Document:

executiveagreement

                                   EXECUTIVE AGREEMENT        This Executive Agreement dated as of May24, 2019 is by and between PTC Inc., a Massachusetts corporation (the “Company”), and Kristian Talvitie (the “Executive”).        WHEREAS, the Executive is the Executive Vice President, Chief Financial Officer; and        WHEREAS, the Company wishes to make the following arrangements with the Executive concerning certain payments and benefits to be provided to the Executive if the Executive’s employment with the Company is terminated without Cause or if certain other events specified herein occur;        NOW, THEREFORE, the Company and the Executive hereby agree as follows:  1.     Definitions.         For the purposes of this Agreement:         (a)     “Board” means the Company’s board of directors.         (b)     “Code” means the U.S. Internal Revenue Code of 1986, as amended.         (c)     “Cause” means                 (i)    the Executive’s willful and continued failure to substantially perform the Executive’s duties to the Company (other than any such failure resulting from the Employee’s incapacity due to physical or mental illness), provided that the Company has delivered a written demand for performance to the Executive specifically identifying the manner in which the Company believes that the Executive has not substantially performed the Executive’s duties and the Executive does not cure such failure within thirty (30) days after such demand;                 (ii)   willful conduct by the Executive which is demonstrably and materially injurious to the Company;                 (iii)  the Executive’s conviction of, or pleading of guilty or nolo contendere to, a felony;                 (iv)   the Executive’s entry in the Executive’s personal capacity into a consent decree relating to the business of the Company with any government body; or                 (v)    the Executive’s willful violation of any material provision of the Executive’s Non- Disclosure, Non-Competition and Invention Agreement with the Company; provided that, if such violation is able to be cured, the Executive has not, within thirty (30) days after written demand by the Company, cured such violation.         For purposes of this definition, no act or failure to act on the Executive’s part shall be deemed “willful” unless done or omitted to be done by the Executive not in good faith and without reasonable belief that the Executive’s action or omission was in the best interests of the Company.         (d)     “Change in Control” means the occurrence of any of the following events:                 (i)    any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportion as their ownership of stock in the Company) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities (other than as a result of acquisitions of such securities from the Company); 

 

               (ii)   individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of the Company) shall be, for purposes of this Agreement, considered to be a member of the Incumbent Board;                 (iii)  the consummation of a merger, share exchange or consolidation of the Company or any subsidiary of the Company with any other entity (each a “Business Combination”), other than (A) a Business Combination that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of another entity) beneficial ownership, directly or indirectly, of a majority of the combined voting power of the Company or the surviving entity (including any person that, as a result of such transaction, owns all or substantially all of the Company’s assets either directly or through one or more subsidiaries) outstanding immediately after such Business Combination or (B) a merger, share exchange or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as defined above) is or becomes the beneficial owner of fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities; or                 (iv)   the stockholders of the Company approve (A) a plan of complete liquidation of the Company; or (B) an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets but excluding a sale or spin-off of a product line, business unit or line of business of the Company if the remaining business is significant as determined by the Company’s board of directors in its sole discretion.         (e)     “Change in Control Termination” means any of the following terminations of the Executive’s employment:                 (i)    termination of the Executive’s employment by the Company during the period from the date of a Change in Control through the third anniversary thereof, other than for Cause or as a result of the Executive’s Disability;                 (ii)   resignation by the Executive for Good Reason during the period from the date of a Change in Control through the third anniversary thereof; or                 (iii)  termination of the Executive’s employment by the Company within one hundred eighty (180) days prior to a Change in Control, other than for Cause or as a result of the Executive’s Disability, if it is reasonably demonstrated by the Executive that such termination of employment (A) was at the request of a third party that has taken steps reasonably calculated to effect the Change in Control or (B) was otherwise related to or in anticipation of the Change in Control. A Change in Control Termination under this Section 1(e)(iii) shall be deemed to have occurred if and when the Change in Control occurs.         (f)     “Disability” means such physical or mental incapacity as to make the Executive unable to perform the essential functions of the Executive’s employment duties for a period of at least sixty (60) consecutive days with or without reasonable accommodation. If any question shall arise as to whether during any period the Executive is so disabled as to be unable to perform the essential functions of the Executive’s employment duties with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive.         (g)     “Good Reason” means the occurrence, without the Executive’s consent and without Cause, of any of the following events after or in connection with a Change in Control (provided that the Executive shall have given                                                  2 

 

the Company written notice describing such event within ninety (90) days of its initial existence and the matter shall not have been fully remedied by the Company within thirty (30) days after receipt of such notice):                 (i)    any reduction of the Executive’s annual base salary or target bonus as in effect at the date of the Change in Control; provided that any such reduction (not exceeding fifteen percent (15%) of either (A) such base salary or (B) the sum of such base salary and such target bonus) that is consistent with similar actions taken with respect to the base salaries and/or target bonuses of the other senior executives of the Company shall not constitute Good Reason;                 (ii)   any material reduction in the aggregate benefits for which the Executive is eligible under the Company’s benefit plans, including medical, dental, vision, basic life insurance, retirement, paid time off, long- term disability and short-term disability plans; provided that any such reduction or other action that is consistent with similar actions taken with respect to comparable benefits of the Company employees generally shall not constitute Good Reason;                 (iii)  a material diminution in the substantive responsibilities or the scope of the Executive’s position, taking into consideration, without limitation, the dollar amount of the budget and the number of employees for which the Executive has responsibility (and a reduction of more than ten percent (10%) in such dollar amount or such number from that which was applicable at the date of the Change in Control shall be deemed a “material diminution” unless it is comparable to similar reductions then applicable to the Company’s executive officers generally);                 (iv)   any breach by the Company of its material obligations under this Agreement;                 (v)    any failure by the Company to obtain the assumption of this Agreement by any successor or assign of the Company; or                 (vi)   any requirement that the Executive relocate to a primary work site that would increase the Executive’s one-way commute distance by more than fifty (50) miles from the Executive’s then principal residence.         (h)     “Stock Plan” means any stock option or equity compensation plan of the Company in effect at any time, including without limitation the 2000 Equity Incentive Plan.         (i)     “Equity Award” means any stock option, stock appreciation right, restricted stock unit, restricted stock or other equity award issued under any Stock Plan.”  2.     Termination of Employment without Cause.         If the Company terminates the Executive’s employment without Cause, other than a termination constituting a Change in Control Termination or a termination due to the Executive’s Disability, the Executive shall be entitled to the following:         (a)     a lump sum payment in an amount equal to one times the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six-month period immediately preceding the termination date, payable within forty-five (45) days after the termination date;         (b)     a lump sum payment in an amount equal to one times the target annual cash incentive award for which the Executive is eligible for the fiscal year in which the termination date occurs, payable within forty-five (45) days after the termination date; and         (c)     continued participation in the Company’s medical, dental, vision and basic life insurance benefit plans (the “Benefit Plans”), subject to the terms and conditions of the respective plans and applicable law, for a period of one year following the termination date; provided that, to the extent that any of the Benefit Plans does not permit such continuation of the Executive’s participation following the Executive’s termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for the Executive to purchase                                                  3 

