Document:

Purchase Contract Agreement

Table of Contents

 EXHIBIT 4.2
 UNUMPROVIDENT CORPORATION
 AND
 JPMORGAN CHASE BANK,
 AS PURCHASE CONTRACT AGENT
 PURCHASE CONTRACT AGREEMENT 
 Dated as of May 7, 2003
 

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ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
 	 1
 
	  
 	  
 
	 
SECTION 1.1 Definitions.
 	 1
 
	  
 	  
 
	 
SECTION 1.2 Compliance Certificates and Opinions.
 	 15
 
	  
 	  
 
	 
SECTION 1.3 Form of Documents Delivered to Agent.
 	 16
 
	  
 	  
 
	 
SECTION 1.4 Acts of Holders; Record Dates.
 	 17
 
	  
 	  
 
	 
SECTION 1.5 Notices.
 	 18
 
	  
 	  
 
	 
SECTION 1.6 Notice to Holders; Waiver.
 	 19
 
	  
 	  
 
	 
SECTION 1.7 Effect of Headings and Table of Contents.
 	 20
 
	  
 	  
 
	 
SECTION 1.8 Successors and Assigns.
 	 20
 
	  
 	  
 
	 
SECTION 1.9 Separability Clause.
 	 20
 
	  
 	  
 
	 
SECTION 1.10 Benefits of Agreement.
 	 20
 
	  
 	  
 
	 
SECTION 1.11 Governing Law.
 	 20
 
	  
 	  
 
	 
SECTION 1.12 Legal Holidays.
 	 20
 
	  
 	  
 
	 
SECTION 1.13 Counterparts.
 	 21
 
	  
 	  
 
	 
SECTION 1.14 Inspection of Agreement.
 	 21
 
	  
 	  
 
	 
SECTION 1.15 Appointment of Financial Institution as Agent for the Company.
 	 21
 
	  
 	  
 
	 
SECTION 1.16 No Waiver.
 	 21
 
	  
 	  
 
	 
ARTICLE II CERTIFICATE FORMS
 	 22
 
	  
 	  
 
	 
SECTION 2.1 Forms of Certificates Generally.
 	 22
 
	  
 	  
 
	 
SECTION 2.2 Form of Agent’s Certificate of Authentication.
 	 23
 
	  
 	  
 
	 
ARTICLE III THE UNITS
 	 24
 
	  
 	  
 
	 
SECTION 3.1 Number of Units; Denominations.
 	 24
 
	  
 	  
 
	 
SECTION 3.2 Rights and Obligations Evidenced by the Certificates.
 	 24
 
	  
 	  
 
	 
SECTION 3.3 Execution, Authentication, Delivery and Dating.
 	 25
 
	  
 	  
 
	 
SECTION 3.4 Temporary Certificates.
 	 26
 
	  
 	  
 
	 
SECTION 3.5 Registration; Registration of Transfer and Exchange.
 	 26
 
	  
 	  
 
	 
SECTION 3.6 Book-Entry Interests.
 	 28
 
	  
 	  
 
	 
SECTION 3.7 Notices to Holders.
 	 29
 
	  
 	  
 
	 
SECTION 3.8 Appointment of Successor Clearing Agency.
 	 29
 
	  
 	  
 
	 
SECTION 3.9 Definitive Certificates.
 	 29
 
	  
 	  
 
	 
SECTION 3.10 Mutilated, Destroyed, Lost and Stolen Certificates.
 	 30
 
	  
 	  
 
	 
SECTION 3.11 Persons Deemed Owners.
 	 31
 
	  
 	  
 
	 
SECTION 3.12 Cancellation.
 	 32
 
	  
 	  
 
	 
SECTION 3.13 Establishment of Stripped Units.
 	 32
 
	  
 	  
 
	 
SECTION 3.14 Reestablishment of Normal Units.
 	 34
 

 
 

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SECTION 3.15 Transfer of Collateral upon Occurrence of Termination Event.
 	 35
 
	  
 	  
 
	 
SECTION 3.16 No Consent to Assumption.
 	 36
 
	  
 	  
 
	 
SECTION 3.17 CUSIP Numbers.
 	 36
 
	  
 	  
 
	 
ARTICLE IV THE NOTES
 	 36
 
	  
 	  
 
	 
SECTION 4.1 Payment of Interest; Rights to Interest Payments Preserved; Notice.
 	 36
 
	  
 	  
 
	 
SECTION 4.2 Notice and Voting.
 	 37
 
	  
 	  
 
	 
SECTION 4.3 Special Event Redemption.
 	 38
 
	  
 	  
 
	 
SECTION 4.4 Consent to Treatment for Tax Purposes.
 	 38
 
	  
 	  
 
	 
ARTICLE V THE PURCHASE CONTRACTS; THE REMARKETING
 	 39
 
	  
 	  
 
	 
SECTION 5.1 Purchase of Common Stock.
 	 39
 
	  
 	  
 
	 
SECTION 5.2 Contract Adjustment Payments.
 	 41
 
	  
 	  
 
	 
SECTION 5.3 Deferral of Contract Adjustment Payments.
 	 47
 
	  
 	  
 
	 
SECTION 5.4 Payment of Purchase Price; Remarketing.
 	 49
 
	  
 	  
 
	 
SECTION 5.5 Issuance of Shares of Common Stock.
 	 54
 
	  
 	  
 
	 
SECTION 5.6 Adjustment of Settlement Rate.
 	 54
 
	  
 	  
 
	 
SECTION 5.7 Notice of Adjustments and Certain Other Events.
 	 62
 
	  
 	  
 
	 
SECTION 5.8 Termination Event; Notice.
 	 63
 
	  
 	  
 
	 
SECTION 5.9 Early Settlement.
 	 63
 
	  
 	  
 
	 
SECTION 5.10 Early Settlement Upon Cash Merger.
 	 65
 
	  
 	  
 
	 
SECTION 5.11 Charges and Taxes.
 	 67
 
	  
 	  
 
	 
SECTION 5.12 No Fractional Shares.
 	 67
 
	  
 	  
 
	 
ARTICLE VI REMEDIES
 	 68
 
	  
 	  
 
	 
SECTION 6.1 Unconditional Right of Holders to Receive Purchase Contract Adjustment Payments and Purchase Common Stock. #exb250_51
 	 68
 
	  
 	  
 
	 
SECTION 6.2 Restoration of Rights and Remedies.
 	 68
 
	  
 	  
 
	 
SECTION 6.3 Rights and Remedies Cumulative.
 	 68
 
	  
 	  
 
	 
SECTION 6.4 Delay or Omission Not Waiver.
 	 69
 
	  
 	  
 
	 
SECTION 6.5 Undertaking for Costs.
 	 69
 
	  
 	  
 
	 
SECTION 6.6 Waiver of Stay or Extension Laws.
 	 69
 
	  
 	  
 
	 
ARTICLE VII THE AGENT
 	 70
 
	  
 	  
 
	 
SECTION 7.1 Certain Duties and Responsibilities.
 	 70
 
	  
 	  
 
	 
SECTION 7.2 Notice of Default.
 	 71
 
	  
 	  
 
	 
SECTION 7.3 Certain Rights of Agent.
 	 71
 
	  
 	  
 
	 
SECTION 7.4 Not Responsible for Recitals or Issuance of Units.
 	 72
 
	  
 	  
 
	 
SECTION 7.5 May Hold Units.
 	 72
 
	  
 	  
 
	 
SECTION 7.6 Money Held in Custody.
 	 73
 
	  
 	  
 
	 
SECTION 7.7 Compensation and Reimbursement.
 	 73
 

 
 
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SECTION 7.8 Corporate Agent Required; Eligibility.
 	 73
 
	  
 	  
 
	 
SECTION 7.9 Resignation and Removal; Appointment of Successor.
 	 74
 
	  
 	  
 
	 
SECTION 7.10 Acceptance of Appointment by Successor.
 	 75
 
	  
 	  
 
	 
SECTION 7.11 Merger, Conversion, Consolidation or Succession to Business.
 	 76
 
	  
 	  
 
	 
SECTION 7.12 Preservation of Information.
 	 76
 
	  
 	  
 
	 
SECTION 7.13 No Obligations of Agent.
 	 76
 
	  
 	  
 
	 
SECTION 7.14 Tax Compliance.
 	 76
 
	  
 	  
 
	 
ARTICLE VIII SUPPLEMENTAL AGREEMENTS.
 	 77
 
	  
 	  
 
	 
SECTION 8.1 Supplemental Agreements Without Consent of Holders.
 	 77
 
	  
 	  
 
	 
SECTION 8.2 Supplemental Agreements with Consent of Holders.
 	 78
 
	  
 	  
 
	 
SECTION 8.3 Execution of Supplemental Agreements.
 	 79
 
	  
 	  
 
	 
SECTION 8.4 Effect of Supplemental Agreements.
 	 79
 
	  
 	  
 
	 
SECTION 8.5 Reference to Supplemental Agreements.
 	 79
 
	  
 	  
 
	 
ARTICLE IX CONSOLIDATION, MERGER, SALE OR CONVEYANCE
 	 80
 
	  
 	  
 
	 
SECTION 9.1 Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions.
 	 80
 
	  
 	  
 
	 
SECTION 9.2 Rights and Duties of Successor Corporation.
 	 80
 
	  
 	  
 
	 
SECTION 9.3 Opinion of Counsel Given to Agent.
 	 81
 
	  
 	  
 
	 
ARTICLE X COVENANTS
 	 81
 
	  
 	  
 
	 
SECTION 10.1 Performance Under Purchase Contracts.
 	 81
 
	  
 	  
 
	 
SECTION 10.2 Maintenance of Office or Agency.
 	 81
 
	  
 	  
 
	 
SECTION 10.3 Company to Reserve Common Stock.
 	 82
 
	  
 	  
 
	 
SECTION 10.4 Covenants as to Common Stock.
 	 82
 
	  
 	  
 
	 
SECTION 10.5 Statements of Officer of the Company as to Default.
 	 82
 

	  
 	  
 
	 EXHIBITS
 	  
 
	  
 	  
 
	 EXHIBIT A Form of Normal Units Certificate
 	  
 
	  
 	  
 
	 EXHIBIT B Form of Stripped Units Certificate
 	  
 
	  
 	  
 
	 EXHIBIT C Instruction from Purchase Contract Agent to Collateral Agent
 	  
 
	  
 	  
 
	 EXHIBIT D Instruction to Purchase Contract Agent
 	  
 
	  
 	  
 
	 EXHIBIT E Notice to Settle by Separate Cash
 	  
 

 
 
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 PURCHASE CONTRACT AGREEMENT, dated as of May 7, 2003, between UnumProvident Corporation, a Delaware corporation (the
“Company”), and JPMorgan Chase Bank, a New York banking corporation, acting as purchase contract agent and attorney-in-fact for the Holders of Units from time to time (the “Agent”). 
 RECITALS
 The Company has duly authorized the execution and delivery of this
Agreement and the Certificates evidencing the Units.
 All things necessary to make the Purchase Contracts, when the Certificates are executed by the Company
and authenticated, executed on behalf of the Holders and delivered by the Agent, as provided in this Agreement, the valid obligations of the Company, and to constitute this Agreement a valid agreement of the Company, in accordance with its terms,
have been done. 
 WITNESSETH:
 For and in consideration of the
premises and the purchase of the Units by the Holders thereof, it is mutually agreed as follows: 
 
ARTICLE I
 DEFINITIONS AND OTHER PROVISIONS 
OF GENERAL APPLICATION 
 SECTION 1.1 
Definitions.
 For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires:
 (a)
the terms defined in this
Article have the meanings assigned to them in this Article and include the plural as well as the singular, and nouns and pronouns of the masculine gender include the feminine and neuter genders; 
 (b)
all accounting terms not otherwise defined herein
have the meanings assigned to them in accordance with generally accepted accounting principles in the United States; 
 (c)
the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a
whole and not to any particular Article, Section or other subdivision; and
 

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 (d)
the following
terms have the meanings given to them in this Section 1.1(d):
 “Accounting Event” means the receipt at any time prior to the
earlier of the date of any successful remarketing of the Notes pursuant to the provisions of Section 5.4 and the Stock Purchase Date by the audit committee of the Board of Directors of a written report in accordance with Statement on Auditing
Standards (“SAS”) No. 97, “Amendment to SAS No. 50 – Reports on the Application of Accounting Principles,” from the Company’s independent auditors, provided at the request of the management of the Company, to the effect
that, as a result of a change in accounting rules applicable to the Company after May 1, 2003, the Company must either (a) account for the Purchase Contracts as derivatives under SFAS 133 (or any successor accounting standard) or (b) account for the
Units using the if-converted method under SFAS 128 (or any successor accounting standard), and that such accounting treatment will cease to apply upon redemption of the Notes.
 “Act” when used with respect to any Holder, has the meaning specified in Section 1.4(a). 
 “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities Act or any successor rule thereunder. 
 “Agent” means the Person named as the “Agent” in the first paragraph of this Agreement until a successor Agent shall have become such pursuant to the applicable provisions of this Agreement, and
thereafter “Agent” shall mean such Person. 
 “Agent-purchased Treasury Consideration” has the meaning specified in
Section 5.4(b)(i).
 “Agreement” means this agreement as originally executed or as it may from time to time be supplemented
or amended by one or more agreements supplemental hereto entered into pursuant to the applicable provisions hereof.
 “Applicable
Market Value” has the meaning specified in Section 5.1(c).
 “Bankruptcy Code” means Title 11 of the United States Code, or
any other law of the United States that from time to time provides a uniform system of bankruptcy laws.
 “Beneficial Owner”
means, with respect to a Book-Entry Interest, a Person who is the beneficial owner of such Book-Entry Interest as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as
a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).
 
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 “Board of Directors” means either the Board of Directors of the Company or the executive committee of such
Board of Directors or any other committee of such Board of Directors duly authorized to act generally or in any particular respect for the Board of Directors hereunder. 
 “Board Resolution” means (i) a copy of a resolution certified by the Secretary or the Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in
full force and effect on the date of such certification, (ii) a copy of a unanimous written consent of the Board of Directors or (iii) a certificate signed by the authorized officer or officers to whom the Board of Directors has delegated its
authority and, in each case, delivered to the Agent.
 “Book-Entry Interest” means a beneficial interest in a Global Certificate,
ownership and transfers of which shall be maintained and made through book entries by a Clearing Agency as described in Section 3.6. 
 “Business Day” means any day that is not a Saturday, Sunday or day on which banking institutions and trust companies in The City of New York or at a place of payment are authorized or required by law, regulation or executive order
to close.
 “Capital Stock” means any and all shares, interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated, whether voting or non-voting) corporate stock or similar interests in other types of entities. 
 “Cash Merger” has the meaning set forth in Section 5.10(a).
 “Cash Merger Date” means the
date on which a Cash Merger is consummated.
 “Cash Settlement” has the meaning set forth in Section 5.4(a).
 “Certificate” means a Normal Units Certificate or a Stripped Units Certificate.
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act that is acting as a depositary for the Units and in whose
name, or in the name of a nominee of that organization, shall be registered a Global Certificate and which shall undertake to effect book-entry transfers and pledges of the Units. 
 “Clearing Agency Participant” means a broker, dealer, bank, trust company, clearing corporation, other financial institution or other Person for whom from time to time the Clearing Agency
effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 
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 “Closing Price” has the meaning specified in Section 5.1(c). 
 “Collateral” has the meaning specified in Section 2.1(a) of the Pledge Agreement. 
 “Collateral Agent” means BNY Midwest Trust Company, an Illinois trust company, as Collateral Agent under the Pledge Agreement until a successor Collateral Agent shall have become such pursuant to the
applicable provisions of the Pledge Agreement, and thereafter “Collateral Agent” shall mean the Person who is then the Collateral Agent thereunder. 
 “Collateral Substitution” has the meaning specified in Section 3.13(a). 
 “Common Stock”
means the Common Stock, par value $0.10 per share, of the Company.
 “Company” means the Person named as the “Company”
in the first paragraph of this Agreement until a successor shall have become such pursuant to the applicable provisions of this Agreement, and thereafter “Company” shall mean such successor. 
 “Constituent Person” has the meaning specified in Section 5.6(b).
 “Contract Adjustment Payments” means, in the case of Normal Units and Stripped Units, the amount payable by the Company in respect of each Purchase Contract constituting a part of such Unit, which amount shall be equal to 2.25% per
year of the Stated Amount, in each case computed (i) for any full quarterly period, on the basis of a 360-day year of twelve 30-day months and (ii) for any period shorter than a full quarterly period, on the basis of a 30-day month, and
for periods of less than a month, on the basis of the actual number of days elapsed per 30-day month, plus any Deferred Contract Adjustment Payments accrued pursuant to Section 5.3.
 “Corporate Trust Office” means the corporate trust office of the Agent at which, at any particular time, its corporate trust business shall be principally administered, which office at the
date hereof is located at 4 New York Plaza, New York, New York 10004, Attention: Institutional Trust Services.
 “Coupon Rate”
means the percentage rate per annum at which each Note will bear interest initially. 
 “Current Market Price” has the meaning
specified in Section 5.6(a)(8).
 “Custodial Agent” means BNY Midwest Trust Company, an Illinois trust company, as Custodial Agent
under the Pledge Agreement until a successor Custodial Agent shall have become such pursuant to the applicable provisions of 
 
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 the Pledge Agreement, and thereafter “Custodial Agent” shall mean the Person who is then the Custodial Agent thereunder.

 “Default” means a default by the Company in any of its obligations under this Agreement.
 “Deferred Contract Adjustment Payments” has the meaning specified in Section 5.3(a).
 “Depositary” means, initially, DTC, until another Clearing Agency becomes its successor.
 “DTC” means The Depository Trust Company, the initial Clearing Agency.
 “Early
Settlement” has the meaning specified in Section 5.9(a).
 “Early Settlement Amount” has the meaning specified in Section
5.9(a).
 “Early Settlement Date” has the meaning specified in Section 5.9(a).
 “Early Settlement Rate” has the meaning specified in Section 5.9(b).
 “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time, and the rules and regulations promulgated thereunder.
 “Expiration Date” has the meaning specified in Section 1.4(f).
 “Expiration Time” has the meaning specified in Section 5.6(a)(6).
 “Failed
Remarketing” has the meaning specified in Section 5.4(b)(ii).
 “Fair Market Value,” with respect to securities distributed
in a Spin-Off, means (a) in the case of any Spin-Off that is effected simultaneously with an Initial Public Offering of such securities, the initial public offering price of those securities and (b) in the case of any other Spin-Off, the average of
the Sale Price of those securities over the first ten Trading Days after the effective date of such Spin-Off.
 “Fourth Supplemental
Indenture” means the Fourth Supplemental Indenture, dated as of May 7, 2003, to the Indenture between the Company and the Trustee.
 “Global Certificate” means a Certificate that evidences all or part of the Units and is registered in the name of a Depositary or a nominee thereof. 
 
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 “Holder” means the Person in whose name the Unit evidenced by a Normal Units Certificate and/or a Stripped
Units Certificate is registered in the related Normal Units Register and/or the Stripped Units Register, as the case may be. 
 “Indenture” means the Indenture, dated as of March 9, 2001, between the Company and the Trustee pursuant to which the Notes are to be issued, as originally executed and delivered and as it may from time to time be supplemented or
amended by one or more indentures supplemental thereto entered into pursuant to the applicable provisions thereof and shall include the terms of a particular series established as contemplated thereof.
 “Initial Public Offering,” with respect to a Spin-Off, means the first time securities of the same class or type as the securities being distributed in such Spin-Off are
bona fide offered to the public for cash.
 “Issuer Order” or “Issuer Request” means a written order or request signed
in the name of the Company by the Chief Executive Officer, the Chief Financial Officer, the President, any Vice-President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary (or other officer performing similar
functions) of the Company and delivered to the Agent.
 “Last Failed Remarketing” has the meaning specified in Section 5.4(b)(ii).

 “Merger Early Settlement” has the meaning specified in Section 5.10(a). 
 “Merger Early Settlement Amount” has the meaning specified in Section 5.10(b). 
 “Merger Early Settlement Date” has the meaning specified in Section 5.10(a)(i).
 “Non-electing
Share” has the meaning specified in Section 5.6(b).
 “Normal Unit” means the collective rights and obligations of a Holder
of a Normal Units Certificate in respect of a 1/40 undivided beneficial interest in a Note in the original principal amount of $1,000 or the appropriate Treasury Consideration, as the case
may be, subject in each case to the Pledge thereof, and the related Purchase Contract.
 “Normal Units Certificate” means a
certificate evidencing the rights and obligations of a Holder in respect of the number of Normal Units specified on such certificate, substantially in the form of Exhibit A hereto.
 “Normal Units Register” and “Normal Units Registrar” have the respective meanings specified in Section 3.5(a).
 
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 “Notes” means the 6.00% Senior Notes due 2008 of the Company issued under the Indenture.
 “NYSE” has the meaning specified in Section 5.1(c).
 “Officers’ Certificate” means a certificate signed by the Chief Executive Officer, the Chief Financial Officer, the President or any Vice-President, and by the Treasurer, any Assistant Treasurer, the
Secretary or any Assistant Secretary (or other officer performing similar functions) of the Company and delivered to the Agent.
 “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company or an Affiliate of the Company and who shall be reasonably acceptable to the Agent.
 “Opt-out Treasury Consideration” has the meaning specified in Section 5.4(b)(iv).
 “Outstanding Units” means, as of the date of determination, all Normal Units or Stripped Units evidenced by Certificates theretofore authenticated, executed and delivered under this
Agreement, except:
 (i)
If a Termination
Event has occurred, (A) Stripped Units and (B) Normal Units for which the related Notes or the appropriate Treasury Consideration, as the case may be, has been theretofore deposited with the Agent in trust for the Holders of such Normal Units;

 (ii)
Normal Units and Stripped Units
evidenced by Certificates theretofore cancelled by the Agent or delivered to the Agent for cancellation or deemed cancelled pursuant to the provisions of this Agreement; and 
 (iii)
Normal Units and Stripped Units evidenced by
Certificates in exchange for or in lieu of which other Certificates have been authenticated, executed on behalf of the Holder and delivered pursuant to this Agreement, other than any such Certificate in respect of which there shall have been
presented to the Agent proof satisfactory to it that such Certificate is held by a protected purchaser in whose hands the Normal Units or Stripped Units evidenced by such Certificate are valid obligations of the Company;
 provided that, in determining whether the Holders of the requisite number of the Normal Units or Stripped Units have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Normal Units or Stripped Units owned by the Company or any Affiliate of the Company shall be disregarded and deemed not to be outstanding, except that, in determining whether the Agent
shall 
 
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 be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Normal Units or Stripped
Units which a Responsible Officer of the Agent knows to be so owned shall be so disregarded. Normal Units or Stripped Units so owned which have been pledged in good faith may be regarded as Outstanding Units if the pledgee establishes to the
satisfaction of the Agent the pledgee’s right so to act with respect to such Normal Units or Stripped Units and that the pledgee is not the Company or any Affiliate of the Company. 
 “Payment Date” means each February 15, May 15, August 15 and November 15, commencing August 15, 2003 and ending on May 15, 2006. 
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof. 
 “Pledge” means the pledge under the Pledge Agreement of the
Notes, the Treasury Securities or the appropriate Treasury Consideration, in each case constituting a part of the Units, property, cash, securities, financial assets and security entitlements of the Collateral Account (as defined in the Pledge
Agreement) and any proceeds of any of the foregoing.
 “Pledge Agreement” means the Pledge Agreement, dated as of the date hereof,
by and among the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Agent, on its own behalf and as attorney-in-fact for the Holders from time to time of the Units. 
 “Pledged Notes” has the meaning set forth in Section 2.1(c) of the Pledge Agreement. 
 “Pledged Treasury Consideration” has the meaning set forth in Section 2.1(c) of the Pledge Agreement. 
 “Pledged Treasury Securities” has the meaning set forth in Section 2.1(c) of the Pledge Agreement. 
 “Predecessor Certificate” means a Predecessor Normal Units Certificate or a Predecessor Stripped Units Certificate. 
 “Predecessor Normal Units Certificate” of any particular Normal Units Certificate means every previous Normal Units Certificate evidencing all or a portion of the rights and obligations of the Company and the Holder under the Normal
Units evidenced thereby; and, for the purposes of this definition, any Normal Units Certificate authenticated and delivered under Section 3.10 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Normal Units Certificate shall be
deemed to evidence the same rights and obligations of the 
 
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 Company and the Holder as the mutilated, destroyed, lost or stolen Normal Units Certificate. 
 “Predecessor Stripped Units Certificate” of any particular Stripped Units Certificate means every previous Stripped Units Certificate evidencing all or a portion of the
rights and obligations of the Company and the Holder under the Stripped Units evidenced thereby; and, for the purposes of this definition, any Stripped Units Certificate authenticated and delivered under Section 3.10 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Stripped Units Certificate shall be deemed to evidence the same rights and obligations of the Company and the Holder as the mutilated, destroyed, lost or stolen Stripped Units Certificate. 
 “Purchase Contract,” when used with respect to any Unit, means the contract forming a part of such Unit and obligating the Company to issue and sell
and the Holder of such Unit to purchase shares of Common Stock on the terms and subject to the conditions set forth in Article V. 
 “Purchase Contract Settlement Fund” has the meaning specified in Section 5.5.
 “Purchase Price” has the
meaning specified in Section 5.1(a). 
 “Purchased Shares” has the meaning specified in Section 5.6(a)(6). 
 “Quotation Agent” means Goldman, Sachs & Co. or any of its successors or any other primary U.S. government securities dealer in New York City
selected by the Company.
 “Record Date” for the payment of a distribution payable on any Payment Date means, as to any Global
Certificate, the Business Day next preceding such Payment Date, and in the event that other Certificates are issued pursuant to this Agreement, the 15th calendar day preceding such Payment Date.
 “Redemption Price” means, for each Note, whether or not included in a Normal Unit, the product of (i) the principal amount of such Note and (ii) a fraction whose
numerator is the applicable Treasury Portfolio Purchase Price and whose denominator is the applicable Special Event Redemption Principal Amount. 
 “Register” means the Normal Units Register and the Stripped Units Register, as applicable.
 “Registrar” means
the Normal Units Registrar and the Stripped Units Registrar, as applicable.
 
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 “Remarketing Agent” has the meaning specified in Section 5.4(b)(i).
 “Remarketing Agreement” means the Remarketing Agreement to be entered into by and among the Company, the Remarketing Agent and the Agent.

“Remarketing Date” means the third Business Day preceding February 15, 2006.
 “Remarketing Fee” has the meaning specified in Section 5.4(b)(i).
 “Remarketing Period” means each of (i) the three Business Day period beginning on the Remarketing Date and ending after the two immediately following Business Days; (ii) the three Business Day period immediately preceding April 1,
2006; and (iii) the third Business Day immediately preceding the Stock Purchase Date. 
 “Remarketing Rate” means the percentage
rate per year at which each Note will bear interest on and following the Reset Date.
 “Remarketing Value” means, with respect to
any Note, the sum of
 (i)
the value at the
Remarketing Date or any Subsequent Remarketing Date, as the case may be, of U.S. Treasury securities that will pay, on or prior to the Stock Purchase Date, an amount of cash equal to the interest payment scheduled to be payable on that date on such
Note, assuming for that purpose, even if not true, that the interest rate on such Note is equal to the Coupon Rate, and
 (ii)
the value at the Remarketing Date or any Subsequent Remarketing Date, as the case may be, of U.S. Treasury securities that will pay, on or
prior to the Stock Purchase Date, an amount of cash equal to the Stated Amount of such Note; 
 provided that, for purposes of
clauses (i) and (ii) above, the Remarketing Value shall be calculated on the assumptions that (x) the U.S. Treasury securities are highly liquid and mature on or within 35 days prior to the Stock Purchase Date, as determined in good faith by the
Remarketing Agent in a manner intended to minimize the cash value of the U.S. Treasury securities, and (y) the U.S. Treasury securities are valued based on the ask-side price of such U.S. Treasury securities at a time between 9:00 a.m. and
11:00 a.m., New York City time, selected by the Remarketing Agent, on the Remarketing Date or any Subsequent Remarketing Date, as the case may be, as determined on a third-day settlement basis by a reasonable and customary means selected in good
faith by the Remarketing Agent, plus accrued interest to that date.
 “Reorganization Event” has the meaning specified in Section
5.6(b).
 
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 “Reset Date” means the date following the Remarketing Date or a Subsequent Remarketing Date, as applicable,
on which the trades in a successful remarketing of the Notes, pursuant to the provisions of Section 5.4, settle.
 “Responsible
Officer” means, when used with respect to the Agent, any officer within the corporate trust department of the Agent (or any successor of the Agent), including any Vice-President, any assistant Vice-President, any assistant secretary, the
treasurer, any assistant treasurer, any trust officer, any senior trust officer or any other officer of the Agent who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or
to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who, in each of the above cases, shall have direct responsibility for the administration of this
Agreement.
 “Sale Price” of any securities distributed in a Spin-Off on any Trading Day means the closing sale price per share
(or, if no closing sale price is reported, the average of the bid and ask prices, or, if more than one in either case, the average of the average bid and average ask prices) on such Trading Day as reported in composite transactions for the principal
U.S. securities exchange on which such securities are traded, or, if such securities are not listed on a U.S. national or regional securities exchange, as reported by the Nasdaq Stock Market, or, if such securities are not so reported, the last
quoted bid price for such securities in the over-the-counter market as reported by the National Quotation Bureau or similar organization, or, if such bid price is not available, the market value of such securities on such date as determined by a
nationally recognized independent investment banking firm retained by the Company for this purpose.
 “Securities Act” means the
Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time, and the rules and regulations promulgated thereunder.
 “Securities Intermediary” means BNY Midwest Trust Company, an Illinois trust company, in its capacity as Securities Intermediary under the Pledge Agreement, together with its successors in such
capacity.
 “Senior Indebtedness” means indebtedness of any kind of the Company unless the instrument under which such
indebtedness is incurred expressly provides that it is in parity or subordinate in right of payment to the Contract Adjustment Payments.
 “Separate Notes” has the meaning set forth in the Pledge Agreement.
 “Settlement Date” means any Early
Settlement Date or Merger Early Settlement Date or the Stock Purchase Date.
 
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 “Settlement Rate” has the meaning specified in Section 5.1(a).
 “Special Event” means either a Tax Event or an Accounting Event.
 “Special Event Redemption” means, if a Special Event shall occur and be continuing, the redemption of the Notes, at the option of the Company, in whole but not in part, on not less than 30 days’ nor more than 60 days’
prior written notice.
 “Special Event Redemption Date” means the date upon which a Special Event Redemption is to
occur.
 “Special Event Redemption Principal Amount” means (i) in the case of a Special Event Redemption Date occurring prior to a
successful remarketing of the Notes pursuant to the provisions of Section 5.4, the aggregate principal amount of Notes included in Normal Units outstanding on such date, and (ii) in the case of a Special Event Redemption Date occurring after either
a successful remarketing of the Notes pursuant to the provisions of Section 5.4 or the Stock Purchase Date, the aggregate principal amount of the Notes outstanding on such date.
 “Special Event Redemption Treasury Consideration” means, with respect to a Normal Unit, (A) a 1/40, or 2.5%, undivided beneficial
ownership interest in a $1,000 principal or interest amount of a principal or interest strip in a U.S. Treasury security included in the Treasury Portfolio which matures on or prior to the Stock Purchase Date and (B) for each scheduled interest
Payment Date on the Notes that occurs after the Special Event Redemption Date and on or before the Stock Purchase Date, a 0.0375% undivided beneficial ownership interest in a $1,000 principal or interest amount of a principal or interest strip in a
U.S. Treasury security included in the Treasury Portfolio that matures on or prior to that interest Payment Date.
 “Spin-Off”
means a dividend or other distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interests, of or relating to a subsidiary or other business unit of the Company.
 “Stated Amount” means, with respect to any one Normal Unit or Stripped Unit, $25, and, with respect to any one Note, $1,000.
 “Stock Purchase Date” means May 15, 2006.
 “Stripped
Unit” means the collective rights and obligations of a Holder of a Stripped Units Certificate in respect of a 1/40 undivided beneficial interest in a Treasury Security, subject to the
Pledge thereof, and the related Purchase Contract.
 
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 “Stripped Units Certificate” means a certificate evidencing the rights and obligations of a Holder in
respect of the number of Stripped Units specified on such certificate, substantially in the form of Exhibit B hereto.
 “Stripped Units
Register” and “Stripped Units Registrar” have the respective meanings specified in Section 3.5(a).
 “Subsequent
Remarketing” has the meaning specified in Section 5.4(b)(ii).
 “Subsequent Remarketing Date” means any date during any
Remarketing Period on which the Remarketing Agent attempts a Subsequent Remarketing in accordance with Section 5.4 hereof.
 “Tax
Event” means the receipt by the Company of an opinion of a nationally recognized tax counsel experienced in such matters (which may be Alston & Bird LLP) to the effect that there is more than an insubstantial risk that interest payable by
the Company on the Notes on the next Payment Date will not be deductible, in whole or in part, by the Company for United States federal income tax purposes, as a result of (a) any amendment to, or change (including any announced proposed change) in,
the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein affecting taxation, (b) any amendment to or change in an official interpretation or application of such laws or
regulations by any legislative body, court, governmental agency or regulatory authority or (c) any official interpretation, pronouncement or application that provides for a position with respect to such laws or regulations that differs from the
generally accepted position on May 1, 2003, which amendment, change or proposed change is effective or which interpretation or pronouncement is announced on or after May 1, 2003.
 “Termination Date” means the date, if any, on which a Termination Event occurs.
 “Termination Event” means the occurrence of any of the following events: 
 (i)
at any time on or prior to the Stock Purchase Date, a judgment, decree or court order shall have been entered granting relief under the
Bankruptcy Code or any other similar foreign, federal or state law, adjudicating the Company to be insolvent, or approving as properly filed a petition seeking reorganization or liquidation of the Company, and, unless such judgment, decree or order
shall have been entered within 60 days prior to the Stock Purchase Date, such decree or order shall have continued undischarged and unstayed for a period of 60 days; 
 (ii)
at any time on or prior to the Stock Purchase Date, a judgment, decree or court order for the appointment of a
receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the 
 
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 Company or of its property substantially in its entirety, or for the winding up or liquidation of its affairs, shall have been entered,
and, unless such judgment, decree or order shall have been entered within 60 days prior to the Stock Purchase Date, such judgment, decree or order shall have continued undischarged and unstayed for a period of 60 days; or
 (iii)
at any time on or prior to the Stock Purchase
Date, the Company shall file a petition for relief under the Bankruptcy Code or any other similar foreign, federal or state law, or shall consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent
seeking reorganization or liquidation under the Bankruptcy Code or any other similar foreign, federal or state law, or shall consent to the filing of any such petition, or shall consent to the appointment of a receiver or liquidator or trustee or
assignee in bankruptcy or insolvency of it or of its property substantially in its entirety, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due.

“Threshold Appreciation Price” has the meaning specified in Section 5.1(a)(i).
 “TIA” means the Trust Indenture Act of 1939, and any statute successor thereto, in each case as amended from time to time, and the rules and regulations promulgated thereunder.

“Trading Day” has the meaning specified in Section 5.1(c).
 “Treasury Consideration” means the Agent-purchased Treasury Consideration, the Opt-out Treasury Consideration or the Special Event Redemption Treasury Consideration.
 “Treasury Portfolio” means (i) if a Special Event Redemption occurs prior to a successful remarketing of the Notes pursuant to the provisions of Section 5.4, a portfolio
of (A) zero-coupon U.S. Treasury securities consisting of principal or interest strips of U.S. Treasury securities that mature on or prior to the Stock Purchase Date in an aggregate amount equal to the applicable Special Event Redemption Principal
Amount and (B) with respect to each scheduled interest Payment Date on the Notes that occurs after the Special Event Redemption Date and on or before the Stock Purchase Date, interest or principal strips of U.S. Treasury securities that mature on or
prior to such interest Payment Date in an aggregate amount equal to the aggregate interest payment that would be due on the applicable Special Event Redemption Principal Amount on such date if the interest rate of the Notes were not reset on the
Reset Date, and (ii) solely for purposes of determining the Treasury Portfolio Purchase Price in the case of a Special Event Redemption Date occurring after either of a successful remarketing of the Notes pursuant to the provisions of Section 5.4,
or the Stock Purchase Date, 
 
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 a portfolio of (A) zero-coupon U.S. Treasury securities consisting of principal or interest strips of U.S. Treasury securities that
mature on or prior to May 15, 2008 in an aggregate amount equal to the applicable Special Event Redemption Principal Amount and (B) with respect to each scheduled interest Payment Date on the Notes that occurs after the Special Event Redemption Date
and on or before May 15, 2008, interest or principal strips of U.S. Treasury securities that mature on or prior to such interest Payment Date in an aggregate amount equal to the aggregate interest payment that would be due on the applicable Special
Event Redemption Principal Amount.
 “Treasury Portfolio Purchase Price” means the lowest aggregate price quoted by a primary U.S.
government securities dealer in New York City to the Quotation Agent on the third Business Day immediately preceding the Special Event Redemption Date for the purchase of the Treasury Portfolio for settlement on the Special Event Redemption
Date.
 “Treasury Security” means a zero-coupon U.S. Treasury security (CUSIP Number 912820BS5) maturing on May 15, 2006 that will
pay $1,000 on such maturity date.
 “Trustee” means JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), a New York
banking corporation, as trustee under the Indenture and the Fourth Supplemental Indenture, or any successor thereto. 
 “Underwriting
Agreement” means the Underwriting Agreement relating to the Units dated May 1, 2003 between the Company and the underwriters named therein.
 “Unit” means a Normal Unit or a Stripped Unit.
 “Vice-President” means any
vice-president, whether or not designated by a number or a word or words added before or after the title “vice-president.”
 SECTION 1.2

Compliance Certificates and Opinions.
 Except as otherwise expressly provided by this Agreement, upon any application or request by
the Company to the Agent to take any action under any provision of this Agreement, the Company shall furnish to the Agent an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Agreement relating to the
proposed action have been complied with and, if requested by the Agent, an Opinion of Counsel stating that, in the opinion of such counsel, such action is authorized or permitted by this Agreement and that all such conditions precedent, if any, have
been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Agreement relating to such particular application or request, no additional
certificate or opinion need be furnished.
 
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 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Agreement shall
include:
 (a)
a statement that the
individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;
 (b)
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;
 (c)
a
statement that, in the opinion of such individual, he or she has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such covenant or condition has been complied with;
and
 (d)
a statement as to whether, in the
opinion of such individual based on his or her knowledge, such condition or covenant has been complied with.
 SECTION 1.3 
Form of Documents Delivered to Agent. 
 (a)
In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 (b)
Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to
such factual matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this
Agreement, they may, but need not, be consolidated and form one instrument. 
 
