immediately prior to such transaction. 

        The
Company or the Person formed by such consolidation or resulting from such merger or which acquired such assets or which acquires the Company's shares, as the case may be, shall make
provision in its certificate or articles of incorporation or other constituent document, and shall enter into a 

45

 

supplemental
indenture to establish such right. Such certificate or articles of incorporation or other constituent document and such supplemental indenture shall provide for adjustments which, for
events subsequent to the effective date of such certificate or articles of incorporation or other constituent document, shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Article 13. The above provisions shall similarly apply to successive transactions of the foregoing type. 

        SECTION 1305.    Notice of Adjustments of Conversion Price.    

        Whenever
the conversion price is adjusted as herein provided: 

        (a)   the
Company shall compute the adjusted conversion price and shall prepare a certificate signed by the Chief Financial Officer or the Treasurer of the Company setting
forth the adjusted conversion price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed with the Trustee and the transfer
agent (and a copy forwarded to the Trustee) for the Trust Preferred Securities and the Debentures; and 

        (b)   a
notice stating the conversion price has been adjusted and setting forth the adjusted conversion price shall as soon as practicable be mailed by the Company to all
record holders of Trust Preferred Securities and the Debentures at their last addresses as they appear upon the stock transfer books of the Company and the Trust. 

        SECTION 1306.    Prior Notice of Certain Events.    

        In
case: 

          (i)  the
Company shall (1) declare any dividend (or any other distribution) on its Common Stock, other than (A) a dividend payable in shares of Common Stock or
(B) a dividend payable in cash that would not require an adjustment pursuant to Section 1303(c) or (d) or (2) authorize a tender or exchange offer that would require an adjustment
pursuant to Section 1303(e); 

         (ii)  the
Company shall authorize the granting to all holders of Common Stock of rights or warrants to subscribe for or purchase any shares of stock of any class or series or
of any other rights or warrants; 

        (iii)  of
any reclassification of Common Stock (other than a subdivision or combination of the outstanding Common Stock, or a change in par value, or from par value to no par
value, or from no par value to par value), or of any consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company shall be required, or of the sale
or transfer of all or substantially all of the assets of the Company or of any compulsory share exchange whereby the Common Stock is converted into other securities, cash or other property; or 

        (iv)  of
the voluntary or involuntary dissolution, liquidation or winding up of the Company; then the Company shall (a) if any Trust Preferred Securities are
outstanding, cause to be filed with the transfer agent (and a copy forwarded to the Trustee) for the Trust Preferred Securities, and shall cause to be mailed to the holders of record of the Trust
Preferred Securities, at their last addresses as they shall appear upon the stock transfer books the Trust or (b) shall cause to be mailed to all Holders at their last addresses as they shall
appear in the Register, at least fifteen days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record (if any) is to be taken for
the purpose of such dividend, distribution, rights or warrants or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend,
distribution, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer, share exchange, dissolution, liquidation or winding
up is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or
other property deliverable upon such reclassification, consolidation, merger, sale, transfer, share exchange, dissolution, 

46

 

liquidation
or winding up (but no failure to mail such notice or any defect therein or in the mailing thereof shall affect the validity of the corporate action required to be specified in such
notice). 

        SECTION 1307.    Dividend or Interest Reinvestment Plans.    

        Notwithstanding
the foregoing provisions, the issuance of any shares of Common Stock pursuant to any plan providing for the reinvestment of dividends or interest payable on securities of
the Company and the investment of additional optional amounts in shares of Common Stock under any such plan, and the issuance of any shares of Common Stock or options or rights to purchase such shares
pursuant to any employee benefit plan or program of the Company or pursuant to any option, warrant, right or exercisable, exchangeable or convertible security outstanding as of the date the Debentures
were first issued, shall not be deemed to constitute an issuance of Common Stock or exercisable, exchangeable or convertible securities by the Company to which any of the adjustment provisions
described above applies. No adjustment in the conversion price will be required unless adjustment would require a change of at least one percent (1%) in the price then in effect;  provided, however, that
any adjustment that would not be required to be made shall be carried forward and taken into account in any subsequent
adjustment. If any action would require adjustment of the conversion price pursuant to more than one of the provisions described above, only one adjustment shall be made with respect to that action
and such adjustment shall be the amount of adjustment that has the highest absolute value to the holder of the Trust Preferred Securities. 