 

equivalent benefits, such amount to be paid quarterly in advance; provided further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of the Executive’s eligibility under such plan.  3.     Change in Control.         (a)     Equity Awards.  Effective upon a Change in Control that occurs during the Executive’s employment, and except as provided in any Equity Award that excludes such Equity Award from the effects of this Section 3, the following shall occur:                 (i)    any performance criteria applicable to any Equity Award held by the Executive shall be deemed to have been met in full at the target level (which deemed performance will not affect any time-based vesting schedule for such Equity Award); and                (ii)   each outstanding Equity Award held by the Executive shall be deemed amended automatically to provide that, notwithstanding any provision of any Stock Plan, no outstanding Equity Award held by the Executive may be terminated or forfeited without the Executive’s written consent (provided that this shall not prevent termination of (A) any unvested portion thereof that is terminated or forfeited upon termination of the Executive’s employment as provided in any agreement or certificate executed in connection with any such Equity Award, (B) a stock option the termination of which is covered by Section 8(i) of the Company’s 2000 Equity Incentive Plan, or (C) an Equity Award upon payment of a cash payment with a Fair Market Value (as defined in the applicable Stock Plan) equal to the amount that would have been received upon the exercise or payment of the Equity Award had the Equity Award been exercised or paid upon the Change in Control).        The foregoing notwithstanding, this Section 3(a) shall not apply to any Equity Award granted to the Executive as an incentive bonus under any of the Company’s short-term incentive programs which are subject to performance criteria with a performance period of one year or less and time-based vesting with an original vesting term of less than fifteen (15) months (collectively, “Bonus Equity”), which shall be treated as provided in Section 3(b)(ii).         (b)     Bonus. Effective upon (x) a Change in Control that occurs during the Executive’s employment or (y) a Change in Control Termination under Section 1(e)(iii):                 (i)    the Executive shall be entitled to payment of a pro-rata portion of any annual cash incentive award for which the Executive is eligible for the fiscal year in which the Change in Control occurs, based on the Executive’s target cash bonus for such year and the percentage of the year completed through the date of the Change in Control, for the purposes of which any performance criteria applicable to such award shall be deemed to have been met in full, which payment shall be made in one lump sum within forty-five (45) days of the date of the Change in Control; and                 (ii)   the vesting schedule applicable to any Bonus Equity held by the Executive shall be amended automatically so that a pro-rata portion of any such Bonus Equity equal to the percentage of the respective fiscal year completed through the date of the Change in Control shall thereupon be vested and subject to no further restrictions, exercisable or distributable, as the case may be, and the portion not so vested shall thereupon automatically be cancelled and forfeited to the Company.         (c)     Change in Control Termination Benefits.                 (i)    Equity Awards. Effective upon a Change in Control Termination, the following shall occur:                        (A)    all outstanding stock options, stock appreciation rights, restricted stock units and other equity awards issued under any Stock Plan and held by the Executive (other than any Bonus Equity) shall immediately become vested and exercisable or distributable in full; and                                                  4 

 

                      (B)    all restrictions applicable to restricted stock issued under any Stock Plan and held by the Executive (other than any Bonus Equity) shall immediately lapse.                 (ii)   Make-Up  Payment.   Effective upon a  Change  in Control Termination under Section 1(e)(iii), the Company shall pay the Executive in a lump sum the amount equal to the sum of:                        (x)    the excess, if any, of (A) the product of (1) the number of additional shares of the Company’s Common Stock that either were subject to options, stock appreciation rights or other awards that would have become vested and exercisable and/or were restricted stock or restricted stock units as to which the restrictions would have lapsed, in each case solely as a result of Section 3(c)(i), and for which the Executive would have been entitled to receive consideration in the Change in Control (on the same basis as other holders of Common Stock), had the Executive remained employed on the date of the Change in Control and was deemed to have exercised all the stock options that would then have become exercisable under Section 3(c)(i)(A) times (2) the amount per share of the Company’s Common Stock (if any) received by the Company’s stockholders generally pursuant to the Change in Control (the “Shareholder Price”) over (B) the aggregate exercise price of all such additional stock options that the Executive would then have become able to exercise upon the Change in Control as a result of Section 3(c)(i)(A) (whereupon all such stock options, stock appreciation rights, and other awards shall terminate and shall no longer be exercisable); and                        (y)    the excess, if any, of (A) the product of (1) the number of shares of the Company’s Common Stock that the Executive (a) held on the date of termination of the Executive’s employment or acquired upon exercise of stock options held on such date and (b) sold before the consummation of the Change in Control (the “Pre-Sold Shares”) times (2) the Shareholder Price over (B) the aggregate amount received by the Executive in the sale(s) of the Pre-Sold Shares.  The Company shall pay this lump sum payment within forty-five (45) days following the Executive’s termination date.                 (iii)  Salary, Bonus and Benefits. Effective upon a Change in Control Termination, the Executive shall be entitled to the following:                        (A)    a lump sum payment in an amount equal to one times the Executive’s base salary plus the Executive’s target bonus, such salary to be the highest annual salary (excluding any bonuses) in effect with respect to the Executive during the six-month period immediately preceding the Executive’s termination and such target bonus to be the highest target bonus in effect with respect to the Executive for (1) the fiscal year in which the Change in Control occurs, (2) the fiscal year following the year in which the Change in Control occurs, or (3) the fiscal year in which the Change in Control Termination occurs, whichever is highest, payable within forty- five (45) days after the termination date; and                        (B)    continued participation in the Benefit Plans, subject to the terms and conditions of the respective plans and applicable law, for a period of one year following the termination date; provided that, to the extent that any of the Benefit Plans does not permit such continuation of the Executive’s participation following the Executive’s termination or any such plan is terminated, the Company shall pay the Executive an amount which is sufficient for the Executive to purchase equivalent benefits, such amount to be paid quarterly in advance; provided, further, however, that to the extent the Executive becomes eligible to receive medical, dental, vision and/or basic life insurance benefits under a plan provided by another employer, the Executive’s entitlement to participate in the corresponding Benefit Plans or to receive such corresponding alternate payments shall cease as of the date the Executive is eligible to participate in such other plan, and the Executive shall promptly notify the Company of the Executive’s eligibility under such plan.                 (iv)   No Duplication. Payments and benefits under this Section 3(c) shall be in lieu and without duplication of any amounts or benefits under Section 2, and the Executive shall be entitled to any such payments and benefits for no more than one year even if both such sections apply. If, in the event of a Change in Control Termination under Section 1(c)(iii), the Executive becomes entitled to payments under this Section 3(c) after the Executive has begun to receive payments under Section 2, the Executive shall be entitled to a make-up                                                  5 