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 SECTION 1.4 
Acts of Holders; Record Dates.
 (a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Agent and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and (subject to
Section 7.1) conclusive in favor of the Agent and the Company, if made in the manner provided in this Section. 
 (b)
The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Agent deems
sufficient. 
 (c)
The ownership of Units
shall be proved by the Normal Units Register or the Stripped Units Register, as the case may be. 
 (d)
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Certificate shall bind every future
Holder of the same Certificate and the Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Agent or the Company in
reliance thereon, whether or not notation of such action is made upon such Certificate. 
 (e)
The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Units entitled to give, make or take
any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Agreement to be given, made or taken by Holders of Units. If any record date is set pursuant to this paragraph, the Holders of the
Outstanding Normal Units and the Outstanding Stripped Units, as the case may be, on such record date, and no other Holders, shall be entitled to take the relevant action with respect to the Normal Units or the Stripped Units, as the case may be,
whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the
requisite number of Outstanding Units on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph
(whereupon the record 
 
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 date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders of the requisite number of Outstanding Units on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Agent in writing and to each Holder of Units in the manner set forth in Section 1.6. 
 (f)
With respect to any record date set pursuant to this
Section, the Company may designate any date as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be
effective unless notice of the proposed new Expiration Date is given to the Agent in writing, and to each Holder of Units in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated
with respect to any record date set pursuant to this Section, the Company shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration
Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
 SECTION 1.5 
Notices.
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or
permitted by this Agreement to be made upon, given or furnished to, or filed with: 
 (a)
the Agent by any Holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if
made, given, furnished or filed in writing and personally delivered, mailed, first-class postage prepaid, telecopied or delivered by overnight air courier guaranteeing next day delivery, addressed to and received by the Agent at JPMorgan Chase Bank,
4 New York Plaza, New York, New York 10004, Attention: Institutional Trust Services, telecopy: (212) 623-6167, or at any other address furnished in writing by the Agent to the Holders and the Company; or 
 (b)
the Company by the Agent or by any Holder shall be
sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing and personally delivered, mailed, first-class postage prepaid, telecopied or delivered by overnight air courier
guaranteeing at least second day delivery, addressed to and received by the Company at UnumProvident Corporation, 1 Fountain Square, Chattanooga, Tennessee 37402, Attention: F. Dean Copeland, Senior Executive Vice President, General Counsel

 
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 and Chief Administrative Officer, telecopy: (423) 755-5036, or at any other address furnished in writing to the Agent by the Company; or

 (c)
the Collateral Agent by the Agent,
the Company or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing and personally delivered, mailed, first-class postage prepaid, telecopied or
delivered by overnight air courier guaranteeing next day delivery, addressed to and received by the Collateral Agent at BNY Midwest Trust Company, 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602, Attention: Corporate Trust
Administration, telecopy: (312) 827-8547, or at any other address furnished in writing by the Collateral Agent to the Agent, the Company and the Holders; or 
 (d)
the Trustee by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if made, given, furnished or filed in writing and personally delivered, mailed, first-class postage prepaid, telecopied or delivered by overnight air courier guaranteeing next day delivery, addressed to and received by the Trustee at
JPMorgan Chase Bank 4 New York Plaza, New York, New York 10004, Attention: Institutional Trust Services, telecopy: (212) 623-6167, or at any other address furnished in writing by the Trustee to the Company.
 SECTION 1.6 
Notice to Holders; Waiver.
 (a)
Where this Agreement provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at its address as it appears in the applicable Register, not later than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to
other Holders. Where this Agreement provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders shall be filed with the Agent, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 (b)
In case by reason of the suspension of regular mail
service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Agent shall constitute a sufficient notification for every purpose hereunder. 

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 SECTION 1.7 
Effect of Headings and Table of Contents.
 The Article and Section headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof. 
 SECTION 1.8 
Successors and Assigns.
 All covenants and agreements in this Agreement by the Company shall bind its successors and assigns,
whether so expressed or not. 
 SECTION 1.9 
Separability Clause.
 If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent
permitted by law, (i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intentions of the parties hereto as nearly as may be possible and (ii) the
invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction.
 SECTION 1.10 
Benefits of Agreement.
 Nothing in this Agreement or in the Units, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder and, to the extent provided hereby, the Holders, any benefits or any legal or equitable right, remedy or claim under this Agreement. The Holders from time to time shall be beneficiaries of this Agreement
and shall be bound by all of the terms and conditions hereof and of the Units evidenced by their Certificates by their acceptance of delivery of such Certificates. 
 SECTION 1.11 
Governing Law.
 This Agreement and the Units shall be governed by, deemed to be a contract under, and construed in accordance with,
the laws of the State of New York.
 SECTION 1.12 
Legal Holidays.
 (a)
In any case where any Payment Date shall not be a Business Day, then (notwithstanding any other provision of this Agreement or the Normal Units Certificates) payments on the Units shall not be made on such date, but such payments shall be
made on the next succeeding day which is a Business Day with the same force and effect as if made on such Payment Date, provided that no interest shall accrue or be payable by the Company in respect of
such payment for the period from and after any such Payment Date, except that if such next succeeding Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day with the same force and
effect as if made on such Payment Date.
 
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 (b)
If any date on
which Contract Adjustment Payments are to be made on the Purchase Contracts is not a Business Day, then payment of the Contract Adjustment Payments payable on that date will be made on the next succeeding day which is a Business Day, and no interest
or additional payment will be paid in respect of the delay. However, if that Business Day is in the next succeeding calendar year, the payment will be made on the immediately preceding Business Day with the same force and effect as if made on that
Payment Date.
 (c)
In any case where the
Stock Purchase Date shall not be a Business Day, then (notwithstanding any other provision of this Agreement or the Certificates) the Purchase Contracts shall not be performed on such date, but the Purchase Contracts shall be performed on the next
succeeding day which is a Business Day with the same force and effect as if performed on the Stock Purchase Date.
 SECTION 1.13 
Counterparts.
 This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and
the same instrument, and any of the parties hereto may execute this Agreement by signing any such counterpart.
 SECTION 1.14 
Inspection of Agreement.
 A copy of this Agreement shall be available at all reasonable times during normal business hours at the
Corporate Trust Office for inspection by any Holder. 
 SECTION 1.15 
Appointment of Financial Institution as Agent for the Company.
 The Company may appoint a financial institution (which may be the
Collateral Agent) to act as its agent in performing its obligations and in accepting and enforcing performance of the obligations of the Agent and the Holders, under this Agreement and the Purchase Contracts, by giving notice of such appointment in
the manner provided in Section 1.5 hereof. Any such appointment shall not relieve the Company in any way from its obligation hereunder.
 SECTION 1.16

No Waiver.
 No failure on the part of the Company, the Agent, the Collateral Agent, the Securities Intermediary or any of their
respective agents to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Company, the Agent, the
Collateral Agent, the Securities Intermediary or any of their respective agents of any right, power or remedy hereunder preclude any further exercise thereof or 
 
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 the exercise of any right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law.
 
ARTICLE II
 CERTIFICATE FORMS 
 SECTION 2.1 
Forms of Certificates Generally.
 (a)
The Normal Units Certificates (including the form of Purchase Contract forming part of the Normal Units evidenced thereby) shall be in
substantially the form set forth in Exhibit A hereto, with such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as may be required by the rules of any
securities exchange or quotation system on which the Normal Units are listed or quoted for trading or any depositary therefor, or as may, consistently herewith, be determined by the officers of the Company executing such Normal Units Certificates,
as evidenced by their execution of the Normal Units Certificates.
 (b)
The definitive Normal Units Certificates shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other
manner, all as determined by the officers of the Company executing such Normal Units Certificates, consistent with the provisions of this Agreement, as evidenced by their execution thereof.
 (c)
The Stripped Units Certificates (including the form
of Purchase Contracts forming part of the Stripped Units evidenced thereby) shall be in substantially the form set forth in Exhibit B hereto, with such letters, numbers or other marks of identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as may be required by the rules of any securities exchange or the quotation system on which the Stripped Units may be listed or quoted for trading or any depositary therefor, or as may, consistently
herewith, be determined by the officers of the Company executing such Stripped Units Certificates, as evidenced by their execution of the Stripped Units Certificates.
 (d)
The definitive Stripped Units Certificates shall be printed, lithographed or engraved on steel engraved borders or
may be produced in any other manner, all as determined by the officers of the Company executing such Stripped Units Certificates, consistent with the provisions of this Agreement, as evidenced by their execution thereof.
 (e)
Every Global Certificate authenticated, executed on
behalf of the Holders and delivered hereunder shall bear a legend in substantially the following form:
 
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 “THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE CONTRACT AGREEMENT (AS DEFINED ON THE REVERSE HEREOF)
AND IS REGISTERED IN THE NAME OF THE CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME
OF ANY PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT. 
 [Unless
this Certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the Company or its agent for registration of transfer, exchange or payment, and any Certificate issued is
registered in the name of Cede & Co., or such other name as requested by an authorized representative of The Depository Trust Company, and any payment hereon is made to Cede & Co. or to such other entity as is requested by an authorized
representative of The Depository Trust Company, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.]
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE PURCHASE CONTRACT AGREEMENT,
THIS GLOBAL CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.”
 SECTION 2.2 
Form of Agent’s Certificate of Authentication.
 (a)
The form of the Agent’s certificate of authentication of the Normal Units shall be in substantially the form set forth on the form of
the Normal Units Certificates. 
 (b)
The
form of the Agent’s certificate of authentication of the Stripped Units shall be in substantially the form set forth on the form of the Stripped Units Certificates. 
 
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ARTICLE III
 THE UNITS
 SECTION 3.1

Number of Units; Denominations.
 (a)
The aggregate number of Normal Units and Stripped Units, if any, evidenced by Certificates authenticated, executed on behalf of the Holders
and delivered hereunder is limited to 20,000,000 (23,000,000 if the underwriters’ option to purchase additional Normal Units pursuant to the Underwriting Agreement is exercised in full), except for Certificates authenticated, executed on behalf
of the Holder and delivered upon registration of transfer of, in exchange for, or in lieu of, other Certificates pursuant to Section 3.4, 3.5, 3.10, 3.13, 3.14, 5.9(e), 5.10(e) or 8.5.
 (b)
The Certificates shall be issuable only in
registered form and only in denominations of a single Unit and any integral multiple thereof. 
 SECTION 3.2 
Rights and Obligations Evidenced by the Certificates.
 (a)
Each Normal Units Certificate shall evidence the number of Normal Units specified therein, with each such Normal Unit representing the
ownership by the Holder thereof of a 1/40 undivided beneficial interest in a Note in the original principal amount of $1,000 or the appropriate Treasury Consideration, as the case may be,
subject to the Pledge of such interest in such Note or the Treasury Consideration, as the case may be, by such Holder pursuant to the Pledge Agreement, and the rights and obligations of the Holder thereof and the Company under one Purchase Contract.
The Agent, as attorney-in-fact for, and on behalf of, the Holder of each Normal Unit, shall pledge, pursuant to the Pledge Agreement, the interest in such Note or the Treasury Consideration forming a part of such Normal Unit, to the Collateral Agent
and grant to the Collateral Agent a security interest in the right, title, and interest of such Holder in such interest in such Note or Treasury Consideration for the benefit of the Company, to secure the obligation of such Holder under the related
Purchase Contract to purchase shares of Common Stock of the Company. 
 (b)
Each Stripped Units Certificate shall evidence the number of Stripped Units specified therein, with each such Stripped Unit representing the
ownership by the Holder thereof of a 1/40 undivided beneficial interest in a Treasury Security, subject to the Pledge of such interest in such Treasury Security by such Holder pursuant to
the Pledge Agreement, and the rights and obligations of the Holder thereof and the Company under one Purchase Contract. The Agent, as attorney-in-fact for, and on behalf of, the Holder of each Stripped Unit, shall pledge, pursuant to the Pledge
Agreement, the interest in the Treasury Security forming a part of such Stripped Unit, to the Collateral Agent and grant to the Collateral Agent a security interest in the right, title, and interest of such Holder in 
 
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 such interest in the Treasury Security for the benefit of the Company, to secure the obligation of such Holder under the related Purchase
Contract to purchase shares of Common Stock of the Company.
 (c)
Prior to the purchase of shares of Common Stock under each Purchase Contract, such Purchase Contract shall not entitle the Holder of the
related Units Certificates to any of the rights of a holder of shares of Common Stock, including, without limitation, the right to vote or receive any dividends or other payments or to consent or to receive notice as a stockholder in respect of the
meetings of stockholders or for the election of directors of the Company or for any other matter, or any other rights whatsoever as a stockholder of the Company. 
 SECTION 3.3 
Execution, Authentication, Delivery and Dating.
 (a)
Subject to the provisions of Sections 3.13 and 3.14, upon the execution and delivery of this Agreement, and at any time and from time to time
thereafter, the Company may deliver Certificates executed by the Company to the Agent for authentication, execution on behalf of the Holders and delivery, together with its Issuer Order for authentication and delivery of such Certificates, and the
Agent in accordance with such Issuer Order shall authenticate, execute on behalf of the Holders and deliver such Certificates. 
 (b)
The Certificates shall be executed on behalf of the Company by the Chief Executive Officer, the Chief Financial Officer, the President, any
Vice-President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary (or other officer performing similar functions) of the Company and delivered to the Agent. The signature of any of these officers on the Certificates
may be manual or facsimile. 
 (c)
Certificates bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior
to the authentication and delivery of such Certificates or did not hold such offices at the date of such Certificates. 
 (d)
No Purchase Contract evidenced by a Certificate shall be valid until such Certificate has been executed on behalf of the Holder by the manual
signature of an authorized officer of the Agent, as such Holder’s attorney-in-fact. Such signature by an authorized officer of the Agent shall be conclusive evidence that the Holder of such Certificate has entered into the Purchase Contract or
Purchase Contracts evidenced by such Certificate. 
 (e)
Each Certificate shall be dated the date of its authentication. 
 (f)
No Certificate shall be entitled to any benefit
under this Agreement or be valid or obligatory for any purpose unless there appears on such Certificate 
 
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 a certificate of authentication substantially in the form provided for herein executed by an authorized officer of the Agent by manual
signature, and such certificate upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly authenticated and delivered hereunder. 
 SECTION 3.4 
Temporary Certificates.
 (a)
Pending the preparation of definitive Certificates, the Company shall execute and deliver to the Agent, and the Agent shall authenticate,
execute on behalf of the Holders, and deliver, in lieu of such definitive Certificates, temporary Certificates which are in substantially the form set forth in Exhibit A or Exhibit B hereto, as the case may be, with such letters, numbers or other
marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as may be required by the rules of any securities exchange on which the Normal Units or Stripped Units, as the case may be, are listed
or quoted for trading or any depositary transfer, or as may, consistently herewith, be determined by the officers of the Company executing such Certificates, as evidenced by their execution of the Certificates. 
 (b)
If temporary Certificates are issued, the Company
will cause definitive Certificates to be prepared without unreasonable delay. After the preparation of definitive Certificates, the temporary Certificates shall be exchangeable for definitive Certificates upon surrender of the temporary Certificates
at the Corporate Trust Office or such other office or agency designated pursuant to Section 10.2 at the expense of the Company and without charge to the Holder. Upon surrender for cancellation of any one or more temporary Certificates, the Company
shall execute and deliver to the Agent, and the Agent shall authenticate, execute on behalf of the Holder, and deliver in exchange therefor, one or more definitive Certificates of like tenor and denominations and evidencing a like number of Normal
Units or Stripped Units, as the case may be, as the temporary Certificate or Certificates so surrendered. Until so exchanged, the temporary Certificates shall in all respects evidence the same benefits and the same obligations with respect to the
Normal Units or Stripped Units, as the case may be, evidenced thereby as definitive Certificates. 
 SECTION 3.5 
Registration; Registration of Transfer and Exchange.
 (a)
The Agent shall keep at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency
designated pursuant to Section 10.2 being herein referred to as “Normal Units Register”) in which, subject to such reasonable regulations as it may prescribe, the Agent shall provide for the registration of Normal Units Certificates and of
transfers of Normal Units Certificates (the Agent, in such capacity, the “Normal Units Registrar”) and a register (the register maintained in such office or in any other 
 
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 office or agency designated pursuant to Section 10.2 being herein referred to as the “Stripped Units Register”) in which,
subject to such reasonable regulations as it may prescribe, the Agent shall provide for the registration of the Stripped Units Certificates and transfers of Stripped Units Certificates (the Agent, in such capacity, the “Stripped Units
Registrar”). 
 (b)
Upon surrender for
registration of transfer of any Certificate at the Corporate Trust Office or such office or agency designated pursuant to Section 10.2, the Company shall execute and deliver to the Agent, and the Agent shall authenticate, execute on behalf of
the designated transferee or transferees, and deliver one or more new Certificates of like tenor and denominations, registered in the name of the designated transferee or transferees, and evidencing a like number of Normal Units or Stripped Units,
as the case may be. 
 (c)
At the option of
the Holder, Certificates may be exchanged for other Certificates, of like tenor and denominations and evidencing a like number of Normal Units or Stripped Units, as the case may be, upon surrender of the Certificates to be exchanged at such office
or agency. Whenever any Certificates are so surrendered for exchange, the Company shall execute and deliver to the Agent, and the Agent shall authenticate, execute on behalf of the Holder, and deliver the Certificates which the Holder making the
exchange is entitled to receive. 
 (d)
All
Certificates issued upon any registration of transfer or exchange of a Certificate shall evidence the ownership of the same number of Normal Units or Stripped Units, as the case may be, and be entitled to the same benefits and subject to the same
obligations, under this Agreement as the Normal Units or Stripped Units, as the case may be, evidenced by the Certificate surrendered upon such registration of transfer or exchange. 
 (e)
Every Certificate presented or surrendered for
registration of transfer or for exchange shall (if so required by the Company or the Agent) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Agent duly executed by the Holder thereof
or its attorney duly authorized in writing. 
 (f)
No service charge shall be made for any registration of transfer or exchange of a Certificate, but the Company and the Agent may require payment from the Holder of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Certificates, other than any exchanges pursuant to Sections 3.6, 3.9 and 8.5 not involving any transfer. 
 (g)
Notwithstanding the foregoing, the Company shall not
be obligated to issue or execute and deliver to the Agent, and the Agent shall not be obligated to authenticate, execute on behalf of the Holder and deliver, any Certificate 
 
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 presented or surrendered for registration of transfer or for exchange on or after the Business Day immediately preceding the earlier of
the Stock Purchase Date or the Termination Date. In lieu of delivery of a new Certificate, upon satisfaction of the applicable conditions specified above in this Section and receipt of appropriate registration or transfer instructions from such
Holder, the Agent shall,
 (i)
if the Stock
Purchase Date has occurred, deliver the shares of Common Stock issuable in respect of the Purchase Contracts forming a part of the Units evidenced by such Certificate, 
 (ii)
in the case of Normal Units, if a Termination Event shall have occurred prior to the Stock Purchase Date, transfer
the Notes or the appropriate Treasury Consideration, as applicable, relating to such Normal Units, or 
 (iii)
in the case of Stripped Units, if a Termination Event shall have occurred prior to the Stock Purchase Date, transfer the Treasury Securities
relating to such Stripped Units, 
 in each case subject to the applicable conditions and in accordance with the applicable provisions of Article V. 

SECTION 3.6 
Book-Entry Interests.
 The Certificates, on original issuance, will be issued in the form of one or more fully registered Global
Certificates, to be delivered to the Depositary or a nominee or custodian thereof by, or on behalf of, the Company. Such Global Certificate shall initially be registered on the books and records of the Company in the name of Cede & Co., the
nominee of the Depositary, and no Beneficial Owner will receive a definitive Certificate representing such Beneficial Owner’s interest in such Global Certificate, except as provided in Section 3.9. The Agent shall enter into a customary
agreement with the Depositary if so requested by the Company. Unless and until definitive, fully registered Certificates have been issued to Beneficial Owners pursuant to Section 3.9: 
 (a)
the provisions of this Section 3.6 shall be in full
force and effect; 
 (b)
the Company and the
Agent shall be entitled to deal with the Clearing Agency for all purposes of this Agreement (including the payment of Contract Adjustment Payments, if any, and receiving approvals, votes or consents hereunder) as the Holder of the Units and the sole
holder of the Global Certificate(s) and shall have no obligation to the Beneficial Owners; 
 (c)
to the extent that the provisions of this Section 3.6 conflict with any other provisions of this Agreement or any Certificate, the provisions
of this Section 3.6 shall control; and 
 
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 (d)
the rights of the
Beneficial Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Beneficial Owners and the Clearing Agency and/or the Clearing Agency Participants. 
 The Clearing Agency will make book-entry transfers among Clearing Agency Participants and receive and transmit payments of Contract Adjustment Payments to such Clearing
Agency Participants. 
 SECTION 3.7 
Notices to Holders.
 Whenever a notice or other communication to the Holders is required to be given under this Agreement, the
Company or the Company’s agent shall give such notices and communications to the Holders and, with respect to any Units registered in the name of a Clearing Agency or the nominee of a Clearing Agency, the Company or the Company’s agent
shall, except as set forth herein, have no obligations to the Beneficial Owners.
 SECTION 3.8 
Appointment of Successor Clearing Agency.
 If any Clearing Agency elects to discontinue its services as securities depositary with
respect to the Units, the Company may, in its sole discretion, appoint a successor Clearing Agency with respect to the Units. 
 SECTION 3.9 
Definitive Certificates.
 If
 (i)
a Clearing Agency notifies the Company that it is unwilling or unable to continue its services as securities depositary with respect to the
Units and a successor Clearing Agency is not appointed within 90 days after such discontinuance pursuant to Section 3.8, 
 (ii)
the Company elects to terminate the book-entry system arrangements through the Clearing Agency with respect to the Units, or 
 (iii)
there shall have occurred and be continuing a
default by the Company in respect of its obligations under (x) one or more Purchase Contracts or (y) the indenture governing the Notes, 
 then, upon surrender of the Global
Certificates representing the Book-Entry Interests with respect to the Units by the Clearing Agency, accompanied by registration instructions, the Company shall cause definitive Certificates to be delivered to Beneficial Owners in accordance with
the instructions of the Clearing Agency. The Company shall not be liable for any delay in delivery of such instructions and may conclusively rely on and shall be protected in relying on, such instructions. 
 
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 SECTION 3.10 
Mutilated, Destroyed, Lost and Stolen Certificates.
 (a)
If any mutilated Certificate is surrendered to the Agent, the Company shall execute and deliver to the Agent, and the Agent shall
authenticate, execute on behalf of the Holder, and deliver in exchange therefor, a new Certificate at the cost of the Holder, evidencing the same number of Normal Units or Stripped Units, as the case may be, and bearing a Certificate number not
contemporaneously outstanding. 
 (b)
If
there shall be delivered to the Company and the Agent (i) evidence to their satisfaction of the destruction, loss or theft of any Certificate, and (ii) such security or indemnity at the cost of the Holder as may be required by them to hold each of
them and any agent of either of them harmless, then, in the absence of notice to the Company or to a Responsible Officer of the Agent that such Certificate has been acquired by a protected purchaser, the Company shall execute and deliver to the
Agent, and the Agent shall authenticate, execute on behalf of the Holder, and deliver to the Holder, in lieu of any such destroyed, lost or stolen Certificate, a new Certificate, evidencing the same number of Normal Units or Stripped Units, as the
case may be, and bearing a Certificate number not contemporaneously outstanding.
 (c)
Notwithstanding the foregoing, the Company shall not be obligated to execute and deliver to the Agent, and the Agent shall not be obligated
to authenticate, execute on behalf of the Holder, and deliver to the Holder, a Certificate on or after the Business Day immediately preceding the earlier of the Stock Purchase Date or the Termination Date. In lieu of delivery of a new Certificate,
upon satisfaction of the applicable conditions specified above in this Section and receipt of appropriate registration or transfer instructions from such Holder, the Agent shall 
 (i)
if the Stock Purchase Date has occurred, deliver the
shares of Common Stock issuable in respect of the Purchase Contracts forming a part of the Units evidenced by such Certificate, 
 (ii)
in the case of Normal Units, if a Termination Event shall have occurred prior to the Stock Purchase Date, transfer the Notes or the
appropriate Treasury Consideration, as applicable, relating to such Normal Units, or 
 (iii)
in the case of Stripped Units, if a Termination Event shall have occurred prior to the Stock Purchase Date, transfer the Treasury Securities
relating to such Stripped Units, 
 in each case subject to the applicable conditions and in accordance with the applicable provisions of Article V. 

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 (d)
Upon the issuance
of any new Certificate under this Section, the Company and the Agent may require the payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Agent) connected therewith. 
 (e)
Every new Certificate issued pursuant to this Section in lieu of any destroyed, lost or stolen Certificate shall constitute an original
additional contractual obligation of the Company and of the Holder in respect of the Unit evidenced thereby, whether or not the destroyed, lost or stolen Certificate (and the Units evidenced thereby) shall be at any time enforceable by anyone, and
shall be entitled to all the benefits and be subject to all the obligations of this Agreement equally and proportionately with any and all other Certificates delivered hereunder. 
 (f)
The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 
 SECTION 3.11 
Persons Deemed Owners.
 (a)
Prior to due presentment of a Certificate for registration of transfer, the Company and the Agent, and any agent of the Company or the Agent,
may treat the Person in whose name such Certificate is registered on the Register as the owner of the Units evidenced thereby, for the purpose of receiving quarterly payments on the Notes or Treasury Consideration, receiving payment of Contract
Adjustment Payments, if any, and any Deferred Contract Adjustment Payments, performance of the Purchase Contracts and for all other purposes whatsoever, whether or not any such payments shall be overdue and notwithstanding any notice to the
contrary, and neither the Company nor the Agent, nor any agent of the Company or the Agent, shall be affected by notice to the contrary.
 (b)
Notwithstanding the foregoing, with respect to any Global Certificate, nothing herein shall prevent the Company, the Agent or any agent of
the Company or the Agent, from treating the Clearing Agency as the sole Holder of such Global Certificate or from giving effect to any written certification, proxy or other authorization furnished by any Clearing Agency (or its nominee), as a Holder
of such Global Certificate, with respect to such Global Certificate or impair, as between such Clearing Agency and owners of beneficial interests in such Global Certificate, the operation of customary practices governing the exercise of rights of
such Clearing Agency (or its nominee) as a Holder of such Global Certificate.
 
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 SECTION 3.12 
Cancellation.
 (a)
All Certificates surrendered (i) for delivery of Common Stock on or after any Settlement Date; (ii) upon the transfer of Notes or Treasury Consideration or Treasury Securities, as the case may be, after the occurrence of a Termination Event
or pursuant to an Early Settlement or Merger Early Settlement, or a Collateral Substitution or an establishment or re-establishment of a Normal Unit; or (iii) upon the registration of a transfer or exchange of a Unit shall, if surrendered to any
Person other than the Agent, be delivered to the Agent and, if not already cancelled, shall be promptly cancelled by it. The Company may at any time deliver to the Agent for cancellation any Certificates previously authenticated, executed on behalf
of the Holder and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Certificates so delivered shall, upon Issuer Order, be promptly cancelled by the Agent. No Certificates shall be authenticated, executed on
behalf of the Holder and delivered in lieu of or in exchange for any Certificates cancelled as provided in this Section, except as expressly permitted by this Agreement. All cancelled Certificates held by the Agent shall be disposed of by the Agent
in accordance with its then customary procedures.
 (b)
If the Company or any Affiliate of the Company shall acquire any Certificate, such acquisition shall not operate as a cancellation of such
Certificate unless and until such Certificate is delivered to the Agent cancelled or for cancellation.
 SECTION 3.13 
Establishment of Stripped Units.
 (a)
A Holder may separate the Pledged Notes or Pledged Treasury Consideration, as applicable, from the related Purchase Contracts in respect of
the Normal Units held by such Holder by substituting for such Pledged Notes or Pledged Treasury Consideration, as the case may be, Treasury Securities that will pay at the Stock Purchase Date an amount equal to the aggregate Stated Amount of such
Normal Units (a “Collateral Substitution”), at any time from and after the date of this Agreement and on or prior to the seventh Business Day immediately preceding the Stock Purchase Date, by (i) depositing with the Collateral Agent
Treasury Securities having an aggregate principal amount equal to the aggregate Stated Amount of such Normal Units, and (ii) transferring the related Normal Units to the Agent accompanied by a notice to the Agent, substantially in the form of
Exhibit D hereto, stating that the Holder has transferred the relevant amount of Treasury Securities to the Collateral Agent and requesting that the Agent instruct the Collateral Agent to release the Pledged Notes or Pledged Treasury Consideration,
as the case may be, underlying such Normal Units, whereupon the Agent shall promptly give such instruction to the Collateral Agent, substantially in the form of Exhibit C hereto. Notwithstanding the foregoing, a Holder may not separate the Pledged
Notes or Pledged Treasury Consideration from the related
 
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 Purchase Contracts in respect of the Normal Units held by such Holder during the period beginning on the fourth Business Day prior to the
first day of the first or second Remarketing Period and ending on the third Business Day after the end of such Remarketing Period. Upon receipt of the Treasury Securities described in clause (i) above and the instruction described in clause
(ii) above, in accordance with the terms of the Pledge Agreement, the Collateral Agent will release to the Agent, on behalf of the Holder, such Pledged Notes or Pledged Treasury Consideration from the Pledge, free and clear of the Company’s
security interest therein, and upon receipt thereof the Agent shall promptly:
 (x)
cancel the related Normal Units;
 (y)
transfer the Pledged Notes or Pledged Treasury Consideration, as the case may be, to the Holder; and 
 (z)
authenticate, execute on behalf of such Holder and
deliver a Stripped Units Certificate executed by the Company in accordance with Section 3.3 evidencing the same number of Purchase Contracts as were evidenced by the cancelled Normal Units. 
 (b)
Holders who elect to separate the Pledged Notes or
Pledged Treasury Consideration, as the case may be, from the related Purchase Contract and to substitute Treasury Securities for such Pledged Notes or Pledged Treasury Consideration shall be responsible for any fees or expenses payable to the
Collateral Agent for its services as Collateral Agent in respect of the substitution, and the Company shall not be responsible for any such fees or expenses. 
 (c)
Holders may make Collateral Substitutions (i) if Treasury Securities are being substituted for Pledged Notes, only in
integral multiples of 40 Normal Units, or (ii) if the Collateral Substitutions occur after a successful remarketing of the Notes pursuant to the provisions of Section 5.4 or after a Special Event Redemption, as the case may be, only in integral
multiples of Normal Units such that the Treasury Securities to be deposited and the Treasury Consideration to be released are in integral multiples of $1,000. 
 (d)
In the event a Holder making a Collateral Substitution pursuant to this Section 3.13 fails to effect a book-entry
transfer of the Normal Units or fails to deliver a Normal Units Certificate to the Agent after depositing Treasury Securities with the Collateral Agent, the Pledged Notes or Pledged Treasury Consideration, as the case may be, constituting a part of
such Normal Units, and any distributions on such Pledged Notes or Pledged Treasury Consideration shall be held in the name of the Agent or its nominee in trust for the benefit of such Holder, until such Normal Units are so transferred or the Normal
Units Certificate is so delivered, as the case may be, or, with respect to a Normal Units Certificate, such Holder provides evidence satisfactory to the Company and the Agent that
 
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 such Normal Units Certificate has been destroyed, lost or stolen, together with any indemnity that may be required by the Agent and the
Company. 
 (e)
Except as described in this
Section 3.13, for so long as the Purchase Contract underlying a Normal Unit remains in effect, such Normal Unit shall not be separable into its constituent parts, and the rights and obligations of the Holder of such Normal Unit in respect of the
Pledged Note or the Pledged Treasury Consideration, as the case may be, and the Purchase Contract comprising such Normal Unit may be acquired, and may be transferred and exchanged, only as a Normal Unit. 
 SECTION 3.14 
Reestablishment of Normal Units.
 (a)
A Holder of Stripped Units may reestablish Normal Units at any time from and after the date of this Agreement and on or prior to the seventh
Business Day immediately preceding the Stock Purchase Date, by (i) depositing with the Collateral Agent Notes in a principal amount or the appropriate Treasury Consideration (identified and calculated by reference to the Treasury Consideration then
comprising Normal Units), as the case may be, then comprising such number of Normal Units as is equal to the number of such Stripped Units and (ii) transferring such Stripped Units to the Agent accompanied by a notice to the Agent, substantially in
the form of Exhibit D hereto, stating that the Holder has transferred the relevant principal amount of Notes or the appropriate Treasury Consideration, as the case may be, to the Collateral Agent and requesting that the Agent instruct the Collateral
Agent to release the Pledged Treasury Securities underlying such Stripped Unit, whereupon the Agent shall promptly give such instruction to the Collateral Agent, substantially in the form of Exhibit C hereto. Notwithstanding the foregoing, a Holder
may not reestablish Normal Units during the period beginning on the fourth Business Day prior to the first day of the first or second Remarketing Period and ending on the third Business Day after the end of such Remarketing Period. Upon receipt of
the Notes or the appropriate Treasury Consideration, as the case may be, described in clause (i) above and the instruction described in clause (ii) above, in accordance with the terms of the Pledge Agreement, the Collateral Agent will release to the
Agent, on behalf of the Holder, such Pledged Treasury Securities from the Pledge, free and clear of the Company’s security interest therein, and upon receipt thereof the Agent shall promptly:
 (x)
cancel the related Stripped Units; 
 (y)
transfer the Pledged Treasury Securities to the
Holder; and 
 (z)
authenticate, execute on
behalf of such Holder and deliver a Normal Units Certificate executed by the Company in accordance with Section 3.3 evidencing the same number of Purchase Contracts as were evidenced by the cancelled Stripped Units. 
 
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 (b)
Holders of
Stripped Units may reestablish Normal Units (i) if Notes are being substituted for the Pledged Treasury Securities, only in integral multiples of 40 Stripped Units for 40 Normal Units or (ii) if the reestablishment occurs after a successful
remarketing of the Notes pursuant to the provisions of Section 5.4 or after a Special Event Redemption, as the case may be, only in integral multiples of Stripped Units such that the Treasury Consideration to be deposited and the Treasury
Securities to be released are in integral multiples of $1,000. 
 (c)
Except as provided in this Section 3.14, for so long as the Purchase Contract underlying a Stripped Unit remains in effect, such Stripped
Unit shall not be separable into its constituent parts, and the rights and obligations of the Holder of such Stripped Unit in respect of the Pledged Treasury Securities and Purchase Contract comprising such Stripped Unit may be acquired, and may be
transferred and exchanged, only as a Stripped Unit. 
 SECTION 3.15 
Transfer of Collateral upon Occurrence of Termination Event.
 Upon the occurrence of a Termination Event and the transfer to the
Agent of the Notes or the appropriate Treasury Consideration or the Treasury Securities, as the case may be, underlying the Normal Units and the Stripped Units pursuant to the terms of the Pledge Agreement, the Agent shall request transfer
instructions with respect to such Notes or the appropriate Treasury Consideration or Treasury Securities, as the case may be, from each Holder by written request mailed to such Holder at its address as it appears in the Normal Units Register or the
Stripped Units Register, as the case may be. Upon book-entry transfer of the Normal Units or Stripped Units or delivery of a Normal Units Certificate or Stripped Units Certificate to the Agent with such transfer instructions, the Agent shall
transfer the Notes, the appropriate Treasury Consideration or the Treasury Securities underlying such Normal Units or Stripped Units, as the case may be, to such Holder by book-entry transfer, or other appropriate procedures, in accordance with such
instructions. In the event a Holder of Normal Units or Stripped Units fails to effect such transfer or delivery, the Notes, the appropriate Treasury Consideration or the Treasury Securities, as the case may be, underlying such Normal Units or
Stripped Units, as the case may be, and any distributions thereon, shall be held in the name of the Agent or its nominee in trust for the benefit of such Holder, until such Normal Units or Stripped Units are transferred or the Normal Units
Certificate or Stripped Units Certificate is surrendered or such Holder provides satisfactory evidence that such Normal Units Certificate or Stripped Units Certificate has been destroyed, lost or stolen, together with any indemnity that may be
required by the Agent and the Company. In the case of the Treasury Portfolio or any Treasury Securities, the Agent may dispose of the subject securities for cash and pay the applicable portion of such cash to the Holders in lieu of such
Holders’ Treasury Securities, where such Holder would otherwise have been entitled to receive less than $1,000 of any such security.
 
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 SECTION 3.16 
No Consent to Assumption.
 Each Holder of a Unit, by acceptance thereof, shall be deemed expressly to have withheld any consent to
the assumption (i.e., affirmance), under Section 365 of the Bankruptcy Code or otherwise, of the Purchase Contract by the Company, any receiver, liquidator or person or entity performing similar
functions or its trustee in the event that the Company becomes the debtor under the Bankruptcy Code or subject to other similar state or federal law providing for reorganization or liquidation. 
 SECTION 3.17 
CUSIP Numbers.
 The Company in issuing the Units may use “CUSIP” numbers (if then generally in use), and, if so, the
Agent shall use “CUSIP” numbers in notices to Holders as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice to Holders and that reliance may be placed only on the other identification numbers printed on the Units, and any such redemption shall not be affected by any defect in or omission of
such numbers. The Company will promptly notify the Agent of any changes in the “CUSIP” numbers.
 
ARTICLE IV
 THE NOTES
 SECTION 4.1

Payment of Interest; Rights to Interest Payments Preserved; Notice.
 (a)
A payment on any Note or Treasury Consideration, as the case may be, which is paid on any Payment Date shall, subject to receipt thereof by
the Agent from the Collateral Agent as provided by the terms of the Pledge Agreement, be paid to the Person in whose name the Normal Units Certificate (or one or more Predecessor Normal Units Certificates), of which such Note or the appropriate
Treasury Consideration is a part, is registered at the close of business on the Record Date for such Payment Date.
 (b)
Each Normal Units Certificate evidencing Notes delivered under this Agreement upon registration of transfer of or in exchange for or in lieu
of any other Normal Units Certificate shall carry the rights to interest accrued and unpaid, and rights to accrue interest, which were carried by the Notes underlying such other Normal Units Certificate.
 (c)
In the case of any Normal Unit, with respect to
which Early Settlement of the underlying Purchase Contract is effected on an Early Settlement Date, or with respect to which Merger Early Settlement of the underlying Purchase Contract is effected on a Merger Early Settlement Date, or with respect
to which Cash Settlement is effected on the Business Day immediately preceding
 
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 the Stock Purchase Date, or with respect to which a Collateral Substitution is effected, in each case on a date that is after any Record
Date and on or prior to the next succeeding Payment Date, payments on the Note or the appropriate Treasury Consideration, as the case may be, underlying such Normal Unit otherwise payable on such Payment Date shall be payable on such Payment Date
notwithstanding such Early Settlement, Merger Early Settlement, Cash Settlement or Collateral Substitution, as the case may be, and such payments shall, subject to receipt thereof by the Agent, be payable to the Person in whose name the Normal Units
Certificate (or one or more Predecessor Normal Unit Certificates) was registered at the close of business on such Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Normal Unit with respect
to which Early Settlement, Merger Early Settlement or Cash Settlement of the underlying Purchase Contract is effected, or with respect to which a Collateral Substitution has been effected, payments on the related Notes or payments on the appropriate
Treasury Consideration that would otherwise be payable after the applicable Settlement Date or after such Collateral Substitution, as the case may be, shall not be payable hereunder to the Holder of such Normal Unit; provided that, to the extent that such Holder continues to hold the separated Notes that formerly comprised a part of such Holder’s Normal Units, such Holder shall be entitled to receive any payments on such
separated Notes. 
 SECTION 4.2 
Notice and Voting.
 Under and subject to the terms of the Pledge Agreement and this Agreement, the Agent will be entitled to
exercise the voting and any other consensual rights pertaining to the Pledged Notes but only to the extent instructed by the Holders as described below. Upon receipt of notice of any meeting at which holders of Notes are entitled to vote or upon any
solicitation of consents, waivers or proxies of holders of Notes, the Agent shall, as soon as practicable thereafter, mail to the Holders of Normal Units a notice prepared by the Company at the Company’s expense (a) containing such information
as is contained in the notice or solicitation, (b) stating that each Holder on the record date set by the Agent therefor (which, to the extent possible, shall be the same date as the record date for determining the holders of Notes entitled to vote)
shall be entitled to instruct the Agent as to the exercise of the voting rights pertaining to the Pledged Notes underlying their Normal Units and (c) stating the manner in which such instructions may be given. Upon the written request of any Holder
of Normal Units on such record date, the Agent shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such request, the maximum number of Pledged Notes as to which any particular voting
instructions are received. In the absence of specific instructions from the Holder of a Normal Unit, the Agent shall abstain from voting the Pledged Note underlying such Normal Unit. The Company hereby agrees, if applicable, to solicit Holders of
Normal Units to timely instruct the Agent in order to enable the Agent to vote such Pledged Notes.
 