        SECTION 1308.    Certain Additional Rights.    

        In
case the Company shall, by dividend or otherwise, declare or make a distribution on its Common Stock referred to in Section 1303(c) or 1303(d) (including, without limitation,
dividends or distributions referred to in the last sentence of Section 1303(c), the Holder of the Debentures, upon the conversion thereof subsequent to the close of business on the date fixed
for the determination of stockholders entitled to receive such distribution and prior to the effectiveness of the conversion price adjustment in respect of such distribution, shall also be entitled to
receive for each share of Common Stock into which the Debentures are converted, the portion of the shares of Common Stock, rights, warrants, evidences of indebtedness, shares of capital stock, cash
and assets so distributed applicable to one share of Common Stock; provided, however, that, at the election of the Company (whose election shall be evidenced by a resolution of the Board of Directors)
with respect to all Holders so converting, the Company may, in lieu of distributing to such Holder any portion of such distribution not consisting of cash or securities of the Company, pay such Holder
an amount in cash equal to the fair market value thereof (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a resolution of the Board of
Directors). If any conversion of Debentures described in the immediately preceding sentence occurs prior to the payment date for a distribution to holders of Common Stock which the Holder of
Debentures so converted is entitled to receive in accordance with the immediately preceding sentence, the Company may elect (such election to be evidenced by a resolution of the Board of Directors) to
distribute to such Holder a due bill for the shares of Common Stock, rights, warrants, evidences of indebtedness, shares of capital stock, cash or assets to which such Holder is so entitled, provided,
that such due bill (i) meets any applicable requirements of the principal national securities exchange or other market on which the Common Stock is then traded and (ii) requires payment
or delivery of such shares of Common Stock, rights, warrants, evidences of indebtedness, shares of capital stock, cash or assets no later than the date of payment or delivery thereof to holders of
shares of Common Stock receiving such distribution. 

        SECTION 1309.    Restrictions on Common Stock Issuable Upon Conversion.    

        (a)   Shares
of Common Stock to be issued upon conversion of a Debenture with respect to Restricted Trust Preferred Securities (as defined in the Declaration) shall bear such
restrictive legends as the Company may provide in accordance with applicable law. 

47

 

        (b)   If
shares of Common Stock to be issued upon conversion of a Debenture in respect of Restricted Trust Preferred Securities are to be registered in a name other than that
of the Holder of such Trust Preferred Security, then the Person in whose name such shares of Common Stock are to be registered must deliver to the Conversion Agent a certificate satisfactory to the
Company and signed by such Person, as to compliance with the restrictions on transfer applicable to such Trust Preferred Security. Neither the Trustee nor any Conversion Agent or Registrar shall be
required to register in a name other than that of the Holder OF shares of Common Stock or such Trust Preferred Securities issued upon conversion of any such Debenture in respect of such Trust
Preferred Securities not so accompanied by a properly completed certificate. 

        SECTION 1310.    Trustee Not Responsible for Determining Conversion Price or Adjustments.    

        Neither
the Trustee nor any Conversion Agent shall at any time be under any duty or responsibility to any Holder of any Debenture to determine whether any facts exist which may require
any adjustment of the conversion price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed herein or in any supplemental indenture
provided to be employed, in making the same. Neither the Trustee nor any Conversion Agent shall be accountable with respect to the validity or value (or the kind of account) of any shares of Common
Stock or of any securities or property, which may at any time be issued or delivered upon the conversion of any Debenture; and neither the Trustee nor any Conversion Agent makes any representation
with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any shares of Common
Stock or stock certificates or other securities or property upon the surrender of any Debenture for the purpose of conversion, or, except as expressly herein provided, to comply with any of the
covenants of the Company contained in Article Ten or this Article Thirteen. 