 

payment to ensure that the Executive receives the higher amount payable hereunder, with such make-up payment being made within forty-five (45) days following the Change in Control Termination.         (d)     Deemed Amendment of Equity Awards. The Company and the Executive hereby agree that the agreements evidencing any equity awards to the Executive are hereby and will be deemed amended to give effect to the provisions of Sections 3 and 4 of this Agreement.  4.     Death or Disability.         Effective upon a termination of the Executive’s employment due to Executive’s death or by the Company due to the Executive’s Disability, except as provided in any Equity Award that excludes such Equity Award from the effects of this section, all performance criteria applicable to any Equity Awards held by the Executive shall be deemed to have been met in full at the target level and all Equity Awards held by the Executive shall immediately become vested, unrestricted and exercisable or distributable in full at the target level; provided that this Section 4 shall not apply to any Bonus Equity.  5.     Certain Payments to Specified Employees.         Notwithstanding anything to the contrary in this Agreement, if the Executive is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i) at the time of the Executive’s separation from service with the Company (in connection with a Change in Control Termination or otherwise), no payment or benefit payable or provided to the Executive pursuant to this Agreement that constitutes an item of deferred compensation under Code Section 409A and becomes payable by reason of the Executive’s termination of employment with the Company will be paid or provided to the Executive prior to the earlier of (i) the expiration of the six (6) month period following the date of the Executive’s “separation from service” (as such term is defined by Code Section 409A and the regulations promulgated thereunder), or (ii) the date of the Executive’s death, but only to the extent such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). The payments and benefits to which the Executive would otherwise be entitled during the first six (6) months following the Executive’s separation from service shall be accumulated and paid or provided, as applicable, in a lump sum, on the date that is six (6) months and one day following the Executive’s separation from service (or if such date does not fall on a business day of the Company, the next following business day) and any remaining payments or benefits will be paid in accordance with the normal payment dates specified for them herein.  6.     Taxes.         (a)     Withholding. All payments to be made to the Executive under this Agreement will be subject to any required withholding of federal, state and local income and employment taxes. In addition, the Company may withhold from any payments hereunder any amounts attributable to withholding taxes applicable to the vesting of or lapse of restrictions on restricted stock or restricted stock units held by the Executive or the exercise of any nonqualified stock options held by the Executive, including, in its discretion withholding from any shares deliverable to the Executive such number of shares as the Company determines is necessary to satisfy such tax obligations, valued at their fair market value (determined pursuant to the respective Company equity compensation plan) as of the date of such vesting or lapse of restrictions.         (b)     Limitations on Payments.                 (i)    If it is determined that any payment, benefit or distribution provided for in this Agreement or otherwise (for the purposes of this Section 6(b), each, a “Payment” and collectively, the “Payments”) from the Company to or for the benefit of the Executive (x) constitutes a “parachute payment” within the meaning of Section 280G of the Code and (y) but for this subsection (b), would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), such Payments shall be either:                        (A) delivered in full, or                        (B) delivered to such lesser extent that would result in no portion of the Payments being subject to the Excise Tax,                                                 6 

 

whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by the Executive on an after tax basis, of the greatest amount of Payments, notwithstanding that all or some portion of the Payments may be taxable under Section 4999 of the Code. Unless the Company and Executive otherwise agree in writing, any determination required under this Section 6(b)(i) shall be made in writing in good faith by an independent accounting firm selected by the Company, whose determinations shall be binding upon the Company and the Executive (the “Accountants”), in good faith consultation with the Executive.                 (ii)   In the event a reduction in the Payments is required hereunder, the Company shall promptly give the Executive notice to that effect and the Executive may then determine, in the Executive’s sole discretion, which and how much of the Payments shall be eliminated or reduced (as long as, after such election, none of the Payments are subject to the Excise Tax), and shall advise the Company in writing of the Executive’s election within ten (10) days of the Executive’s receipt of the Company’s notice. If no such election is made by the Executive within such period, the Company may determine which and how much of the Payments shall be eliminated or reduced (as long as, after such determination, none of the Payments are subject to the Excise Tax) and shall notify the Executive promptly of such determination.                 (iii)  For purposes of making the determinations and calculations required by this Section 6(b), the Accountants:                        (A) shall take into account the value of any reasonable compensation for services to be rendered by the Executive before or after the Change in Control within the meaning of Section 280G(b)(2) of the Code and the regulations thereunder, including without limitation, the Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar covenant, whether set forth in this Agreement or otherwise (a “Noncompete Covenant”), and the Company shall cooperate in good faith in connection with any such valuations and reasonable compensation positions. Without limiting the generality of the foregoing, for purposes of this provision, the Company agrees to allocate as consideration for any Noncompete Covenant the maximum amount of compensation and benefits payable under this Agreement reasonably allocable thereto so as to avoid, to the extent possible, subjecting any Payments to tax under Section 4999 of the Code; and                        (B) may make reasonable assumptions and approximations concerning the application of taxes and may rely on reasonable good faith interpretations concerning the application of Sections 280G and 4999 of the Code.                 The Company and the Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 6(b). The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 6(b).         (iv)    If the Payments are reduced to avoid the Excise Tax pursuant to Section 6(b)(i) hereof and notwithstanding such reduction, the IRS determines that the Executive is liable for the Excise Tax as a result of the receipt of Payments from the Company, then the Executive shall be obligated to pay to the Company (the “Repayment Obligation”) an amount of money equal to the “Repayment Amount.” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to the Company so that the Executive’s net proceeds with respect to the Payments (after taking into account the payment of the Excise Tax imposed on such benefits) shall be maximized. Notwithstanding the foregoing, the Repayment Amount shall be zero if a Repayment Amount of more than zero would not eliminate the Excise Tax in accordance with the principles of Section 6(b)(i). If the Excise Tax is not eliminated through the performance of the Repayment Obligation, the Executive shall pay the Excise Tax. The Repayment Obligation shall be discharged within 30 days of either (A) the Executive’s entering into a binding agreement with the IRS as to the amount of Excise Tax liability, or (B) a final determination by the IRS or a court decision requiring the Executive to pay the Excise Tax from which no appeal is available or is timely taken.                                                  7 

 