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 SECTION 4.3 
Special Event Redemption.
 Upon the occurrence of a Special Event Redemption prior to the successful remarketing of the Notes
pursuant to the provisions of Section 5.4, the Company shall instruct in writing the Collateral Agent to apply, and upon such written instruction, the Collateral Agent shall apply, out of the aggregate Redemption Price for the Notes that are
components of Normal Units, an amount equal to the Special Event Redemption Principal Amount to purchase on behalf of the Holders of Normal Units the Treasury Portfolio and promptly remit the remaining portion of such Redemption Price to the Agent
for payment to the Holders of such Normal Units. The Treasury Portfolio will be substituted for the Pledged Notes, and will be pledged to the Collateral Agent in accordance with the terms of the Pledge Agreement to secure the obligation of each
Holder of a Normal Unit to purchase the Common Stock under the Purchase Contract constituting a part of such Normal Unit. Following the occurrence of a Special Event Redemption prior to a successful remarketing of the Notes pursuant to the
provisions of Section 5.4, the Holders of Normal Units and the Collateral Agent shall have such security interests, rights and obligations with respect to the Treasury Portfolio as the Holder of Normal Units and the Collateral Agent had in respect
of the Notes, as the case may be, subject to the Pledge thereof as provided in Articles II, III, IV, V and VI of the Pledge Agreement, and any reference herein or in the Certificates to the Note shall be deemed to be a reference to such Treasury
Portfolio and any reference herein or in the Certificates to interest on the Notes shall be deemed to be a reference to corresponding distributions on the Treasury Portfolio. The Company may cause to be made in any Normal Unit Certificates
thereafter to be issued such change in phraseology and form (but not in substance) as may be appropriate to reflect the substitution of the Treasury Portfolio for Notes as collateral.
 Upon the occurrence of a Special Event Redemption after the successful remarketing of the Notes, the Redemption Price will be payable in cash to the holders of the Notes.
 SECTION 4.4 
Consent to Treatment for Tax Purposes.
 Each Holder of a Normal Unit or a Stripped Unit, by its acceptance thereof, covenants and
agrees to treat itself as the owner, for federal, state and local income and franchise tax purposes of (i) the related Notes or the appropriate Treasury Consideration, in the case of the Normal Units, or (ii) the Treasury Securities, in the case of
the Stripped Units. Each Holder of a Normal Unit, by its acceptance thereof, further covenants and agrees (i) to treat the Notes as indebtedness of the Company for federal, state and local income and franchise tax purposes and (ii) to allocate 100%
of the issue price of a Normal Unit to the beneficial interest in the Note and 0.00% of the issue price to the Purchase Contract.
 
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ARTICLE V
 THE PURCHASE CONTRACTS; THE REMARKETING
 SECTION 5.1 
Purchase of Common Stock.
 (a)
Each Purchase Contract shall, unless a Termination Event, an Early Settlement or a Merger Early Settlement shall have occurred prior to the
Stock Purchase Date, obligate the Holder of the related Unit to purchase, and the Company to sell, on the Stock Purchase Date at a price equal to $25 (the “Purchase Price”), a number of validly issued, fully paid and non-assessable newly
issued shares of Common Stock equal to the Settlement Rate. The “Settlement Rate” is equal to,
 (i)
if the Applicable Market Value (as defined below) is equal to or greater than $13.27 (the “Threshold Appreciation Price”), 1.8843
shares of Common Stock per Purchase Contract, 
 (ii)
if the Applicable Market Value is less than the Threshold Appreciation Price, but is greater than $10.875, the number of shares of Common
Stock per Purchase Contract equal to the Purchase Price divided by the Applicable Market Value, and
 (iii)
if the Applicable Market Value is equal to or less than $10.875, 2.2989 shares of Common Stock per Purchase Contract, 
 in each case subject to adjustment as provided in Section 5.6 (and in each case rounded upward or downward to the nearest 1/10,000th of a share). 
 (b)
No fractional shares of Common Stock will be issued by the Company with respect to the payment of Contract Adjustment Payments on the Stock Purchase Date. In lieu of fractional shares otherwise issuable with respect to such payment of
Contract Adjustment Payments, the Holder will be entitled to receive an amount in cash as provided in Section 5.12.
 (c)
The “Applicable Market Value” means the average of the Closing Price per share of Common Stock on each of the 20 consecutive
Trading Days ending on the third Trading Day immediately preceding the Stock Purchase Date or, in the event of a Cash Merger, the Cash Merger Date. The “Closing Price” of the Common Stock on any date of determination means the closing sale
price (or, if no closing sale price is reported, the last reported sale price) of the Common Stock on the New York Stock Exchange (the “NYSE”) on such date or, if the Common Stock is not listed for trading on the NYSE on any such date, as
reported in the composite transactions for the principal United States securities exchange on which the Common Stock is so listed, or if the Common Stock is not so listed on a United States securities exchange, as reported by The Nasdaq
Stock
 
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 Market, or, if the Common Stock is not so reported, the last quoted bid price for the Common Stock in the over-the-counter market as
reported by the National Quotation Bureau or similar organization, or, if such bid price is not available, the market value of the Common Stock on such date as determined by a nationally recognized independent investment banking firm retained for
this purpose by the Company. A “Trading Day” means a day on which the Common Stock (A) is not suspended from trading on any national or regional securities exchange or association or over-the-counter market at the close of business and (B)
has traded at least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading of the Common Stock at the close of business on such day. 
 (d)
Each Holder of a Unit, by its acceptance thereof,
irrevocably authorizes the Agent to enter into and perform the related Purchase Contract on its behalf as its attorney-in-fact (including the execution of Certificates on behalf of such Holder), agrees to be bound by the terms and provisions
thereof, covenants and agrees to perform its obligations under such Purchase Contract, consents to the provisions hereof, irrevocably authorizes the Agent as its attorney-in-fact to enter into and perform the Pledge Agreement on its behalf as its
attorney-in-fact, and consents to and agrees to be bound by the Pledge of the Notes, the appropriate Treasury Consideration or the Treasury Securities pursuant to the Pledge Agreement; provided that
upon a Termination Event, the rights of the Holder of such Unit under the Purchase Contract may be enforced without regard to any other rights or obligations. Each Holder of a Unit, by its acceptance thereof, further covenants and agrees that, to
the extent and in the manner provided in Section 5.4 and the Pledge Agreement, but subject to the terms thereof, payments in respect of the Pledged Notes, the Pledged Treasury Consideration or the Pledged Treasury Securities to be paid upon
settlement of such Holder’s obligations to purchase shares of Common Stock under the Purchase Contract, shall be paid on the Stock Purchase Date by the Collateral Agent to the Company in satisfaction of such Holder’s obligations under such
Purchase Contract and such Holder shall acquire no right, title or interest in such payments. 
 (e)
Upon registration of transfer of a Certificate, the transferee shall be bound (without the necessity of any other action on the part of such
transferee) under the terms of this Agreement, the Purchase Contracts underlying such Certificate and the Pledge Agreement, and the transferor shall be released from the obligations under this Agreement, the Purchase Contracts underlying the
Certificate so transferred and the Pledge Agreement. The Company covenants and agrees, and each Holder of a Certificate, by its acceptance thereof, likewise covenants and agrees, to be bound by the provisions of this paragraph.
 
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 SECTION 5.2 
Contract Adjustment Payments.
 (a)
Subject to Section 5.3, the Company shall pay, on each Payment Date, the Contract Adjustment Payments, if any, payable in respect of each
Purchase Contract to the Person in whose name a Certificate (or one or more Predecessor Certificates) is registered on the Register at the close of business on the Record Date next preceding such Payment Date in such coin or currency of the United
States as at the time of payment shall be legal tender for payments. The Contract Adjustment Payments, if any, will be payable at the Corporate Trust Office or, at the option of the Company, by check mailed to the address of the Person entitled
thereto at such Person’s address as it appears on the Register or by wire transfer to the account maintained in the United States designated by a prior written notice by such Person.
 (b)
Upon the occurrence of a Termination Event, the
Company’s obligation to pay Contract Adjustment Payments (including any accrued and unpaid Deferred Contract Adjustment Payments), if any, shall cease. 
 (c)
Each Certificate delivered under this Agreement upon registration of transfer of or in exchange for or in lieu of any
other Certificate (including as a result of a Collateral Substitution or the re-establishment of a Normal Unit) shall carry the rights to receive Contract Adjustment Payments (including any accrued and unpaid Deferred Contract Adjustment Payments),
if any, and to accrue Contract Adjustment Payments, if any, which were carried by the Purchase Contracts underlying such other Certificates. 
 (d)
Subject to Sections 5.4, 5.9 and 5.10, in the case of any Unit with respect to which Early Settlement or Merger Early Settlement of the
underlying Purchase Contract is effected on an Early Settlement Date or a Merger Early Settlement Date, respectively, or in respect of which Cash Settlement of the underlying Purchase Contract is effected on the Business Day immediately preceding
the Stock Purchase Date, or with respect to which a Collateral Substitution or an establishment or re-establishment of a Normal Unit pursuant to Section 3.14 is effected, in each case on a date that is after any Record Date and on or prior to the
next succeeding Payment Date, Contract Adjustment Payments on the Purchase Contract underlying such Unit otherwise payable on such Payment Date shall be payable on such Payment Date notwithstanding such Cash Settlement, Early Settlement, Merger
Early Settlement, Collateral Substitution or establishment or re-establishment of Normal Units, and such Contract Adjustment Payments shall, subject to receipt thereof by the Agent, be payable to the Person in whose name the Certificate evidencing
such Unit (or one or more Predecessor Certificates) was registered at the close of business on such Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Unit with respect to which Early
Settlement or Merger Early Settlement or Cash Settlement of the underlying Purchase Contract is effected on
 
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 an Early Settlement Date or Merger Early Settlement Date or on the Business Day immediately preceding the Stock Purchase Date, as the
case may be, or with respect to which a Collateral Substitution or an establishment or re-establishment of a Normal Unit has been effected, Contract Adjustment Payments, if any, that would otherwise be payable after the Early Settlement Date, or
Merger Early Settlement Date, Collateral Substitution or such establishment or re-establishment with respect to such Purchase Contract shall not be payable. 
 (e)
The Company’s obligations with respect to Contract Adjustment Payments (including any accrued or Deferred
Contract Adjustment Payments) will be subordinated and junior in right of payment to the Company’s obligations under any Senior Indebtedness to the extent set forth in Section 5.2(f).
 (f)
Subject to the provisions of Section 5.8, in the
event (x) of any payment by, or distribution of assets of, the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution, winding-up, liquidation or reorganization of the Company, whether voluntary
or involuntary or in bankruptcy, insolvency, receivership or other proceedings, or (y) subject to the provisions of Section 5.2(h) below, that (i) a default shall have occurred and be continuing with respect to the payment of principal,
interest or any other monetary amounts due and payable on any Senior Indebtedness and such default shall have continued beyond the period of grace, if any, specified in the instrument evidencing such Senior Indebtedness (and the Agent shall have
received written notice thereof from the Company or one or more holders of Senior Indebtedness or their representative or representatives or the trustee or trustees under any indenture pursuant to which any such Senior Indebtedness may have been
issued), or (ii) the maturity of any Senior Indebtedness shall have been accelerated because of a default in respect of such Senior Indebtedness (and the Agent shall have received written notice thereof from the Company or one or more holders of
Senior Indebtedness or their representative or representatives or the trustee or trustees under any indenture pursuant to which any such Senior Indebtedness may have been issued), then:
 (i)
the holders of all Senior Indebtedness shall first
be entitled to receive, in the case of clause (x) above, payment in full of all amounts due or to become due upon all Senior Indebtedness and, in the case of subclauses (i) and (ii) of clause (y) above, payment of all amounts due thereon, or
provision shall be made for such payment in money or money’s worth, before the Holders of any of the Units are entitled to receive any Contract Adjustment Payments on the Purchase Contracts underlying the Units;
 (ii)
any payment by, or distribution of assets of, the
Company of any kind or character, whether in cash, property or securities, to which the Holders of any of the Units would be entitled except for the provisions
 
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 of Sections 5.2(e) through (q), including any such payment or distribution which may be payable or deliverable by reason of the payment
of any other indebtedness of the Company being subordinated to the payment of such Contract Adjustment Payments on the Purchase Contracts underlying the Units, shall be paid or delivered by the Person making such payment or distribution, whether a
trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments
evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of such Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all
Senior Indebtedness remaining unpaid after giving effect to any concurrent payment or distribution (or provision therefor) to the holders of such Senior Indebtedness, before any payment or distribution is made of such Contract Adjustment Payments to
the Holders of such Units; and
 (iii)
in
the event that, notwithstanding the foregoing, any payment by, or distribution of assets of, the Company of any kind or character, whether in cash, property or securities, including any such payment or distribution which may be payable or
deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of Contract Adjustment Payments on the Purchase Contracts underlying the Units, shall be received by the Agent or the Holders of any of
the Units when such payment or distribution is prohibited pursuant to Sections 5.2(e) through (q), such payment or distribution shall be paid over to the holders of such Senior Indebtedness or their representative or representatives or to the
trustee or trustees under any indenture pursuant to which any instruments evidencing any such Senior Indebtedness may have been issued, ratably as aforesaid, for application to the payment of all Senior Indebtedness remaining unpaid until all such
Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution (or provision therefor) to the holders of such Senior Indebtedness.
 (g)
For purposes of Sections 5.2(e) through (q), the
words “cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other Person provided for by a plan of reorganization or readjustment, the
payment of which is subordinated at least to the extent provided in Sections 5.2(e) through (q) with respect to such Contract Adjustment Payments on the Units to the payment of all Senior Indebtedness which may at the time be outstanding;
provided that (i) the indebtedness or guarantee of indebtedness, as the case may be, that constitutes Senior Indebtedness is assumed by the Person, if any, resulting from any such reorganization or
readjustment, and (ii) the rights of the holders of the Senior
 
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 Indebtedness are not, without the consent of each such holder adversely affected thereby, altered by such reorganization or
readjustment.
 (h)
Any failure by the
Company to make any payment on or perform any other obligation under Senior Indebtedness, other than any indebtedness incurred by the Company or assumed or guaranteed, directly or indirectly, by the Company for money borrowed (or any deferral,
renewal, extension or refunding thereof) or any indebtedness or obligation as to which the provisions of Sections 5.2(e) through (g) shall have been waived by the Company in the instrument or instruments by which the Company incurred, assumed,
guaranteed or otherwise created such indebtedness or obligation, shall not be deemed a default or event of default if (i) the Company shall be disputing its obligation to make such payment or perform such obligation and (ii) either (A) no final
judgment relating to such dispute shall have been issued against the Company which is in full force and effect and is not subject to further review, including a judgment that has become final by reason of the expiration of the time within which a
party may seek further appeal or review, and (B) in the event a judgment that is subject to further review or appeal has been issued, the Company shall in good faith be prosecuting an appeal or other proceeding for review and a stay of execution
shall have been obtained pending such appeal or review.
 (i)
Subject to the payment in full of all Senior Indebtedness, the Holders of the Purchase Contracts underlying the Units shall be subrogated
(equally and ratably with the holders of all obligations of the Company which by their express terms are subordinated to Senior Indebtedness of the Company to the same extent as payment of the Contract Adjustment Payments in respect of the Purchase
Contracts underlying the Units is subordinated and which are entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable
to the Senior Indebtedness until all such Contract Adjustment Payments owing on the Purchase Contracts underlying the Units shall be paid in full, and as between the Company, its creditors other than holders of such Senior Indebtedness and the
Holders, no such payment or distribution made to the holders of Senior Indebtedness by virtue of Sections 5.2(e) through (q) that otherwise would have been made to the Holders shall be deemed to be a payment by the Company on account of such
Senior Indebtedness, it being understood that the provisions of Sections 5.2(e) through (q) are and are intended solely for the purpose of defining the relative rights of the Holders, on the one hand, and the holders of Senior Indebtedness, on
the other hand.
 (j)
Nothing contained in
Sections 5.2(e) through (q) or elsewhere in this Agreement or in the Units is intended to or shall impair, as among the Company, its creditors other than the holders of Senior Indebtedness and the Holders, the obligation of the Company, which,
subject to the occurrence of a Termination Event as described in Section 5.2(b) and the Company’s right
 
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 pursuant to Section 5.3 to defer Contract Adjustment Payments, is absolute and unconditional, to pay to the Holders such Contract
Adjustment Payments on the Purchase Contracts underlying the Units as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company
other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Agent or any Holder from exercising all remedies otherwise permitted by applicable law upon default under this Agreement, subject to the rights, if any,
under these Sections 5.2(e) through (q), of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy.
 (k)
Upon payment or distribution of assets of the
Company referred to in these Sections 5.2(e) through (q), the Agent and the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up, liquidation or
reorganization proceeding affecting the affairs of the Company is pending or upon a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee or agent or other Person making any payment or
distribution, delivered to the Agent or to the Holders, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to these Sections 5.2(e) through (q).
 (l)
The Agent shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be
a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a trustee or representative on behalf of any such holder or holders. In the
event that the Agent determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to Sections 5.2(e) through (q), the
Agent may request such Person to furnish evidence to the reasonable satisfaction of the Agent as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and
any other facts pertinent to the rights of such Person under Sections 5.2(e) through (q), and, if such evidence is not furnished, the Agent may defer payment to such Person pending judicial determination as to the right of such Person to receive
such payment.
 (m)
Nothing contained in
Sections 5.2(e) through (q) shall affect the obligations of the Company to make, or prevent the Company from making, payment of the Contract Adjustment Payments, except as provided in these Sections 5.2(e) through (q).
 
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 (n)
Each Holder of
Units, by his acceptance thereof, authorizes and directs the Agent on his, her or its behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in Sections 5.2(e) through (q) and appoints the Agent his,
her or its attorney-in-fact, as the case may be, for any and all such purposes.
 (o)
The Company shall give prompt written notice to the Agent of any fact known to the Company that would prohibit the making of any payment of
moneys to or by the Agent in respect of the Purchase Contracts underlying the Units pursuant to the provisions of this Section 5.2. Notwithstanding the provisions of Sections 5.2(e) through (q) or any other provisions of this Agreement, the
Agent shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of moneys to or by the Agent, or the taking of any other action by the Agent, unless and until the Agent shall have received
written notice thereof mailed or delivered to a Responsible Officer of the Agent from the Company, any Holder, any paying agent or the holder or representative of any Senior Indebtedness; provided that,
if at least two Business Days prior to the date upon which by the terms hereof any such moneys may become payable for any purpose, the Agent shall not have received with respect to such moneys the notice provided for in this Section 5.2(o), then,
anything herein contained to the contrary notwithstanding, the Agent shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary
that may be received by it within two Business Days prior to or on or after such date.
 (p)
The Agent in its individual capacity shall be entitled to all the rights set forth in this Section 5.2 with respect to any Senior
Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness and nothing in this Agreement shall deprive the Agent of any of its rights as such holder.
 (q)
No right of any present or future holder of any
Senior Indebtedness to enforce the subordination herein shall at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any noncompliance by the Company with the terms, provisions and covenants
of this Agreement, regardless of any knowledge thereof which any such holder may have or be otherwise charged with.
 (r)
Nothing in this Section 5.2 shall apply to claims of, or payments to, the Agent under or pursuant to Section 7.7 hereof.
 With respect to the holders of Senior Indebtedness, (i) the duties and obligations of the Agent shall be determined solely by the express provisions of this Agreement; (ii) the Agent shall not
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 specifically set forth in this Agreement; (iii) no implied covenants or obligations shall be read into this Agreement against the Agent; and (iv) the Agent
shall not be deemed to be a fiduciary as to such holders.
 SECTION 5.3 
Deferral of Contract Adjustment Payments.
 (a)
The Company shall have the right, at any time prior to the Stock Purchase Date, to defer the payment of any or all of the Contract Adjustment
Payments otherwise payable on any Payment Date, but only if the Company shall give the Holders and the Agent written notice of its election to defer each such deferred Contract Adjustment Payment (specifying the amount to be deferred) at least ten
Business Days prior to the earlier of (i) the next succeeding Payment Date or (ii) the date the Company is required to give notice of the Record Date or Payment Date with respect to payment of such Contract Adjustment Payments to the NYSE or other
applicable self-regulatory organization or to Holders of the Units, but in any event not less than one Business Day prior to such Record Date. Any Contract Adjustment Payments so deferred shall, to the extent permitted by law, accrue additional
Contract Adjustment Payments thereon at the rate of 8.25% per year (computed on the basis of a 360-day year of twelve 30-day months), compounding on each succeeding Payment Date, until paid in full (such deferred installments of Contract Adjustment
Payments, if any, together with the additional Contract Adjustment Payments, if any, accrued thereon, being referred to herein as the “Deferred Contract Adjustment Payments”). Deferred Contract Adjustment Payments, if any, shall be due on
the next succeeding Payment Date except to the extent that payment is deferred pursuant to this Section 5.3. No Contract Adjustment Payments may be deferred to a date that is after the Settlement Date and no such deferral period may end other than
on a Payment Date. If the Purchase Contracts are terminated upon the occurrence of a Termination Event, the Holder’s right to receive Contract Adjustment Payments, if any, and any Deferred Contract Adjustment Payments, will terminate.

 (b)
In the event that the Company elects
to defer the payment of Contract Adjustment Payments on the Purchase Contracts until a Payment Date prior to the Stock Purchase Date, then all Deferred Contract Adjustment Payments, if any, shall be payable to the registered Holders as of the close
of business on the Record Date immediately preceding such Payment Date. 
 (c)
In the event that the Company elects to defer the payment of Contract Adjustment Payments on the Purchase Contracts until the Stock Purchase
Date, each Holder will receive on the Stock Purchase Date in lieu of a cash payment a number of shares of Common Stock (in addition to a number of shares of Common Stock equal to the Settlement Rate) equal to (A) the aggregate amount of Deferred
Contract Adjustment Payments payable to such Holder (net of any required tax withholding on such Deferred Contract Adjustment Payment,
 
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 which shall be remitted to the appropriate taxing jurisdiction) divided by (B) the Applicable Market Value. 
 (d)
No fractional shares of Common Stock will be issued
by the Company with respect to the payment of Deferred Contract Adjustment Payments on the Stock Purchase Date. In lieu of fractional shares otherwise issuable with respect to such payment of Deferred Contract Adjustment Payments, the Holder will be
entitled to receive an amount in cash as provided in Section 5.12. 
 (e)
In the event the Company exercises its option to defer the payment of Contract Adjustment Payments then, until the earlier of (x) the
Termination Date or (y) the date on which the Deferred Contract Adjustment Payments have been paid, the Company shall not declare or pay dividends on, make distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment
with respect to, any of the Company’s Capital Stock other than: 
 (i)
repurchases, redemptions or acquisitions of shares of Capital Stock of the Company in connection with any employment contract, benefit plan
or other similar arrangement with or for the benefit of employees, officers, directors or agents or a share purchase or dividend reinvestment plan, or the satisfaction by the Company of its obligations pursuant to any contract or security
outstanding on the date the Company exercises its right to defer the payment of Contract Adjustment Payments; 
 (ii)
as a result of a reclassification of the Company’s Capital Stock or the exchange or conversion of one class or series of the
Company’s Capital Stock for another class or series of the Company’s Capital Stock; 
 (iii)
the purchase of fractional interests of the Company’s Capital Stock pursuant to the conversion or exchange provisions of such Capital
Stock or the security being converted or exchanged; 
 (iv)
dividends or distributions in the Company’s Capital Stock (or rights to acquire the Company’s Capital Stock) or repurchases,
acquisitions or redemptions of the Company’s Capital Stock in exchange for or out of the net cash proceeds of the sale of the Company’s Capital Stock (or securities convertible into or exchangeable for shares of the Company’s Capital
Stock); or
 (v)
redemptions, exchanges or
repurchases of any rights outstanding under a stockholder rights plan or the declaration or payment thereunder of a dividend or distribution of or with respect to rights in the future, or the redemption or repurchase of any rights pursuant
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 SECTION 5.4 
Payment of Purchase Price; Remarketing.
 (a)
Unless a Special Event Redemption, successful remarketing of the Notes pursuant to the provisions of this Section 5.4 or Termination Event
has occurred, or a Holder of a Unit has settled the underlying Purchase Contract through an Early Settlement pursuant to Section 5.9 or a Merger Early Settlement pursuant to Section 5.10, each Holder of a Normal Unit may pay in cash (“Cash
Settlement”) the Purchase Price for the shares of Common Stock to be purchased pursuant to a Purchase Contract if such Holder notifies the Agent by surrender of the Normal Unit Certificate and delivery of a notice in substantially the form of
Exhibit E hereto of its intention to make a Cash Settlement. Such notice shall be made on or prior to 5:00 p.m., New York City time, on the seventh Business Day immediately preceding the Stock Purchase Date. The Agent shall promptly notify the
Collateral Agent of the receipt of such a notice from a Holder intending to make a Cash Settlement.
 (i)
A Holder of a Normal Unit who has so notified the Agent of its intention to make a Cash Settlement is required to pay the Purchase Price to
the Collateral Agent prior to 11:00 a.m., New York City time, on the Business Day immediately preceding the Stock Purchase Date in lawful money of the United States by certified or cashier’s check or wire transfer, in each case in immediately
available funds payable to or upon the order of the Company. Any cash received by the Collateral Agent will be paid to the Company on the Stock Purchase Date in settlement of the Purchase Contract in accordance with the terms of this Agreement and
the Pledge Agreement.
 (ii)
If a Holder of
a Normal Unit fails to notify the Agent of its intention to make a Cash Settlement in accordance with paragraph (a)(i) above, the Holder shall be deemed to have consented to the disposition of the Pledged Notes pursuant to the remarketing as
described in paragraph (b) below. If a Holder of a Normal Unit does notify the Agent as provided in paragraph (a)(i) above of its intention to pay the Purchase Price in cash, but fails to make such payment as required by paragraph (a)(i) above,
such failure shall constitute an event of default; however, the Notes of such a Holder will not be remarketed but instead the Collateral Agent, for the benefit of the Company, will exercise its rights as a secured party with respect to such Notes,
including but not limited to those rights specified in subsection (b)(iii) below.
 (b)
(i) Unless a Special Event Redemption has occurred, the Company shall engage, no later than 30 days prior to the Remarketing Date, a
nationally recognized investment bank (the “Remarketing Agent”) pursuant to a Remarketing Agreement to be mutually agreed on by the Company, the Agent and the Remarketing Agent, but providing
for remarketing procedures
 
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 substantially as set forth below to sell the Notes of Holders of Normal Units, other than Holders that have elected not to participate in
the remarketing pursuant to the procedures set forth in clause (iv) below, and holders of Separate Notes that have elected to participate in the remarketing pursuant to the procedures set forth in Section 4.5(d) of the Pledge Agreement. On
the seventh Business Day prior to the first day of each Remarketing Period, the Agent shall give Holders of Normal Units and holders of Separate Notes notice of the remarketing including the specific U.S. Treasury security or securities (including
the CUSIP number and/or the principal terms of such Treasury security or securities) that must be delivered by Holders of Normal Units that elect not to participate in the remarketing and the deadline for such delivery. The Company or the Agent, at
the Company’s request, shall request not later than seven nor more than 15 calendar days prior to any Remarketing Period, that the Clearing Agency notify the Clearing Agency participants of such Remarketing Period. The Agent shall notify, by
10:00 a.m., New York City time, on the third Business Day preceding the first day of such Remarketing Period, the Remarketing Agent and the Collateral Agent of the aggregate principal amount of Notes of Normal Unit Holders to be remarketed. On the
third Business Day preceding the first day of such Remarketing Period, no later than by 10:00 a.m., New York City time, pursuant to the terms of the Pledge Agreement, the Custodial Agent will notify the Remarketing Agent of the aggregate principal
amount of Separate Notes to be remarketed. No later than 10:00 a.m., New York City time, on the Business Day immediately preceding the first day of such Remarketing Period, the Collateral Agent and the Custodial Agent, pursuant to the terms of the
Pledge Agreement, will deliver for remarketing to the Remarketing Agent all Notes to be remarketed. Upon receipt of such notice from the Agent and the Custodial Agent and such Notes from the Collateral Agent and the Custodial Agent, the Remarketing
Agent will, on the Remarketing Date (and any Subsequent Remarketing Date), use its commercially reasonable best efforts to sell such Notes on such date at an aggregate price equal to at least 100.25% of the Remarketing Value. The sale of the Notes
will be settled on or prior to the third Business Day following the Remarketing Date or any Subsequent Remarketing Date on which the Notes were successfully remarketed. The Remarketing Agent will use the proceeds from a successful remarketing to
purchase the appropriate U.S. Treasury securities (the “Agent-purchased Treasury Consideration”) with the CUSIP numbers, if any, selected by the Remarketing Agent, described in clauses (i)(1) and (ii)(1) of the definition of Remarketing
Value related to the Notes of Holders of Normal Units that were remarketed. On or prior to the third Business Day following the Remarketing Date or any Subsequent Remarketing Date on which the Notes are successfully remarketed, the Remarketing Agent
shall deliver such Agent-purchased Treasury Consideration to the Agent, which shall thereupon deliver such Agent-purchased Treasury Consideration to the Collateral Agent. The Collateral Agent, for the benefit of the Company, will thereupon apply
such Agent-purchased Treasury Consideration, in accordance with the Pledge Agreement, to secure such Holders’ obligations under the Purchase Contracts. In the event of a successful
 
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 remarketing pursuant to this Section 5.4, the Remarketing Agent will deduct as a remarketing fee after allowing for the aggregate
purchase price of the Agent-purchased Treasury Consideration an amount not exceeding 25 basis points (.25%) of the Remarketing Value (the “Remarketing Fee”). The Remarketing Agent will remit (1) the portion of the proceeds from the
remarketing attributable to the Separate Notes to the holders of Separate Notes that were remarketed and (2) the remaining portion of the proceeds, less those proceeds used to purchase the Agent-purchased Treasury Consideration, to the Agent for the
benefit of the Holders of the Normal Units that were remarketed, all determined on a pro rata basis, in each case, on or prior to the third Business Day following the Remarketing Date or any Subsequent Remarketing Date on which the Notes were
successfully remarketed. Holders whose Notes are so remarketed will not otherwise be responsible for the payment of any Remarketing Fee in connection therewith.
 (ii)
If, in spite of using its commercially reasonable best efforts, the Remarketing Agent cannot remarket the Notes
included in the remarketing at a price equal to at least 100.25% of the Remarketing Value on the Remarketing Date, the Remarketing Agent will attempt to establish a Remarketing Rate meeting these requirements on each of the two immediately following
Business Days. If the Remarketing Agent cannot establish a Remarketing Rate meeting these requirements on any day during a Remarketing Period, the remarketing in such Remarketing Period will be deemed to have failed (a “Failed
Remarketing”). In the event of a Failed Remarketing with respect to the first Remarketing Period, the Remarketing Agent will undertake the procedures set forth in clause (i) above on each of the three Business Days in the second
Remarketing Period. In the event of a Failed Remarketing in the second Remarketing Period, the Remarketing Agent will further attempt to establish such a Remarketing Rate on the third Business Day immediately preceding the Stock Purchase Date. If,
in spite of using its commercially reasonable best efforts, the Remarketing Agent fails to remarket the Notes underlying the Normal Units at a price equal to at least 100.25% of the Remarketing Value in accordance with the terms of the Pledge
Agreement by 4:00 p.m., New York City time, on the third Business Day immediately preceding the Stock Purchase Date, the “Last Failed Remarketing” will be deemed to have occurred. Each remarketing attempt that takes place in accordance
with this Section 5.4 after the Remarketing Date is referred to herein as a “Subsequent Remarketing.” Within three Business Days following the date of a Failed Remarketing or the Last Failed Remarketing, as the case may be, the
Remarketing Agent shall return any Notes delivered to it to the Collateral Agent and the Custodial Agent, as applicable. The Collateral Agent, for the benefit of the Company, may exercise its rights as a secured party with respect to such Notes,
including those actions specified in (b) (iii) below; provided that if upon the Last Failed
 
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 Remarketing, the Collateral Agent exercises such rights for the benefit of the Company with respect to such Notes, any accumulated and
unpaid interest on such Notes will become payable by the Company to the Agent for payment to the Holders of the Normal Units to which such Notes relate. Such payment will be made by the Company on or prior to 11:00 a.m., New York City time, on the
Stock Purchase Date in lawful money of the United States by certified or cashier’s check or wire transfer in immediately available funds payable to or upon the order of the Agent. The Company will cause a notice of any Failed Remarketing and of
the Last Failed Remarketing to be published on the fourth Business Day following each Failed Remarketing and the Last Failed Remarketing, as the case may be, in a daily newspaper in the English language of general circulation in The City of New
York, which shall be The Wall Street Journal, if such newspaper is then so published. The Company will also release this information by means of Bloomberg and Reuters newswire (or any successor or
equivalent of such newswires).
 (iii)
With
respect to any Notes which constitute part of Normal Units which are subject to the Last Failed Remarketing, the Collateral Agent for the benefit of the Company reserves all of its rights as a secured party with respect thereto and, subject to
applicable law and Section 5.4 (e) below, may, among other things, (A) retain such Notes in full satisfaction of the Holders’ obligations under the Purchase Contracts or (B) sell such Notes in one or more public or private sales or otherwise.

 (iv)
A Holder of Normal Units may elect
not to participate in the remarketing and retain the Notes underlying such Units by notifying the Agent of such election and delivering the specific U.S. Treasury security or securities (including the CUSIP number and/or the principal terms of such
security or securities) identified by the Agent (as having been based solely on the identification that the Remarketing Agent shall have advised the Agent) that constitute the U.S. Treasury securities described in clauses (i) and (ii) of the
definition of Remarketing Value relating to the retained Notes (as if only such Notes were being remarketed) (the “Opt-out Treasury Consideration”) to the Agent not later than 10:00 a.m., New York City time, on the fourth Business Day
prior to the first day of any Remarketing Period. Upon receipt thereof by the Agent, the Agent shall deliver such Opt-out Treasury Consideration to the Collateral Agent, which will, for the benefit of the Company, thereupon apply such Opt-out
Treasury Consideration to secure such Holder’s obligations under the Purchase Contracts. On the Business Day immediately preceding the first day of a Remarketing Period, the Collateral Agent, pursuant to the terms of the Pledge Agreement, will
deliver the Pledged Notes of such Holder to the Agent. Within three Business Days following the last day of such Remarketing Period, (A) if
 
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 the remarketing was successful, the Agent shall distribute such Notes to the Holders thereof, and (B) if there was a Failed Remarketing
on such date, the Agent will deliver such Notes to the Collateral Agent, which will, for the benefit of the Company, thereupon apply such Notes to secure such Holders’ obligations under the Purchase Contract and return the Opt-out Treasury
Consideration delivered by such Holders to such Holders. A Holder that does not so deliver the Opt-out Treasury Consideration or does not so notify the agent of its election not to participate in the remarketing pursuant to this clause (iv) shall be
deemed to have elected to participate in the remarketing. 
 (c)
Upon the maturity of the Pledged Treasury Securities underlying the Stripped Units and, in the event of a successful remarketing or a Special
Event Redemption, the Pledged Treasury Consideration underlying the Normal Units on the Stock Purchase Date, the Collateral Agent shall remit to the Company an amount equal to the aggregate Purchase Price applicable to such Units, as payment for the
shares of Common Stock issuable upon settlement thereof without needing to receive any instructions from the Holders of such Units. In the event the payments in respect of the Pledged Treasury Securities or the Pledged Treasury Consideration
underlying a Unit is in excess of the Purchase Price of the Purchase Contract being settled thereby, the Collateral Agent will distribute such excess to the Agent for the benefit of the Holder of such Unit when received. 
 (d)
Any distribution to Holders of excess funds and
interest described in Section 5.4 (b) and (c) above shall be payable at the Corporate Trust Office or, at the option of the Holder or the holder of Separate Notes, as applicable, by check mailed to the address of the Person entitled thereto at such
address as it appears on the Register or by wire transfer to an account maintained in the United States specified by the Holder or the holder of Separate Notes, as applicable.
 (e)
Notwithstanding anything to the contrary herein or
in the Pledge Agreement, subject to Section 3.2 of the Pledge Agreement, the obligations of each Holder to pay the Purchase Price are non-recourse obligations and are payable solely out of the proceeds of any Collateral pledged to secure the
obligations of the Holders (except to the extent paid by Cash Settlement, Early Settlement or Merger Early Settlement) and in no event will Holders be liable for any deficiency between such payments and the Purchase Price. 
 (f)
Notwithstanding anything to the contrary herein, the
Company shall not be obligated to issue any shares of Common Stock in respect of a Purchase Contract or deliver any certificates therefor to the Holder of the related Unit unless the Company shall have (i) received payment in full of the aggregate
Purchase Price for the shares of Common Stock to be purchased thereunder by such Holder in the manner herein set forth or (ii) become entitled to exercise its rights as a secured party under Section 5.4(b)(iii).
 
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 SECTION 5.5 
Issuance of Shares of Common Stock.
 Unless a Termination Event shall have occurred on or prior to the Stock Purchase Date or an
Early Settlement or a Merger Early Settlement shall have occurred, on the Stock Purchase Date, upon the Company’s receipt of payment in full of the Purchase Price for the shares of Common Stock purchased by the Holders pursuant to the foregoing
provisions of this Article and subject to Section 5.6(b) or the Company’s exercise of its rights as a secured party pursuant to Section 5.4(b)(iii), the Company shall issue and deposit with the Agent, for the benefit of the Holders of the
Outstanding Units, one or more certificates representing the newly issued shares of Common Stock, registered in the name of the Agent (or its nominee) as custodian for the Holders (such certificates for shares of Common Stock, together with any
dividends or distributions for which both a record date and payment date for such dividend or distribution has occurred after the Stock Purchase Date, being hereinafter referred to as the “Purchase Contract Settlement Fund”), to which the
Holders are entitled hereunder. Subject to the foregoing, upon surrender of a Certificate to the Agent on or after the Stock Purchase Date, together with settlement instructions thereon duly completed and executed, the Holder of such Certificate
shall be entitled to receive in exchange therefor a certificate representing that number of whole shares of Common Stock which such Holder is entitled to receive pursuant to the provisions of this Article V (after taking into account all Units then
held by such Holder) together with cash in lieu of fractional shares as provided in Section 5.12 and any dividends or distributions with respect to such shares constituting part of the Purchase Contract Settlement Fund, but without any interest
thereon, and the Certificate so surrendered shall forthwith be cancelled. Such shares shall be registered in the name of the Holder or the Holder’s designee as specified in the settlement instructions provided by the Holder to the Agent. If any
shares of Common Stock issued in respect of a Purchase Contract are to be registered to a Person other than the Person in whose name the Certificate evidencing such Purchase Contract is registered, no such registration shall be made unless the
Person requesting such registration has paid any transfer and other taxes required by reason of such registration in a name other than that of the registered Holder of such Certificate or has established to the satisfaction of the Company that such
tax either has been paid or is not payable. 
 SECTION 5.6 
Adjustment of Settlement Rate.
 (a)
Adjustments for Dividends, Distributions, Stock Splits, Etc.
 (1)
Stock Dividends. In case
the Company shall pay or make a dividend or other distribution on the Common Stock in shares of Common Stock, the Settlement Rate, as in effect at the opening of business on the day following the date fixed for the determination of stockholders
entitled to receive such dividend or other distribution shall be increased by dividing such Settlement Rate by a fraction of which the numerator shall be the number of shares of Common Stock outstanding at the close of business on the date fixed for
such determination and the denominator
 
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 shall be the sum of such number of shares of Common Stock and the total number of shares of Common Stock constituting such dividend or
other distribution, such increase to become effective immediately after the opening of business on the day following the date fixed for such determination. For the purposes of this paragraph (1), the number of shares of Common Stock at the time
outstanding shall not include shares held in the treasury of the Company but shall include any shares issuable in respect of any scrip certificates issued in lieu of fractions of shares of Common Stock. The Company will not pay any dividend or make
any distribution on Common Stock held in the treasury of the Company. 
 (2)
Stock Purchase Rights. In case the Company shall issue rights, options or warrants to all holders of its Common
Stock (that are not available on an equivalent basis to Holders of the Units upon settlement of the Purchase Contracts underlying such Units) entitling them, for a period expiring within 45 days after the record date for the determination of
stockholders entitled to receive such rights, options or warrants, to subscribe for or purchase shares of Common Stock at a price per share less than the Current Market Price per share of Common Stock on the date fixed for the determination of
stockholders entitled to receive such rights, options or warrants (other than pursuant to a dividend reinvestment, share purchase or similar plan), the Settlement Rate in effect at the opening of business on the day following the date fixed for such
determination shall be increased by dividing such Settlement Rate by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding at the close of business on the date fixed for such determination plus the number of
shares of Common Stock which the aggregate of the offering price of the total number of shares of Common Stock so offered for subscription or purchase would purchase at such Current Market Price per share of Common Stock and the denominator of which
shall be the number of shares of Common Stock outstanding at the close of business on the date fixed for such determination plus the number of shares of Common Stock so offered for subscription or purchase, such increase to become effective
immediately after the opening of business on the day following the date fixed for such determination. For the purposes of this paragraph (2), the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury
of the Company but shall include any shares issuable in respect of any scrip certificates issued in lieu of fractions of shares of Common Stock. The Company shall not issue any such rights, options or warrants in respect of Common Stock held in the
treasury of the Company. 
 (3)
Stock
Splits; Reverse Splits. In case outstanding shares of Common Stock shall be subdivided or split into a greater number of shares of Common Stock, the Settlement Rate in effect at the opening of business
 
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 on the day following the day upon which such subdivision or split becomes effective shall be proportionately increased, and, conversely,
in case outstanding shares of Common Stock shall each be combined into a smaller number of shares of Common Stock, the Settlement Rate in effect at the opening of business on the day following the day upon which such combination becomes effective
shall be proportionately reduced, such increase or reduction, as the case may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision, split or combination becomes effective.