 
 

ARTICLE FOURTEEN    
    
    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
  OFFICERS AND DIRECTORS    
    

        SECTION 1401.    No Recourse.    

        No
recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Debenture, or for any claim based thereon or otherwise in respect thereof, shall be had
against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or
any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the
incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Debentures or implied therefrom; and that any and all such personal liability
of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against every such incorporator, stockholder, officer or director
as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Debentures or
implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Debentures. 

        This
instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one
and the same instrument. 

48

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

	 	 	AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
	

 	
 	

By:	
 	

/s/  TERRY A. REIMER      
 Name: Terry A. Reimer

Title: Exec. V.P.
	

 	
 	

WEST DES MOINES STATE BANK,

as trustee
	

 	
 	

By:	
 	

/s/  DAVID V. MAURER      
 Name: David V. Maurer

Title: SVP/STO

   EXHIBIT A

FORM OF DEBENTURE  

[FORM
OF FACE OF DEBENTURE] 

        THIS
DEBENTURE AND ANY COMMON STOCK ISSUED ON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. BY THE ACQUISITION HEREOF, THE HOLDER AGREES THAT SUCH HOLDER WILL GIVE EACH PERSON TO
WHOM THIS DEBENTURE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN THE CASE OF ANY TRANSFER OR OTHER DISPOSITION MADE OTHERWISE THAN PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, THE HOLDER HEREOF SHALL BE REQUIRED TO PROVIDE TO THE COMPANY AND THE TRANSFER AGENT, PRIOR TO SUCH TRANSFER, AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH TRANSFER IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT AND IN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS. 

AMERICAN
EQUITY INVESTMENT LIFE HOLDING COMPANY 

8%
Convertible Junior Subordinated Debenture due 2029 

	No.	 	    
	 	$	 	    

        American
Equity Investment Life Holding Company, a corporation duly organized and existing under the laws of the State of Iowa (herein called "the Company", which term includes any
successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay
to                        , or registered assigns, the principal sum
of            Dollars
($    ) on September 30, 2029. 

Interest
Payment Dates: March 31, June 30, September 30 and December 31, commencing December 31, 1999. 

Regular
Record Dates: the close of business on the 15th day immediately preceding each Interest Payment Date, commencing December 31, 1999. 

        Reference
is hereby made to the further provisions of this Debenture set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place. 

        Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Debenture shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose. 

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        IN
WITNESS WHEREOF, the Company has caused this instrument to be signed manually or by facsimile by its duly authorized officers and a facsimile of its corporate seal to be affixed
hereto or imprinted hereon. 

Dated:
                        ,             . 

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 

	 	 	 	 	By:	 	    
 Name:

Title:
	

[SEAL]	
 	

 	
 	

 
	

Attest:	
 	

    
	
 	

 	
 	

 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION 

        This
is one of the Debentures referred to in the within-mentioned Indenture. 

Dated:
                        ,             . 

	 	 	WEST DES MOINES STATE BANK, as Trustee
	

 	
 	

By:	
 	

    
 Authorized Signatory

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[FORM
OF REVERSE OF DEBENTURE] 

AMERICAN
EQUITY INVESTMENT LIFE HOLDING COMPANY 

8%
Convertible Junior Subordinated Debenture due 2029* 

	*
	All
terms used in this Security which are defined in the Indenture or in the Declaration attached as Annex A thereto shall have the meanings assigned to them in the Indenture or
the Declaration, as the case may be. 

        (1)    Interest.    American Equity Investment Life Holding Company, a Iowa corporation (the "Company"), is the issuer
of this 8% Convertible Junior Subordinated Debenture Due 2029 (the "Debenture") limited in aggregate principal amount to $23,216,587.63 (or up to an aggregate principal amount of $30,927,840 if
additional Trust Securities are issued after the initial Closing Date in accordance with the Declaration), issued under the Indenture hereinafter referred to. The Company promises to pay interest on
the Debentures in cash from August 30, 1999 or from the most recent interest payment date to which interest has been paid or duly provided for, quarterly (subject to deferral for up to 20
consecutive quarters as described in Section 3 hereof) in arrears on March 31, June 30, September 30 and December 31 of each year (each day an "Interest Payment
Date"), commencing December 31, 1999, at
the rate of 8% per annum (subject to increase as provided in Section 13 hereto) plus Additional Interest and Compound Interest if any, until the principal hereof shall have become due and
payable. 