7.     Term.         Unless the Executive’s employment is earlier terminated, this Agreement shall continue in effect until 11:59 p.m. on September 30, 2020 and shall automatically renew thereafter on an annual basis for additional twelve- month terms unless either party provides written notice to the other party of non-renewal at least ninety (90) days prior to the expiration of the then current term. If a Change in Control occurs while this Agreement is in effect, the term of this Agreement shall automatically be extended to the third anniversary of the Change in Control. Upon the termination of this Agreement, the respective rights and obligations of the parties shall survive to the extent necessary to carry out the intentions of the parties as embodied herein.  8.     Successors and Assigns.         (a)     This Agreement is personal to the Executive and is not assignable by the Executive, other than by will or the laws of descent and distribution, without the prior written consent of the Company.         (b)     This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.         (c)     The Company will require any successor or acquirer (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as defined above and any successor to or acquirer of its business and/or assets that assumes and agrees to perform this Agreement.  9.     No Duty to Mitigate.         In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and, except as contemplated by Sections 2(b) and 3(c)(iii)(B)hereof, any benefits payable to the Executive hereunder shall not be subject to reduction for any compensation received from other employment.  10.    Conditions to Payment of Severance.         Notwithstanding any other provision of this Agreement, the Executive’s entitlement to receive any of the payments and other benefits contemplated by Sections2, 3 or 4 (with respect to Disability) hereof shall be contingent upon:         (a)     execution by the Executive within forty-five (45) days of the termination of a general release in substantially the form of Appendix A hereto (such applicable form depending on my age at the time of termination, the “Release”), which has not subsequently been revoked, and the Executive hereby acknowledges and agrees that the Company’s entering into this Agreement and agreement to make such payments are and shall be good and sufficient consideration for such Release; and         (b)     the Executive’s continued compliance with the material terms of this Agreement, as applicable, and those of the Executive’s Non-Disclosure, Non-Competition and Invention Agreement with the Company.  11.    Miscellaneous.         (a)     Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, except any such laws that would render such choice of law ineffective.         (b)     Compliance with Section 409A. This Agreement is intended, to the extent applicable, to constitute good faith compliance with the requirements of Section 409A of the Code. The Company and the Executive agree that they shall cooperate in good faith to amend any provision hereof to the extent required to                                                  8 

 

maintain compliance with the provisions of Section 409A of the Code as they may be modified hereafter (including by subsequent regulations or other guidance of the Internal Revenue Service).         (c)     Amendment. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.         (d)     Partial Invalidity. If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions will nevertheless continue in full force without being impaired or invalidated in any way.         (e)     Entire Agreement; Effect of Current Agreement. This Agreement constitutes the entire understanding and agreement between the parties hereto with regard to the compensation and benefits payable to the Executive in the respective circumstances described herein, superseding all prior understandings and agreements, whether oral or written.         (f)     Expenses. The Company agrees to pay as incurred and within twenty (20) days after submission of supporting documentation, to the full extent permitted by law, all legal fees and expenses the Executive may reasonably incur as a result of any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement) with respect to which the Executive is successful on the merits, plus, in each case, interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code. The Company’s payment of any eligible expenses must be made no later than December 31 of the year after the year in which the expense was incurred.         (g)     Notices. All notices and other communications hereunder shall be in writing and shall be delivered by hand delivery, by a reputable overnight courier service, or by registered or certified mail, return receipt requested, postage prepaid. Notice to the Executive shall be addressed to the Executive at the Executive’s last address contained in the records of the Company, and notice to the Company shall be addressed to:                 PTC Inc.                121 Seaport Boulevard                Boston, MA 02210                Attention: General Counsel  Notice shall be addressed to such other address as either party shall have furnished to the other in writing in accordance herewith. Any notice or communication shall be deemed to be delivered upon the date of hand delivery, one day following delivery to an overnight courier service, or three days following mailing by registered or certified mail.   EXECUTED as of the date first written above.  PTC INC.                                                   KRISTIAN TALVITIE   By:    /s/KathyCullen-Cote                                        /s/Kristian Talvitie     Kathy Cullen-Cote     EVP and Chief Human Resources Officer                                                  9Exhibit 4.1

 

 

 

  

DEPOSIT AGREEMENT

 

among

 

THE ALLSTATE CORPORATION, EQUINITI TRUST
COMPANY,

 

as Depositary,

 

and

 

The Holders From Time to Time of

the Depositary Receipts Described Herein

 

Dated as of August 8, 2019

 

 

 

 

    	 

     

    

  

TABLE OF CONTENTS

 

	ARTICLE I.

DEFINED TERMS
	 
	Section 1.1.	Definitions	1
	 	 	 
	ARTICLE II.

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
	 
	Section 2.1.	Form and Transfer of Receipts	3
	Section 2.2.	Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	4
	Section 2.3.	Registration of Transfer of Receipts	5
	Section 2.4.	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Preferred Stock	5
	Section 2.5.	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	6
	Section 2.6.	Lost Receipts, etc.	6
	Section 2.7.	Cancellation and Destruction of Surrendered Receipts	7
	Section 2.8.	Redemption of Preferred Stock	7
	Section 2.9.	Bank Accounts	8
	Section 2.10.	Receipts Issuable in Global Registered Form	8
	 	 	 
	ARTICLE III.

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION
	 
	Section 3.1.	Filing Proofs, Certificates and Other Information	9
	Section 3.2.	Payment of Taxes or Other Governmental Charges	10
	Section 3.3.	Warranty as to Preferred Stock	10
	Section 3.4.	Warranty as to Receipts	10
	 	 	 
	ARTICLE IV.

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

 

    	 	i	 

     

    

 

 

	ARTICLE V.

THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION
	 
	Section 5.1.	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	14
	Section 5.2.	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation	15
	Section 5.3.	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation	15
	Section 5.4.	Resignation and Removal of the Depositary; Appointment of Successor Depositary	17
	Section 5.5.	Corporate Notices and Reports	17
	Section 5.6.	Indemnification by the Corporation	18
	Section 5.7.	Fees, Charges and Expenses	18
	 	 	 
	ARTICLE VI.

AMENDMENT AND TERMINATION
	 
	Section 6.1.	Amendment	19
	Section 6.2.	Termination	19
	 	 	 
	ARTICLE VII.

MISCELLANEOUS
	 
	Section 7.1.	Counterparts	19
	Section 7.2.	Exclusive Benefit of Parties	20
	Section 7.3.	Invalidity of Provisions	20
	Section 7.4.	Notices	20
	Section 7.5.	Depositary’s Agents	21
	Section 7.6.	Appointment of Registrar, Dividend Disbursement Agent and Redemption Agent in Respect of Receipts and Preferred Stock	21
	Section 7.7.	Holders of Receipts Are Parties	21
	Section 7.8.	Governing Law	21
	Section 7.9.	Inspection of Agreement	21
	Section 7.10.	Headings	22
	Section 7.11.	Force Majeure	22
	Section 7.12.	Further Assurances	22
	Section 7.13.	Confidentiality	22
	 	 	 
	EXHIBIT A	[FORM OF FACE OF RECEIPT]	A-1
	EXHIBIT B	[FORM OF OFFICER’S CERTIFICATE]	B-1

  

    	 	ii	 

     

    

 

THIS DEPOSIT AGREEMENT,
dated August 8, 2019 (this “Agreement”), among The Allstate Corporation, a Delaware corporation (the “Corporation”),
Equiniti Trust Company, as depositary (the “Depositary”), and the Holders from time to time of the Receipts
(as defined below).

 

WHEREAS, it is desired
to provide, as hereinafter set forth in this Agreement, for the deposit of shares of Fixed Rate Noncumulative Perpetual Preferred
Stock, Series H, $1.00 par value per share, $25,000 liquidation preference per share (the “Preferred Stock”),
of the Corporation from time to time with the Depositary for the purposes set forth in this Agreement and for the issuance hereunder
of Receipts evidencing Depositary Shares (as defined below) in respect of the Preferred Stock so deposited; and

 

WHEREAS, the Receipts
are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions,
as hereinafter provided in this Agreement;

 

NOW, THEREFORE, in consideration
of the premises, the parties hereto agree as follows:

 

ARTICLE
I

DEFINED TERMS

 

Section 1.1.         
Definitions.