 (4)
Debt or Asset
Distributions. (i) In case the Company shall, by dividend or otherwise, distribute to all holders of its Common Stock evidences of its indebtedness or assets (including securities, but excluding any rights or warrants
referred to in paragraph (2) of this Section 5.6(a), shares of capital stock of any class or series, or similar equity interests, of or relating to a subsidiary or other business unit in the case of a Spin-Off referred to in the next paragraph, or
any dividend or distribution paid exclusively in cash and any dividend or distribution referred to in paragraph (1) of this Section 5.6(a)), the Settlement Rate shall be adjusted so that the same shall equal the rate determined by dividing the
Settlement Rate in effect immediately prior to the close of business on the date fixed for the determination of stockholders entitled to receive such distribution by a fraction, the numerator of which shall be the Current Market Price per share of
Common Stock on the date fixed for such determination less the then fair market value (as determined by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Agent) of the portion of the
assets or evidences of indebtedness so distributed applicable to one share of Common Stock and the denominator of which shall be such Current Market Price per share of Common Stock, such adjustment to become effective immediately prior to the
opening of business on the day following the date fixed for the determination of stockholders entitled to receive such distribution. In any case in which this paragraph (4) is applicable, paragraph (2) of this Section 5.6(a) shall not be applicable.

 (ii) In the case of a Spin-Off, the Settlement Rate in effect immediately before the close of business on the record date fixed for
determination of stockholders entitled to receive that distribution will be increased by multiplying the Settlement Rate by a fraction, the numerator of which is the Current Market Price per share of Common Stock plus the Fair Market Value of the
portion of those shares of Capital Stock or similar equity interests so distributed applicable to one share of Common Stock and the denominator of which is the Current Market Price per share of Common Stock. Any adjustment to the settlement rate
under this paragraph 4(ii) will occur on the date that is the earlier of (1) the tenth 
 
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 Trading Day following the effective date of the Spin-Off and (2) the date of the securities being offered in the Initial Public Offering
of the Spin-Off, if that Initial Public Offering is effected simultaneously with the Spin-Off.
 (5)
Cash Distributions. In case the Company shall, (i) by dividend (other than regular quarterly, semi-annual or
annual cash dividends) or otherwise, distribute to all holders of its Common Stock cash (excluding any cash that is distributed in a Reorganization Event to which Section 5.6(b) applies or as part of a distribution referred to in paragraph (4) of
this Section 5.6(a)) in an aggregate amount that, combined together with (ii) the aggregate amount of any other distributions to all holders of its Common Stock made exclusively in cash (other than regular quarterly, semi-annual or annual cash
dividends) within the 12 months preceding the date of payment of such distribution and in respect of which no adjustment pursuant to this paragraph (5) or paragraph (6) of this Section 5.6(a) has been made and (iii) the aggregate of any cash plus
the fair market value as of the date or expiration of the tender or exchange offer referred to below (as determined by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Agent) of
consideration payable in respect of any tender or exchange offer (other than consideration payable in respect of any odd-lot tender offer) by the Company or any of its subsidiaries for all or any portion of the Common Stock concluded within the 12
months preceding the date of payment of the distribution described in clause (i) above and in respect of which no adjustment pursuant to this paragraph (5) or paragraph (6) of this Section 5.6(a) has been made, exceeds 12.5% of the product of the
Current Market Price per share of Common Stock on the date for the determination of holders of Common Stock entitled to receive such distribution times the number of Common Stock outstanding on such date, then, and in each such case, immediately
after the close of business on the fifth Trading Day following such date for determination, the Settlement Rate shall be increased so that the same shall equal the rate determined by multiplying the Settlement Rate in effect immediately prior to the
close of business on the date fixed for determination of the stockholders entitled to receive such distribution by a fraction (A) the numerator of which shall be equal to the Current Market Price per share of the Common Stock plus an amount equal to
the quotient of (x) the combined amount distributed or payable in the transactions described in clauses (i), (ii) and (iii) of this paragraph (5) and (y) the number of shares of Common Stock outstanding on such date for determination and (B) the
denominator of which shall be equal to the Current Market Price per share of the Common Stock. Such increase in the Settlement Rate shall be given effect retroactively as of the opening of business on the “ex date.”
 
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 (6)
Tender
Offers. In case (i) a tender or exchange offer made by the Company or any subsidiary of the Company for all or any portion of the Common Stock shall expire and such tender or exchange offer (as amended upon the expiration
thereof) shall require the payment to stockholders (based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer) of Purchased Shares) of an aggregate consideration having a fair market value (as determined by
the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Agent) that when combined together with (ii) the aggregate of the cash plus the fair market value (as determined by the Board of
Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Agent), as of the expiration of such tender or exchange offer (other than consideration payable in respect of any odd-lot tender offer), of
consideration payable in respect of any other tender or exchange offer, by the Company or any subsidiary of the Company for all or any portion of the Common Stock expiring within the 12 months preceding the expiration of such tender or exchange
offer and in respect of which no adjustment pursuant to paragraph (5) of this Section 5.6(a) or this paragraph (6) has been made and (iii) the aggregate amount of any distributions to all holders of the Common Stock made exclusively in cash (other
than regular quarterly, semi-annual or annual cash dividends) within the 12 months preceding the expiration of such tender or exchange offer and in respect of which no adjustment pursuant to paragraph (5) of this Section 5.6(a) or this paragraph (6)
has been made, exceeds 12.5% of the product of the Current Market Price per share of Common Stock as of the last time (the “Expiration Time”) tenders could have been made pursuant to such tender or exchange offer (as it may be amended)
times the number of shares of Common Stock outstanding (including any tendered shares) on the Expiration Time, then, and in each such case, immediately after the close of business on the fifth Trading Day after the date of the Expiration Time, the
Settlement Rate shall be adjusted so that the same shall equal the rate determined by multiplying the Settlement Rate immediately prior to the close of business on the date of the Expiration Time by a fraction (A) the numerator of which shall be
equal to (x) the product of (I) the Current Market Price per share of the Common Stock and (II) the number of shares of Common Stock outstanding (excluding any tendered shares) on the fifth Trading Day following the date of the Expiration Time plus
(y) the amount of cash plus the fair market value (determined as aforesaid) of the aggregate consideration payable to stockholders based on the transactions described in clauses (i), (ii) and (iii) of this paragraph (6) (assuming in the case of
clause (i) the acceptance, up to any maximum specified in the terms of the tender or exchange offer, of Purchased Shares), and (B) the denominator of which shall be equal to the product of (x) the Current Market Price per share of the Common Stock
and (y) the
 
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 number of shares of Common Stock outstanding on the fifth Trading Day following the date of the Expiration Time plus the number of all
shares validly tendered and not withdrawn as of the Expiration Time (the shares deemed so accepted, up to any such maximum, being referred to as the “Purchased Shares”). Such increase in the Settlement Rate shall be given effect
retroactively as of the close of business on the date of the Expiration Time.
 (7)
Reclassification. The reclassification of Common Stock into securities including securities other than Common
Stock (other than any reclassification upon a Reorganization Event to which Section 5.6(b) applies) shall be deemed to involve (i) a distribution of such securities other than Common Stock to all holders of Common Stock (and the effective date of
such reclassification shall be deemed to be “the date fixed for the determination of stockholders entitled to receive such distribution” and the “date fixed for such determination” within the meaning of paragraph (4) of this
Section 5.6(a)), and (ii) a subdivision, split or combination, as the case may be, of the number of shares of Common Stock outstanding immediately prior to such reclassification into the number of shares of Common Stock outstanding immediately
thereafter (and the effective date of such reclassification shall be deemed to be “the day upon which such subdivision or split becomes effective” or “the day upon which such combination becomes effective,” as the case may be,
and “the day upon which such subdivision, split or combination becomes effective” within the meaning of paragraph (3) of this Section 5.6(a)). 
 (8)
“Current Market Price”. The “Current Market Price”
per share of Common Stock means (a) except as provided in clauses (b) through (e) of this paragraph (8), for purposes of paragraphs (2), (4), (5) and (6) of this Section 5.6(a), on any day the average of the Closing Price per share of Common
Stock on each of the five consecutive Trading Days ending on the earlier of the day in question and the day before the “ex date” with respect to the issuance or distribution requiring such computation, (b) for purposes of subclauses (A)
and (B) of paragraph (5) of this Section 5.6(a), the average of the Closing Price per share of Common Stock on each of the five consecutive Trading Days commencing on the “ex date” with respect to the distribution requiring such
computation, (c) for purposes of subclauses (A) and (B) of paragraph (6) of this Section 5.6(a), the average of the Closing Price per share of Common Stock on each of the five consecutive Trading Days immediately following the date of the
Expiration Time, (d) in the case of any Spin-Off that is effected simultaneously with an Initial Public Offering of the securities being distributed in the Spin-Off, the Closing Price of the Common Stock on the Trading Day on which the initial price
of the securities being distributed in the Spin-Off is determined, and (e) in
 
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 the case of any other Spin-Off, the average of the Closing Prices per share of Common Stock over the first 10 Trading Days after the
effective date of such Spin-Off. For purposes of this paragraph and the last sentence of paragraph (6) of this Section 5.6(a), the term “ex date,” when used with respect to any issuance or distribution, shall mean the first date on which
the Common Stock trades regular way on such exchange or in such market without the right to receive such issuance or distribution.
 (9)
Calculation of Adjustments. All adjustments to the Settlement Rate shall be calculated to the nearest 1/10,000th of a share of Common Stock (or if there is not a nearest 1/10,000th of a share to the next lower 1/10,000th of a share). No adjustment in the Settlement Rate shall be required unless such adjustment would require an increase or decrease of at least one percent therein; provided that any adjustments which by reason of this subparagraph are not required to be made shall be carried forward and taken into account in any subsequent adjustment. If an adjustment is made to the Settlement
Rate pursuant to paragraph (1) through (7) or (10) of this Section 5.6(a), an adjustment shall also be made to the Applicable Market Value solely to determine which of clauses (i), (ii) or (iii) of the definition of Settlement Rate in Section 5.1(a)
will apply on the Stock Purchase Date. Such adjustment shall be made by multiplying the Applicable Market Value by a fraction, the numerator of which shall be the Settlement Rate immediately after such adjustment pursuant to paragraph (1) through
(7) or (10) of this Section 5.6(a) and the denominator of which shall be the Settlement Rate immediately before such adjustment; provided that if such adjustment to the Settlement Rate is required
to be made pursuant to the occurrence of any of the events contemplated by paragraph (1) through (7) or (10) of this Section 5.6(a) during the period taken into consideration for determining the Applicable Market Value, appropriate and customary
adjustments shall be made to the Settlement Rate.
 (10)
Increase of Settlement Rate. The Company may make such increases in the Settlement Rate, in addition to those
required by this Section, as it considers to be advisable in order to avoid or diminish any income tax to any holders of shares of Common Stock resulting from any dividend or distribution of Capital Stock or issuance of rights or warrants to
purchase or subscribe for stock or from any event treated as such for income tax purposes or for any other reasons.
 
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 (b)
Adjustment for
Consolidation, Merger or Other Reorganization Event. 
 In the event of 
 (1)
any consolidation or merger of the Company with or
into another Person (other than a merger or consolidation in which the Company is the continuing corporation and in which the shares of Common Stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities
or other property of the Company or another corporation),
 (2)
any sale, transfer, lease or conveyance to another Person of the property of the Company as an entirety or substantially as an
entirety,
 (3)
any statutory exchange of
securities of the Company with another Person (other than in connection with a merger or acquisition), or
 (4)
any liquidation, dissolution or winding up of the Company other than as a result of or after the occurrence of a Termination Event (any such
event, a “Reorganization Event”), 
 each share of Common Stock covered by each Purchase Contract forming part of a Unit immediately prior to such Reorganization Event
shall, after such Reorganization Event, be converted for purposes of the Purchase Contract into the kind and amount of securities, cash and other property receivable in such Reorganization Event (without any interest thereon, and without any right
to dividends or distribution thereon which have a record date that is prior to the Stock Purchase Date) per share of Common Stock by a holder of Common Stock that (i) is not a Person with which the Company consolidated or into which the Company
merged or which merged into the Company or to which such sale or transfer was made, as the case may be (any such Person, a “Constituent Person”), or an Affiliate of a Constituent Person to the extent such Reorganization Event provides for
different treatment of shares of Common Stock held by Affiliates of the Company and non-Affiliates, and (ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon such
Reorganization Event (provided that if the kind or amount of securities, cash and other property receivable upon such Reorganization Event is not the same for each share of Common Stock held immediately prior to such Reorganization Event by a Person
other than a Constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised (“Non-electing Share”), then for the purpose of this Section the kind and amount of securities, cash and
other property receivable upon such Reorganization Event by each Non-electing Share shall be deemed to be the kind and amount so receivable per share of Common Stock by a plurality of the Non-electing Shares). On the Stock Purchase Date, the
Settlement Rate then in effect will be applied to the value on the Stock Purchase Date of such securities, cash or other property.
 
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 In the event of such a Reorganization Event, the Person formed by such consolidation, merger or exchange or the Person which acquires the
assets of the Company or, in the event of a liquidation or dissolution of the Company, the Company or a liquidating trust created in connection therewith, shall execute and deliver to the Agent an agreement supplemental hereto providing that the
Holder of each Outstanding Unit shall have the rights provided by this Section 5.6. Such supplemental agreement shall provide for adjustments which, for events subsequent to the effective date of such supplemental agreement, shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Section. The above provisions of this Section shall similarly apply to successive Reorganization Events.
 SECTION 5.7 
Notice of Adjustments and Certain Other Events.
 (a)
Whenever the Settlement Rate is adjusted as herein provided, the Company shall: 
 (i)
forthwith compute the Settlement Rate in accordance
with Section 5.6 and prepare and transmit to the Agent an Officers’ Certificate setting forth the Settlement Rate, the method of calculation thereof in reasonable detail, and the facts requiring such adjustment and upon which such adjustment is
based; and 
 (ii)
as soon as practicable
following the occurrence of an event that requires an adjustment to the Settlement Rate pursuant to Section 5.6 (or if the Company is not aware of such occurrence, as soon as practicable after becoming so aware), provide a written notice to the
Agent of the occurrence of such event and a statement setting forth in reasonable detail the method by which the adjustment to the Settlement Rate was determined and setting forth the adjusted Settlement Rate.
 (b)
The Agent shall not at any time be under any duty or
responsibility to any Holder of Units to determine whether any facts exist which may require any adjustment of the Settlement Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the
method employed in making the same. The Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities or property, which may at the time be issued or delivered with
respect to any Purchase Contract, and the Agent makes no representation with respect thereto. The Agent shall not be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock pursuant to a Purchase Contract
or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. 
 
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 SECTION 5.8 
Termination Event; Notice.
 The Purchase Contracts and all obligations and rights of the Company and the Holders thereunder,
including, without limitation, the rights of Holders to receive Contract Adjustment Payments, if any, or any Deferred Contract Adjustment Payments and obligations of Holders to purchase shares of Common Stock, shall immediately and automatically
terminate, without the necessity of any notice or action by any Holder, the Agent or the Company, if, on or prior to the Stock Purchase Date, a Termination Event shall have occurred. Upon and after the occurrence of a Termination Event, the Normal
Units shall thereafter represent the right to receive the Notes or the appropriate Treasury Consideration, as the case may be, forming a part of such Normal Units, and the Stripped Units shall thereafter represent the right to receive the Treasury
Securities forming a part of such Stripped Units, in each case in accordance with the provisions of Section 4.3 of the Pledge Agreement. Upon the occurrence of a Termination Event, the Company shall promptly but in no event later than two Business
Days thereafter give written notice to the Agent, the Collateral Agent and to the Holders, at their addresses as they appear in the Register. 
 SECTION 5.9

Early Settlement.
 (a)
Subject to and upon compliance with the provisions of this Section 5.9, Purchase Contracts underlying Units having an aggregate Stated Amount equal to $1,000 or an integral multiple thereof may, at the option of the Holder thereof, be
settled early (“Early Settlement”) on or prior to 10:00 a.m., New York City time, on the seventh Business Day immediately preceding the Stock Purchase Date. Holders of Stripped Units may only effect Early Settlement of the related Purchase
Contracts in integral multiples of 40 Stripped Units, and if Treasury Consideration has been substituted for the Notes as a component in the Normal Units due to a successful remarketing of the Notes pursuant to the provisions of Section 5.4 or the
occurrence of a Special Event Redemption, Purchase Contracts underlying such Normal Units may only be settled early in integral multiples of Normal Units such that the Treasury Consideration to be deposited and the Treasury Consideration to be
released are in integral multiples of $1,000. In order to exercise the right to effect Early Settlement with respect to any Purchase Contracts, the Holder of the Certificate evidencing the related Units shall deliver such Certificate to the Agent at
the Corporate Trust Office duly endorsed for transfer to the Company or in blank with the form of Election to Settle Early on the reverse thereof duly completed and accompanied by payment payable to the Company in immediately available funds in an
amount (the “Early Settlement Amount”) equal to (A) the product of (i) the Purchase Price multiplied by (ii) the number of Purchase Contracts with respect to which the Holder has elected to effect Early Settlement, plus (B) if such
delivery is made with respect to any Purchase Contracts during the period from the close of business on any Record Date next preceding any Payment Date to the opening of business on such Payment Date, an amount equal to the Contract Adjustment
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 payable on such Payment Date with respect to such Purchase Contracts; provided that no
payment shall be required pursuant to clause (B) of this sentence if the Company shall have elected to defer the Contract Adjustment Payments which would otherwise be payable on such Payment Date. Except as provided in the immediately preceding
sentence and subject to Section 5.2(d), no payment or adjustment shall be made upon Early Settlement of any Purchase Contract on any Contract Adjustment Payments accrued on such Purchase Contract or on account of any dividends on the shares of
Common Stock issued upon such Early Settlement. If the foregoing requirements are first satisfied with respect to Purchase Contracts underlying any Unit at or prior to 5:00 p.m., New York City time, on a Business Day, such day shall be the
“Early Settlement Date” with respect to such Unit and if such requirements are first satisfied after 5:00 p.m., New York City time, on a Business Day or on a day that is not a Business Day, the “Early Settlement Date” with
respect to such Units shall be the next succeeding Business Day. 
 (b)
Upon Early Settlement of any Purchase Contract by the Holder of the related Units, the Company shall issue, and the Holder shall be entitled
to receive, 1.8843 shares of Common Stock on account of such Purchase Contract (the “Early Settlement Rate”). The Early Settlement Rate shall be adjusted in the same manner and at the same time as the Settlement Rate is adjusted pursuant
to Section 5.6. As promptly as practicable after Early Settlement of Purchase Contracts in accordance with the provisions of this Section 5.9, the Company shall issue and shall deliver to the Agent at the Corporate Trust Office a certificate or
certificates for the full number of shares of Common Stock issuable upon such Early Settlement together with payment in lieu of any fraction of a share, as provided in Section 5.12. 
 (c)
No later than the third Business Day after the
applicable Early Settlement Date the Company shall cause (i) the shares of Common Stock issuable upon Early Settlement of Purchase Contracts to be issued and delivered, and (ii) the related Pledged Notes or Pledged Treasury Consideration, in the
case of Normal Units, or the related Pledged Treasury Securities, in the case of Stripped Units, to be released from the Pledge by the Collateral Agent and transferred, in each case, to the Agent for delivery to the Holder thereof or the
Holder’s designee. 
 (d)
Upon Early
Settlement of any Purchase Contracts, and subject to receipt of shares of Common Stock from the Company and the Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, from the Collateral Agent, as
applicable, the Agent shall, in accordance with the instructions provided by the Holder thereof on the applicable form of Election to Settle Early on the reverse of the Certificate evidencing the related Units, (i) transfer to the Holder the Pledged
Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, forming a part of such Units, and
 
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 (ii) deliver to the Holder a certificate or certificates for the full number of shares of Common Stock issuable upon such Early
Settlement together with payment in lieu of any fraction of a share, as provided in Section 5.12. 
 (e)
In the event that Early Settlement is effected with respect to Purchase Contracts underlying less than all the Units evidenced by a
Certificate, upon such Early Settlement the Company shall execute and the Agent shall authenticate, execute on behalf of the Holder and deliver to the Holder thereof, at the expense of the Company, a Certificate evidencing the Units as to which
Early Settlement was not effected. 
 (f)
No
Early Settlement will be permitted under this Section 5.9 unless, at the time of delivery of the Election to Settle Early form or the time the Early Settlement is effected, there is an effective registration statement with respect to the shares of
Common Stock to be issued and delivered in connection with such Early Settlement, if such a registration statement is required (in the view of counsel, which need not be in the form of a written opinion, for either the Company or the Agent) under
the Securities Act. If such a registration statement is so required, the Company covenants and agrees to use its commercially reasonable efforts to (A) have in effect a registration statement covering the shares of Common Stock to be delivered in
respect of the Purchase Contracts being settled and (B) provide a prospectus in connection therewith, in each case in a form that the Agent may use in connection with such Early Settlement.
 SECTION 5.10 
Early Settlement Upon Cash Merger.
 (a)
In the event of a merger or consolidation of the Company of the type described in clause (1) of Section 5.6(b) in which the shares of Common
Stock outstanding immediately prior to such merger or consolidation are exchanged for consideration consisting of at least 30% cash or cash equivalents (any such event a “Cash Merger”), then the Company (or the successor to the Company
hereunder) shall be required to offer the Holder of each Unit the right to settle the Purchase Contract underlying such Unit prior to the Stock Purchase Date (“Merger Early Settlement”) as provided herein. On or before the fifth Business
Day after the consummation of a Cash Merger, the Company or, at the request and expense of the Company, the Agent, shall give all Holders notice of the occurrence of the Cash Merger and of the right of Merger Early Settlement arising as a result
thereof. The Company shall also deliver a copy of such notice to the Agent and the Collateral Agent. 
 Each such notice shall contain: 
 (i)
the date, which shall be not less than 20 nor more
than 30 calendar days after the date of such notice, on which the Merger Early Settlement will be effected (the “Merger Early Settlement Date”);
 
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 (ii)
the date, which
shall be on or one Business Day prior to the Merger Early Settlement Date, by which the Merger Early Settlement right must be exercised; 
 (iii)
the Settlement Rate in effect as a result of such Cash Merger and the kind and amount of securities, cash and other property receivable by
the Holder upon settlement of each Purchase Contract pursuant to Section 5.6(b); 
 (iv)
a statement to the effect that all or a portion of the Purchase Price payable by the Holder to settle the Purchase Contract will be offset
against the amount of cash so receivable upon exercise of Merger Early Settlement, as applicable; and 
 (v)
the instructions a Holder must follow to exercise the Merger Early Settlement right. 
 (b)
To exercise a Merger Early Settlement right, a
Holder shall deliver to the Agent at the Corporate Trust Office on or before 5:00 p.m., New York City time, on the date specified in the notice the Certificate(s) evidencing the Units with respect to which the Merger Early Settlement right is being
exercised duly endorsed for transfer to the Company or in blank with the form of Election to Settle Early on the reverse thereof duly completed and accompanied by payment payable to the Company in immediately available funds in an amount equal to
the Early Settlement Amount less the amount of cash that otherwise would be deliverable by the Company or its successor upon settlement of the Purchase Contract in lieu of shares of Common Stock pursuant to Section 5.6(b) and as described in the
notice to Holders (the “Merger Early Settlement Amount”). 
 (c)
On the Merger Early Settlement Date, the Company shall deliver or cause to be delivered (i) the net cash, securities and other property to be
received by such exercising Holder, equal to the Settlement Rate as adjusted pursuant to Section 5.6, in respect of the number of Purchase Contracts for which such Merger Early Settlement right was exercised, and (ii) the related Pledged Notes or
Pledged Treasury Consideration, in the case of Normal Units, or Pledged Treasury Securities, in the case of Stripped Units, to be released from the Pledge by the Collateral Agent and transferred, in each case, to the Corporate Trust Office for
delivery to the Holder thereof or its designee. In the event a Merger Early Settlement right shall be exercised by a Holder in accordance with the terms hereof, all references herein to Stock Purchase Date shall be deemed to refer to such Merger
Early Settlement Date. 
 (d)
Upon Merger
Early Settlement of any Purchase Contracts, and subject to receipt of such net cash, securities or other property from the Company and the Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, from the
Collateral Agent, as applicable, the Agent
 
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 shall, in accordance with the instructions provided by the Holder thereof on the applicable form of Election to Settle Early on the
reverse of the Certificate evidencing the related Units, (i) transfer to the Holder the Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, forming a part of such Units, and (ii) deliver to the Holder
such net cash, securities or other property issuable upon such Merger Early Settlement together with payment in lieu of any fraction of a share, as provided in Section 5.12. 
 (e)
In the event that Merger Early Settlement is
effected with respect to Purchase Contracts underlying less than all the Units evidenced by a Certificate, upon such Merger Early Settlement the Company (or the successor to the Company hereunder) shall execute and the Agent shall authenticate,
execute on behalf of the Holder and deliver to the Holder thereof, at the expense of the Company, a Certificate evidencing the Units as to which Merger Early Settlement was not effected. 
 SECTION 5.11 
Charges and Taxes.
 The Company will pay all stock transfer and similar taxes attributable to the initial issuance and delivery of
the shares of Common Stock pursuant to the Purchase Contracts and in payment of any Deferred Contract Adjustment Payments; provided that the Company shall not be required to pay any such tax or taxes
which may be payable in respect of any exchange of or substitution for a Certificate evidencing a Unit or any issuance of a share of Common Stock in a name other than that of the registered Holder of a Certificate surrendered in respect of the Units
evidenced thereby, other than in the name of the Agent, as custodian for such Holder, and the Company shall not be required to issue or deliver such Certificate or share of Common Stock unless and until the Person or Persons requesting the transfer
or issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
 SECTION 5.12 
No Fractional Shares.
 No fractional shares or scrip representing fractional shares of Common Stock shall be issued or delivered
upon settlement on the Stock Purchase Date or upon Early Settlement or Merger Early Settlement of any Purchase Contracts. If Certificates evidencing more than one Purchase Contract shall be surrendered for settlement at one time by the same Holder,
the number of full shares of Common Stock which shall be delivered upon settlement shall be computed on the basis of the aggregate number of Purchase Contracts evidenced by the Certificates so surrendered. Instead of any fractional share of Common
Stock which would otherwise be deliverable upon settlement of any Purchase Contracts on the applicable Settlement Date or upon Early Settlement or Merger Early Settlement, the Company, through the Agent, shall make a cash payment in respect of such
fractional shares in an amount equal to the value of such fractional shares times the Applicable Market Value. The Company shall provide the Agent from time to
 
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 time with sufficient funds to permit the Agent to make all cash payments required by this Section 5.12 in a timely manner. 
 
ARTICLE VI
 REMEDIES
 SECTION 6.1

Unconditional Right of Holders to Receive Purchase Contract Adjustment Payments and Purchase Common Stock.
 The Holder of any Unit
shall have the right, which is absolute and unconditional, 
 (a)
subject to the right of the Company to defer payment thereof pursuant to Section 5.3, and to the forfeiture of any Deferred Contract
Adjustment Payments upon Early Settlement pursuant to Section 5.9 or upon Merger Early Settlement pursuant to Section 5.10 or upon the occurrence of a Termination Event, to receive payment of each installment of the Contract Adjustment Payments, if
any, with respect to the Purchase Contract constituting a part of such Unit on the respective Payment Date for such Unit, and to institute suit for the enforcement of such right to receive Contract Adjustment Payments, and
 (b)
to purchase shares of Common Stock pursuant to the
Purchase Contract constituting a part of such Unit and to institute suit for the enforcement of any such right to purchase shares of Common Stock, and such rights shall not be impaired without the consent of such Holder. 
 SECTION 6.2 
Restoration of Rights and Remedies.
 If any Holder has instituted any proceeding to enforce any right or remedy under this
Agreement and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to such Holder, then and in every such case, subject to any determination in such proceeding, the Company and such Holder shall be
restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of such Holder shall continue as though no such proceeding had been instituted. 
 SECTION 6.3 
Rights and Remedies Cumulative.
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Certificates in Section 3.10(f), no right or remedy herein conferred upon or reserved to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
 
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 right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 6.4 
Delay or Omission Not Waiver.
 No delay or omission of any Holder to exercise any right or remedy upon a default shall impair any
such right or remedy or constitute a waiver of any such right. Every right and remedy given by this Article or by law to the Holders may be exercised from time to time, and as often as may be deemed expedient, by such Holders. 
 SECTION 6.5 
Undertaking for Costs.
 All parties to this Agreement agree, and each Holder of a Unit, by its acceptance of such Unit shall be
deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Agreement, or in any suit against the Agent for any action taken, suffered or omitted by it as Agent, the filing
by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section shall not apply to any suit instituted by the Company, to any suit
instituted by the Agent, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% of the Outstanding Units, or to any suit instituted by any Holder for the enforcement of distributions on any Notes or
Contract Adjustment Payments, if any, on any Purchase Contract on or after the respective Payment Date therefor in respect of any Unit held by such Holder, or for enforcement of the right to purchase shares of Common Stock under the Purchase
Contract constituting part of any Unit held by such Holder. 
 SECTION 6.6 
Waiver of Stay or Extension Laws.
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Agreement; and
the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, but will suffer and permit the execution of every such power as though no such law had been enacted.
 
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ARTICLE VII
 THE AGENT
 SECTION 7.1

Certain Duties and Responsibilities.
 (a)
(1) The Agent undertakes to perform, with respect to the Units and Separate Notes, such duties and only such duties as are specifically set
forth in this Agreement and the Pledge Agreement, and no implied covenants or obligations shall be read into this Agreement against the Agent; and 
 (2)
in the absence of bad faith, willful misconduct or negligence on its part, the Agent may, with respect to the Units
and Separate Notes, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Agent and conforming to the requirements of this Agreement, but in the
case of any certificates or opinions which by any provision hereof are specifically required to be furnished to the Agent, the Agent shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
Agreement (but need not confirm or investigate the accuracy of the mathematical calculations or other facts stated therein). 
 (b)
No provision of this Agreement shall be construed to relieve the Agent from liability for its own negligent action, its own negligent failure
to act, its own bad faith or its own willful misconduct, except that: 
 (1)
this paragraph (b) shall not be construed to limit the effect of paragraph (a) of this Section; 
 (2)
the Agent shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it shall be proved that the Agent was negligent in ascertaining the pertinent facts; and 
 (3)
no provision of this Agreement shall require the Agent to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers. 
 (c)
Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting the liability of or
affording protection to the Agent shall be subject to the provisions of this Section.
 (d)
The Agent is authorized to execute and deliver the Pledge Agreement in its capacity as Agent.
 
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 SECTION 7.2 
Notice of Default.
 Within 30 days after the occurrence of any default by the Company hereunder of which a Responsible Officer of
the Agent has actual knowledge, the Agent shall transmit by mail to the Company and the Holders of Units, as their names and addresses appear in the applicable Register, notice of such default hereunder, unless such default shall have been cured or
waived. 
 SECTION 7.3 
Certain Rights of Agent.
 Subject to the provisions of Section 7.1:
 (a)
the Agent may conclusively rely and shall be fully
protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b)
any request or direction of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate, Issuer Order or
Issuer Request, and any resolution of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution; 
 (c)
whenever in the administration of this Agreement the Agent shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Agent (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate of the Company; 
 (d)
the Agent may consult with counsel and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (e)
the Agent shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Agent, in its discretion, may make reasonable further inquiry or investigation into such facts or matters related to the execution, delivery and performance of the Purchase Contracts as it may see fit, and, if the Agent shall determine to make
such further inquiry or investigation, it shall be given a reasonable opportunity to examine the books, records and premises of the Company, personally or by agent or attorney;
 
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 (f)
the Agent may
execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or an Affiliate of the Agent and the Agent shall not be responsible for any misconduct or negligence on the part of any agent or
attorney or an affiliate of the Agent appointed with due care hereunder;
 (g)
the Agent shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement solely at the request or
direction of any of the Holders pursuant to this Agreement, unless such Holders shall have offered to the Agent security or indemnity satisfactory to the Agent against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction;
 (h)
the
Agent shall not be deemed to have notice of any default unless a responsible Officer of the Agent has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Agent at the Corporate Trust
Office of the Agent, and such notice references the Units and this Agreement and states that it is a notice of default; and
 (i)
the Agent may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Agreement, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such
Certificate previously delivered and not superseded.
 SECTION 7.4 
Not Responsible for Recitals or Issuance of Units.
 The recitals contained herein and in the Certificates shall be taken as the
statements of the Company and the Agent assumes no responsibility for their accuracy. The Agent makes no representations as to the validity or sufficiency of either this Agreement or of the Units, or of the Pledge Agreement or the Pledge. The Agent
shall not be accountable for the use or application by the Company of the Units or the proceeds therefrom or in respect of the Purchase Contracts. 
 SECTION
7.5 
May Hold Units.
 Any Registrar or any other agent of the Company, or the Agent and its Affiliates, in their individual or any other
capacity, may become the owner or pledgee of Units and may otherwise deal with the Company, the Collateral Agent or any other Person with the same rights it would have if it were not Registrar or such other agent, or the Agent.
 
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 SECTION 7.6 
Money Held in Custody.
 Money held by the Agent in custody hereunder need not be segregated from the Agent’s other funds
except to the extent required by law or provided herein. The Agent shall be under no obligation to invest or pay interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 
 SECTION 7.7 
Compensation and Reimbursement.
 The Company agrees:
 (a)
to pay to the Agent from time to time reasonable compensation for all services rendered by it hereunder; 

(b)
except as otherwise expressly provided herein, to
reimburse the Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Agent in accordance with any provision of this Agreement (including the reasonable compensation and the reasonable expenses and
disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith; and 
 (c)
to indemnify the Agent and any predecessor Agent for, and to hold it harmless against, any loss, liability or expense
incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of its duties hereunder, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder. The Agent shall promptly notify the Company of any third-party claim which may give rise to the indemnity hereunder and give the Company the
opportunity to control the defense of such claim with counsel reasonably satisfactory to the indemnified party, and no such claim shall be settled without the written consent of the Company, which consent shall not be unreasonably withheld.

 For purposes of this Section 7.7, “Agent” shall include any predecessor Agent; provided that the
negligence, bad faith or willful misconduct of any Agent hereunder shall not affect the rights of any other Agent hereunder.
 The provisions of this Section
7.7 shall survive the termination of this Agreement, the satisfaction or discharge of the Units and/or the Separate Notes and/or the resignation or removal of the Agent. 
 SECTION 7.8 
Corporate Agent Required; Eligibility.
 There shall at all times be an Agent hereunder which shall be a corporation organized and
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 any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having (or being a member of a bank holding
company having) a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and having a Corporate Trust Office in the Borough of Manhattan, The City of New York, if there be such a
corporation, qualified and eligible under this Article and willing to act on reasonable terms. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Agent shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 SECTION 7.9 
Resignation and Removal; Appointment of Successor.
 (a)
No resignation or removal of the Agent and no appointment of a successor Agent pursuant to this Article shall become effective until the
acceptance of appointment by the successor Agent in accordance with the applicable requirements of Section 7.10. 
 (b)
The Agent may resign at any time by giving written notice thereof to the Company 60 days prior to the effective date of such resignation. If
the instrument of acceptance by a successor Agent required by Section 7.10 shall not have been delivered to the Agent within 30 days after the giving of such notice of resignation, the resigning Agent may petition any court of competent jurisdiction
for the appointment of a successor Agent. 
 (c)
The Agent may be removed at any time by Act of the Holders of a majority in number of the Outstanding Units delivered to the Agent and the Company. 
 (d)
If at any time:
 (1)
the Agent fails to comply with Section 310(b) of the TIA, as if the Agent were an indenture trustee under an
indenture qualified under the TIA, after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Unit for at least six months; or
 (2)
the Agent shall cease to be eligible under Section 7.8 and shall fail to resign after written request therefor by the
Company or by any such Holder; or 
 (3)
the
Agent shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Agent or of its
 
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 property shall be appointed or any public officer shall take charge or control of the Agent or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation; 
 then, in any such case, (x) the Company by a Board Resolution may remove the Agent, or (y) any Holder who has
been a bona fide Holder of a Unit for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Agent and the appointment of a successor Agent. 
 (e)
If the Agent shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Agent for any reason, the Company, by a Board Resolution, shall promptly appoint a successor Agent and shall comply with the applicable requirements of Section 7.10. If no successor
Agent shall have been so appointed by the Company and accepted appointment in the manner required by Section 7.10, any Holder who has been a bona fide Holder of a Unit for at least six months may, on behalf of itself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Agent. 
 (f)
The Company shall give, or shall cause such successor Agent to give, notice of each resignation and each removal of the Agent and each
appointment of a successor Agent by mailing written notice of such event by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the applicable Register. Each notice shall include the name of the successor Agent
and the address of its Corporate Trust Office. 
 SECTION 7.10 
Acceptance of Appointment by Successor.
 (a)
In case of the appointment hereunder of a successor Agent, every such successor Agent so appointed shall execute, acknowledge and deliver to
the Company and to the retiring Agent an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Agent shall become effective and such successor Agent, without any further act, deed or conveyance, shall become
vested with all the rights, powers, agencies and duties of the retiring Agent. On the request of the Company or the successor Agent, such retiring Agent shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Agent all the rights, powers and trusts of the retiring Agent and shall duly assign, transfer and deliver to such successor Agent all property and money held by such retiring Agent hereunder.
 (b)
Upon request of any such successor Agent, the
Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Agent all such rights, powers and agencies referred to in paragraph (a) of this Section.
 