        The
amount of interest payable for any period will be computed on the basis of a 360-day year of twelve 30-day months. The amount of interest payable for any
period shorter than a full quarterly period for which interest is computed will be computed on the basis of the actual number of days elapsed. In the event that any date on which interest is payable
on the Debentures is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (without any interest or other payment in
respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on such date. 

        (2)    Additional Interest.    The Company shall pay to American Equity Capital Trust I (and its permitted
successors or assigns under the Declaration) (the "Trust") such amounts as shall be required so that the net amounts received and retained by the Trust after paying any taxes, duties, assessments or
other governmental charges of whatever nature (other than withholding taxes) imposed on the Trust by the United States or any other taxing authority ("Additional Interest") will be not less than the
amounts the Trust would have received had no such taxes, duties, assessment or governmental charges been imposed. 

        (3)    Option to Extend Interest Payment Period.    The Company shall have the right at any time during the term of
the Debentures to defer interest payments from time to time by extending the interest payment period for successive periods not exceeding 20 consecutive quarters for each such period; except that no
Extension Period may extend beyond the stated maturity of the Debentures. At the end of each Extension Period, the Company shall pay all interest then accrued and unpaid together with interest thereon
compounded quarterly at the rate specified for the Debentures to the extent permitted by applicable law ("Compounded Interest"); provided, that during any Extension Period, the Company shall not
(a) declare or pay dividends on, or make a distribution with respect to, or redeem or purchase or acquire, or make a liquidation payment with respect to, any of its capital stock (other than
(i) purchases or acquisitions of shares of Common Stock (or Common Stock equivalents) in connection with the satisfaction by the Company of its obligations under any employee benefit or agent
plans or the satisfaction by the Company of its obligations pursuant to any contract or security requiring the Company to purchase shares of Common Stock (or Common Stock equivalents), 

A-4

 

(ii) purchases
of shares of Common Stock (or Common Stock equivalents) from officers or employees of the Company or its subsidiaries upon termination of employment or retirement not pursuant to
any obligation under any contract or security requiring the Company to purchase shares of Common Stock (or Common Stock equivalents), (iii) as a result of a reclassification of the Company's
capital stock or the exchange or conversion of one class or series of the Company's capital stock for another class or series of the Company's capital stock, (iv) dividends or distributions of
shares of Common Stock on Common Stock or (v) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged), (b) make any payment of principal of (premium, if any) or interest on or repay, repurchase or redeem any debt securities (including
guarantees) issued by the Company that rank pari passu with or junior to the Debentures (except by conversion into or exchange for shares of Common
Stock) and (c) make any guarantee payments with respect to any of the foregoing (other than pursuant to the Guarantee). 

        Prior
to the termination of any such Extension Period, the Company may further extend such Extension Period; provided that such Extension Period together with all previous and further
extensions thereof may not exceed 20 consecutive quarters and may not extend beyond the maturity of the Debentures. Upon the termination of any Extension Period and the payment of all amounts then
due, the Company may commence a new Extension Period, subject to the above requirements. No interest during an Extension Period, except at the end thereof, shall be due and payable. 

        If
the Property Trustee is the sole holder of the Debentures at the time the Company selects an Extension Period, the Company shall give notice to the Administrative Trustees, the
Property Trustee and the Trustee of its selection of such Extension Period at least one Business Day prior to the earlier of (i) the date the distributions on the Trust Preferred Securities are
payable or (ii) if the Trust Preferred Securities are listed on the New York Stock Exchange or other stock exchange or quotation system, the date the Trust is required to give notice to the New
York Stock Exchange or other applicable self-regulatory organization or to holders of the Trust Preferred Securities on the record date or the date such distributions are payable, but in
any event not less than ten Business Days prior to such record date. 