 

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

 

“Agreement”
shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms hereof.

 

“Certificate
of Designations” shall mean the relevant Certificate of Designations filed with the Secretary of State of the State of
Delaware establishing the Preferred Stock as a series of preferred stock of the Corporation.

 

“Corporation”
shall mean The Allstate Corporation, a Delaware corporation. “Depositary” shall mean Equiniti Trust Company
and any successor as Depositary hereunder.

 

“Depositary
Shares” shall mean the depositary shares, each representing a 1/1,000th interest in one share of the Preferred Stock,
evidenced by a Receipt.

 

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

 

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

 

    	 	1	 

     

    

 

“DTC”
shall mean The Depository Trust Company. “Effective Date” shall mean the date first stated above.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

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

 

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

 

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

 

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

 

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

 

“Letter of Representations”
shall mean any applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such
Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended,
supplemented, restated or otherwise modified from time to time and any successor agreement thereto.

 

“Officer’s
Certificate” shall mean a certificate in substantially the form set forth as Exhibit B hereto, which is signed
by an officer of the Corporation and which shall include the terms and conditions of the Preferred Stock to be issued by the Corporation
and deposited with the Depositary from time to time in accordance with the terms hereof.

 

“Preferred Stock”
shall have the meaning ascribed thereto in the recitals. “Receipt” shall mean one of the depositary receipts
issued hereunder, substantially in the form set forth as Exhibit A hereto, whether in definitive or temporary form, and
evidencing the number of Depositary Shares with respect to the Preferred Stock held of record by the Record Holder of such Depositary
Shares.

 

    	 	2	 

     

    

  

“Record Holder”
or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is registered on the books
of the Depositary maintained for such purpose.

 

“Redemption
Date” shall have the meaning set forth in Section 2.8.

 

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

 

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

 

ARTICLE
II

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 

Section 2.1.         
Form and Transfer of Receipts.

 

The definitive Receipts
shall be substantially in the form set forth in Exhibit A annexed to this Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon the written order
of the Corporation, delivered in compliance with Section 2.2, shall execute and deliver temporary Receipts which may be
printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of
which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing
such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation
and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive
Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office
described in the penultimate paragraph of Section 2.2, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing
the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made
at the Corporation’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects
be entitled to the same benefits under this Agreement as definitive Receipts.

 

Receipts shall be executed
by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be entitled
to any benefits under this Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by
facsimile signature by a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary)
shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by
manual or facsimile signature by a duly authorized officer of such Registrar. The Depositary shall record on its books each Receipt
so signed and delivered as hereinafter provided.

 

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

 

    	 	3	 

     

    

  

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

 

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

 

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

 

Subject to the terms
and conditions of this Agreement, the Corporation may from time to time deposit shares of Preferred Stock under this Agreement
by delivery to the Depositary of a certificate or certificates for such shares of Preferred Stock to be deposited, properly endorsed
or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to
the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of
this Agreement and an executed Officer’s Certificate attaching the Certificate of Designations and all other information
required to be set forth therein, and together with a written order of the Corporation directing the Depositary to execute and
deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate
the number of Depositary Shares representing such deposited Preferred Stock. Each Officer’s Certificate delivered to the
Depositary in accordance with the terms of this Agreement shall be deemed to be incorporated into this Agreement and shall be binding
on the Corporation, the Depositary and the Holders of Receipts to which such Officer’s Certificate relates.

 

The Preferred Stock that
is deposited shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary
shall determine. The Depositary shall not lend any Preferred Stock deposited hereunder.

 

Upon receipt by the Depositary
of a certificate or certificates for Preferred Stock deposited in accordance with the provisions of this Section, together
with the other documents required as above specified, and upon recordation of the Preferred Stock on the books of the Corporation
(or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions
of this Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered
to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate
the number of Depositary Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested
by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or
such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the
person requesting such delivery.

 

    	 	4	 

     

    

 

Section 2.3.         
Registration of Transfer of Receipts.

 

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

 

The Depositary shall
not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business 15 days prior
to any selection of Depositary Shares and Preferred Stock to be redeemed and ending at the close of business on the day of the
mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt called or being called for redemption
in whole or in part except as provided in Section 2.8.

 

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

 

Upon surrender of a Receipt
or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of effecting a split-up
or combination of such Receipt or Receipts, and subject to the terms and conditions of this Agreement, the Depositary shall execute
a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary
Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of
the Holder of the Receipt or Receipts so surrendered.

 

Any Holder of a Receipt
or Receipts may withdraw the number of whole shares of Preferred Stock and all money and other property, if any, represented thereby
by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate
for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or
persons designated by such Holder as hereinafter provided, the number of whole shares of Preferred Stock and all money and other
property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of Preferred
Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares
therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number of
Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Preferred Stock, the
Depositary shall at the same time, in addition to such number of whole shares of Preferred Stock and such money and other property,
if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his order, a new Receipt evidencing such
excess number of Depositary Shares.

 

    	 	5	 

     

    

  

In no event will fractional
shares of Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery of the Preferred Stock
and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and
other instruments as the Depositary may deem appropriate.

 

If the Preferred Stock
and the money and other property, if any, being withdrawn are to be delivered to a person or persons other than the Record Holder
of the related Receipt or Receipts being surrendered for withdrawal of such Preferred Stock, such Holder shall execute and deliver
to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered
by such Holder for withdrawal of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed
instrument of transfer in blank.

 

Delivery of the Preferred
Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by the Depositary
at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts
and for the account of the Holder thereof, such delivery may be made at such other place as may be designated by such Holder.

 

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

 

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

 

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

 

Section 2.6.         
Lost Receipts, etc.

 

In case any Receipt shall
be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor
in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt,
upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or
loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof and (ii) the Holder thereof furnishing
the Depositary with an affidavit and an indemnity or bond satisfactory to the Depositary. Applicants for such substitute Receipts
shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe
and as required by Section 8-405 of the Uniform Commercial Code.

 

    	 	6	 

     

    

  

Section 2.7.         
Cancellation and Destruction of Surrendered Receipts.

 

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

 

Section 2.8.         
Redemption of Preferred Stock.