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 (c)
No successor
Agent shall accept its appointment unless at the time of such acceptance such successor Agent shall be qualified and eligible under this Article. 
 SECTION
7.11 
Merger, Conversion, Consolidation or Succession to Business.
 Any Person into which the Agent may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Agent shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Agent, shall be the
successor of the Agent hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of
the parties hereto. In case any Certificates shall have been authenticated and executed on behalf of the Holders, but not delivered, by the Agent then in office, any successor to such Agent shall adopt such authentication and execution and deliver
the Certificates so authenticated and executed with the same effect as if such successor Agent had itself authenticated and executed such Units.
 SECTION 7.12

Preservation of Information.
 The Agent shall preserve, in as current a form as is reasonably practicable, the names and addresses
of Holders received by the Agent in its capacity as Registrar. 
 SECTION 7.13 
No Obligations of Agent.
 Except to the extent otherwise provided in this Agreement, the Agent assumes no obligation and shall not
be subject to any liability under this Agreement, the Pledge Agreement or any Purchase Contract in respect of the obligations of the Holder of any Unit thereunder. The Company agrees, and each Holder of a Certificate, by such Holder’s
acceptance thereof, shall be deemed to have agreed, that the Agent’s execution of the Certificates on behalf of the Holders shall be solely as agent and attorney-in-fact for the Holders, and that the Agent shall have no obligation to perform
such Purchase Contracts on behalf of the Holders, except to the extent expressly provided in Article V.
 SECTION 7.14 
Tax Compliance.
 (a)
The Agent, on its own behalf and on behalf of the Company, will comply with all applicable certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws,
regulations or administrative practice with respect to (i) any payments made with respect to the Units or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Units. Such compliance shall include, without
limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. 
 
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 (b)
The Agent shall
comply with any reasonable written direction timely received from the Company with respect to the execution or certification of any required documentation and the application of such requirements to particular payments or Holders or in other
particular circumstances, and may for purposes of this Agreement conclusively rely on any such direction in accordance with the provisions of Section 7.1(a)(2). 
 (c)
The Agent shall maintain all appropriate records documenting compliance with such requirements, and shall make such
records available, on written request, to the Company or its authorized representative within a reasonable period of time after receipt of such request. 
 
ARTICLE VIII
 SUPPLEMENTAL AGREEMENTS 
 SECTION 8.1 
Supplemental Agreements Without Consent of Holders.
 Without the consent of any Holders, the Company and the Agent, at any time and
from time to time, may enter into one or more agreements supplemental hereto, in form satisfactory to the Company and the Agent, for any of the following purposes: 
 (a)
to evidence the succession of another Person to the Company, and the assumption by any such successor of the
covenants of the Company herein and in the Certificates; or 
 (b)
to add to the covenants of the Company for the benefit of the Holders, or to surrender any right or power herein conferred upon the Company
(provided such covenants or such surrender shall not adversely affect the validity, perfection or priority of the security interests granted or created under the Pledge Agreement); or 
 (c)
to evidence and provide for the acceptance of
appointment hereunder by a successor Agent; or 
 (d)
to make provision with respect to the rights of Holders pursuant to the requirements of Section 5.6(b) or 5.10; or 
 (e)
to cure any ambiguity, to correct or supplement any
provisions herein which may be inconsistent with any other provisions herein, or to make any other provisions with respect to such matters or questions arising under this Agreement, provided such action
shall not adversely affect the interests of the Holders.
 
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 SECTION 8.2 
Supplemental Agreements with Consent of Holders.
 (a)
With the consent of the Holders of not less than a majority of the outstanding Purchase Contracts voting together as one class, by Act of
said Holders delivered to the Company and the Agent, the Company, when authorized by a Board Resolution, and the Agent may enter into an agreement or agreements supplemental hereto for the purpose of modifying in any manner the terms of the Purchase
Contracts, or the provisions of this Agreement or the rights of the Holders in respect of the Units; provided that, except as contemplated herein, no such supplemental agreement shall, without the
consent of the Holder of each Outstanding Unit affected thereby: 
 (1)
change any Payment Date; 
 (2)
change the amount or the type of Collateral required to be Pledged to secure a Holder’s obligations under the Purchase Contract, impair
the right of the Holder of any Purchase Contract to receive distributions on the related Collateral (except for the rights of Holders of Normal Units to substitute the Treasury Securities for the Pledged Notes or Pledged Treasury Consideration or
the rights of holders of Stripped Units to substitute Notes or appropriate Treasury Consideration for the Pledged Treasury Securities) or otherwise materially adversely affect the Holder’s rights in or to such Collateral; 
 (3)
reduce any Contract Adjustment Payments or any
Deferred Contract Adjustment Payment, or change any place where, or the coin or currency in which, any Contract Adjustment Payment is payable or increase any amounts payable in respect of the Units or decrease any other amounts receivable by Holders
in respect of the Units;
 (4)
impair the
right to institute suit for the enforcement of any Purchase Contract, any Contract Adjustment Payment, if any, or any Deferred Contract Adjustment Payment, if any; 
 (5)
reduce the number of shares of Common Stock to be purchased pursuant to any Purchase Contract, increase the price to
purchase shares of Common Stock upon settlement of any Purchase Contract, change the Stock Purchase Date or otherwise materially adversely affect the Holder’s rights under any Purchase Contract; or 
 (6)
reduce the percentage of the outstanding Purchase
Contracts the consent of whose Holders is required for any such supplemental agreement; 
 provided that if any amendment or proposal
referred to above would adversely affect only the Normal Units or the Stripped Units, then only the affected class of
 
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 Holder as of the record date for the Holders entitled to vote thereon will be entitled to vote on or consent to such amendment or
proposal, and such amendment or proposal shall not be effective except with the consent of Holders of not less than a majority of such class; provided, however, that no such agreement, whether with or without the consent of Holders, shall affect Section 3.16. 
 (b)
It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental agreement,
but it shall be sufficient if such Act shall approve the substance thereof. 
 SECTION 8.3 
Execution of Supplemental Agreements.
 In executing, or accepting the additional agencies created by, any supplemental agreement
permitted by this Article or the modifications thereby of the agencies created by this Agreement, the Agent shall be entitled to receive and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that the execution of such supplemental agreement is authorized or permitted by this Agreement and that all conditions precedent to the execution of such supplemental agreement have been satisfied. The Agent shall enter
into any such supplemental agreement which does not materially adversely affect the Agent’s own rights, duties or immunities under this Agreement or otherwise. 
 SECTION 8.4 
Effect of Supplemental Agreements.
 Upon the execution of any supplemental agreement under this Article, this Agreement shall be
modified in accordance therewith, and such supplemental agreement shall form a part of this Agreement for all purposes; and every Holder of Certificates theretofore or thereafter authenticated, executed on behalf of the Holders and delivered
hereunder shall be bound thereby. 
 SECTION 8.5 
Reference to Supplemental Agreements.
 Certificates authenticated, executed on behalf of the Holders and delivered after the
execution of any supplemental agreement pursuant to this Article may, and shall if required by the Agent, bear a notation in form approved by the Agent as to any matter provided for in such supplemental agreement. If the Company shall so determine,
new Certificates so modified as to conform, in the opinion of the Agent and the Company, to any such supplemental agreement may be prepared and executed by the Company and authenticated, executed on behalf of the Holders and delivered by the Agent
in exchange for Outstanding Certificates.
 
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ARTICLE IX
 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 
 SECTION 9.1 
Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions.
 The Company covenants that, so long
as any Units are outstanding, it will not (a) merge with or into or consolidate with any other Person or (b) transfer, lease or convey all or substantially all its assets to any Person or buy all or substantially all of the assets of another Person,
unless (i) either the Company shall be the continuing entity, or the successor (if other than the Company) shall be a corporation, partnership or trust organized and existing under the laws of the United States of America or a State thereof or the
District of Columbia and such Person shall expressly assume all the obligations of the Company under the Purchase Contracts, this Agreement, the Remarketing Agreement and the Pledge Agreement by one or more supplemental agreements in form reasonably
satisfactory to the Agent and the Collateral Agent, executed and delivered to the Agent and the Collateral Agent by such Person, and (ii) the Company or such successor, as the case may be, shall not, immediately after such merger or consolidation,
or such transfer, lease or conveyance, be in default in the performance of any covenant or condition hereunder, under any of the Purchase Contracts, under the Remarketing Agreement or under the Pledge Agreement. 
 SECTION 9.2 
Rights and Duties of Successor Corporation.
 (a)
In case of any such consolidation, merger, transfer, lease, purchase or conveyance and upon any such assumption by a successor entity in
accordance with Section 9.1, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named herein as the Company. Such successor entity thereupon may cause to be signed, and may issue either
in its own name or in the name of the Company, any or all of the Certificates evidencing Units issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Agent; and, upon the order of such successor
corporation, instead of the Company, and subject to all the terms, conditions and limitations in this Agreement prescribed, the Agent shall authenticate and execute on behalf of the Holders and deliver any Certificates which previously shall have
been signed and delivered by the officers of the Company to the Agent for authentication, execution on behalf of the Holder and delivery, and any Certificate evidencing Units which such successor entity thereafter shall cause to be signed and
delivered to the Agent for that purpose. All the Certificates so issued shall in all respects have the same legal rank and benefit under this Agreement as the Certificates theretofore or thereafter issued in accordance with the terms of this
Agreement as though all of such Certificates had been issued at the date of the execution hereof.
 
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 (b)
In case of any
such consolidation, merger, transfer, lease, purchase or conveyance such change in phraseology and form (but not in substance) may be made in the Certificates evidencing Units thereafter to be issued as may be appropriate. 
 SECTION 9.3 
Opinion of Counsel Given to Agent.
 The Agent, subject to Sections 7.1 and 7.3, shall receive an Opinion of Counsel as conclusive
evidence that any such consolidation, merger, transfer, lease, purchase or conveyance, and any such assumption, complies with the provisions of this Article and that all conditions precedent to the consummation of any such consolidation, merger,
sale, assignment, transfer, lease, purchase or conveyance have been met. 
 
ARTICLE X
 COVENANTS
 SECTION 10.1

Performance Under Purchase Contracts.
 The Company covenants and agrees for the benefit of the Holders from time to time of the
Units that it will duly and punctually perform its obligations under the Purchase Contracts in accordance with the terms of the Purchase Contracts and this Agreement. 
 SECTION 10.2 
Maintenance of Office or Agency.
 (a)
The Company will maintain in the Borough of Manhattan, The City of New York an office or agency where Certificates may be presented or
surrendered for acquisition of shares of Common Stock upon settlement of the Purchase Contracts on any Settlement Date and for transfer of Collateral upon occurrence of a Termination Event, where Certificates may be surrendered for registration of
transfer or exchange, for a Collateral Substitution or reestablishment of Normal Units and where notices and demands to or upon the Company in respect of the Units and this Agreement may be served. The Company will give prompt written notice to the
Agent of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Agent with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Agent as its agent to receive all such presentations, surrenders, notices and demands. 
 (b)
The Company may also from time to time designate one
or more other offices or agencies where Certificates may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation
or rescission shall in any manner relieve the
 
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 Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes. The
Company will give prompt written notice to the Agent of any such designation or rescission and of any change in the location of any such other office or agency. The Company hereby designates as the place of payment for the Units the Corporate Trust
Office and appoints the Agent at its Corporate Trust Office as paying agent in such city. 
 SECTION 10.3 
Company to Reserve Common Stock.
 The Company shall at all times prior to the Stock Purchase Date reserve and keep available, free
from preemptive rights, out of its authorized but unissued Common Stock the maximum number of shares of Common Stock issuable against tender of payment in respect of all Purchase Contracts constituting a part of the Units evidenced by Outstanding
Certificates. 
 SECTION 10.4 
Covenants as to Common Stock.
 The Company covenants that all shares of Common Stock which may be issued against tender of payment
in respect of any Purchase Contract constituting a part of the Outstanding Units will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable. 
 SECTION 10.5 
Statements of Officer of the Company as to Default.
 The Company will deliver to the Agent, within 120 days after the end of each
fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions
and conditions hereof, and if the Company shall be in default, specifying all such defaults and the nature and status thereof of which such Officers may have knowledge. In the event the Company shall change its fiscal year at any time the Units are
outstanding, the Company shall notify the Agent of the effective date of such change.
 
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

  

	  
 	  
 	 UNUMPROVIDENT CORPORATION
 
	 
 
 
 	  
 	 By: 
 	 
 /s/ SUSAN N. ROTH
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name:  
 	 Susan N. Roth
 
	  
 	  
 	  
 	 Title:
 	 Vice President, Corporate Secretary and
 Assistant General Counsel
 

  

	  
 	  
 	 JPMORGAN CHASE BANK,
 as Purchase Contract Agent
 
	 
 
 
 	  
 	 By: 
 	 
 /s/ JAMES D. HEANEY
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name: 
 	 James D. Heaney
 
	  
 	  
 	  
 	 Title: 
 	 Vice President
 

 

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 EXHIBIT A
FORM OF NORMAL UNITS CERTIFICATE
(Form of Global Certificate
Legend)
 [THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE CONTRACT AGREEMENT (AS DEFINED ON THE REVERSE HEREOF) AND IS REGISTERED IN THE NAME OF
THE CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.]* 
 [so long as DTC is the
Depositary, insert: Unless this Certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the Company or its agent for registration of transfer,
exchange or payment, and any Certificate issued is registered in the name of Cede & Co., or such other name as requested by an authorized representative of The Depository Trust Company, and any payment hereon is made to Cede & Co. or to such
other entity as is requested by an authorized representative of The Depository Trust Company, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an
interest herein.]
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE PURCHASE
CONTRACT AGREEMENT, THIS GLOBAL CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]*
 ______________
 * To be inserted in Global Certificates only.
 
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 (Form of Face of Normal Units Certificate)
 UnumProvident Corporation
 8.25% Adjustable Conversion-Rate Equity Security Units
  

	 No. 
 	  
 	 CUSIP No. 91529Y403
 
	 Number of Normal Units 
 	  
 	  
 

 
 This Normal Units
Certificate certifies that ______ is the registered Holder of the number of Normal Units set forth above [If the Certificate is a Global Certificate, insert - , as such number may be increased or
decreased as set forth on the Schedule of Increases or Decreases in Global Certificate annexed hereto]. Each Normal Unit represents (i) either (a) a 1/40, or 2.5%, beneficial ownership
interest of the Holder in one 6.00% Senior Note due 2008 (the “Note”) of UnumProvident Corporation, a Delaware corporation (the “Company”), having a principal amount of $1,000, subject to the Pledge of such Note by such Holder
pursuant to the Pledge Agreement, or (b) if the Notes have been remarketed by the Remarketing Agent (or if the Holder has elected not to have the Note represented by the Normal Units evidenced by this Normal Units Certificate remarketed or a Special
Event Redemption has occurred), the appropriate Treasury Consideration, subject to the Pledge of such Treasury Consideration by such Holder pursuant to the Pledge Agreement, and (ii) the rights and obligations of the Holder under one Purchase
Contract with the Company. Each Normal Unit will have a stated amount of $25 (the “Stated Amount”). All capitalized terms used herein which are defined in the Purchase Contract Agreement have the meaning set forth therein. 
 Pursuant to the Pledge Agreement, the interest in the Note or the appropriate Treasury Consideration, as the case may be, constituting part of each Normal Unit evidenced
hereby has been pledged to the Collateral Agent, for the benefit of the Company, to secure the obligations of the Holder under the Purchase Contract comprising a part of such Normal Unit to purchase shares of Common Stock of the Company. Prior to
the purchase of shares of Common Stock under each Purchase Contract, such Purchase Contracts shall not entitle the Holders of Normal Units Certificates to any of the rights of a holder of shares of Common Stock, including without limitation, the
right to vote or receive any dividends or other payments or to consent or to receive notice as stockholders in respect of the meetings of stockholders, or for the election of directors of the Company or for any other matter or any other rights
whatsoever as stockholder of the Company.
 The Pledge Agreement provides that all payments in respect of the Pledged Notes or Pledged Treasury Consideration
received by the Collateral Agent shall be paid by the Collateral Agent by wire transfer in same day funds (i) in the case of (A) quarterly cash distributions on Normal Units which include Pledged Notes or Pledged Treasury Consideration, as the case
may be, and (B) any payments in respect of the Notes or Treasury Consideration, as the case may be, that have been released from the Pledge pursuant to the Pledge Agreement, to the Agent to the account designated by the Agent,
 
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 no later than 11:00 a.m., New York City time, on the Business Day such payment is received by the Collateral Agent (provided that in the event such payment is received by the Collateral Agent on a day that is not a Business Day or after 9:00 a.m., New York City time, on a Business Day, then such payment shall be made no later than
9:30 a.m., New York City time, on the next succeeding Business Day) and (ii) in the case of payments in respect of any Pledged Notes or Pledged Treasury Consideration, as the case may be, to be paid upon settlement of such Holder’s obligations
to purchase shares of Common Stock under the Purchase Contract, to the Company on the Stock Purchase Date (as defined herein) in accordance with the terms of the Pledge Agreement, in full satisfaction of the respective obligations of the Holders of
the Normal Units of which such Pledged Notes or Pledged Treasury Consideration are a part under the Purchase Contracts forming a part of such Normal Units. Payments payable on each Payment Date (as defined below) with respect to Pledged Notes or the
appropriate Pledged Treasury Consideration included in the Normal Units shall be made quarterly in arrears on such Payment Date, subject to receipt thereof by the Agent from the Trustee or Collateral Agent, as the case may be, be paid to the Person
in whose name this Normal Units Certificate (or a Predecessor Normal Units Certificate) is registered at the close of business on the Record Date for such Payment Date.
 Each Purchase Contract evidenced hereby obligates the Holder of this Normal Units Certificate to purchase, and the Company to sell, on May 15, 2006 (the “Stock Purchase Date”), at a price equal to $25 (the
“Purchase Price”), a number of shares of Common Stock, par value $0.10 per share (“Common Stock”), of the Company, equal to the Settlement Rate, unless on or prior to the Stock Purchase Date there shall have occurred a
Termination Event or an Early Settlement or Merger Early Settlement with respect to the Normal Units of which such Purchase Contract is a part, all as provided in the Purchase Contract Agreement, as defined and more fully described on the reverse
hereof. The Purchase Price for the shares of Common Stock purchased pursuant to each Purchase Contract evidenced hereby, if not paid earlier, shall be satisfied on the Stock Purchase Date by either (i) the application of payments received with
regard to Pledged Treasury Consideration, or (ii) the exercise of the Company’s rights as a secured party in connection with the Pledged Notes, as the case may be. 
 The Company shall pay on each February 15, May 15, August 15 and November 15 each year, commencing August 15, 2003 (a “Payment Date”) in respect of each Purchase
Contract forming part of a Normal Unit evidenced hereby an amount (the “Contract Adjustment Payments”) equal to 2.25% per year of the Stated Amount, computed on the basis of a 360-day year of twelve 30-day months, subject to deferral at
the option of the Company as provided in the Purchase Contract Agreement and more fully described on the reverse hereof (provided that if on any date on which Contract Adjustment Payments are to be made
on the Purchase Contracts is not a Business Day, then payment of the Contract Adjustment Payments payable on that date will be made on the next succeeding day which is a Business Day, and no interest or payment will be paid in respect of the delay,
except that if such next succeeding Business Day is in the next succeeding calendar year, such payment will be made on the immediately preceding
 
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 Business Day). Such Contract Adjustment Payments shall be payable to the Person in whose name this Normal Units Certificate (or a Predecessor Normal Units
Certificate) is registered at the close of business on the Record Date for such Payment Date.
 Contract Adjustment Payments and payments on the Notes or the
appropriate Treasury Consideration will be payable at the office of the Agent in The City of New York or, at the option of the Company, by check mailed to the address of the Person entitled thereto as such address appears on the Normal Units
Register or by wire transfer to the account designated by such Person in writing.
 Reference is hereby made to the further provisions set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.
 Unless the certificate of authentication hereon
has been executed by the Agent by manual signature, this Normal Units Certificate shall not be entitled to any benefit under the Pledge Agreement or the Purchase Contract Agreement or be valid or obligatory for any purpose.
 
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

	 Dated: ____________
 	  
 	 UNUMPROVIDENT CORPORATION
 
	 
 
 
 	  
 	 By: 
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name: 
 Title: 
 

  

	  
 	  
 	 HOLDER SPECIFIED ABOVE (as to obligations
 of such Holder under the Purchase Contracts
 evidenced
hereby)
 
	 
 
 
 	  
 	 
 By: 
 	 
 JPMorgan Chase Bank,
 not individually but solely as Attorney-in-Fact
 of such Holder

	  
 	  
 	  
 	 
 By:
 	  
 
	 	 	 	 	 
 
	  
 	  
 	  
 	  
 	Name:
 Title:  
	  
 	  
 	  
 	  
 

 
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 AGENT’S CERTIFICATE OF AUTHENTICATION
 This is one of the Normal Units Certificates referred to in the within mentioned Purchase Contract Agreement.
  

	  
 	  
 	 JPMorgan Chase Bank, 
 as Purchase Contract Agent
 
	 
 Dated: _______________
 	  
 	 By: 
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Authorized Officer
 

  
 
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 (Form of Reverse of Normal Units Certificate) 
 Each Purchase Contract evidenced hereby is governed by a Purchase Contract Agreement, dated as of May 7, 2003 (as may be supplemented from time to time, the “Purchase Contract Agreement”), between the Company and JPMorgan Chase
Bank, as Purchase Contract Agent (including its successors thereunder, herein called the “Agent”), to which Purchase Contract Agreement and supplemental agreements thereto reference is hereby made for a description of the respective
rights, limitations of rights, obligations, duties and immunities thereunder of the Agent, the Company, and the Holders and of the terms upon which the Normal Units Certificates are, and are to be, executed and delivered. All defined terms used but
not defined in this Certificate have the meanings ascribed to them in the Purchase Contract Agreement.
 Each Purchase Contract evidenced hereby obligates the
Holder of this Normal Units Certificate to purchase, and the Company to sell, on the Stock Purchase Date at a price equal to $25 (the “Purchase Price”), a number of shares of Common Stock of the Company equal to the Settlement Rate,
unless, on or prior to the Stock Purchase Date, there shall have occurred a Termination Event or a Cash Settlement, Early Settlement or Merger Early Settlement with respect to the Unit of which such Purchase Contract is a part. The “Settlement
Rate” is equal to (a) if the Applicable Market Value (as defined below) is equal to or greater than $13.27 (the “Threshold Appreciation Price”), 1.8843 shares of Common Stock per Purchase Contract, (b) if the Applicable Market Value
is less than the Threshold Appreciation Price but is greater than $10.875, the number of shares of Common Stock per Purchase Contract equal to the Purchase Price divided by the Applicable Market Value and (c) if the Applicable Market Value is equal
to or less than $10.875, 2.2989 shares of Common Stock per Purchase Contract, in each case subject to adjustment as provided in the Purchase Contract Agreement. No fractional shares of Common Stock will be issued upon settlement of Purchase
Contracts, as provided in the Purchase Contract Agreement. 
 The “Applicable Market Value” means the average of the Closing Price per share of Common
Stock on each of the 20 consecutive Trading Days ending on the third Trading Day immediately preceding the Stock Purchase Date or, in the event of a Cash Merger, the Cash Merger Date. 
 The “Closing Price” of the Common Stock on any date of determination means the closing sale price (or, if no closing sale price is reported, the last reported sale price) of the Common Stock on the New York
Stock Exchange (the “NYSE”) on such date or, if the Common Stock is not listed for trading on the NYSE on any such date, as reported in the composite transactions for the principal United States securities exchange on which the Common
Stock is so listed, or if the Common Stock is not so listed on a United States national or regional securities exchange, as reported by The Nasdaq Stock Market, or, if the Common Stock is not so reported, the last quoted bid price for the Common
Stock in the over-the-counter market as reported by the National Quotation Bureau or similar organization, or, if such bid price is not available, the market value of 
 
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 the Common Stock on such date as determined by a nationally recognized independent investment banking firm retained for this purpose by the Company.

 A “Trading Day” means a day on which the Common Stock (A) is not suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (B) has traded at least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading of the Common Stock
at the close of business on such day. 
 Each Purchase Contract evidenced hereby may be settled prior to the Stock Purchase Date through Cash Settlement, Early
Settlement or Merger Early Settlement, in accordance with the terms of the Purchase Contract Agreement. 
 In accordance with the terms of the Purchase Contract
Agreement, the Holder of this Normal Units Certificate shall pay the Purchase Price for the shares of Common Stock purchased pursuant to each Purchase Contract evidenced hereby (i) by effecting a Cash Settlement, an Early Settlement or Merger Early
Settlement, (ii) by application of payments received in respect of the Pledged Treasury Consideration acquired from the proceeds of a remarketing of the related Pledged Notes underlying the Normal Units represented by this Normal Units Certificate
as contemplated by Section 5.4 of the Purchase Contract Agreement, (iii) if the Holder has elected not to participate in the remarketing, by application of payments received in respect of the Pledged Opt-out Treasury Consideration deposited by such
Holder in respect of such Purchase Contract or (iv) if a Special Event Redemption has occurred prior to the successful remarketing of the Notes as contemplated by Section 5.4 of the Purchase Contract Agreement, by application of payments received in
respect of the Pledged Treasury Consideration purchased by the Collateral Agent on behalf of the Holder of this Normal Units Certificate. The Company shall not be obligated to issue any shares of Common Stock in respect of a Purchase Contract or
deliver any certificates therefor to the Holder unless it shall have received payment in full of the aggregate Purchase Price for the shares of Common Stock to be purchased thereunder or become entitled to exercise its rights as a secured party in
the manner set forth in the Purchase Contract Agreement. If, as provided in the Purchase Contract Agreement, upon the occurrence of a Last Failed Remarketing the Collateral Agent, for the benefit of the Company, exercises its rights as a secured
creditor with respect to the Pledged Notes related to this Normal Units Certificate, any accrued and unpaid interest on such Pledged Notes will become payable by the Company to the Holder of this Normal Units Certificate in the manner provided for
in the Purchase Contract Agreement. 
 Under and subject to the terms of the Pledge Agreement and the Purchase Contract Agreement, the Agent will be entitled to
exercise the voting and any other consensual rights pertaining to the Pledged Notes, but only to the extent instructed by the Holders as described below. Upon receipt of notice of any meeting at which holders of Notes are entitled to vote or upon
the solicitation of consents, waivers or proxies of holders of Notes, the Agent shall, as soon as practicable thereafter, mail to the Holders of 
 
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 Normal Units a notice (a) containing such information as is contained in the notice or solicitation, (b) stating that each such Holder on the record date set
by the Agent therefor (which, to the extent possible, shall be the same date as the record date for determining the holders of Notes entitled to vote) shall be entitled to instruct the Agent as to the exercise of the voting rights pertaining to the
Pledged Notes constituting a part of such Holder’s Normal Units and (c) stating the manner in which such instructions may be given. Upon the written request of any Holder of Normal Units on such record date, the Agent shall endeavor insofar as
practicable to vote or cause to be voted, in accordance with the instructions set forth in such request the maximum number of Pledged Notes as to which any particular voting instructions are received. In the absence of specific instructions from the
Holder of a Normal Unit, the Agent shall abstain from voting the Pledged Note evidenced by such Normal Unit. 
 The Normal Units Certificates are issuable only
in registered form and only in denominations of a single Normal Unit and any integral multiple thereof. The transfer of any Normal Units Certificate will be registered and Normal Units Certificates may be exchanged as provided in the Purchase
Contract Agreement. The Normal Units Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents permitted by the Purchase Contract Agreement. No service charge shall be required for any such
registration of transfer or exchange of a Normal Units Certificate, but the Company and the Agent may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Certificates, other than exchanges not involving any transfer as provided for in the Purchase Contract Agreement. The Holder of a Normal Unit may substitute for the Pledged Notes or Pledged Treasury Consideration securing its
obligations under the related Purchase Contract Treasury Securities in accordance with the terms of the Purchase Contract Agreement and the Pledge Agreement. From and after such Collateral Substitution, the Unit for which such Pledged Treasury
Securities secures the Holder’s obligation under the Purchase Contract shall be referred to as a “Stripped Unit.” A Holder that elects to substitute Treasury Securities for Pledged Notes or Pledged Treasury Consideration, thereby
creating Stripped Units, shall be responsible for any fees or expenses payable in connection therewith. Except as provided in the Purchase Contract Agreement, for so long as the Purchase Contract underlying a Normal Unit remains in effect, such
Normal Unit shall not be separable into its constituent parts, and the rights and obligations of the Holder of such Normal Units in respect of the Pledged Note or Pledged Treasury Consideration and Purchase Contract comprising such Normal Unit may
be acquired, and may be transferred and exchanged, only as a Normal Unit. 
 A Holder of Stripped Units may reestablish Normal Units at any time from and after
the date of the Purchase Contract Agreement and on or prior to the seventh Business Day immediately preceding the Stock Purchase Date by depositing with the Collateral Agent the Notes or the appropriate Treasury Consideration in exchange for the
release of the Pledged Treasury Securities in accordance with the terms of the Purchase Contract Agreement and the Pledge Agreement. 
 
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 Subject to the next succeeding paragraph, the Company shall pay, on each Payment Date, the Contract Adjustment Payments, if any, payable
in respect of each Purchase Contract to the Person in whose name the Normal Units Certificate (or one or more Predecessor Normal Units Certificates) evidencing such Purchase Contract is registered on the Normal Units Register at the close of
business on the Record Date next preceding such Payment Date. The Contract Adjustment Payments, if any, will be payable at the Corporate Trust Office or such other office or agency designated as set forth in the Purchase Contract Agreement or, at
the option of the Company, by check mailed to the address of the Person entitled thereto at such Person’s address as it appears on the Normal Units Register or by wire transfer to the account designated by such Person in writing.
 The Company shall have the right, at any time prior to the Stock Purchase Date, to defer the payment of any or all of the Contract Adjustment Payments otherwise payable on
any Payment Date, but only if the Company shall give the Holders and the Agent written notice of its election to defer each such Contract Adjustment Payments as provided in the Purchase Contract Agreement. Any Contract Adjustment Payments so
deferred shall, to the extent permitted by law, accrue additional Contract Adjustment Payments thereon at the rate of 8.25% per year (computed on the basis of a 360-day year of twelve 30-day months), compounding on each succeeding Payment Date,
until paid in full (such deferred installments of Contract Adjustment Payments, if any, together with the additional Contract Adjustment Payments, if any, accrued thereon, are referred to herein as the “Deferred Contract Adjustment
Payments”). Deferred Contract Adjustment Payments, if any, shall be due on the next succeeding Payment Date except to the extent that payment is deferred pursuant to the Purchase Contract Agreement. No Contract Adjustment Payments may be
deferred to a date that is after the Stock Purchase Date and no such deferral period may end other than on a Payment Date. 
 In the event that the Company
elects to defer the payment of Contract Adjustment Payments on the Purchase Contracts until a Payment Date prior to the Stock Purchase Date, then all Deferred Contract Adjustment Payments, if any, shall be payable to the registered Holders as of the
close of business on the Record Date immediately preceding such Payment Date. 
 The Company’s obligations with respect to Contract Adjustment Payments
(including any accrued or Deferred Contract Adjustment Payments) will be subordinated and junior in right of payment to the Company’s obligations under any Senior Indebtedness in the manner and to the extent set forth in the Purchase Contract
Agreement.
 In the event that the Company elects to defer the payment of Contract Adjustment Payments on the Purchase Contracts until the Stock Purchase Date,
the Holder of this Normal Units Certificate will receive on the Stock Purchase Date, in lieu of a cash payment, a number of shares of Common Stock (in addition to the number of shares of Common Stock equal to the Settlement Rate) equal to (i) the
aggregate amount 
 
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 of Deferred Contract Adjustment Payments payable to the Holder of this Normal Units Certificate divided by (ii) the Applicable Market Value. 
 In the event the Company exercises its option to defer the payment of Contract Adjustment Payments, then, until the earlier of (x) the Termination Date and (y) the date on
which the Deferred Contract Adjustment Payments have been paid, the Company shall not, and will not permit any subsidiary of the Company to, declare or pay dividends on, make distributions with respect to, or redeem, purchase or acquire, or make a
liquidation payment with respect to, any of the Company’s Capital Stock other than (i) repurchases, redemptions or acquisitions of shares of the Company’s Capital Stock in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of employees, officers, directors or agents or a stock purchase or dividend reinvestment plan, or the satisfaction by the Company of its obligations pursuant to any contract or security outstanding on the
date the Company exercises its rights to defer the Contract Adjustment Payments; (ii) as a result of a reclassification of the Company’s Capital Stock or the exchange or conversion of one class or series of the Company’s Capital Stock for
another class or series of the Company’s Capital Stock; (iii) the purchase of fractional interests in shares of any series of the Company’s Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock or the
security being converted or exchanged; (iv) dividends or distributions in any series of the Company’s Capital Stock (or rights to acquire Capital Stock) or repurchases, acquisitions or redemptions of the Company’s Capital Stock in
connection with the issuance or exchange of any series of the Company’s Capital Stock (or securities convertible into or exchangeable for shares of the Company’s Capital Stock); or (v) redemptions, exchanges or repurchases of any rights
outstanding under a stockholder rights plan or the declaration or payment thereunder of a dividend or distribution of or with respect to rights in the future, or the redemption or repurchase of any rights pursuant thereto.
 The Purchase Contracts and all obligations and rights of the Company and the Holders thereunder, including, without limitation, the rights of the Holders to receive accumulated
Contract Adjustment Payments, if any, or any Deferred Contract Adjustment Payments and the obligations of the Holders to purchase shares of Common Stock, shall immediately and automatically terminate, without the necessity of any notice or action by
any Holder, the Agent or the Company, if, on or prior to the Stock Purchase Date, a Termination Event shall have occurred. Upon the occurrence of a Termination Event, the Company shall promptly but in no event later than two Business Days thereafter
give written notice to the Agent, the Collateral Agent and to the Holders, at their addresses as they appear in the Normal Units Register. Upon and after the occurrence of a Termination Event, the Collateral Agent shall release the Pledged Notes or
Pledged Treasury Consideration from the Pledge in accordance with the provisions of the Pledge Agreement. 
 Upon registration of transfer of this Normal Units
Certificate, the transferee shall be bound (without the necessity of any other action on the part of such transferee, except as may be required by the Agent pursuant to the Purchase Contract Agreement), under the terms of the Purchase Contract
Agreement, the Purchase Contracts 
 
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 evidenced hereby and the Pledge Agreement and the transferor shall be released from the obligations under the Purchase Contract Agreement, the Purchase
Contracts evidenced by this Normal Units Certificate and the Pledge Agreement. The Company covenants and agrees, and the Holder, by its acceptance hereof, likewise covenants and agrees, to be bound by the provisions of this paragraph. 
 The Holder of this Normal Units Certificate, by its acceptance hereof, irrevocably authorizes the Agent to enter into and perform the related Purchase Contracts forming
part of the Normal Units evidenced hereby on his behalf as his attorney-in-fact, expressly withholds any consent to the assumption (i.e., affirmance) of the Purchase Contracts by the Company or its
trustee in the event that the Company becomes the subject of a case under the Bankruptcy Code, agrees to be bound by the terms and provisions thereof, covenants and agrees to perform such Holder’s obligations under such Purchase Contracts,
consents to the provisions of the Purchase Contract Agreement, irrevocably authorizes the Agent to enter into and perform the Pledge Agreement on such Holder’s behalf as attorney-in-fact, and consents to the Pledge of the Notes or the
appropriate Treasury Consideration underlying this Normal Units Certificate pursuant to the Pledge Agreement. The Holder further covenants and agrees, that, to the extent and in the manner provided in the Purchase Contract Agreement and the Pledge
Agreement, but subject to the terms thereof, payments in respect of the Pledged Notes or the Pledged Treasury Consideration to be paid upon settlement of such Holder’s obligations to purchase shares of Common Stock under the Purchase Contract,
shall be paid on the Stock Purchase Date by the Collateral Agent to the Company in satisfaction of such Holder’s obligations under such Purchase Contract and such Holder shall acquire no right, title or interest in such payments. The
obligations of each Holder to pay the Purchase Price are non-recourse obligations and except to the extent paid by Cash Settlement, Early Settlement or Merger Early Settlement, are payable solely out of the proceeds of any Collateral pledged to
secure the obligations of the Holders and in no event will Holders be liable for any deficiency between such payments and the Purchase Price. Notwithstanding anything to the contrary herein, the Company shall not be obligated to issue any shares of
Common Stock in respect of a Purchase Contract or deliver any certificates therefor to the Holder of the related Unit unless the Company shall have (i) received payment in full of the aggregate Purchase Price for the shares of Common Stock to be
purchased thereunder by such Holder in the manner herein set forth or (ii) exercised its rights as a secured party under Section 5.4(b)(iii) of the Purchase Contract Agreement. 
 Each Holder of any Unit, and each Beneficial Owner thereof, by its acceptance thereof or of its interest therein, further agrees to treat (i) itself as the owner of the related Notes, Treasury Consideration or Treasury
Securities, as the case may be, and (ii) the Notes as indebtedness of the Company in each case, for United States federal, state and local income and franchise tax purposes. 
 Subject to certain exceptions, the provisions of the Purchase Contract Agreement may be amended with the consent of the Holders of a majority of the outstanding Purchase Contracts. 
 
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 The Purchase Contracts shall for all purposes be governed by, deemed to be a contract under, and construed in accordance with, the laws
of the State of New York. 
 The Company, the Agent and its Affiliates and any agent of the Company or the Agent may treat the Person in whose name this Normal
Units Certificate is registered as the owner of the Normal Units evidenced hereby for the purpose of receiving quarterly payments of interest on the Notes or the Treasury Consideration, as the case may be, receiving payments of Contract Adjustment
Payments, if any, and any Deferred Contract Adjustment Payments, performance of the Purchase Contracts and for all other purposes whatsoever, whether or not any payments in respect thereof be overdue and notwithstanding any notice to the contrary,
and neither the Company, the Agent, such Affiliates nor any such agent shall be affected by notice to the contrary. 
 The Purchase Contracts shall not, prior
to the settlement thereof, entitle the Holder to any of the rights of a holder of shares of Common Stock.
 A copy of the Purchase Contract Agreement is
available for inspection at the offices of the Agent. 
 
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 ABBREVIATIONS
 The following
abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

	 TEN COM -
 	  
 	 as tenants in common
 	  
 	  
 
	 UNIF GIFT MIN ACT -
 	  
 	 Custodian
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	 
 	  
 	  
 	  
 
	  
 	  
 	 (cust)
                     (minor)
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	 Under Uniform Gifts to Minors Act
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	 
 	  
 	  
 	  
 
	  
 	  
 	                 (State)
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 
	 TEN ENT -
 	  
 	 as tenants by the entireties
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 
	 JT TEN -
 	  
 	 as joint tenants with right of survivorship and not as tenants in common
 	  
 	  
 

 
 Additional abbreviations may also be used though not
in the above list. 
 
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 ASSIGNMENT
 FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto
________________________________________________________________________________________________________________________________________________
  
 (Please insert Social Security or Taxpayer I.D. or other Identifying Number of Assignee)
______________________________________________________________________________________________________________________________________________
 
  
 (Please Print or Type Name and Address Including Postal Zip Code of Assignee) 
 the within Normal Units Certificates and
all rights thereunder, hereby irrevocably constituting and appointing ____________________________attorney to transfer said Normal Units Certificates on the books of UnumProvident Corporation with full power of substitution in the
premises.
  

	 Dated: ______________
 	  
 	 Signature: 
 	  
 	  
 
	  
 	  
 	  
 	 
 	  
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Normal Units
Certificates in every particular, without alteration or enlargement or any change whatsoever.
 	  
 
	  
 	  
 	  
 	  
 
	 Signature Guarantee: 
 	  
 	  
 
	  
 	 
 	  
 
						

 
 
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 SETTLEMENT INSTRUCTIONS
 The undersigned
Holder directs that a certificate for shares of Common Stock deliverable upon settlement on or after the Stock Purchase Date of the Purchase Contracts underlying the number of Normal Units evidenced by this Normal Units Certificate be registered in
the name of, and delivered, together with a check in payment for any fractional share, to the undersigned at the address indicated below unless a different name and address have been indicated below. If shares are to be registered in the name of a
Person other than the undersigned, the undersigned will pay any transfer tax payable incident thereto. 
  