        If
the Property Trustee is not the sole holder of the Debentures at the time the Company selects an Extension Period, the Company shall give the Holders of these Debentures and the
Trustee notice of its selection of an Extension Period at least ten Business Days prior to the earlier of (i) the next succeeding Interest Payment Date or (ii) the date the Company is
required to give notice to any applicable self-regulatory organization on the record or payment date of such related interest payment, but in any event not less than two Business Days
prior to such record date. 

        The
quarter in which any notice is given pursuant to the second and third paragraphs of this Section 3 shall be counted as one of the 20 quarters permitted in the maximum
Extension Period permitted under the first paragraph of this Section 3. 

        (4)    Method of Payment.    The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Debenture (or one or more Predecessor Debentures) is registered at the close of business on the regular record
date for such interest installment, which shall be the close of business on the 15th day immediately preceding each Interest Payment Date (the "Regular Record Date"), commencing December 31,
1999. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name
this Debenture (or one or more Predecessor Debentures) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Debentures not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the 

A-5

 

requirements
of any securities exchange on which the Debentures may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

        Payment
of the principal of and interest on this Debenture will be made at the office or agency of the Company maintained for that purpose in West Des Moines, Iowa, in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company, payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Register. 

        (5)    Paying Agent and Registrar.    The Trustee will act as Paying Agent, Registrar and Conversion Agent. The
Company may change any Paying Agent, Registrar, co- registrar or Conversion Agent without prior notice. The Company or any of its Affiliates may act in any such capacity. 

        (6)    Indenture.    The Company issued the Debentures under an indenture, dated as of September 7, 1999 (the
"Indenture"), between the Company and West Des Moines State Bank, as Trustee (herein called the "Trustee", which term includes any successor trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the
Holders of the Debentures, and of the terms upon which the Debentures are, and are to be, authenticated and delivered. The terms of the Debentures include those stated in the Indenture and those made
part of the Indenture by the incorporation of certain provisions of the Trust Indenture Act of 1939 (15 U.S. Code ss.ss. 77aaa-77bbbb) ("TIA") as in effect on the date of the Indenture.
The Debentures are subject to, and qualified by, all such terms, certain of which are summarized hereon, and holders are referred to the Indenture and the TIA for a statement of such terms. The
Debentures are unsecured general obligations of the Company limited to $23,216,587.63 (or up to an aggregate principal amount of $30,927,840 if additional Trust Securities are issued after the initial
Closing Date in accordance with the Declaration) in aggregate principal amount and subordinated in right of payment to all existing and future Senior Debt of the Company. No reference herein to the
Indenture and no provision of this Debenture or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this
Debenture at the times, place and rate, and in the coin or currency, herein prescribed or to convert this Debenture as provided in the Indenture. 

        (7)    Optional Redemption.    The Company shall have the right, at its option, to redeem the Debentures, in whole or
in part, at any time and from time to time, in cash at a redemption price equal to 100% of the principal amount of the Debentures to be redeemed, plus any accrued and unpaid interest on such
Debentures, if any, to the Redemption Date (the "Redemption Price"), on or after the earliest to occur of (i) September 30, 2002 and (ii) the 91st day immediately
following the closing of the Company's IPO. 

        (8)    Optional Redemption Upon Tax Event.    The Debentures are subject to redemption, at the election of the
Company, in whole (but not in part), for cash at the Redemption Price, at any time within 90 days following the occurrence and continuation of a Redemption Tax Event (as defined in the
Declaration). Any redemption pursuant to this Section 8 will be made upon not less than 30 nor more than 60 days' notice. 

        (9)    Notice of Redemption.    Notice of redemption will be mailed at least 30 days but not more than
60 days before the Redemption Date to each Holder of the Debentures to be redeemed at his address of record. The Debentures in denominations larger than $30 may be redeemed in part but only in
integral multiples of $30. In the event of a redemption of less than all of the Debentures, the Debentures will be chosen for redemption by the Trustee in accordance with the Indenture. On and after
the Redemption Date, interest ceases to accrue on the Debentures or portions of them called for redemption. 