 

Whenever the Corporation
shall be permitted and shall elect to redeem shares of Preferred Stock in accordance with the terms of the Certificate of Designations,
it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than
35 days and not more than 65 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption
of Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price,
which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Preferred Stock is in accordance
with the provisions of the Certificate of Designations. On the date of such redemption, provided that the Corporation shall
then have paid or caused to be paid in full to the Depositary the redemption price of the Preferred Stock to be redeemed, plus
an amount equal to any declared and unpaid dividends (without accumulation of any undeclared dividends) thereon to the date fixed
for redemption, in accordance with the provisions of the Certificate of Designations, the Depositary shall redeem the number of
Depositary Shares representing such Preferred Stock. The Depositary shall mail notice of the Corporation’s redemption of
Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Preferred Stock to
be redeemed by first-class mail, postage prepaid, not less than 30 days and not more than 60 days prior to the date fixed for redemption
of such Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts
evidencing the Depositary Shares to be so redeemed at their respective last addresses as they appear on the records of the Depositary;
but neither failure to mail any such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any
notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption
as to the other Holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the
number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Holder are to be redeemed,
the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price or the manner of its calculation;
(iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price;
and (v) that dividends in respect of the Preferred Stock represented by such Depositary Shares to be redeemed will cease to accrue
on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be
so redeemed shall be selected either pro rata or by lot.

 

    	 	7	 

     

    

 

 

 

Notice having been mailed
by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds
necessary to redeem the Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares
of Preferred Stock so called for Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed
from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary
Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate,
and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called
for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary
Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to 1/1,000th of the redemption price
per share of Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares, including
all amounts paid by the Corporation in respect of dividends in accordance with the provisions of the Certificate of Designations.

 

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

 

Section 2.9.         
Bank Accounts.

 

The Corporation acknowledges
that the bank accounts maintained by the Depositary in connection with the services provided under this Agreement will be in the
Depositary’s name and that the Depositary may receive investment earnings in connection with the investment at the Depositary’s
risk and for its benefit of funds held in those accounts from time to time. Neither the Corporation nor the Holders will receive
interest on any deposits.

 

Section 2.10.       
Receipts Issuable in Global Registered Form.

 

If the Corporation shall
determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form of one or
more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Agreement, execute
and deliver one or more Global Registered Receipts evidencing such Receipts, which (i) shall represent, and shall be denominated
in the aggregate number of Receipts to be represented by such Global Registered Receipt or Receipts, and (ii) shall be registered
in the name of the Global Receipt Depository therefor or its nominee.

 

Notwithstanding any
other provision of this Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered
Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt
to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository
or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor
Global Receipt Depository for such Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor
Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall
not be entitled to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial
owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Agreement with respect
to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be
treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary as
the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to
the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make
book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered
Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any
notice, payment or other communication to the holders of Global Registered Receipts is required under this Agreement, the Corporation
and the Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the
applicable Global Receipt Depository.

 

    	 	8	 

     

    

 

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

 

Definitive registered
Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names and
in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions
from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose
names such Receipts are so registered.

 

Notwithstanding anything
to the contrary in this Agreement, should the Corporation determine that the Receipts should be issued as a Global Registered Receipt,
the parties hereto shall comply with the terms of any Letter of Representations.

 

ARTICLE
III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

 

Section 3.1.         
Filing Proofs, Certificates and Other Information.

 

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

 

    	 	9	 

     

    

 

Section 3.2.         
Payment of Taxes or Other Governmental Charges.

 

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

 

Section 3.3.         
Warranty as to Preferred Stock.

 

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

 

Section 3.4.         
Warranty as to Receipts.

 

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

 

ARTICLE
IV

THE DEPOSITED SECURITIES; NOTICES

 

Section 4.1.         
Cash Distributions.

 

Whenever the Depositary
shall receive any cash dividend or other cash distribution on the Preferred Stock, the Depositary shall, subject to Sections
3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such
amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary
Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or the Depositary
shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Preferred
Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares
shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such
amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not
so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated
as part of the next sum received by the Depositary or distribution to Record Holders of Receipts then outstanding. Each Holder
of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-
9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non- compliance with the preceding sentence,
the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions
to be made hereunder.

 

    	 	10	 

     

    

 

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

 

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

 

Section 4.3.         
Subscription Rights, Preferences or Privileges.

 

If the Corporation shall
at any time offer or cause to be offered to the persons in whose names the Preferred Stock is recorded on the books of the Corporation
any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of
any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the
Record Holders of Receipts in such manner as the Depositary may determine, either by the issue to such Record Holders of warrants
representing such rights, preferences or privileges or by such other method as may be approved by the Depositary in its discretion
with the approval of the Corporation; provided, however, that (i) if at the time of issue or offer of any such rights,
preferences or privileges the Depositary determines that it is not lawful or (after consultation with the Corporation) not feasible
to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii)
if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges,
then the Depositary, in its discretion (with approval of the Corporation, in any case where the Depositary has determined that
it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights,
preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such
place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1
and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1
in the case of a distribution received in cash.

 

    	 	11	 

     

    

 

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

 

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

 

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

 

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

 

    	 	12	 

     

    

 

Section 4.5.         
Voting Rights.

 

Subject to the provisions
of the Certificate of Designations, upon receipt of notice of any meeting at which the holders of the Preferred Stock are entitled
to vote, the Depositary shall, as soon as practicable thereafter, mail to the Record Holders of Receipts a notice prepared by the
Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders
may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the
amount of Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions
may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as
to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record
date, the Depositary shall vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum
number of whole shares of Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular
voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by
the Depositary in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the
absence of specific instructions from the Holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear
at any meeting with respect to such Preferred Stock unless directed to the contrary by the Holders of all the Receipts) to the
extent of the Preferred Stock represented by the Depositary Shares evidenced by such Receipt.

 

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

 

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

  

    	 	13	 

     

    

 

Section 4.7.         
Delivery of Reports.

 

The Depositary shall
furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the Depositary
and which the Corporation is required to furnish to the holders of the Preferred Stock.

 

Section 4.8.         
Lists of Receipt Holders.

 

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

 

ARTICLE
V

THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION

 

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

 

Upon execution of this
Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and delivery, registration
and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any,
facilities for the delivery, registration and registration of transfer, surrender and exchange of Receipts, all in accordance with
the provisions of this Agreement.

 

The Depositary shall
keep books at the Depositary’s Office for the registration and registration of transfer of Receipts, which books at all reasonable
times shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such
right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s
interest as an owner of Depositary Shares evidenced by the Receipts.

 

The Depositary may close
such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder.

 

The Depositary may, with
the approval of the Corporation, appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby.
If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be
listed on one or more national securities exchanges, the Depositary will appoint a Registrar (acceptable to the Corporation) for
registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may
be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed
by the Depositary upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Preferred Stock
are listed on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such facilities
for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Preferred
Stock as may be required by law or applicable securities exchange regulation.

 

    	 	14	 

     

    

 

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

 

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

 

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

 

Neither the Depositary
nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject to any liability
under this Agreement to Holders of Receipts other than for its gross negligence, willful misconduct or bad faith. Notwithstanding
anything in this Agreement to the contrary, excluding the Depositary’s gross negligence, willful misconduct or bad faith,
the Depositary’s aggregate liability under this Agreement with respect to, arising from or arising in connection with this
Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract, tort, or otherwise,
is limited to, and shall not exceed, the amounts paid hereunder by the Corporation to the Depositary as fees and charges, but not
including reimbursable expenses.

 

Notwithstanding anything
in this Agreement to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor the Corporation
shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever
(including but not limited to lost profits).