	 
 Dated:
 	  
 	  
 	 Signature:
 	 
 
 
 
	  
 	 
 	  
 	  
 	 
 
	  
 	  
 	 Signature Guarantee:
 	  
 
	  
 	  
 	  
 	 
 
	  
 	  
 	 (if assigned to another person)
 
						

  

	 If shares are to be registered in the name of and delivered to a Person other than the Holder, please (i) print such Person’s name and address and (ii)
provide a guarantee of your signature:
 	  
 	 REGISTERED HOLDER
 
 Please print name and address of Registered Holder:
 	  
 
	  
 	  
 	  
 	  
 
	 
 	  
 	 
 	  
 
	 Name
 	  
 	 Name
 	  
 
	  
 	  
 	  
 	  
 
	 
 	  
 	 
 	  
 
	 Address
 	  
 	 Address
 	  
 

 
 Social Security or other Taxpayer
Identification
Number, if any
 
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 ELECTION TO SETTLE EARLY
 The undersigned
Holder of this Normal Units Certificate hereby irrevocably exercises the option to effect Early Settlement in accordance with the terms of the Purchase Contract Agreement with respect to the Purchase Contracts underlying the number of Normal Units
evidenced by this Normal Units Certificate specified below. The option to effect Early Settlement may be exercised only with respect to Purchase Contracts underlying Normal Units with an aggregate Purchase Price equal to $1,000 or an integral
multiple thereof. The undersigned Holder directs that a certificate for shares of Common Stock deliverable upon such Early Settlement be registered in the name of, and delivered, together with a check in payment for any fractional share and any
Normal Units Certificate representing any Normal Units evidenced hereby as to which Early Settlement of the related Purchase Contracts is not effected, to the undersigned at the address indicated below unless a different name and address have been
indicated below. Pledged Notes or Pledged Treasury Consideration deliverable upon such Early Settlement will be transferred in accordance with the transfer instructions set forth below. If shares of Common Stock are to be registered in the name of a
Person other than the undersigned, the undersigned will pay any transfer tax payable incident thereto. 
  

	 
 Dated:
 	  
 	  
 	 Signature:
 	 
 
 
 
	  
 	 
 	  
 	  
 	 
 
	 Signature Guarantee:
 	  
 	 Signature Guarantee:
 	  
 
	  
 	 
 	  
 	 
 
						

 
 Number of Units evidenced hereby as to which Early Settlement of the related Purchase Contracts is being elected: 

 

	 If shares of Common Stock are to be registered in the name of and delivered to and Pledged Notes or Pledged Treasury Consideration are to be transferred to a
Person other than the Holder, please print such Person’s name and address:
 	  
 	 REGISTERED HOLDER
 
 Please print name and address of Registered Holder:
 	  
 
	  
 	  
 	  
 	  
 
	 
 	  
 	 
 	  
 
	 Name
 	  
 	 Name
 	  
 
	  
 	  
 	  
 	  
 
	 
 	  
 	 
 	  
 
	 Address
 	  
 	 Address
 	  
 

 
 Social Security or other Taxpayer Identification
Number, if any
 Transfer instructions for Pledged Notes or Pledged Treasury Consideration transferable upon Early Settlement or a Termination Event:
 
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 [TO BE ATTACHED TO GLOBAL CERTIFICATES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
CERTIFICATE
 The following increases or decreases in this Global Certificate have been made:
  

	 Date
 	  
 	 Amount of 
 Decrease in 
 Stated Amount 
 of the
Global
  Certificate
 	  
 	 Amount of 
 Increase in 
 Stated Amount 
 of the
Global
  Certificate
 	  
 	 Stated Amount 
 of the Global
  Certificate 
 Following 
 Such Decrease 
 or Increase
 	  
 	 Signature of 
 Authorized 
 Officer of 
 Agent
 	  
 
	 
 	  
 	 
 	  
 	 
 	  
 	 
 	  
 	 
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 

 
 
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 EXHIBIT B
FORM OF STRIPPED UNITS CERTIFICATE
(Form of Global Certificate
Legend)
 [THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE CONTRACT AGREEMENT (AS DEFINED ON THE REVERSE HEREOF) AND IS REGISTERED IN THE NAME OF A
CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.] 
 [so long as DTC is the
Depositary, insert: Unless this Certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the Company or its agent for registration of transfer,
exchange or payment, and any Certificate issued is registered in the name of Cede & Co., or such other name as requested by an authorized representative of The Depository Trust Company, and any payment hereon is made to Cede & Co. or to such
other entity as is requested by an authorized representative of The Depository Trust Company, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an
interest herein.]
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE PURCHASE
CONTRACT AGREEMENT, THIS GLOBAL CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]*
 ______________
 *
To be inserted in Global Certificates only.
 
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 (Form of Face of Stripped Units Certificate)
 UnumProvident Corporation
 8.25% Adjustable Conversion-Rate Equity Security Units
  

	 No. 
 	  
 	 CUSIP No. 91529Y114
 	  
 
	 Number of Stripped Units 
 	  
 	  
 	  
 

 
 This Stripped Units Certificate
certifies that _________ is the registered Holder of the number of Stripped Units set forth above [If the Certificate is a Global Certificate, insert - , as such number may be increased or decreased as
set forth on the Schedule of Increases or Decreases in Global Certificate annexed hereto]. Each Stripped Unit represents (i) a 1/40 undivided beneficial ownership interest in a
Treasury Security, subject to the Pledge of such interest in such Treasury Security by such Holder pursuant to the Pledge Agreement, and (ii) the rights and obligations of the Holder under one Purchase Contract with UnumProvident Corporation, a
Delaware corporation (the “Company”). Each Stripped Unit will have a stated amount of $25 (the “Stated Amount”). All capitalized terms used herein which are defined in the Purchase Contract Agreement have the meaning set forth
therein.
 Pursuant to the Pledge Agreement, the Treasury Security constituting part of each Stripped Unit evidenced hereby has been pledged to the Collateral
Agent, for the benefit of the Company, to secure the obligations of the Holder under the Purchase Contract comprising a part of such Stripped Unit to purchase shares of Common Stock of the Company. Prior to the purchase of shares of Common Stock
under each Purchase Contract, such Purchase Contracts shall not entitle the Holders of Normal Units Certificates to any of the rights of a holder of shares of Common Stock, including without limitation, the right to vote or receive any dividends or
other payments or to consent or to receive notice as stockholders in respect of the meetings of stockholders, or for the election of directors of the Company or for any other matter or any other rights whatsoever as stockholder of the
Company.
 Each Purchase Contract evidenced hereby obligates the Holder of this Stripped Units Certificate to purchase, and the Company to sell, on May 15, 2006
(the “Stock Purchase Date”), at a price equal to $25 (the “Purchase Price”), a number of shares of Common Stock, par value $0.10 per share (“Common Stock”), of the Company, equal to the Settlement Rate, unless on or
prior to the Stock Purchase Date there shall have occurred a Termination Event or an Early Settlement or Merger Early Settlement with respect to the Stripped Units of which such Purchase Contract is a part, all as provided in the Purchase Contract
Agreement and more fully described on the reverse hereof. The Purchase Price (as defined herein) for the shares of Common Stock purchased pursuant to each Purchase Contract evidenced hereby, if not paid earlier, shall be paid on the Stock Purchase
Date by application of payments received in respect of the 
 
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 Pledged Treasury Securities pledged to secure the obligations of the Holder under such Purchase Contract in accordance with the terms of the Pledge
Agreement. 
 The Company shall pay on each Payment Date in respect of each Purchase Contract forming part of a Stripped Unit evidenced hereby an amount (the
“Contract Adjustment Payments”) equal to 2.25% per year of the Stated Amount, computed on the basis of a 360-day year of twelve 30-day months, subject to deferral at the option of the Company as provided in the Purchase Contract Agreement
and more fully described on the reverse hereof (provided that if on any date on which Contract Adjustment Payments are to be made on the Purchase Contracts is not a Business Day, then payment of the
Contract Adjustment Payments payable on that date will be made on the next succeeding day which is a Business Day, and no interest or payment will be paid in respect of the delay, except that if such next succeeding Business Day is in the next
succeeding calendar year, such payment will be made on the immediately preceding Business Day). Such Contract Adjustment Payments shall be payable to the Person in whose name this Stripped Units Certificate (or a Predecessor Stripped Units
Certificate) is registered at the close of business on the Record Date for such Payment Date. 
 Contract Adjustment Payments will be payable at the office of
the Agent in the City of New York or, at the option of the Company, by check mailed to the address of the Person entitled thereto as such address appears on the Normal Units Register or by wire transfer to the account designated by such Person in
writing. 
 Reference is hereby made to the further provisions set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Agent by manual signature, this Stripped Units
Certificate shall not be entitled to any benefit under the Pledge Agreement or the Purchase Contract Agreement or be valid or obligatory for any purpose. 
 
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

	 Dated: ____________
 	  
 	  
 
	  
 	  
 	 UNUMPROVIDENT CORPORATION
 
	 
 
 
 	  
 	 By: 
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name:
 Title:
 

  

	  
 	  
 	 HOLDER SPECIFIED ABOVE (as to obligations
 of such Holder under the Purchase Contracts
 evidenced
hereby)
 
	 
 
 
 	  
 	 
 By: 
 	 
 JPMorgan Chase Bank, not individually but 
 solely as Attorney-in-Fact of such Holder
 
	  
 	  
 	  
 	  
 

  

	 
 
 
 	  
 	 By: 
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name: 
 Title: 
 

  
 
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 AGENT’S CERTIFICATE OF AUTHENTICATION
 This is one of the Stripped Units Certificates referred to in the within-mentioned Purchase Contract Agreement. 
  

	 Dated: ____________
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 JPMorgan Chase Bank,
 as Purchase Contract Agent
 
	 
 
 
 	  
 	 By: 
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Authorized Officer
 

  
 
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 (Form of Reverse of Stripped Units Certificate) 
 Each Purchase Contract evidenced hereby is governed by a Purchase Contract Agreement, dated as of May 7, 2003 (as may be supplemented from time to time, the “Purchase Contract Agreement”), between the Company and JPMorgan Chase
Bank, as Purchase Contract Agent (including its successors thereunder, herein called the “Agent”), to which the Purchase Contract Agreement and supplemental agreements thereto reference is hereby made for a description of the respective
rights, limitations of rights, obligations, duties and immunities thereunder of the Agent, the Company and the Holders and of the terms upon which the Stripped Units Certificates are, and are to be, executed and delivered. All defined terms used but
not defined in this Certificate have the meanings ascribed to them in the Purchase Contract Agreement.
 Each Purchase Contract evidenced hereby obligates the
Holder of this Stripped Units Certificate to purchase, and the Company to sell, on the Stock Purchase Date at a price equal to $25 (the “Purchase Price”), a number of shares of Common Stock of the Company equal to the Settlement Rate,
unless, on or prior to the Stock Purchase Date, there shall have occurred a Termination Event or a Cash Settlement, an Early Settlement or Merger Early Settlement with respect to the Unit of which such Purchase Contract is a part. The
“Settlement Rate” is equal to (a) if the Applicable Market Value (as defined below) is equal to or greater than $13.27 (the “Threshold Appreciation Price”), 1.8843 shares of Common Stock per Purchase Contract, (b) if the
Applicable Market Value is less than the Threshold Appreciation Price but is greater than $10.875, the number of shares of Common Stock per Purchase Contract equal to the Purchase Price divided by the Applicable Market Value and (c) if the
Applicable Market Value is equal to or less than $10.875, 2.2989 shares of Common Stock per Purchase Contract, in each case subject to adjustment as provided in the Purchase Contract Agreement. No fractional shares of Common Stock will be issued
upon settlement of Purchase Contracts, as provided in the Purchase Contract Agreement. 
 The “Applicable Market Value” means the average of the
Closing Price per share of Common Stock on each of the 20 consecutive Trading Days ending on the third Trading Day immediately preceding the Stock Purchase Date or in the event of a Cash Merger, the Cash Merger Date. 
 The “Closing Price” of the Common Stock on any date of determination means the closing sale price (or, if no closing sale price is reported, the last reported sale price)
of the Common Stock on the New York Stock Exchange (the “NYSE”) on such date or, if the Common Stock is not listed for trading on the NYSE on any such date, as reported in the composite transactions for the principal United States
securities exchange on which the Common Stock is so listed, or if the Common Stock is not so listed on a United States national or regional securities exchange, as reported by The Nasdaq Stock Market, or, if the Common Stock is not so reported, the
last quoted bid price for the Common Stock in the over-the-counter market as reported by the National Quotation Bureau or similar organization, or, if such bid price is not available, the market value of
 
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 the Common Stock on such date as determined by a nationally recognized independent investment banking firm retained for this purpose by the Company.

 A “Trading Day” means a day on which the Common Stock (A) is not suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (B) has traded at least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading of the Common Stock
at the close of business of such day. 
 Each Purchase Contract evidenced hereby may be settled prior to the Stock Purchase Date through Cash Settlement, Early
Settlement or Merger Early Settlement, in accordance with the terms of the Purchase Contract Agreement. 
 In accordance with the terms of the Purchase Contract
Agreement, the Holder of this Stripped Units Certificate shall pay the Purchase Price for the shares of Common Stock purchased pursuant to each Purchase Contract evidenced hereby (i) by effecting a Cash Settlement, an Early Settlement or Merger
Early Settlement or (ii) by application of payments received in respect of the Pledged Treasury Securities underlying the Stripped Units represented by this Stripped Units Certificate. 
 The Company shall not be obligated to issue any shares of Common Stock in respect of a Purchase Contract or deliver any certificates therefor to the Holder unless it shall have received payment in full of the aggregate
Purchase Price for the shares of Common Stock to be purchased thereunder in the manner herein set forth. 
 The Stripped Units Certificates are issuable only in
registered form and only in denominations of a single Stripped Unit and any integral multiple thereof. The transfer of any Stripped Units Certificate will be registered and Stripped Units Certificates may be exchanged as provided in the Purchase
Contract Agreement. The Stripped Units Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents permitted by the Purchase Contract Agreement. No service charge shall be required for any such
registration of transfer or exchange of a Stripped Units Certificate, but the Company and the Agent may require payment from the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Certificates, other than exchanges not involving any transfer as provided for in the Purchase Contract Agreement. The Holder of a Stripped Unit may substitute for the Pledged Treasury Securities securing its
obligations under the related Purchase Contract Notes or the appropriate Treasury Consideration in accordance with the terms of the Purchase Contract Agreement and the Pledge Agreement. From and after such Collateral Substitution, the Unit for which
such Pledged Notes or Pledged Treasury Consideration secures the Holder’s obligation under the Purchase Contract shall be referred to as a “Normal Unit.” A Holder that elects to substitute Notes or the appropriate Treasury
Consideration for Pledged Treasury Securities, thereby reestablishing Normal Units, shall
 
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 be responsible for any fees or expenses payable in connection therewith. Except as provided in the Purchase Contract Agreement, for so long as the Purchase
Contract underlying a Stripped Unit remains in effect, such Stripped Unit shall not be separable into its constituent parts, and the rights and obligations of the Holder of such Stripped Unit in respect of the Pledged Treasury Security and the
Purchase Contract comprising such Stripped Unit may be acquired, and may be transferred and exchanged, only as a Stripped Unit.
 A Holder of Normal Units may
establish Stripped Units at any time from and after the date of the Purchase Contract Agreement and on or prior to the seventh Business Day immediately preceding the Stock Purchase Date by depositing with the Collateral Agent Treasury Securities in
exchange for the release of the Pledged Notes or the appropriate Pledged Treasury Consideration in accordance with the terms of the Purchase Contract Agreement and the Pledge Agreement. 
 Subject to the next succeeding paragraph, the Company shall pay, on each Payment Date, the Contract Adjustment Payments, if any, payable in respect of each Purchase Contract to the Person in whose name the Stripped
Units Certificate (or one or more Predecessor Stripped Units Certificates) evidencing such Purchase Contract is registered on the Stripped Units Register at the close of business on the Record Date next preceding such Payment Date. Contract
Adjustment Payments, if any, will be payable at the Corporate Trust Office or such other office or agency designated as set forth in the Purchase Contract Agreement or, at the option of the Company, by check mailed to the address of the Person
entitled thereto at such Person’s address as it appears on the Stripped Units Register or by wire transfer to the account designated by such Person in writing.
 The Company shall have the right, at any time prior to the Stock Purchase Date, to defer the payment of any or all of the Contract Adjustment Payments otherwise payable on any Payment Date, but only if the Company shall give the Holders and
the Agent written notice of its election to defer each such Contract Adjustment Payments as provided in the Purchase Contract Agreement. Any Contract Adjustment Payments so deferred shall, to the extent permitted by law, accrue additional Contract
Adjustment Payments thereon at the rate of 8.25% per year (computed on the basis of a 360-day year of twelve 30-day months), compounding on each succeeding Payment Date, until paid in full (such deferred installments of Contract Adjustment Payments,
if any, together with the additional Contract Adjustment Payments, if any, accrued thereon, are referred to herein as the “Deferred Contract Adjustment Payments”). Deferred Contract Adjustment Payments, if any, shall be due on the next
succeeding Payment Date except to the extent that payment is deferred pursuant to the Purchase Contract Agreement. No Contract Adjustment Payments may be deferred to a date that is after the Stock Purchase Date and no such deferral period may end
other than on a Payment Date. 
 In the event that the Company elects to defer the payment of Contract Adjustment Payments on the Purchase Contracts until a
Payment Date prior to the Stock
 
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 Purchase Date, then all Deferred Contract Adjustment Payments, if any, shall be payable to the registered Holders as of the close of business on the Record
Date immediately preceding such Payment Date. 
 In the event that the Company elects to defer the payment of Contract Adjustment Payments on the Purchase
Contracts until the Stock Purchase Date, the Holder of this Stripped Units Certificate will receive on the Stock Purchase Date, in lieu of a cash payment, a number of shares of Common Stock (in addition to the number of shares of Common Stock equal
to the Settlement Rate) equal to (i) the aggregate amount of Deferred Contract Adjustment Payments payable to the Holder of this Stripped Units Certificate divided by (ii) the Applicable Market Value.
 The Company’s obligations with respect to Contract Adjustment Payments (including any accrued or Deferred Contract Adjustment Payments) will be subordinated and junior in right of payment to the
Company’s obligations under any Senior Indebtedness in the manner and to the extent set forth in the Purchase Contract Agreement.
 In the event the
Company exercises its option to defer the payment of Contract Adjustment Payments, then, until the earlier of (x) the Termination Date and (y) the date on which the Deferred Contract Adjustment Payments have been paid, the Company shall not, and
will not permit any subsidiary of the Company to, declare or pay dividends on, make distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any of the Company’s Capital Stock other than (i)
repurchases, redemptions or acquisitions of shares of the Company’s Capital Stock in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or agents or a
stock purchase or dividend reinvestment plan, or the satisfaction by the Company of its obligations pursuant to any contract or security outstanding on the date the Company exercises its rights to defer the Contract Adjustment Payments; (ii) as a
result of a reclassification of the Company’s Capital Stock or the exchange or conversion of one class or series of the Company’s Capital Stock for another class or series of the Company’s Capital Stock; (iii) the purchase of
fractional interests in shares of the Company’s Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock or the security being converted or exchanged; (iv) dividends or distributions in any series of the
Company’s Capital Stock (or rights to acquire Capital Stock) or repurchases, acquisitions or redemptions of the Company’s Capital Stock in connection with the issuance or exchange of any series of the Company’s Capital Stock (or
securities convertible into or exchangeable for shares of the Company’s Capital Stock); or (v) redemptions, exchanges or repurchases of any rights outstanding under a stockholder rights plan or the declaration or payment thereunder of a
dividend or distribution of or with respect to rights in the future, or the redemption or repurchase of any rights pursuant thereto.
 The Purchase Contracts
and all obligations and rights of the Company and the Holders thereunder, including, without limitation, the rights of the Holders to receive
 
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 accumulated Contract Adjustment Payments, if any, or any Deferred Contract Adjustment Payments, and the obligations of the Holders to purchase shares of
Common Stock, shall immediately and automatically terminate, without the necessity of any notice or action by any Holder, the Agent or the Company, if, on or prior to the Stock Purchase Date, a Termination Event shall have occurred. Upon the
occurrence of a Termination Event, the Company shall promptly but in no event later than two business days thereafter give written notice to the Agent, the Collateral Agent and to the Holders, at their addresses as they appear in the Stripped Units
Register. Upon and after the occurrence of a Termination Event, the Collateral Agent shall release the Pledged Treasury Securities from the Pledge in accordance with the provisions of the Pledge Agreement.
 Upon registration of transfer of this Stripped Units Certificate, the transferee shall be bound (without the necessity of any other action on the part of such transferee, except as may be required by
the Agent pursuant to the Purchase Contract Agreement), under the terms of the Purchase Contract Agreement, the Purchase Contracts evidenced hereby and the Pledge Agreement and the transferor shall be released from the obligations under the Purchase
Contract Agreement, the Purchase Contracts evidenced by this Stripped Units Certificate and the Pledge Agreement. The Company covenants and agrees, and the Holder, by his acceptance hereof, likewise covenants and agrees, to be bound by the
provisions of this paragraph. 
 The Holder of this Stripped Units Certificate, by its acceptance hereof, irrevocably authorizes the Agent to enter into and
perform the related Purchase Contracts forming part of the Stripped Units evidenced hereby on his behalf as its attorney-in-fact, expressly withholds any consent to the assumption (i.e., affirmance) of
the Purchase Contracts by the Company or its trustee in the event that the Company becomes the subject of a case under the Bankruptcy Code, agrees to be bound by the terms and provisions thereof, covenants and agrees to perform such Holder’s
obligations under such Purchase Contracts, consents to the provisions of the Purchase Contract Agreement, irrevocably authorizes the Agent to enter into and perform the Pledge Agreement on such Holder’s behalf as attorney-in-fact, and consents
to the Pledge of the Treasury Securities underlying this Stripped Units Certificate pursuant to the Pledge Agreement. The Holder further covenants and agrees, that, to the extent and in the manner provided in the Purchase Contract Agreement and the
Pledge Agreement, but subject to the terms thereof, payments in respect of the Pledged Treasury Securities, to be paid upon settlement of such Holder’s obligations to purchase shares of Common Stock under the Purchase Contract, shall be paid on
the Stock Purchase Date by the Collateral Agent to the Company in satisfaction of such Holder’s obligations under such Purchase Contract and such Holder shall acquire no right, title or interest in such payments. The obligations of each Holder
to pay the Purchase Price are non-recourse obligations and except to the extent paid by Early Settlement or Merger Early Settlement, are payable solely out of the proceeds of any Collateral pledged to secure the obligations of the Holders and in no
event will Holders be liable for any deficiency between such payments and the Purchase Price.
 
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 Each Holder of any Unit, and each Beneficial Owner thereof, by its acceptance thereof or of its interest therein, further agrees to treat
(i) itself as the owner of the related Notes, Treasury Consideration or Treasury Securities, as the case may be, and (ii) the Notes as indebtedness of the Company in each case, for United States federal, state and local income and franchise tax
purposes. 
 Subject to certain exceptions, the provisions of the Purchase Contract Agreement may be amended with the consent of the Holders of a majority of
the Purchase Contracts. 
 The Purchase Contracts shall for all purposes be governed by and deemed to be a contract under, and construed in accordance with, the
laws of the State of New York.
 The Company, the Agent and its Affiliates and any agent of the Company or the Agent may treat the Person in whose name this
Stripped Units Certificate is registered as the owner of the Stripped Units evidenced hereby for the purpose of receiving any Contract Adjustment Payments and any Deferred Contract Adjustment Payments, performance of the Purchase Contracts and for
all other purposes whatsoever, whether or not any payments in respect thereof be overdue and notwithstanding any notice to the contrary, and neither the Company, the Agent, such Affiliate, nor any such agent shall be affected by notice to the
contrary. 
 The Purchase Contracts shall not, prior to the settlement thereof, entitle the Holder to any of the rights of a holder of shares of Common Stock.

 A copy of the Purchase Contract Agreement is available for inspection at the offices of the Agent. 
 
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 ABBREVIATIONS
 The following
abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

	 TEN COM -
 	  
 	 as tenants in common
 	  
 	  
 	  
 
	 UNIF GIFT MIN ACT -
 	  
 	 Custodian
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	 
 	  
 	  
 	  
 
	  
 	  
 	 (cust) 
 	 (minor)
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	 Under Uniform Gifts to Minors Act
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	 
 	  
 	  
 	  
 
	  
 	  
 	 (State)
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 
	 TEN ENT -
 	  
 	 as tenants by the entireties
 	  
 	  
 	  
 
	 JT TEN -
 	  
 	 as joint tenants with right of survivorship and not as tenants in common
 	  
 
							

  
 Additional abbreviations may also be used though not in the above list.

 
  
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 ASSIGNMENT
 FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto 
 __________________________________________________________________________________________________________________________________________________________________________________________
 (Please insert Social Security or Taxpayer I.D. or other Identifying Number of Assignee) 
 __________________________________________________________________________________________________________________________________________________________________________________________
 (Please Print or Type Name and Address Including Postal Zip Code of Assignee) 
 the within Stripped Units Certificates and all rights thereunder,
hereby irrevocably constituting and appointing __________________________________ attorney to transfer said Stripped Units Certificates on the books of UnumProvident Corporation with full power of substitution in the premises.
  

	  
 	  
 	  
 	  
 
	 
 Dated:
 	 __________________
 	  
 	 Signature:
 	 
 ____________________________________
 
	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Stripped Units Certificates in every
particular, without alteration or enlargement or any change whatsoever.
 
	  
 	  
 	  
 
	 Signature Guarantee:
 	  
 
	  
 	 
 
						

  
 
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 SETTLEMENT INSTRUCTIONS
 The undersigned
Holder directs that a certificate for shares of Common Stock deliverable upon settlement on or after the Stock Purchase Date of the Purchase Contracts underlying the number of Stripped Units evidenced by this Stripped Units Certificate be registered
in the name of, and delivered, together with a check in payment for any fractional share, to the undersigned at the address indicated below unless a different name and address have been indicated below. If shares are to be registered in the name of
a Person other than the undersigned, the undersigned will pay any transfer tax payable incident thereto. 
   

	 
 Dated:
 	  
 	  
 	  Signature:
 	 
 
 
 
	  
 	 
 	  
 	  
 	 
 
	  
 	  
 	 Signature Guarantee:
 	  
 
	  
 	  
 	  
 	 
 
	  
 	  
 	 (if assigned to another person)
 
						

  

	 If shares are to be registered in the name of and delivered to a Person other than the Holder, please (i) print such Person’s name and address and (ii)
provide a guarantee of your signature:
 	  
 	 REGISTERED HOLDER
 
 Please print name and address of Registered Holder:
 
	  
 	  
 	  
 
	 
 	  
 	 
 
	 Name
 	  
 	 Name
 
	  
 	  
 	  
 
	 
 	  
 	 
 
	 Address
 	  
 	 Address
 
	  
 	  
 	  
 
	 Social Security or other Taxpayer Identification Number, if any
 	  
 	  
 
	  
 	  
 	  
 

  
 
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 ELECTION TO SETTLE EARLY
 The undersigned
Holder of this Stripped Units Certificate hereby irrevocably exercises the option to effect Early Settlement in accordance with the terms of the Purchase Contract Agreement with respect to the Purchase Contracts underlying the number of Stripped
Units evidenced by this Stripped Units Certificate specified below. The option to effect Early Settlement may be exercised only with respect to Purchase Contracts underlying Stripped Units with an aggregate Purchase Price equal to $1,000 or an
integral multiple thereof. The undersigned Holder directs that a certificate for shares of Common Stock deliverable upon such Early Settlement be registered in the name of, and delivered, together with a check in payment for any fractional share and
any Stripped Units Certificate representing any Stripped Units evidenced hereby as to which Early Settlement of the related Purchase Contracts is not effected, to the undersigned at the address indicated below unless a different name and address
have been indicated below. Pledged Treasury Securities deliverable upon such Early Settlement will be transferred in accordance with the transfer instructions set forth below. If shares of Common Stock are to be registered in the name of a Person
other than the undersigned, the undersigned will pay any transfer tax payable incident thereto. 
   

	 
 Dated:
 	  
 	  
 	 Signature:
 	 
 
 
 
	  
 	 
 	  
 	  
 	 
 
	  
 	  
 	 Signature Guarantee:
 	  
 
	  
 	  
 	  
 	 
 
						

  
 Number of Units evidenced hereby as to which Early
Settlement of the related Purchase Contracts is being elected: 
  

	 If shares of Common Stock are to be registered in the name of and delivered to and Pledged Treasury Securities are to be transferred to a Person other than the
Holder, please print such Person’s name and address:
 	  
 	 REGISTERED HOLDER
 
 Please print name and address of Registered Holder:
 
	  
 	  
 	  
 
	 
 	  
 	 
 
	 Name
 	  
 	 Name
 
	  
 	  
 	  
 
	 
 	  
 	 
 
	 Address
 	  
 	 Address
 
	  
 	  
 	  
 
	 Social Security or other Taxpayer Identification Number, if any
 	  
 	  
 
	  
 
	 Transfer instructions for Pledged Treasury Securities, transferable upon Early Settlement or a Termination Event:
 

 
 
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 [TO BE ATTACHED TO GLOBAL CERTIFICATES]
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE
 The following increases or decreases in this Global Certificate have been made:

 

	 Date
 	  
 	 Amount of Decrease in
 Stated Amount of the
 Global
Certificate
 	  
 	 Amount of Increase in
 Stated Amount of the
 Global
Certificate
 	  
 	 Stated Amount of the
 Global Certificate
 Following Such

Decrease or Increase
 	  
 	 Signature of
 Authorized Officer
 of Agent
 	  
 
	 
 	  
 	 
 	  
 	 
 	  
 	 
 	  
 	 
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 	  
 

 
 
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Table of Contents

EXHIBIT C 
 INSTRUCTION FROM PURCHASE
CONTRACT AGENT TO
COLLATERAL AGENT
 BNY Midwest Trust Company 
2 North LaSalle Street
Suite
1020
Chicago, Illinois 60602
 Attention: Corporate Trust Administration 
 Re:
8.25% Adjustable Conversion-Rate Equity
Security Units of UnumProvident Corporation (the
“Company”)
 We hereby notify you in accordance with Section 4.1 of the Pledge Agreement, dated as of May 7, 2003, among the Company, you, as
Collateral Agent, Custodial Agent and Securities Intermediary, and us, as Purchase Contract Agent and as attorney-in-fact for the holders of [Normal Units] [Stripped Units] from time to time, that the holder of securities listed below (the
“Holder”) has elected to substitute [$ _______ aggregate principal amount of Treasury Securities (CUSIP No. 912820BS5)] [$_______ principal amount of Notes or the appropriate Treasury Consideration, as the case may be,] in exchange for the
related [Pledged Notes or Pledged Treasury Consideration] [Pledged Treasury Securities (CUSIP No. 912820BS5),] held by you in accordance with the Pledge Agreement and has delivered to us a notice stating that the Holder has transferred [Treasury
Securities] [Notes or the appropriate Treasury Consideration] to you, as Collateral Agent. We hereby instruct you, upon receipt of such [Pledged Treasury Securities] [Pledged Notes or Pledged Treasury Consideration], and upon the payment by such
Holder of any applicable fees, to release the [Notes or Treasury Consideration, as the case may be,] [Treasury Securities] related to such [Normal Units] [Stripped Units] to us in accordance with the Holder’s instructions. Capitalized terms
used herein but not defined shall have the meaning set forth in the Purchase Contract Agreement.
  

	 Date:
 	  
 	  
 	  
 
	  
 	 
 	  
 	  
 
	  
 	  
 	 JPMorgan Chase Bank,
 As Purchase Contract Agent under the Purchase Contract Agreement, dated as
of May 7, 2003, between the Company and the Purchase Contract Agent
 
	 
 
 
 	  
 	 By: 
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name:
 Title:
 

  
 
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 Please print name and address of Registered Holder electing to substitute [Treasury Securities] [Notes or Treasury Consideration, as the case may be,] for
the [Pledged Notes or Pledged Treasury Consideration, as the case may be,] [Pledged Treasury Securities]:
  

	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	 Name: 
 	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 
	  
 	 Address: 
 	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 	  
 	  
 
	 	  
 	  
 	  
 

 Social Security or other Taxpayer Identification Number, if
any
  
 
C-2

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 EXHIBIT D
 INSTRUCTION TO PURCHASE
CONTRACT AGENT
 JPMorgan Chase Bank, 
  as Purchase Contract Agent
4 New York Plaza
New York, New
York 10004
 Attention: Institutional Trust Services
 Re:
8.25% Adjustable Conversion-Rate Equity 
Security Units of UnumProvident Corporation (the “Company”)
 The undersigned Holder hereby notifies you, as Purchase Contract Agent under the Purchase Contract Agreement, dated as of May 7,
2003, between the Company and you, that it has delivered to BNY Midwest Trust Company, as Collateral Agent, Custodial Agent and Securities Intermediary [$_________ aggregate principal amount of Treasury
Securities] [$_________ principal amount of Notes or the appropriate Treasury Consideration, as the case may be,] in exchange for the related [Pledged Notes or Pledged Treasury Consideration, as the case may be,] [Pledged Treasury Securities] held
by the Collateral Agent, in accordance with Section 4.1 of the Pledge Agreement, dated as of May 7, 2003, among you, the Company and the Collateral Agent. The undersigned Holder has paid the Collateral Agent all applicable fees relating to such
exchange. The undersigned Holder hereby instructs you to instruct the Collateral Agent to release to you on behalf of the undersigned Holder the [Pledged Notes or Pledged Treasury Consideration, as the case may be,] [Pledged Treasury Securities]
related to such [Normal Units] [Stripped Units]. Capitalized terms used herein but not defined shall have the meaning set forth in the Purchase Contract Agreement.
  

	 
 Date:
 	  
 	 By:
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	 Signature Guarantee:
 	  
 
	  
 	  
 	  
 	 
 
	 Dated:
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 
	 Please print name and address of 
 Registered Holder:
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 
	 Name
 	  
 	 Social Security or other Taxpayer Identification Number, if any
 
	  
 	  
 	  
 
	 Address
 	  
 	  
 
					

  
 

Table of Contents

 EXHIBIT E
 NOTICE TO SETTLE BY SEPARATE
CASH
 JPMorgan Chase Bank, as Purchase Contract Agent
4 New York Plaza
New York, New York 10004
 Attention: Institutional Trust Services
 Re:
 8.25% Adjustable Conversion-Rate Equity 
 Security Units of UnumProvident Corporation (the
“Company”)
 The undersigned Holder hereby notifies you in accordance with Section 5.4 of the Purchase Contract Agreement, dated as of May 7,
2003, between the Company and you, that it has delivered to BNY Midwest Trust Company, as Collateral Agent, Custodial Agent and Securities Intermediary as Purchase Contract Agent, Attorney-in-Fact and
Trustee for the Holders of the Purchase Contracts, that such Holder has elected to pay to the Collateral Agent, on or prior to 11:00 a.m. New York City time, on the Business Day immediately preceding the Stock Purchase Date, (in lawful money of the
United States by certified or cashier’s check or wire transfer, in each case in immediately available funds), $___ as the Purchase Price for the shares of Common Stock issuable to such Holder by the Company under the related Purchase Contract
on the Stock Purchase Date. The undersigned Holder hereby instructs you to notify promptly the Collateral Agent of the undersigned Holder’s election to make such cash settlement with respect to the Purchase Contracts related to such
Holder’s Normal Units. Capitalized terms used herein but not defined shall have the meaning set forth in the Purchase Contract Agreement. 
  

	 
 Date:
 	  
 	 By:
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	 Signature Guarantee:
 	  
 
	  
 	  
 	  
 	 
 
	 Dated:
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 
	  
 	  
 	  
 	  
 
					

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.
  