A-6

 

        If
this Debenture is redeemed subsequent to a Regular Record Date with respect to any Interest Payment Date specified above and on or prior to such Interest Payment Date, then any
accrued interest will be paid to the person in whose name this Debenture is registered at the close of business on such record date. 

        (10)    Redemption of Trust Securities.    Upon the repayment of the Debentures, whether at maturity, upon any
acceleration, earlier redemption or otherwise, the proceeds from such repayment or payment shall simultaneously be applied to redeem Trust Securities having an aggregate liquidation amount equal to
the Debentures so repaid or redeemed at the applicable redemption price together with accrued and unpaid distributions through the date of redemption; provided, that holders of the Trust Securities
shall be given not less than 30 nor more than 60 days notice of such redemption. There are no sinking fund payments with respect to the Debentures. 

        (11)    Subordination.    The payment of the principal of, interest on or any other amounts due on the Debentures is
subordinated in right of payment to all existing and future Senior Debt (as defined below) of the Company, as described in the Indenture. Each holder, by accepting a Debenture, agrees to such
subordination and authorizes and directs the Trustee on its behalf to take such action as may be necessary or appropriate to effectuate the subordination so provided and appoints the Trustee as its
attorney-in-fact for such purpose. 

        "Senior
Debt" shall mean with respect to the Company (i) the principal, premium, if any, and interest in respect of (A) indebtedness of such obligor for money borrowed and
(B) indebtedness evidenced by securities, Debentures, bonds or other similar instruments issued by such obligor, (ii) all capital lease obligations of such obligor, (iii) all
obligations of such obligor issued or assumed as the deferred purchase price of property, all conditional sale obligations of such obligor and all obligations of such obligor under any title retention
agreement (but excluding trade accounts payable arising in the ordinary course of business), (iv) all obligations of such obligor for the reimbursement of any letter of credit, banker's
acceptance, security purchase facility (or repurchase agreement) or similar credit transaction, (v) all obligations of the type referred to in clauses (i) through (iv) above of other
persons for the payment of which such obligor is responsible or liable as obligor, guarantor or otherwise, and (vi) all obligations of the type referred to in clauses (i) through (v)
above of other persons secured by any lien on any property or asset of such obligor (whether or not such obligation is assumed by such obligor), except for (1) any such indebtedness that is by
its terms subordinated to or pari passu with the Debentures and (2) any indebtedness between or among such obligor or its affiliates, including
all other debt securities and guarantees in respect of those debt securities issued to any other trust, or a trustee of such trust, partnership, or other entity affiliated with the Company that is,
directly or indirectly, a financing vehicle of the Company (a "Financing Entity") in connection with the issuance by such Financing Entity of Trust Preferred Securities or other securities which rank
junior to, or pari passu with, the Trust Preferred Securities. Such Senior Debt shall continue to be Senior Debt and entitled to the subordination
provisions hereof irrespective of any amendment, modification or waiver of any term of such Senior Debt. 

        (12)    Conversion.    The Holder of any Debenture has the right to convert such Debenture at any time on or after the
earliest to occur of (i) September 30, 2002 and (ii) the 91st day immediately following the closing of the Company's IPO, and prior to 5:00 p.m. (Central
time) on the Business Day immediately preceding the date of repayment of such Debentures, whether at maturity or upon redemption, into shares of Common Stock at a conversion price equal to the lesser
of (A) $30 per share of Common Stock (equivalent to a conversion rate of one share of Common Stock for each $30 in principal amount of Debentures) and (B) 90% of the initial price per
share to the public of Common Stock in the Company's IPO, subject to adjustment in certain circumstances. 