 

Neither the
Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of the Preferred Stock, the Depositary Shares or the
Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense
and liability be furnished as often as may be required. Neither the Depositary nor any Depositary’s Agent nor any
Registrar nor the Corporation shall be liable for any action or any failure to act by it in reliance upon the written advice
of legal counsel or accountants, or information from any person presenting Preferred Stock for deposit, any Holder of a
Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any
Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or
omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been
signed or presented by the proper party or parties.

 

    	 	15	 

     

    

  

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

 

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

 

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

 

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

 

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

 

    	 	16	 

     

    

 

Section 5.4.         

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

 

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

 

The Depositary may at
any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon
the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided.

 

In case at any time the
Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice
of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its
principal office in the United States of America and having a combined capital and surplus, along with its affiliates, of at least
$50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery
of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor
Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing
accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under
this Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly
execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver all right, title and interest in the Preferred Stock and any moneys or property held hereunder to
such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records,
books and other information in its possession relating thereto. Any successor Depositary shall promptly mail notice of its appointment
to the Holders of Receipts.

 

Any entity into or with
which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or
filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate
the Receipts in the name of the predecessor Depositary or its own name as successor Depositary.

 

Section 5.5.         
Corporate Notices and Reports.

 

The Corporation agrees
that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record Holders
of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including
without limitation financial statements) required by law, by the rules of any national securities exchange upon which the Preferred
Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Certificate of Incorporation (including
the Certificate of Designations), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s
expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably
request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other
documents as may be requested by the Corporation.

 

    	 	17	 

     

    

 

Section 5.6.         
Indemnification by the Corporation.

 

Notwithstanding Section
5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar (including
each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost,
penalty, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed,
suffered or omitted to be taken in connection with this Agreement and the Receipts by the Depositary, any Registrar or any of their
respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any
liability arising out of gross negligence, willful misconduct or bad faith on the respective parts of any such person or persons.
The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of any Depositary, Registrar
or Depositary’s Agent.

 

Section 5.7.         
Fees, Charges and Expenses.

 

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

 

    	 	18	 

     

    

 

 

ARTICLE
VI

AMENDMENT AND TERMINATION

 

Section 6.1.         
Amendment.

 

The form of the Receipts
and any provisions of this Agreement may at any time and from time to time be amended by agreement between the Corporation and
the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment
which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts
unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority
of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective
shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Agreement as
amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6
and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary
with instructions to deliver to the Holder the Preferred Stock and all money and other property, if any, represented thereby, except
in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or
commission, or applicable securities exchange.

 

Section 6.2.         
Termination.

 

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

 

Upon the termination
of this Agreement, the Corporation shall be discharged from all obligations under this Agreement except for its obligations to
the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7.

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.1.         
Counterparts.

 

This Agreement may be
executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and
the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect, and enforceability
as an original signature.

 

    	 	19	 

     

    

 

Section 7.2.         
Exclusive Benefit of Parties.

 

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

 

Section 7.3.         
Invalidity of Provisions.

 

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

 

Section 7.4.         
Notices.

 

Any and all notices to
be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail,
confirmed by letter, addressed to the Corporation at:

 

The Allstate Corporation

3075 Sanders Road

Northbrook, IL 60062

Attention: Treasurer

 

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

 

Any and all notices to
be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally
delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail, confirmed
by letter, addressed to the Depositary at:

 

Equiniti Trust Company

1110 Centre Pointe Curve, Suite 101

Mendota Heights, MN 55120

Attention: Cindy Gesme

Facsimile No.: (651) 450-4078

 

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

 

Any and all notices to
be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail or facsimile transmission or confirmed by letter, addressed to such Record Holder
at the address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with
the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address designated
in such request.

 

    	 	20	 

     

    

 

Delivery of a notice
sent by mail or by facsimile transmission shall be deemed to be effected at the time when a duly addressed letter containing the
same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter
box. The Depositary or the Corporation may, however, act upon any facsimile transmission received by it from the other or from
any Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid.

 

Section 7.5.         
Depositary’s Agents.

 

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

 

Section 7.6.         
Appointment of Registrar, Dividend Disbursement Agent and Redemption Agent in Respect of Receipts and Preferred Stock.

 

The Corporation hereby
appoints Equiniti Trust Company as Registrar, dividend disbursement agent and redemption agent in respect of the Receipts, and
Equiniti Trust Company hereby accepts such respective appointments.

 

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

 

Section 7.7.         
Holders of Receipts Are Parties.

 

The Holders of Receipts
from time to time shall be parties to this Agreement and shall be bound by all of the terms and conditions hereof and of the Receipts
and of the Officer’s Certificate by acceptance of delivery thereof.

 

Section 7.8.         
Governing Law.

 

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

 

Section 7.9.         
Inspection of Agreement.

 

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

 

    	 	21	 

     

    

 

Section 7.10.     
Headings.

 

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

 

Section 7.11.     
Force Majeure.

 

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

 

Section 7.12.     
Further Assurances.

 

The Corporation agrees
that it will perform, acknowledge, and deliver or cause to be performed, acknowledged or delivered, all such further and other
acts, documents, instruments and assurances as the Depositary may reasonably require to perform the provisions of this Agreement.

 

Section 7.13.     
Confidentiality.

 

The Depositary and the
Corporation agree that all books, records, information and data pertaining to the business of the other party, including inter
alia, personal, non-public Holder information and the fees for services, which are exchanged or received pursuant to the negotiation
or the carrying out of this Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except
as may be required by law or legal process.

 

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

 

    	 	22	 

     

    

 

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

 

	 	THE ALLSTATE CORPORATION
	 	 
	 	By:	/s/ Michael A. Pedraja
	 	 	Name:	 Michael A. Pedraja
	 	 	Title:	 Senior Vice President and Treasurer

 

	 	EQUINITI TRUST COMPANY
	 	 
	 	By:	/s/ Martin J. Knapp
	 	 	Name:	  Martin J. Knapp
	 	 	Title:	  Vice President

 

[Signature Page to Deposit Agreement (Series
H Preferred)]

 

    

     

    

 

 EXHIBIT A

 

[FORM OF FACE OF RECEIPT]

 

Unless this receipt is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to
The Allstate Corporation or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered
in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co.,
has an interest herein.

 

	DEPOSITARY SHARES	$[●]

 

	DEPOSITARY RECEIPT NO. 001	FOR [●] DEPOSITARY SHARES,

 

EACH REPRESENTING 1/1,000th
OF ONE SHARE OF

FIXED RATE NONCUMULATIVE PERPETUAL PREFERRED STOCK, SERIES H

OF

THE ALLSTATE CORPORATION

 

CUSIP: 020002 838

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

Dividend Payment Dates:
January 15, April 15, July 15 and October 15 of each year.