	 Please print name and address of 
 Registered Holder:
 	  
 	  
 
	  
 	  
 	  
 
	 Name
 	  
 	 Social Security or other Taxpayer Identification Number, if any
 
	  
 	  
 	  
 
	 AddressPledge Agreement

Table of Contents

 EXHIBIT 4.3
 UNUMPROVIDENT
CORPORATION,
 BNY MIDWEST TRUST COMPANY,
 as Collateral
Agent, Custodial Agent
 and Securities Intermediary
 AND
 JPMORGAN CHASE BANK,
 as Purchase Contract
Agent
 PLEDGE AGREEMENT
 Dated as of May 7,
2003
 
 

Table of Contents

 

 TABLE OF CONTENTS
  

	  
 	  
 	 ARTICLE I
 DEFINITIONS
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 1.1
 	  
 	 
Definitions
 	 2
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 ARTICLE II
 PLEDGE; CONTROL AND PERFECTION
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 2.1
 	  
 	 
The Pledge
 	 4
 
	 SECTION 2.2
 	  
 	 
Control and Perfection
 	 6
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 ARTICLE III
 PAYMENTS ON COLLATERAL
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 3.1
 	  
 	 
Payments
 	 8
 
	 SECTION 3.2
 	  
 	 
Application of Payments
 	 9
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 ARTICLE IV
 SUBSTITUTION, RELEASE, REPLEDGE AND SETTLEMENT OF NOTES
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 4.1
 	  
 	 
Collateral Substitution and the Creation of Stripped Units
 	 9
 
	 SECTION 4.2
 	  
 	 
Collateral Substitution and the Re-Creation of Normal Units
 	 10
 
	 SECTION 4.3
 	  
 	 
Termination Event
 	 11
 
	 SECTION 4.4
 	  
 	 
Early Settlement; Merger Early Settlement; Cash Settlement
 	 12
 
	 SECTION 4.5
 	  
 	 
Remarketing; Application of Proceeds; Settlement
 	 12
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 ARTICLE V
 VOTING RIGHTS — NOTES
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 5.1
 	  
 	 
Exercise by Purchase Contract Agent
 	 15
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 ARTICLE VI
 RIGHTS AND REMEDIES; SPECIAL EVENT REDEMPTION
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 6.1
 	  
 	 
Rights and Remedies of the Collateral Agent
 	 15
 
	 SECTION 6.2
 	  
 	 
Substitutions
 	 16
 
	 SECTION 6.3
 	  
 	 
Special Event Redemption
 	 17
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 ARTICLE VII
 REPRESENTATIONS AND WARRANTIES; COVENANTS
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 7.1
 	  
 	 
Representations and Warranties of the Holders
 	 17
 
	 SECTION 7.2
 	  
 	 
Representations and Warranties of the Collateral Agent, Custodial Agent and Securities Intermediary
 	 18
 

 
 
 

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	 SECTION 7.3
 	  
 	 
Covenants
 	 19
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 ARTICLE VIII
 THE COLLATERAL AGENT
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 8.1
 	  
 	 
Appointment, Powers and Immunities
 	 19
 
	 SECTION 8.2
 	  
 	 
Instructions of the Company
 	 20
 
	 SECTION 8.3
 	  
 	 
Reliance
 	 21
 
	 SECTION 8.4
 	  
 	 
Rights in Other Capacities
 	 21
 
	 SECTION 8.5
 	  
 	 
Non-Reliance on Collateral Agent
 	 22
 
	 SECTION 8.6
 	  
 	 
Compensation and Indemnity
 	 22
 
	 SECTION 8.7
 	  
 	 
Failure to Act
 	 23
 
	 SECTION 8.8
 	  
 	 
Resignation
 	 23
 
	 SECTION 8.9
 	  
 	 
Right to Appoint Agent or Advisor
 	 25
 
	 SECTION 8.10
 	  
 	 
Survival
 	 25
 
	 SECTION 8.11
 	  
 	 
Exculpation
 	 25
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 ARTICLE IX
 AMENDMENT 
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 9.1
 	  
 	 
Amendment Without Consent of Holders
 	 25
 
	 SECTION 9.2
 	  
 	 
Amendment with Consent of Holders
 	 26
 
	 SECTION 9.3
 	  
 	 
Execution of Amendments
 	 27
 
	 SECTION 9.4
 	  
 	 
Effect of Amendments
 	 27
 
	 SECTION 9.5
 	  
 	 
Reference to Amendments
 	 27
 
	  
 	  
 	  
 	  
 
	  
 	  
 	 ARTICLE X
 MISCELLANEOUS
 	  
 
	  
 	  
 	  
 	  
 
	 SECTION 10.1
 	  
 	 
No Waiver
 	 27
 
	 SECTION 10.2
 	  
 	 
GOVERNING LAW
 	 28
 
	 SECTION 10.3
 	  
 	 
Notices
 	 28
 
	 SECTION 10.4
 	  
 	 
Successors and Assigns
 	 28
 
	 SECTION 10.5
 	  
 	 
Counterparts
 	 29
 
	 SECTION 10.6
 	  
 	 
Severability
 	 29
 
	 SECTION 10.7
 	  
 	 
Expenses, Etc.
 	 29
 
	 SECTION 10.8
 	  
 	 
Security Interest Absolute
 	 29
 
	  
 	  
 	  
 	  
 
	 EXHIBIT A
 	  
 	 Instruction from Purchase Contract Agent to Collateral Agent
 	  
 
	 EXHIBIT B
 	  
 	 Instruction to Purchase Contract Agent
 	  
 
	 EXHIBIT C
 	  
 	 Instruction to Custodial Agent Regarding Remarketing
 	  
 
	 EXHIBIT D
 	  
 	 Instruction to Custodial Agent Regarding Withdrawal from Remarketing
 	  
 

 
 
 

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 PLEDGE AGREEMENT
 PLEDGE AGREEMENT, dated
as of May 7, 2003 (this “Agreement”), among UnumProvident Corporation, a Delaware corporation (the “Company”), BNY Midwest Trust Company, an Illinois trust company, not individually but solely as collateral agent (in such
capacity, together with its successors in such capacity, the “Collateral Agent”), as custodial agent (in such capacity, together with its successors in such capacity, the “Custodial Agent”) and as “securities
intermediary” as defined in Section 8-102(a)(14) of the Code (as defined herein) (in such capacity, together with its successors in such capacity, the “Securities Intermediary”), and JPMorgan Chase Bank, a New York banking
corporation, not individually but solely as purchase contract agent and as attorney-in-fact of the Holders from time to time of the Units (in such capacity, together with its successors in such capacity, the “Purchase Contract Agent”)
under the Purchase Contract Agreement (as defined herein).
 RECITALS
 WHEREAS, the Company and the Purchase Contract Agent are parties to the Purchase Contract Agreement, dated as of the date hereof (as modified and supplemented and in effect from time to time, the “Purchase Contract Agreement”),
pursuant to which there may be issued Units having a Stated Amount of $25 per Unit, all of which will initially be Normal Units.
 WHEREAS, each Normal Unit
will be comprised of (a) a Purchase Contract and (b) either beneficial ownership of (i) a 1/40, or 2.5%, beneficial ownership interest in a Note having a $1,000 principal amount or (ii)
following the remarketing of the Notes in accordance with the Purchase Contract Agreement and the Remarketing Agreement or following a Special Event Redemption in accordance with the Purchase Contract Agreement and the terms of the Notes, beneficial
ownership of the appropriate Treasury Consideration.
 WHEREAS, in accordance with the terms of the Purchase Contract Agreement, a Holder of Normal Units may
separate the Notes or the appropriate Treasury Consideration, as applicable, from the related Purchase Contracts by substituting for such Notes or the appropriate Treasury Consideration, as the case may be, Treasury Securities that will pay in the
aggregate an amount equal to the aggregate Stated Amount of such Normal Units. Upon such separation, the Normal Units will become Stripped Units. Each Stripped Unit will be comprised of (a) a Purchase Contract and (b) a 1/40 undivided beneficial interest in a Treasury Security.
 WHEREAS, pursuant to the terms of the Purchase Contract Agreement
and the Purchase Contracts, the Holders, from time to time, of the Units have irrevocably authorized the Purchase Contract Agent, as attorney-in-fact of such Holders, among other things, to execute and deliver this Agreement on behalf of such
Holders and to grant the pledge provided hereby of the Notes, any Treasury Consideration and any Treasury
 

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 Securities delivered in exchange therefor to secure each Holder’s obligations under the related Purchase Contract, as provided herein and subject to the
terms hereof. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Company, the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Purchase Contract Agent, on its own behalf and as attorney-in-fact of the Holders from time to time of the Units, agree as follows:

ARTICLE I
 DEFINITIONS
 SECTION 1.1
Definitions
 For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires:
 (a)
capitalized terms used but
not defined herein are used as defined in the Purchase Contract Agreement;
 (b)
the defined terms in this Agreement have the meanings assigned to them in this Article and include the plural as well as the singular;
and
 (c)
the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision.
 “Agreement” means this agreement as originally executed or as it may from time to time be supplemented or amended by one or more agreements supplemental hereto entered into pursuant to the applicable
provisions hereof.
 “Code” has the meaning specified in Section 6.1 hereof.
 “Collateral” has the meaning specified in Section 2.1 (a) hereof.
 “Collateral Account” means the securities
account (number 226790) maintained at BNY Midwest Trust Company, 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602, in the name “JPMorgan Chase Bank, as Purchase Contract Agent on behalf of the holders of certain securities of
UnumProvident Corporation, Collateral Account subject to the security interest of BNY Midwest Trust Company, as Collateral Agent, for the benefit of UnumProvident Corporation, as pledgee” and any successor account.
 “Collateral Agent” has the meaning specified in the first paragraph of this Agreement.
 
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 “Company” means the Person named as the “Company” in the first paragraph of this Agreement until a successor shall
have become such, and thereafter “Company” shall mean such successor.
 “Custodial Agent” has the meaning specified in the first paragraph
of this Agreement.
 “Intermediary” means any entity that in the ordinary course of its business maintains securities accounts for others and is
acting in that capacity.
 “Pledge” has the meaning specified in Section 2.1 hereof.
 “Pledged Notes” has the meaning specified in Section 2.1 hereof.
 “Pledged Treasury Consideration” has the
meaning specified in Section 2.1 hereof.
 “Pledged Treasury Securities” has the meaning specified in Section 2.1 hereof.
 “Proceeds” means all interest, dividends, cash, instruments, securities, financial assets (as defined in Section 8-102(a)(9) of the Code) and other property from time to
time received, receivable or otherwise distributed upon the sale, exchange, collection or disposition of the Collateral or any proceeds thereof.
 “Purchase Contract Agent” has the meaning specified in the first paragraph of this Agreement.
 “Purchase Contract Agreement” has the
meaning specified in the Recitals.
 “Securities Intermediary” has the meaning specified in the first paragraph of this Agreement.
 “Security Entitlement” has the meaning set forth in Section 8-102(a)(17) of the Code.
 “Separate Notes” means any Notes that are not Pledged Notes.
 “TRADES Regulations” means the regulations of
the United States Department of the Treasury, published at 31 C.F.R. Part 357, as amended from time to time. Unless otherwise defined herein, all terms defined in the TRADES Regulations are used herein as therein defined.
 “Transfer” means, with respect to the Collateral and in accordance with the instructions of the Collateral Agent, the Purchase Contract Agent or the Holder, as
applicable:
 
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 (i)
in the case of Collateral consisting of
securities which cannot be delivered by book-entry or which the parties agree are to be delivered in physical form, delivery in appropriate physical form to the recipient accompanied by any duly executed instruments of transfer, assignments in
blank, transfer tax stamps and any other documents necessary to constitute a legally valid transfer to the recipient;
 (ii)
in the case of Collateral consisting of securities maintained in book-entry form by causing a “securities intermediary” (as defined in Section 8-102(a)(14) of the
Code) to (a) credit a “security entitlement” (as defined in Section 8-102(a)(17) of the Code) with respect to such securities to a “securities account” (as defined in Section 8-501(a) of the Code) maintained by or on
behalf of the recipient and (b) to issue a confirmation to the recipient with respect to such credit. In the case of Collateral to be delivered to the Collateral Agent, the securities intermediary
shall be the Securities Intermediary and the securities account shall be the Collateral Account. In addition, any Transfer of Treasury Securities and Treasury Consideration hereunder shall be made in accordance with the TRADES Regulations and other
applicable law.
 ARTICLE II
 PLEDGE; CONTROL AND
PERFECTION
 SECTION 2.1
The Pledge
 (a)
The
Holders from time to time acting through the Purchase Contract Agent, as their attorney-in-fact, and the Purchase Contract Agent, as such attorney-in-fact, hereby pledge and grant to the Collateral Agent, for the benefit of the Company, as
collateral security for the performance when due by such Holders of their respective obligations under the related Purchase Contracts, a security interest in all of the right, title and interest of the Purchase Contract Agent and such Holders
in:
 (i)
(A) the Notes, Treasury Consideration or Treasury Securities
constituting a part of the Units, (B) any Treasury Securities delivered in exchange for any Notes or Treasury Consideration, as applicable, in accordance with Section 4.1 hereof, and (C) any Notes or Treasury Consideration, as applicable, delivered
in exchange for any Treasury Securities in accordance with Section 4.2 hereof, in each case that have been Transferred to or otherwise received by the Collateral Agent and not released by the Collateral Agent to such Holders under the provisions of
this Agreement; 
 
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 (ii)
the Collateral Account and all securities,
financial assets, security entitlements, cash and other property credited thereto and all Security Entitlements related thereto;
 (iii)
all Proceeds of the foregoing; and
 (iv)
all powers and rights now owned or hereafter acquired under or with respect to any of the foregoing (all of the foregoing, collectively, the “Collateral”).

 (b)
Prior to or concurrently with the
execution and delivery of this Agreement, the Purchase Contract Agent, on behalf of the initial Holders of the Units, shall cause the Notes comprising a part of the Normal Units to be Transferred to the Collateral Agent for the benefit of the
Company.
 (c)
The pledge provided in this
Section 2.1 is herein referred to as the “Pledge” and the Notes (including any Notes that are delivered pursuant to Section 6.2 hereof), Treasury Consideration and Treasury Securities subject to the Pledge, excluding any Notes, Treasury
Consideration or Treasury Securities released from the Pledge as provided in Sections 4.1 and 4.2 hereof, respectively, are hereinafter referred to as “Pledged Notes,” “Pledged Treasury Consideration” and “Pledged Treasury
Securities,” respectively. Subject to the Pledge and the provisions of Section 2.2 hereof, the Holders from time to time shall have full beneficial ownership of the Collateral. For purposes of perfecting the Pledge under applicable law,
including, to the extent applicable, the TRADES Regulations or the Uniform Commercial Code as adopted and in effect in any applicable jurisdiction, the Collateral Agent shall be the agent of the Company as provided herein. Whenever directed by the
Collateral Agent acting on behalf of the Company, the Securities Intermediary shall have the right to reregister the Notes or any other securities held in physical form in its name.
 (d)
Except as may be required in order to release Notes or
Treasury Consideration, as applicable, in connection with a Special Event Redemption or with a Holder’s election to convert its investment from a Normal Unit to a Stripped Unit, or except as otherwise required to release Notes as specified
herein, neither the Collateral Agent, the Custodial Agent nor the Securities Intermediary shall relinquish physical possession of any certificate evidencing Notes, Treasury Securities or Treasury Consideration, as applicable, prior to the
termination of this Agreement. If it becomes necessary for the Securities Intermediary to relinquish physical possession of a certificate in order to release a portion of the Notes evidenced thereby from the Pledge, the Securities Intermediary shall
use its best efforts to obtain physical possession of a replacement certificate evidencing any Notes remaining subject to the Pledge hereunder registered to it or endorsed in blank within fifteen days of the date it relinquished possession. The
Securities Intermediary shall promptly notify the Company and the Collateral Agent of its inability to obtain possession of any such replacement certificate as required hereby.
 
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 SECTION 2.2
Control and Perfection
 (a)
In connection with the Pledge granted in Section 2.1, and subject to the other provisions of this Agreement, the Holders from time to time acting through the Purchase Contract Agent, as their attorney-in-fact, hereby authorize and direct the
Securities Intermediary (without the necessity of obtaining the further consent of the Purchase Contract Agent or any of the Holders), and the Securities Intermediary agrees, to comply with and follow any instructions and entitlement orders (as
defined in Section 8-102(a)(8) of the Code) that the Collateral Agent may deliver pursuant to the terms hereof or upon the written direction of the Company with respect to the Collateral Account, the Collateral credited thereto and any Security
Entitlements with respect to any thereof. In the event the Securities Intermediary receives from the Holders or the Purchase Contract Agent entitlement orders which conflict with entitlement orders received from the Collateral Agent, the Securities
Intermediary shall follow the entitlement orders received from the Collateral Agent. Such instructions and entitlement orders may, without limitation, direct the Securities Intermediary to transfer, redeem, assign, or otherwise deliver the Notes,
the Treasury Consideration and the Treasury Securities, and any Security Entitlements with respect thereto, or sell, liquidate or dispose of such assets through a broker designated by the Company, and to pay and deliver any income, proceeds or other
funds derived therefrom to the Company. The Holders from time to time acting through the Purchase Contract Agent hereby further authorize and direct the Collateral Agent, as agent of the Company, to, pursuant to the terms hereof or upon written
direction of the Company, itself issue instructions and entitlement orders, and to otherwise take action, with respect to the Collateral Account, the Collateral credited thereto and any Security Entitlements with respect thereto, all without the
necessity of obtaining the further consent of the Purchase Contract Agent or any of the Holders. The Collateral Agent shall be the agent of the Company and shall act only in accordance with the terms hereof or as otherwise directed in writing by the
Company. Without limiting the generality of the foregoing, the Collateral Agent shall issue entitlement orders to the Securities Intermediary when and as required by the terms hereof or as otherwise directed in writing by the Company.
 (b)
The Securities Intermediary hereby confirms and agrees
that: 
 (i)
all securities or other property underlying any financial
assets credited to the Collateral Account shall be registered in the name of the Securities Intermediary, or its nominee, indorsed to the Securities Intermediary, or its nominee, or in blank or credited to another Collateral Account maintained in
the name of the Securities Intermediary and in no case will any financial asset credited to the Collateral Account be registered in the name of the Purchase Contract Agent, the Collateral Agent, the Company or any Holder, payable to the order of, or
specially indorsed to, the Purchase Contract Agent, the Collateral Agent, the Company or any Holder except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank; 
 
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 (ii)
all property delivered to the Securities
Intermediary pursuant to this Agreement (including, without limitation, any Notes, Treasury Consideration or Treasury Securities) will be promptly credited to the Collateral Account; 
 (iii)
the Collateral Account is an account to which financial assets are or may be
credited, and the Securities Intermediary shall, subject to the terms of this Agreement, treat the Purchase Contract Agent as entitled to exercise the rights of any financial asset credited to the Collateral Account; 
 (iv)
the Securities Intermediary has not entered into, and until the termination of this
Agreement will not enter into, any agreement with any other Person relating to the Collateral Account and/or any financial assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8)
of the Code) of such other Person; and 
 (v)
the Securities Intermediary
has not entered into, and until the termination of this Agreement will not enter into, any agreement with the Company, the Collateral Agent or the Purchase Contract Agent purporting to limit or condition the obligation of the Securities Intermediary
to comply with entitlement orders as set forth in this Section 2.2 hereof.
 (c)
The Securities Intermediary hereby agrees that each item of property (whether investment property, financial asset, security, instrument or
cash) credited to the Collateral Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the Code.
 (d)
In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the
terms of this Agreement shall prevail.
 (e)
The Purchase Contract Agent hereby irrevocably constitutes and appoints the Collateral Agent and the Company, with full power of substitution, as the Purchase Contract Agent’s attorney-in-fact to take on behalf of, and in the name, place
and stead of the Purchase Contract Agent and the Holders, any action necessary or desirable to perfect and to keep perfected the security interest in the Collateral referred to in Section 2.1. The grant of such power-of-attorney shall not be deemed
to require of the Collateral Agent any specific duties or obligations not otherwise assumed by the Collateral Agent hereunder. Notwithstanding the foregoing, in no event shall the Collateral Agent, the Custodial Agent or the Securities Intermediary
be responsible for the preparation or filing of any financing or continuation statements in the appropriate jurisdictions or responsible for maintenance or perfection of any security interest hereunder.
 
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 ARTICLE III
 PAYMENTS ON
COLLATERAL
 SECTION 3.1
Payments
 So long as the Purchase Contract Agent is the registered owner of the Pledged Notes, Pledged Treasury Consideration or
Pledged Treasury Securities, it shall receive all payments thereon. If the Pledged Notes are reregistered such that the Collateral Agent becomes the registered holder, all payments of the principal of, or interest on, the Pledged Notes and all
payments of the principal of, or cash distributions on, any Pledged Treasury Consideration or Pledged Treasury Securities, that are received by the Collateral Agent and that are properly payable hereunder shall be paid by the Collateral Agent by
wire transfer in same day funds:
 (i)
in the case of (A) quarterly cash
distributions on Normal Units which include Pledged Notes or Pledged Treasury Consideration, as the case may be, and (B) any payments with respect to any Notes or Treasury Consideration, as the case may be, that have been released from the
Pledge pursuant to Section 4.3 hereof, to the Purchase Contract Agent, for the benefit of the relevant Holders of the Normal Units, to the account designated by the Purchase Contract Agent for such purpose no later than 11:00 a.m., New York City
time, on the Business Day such payment is received by the Collateral Agent (provided that in the event such payment or payment instructions are received by the Collateral Agent on a day that is not a
Business Day or after 9:00 a.m., New York City time, on a Business Day, then such payment shall be made no later than 9:30 a.m., New York City time, on the next succeeding Business Day);
 (ii)
in the case of any payments with respect to any Treasury Securities that have been
released from the Pledge pursuant to Section 4.3 hereof to the Holders of the Stripped Units, to the accounts and in such amounts designated by the Purchase Contract Agent in writing for such purpose no later than 2:00 p.m., New York City time, on
the Business Day such payment is received by the Collateral Agent (provided that in the event such payment or payment instructions are received by the Collateral Agent on a day that is not a Business
Day or after 10:00 a.m., New York City time, on a Business Day, then such payment shall be made no later than 10:30 a.m., New York City time, on the next succeeding Business Day); any payment to be made directly to the Holders of such Stripped Units
shall be subject to applicable federal withholding law, including the requirement that a Holder shall have provided to the Collateral Agent its certified taxpayer identification number by furnishing appropriate Forms W-9 (or such other forms as
shall be applicable); and
 
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 (iii)
in the case of payments in respect of any
Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, to be paid upon settlement of such Holder’s obligations to purchase shares of Common Stock under the Purchase Contract, to the Company on the
Stock Purchase Date in accordance with the procedure set forth in Section 4.5(a) or 4.5(b) hereof, in full satisfaction of the respective obligations of the Holders under the related Purchase Contracts.
 SECTION 3.2
Application of Payments
 All payments received by the Purchase Contract Agent as provided herein shall be applied by the Purchase
Contract Agent pursuant to the provisions of the Purchase Contract Agreement. If, notwithstanding the foregoing, the Purchase Contract Agent shall receive any payments of principal on account of any Notes or Treasury Consideration, as applicable,
that, at the time of such payment, are Pledged Notes or Pledged Treasury Consideration, as the case may be (other than payments to which it is entitled pursuant to the terms of the Purchase Contract Agreement), or a Holder of a Stripped Unit shall
receive any payments of principal on account of any Treasury Securities that, at the time of such payment, are Pledged Treasury Securities (other than payments to which it is entitled pursuant to the terms of the Purchase Contract Agreement), the
Purchase Contract Agent or such Holder shall hold the same as trustee of an express trust for the benefit of the Company (and promptly deliver the same over to the Company) for application to the obligations of the Holders under the related Purchase
Contracts, and the Holders shall acquire no right, title or interest in any such payments of principal so received.
 ARTICLE IV
 SUBSTITUTION, RELEASE, REPLEDGE AND SETTLEMENT OF NOTES
 SECTION 4.1
Collateral Substitution and the Creation of Stripped Units
 At any time on or prior to the seventh Business Day immediately preceding
the Stock Purchase Date, a Holder of Normal Units shall have the right to substitute Treasury Securities for the Pledged Notes or Pledged Treasury Consideration, as the case may be, securing such Holder’s obligations under the Purchase
Contracts comprising a part of such Normal Units, in integral multiples of 40 Normal Units, or after a successful remarketing of the Notes pursuant to the Purchase Contract Agreement or a Special Event Redemption, in integral multiples of Normal
Units so that Treasury Securities to be deposited and the applicable Treasury Consideration, as the case may be, to be released are in integral multiples of $1,000, by (a) Transferring to the Collateral Agent Treasury Securities having an
aggregate principal amount equal to the aggregate Stated Amount of such Normal Units and (b) delivering such Normal Units to the Purchase Contract Agent, accompanied by a notice, substantially in the form of Exhibit B hereto, to the
Purchase
 
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 Contract Agent stating that such Holder has Transferred Treasury Securities to the Collateral Agent pursuant to clause (a) above (stating the principal
amount, the maturities and the CUSIP numbers of the Treasury Securities Transferred by such Holder) and requesting that the Purchase Contract Agent instruct the Collateral Agent to release from the Pledge the Pledged Notes or Pledged Treasury
Consideration related to such Normal Units, whereupon the Purchase Contract Agent shall promptly give such instruction to the Collateral Agent in the form provided in Exhibit A; provided that such
Holder may not substitute such Treasury Securities for such Pledged Notes or Pledged Treasury Consideration pursuant to this Section 4.1 during the period beginning on the fourth Business Day prior to the first day of the first or second Remarketing
Period and ending on the third Business Day after the end of such Remarketing Period. Upon receipt of Treasury Securities from a Holder of Normal Units and the related instruction from the Purchase Contract Agent, the Collateral Agent shall release
the Pledged Notes or Pledged Treasury Consideration and shall promptly Transfer such Pledged Notes or Pledged Treasury Consideration free and clear of any lien, pledge or security interest created hereby, to the Purchase Contract Agent. All items
Transferred and/or substituted by any Holder pursuant to this Section 4.1, Section 4.2 or any other Section of this Agreement shall be Transferred and/or substituted free and clear of all liens, claims and encumbrances.
 SECTION 4.2
Collateral Substitution and the Re-Creation of Normal Units
 At any time on or prior to the seventh Business Day immediately preceding
the Stock Purchase Date, a Holder of Stripped Units shall have the right to reestablish Normal Units (a) consisting of the Purchase Contracts and Notes in integral multiples of 40 Normal Units, or (b)
after a successful remarketing of the Notes pursuant to the Purchase Contract Agreement or a Special Event Redemption, consisting of the Purchase Contracts and the appropriate Treasury Consideration (identified and calculated by reference to the
Treasury Consideration then comprising Normal Units) or the appropriate portion of the Treasury Portfolio in integral multiples of Stripped Units so that the Treasury Consideration to be deposited and the Treasury Securities to be released are in
integral multiples of $1,000, by (x) Transferring to the Collateral Agent Notes or the appropriate Treasury Consideration, as the case may be, then comprising such number of Normal Units as is equal to such Stripped Units and (y) delivering such
Stripped Units to the Purchase Contract Agent, accompanied by a notice, substantially in the form of Exhibit B hereto, to the Purchase Contract Agent stating that such Holder has transferred Notes or Treasury Consideration to the Collateral Agent
pursuant to clause (a) above and requesting that the Purchase Contract Agent instruct the Collateral Agent to release from the Pledge the Pledged Treasury Securities related to such Stripped Units, whereupon the Purchase Contract Agent shall give
such instruction to the Collateral Agent in the form provided in Exhibit A; provided that such Holder may not substitute such Notes or Treasury Consideration for such Pledged Treasury Securities
pursuant to this Section 4.2 during the period beginning on the fourth Business Day prior to the first day of the first or second Remarketing Period and ending on the third Business Day after the end of such Remarketing Period. Upon receipt of the
Notes or the appropriate Treasury
 
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 Consideration, as the case may be, from such Holder and the instruction from the Purchase Contract Agent, the Collateral Agent shall release the Pledged
Treasury Securities and shall promptly Transfer such Treasury Securities, free and clear of any lien, pledge or security interest created hereby, to the Purchase Contract Agent.
 SECTION 4.3
Termination Event
 (a)
Upon receipt by the Collateral Agent of written notice from the Company or the Purchase Contract Agent that there has occurred a Termination Event and identifying the nature of the Termination Event, the Collateral Agent shall release all
Collateral from the Pledge and shall promptly Transfer any Pledged Notes or Pledged Treasury Consideration, as the case may be, and Pledged Treasury Securities to the Purchase Contract Agent for the benefit of the Holders of the Normal Units and the
Stripped Units, respectively, free and clear of any lien, pledge or security interest or other interest created in favor of the Collateral Agent hereby.
 (b)
If such Termination Event shall result from the Company’s becoming a debtor under the Bankruptcy Code, and if the
Collateral Agent shall advise the Purchase Contract Agent in writing that the Collateral Agent shall for any reason be prohibited from promptly effectuating the release and Transfer of all Pledged Notes, Pledged Treasury Consideration or Pledged
Treasury Securities, as the case may be, as provided by this Section 4.3, the Purchase Contract Agent shall:
 (i)
use its best efforts to obtain an opinion of a nationally recognized law firm reasonably acceptable to the Collateral Agent to the effect that, as a result of the
Company’s being the debtor in such a bankruptcy case, the Collateral Agent will not be prohibited from releasing or Transferring the Collateral as provided in this Section 4.3, and shall deliver such opinion to the Collateral Agent within ten
days after the receipt of such written notice from the Collateral Agent, and if (y) the Purchase Contract Agent shall be unable to obtain such opinion within ten days after the occurrence of such Termination Event or (z) the Collateral Agent shall
continue, after delivery of such opinion, to refuse to effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, as provided in this Section 4.3, then the Purchase
Contract Agent shall within fifteen days after the receipt of such written notice from the Collateral Agent commence an action or proceeding in the court with jurisdiction of the Company’s case under the Bankruptcy Code seeking an order
requiring the Collateral Agent to effectuate the release and transfer of all Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, as provided by this Section 4.3 or 
 
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 (ii)
commence an action or proceeding like that
described in subsection (i) hereof within ten days after the receipt of such written notice from the Collateral Agent.
 SECTION 4.4
Early Settlement; Merger Early Settlement; Cash Settlement
 Upon written notice to the Collateral Agent by the Purchase Contract Agent
that one or more Holders of Units have elected to effect Early Settlement, Merger Early Settlement or Cash Settlement of their respective obligations under the Purchase Contracts forming a part of such
Units in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement (setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement, Merger Early Settlement or Cash
Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the Company as confirmed by written notice to the Collateral Agent by the Company, the related Early Settlement Amounts, Merger Early Settlement Amounts or
Cash Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and the Purchase Contract Agreement and that all conditions to such Early Settlement, Merger Early Settlement or Cash Settlement, as the case may be, have
been satisfied, then the Collateral Agent shall release from the Pledge (a) Pledged Notes or Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of
Stripped Units, identified by the Purchase Contract Agent as relating to such Purchase Contracts as to which such Holders have elected to effect Early Settlement, Merger Early Settlement or Cash Settlement, and shall Transfer all such Pledged Notes,
Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, free and clear of any lien, pledge or security interest created hereby, to the Purchase Contract Agent for the benefit of the Holders.
 SECTION 4.5
Remarketing; Application of Proceeds; Settlement
 (a)
Pursuant to the Purchase Contract Agreement, the Purchase Contract Agent shall notify, by 10:00 a.m., New York City time, on the third Business
Day preceding the first day of any Remarketing Period, the Remarketing Agent and the Collateral Agent of the aggregate principal amount of Notes comprising part of Normal Units to be remarketed. The Collateral Agent shall, by 10:00 a.m., New York
City time, on the Business Day immediately preceding the first day of any Remarketing Period, without any instruction from Holders of Normal Units, deliver (i) the Pledged Notes to be remarketed to the Remarketing Agent for remarketing and (ii) the
remaining Pledged Notes to the Purchase Contract Agent for distribution to the Holders that have elected not to participate in the remarketing in accordance with the Purchase Contract Agreement. The Remarketing Agent will agree pursuant to the
Remarketing Agreement to deliver the Agent-purchased Treasury Consideration purchased from the proceeds of a successful remarketing to the Purchase Contract Agent, which shall thereupon deliver such Agent-purchased Treasury Consideration to the
Collateral Agent. Upon receipt of the Agent-purchased Treasury Consideration from the Purchase Contract Agent following a
 
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 successful remarketing, the Collateral Agent, for the benefit of the Company, shall thereupon hold such Agent-purchased Treasury Consideration to secure such
Holders’ obligations under the Purchase Contracts. On the Stock Purchase Date, the Collateral Agent shall apply that portion of the payments received in respect of the Pledged Treasury Consideration equal to the aggregate Stated Amount of the
related Normal Units to satisfy in full the obligations of such Holders of Normal Units to pay the Purchase Price under the related Purchase Contracts. The remaining portion of such Proceeds, if any, shall be distributed by the Collateral Agent to
the Purchase Contract Agent for payment to each Holder of a Normal Unit a cash payment in an amount equal to 1/40, or 2.5%, of a quarterly interest payment on the $1,000 principal amount of
a Senior Note at the initial annual rate of 6.00%.
 (b)
Promptly following a Failed Remarketing, the Notes delivered to the Remarketing Agent and the Purchase Contract Agent pursuant to Section 4.5(a)
shall be returned to the Collateral Agent, together with written notice from the Remarketing Agent of the Failed Remarketing. The Collateral Agent, for the benefit of the Company, shall thereupon hold such Notes to secure the obligations of Holders
of Normal Units under the Purchase Contracts. The Remarketing Agent shall agree to make one or more attempts to remarket the Notes in accordance with the procedures set forth in the Purchase Contract Agreement and the Remarketing Agreement between
the Remarketing Date and the Stock Purchase Date, provided that the requirements of Section 5.4(b)(ii) of the Purchase Contract Agreement have been met. If by 4:00 p.m., New York City time, on the
third Business Day immediately preceding the Stock Purchase Date the Remarketing Agent has failed to remarket the Notes at a price equal to at least 100.25% of the Remarketing Value, the “Last Failed Remarketing” shall be deemed to have
occurred. In this case, the Remarketing Agent will agree to advise the Collateral Agent in writing that it cannot remarket the related Pledged Notes of such Holders of Normal Units and the Remarketing Agent will agree pursuant to the Remarketing
Agreement to promptly return to the Collateral Agent the Notes delivered to it pursuant to Section 4.5(a). The Collateral Agent, for the benefit of the Company will, at the written direction of the Company, deliver or dispose of the Pledged Notes in
accordance with the Company’s written instructions to satisfy in full, from any such disposition or retention, such Holders’ obligations to pay the Purchase Price for the Common Stock; provided that if upon a Failed Remarketing or the Last Failed Remarketing, as the case may be, the Collateral Agent delivers or disposes of the Pledged Notes in accordance with the written instructions of the Company, any accrued and unpaid interest
on such Notes will become payable by the Company to the Purchase Contract Agent for payment to the Holder of the Normal Units to which such Notes relate in accordance with the Purchase Contract Agreement. 
 (c)
In the event a Holder of Stripped Units has not made an
Early Settlement, Merger Early Settlement or Cash Settlement of the Purchase Contracts underlying its Stripped Units, such Holder shall be deemed to have elected to pay for the shares of Common Stock to be issued under such Purchase Contracts from
the payments received in respect of the related Pledged Treasury Securities. Without receiving any instruction
 
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 from any such Holder of Stripped Units, the Collateral Agent shall apply such payments to the settlement of such Purchase Contracts on the Stock Purchase
Date pursuant to written instructions from the Purchase Contract Agent. In the event the payments received in respect of the related Pledged Treasury Securities are in excess of the aggregate Purchase Price of the Purchase Contracts being settled
thereby, the Collateral Agent shall distribute such excess, when received, to the Purchase Contract Agent for payment to such Holders of Stripped Units.
 (d)
Pursuant to the Remarketing Agreement and Purchase Contract Agreement, on or prior to the fourth Business Day preceding
the first day of any Remarketing Period, but no earlier than the Payment Date immediately preceding the first day of such Remarketing Period, holders of Separate Notes may elect to have their Separate Notes remarketed by delivering their Separate
Notes, together with a notice of such election, substantially in the form of Exhibit C hereto, to the Custodial Agent. On the third Business Day prior to the first day of any Remarketing Period, by 10:00 a.m., New York City time, the Custodial
Agent shall notify the Remarketing Agent of the principal amount of such Separate Notes to be remarketed. The Custodial Agent will hold such Separate Notes in an account separate from the Collateral Account. A holder of Separate Notes electing to
have its Separate Notes remarketed will also have the right to withdraw such election by written notice to the Custodial Agent, substantially in the form of Exhibit D hereto, on or prior to the fourth Business Day immediately preceding the first day
of any Remarketing Period, upon which notice the Custodial Agent will return such Separate Notes to such holder. On the Business Day immediately preceding the first day of any Remarketing Period, the Custodial Agent will deliver to the Remarketing
Agent for remarketing all Separate Notes delivered to the Custodial Agent pursuant to this Section 4.5(d) and not withdrawn pursuant to the terms hereof prior to such date. The portion of the proceeds from such remarketing equal to the amount
calculated in respect of such Separate Notes as set forth in Section 5.4(b) of the Purchase Contract Agreement will automatically be remitted by the Remarketing Agent to the Custodial Agent for the benefit of the holders of such Separate Notes. In
addition, after deducting as the remarketing fee an amount not exceeding 25 basis points (.25%) of the Remarketing Value, the Remarketing Agent will remit to the Custodial Agent the remaining portion of the proceeds, if any, for payment to such
holders. If, despite using commercially reasonable best efforts, the Remarketing Agent advises the Custodial Agent in writing that there has been a Failed Remarketing, the Remarketing Agent will promptly return such Notes to the Custodial Agent for
redelivery to the holders of such Separate Notes. For purposes of this Section 4.5(d), a “holder” of Separate Notes shall mean the Person in whose name such Separate Notes is registered on the books of the registrar for the
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 ARTICLE V
 VOTING RIGHTS —
NOTES
 SECTION 5.1
Exercise by Purchase Contract Agent
 The Purchase Contract Agent may exercise, or refrain from exercising, any and all voting and
other consensual rights pertaining to the Pledged Notes or any part thereof for any purpose not inconsistent with the terms of this Agreement and in accordance with the terms of the Purchase Contract Agreement; provided that the Purchase Contract Agent shall not exercise or, as the case may be, shall not refrain from exercising such right if, in the judgment of the Company, such action would impair or otherwise have a
material adverse effect on the value of all or any of the Pledged Notes; and provided, further, that the Purchase Contract Agent shall give the Company and
the Collateral Agent at least five Business Days’ prior written notice of the manner in which it intends to exercise, or its reasons for refraining from exercising, any such right. Upon receipt of any notices and other communications in respect
of any Pledged Notes, including notice of any meeting at which holders of Notes are entitled to vote or solicitation of consents, waivers or proxies of holders of Notes, the Collateral Agent shall use reasonable efforts to send promptly to the
Purchase Contract Agent such notice or communication, and as soon as reasonably practicable after receipt of a written request therefor from the Purchase Contract Agent, execute and deliver to the Purchase Contract Agent such proxies and other
instruments in respect of such Pledged Notes (in form and substance satisfactory to the Collateral Agent) as are prepared by the Purchase Contract Agent with respect to the Pledged Notes.
 ARTICLE VI
 RIGHTS AND REMEDIES; SPECIAL EVENT REDEMPTION
 SECTION 6.1
Rights and Remedies of the Collateral Agent
 (a)
In addition to the rights and remedies available at law or in equity, after an event of default under the Purchase Contracts, the Collateral
Agent shall have all of the rights and remedies with respect to the Collateral of a secured party under the Uniform Commercial Code (or any successor thereto) as in effect in the State of New York from time to time (the “Code”) (whether or
not the Code is in effect in the jurisdiction where the rights and remedies are asserted) and the TRADES Regulations and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any
rights and remedies hereunder may be asserted. Wherever reference is made in this Agreement to any section of the Code, such reference shall be deemed to include a reference to any provision of the Code which is a successor to, or amendment of, such
section. Without limiting the generality of the foregoing, such remedies may include, to the extent permitted by applicable law, (i) retention of the
 
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 Pledged Notes or other Collateral in full satisfaction of the Holders’ obligations under the Purchase Contracts or (ii) sale of the Pledged Notes or
other Collateral in one or more public or private sales or otherwise at the written direction of the Company.
 (b)
Without limiting any rights or powers otherwise granted by this Agreement to the Collateral Agent, in the event the Collateral Agent is unable
to make payments to the Company on account of any Pledged Treasury Consideration or Pledged Treasury Securities as provided in Article III hereof in satisfaction of the obligations of the Holder of the Units of which such Pledged Treasury
Consideration or Pledged Treasury Securities, as applicable, is a part under the related Purchase Contracts, the inability to make such payments shall constitute an event of default under the Purchase Contracts and the Collateral Agent shall have
and may exercise, with reference to such Pledged Treasury Securities or such Pledged Treasury Consideration, as applicable, and such obligations of such Holder, any and all of the rights and remedies available to a secured party under the Code and
the TRADES Regulations after default by a debtor, and as otherwise granted herein or under any other law.
 (c)
Without limiting any rights or powers otherwise granted by this Agreement to the Collateral Agent, the Collateral Agent is hereby irrevocably
authorized to receive and collect all payments of (i) the principal amount of, or interest on, the Pledged Notes, or (ii) the principal amount of the Pledged Treasury Consideration or Pledged Treasury Securities, subject, in each case, to the
provisions of Article III, and as otherwise granted herein.
 (d)
The Purchase Contract Agent, individually and as attorney-in-fact for each Holder of Units, agrees that, from time to time, upon the written
request of the Company or the Collateral Agent (acting upon the written request of the Company), the Purchase Contract Agent or such Holder shall execute and deliver such further documents and do such other acts and things as may be necessary,
including as the Company or the Collateral Agent (acting upon the written request of the Company) may reasonably request in order to maintain the Pledge, and the perfection and priority thereof, and to confirm the rights of the Collateral Agent
hereunder. The Purchase Contract Agent shall have no liability to any Holder for executing any documents or taking any such acts requested by the Company or the Collateral Agent (acting upon the written request of the Company) hereunder, except for
liability for its own negligent act, its own negligent failure to act, its own bad faith or its own willful misconduct.
 SECTION 6.2
Substitutions
 Whenever a Holder has the right to substitute Treasury Securities, Notes, or Treasury Consideration, as the case may
be, for Collateral held by the Collateral Agent, such substitution shall not constitute a novation of the security interest created hereby.
 