        To
convert a Debenture, a Holder must (1) complete and sign a conversion notice substantially in the form attached hereto, (2) surrender the Debenture to a Conversion
Agent, (3) furnish appropriate 

A-7

 

endorsements
or transfer documents if required by the Registrar or Conversion Agent and (4) pay any transfer or similar tax, if required. Upon conversion, no adjustment or payment will be made
for interest or dividends, but if any Holder surrenders a Debenture for conversion after the close of business on the Regular Record Date for the payment of an installment of interest and prior to the
opening of business on the next Interest Payment Date, then, notwithstanding such conversion, the interest payable on such Interest Payment Date will be paid to the registered Holder of such Debenture
on such Regular Record Date. In such event, such Debenture, when surrendered for conversion, need not be accompanied by payment of an amount equal to the interest payable on such Interest Payment Date
on the portion so converted. The number of shares issuable upon conversion of a Debenture is determined by dividing the principal amount of the Debenture converted by the conversion price in effect on
the Conversion Date. No fractional shares will be issued upon conversion but a cash adjustment will be made for any fractional interest. The outstanding principal amount of any Debenture shall be
reduced by the portion of the principal amount thereof converted into shares of Common Stock. 

        (14)    Registration, Transfer, Exchange and Denominations.    As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Debenture is registrable in the Register, upon surrender of this Debenture for registration of transfer at the office or agency of the Company in
West Des Moines, Iowa, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Debentures, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. 

        The
Debentures are issuable only in registered form without coupons in denominations of $30 and integral multiples thereof. No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. Prior to due presentment of this Debenture
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Debenture is registered as the owner hereof for all purposes,
whether or not this Debenture be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. In the event of redemption or conversion of this
Debenture in part only, a new Debenture or Debentures for the unredeemed or unconverted portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

        (15)    Persons Deemed Owners.    Except as provided in Section 4 hereof, the registered Holder of a Debenture
may be treated as its owner for all purposes. 

        (16)    Unclaimed Money.    If money for the payment of principal or interest remains unclaimed for two years, the
Trustee and the Paying Agent shall pay the money back to the Company at its written request. After that, holders of Debentures entitled to the money must look to the Company for payment unless an
abandoned property law designates another Person and all liability of the Trustee and such Paying Agent with respect to such money shall cease. 

        (17)    Defaults and Remedies.    The Debentures shall have the Indenture Events of Default as set forth in
Section 501 of the Indenture. Subject to certain limitations in the Indenture, if an Event of Default occurs and is continuing, the Trustee by notice to the Company or the holders of at least
25% in aggregate principal amount of the then outstanding Debentures by notice to the Company and the Trustee may declare all the Debentures to be due and payable immediately. 

        The
holders of a majority in principal amount of the Debentures then outstanding by written notice to the Trustee may rescind an acceleration and its consequences if the rescission would
not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of the
acceleration. 

A-8

 

Holders
may not enforce the Indenture or the Debentures except as provided in the Indenture. Subject to certain limitations, holders of a majority in principal amount of the then outstanding
Debentures issued under the Indenture may direct the Trustee in its exercise of any trust or power. The Company must furnish annually compliance certificates to the Trustee. The above description of
Events of Default and remedies is qualified by reference to, and subject in its entirety by, the more complete description thereof contained in the Indenture. 

        (18)    Amendments, Supplements and Waivers.    The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Debentures under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of a majority in aggregate principal amount of the Debentures at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Debentures at the time Outstanding, on behalf of the Holders of all the Debentures, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Debenture shall be conclusive and binding upon such Holder and upon all
future Holders of this Debenture and of any Debenture issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Debenture. 

        (19)    Trustee Dealings with the Company.    The Trustee, in its individual or any other capacity may become the
owner or pledgee of the Debentures and may otherwise deal with the Company or an Affiliate with the same rights it would have, as if it were not Trustee, subject to certain limitations provided for in
the Indenture and in the TIA. Any Agent may do the same with like rights. 

        (20)    No Recourse Against Others.    A director, officer, employee or stockholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Debentures or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder of
the Debentures by accepting a Debenture waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Debentures. 

        (21)    Governing Law.    THE INTERNAL LAWS OF THE STATE OF IOWA SHALL GOVERN THE INDENTURE AND THE DEBENTURES WITHOUT
REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 

        (22)    Authentication.    The Debentures shall not be valid until authenticated by the manual signature of an
authorized officer of the Trustee or an authenticating agent. 