 

Equiniti Trust Company,
as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of 46,000,000
depositary shares (“Depositary Shares”), each Depositary Share representing 1/1,000th of one share of the Fixed
Rate Noncumulative Perpetual Preferred Stock, Series H, $1.00 par value per share, $25,000 liquidation preference per share (the
“Preferred Stock”), of The Allstate Corporation, a Delaware corporation (the “Corporation”),
on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of August
8, 2019 (the “Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to time of
the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all
the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or
entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile
signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect
of the Depositary Receipts by the manual or facsimile signature of a duly authorized officer thereof.

 

    A-1

     

    

 

Dated:

 

EQUINITI TRUST COMPANY,

Depositary

 

	By:	 	 
	 	Authorized Officer	 

 

    A-2

     

    

 

 

[FORM OF REVERSE OF RECEIPT]

THE ALLSTATE CORPORATION

 

THE ALLSTATE
CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY
OF THE CERTIFICATE OF DESIGNATIONS OF THE FIXED RATE NONCUMULATIVE PERPETUAL PREFERRED STOCK, SERIES H, OF THE ALLSTATE CORPORATION.
ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

 

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

 

EXPLANATION OF ABBREVIATIONS

 

The following abbreviations
when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full according
to applicable laws or regulations. Abbreviations in addition to those appearing below may be used.

 

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

 

	Abbreviation	 	Equivalent Word	 	Abbreviation	 	Equivalent Word	 	Abbreviation	 	Equivalent Word
	ADM	 	Administrator(s), Administratrix	 	EX	 	Executor(s), Executrix	 	PL	 	Public Law
	AGMT	 	Agreement	 	FBO	 	For the benefit of	 	TR	 	(As) trustee(s), for, of
	ART	 	Article	 	FDN	 	Foundation	 	U	 	Under
	CH	 	Chapter	 	GDN	 	Guardian(s)	 	UA	 	Under Agreement
	CUST	 	Custodian for	 	GDNSHP	 	Guardianship	 	UW	 	Under will of, Of will of, Under last will & testament

 

    A-3

     

    

 

	Abbreviation	 	Equivalent Word	 	Abbreviation	 	Equivalent Word	 	Abbreviation	 	Equivalent Word

	DEC	 	Declaration	 	MIN	 	Minor(s)	 	 	 	 
	EST	 	Estate, of Estate of	 	PAR	 	Paragraph	 	 	 	 

 

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

 

INSERT
SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:                                                                  

 

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

 

Depositary Shares represented
by the within Receipt, and do(es) hereby irrevocably constitute and appoint                            as
Attorney to transfer the said Depositary

 

Shares on the books of
the within named Depositary with full power of substitution in the premises.

 

Dated:                                                                                                  

 

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

 

SIGNATURE GUARANTEED

 

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

 

    A-4

     

    

 

 EXHIBIT B 

 

[FORM OF OFFICER’S CERTIFICATE]

 

I, Michael A. Pedraja,
Senior Vice President and Treasurer of The Allstate Corporation (the “Corporation”), hereby certify that pursuant
to the terms of the Certificate of Designations effective August 5, 2019, filed with the Secretary of State of the State of Delaware
on August 5, 2019 (the “Certificate of Designations”), and pursuant to resolutions adopted by Board of Directors
of the Corporation on November 18, 2014 and November 18, 2016 and the consent of the Pricing Committee of the Board of Directors
of the Corporation (the “Pricing Committee”) on August 1, 2019, the Corporation has established the Preferred
Stock which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions
of the Deposit Agreement, dated as of August 8, 2019 (the “Deposit Agreement”), among the Corporation, Equiniti
Trust Company, as Depositary, and the Holders of Receipts issued thereunder from time to time. In connection therewith, the Board
of Directors of the Corporation or a duly authorized committee thereof has authorized the terms and conditions with respect to
the Preferred Stock as described in the Certificate of Designations attached as Annex A hereto. Any terms of the Preferred
Stock that are not so described in the Certificate of Designations and any terms of the Receipts representing such Preferred Stock
that are not described in the Deposit Agreement are described below:

 

Aggregate Number of shares
of Preferred Stock issued on the day hereof:

 

CUSIP Number for Receipt:
020002 838

 

Denomination of Depositary
Share per share of Preferred Stock (if different than 1/1,000th of a share of Preferred Stock):

 

Redemption Provisions
(if different than as set forth in the Deposit Agreement):

 

Name of Global Receipt
Depositary: The Depository Trust Company

 

All capitalized terms
used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement.

 

    B-1

     

    

 

THE ALLSTATE CORPORATION

 

This certificate is dated:

 

	By:	 	 
	 	Name:	 Michael A. Pedraja	 
	 	Title:	Senior Vice President and Treasurer	 

 

[Signature Page to Officer’s Certificate – Deposit Agreement (Series H Preferred)]

 

    

     

    

 

FACE OF RECEIPT

 

Unless this receipt is
presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to The Allstate Corporation or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered
in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co.,
has an interest herein.

 

	DEPOSITARY SHARES	 	 	$1,150,000,000

 

	DEPOSITARY RECEIPT NO. 001	 	 	FOR 46,000,000 DEPOSITARY SHARES,

 

EACH
REPRESENTING 1/1,000th OF ONE SHARE OF

FIXED RATE NONCUMULATIVE PERPETUAL PREFERRED STOCK, SERIES H

OF

THE ALLSTATE CORPORATION 

 

CUSIP:
020002 838

SEE REVERSE FOR CERTAIN DEFINITIONS 

 

Dividend Payment Dates:
January 15, April 15, July 15 and October 15 of each year.

 

Equiniti Trust Company,
as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of 46,000,000
depositary shares (“Depositary Shares”), each Depositary Share representing 1/1,000th of one
share of the Fixed Rate Noncumulative Perpetual Preferred Stock, Series H, $1.00 par value per share, $25,000 liquidation preference
per share (the “Preferred Stock”), of The Allstate Corporation, a Delaware corporation (the “Corporation”),
on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of August
8, 2019 (the “Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to
time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound
by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose
or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile
signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect
of the Depositary Receipts by the manual or facsimile signature of a duly authorized officer thereof.

 

    

     

     

Dated: August 8, 2019

 

EQUINITI TRUST COMPANY

Depositary

 

	By:	 	 
	 	Authorized Officer	 

 

[Signature Page to Depositary Receipt (Series
H Preferred)]

 

 

    

     

     

REVERSE OF RECEIPT

THE ALLSTATE CORPORATION

 

THE ALLSTATE CORPORATION
WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE
CERTIFICATE OF DESIGNATIONS OF THE FIXED RATE NONCUMULATIVE PERPETUAL PREFERRED STOCK, SERIES H, OF THE ALLSTATE CORPORATION. ANY
SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

 

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

 

EXPLANATION OF ABBREVIATIONS

 

The following abbreviations
when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full according
to applicable laws or regulations. Abbreviations in addition to those appearing below may be used.

 

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

 

 

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

 

 

    

     

     

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

 

INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE:                                                                           

 

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

 

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

 

Dated:                                                                          

 

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

 

SIGNATURE GUARANTEED

 

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

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