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 SECTION 6.3
Special Event Redemption
 Upon the occurrence of a Special Event Redemption prior to the Stock Purchase Date or the earlier successful
remarketing of the Notes pursuant to Section 5.4 of the Purchase Contract Agreement and the receipt of the Redemption Price of the Pledged Notes by the Collateral Agent, the Collateral Agent will, at the written direction of the Company, apply the
Redemption Price to purchase on behalf of the Holders of Normal Units the Special Event Redemption Treasury Consideration. The Collateral Agent shall transfer the Special Event Redemption Treasury Consideration to the Collateral Account to secure
the obligation of all Holders of Normal Units to purchase shares of Common Stock of the Company under the Purchase Contracts constituting a part of such Normal Units, in substitution for the Pledged Notes. Thereafter, the Collateral Agent shall have
such security interests, rights and obligations with respect to the Special Event Redemption Treasury Consideration as it had in respect of the Pledged Notes as provided in Articles II, III, IV, V and VI, and any reference herein to the Notes shall
be deemed to be reference to such Special Event Redemption Treasury Consideration, and any reference herein to interest on the Notes shall be deemed to be a reference to corresponding distributions on such Special Event Redemption Treasury
Consideration. Upon the occurrence of a Special Event Redemption, the Collateral Agent shall be authorized to surrender the Notes in accordance with the provisions of the Indenture.
 ARTICLE VII
 REPRESENTATIONS AND WARRANTIES; COVENANTS
 SECTION 7.1
Representations and Warranties of the Holders
 The Holders from time to time, acting through the Purchase Contract Agent as their
attorney-in-fact (it being understood that the Purchase Contract Agent shall not be liable for any representation or warranty made by or on behalf of a Holder), hereby represent and warrant to the Collateral Agent, which representations and
warranties shall be deemed repeated on each day a Holder Transfers Collateral, that:
 (a)
such Holder has the power to grant a security interest in and lien on the Collateral;
 (b)
such Holder is the sole beneficial owner of the
Collateral and, in the case of Collateral delivered in physical form, is the sole holder of such Collateral and is the sole beneficial owner of, or has the right to Transfer, the Collateral it Transfers to the Collateral Agent, free and clear of any
security interest, lien, encumbrance, call, liability to pay money or other restriction other than the security interest and lien granted under Section 2.1;
 (c)
upon the Transfer of the Collateral to the Collateral Account, the Collateral Agent, for the benefit of the Company,
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 priority security interest therein (assuming that any central clearing operation or any Intermediary or other entity not within the control of the Holder
involved in the Transfer of the Collateral, including the Collateral Agent, gives the notices and takes the action required of it hereunder and under applicable law for perfection of that interest and assuming the establishment and exercise of
control pursuant to Section 2.2); and
 (d)
the execution and performance by the Holder of its obligations under this Agreement will not result in the creation of any security interest, lien or other encumbrance on the Collateral other than the security interest and lien granted under
Section 2.1 or violate any provision of any existing law or regulation applicable to it or of any mortgage, charge, pledge, indenture, contract or undertaking to which it is a party or which is binding on it or any of its assets.
 SECTION 7.2
Representations and Warranties of the Collateral Agent, Custodial Agent and Securities Intermediary
 The Collateral Agent, Custodial
Agent and Securities Intermediary (each an “Agent”) hereby represents and warrants:
 (a)
The Collateral Agent, Custodial Agent and Securities Intermediary is a trust company duly incorporated and validly existing under the laws of
the State of Illinois;
 (b)
The execution,
delivery and performance by the Collateral Agent, the Custodial Agent and the Securities Intermediary of this Agreement have each been duly authorized by all necessary corporate action on the part of each such Agent; this Agreement has been duly
executed and delivered by the Collateral Agent, the Custodial Agent and the Securities Intermediary and constitutes a valid and legally binding obligation of each of the Agents, enforceable against such Agents in accordance with its terms, subject,
as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 
 (c)
The execution, delivery and performance by the
Collateral Agent, the Custodial Agent and the Securities Intermediary of this Agreement do not violate or constitute a breach of the Articles of Incorporation or By-Laws of any of such Agents; and
 (d)
No consent of any federal or state banking authority
having regulatory authority over the Agents in their individual capacity is required for the execution and delivery of, or performance by the Agents of their respective obligations under, this Agreement.
 
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 SECTION 7.3
Covenants
 The Holders from time to time, acting through the Purchase Contract Agent as their attorney-in-fact (it being understood
that the Purchase Contract Agent shall not be liable for any covenant made by or on behalf of a Holder), hereby covenant to the Collateral Agent that for so long as the Collateral remains subject to the Pledge:
 (a)
neither the Purchase Contract Agent nor such Holders
will create or purport to create or allow to subsist any mortgage, charge, lien, pledge or any other security interest whatsoever over the Collateral or any part of it other than pursuant to this Agreement; and
 (b)
neither the Purchase Contract Agent nor such Holders
will sell or otherwise dispose (or attempt to dispose) of the Collateral or any part of it except for the beneficial interest therein, subject to the pledge hereunder, transferred in connection with the Transfer of the Units.
 ARTICLE VIII
 THE COLLATERAL AGENT
 SECTION 8.1
Appointment, Powers and Immunities
 (a)
The Collateral Agent shall act as agent for the Company hereunder with such powers as are specifically vested in the Collateral Agent by the
terms of this Agreement, together with such other powers as are reasonably incidental thereto. Each of the Collateral Agent, the Custodial Agent and the Securities Intermediary: 
 (i)
shall have no duties or responsibilities except those expressly set forth in this
Agreement and no implied covenants or obligations shall be inferred from this Agreement against any of them, nor shall any of them be bound by the provisions of any agreement by any party hereto beyond the specific terms hereof; 
 (ii)
shall not be responsible for any recitals contained in this Agreement, or in any
certificate or other document referred to or provided for in, or received by it under, this Agreement, the Units or the Purchase Contract Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement (other than as against the Collateral Agent), the Units or the Purchase Contract Agreement or any other document referred to or provided for herein or therein or for any failure by the Company or any other Person (except the Collateral
Agent, the Custodial Agent or the Securities Intermediary, as the case may be) to perform any of its obligations hereunder or thereunder or, except as
 
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 expressly required hereby, for the existence, validity, perfection, priority or maintenance of any security interest created hereunder;

 (iii)
shall not be required to initiate or conduct any litigation or
collection proceedings hereunder (except in the case of the Collateral Agent, pursuant to directions furnished under Section 8.2, subject to Section 8.6); 
 (iv)
shall not be responsible for any action taken or omitted to be taken by it hereunder or under any other document or instrument referred to or
provided for herein or in connection herewith or therewith, except for its own negligence, bad faith or willful misconduct; and 
 (v)
shall not be required to advise any party as to selling or retaining, or taking or refraining from taking any action with respect to, the Units or other property deposited
hereunder.
 Subject to the foregoing, during the term of this Agreement, each of the Collateral Agent, the Custodial Agent and the Securities Intermediary, in connection with the
safekeeping and preservation of the Collateral hereunder, shall use the same standard of care it applies for similar property held for its own account.
 (b)
No provision of this Agreement shall require the Collateral Agent, the Custodial Agent or the Securities Intermediary to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder. In no event shall the Collateral Agent, the Custodial Agent or the Securities Intermediary be liable for any amount in excess
of the value of the Collateral. Notwithstanding the foregoing, the Collateral Agent, the Custodial Agent, the Purchase Contract Agent and Securities Intermediary, each in its individual capacity, hereby waive any right of set-off, banker’s
lien, liens or perfection rights as securities intermediary or any counterclaim with respect to any of the Collateral.
 (c)
The Collateral Agent, Custodial Agent and Securities Intermediary shall have no liability whatsoever for the action or inaction of any Clearing
Agency or any book-entry system thereof. In no event shall any Clearing Agency or any book-entry system thereof be deemed an agent or subcustodian of the Collateral Agent, Custodial Agent and Securities Intermediary. 
 SECTION 8.2
Instructions of the Company
 The Company shall have the right, by one or more instruments in writing executed and delivered to the
Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be, to direct the time, method and place of conducting any proceeding for the realization of any right or remedy available to the Collateral Agent, the Custodial
Agent or the Securities Intermediary, as the case may be, or of exercising any power conferred on the Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be, or to direct the taking or refraining from taking of
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 action authorized by this Agreement; provided that (i) such direction shall not conflict with the
provisions of any law or of this Agreement and (ii) the Collateral Agent, the Custodial Agent and the Securities Intermediary shall each receive indemnity reasonably satisfactory to it as provided herein. Nothing in this Section 8.2 shall
impair the right of each of the Collateral Agent, the Custodial Agent or the Securities Intermediary in its discretion to take any action or omit to take any action which it deems proper and which is not inconsistent with such direction.

SECTION 8.3
Reliance
 Each of the Securities Intermediary, the Custodial Agent and the Collateral Agent shall be entitled conclusively to rely
upon any certification, order, judgment, instructions, opinion, notice or other communication (including, without limitation, any thereof by telephone or facsimile) reasonably believed by it to be genuine and correct and to have been signed or sent
by or on behalf of the proper Person or Persons (without being required to determine the correctness of any fact stated therein), and upon advice and statements of legal counsel and other experts selected by the Collateral Agent, the Custodial Agent
or the Securities Intermediary, as the case may be. As to any matters not expressly provided for by this Agreement, the Collateral Agent, the Custodial Agent and the Securities Intermediary shall in all cases be fully protected in acting, or in
refraining from acting, hereunder in accordance with instructions given by the Company in accordance with this Agreement.
 SECTION 8.4
Rights in Other Capacities
 The Collateral Agent, the Custodial Agent and the Securities Intermediary and their affiliates may
(without having to account therefor to the Company) accept deposits from, lend money to, make their investments in and generally engage in any kind of banking, trust or other business with the Purchase Contract Agent, any Holder of Units and any
holder of Separate Notes (and any of their respective subsidiaries or affiliates) as if it were not acting as the Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be, and the Collateral Agent, the Custodial Agent
and the Securities Intermediary and their affiliates may accept fees and other consideration from the Purchase Contract Agent, any Holder of Units or any holder of Separate Notes without having to account for the same to the Company; provided that each of the Securities Intermediary, the Custodial Agent and the Collateral Agent covenants and agrees with the Company that it shall not accept, receive or permit there to be created in favor of itself
(and waives any right of set-off or banker’s lien with respect to) and shall take no affirmative action to permit there to be created in favor of any other Person, any security interest, lien or other encumbrance of any kind in or upon the
Collateral and the Collateral shall not be commingled with any other assets of any such Person.
 
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 SECTION 8.5
Non-Reliance on Collateral Agent
 None of the Securities Intermediary, the Custodial Agent or the Collateral Agent shall be required
to keep itself informed as to the performance or observance by the Purchase Contract Agent or any Holder of Units of this Agreement, the Purchase Contract Agreement, the Units or any other document referred to or provided for herein or therein or to
inspect the properties or books of the Purchase Contract Agent or any Holder of Units. The Collateral Agent, the Custodial Agent and the Securities Intermediary shall not have any duty or responsibility to provide the Company or the Remarketing
Agent with any credit or other information concerning the affairs, financial condition or business of the Purchase Contract Agent, any Holder of Units or any holder of Separate Notes (or any of their respective subsidiaries or affiliates) that may
come into the possession of the Collateral Agent, the Custodial Agent or the Securities Intermediary or any of their respective affiliates.
 SECTION 8.6
Compensation and Indemnity
 The Company agrees: 
 (a)
to pay each of the Collateral Agent, the Custodial Agent and the Securities Intermediary from time to time such
compensation as shall be agreed in writing between the Company and the Collateral Agent, Custodial Agent or the Securities Intermediary, as the case may be, for all services rendered by each of them hereunder; and 
 (b)
to indemnify the Collateral Agent, the Custodial Agent
and the Securities Intermediary for, and to hold each of them harmless from and against, any loss, liability or reasonable out-of-pocket expense incurred without negligence, willful misconduct or bad faith on its part, arising out of or in
connection with the acceptance or administration of its powers and duties under this Agreement, including the reasonable out-of-pocket costs and expenses (including reasonable fees and expenses of counsel) of defending itself against any claim or
liability in connection with the exercise or performance of such powers and duties or collecting such amounts. The Collateral Agent, the Custodial Agent and the Securities Intermediary shall each promptly notify the Company of any third party claim
which may give rise to the indemnity hereunder and give the Company the opportunity to control the defense of such claim with counsel reasonably satisfactory to the indemnified party, provided no conflict of interest exists, and if the Company so
elects to assume such defense, the Company shall in good faith defend the Collateral Agent, the Custodial Agent or the Securities Intermediary (in which case all attorney’s fees and expenses shall be borne by the Company). No compromise or
settlement of any claims may be effected by any party without the other parties’ consent unless (i) there is no finding or omission of any violation of law and no effect on any other claims that may be made against any of such other parties and
(ii) the sole relief provided is monetary damages that are paid in full by the party seeking the compromise or settlement.
 
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 SECTION 8.7
Failure to Act
 In the event of any ambiguity in the provisions of this Agreement or any dispute between or conflicting claims by or
among the parties hereto or any other Person with respect to any funds or property deposited hereunder, the Collateral Agent, Custodial Agent and the Securities Intermediary shall be entitled, after prompt notice to the Company and the Purchase
Contract Agent, at its sole option, to refuse to comply with any and all claims, demands or instructions with respect to such property or funds so long as such dispute or conflict shall continue, and neither the Collateral Agent, Custodial Agent nor
the Securities Intermediary shall be or become liable in any way to any of the parties hereto for its failure or refusal to comply with such conflicting claims, demands or instructions. The Collateral Agent, Custodial Agent and the Securities
Intermediary shall be entitled to refuse to act until either (i) such conflicting or adverse claims or demands shall have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties as
evidenced in a writing, reasonably satisfactory to the Collateral Agent, Custodial Agent or the Securities Intermediary, as the case may be, or (ii) the Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be, shall
have received security or an indemnity reasonably satisfactory to the Collateral Agent, Custodial Agent or the Securities Intermediary, as the case may be, sufficient to save the Collateral Agent, Custodial Agent or the Securities Intermediary, as
the case may be, harmless from and against any and all loss, liability or reasonable out-of-pocket expense which the Collateral Agent, Custodial Agent or the Securities Intermediary, as the case may be, may incur by reason of its acting without bad
faith, willful misconduct or negligence. The Collateral Agent, Custodial Agent or the Securities Intermediary may in addition elect to commence an interpleader action or seek other judicial relief or orders as the Collateral Agent, Custodial Agent
or the Securities Intermediary, as the case may be, may deem necessary. Notwithstanding anything contained herein to the contrary, neither the Collateral Agent, Custodial Agent nor the Securities Intermediary shall be required to take any action
that is in its reasonable opinion contrary to law or to the terms of this Agreement, or which would in its reasonable opinion subject it or any of its officers, employees or directors to liability.
 SECTION 8.8
Resignation
 Subject to the appointment and acceptance of a successor Collateral Agent, Custodial Agent or Securities Intermediary, as
provided below, (a) the Collateral Agent, Custodial Agent or the Securities Intermediary may resign at any time by giving notice thereof to the Company and the Purchase Contract Agent as attorney-in-fact for the Holders of Units, (b) the Collateral
Agent, Custodial Agent or the Securities Intermediary may be removed at any time by the Company by notice to the Purchase Contract Agent and the Collateral Agent, the Custodial Agent and the Securities Intermediary and (c) if the Collateral Agent,
Custodial Agent or the Securities Intermediary fails to perform any of its material obligations hereunder in any material respect for a period of not less than 20 days after receiving written notice of such failure by the Purchase Contract Agent and
such failure shall be continuing, the Collateral Agent, Custodial Agent or the Securities
 
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 Intermediary may be removed by the Purchase Contract Agent. The Purchase Contract Agent shall promptly notify the Company of any removal of the Collateral
Agent, the Custodial Agent or the Securities Intermediary pursuant to clause (c) of the immediately preceding sentence. Upon any such resignation or removal, the Company shall have the right to appoint a successor Collateral Agent, Custodial Agent
or Securities Intermediary, as the case may be. If no successor Collateral Agent, Custodial Agent or Securities Intermediary, as the case may be, shall have been so appointed and shall have accepted such appointment within 30 days after any notice
of such resignation or such removal, then the retiring Collateral Agent, Custodial Agent or Securities Intermediary, as the case may be, may at the Company’s expense petition any court of competent jurisdiction for the appointment of a
successor Collateral Agent, Custodial Agent or Securities Intermediary, as the case may be. Upon removal of the Collateral Agent, Custodial Agent or Securities Intermediary, no fees paid to the retiring Collateral Agent, Custodial Agent or
Securities Intermediary pursuant to Section 8.6(a) of this Agreement shall be refunded. Each successor Collateral Agent, Custodial Agent and the Securities Intermediary shall be a bank which has an office or agency in New York, New York with a
combined capital and surplus of at least $50,000,000. Upon the acceptance of any appointment as Collateral Agent, Custodial Agent or Securities Intermediary, as the case may be, hereunder by a successor Collateral Agent, Custodial Agent or
Securities Intermediary, as the case may be, such successor shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent, Custodial Agent or Securities Intermediary, as the case may
be, and the retiring Collateral Agent, Custodial Agent or Securities Intermediary, as the case may be, shall take all appropriate action to transfer any money and property held by it hereunder (including the Collateral) to such successor. The
retiring Collateral Agent, Custodial Agent or Securities Intermediary shall, upon such succession, be discharged from its duties and obligations as Collateral Agent, Custodial Agent or Securities Intermediary hereunder. After any retiring Collateral
Agent’s, Custodial Agent’s or Securities Intermediary’s resignation hereunder as Collateral Agent, Custodial Agent or Securities Intermediary, the provisions of this Section 8.8 shall continue in effect for its benefit in respect of
any actions taken or omitted to be taken by it while it was acting as the Collateral Agent, Custodial Agent or Securities Intermediary. Any resignation or removal of the Collateral Agent hereunder shall be deemed for all purposes of this Agreement
as the simultaneous resignation or removal of the Custodial Agent and the Securities Intermediary hereunder.
 Any corporation into which the Collateral Agent,
the Custodial Agent or the Securities Intermediary, in its individual capacity, may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Collateral Agent
in its individual capacity shall be a party, or any corporation to which substantially all the corporate trust business of the Collateral Agent in its individual capacity may be transferred, shall be the Collateral Agent, the Custodial Agent, or the
Securities Intermediary, as the case may be, respectively, under this Agreement without further act.
 
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 SECTION 8.9
Right to Appoint Agent or Advisor
 The Collateral Agent shall have the right to appoint agents or advisors in connection with any of
its duties hereunder, and the Collateral Agent shall not be liable for any action taken or omitted by, or in reliance upon the advice of, such agents or advisors selected in good faith. The appointment of agents (other than legal counsel) pursuant
to this Section 8.9 shall be subject to prior consent of the Company. 
 SECTION 8.10
Survival
 The provisions of this Article VIII shall survive termination of this Agreement and the resignation or removal of the
Collateral Agent, the Custodial Agent or the Securities Intermediary.
 SECTION 8.11
Exculpation
 Anything in this Agreement to the contrary notwithstanding, in no event shall any of the Collateral Agent, the Custodial
Agent or the Securities Intermediary or their officers, employees or agents be liable under this Agreement to any third party for indirect, special, punitive or consequential loss or damage of any kind whatsoever, including lost profits or loss of
business, relating to, arising from or in connection with this Agreement, whether or not the likelihood of such loss or damage was known to the Collateral Agent, the Custodial Agent or the Securities Intermediary, or any of them, incurred without
any act or deed that is found to be attributable to negligence, bad faith or willful misconduct on the part of the Collateral Agent, the Custodial Agent or the Securities Intermediary.
 ARTICLE IX
 AMENDMENT
 SECTION 9.1
Amendment Without Consent of Holders
 Without the consent of any Holders or the holders of any Separate Notes, the Company, the
Collateral Agent, the Custodial Agent, the Securities Intermediary and the Purchase Contract Agent, at any time and from time to time, may amend this Agreement, in form satisfactory to the Company, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Purchase Contract Agent, for any of the following purposes:
 (i)
to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company; or
 (ii)
to add to the covenants of the Company for the benefit of the Holders, or to
surrender any right or power herein conferred upon the Company so
 
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 long as such covenants or such surrender do not adversely affect the validity, perfection or priority of the security interests granted
or created hereunder; or
 (iii)
to evidence and provide for the acceptance
of appointment hereunder by a successor Collateral Agent, Custodial Agent, Securities Intermediary or Purchase Contract Agent; or
 (iv)
to cure any ambiguity, to correct or supplement any provisions herein which may be inconsistent with any other such provisions herein, or to make any other provisions with
respect to such matters or questions arising under this Agreement, provided such action shall not adversely affect the interests of the Holders.
 SECTION 9.2
Amendment with Consent of Holders
 With the consent of the Holders of not less than a majority of the Purchase Contracts at the time
outstanding, by Act of said Holders delivered to the Company, the Purchase Contract Agent or the Collateral Agent, as the case may be, the Company, when duly authorized, the Purchase Contract Agent, the Collateral Agent, the Custodial Agent and the
Securities Intermediary may amend this Agreement for the purpose of modifying in any manner the provisions of this Agreement or the rights of the Holders in respect of the Units; provided that no such
supplemental agreement shall, without the consent of the Holder of each Outstanding Unit adversely affected thereby,
 (i)
change the amount or type of Collateral underlying a Unit (except for the rights of holders of Normal Units to substitute the Treasury Securities for the Pledged Notes or
the Pledged Treasury Consideration, as the case may be, or the rights of Holders of Stripped Units to substitute Notes or the appropriate Treasury Consideration, as applicable, for the Pledged Treasury Securities), impair the right of the Holder of
any Unit to receive distributions on the underlying Collateral or otherwise adversely affect the Holder’s rights in or to such Collateral; or
 (ii)
otherwise effect any action that would require the consent of the Holder of each Outstanding Unit affected thereby pursuant to the Purchase Contract
Agreement if such action were effected by an agreement supplemental thereto; or
 (iii)
reduce the percentage of Purchase Contracts the consent of whose Holders is required for any such amendment.
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such Act shall approve the substance thereof.
 
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 SECTION 9.3
Execution of Amendments
 In executing any amendment permitted by this Article IX, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Purchase Contract Agent shall be entitled to receive and (subject to Section 8.1 hereof, with respect to the Collateral Agent, and Section 7.1 of the Purchase Contract Agreement, with respect to the Purchase Contract
Agent) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent, if any, to the execution and delivery of such
amendment have been satisfied and, in the case of an amendment pursuant to Section 9.1, that such amendment does not adversely affect the validity, perfection or priority of the security interests granted or created hereunder.
 SECTION 9.4
Effect of Amendments
 Upon the execution of any amendment under this Article IX, this Agreement shall be modified in accordance
therewith, and such amendment shall form a part of this Agreement for all purposes; and every Holder of Certificates theretofore or thereafter authenticated, executed on behalf of the Holders and delivered under the Purchase Contract Agreement shall
be bound thereby.
 SECTION 9.5
Reference to Amendments
 Certificates authenticated, executed on behalf of the Holders and delivered after the execution of any
amendment pursuant to this Article IX may, and shall if required by the Collateral Agent or the Purchase Contract Agent, bear a notation in form approved by the Purchase Contract Agent as to any matter provided for in such amendment. If the Company
shall so determine, new Certificates so modified as to conform, in the opinion of the Purchase Contract Agent and the Company, to any such amendment may be prepared and executed by the Company and authenticated, executed on behalf of the Holders and
delivered by the Purchase Contract Agent in accordance with the Purchase Contract Agreement in exchange for outstanding Certificates.
 ARTICLE
X
 MISCELLANEOUS
 SECTION 10.1
No Waiver
 No failure on the part of any party hereto or any of its agents to exercise, and no course of dealing with respect to, and
no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any party hereto or any of its agents of any right, power or remedy hereunder preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law.
 
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 SECTION 10.2
GOVERNING LAW
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Without
limiting the foregoing, the above choice of law is expressly agreed to by the Securities Intermediary, the Collateral Agent, the Custodial Agent and the Holders from time to time acting through the Purchase Contract Agent, as their attorney-in-fact,
in connection with the establishment and maintenance of the Collateral Account, which law, for purposes of the Code, shall be deemed to be the law governing all Security Entitlements related thereto. In addition, such parties agree that, for
purposes of the Code, New York shall be the Securities Intermediary’s jurisdiction. The Company, the Collateral Agent and the Holders from time to time of the Units, acting through the Purchase Contract Agent as their attorney-in-fact, hereby
submit to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York state court sitting in the Borough of Manhattan in New York City for the purposes of all legal proceedings arising
out of or relating to this Agreement or the transactions contemplated hereby. The Company, the Collateral Agent and the Holders from time to time of the Units, acting through the Purchase Contract Agent as their attorney-in-fact, irrevocably waive,
to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been
brought in an inconvenient forum.
 SECTION 10.3
Notices
 Unless otherwise stated herein, all notices, requests, instructions, consents and other communications provided for herein
(including, without limitation, any modifications of, or waivers or consents under, this Agreement) shall be given or made in writing (including, without limitation, by telecopy) delivered to the intended recipient at the “Address for
Notices” specified below its name on the signature pages hereof or, as to any party, at such other address as shall be designated by such party in a notice to the other parties. Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given when personally delivered or, in the case of a mailed notice or notice transmitted by telecopier, upon receipt, in each case given or addressed as aforesaid.
 SECTION 10.4
Successors and Assigns
 This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the
Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Purchase Contract Agent, and the Holders from time to time of the Units, by their acceptance of the same, shall be deemed to have agreed to be bound by the
provisions hereof and to have ratified the agreements of, and the grant of the Pledge hereunder by, the Purchase Contract Agent.
 
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 SECTION 10.5
Counterparts
 This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the
same instrument, and any of the parties hereto may execute this Agreement by signing any such counterpart.
 SECTION 10.6
Severability
 If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intentions of the parties hereto as nearly as may be possible and (ii) the invalidity or
unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction.
 SECTION 10.7
Expenses, Etc.
 The Company agrees to reimburse the Collateral Agent, the Securities Intermediary and the Custodial Agent
for:
 (a)
all reasonable out-of-pocket costs
and all reasonable expenses of the Collateral Agent, the Custodial Agent and the Securities Intermediary (including, without limitation, the reasonable fees and expenses of counsel to the Collateral Agent, the Custodial Agent and the Securities
Intermediary), in connection with (i) the negotiation, preparation, execution and delivery or performance of this Agreement and (ii) any modification, supplement or waiver of any of the terms of this Agreement; 
 (b)
all reasonable costs and expenses of the Collateral
Agent, the Custodial Agent and the Securities Intermediary (including, without limitation, reasonable fees and expenses of counsel) in connection with (i) any enforcement or proceedings resulting or incurred in connection with causing any Holder of
Units to satisfy its obligations under the Purchase Contracts forming a part of the Units and (ii) the enforcement of this Section 10.7; and 
 (c)
all transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect of
this Agreement or any other document referred to herein and all costs, expenses, taxes, assessments and other charges, if any, incurred in connection with any filing, registration, recording or perfection of any security interest to the extent
contemplated hereby.
 SECTION 10.8
Security Interest Absolute
 All rights of the Collateral Agent and security interests hereunder, and all obligations of the Holders
from time to time hereunder, shall be absolute and unconditional irrespective of:
 
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 (a)
any lack of validity
or enforceability of any provision of the Purchase Contracts or the Units or any other agreement or instrument relating thereto;
 (b)
any change in the time, manner or place of payment of, or any other term of, or any increase in the amount of, all or any of the obligations of
Holders of Units under the related Purchase Contracts, or any other amendment or waiver of any term of, or any consent to any departure from any requirement of, the Purchase Contract Agreement or any Purchase Contract or any other agreement or
instrument relating thereto; or
 (c)
any other
circumstance which might otherwise constitute a defense available to, or discharge of, a borrower, a guarantor or a pledgor.
 
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above
written.
  

	  
 	  
 	 UNUMPROVIDENT CORPORATION
 
	 
 
 
 	  
 	 By: 
 	 
 /s/ SUSAN N. ROTH
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name: Susan N. Roth
 Title: Vice President, Corporate Secretary and
          Assistant General Counsel
 

  

	  
 	  
 	 Address for Notices:
 
 
 
	  
 	  
 	 UnumProvident Corporation
 Fountain Square
 Chattanooga, Tennessee 37402
 
	  
 	  
 	 Attention:
 	 F. Dean Copeland, Senior Executive
 Vice President, General Counsel and
 Chief Administrative Officer

	  
 	  
 	 Telecopy:
 	 (423) 755-5036
 
	  
 	  
 	 Telephone:
 	 (423) 755-6876
 

 
  

	  
 	  
 	 JPMorgan Chase Bank,
 as Purchase Contract Agent and 
 as attorney-in-fact of the Holders

from time to time of the Units
 
	 
 
 
 	  
 	 By: 
 	 
 /s/ JAMES D. HEANEY
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name: James D. Heaney
 Title: Vice President
 

  

	  
 	  
 	 Address for Notices:
 
 
 
	  
 	  
 	 JPMorgan Chase Bank
 4 New York Plaza, 15th Floor
 New York, New York 10004
 
	  
 	  
 	 Attention:
 	 Institutional Trust Services
 
	  
 	  
 	 Telecopy:
 	 (212) 623-6167
 
	  
 	  
 	 Telephone:
 	  (212) 623-6747
 

 

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 	 BNY Midwest Trust Company,
 as Collateral Agent, Custodial Agent
 and Securities
Intermediary
 
	 
 
 
 	  
 	 By: 
 	 
 /s/ D. G. DONOVAN
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name: D. G. Donovan
 Title: Assistant Vice President
 

 

	  
 	  
 	 Address for Notices:
 
 
 
	  
 	  
 	 BNY Midwest Trust Company
 2 N. LaSalle Street
 Suite 1020
 Chicago, Illinois
60602
 
	  
 	  
 	 Attention:
 	 Corporate Trust Administration
 
	  
 	  
 	 Telecopy:
 	 (312) 827-8547
 
	  
 	  
 	 Telephone:
 	  (312) 827-8542
 

 
 

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 EXHIBIT A
 INSTRUCTION FROM PURCHASE
CONTRACT
AGENT TO COLLATERAL AGENT
 BNY Midwest Trust Company
2 N. LaSalle Street
Suite
1020
Chicago, Illinois 60602
 Attention: Corporate Trust Administration
 Re:
8.25% Adjustable Conversion-Rate Equity 
Security Units of UnumProvident Corporation (the
“Company”)
 We hereby notify you in accordance with Section [4.1] [4.2] of the Pledge Agreement, dated as of May 7, 2003, (the “Pledge
Agreement”), among the Company, yourselves, as Collateral Agent, Custodial Agent and Securities Intermediary and ourselves, as Purchase Contract Agent and as attorney-in-fact for the holders of [Normal Units] [Stripped Units] from time to time,
that the holder of Units listed below (the “Holder”) has elected to substitute [$_____ aggregate principal amount of Treasury Securities (CUSIP No. __________)] [$_______ aggregate principal amount of Notes or $_____ aggregate principal
amount of Treasury Consideration (CUSIP No. __________)] in exchange for the related [Pledged Notes or Pledged Treasury Consideration] [Pledged Treasury Securities] held by you in accordance with the Pledge Agreement and has delivered to us a notice
stating that the Holder has Transferred [Treasury Securities] [Notes or the Treasury Consideration] to you, as Collateral Agent. We hereby instruct you, upon receipt of such [Pledged Treasury Securities] [Pledged Notes or Pledged Treasury
Consideration], to release the [Notes or the Treasury Consideration] [Treasury Securities] related to such [Normal Units] [Stripped Units] to us in accordance with the Holder’s instructions. Capitalized terms used herein but not defined shall
have the meaning set forth in the Pledge Agreement.
   

	 Date: ________________
 
 
 	  
 	  
 
	  
 	  
 	 JPMorgan Chase Bank,
 as Purchase Contract Agent
 
	 
 
 
 	  
 	 By: 
 	 
 
 
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Name:
 Title:
 

 
A-1

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 Please print name and address of Registered Holder electing to substitute [Treasury Securities] [Notes or Treasury Consideration] for the [Pledged Notes or
the Pledged Treasury Consideration] [Pledged Treasury Securities]:
  

	 Name:
 	  
 	 Social Security or other Taxpayer 
 Identification Number, if any:
 	  
 
	 Address:
 	  
 	  
 	  
 

 
 
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 EXHIBIT B
 INSTRUCTION TO PURCHASE
CONTRACT AGENT
 JPMorgan Chase Bank,
    as Purchase Contract Agent
4 New York Plaza
New York, New York 10004
 Attention: Institutional Trust Services
 Re:
8.25% Adjustable Conversion-Rate Equity 
Security Units of UnumProvident Corporation (the “Company”)
 The undersigned Holder hereby notifies you that it has delivered to BNY Midwest Trust Company, as Collateral Agent, [$_______ aggregate principal amount of Treasury Securities
(CUSIP No. __________)] [$_______ aggregate principal amount of Notes or $_____ principal amount of Treasury Consideration (CUSIP No. __________)] in exchange for the related [Pledged Notes or Pledged Treasury Consideration] [Pledged Treasury
Securities] held by the Collateral Agent, in accordance with Section 4.1 of the Pledge Agreement, dated as of May 7, 2003 (the “Pledge Agreement”), between you, the Company and the Collateral Agent. The undersigned Holder hereby instructs
you to instruct the Collateral Agent to release to you on behalf of the undersigned Holder the [Pledged Notes or the Pledged Treasury Consideration] [Pledged Treasury Securities] related to such [Normal Units] [Stripped Units]. Capitalized terms
used herein but not defined shall have the meaning set forth in the Pledge Agreement.
  

	 Date: ___________________
 
 
 	  
 	 Signature:_________________________________
 
 
 	  
 
	  
 	  
 	 Signature Guarantee: _______________________
 	  
 

  
 Please print name and address of Registered Holder:
  

	 Name:
 	  
 	 Social Security or other Taxpayer
 Identification Number, if any:
 
 
 	  
 
	 Address:
 	  
 	  
 	  
 

  
 
B-1

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 EXHIBIT C
 INSTRUCTION TO CUSTODIAL
AGENT REGARDING REMARKETING
 BNY Midwest Trust Company
2 N. LaSalle Street
Suite 1020
Chicago, Illinois
60602
 Attention: Corporate Trust Administration
 Re:
Notes of UnumProvident Corporation 
 The undersigned hereby notifies you in accordance with Section 4.5(d) of the Pledge Agreement,
dated as of May 7, 2003 (the “Pledge Agreement”), among UnumProvident Corporation, yourselves, as Collateral Agent, Securities Intermediary and Custodial Agent, and JPMorgan Chase Bank, as Purchase Contract Agent and as attorney-in-fact
for the Holders of Normal Units and Stripped Units from time to time, that the undersigned elects to deliver on the fourth Business Day immediately preceding the first day of the Remarketing Period commencing on __________, 2006 $__________
aggregate principal amount of Notes for delivery to the Remarketing Agent for remarketing pursuant to Section 4.5(d) of the Pledge Agreement. The undersigned will, upon request of the Remarketing Agent, execute and deliver any additional documents
deemed by the Remarketing Agent or by the Company to be necessary or desirable to complete the sale, assignment and transfer of the Notes tendered hereby.
 The
undersigned hereby instructs you, upon receipt of the proceeds of such remarketing from the Remarketing Agent, net of amounts payable to the Remarketing Agent in accordance with the Pledge Agreement, to deliver such proceeds to the undersigned in
accordance with the instructions indicated herein under “A. Payment Instructions.” The undersigned hereby instructs you, in the event of [a/the Last] Failed Remarketing upon receipt of the Notes tendered herewith from the Remarketing
Agent, to deliver such Notes to the person(s) and the address(es) indicated herein under “B. Delivery Instructions.”
 With this notice, the
undersigned hereby (i) represents and warrants that the undersigned has full power and authority to tender, sell, assign and transfer the Notes tendered hereby and that the undersigned is the record owner of any Notes tendered herewith in physical
form or a participant in The Depository Trust Company (“DTC”) and the beneficial owner of any Notes tendered herewith by book-entry transfer to your account at DTC and (ii) agrees to be bound by the terms and conditions of Section 4.5(d)
of the Pledge Agreement. Capitalized terms used herein but not defined shall have the meaning set forth in the Pledge Agreement.
 
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	 Date:
 	 _______________
 	  
 
	  
 	 Signature:__________________________
 
 
 
	  
 	 Signature Guarantee:
 	  
 

 
  

	 Name:
 	 ________________________________
 (Please Print)
 
	 Address:
 	 ________________________________
 (Please Print)
 
 
 
	 Country:
 	 
 
 
 
	 Zip Code:
 	 
 
 
 
	 Telecopy (include country code if outside U.S.):
 
 
 
	 Telephone (include country code if outside U.S.):
 
 
 
	 (Tax Identification or Social Security Number):
 

 
 A. PAYMENT INSTRUCTIONS
 Proceeds of the remarketing should be paid by check in the name of the person(s) set forth below
and mailed to the address set forth below.
  

	 Name(s):
 	 ________________________________
 (Please Print)
 
	 Address:
 	 ________________________________
 (Please Print)
 
 
 
	 Zip Code:
 
 Country:
 
 Telecopy (include country code if outside U.S.):
 

Telephone (include country code if outside U.S.): 
 
 
 
	 (Tax Identification or Social Security Number):
 

 
 
C-2

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 B. DELIVERY INSTRUCTIONS
 In the event of [a/the Last] Failed Remarketing,
Notes which are in physical form should be delivered to the person(s) set forth below and mailed to the address set forth below.
  

	 Name(s):
 	 ________________________________
 (Please Print)
 
 
 
	 Address:
 	 ________________________________
 (Please Print)
 
	 Zip Code:
 
 Country:
 
 Telecopy (include country code if outside U.S.):
 

Telephone (include country code if outside U.S.): 
 
 
 
	 (Tax Identification or Social Security Number):
 

 
 In the event of [a/the Last] Failed Remarketing, Notes which are in book-entry form should be credited to the account at The Depository Trust Company set forth below.
  

	 Name of Account Party:
 	  
 	 DTC Account Number:
 

 
 
C-3

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 EXHIBIT D
 INSTRUCTION TO CUSTODIAL
AGENT REGARDING
WITHDRAWAL FROM REMARKETING
 BNY Midwest Trust Company
2 N. LaSalle Street
Suite
1020
Chicago, Illinois 60602
 Attention: Corporate Trust Administration
 Re: Notes of UnumProvident Corporation 
 The undersigned hereby notifies you in accordance with
Section 4.5(d) of the Pledge Agreement, dated as of May 7, 2003 (the “Pledge Agreement”), among UnumProvident Corporation, yourselves, as Collateral Agent, Securities Intermediary and Custodial Agent, and JPMorgan Chase Bank, as Purchase
Contract Agent and as attorney-in-fact for the Holders of Normal Units and Stripped Units from time to time, that the undersigned elects to withdraw the $_____ aggregate principal amount of Notes delivered to the Custodial Agent on ___________, 2006
for remarketing pursuant to Section 4.5(d) of the Pledge Agreement. The undersigned hereby instructs you to return such Notes to the undersigned in accordance with the undersigned’s instructions. With this notice, the undersigned hereby agrees
to be bound by the terms and conditions of Section 4.5(d) of the Pledge Agreement. Capitalized terms used herein but not defined shall have the meaning set forth in the Pledge Agreement.
  

	 Date:
 	 _______________
 	  
 
	  
 	 Signature:__________________________
 
	  
 	  
 
	  
 	 Signature Guarantee:
 	  
 
	 Name(s):
 	 ________________________________
 (Please Print)
 
	 Address:
 	 ________________________________
 (Please Print)
 
	 Zip Code:
 
 Country:
 
 Telecopy (include country code if outside U.S.):
 

Telephone (include country code if outside U.S.): 
 
 
 
	 (Tax Identification or Social Security Number):
 
					

 
 
D-1

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 A. DELIVERY INSTRUCTIONS
 In the event of [a/the Last] Failed Remarketing,
Notes which are in physical form should be delivered to the person(s) set forth below and mailed to the address set forth below.
  

	 Name(s):
 	 ________________________________
 (Please Print)
 
 
 
	 Address:
 	 ________________________________
 (Please Print)
 
	 Zip Code:
  
 Country:
 
 Telecopy (include country code if outside U.S.):
 
 Telephone (include country code if outside U.S.): 
  
 
	 (Tax Identification or Social Security Number):
 

 
 In the event of [a/the Last] Failed Remarketing, Notes which are in book-entry form should be credited to the account at The Depository Trust Company set forth below.
  

	 Name of Account Party:
 	  
 	 DTC Account Number:
 	  
 

 
 
D-2

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