        The
Company will furnish to any Holder of the Debentures upon written request and without charge a copy of the Indenture. Requests may be made to: 

American
Equity Investment Life Holding Company

5000 Westown Parkway, Suite 440

West Des Moines, Iowa 50266

Attention: Chief Financial Officer 

A-9

 
ASSIGNMENT FORM 

To
assign this Debenture, fill in the form below: 

	(I) or (we) assign and transfer this Debenture to
	

    
	
 	

 
	

(Insert assignee's social security or tax I.D. no.)
	

    
	
 	

 
	

(Print or type assignee's name, address and zip code)
	

    
	
 	

 
	    
	 	 
	    
	 	 

and
irrevocably appoint                          agent to transfer this Debenture on the books of the Company. The agent may
substitute another to act for him. 

	Your Signature:	 	    
	 	 
	(Sign exactly as your name appears on the other side of this Debenture)	 	 

Date:                                       
          

	Signature Guarantee:**	 	    

	[Include the following if the Debenture bears a Restricted Securities Legend—In connection with any transfer of any of the Debentures evidenced by this certificate, the undersigned confirms that such
Debentures are being:

	**
	Signature
must be guaranteed by a commercial bank, trust company or member firm of The New York Stock Exchange, Inc. 

CHECK
ONE BOX BELOW 

        (1)   o    exchanged
for the undersigned's own account without transfer; or 

        (2)   o    transferred
pursuant to and in compliance with Rule 144 under the Securities Act of 1933; or 

        (3)   o    transferred
pursuant to another available exemption from the registration requirements of the Securities Act
of 1933. 

Unless
one of the boxes is checked, the Trustee will refuse to register any of the Debentures evidenced by this certificate in the name of any person other than the registered Holder thereof;
provided, however, that if box (3) is checked, the Trustee may require, prior to registering any such transfer of the Debentures such legal opinions, certifications and other information as the
Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in 

A-10

 

a
transaction not subject to, the registration requirements of the Securities Act of 1933, such as the exemption provided by Rule 144 under such Act. 

	 	 	Signature:	    

	

 	
 	

Signature Guarantee:***	
 	

    

	***
	Signature
must be guaranteed by a commercial bank, trust company or member firm of The New York Stock Exchange, Inc. 

A-11

 
ELECTION TO CONVERT 

To:
American Equity Investment Life Holding Company 

        The
undersigned owner of this Debenture hereby irrevocably exercises the option to convert this Debenture, or the portion below designated, into Common Stock of American Equity
Investment Life Holding Company in accordance with the terms of the Indenture referred to in this Debenture, and directs that the shares issuable and deliverable upon conversion, together with any
check in payment for fractional shares, be issued in the name of and delivered to the undersigned, unless a different name has been indicated in the assignment below. If shares are to be issued in the
name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. 

Date:                          

in
whole      

Portions
of Debenture to be in part converted

                                         
       ($30 or integral multiples thereof): 

$                                        
         

in
part      

	 	 	    
 Signature (for conversion only)
	

 	
 	

Please Print or Typewrite Name and Address, Including Zip Code, and Social Security or Other Identifying Number
	

 	
 	

    

	

 	
 	

    

	

 	
 	

    
 Signature Guarantee:****

	****
	Signature
must be guaranteed by a commercial bank, trust company or member firm of The New York Stock Exchange, Inc. 

A-12

QuickLinks

TABLE OF CONTENTS

ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

ARTICLE TWO DEBENTURE FORMS

ARTICLE THREE THE DEBENTURES

ARTICLE FOUR SATISFACTION AND DISCHARGE

ARTICLE FIVE REMEDIES

ARTICLE SIX THE TRUSTEE

ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

ARTICLE NINE SUPPLEMENTAL INDENTURES

ARTICLE TEN COVENANTS; REPRESENTATIONS AND WARRANTIES

ARTICLE ELEVEN REDEMPTION OF DEBENTURES

ARTICLE TWELVE SUBORDINATION OF DEBENTURES

ARTICLE THIRTEEN CONVERSION OF DEBENTURES

ARTICLE FOURTEEN IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

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