Document:

EX-10.1

   

  Exhibit 10.1

  PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS

  THIS PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (the "Agreement"), is made and entered into as of August 11, 2022 (the "Effective Date"), by and between SOCIETAL CDMO GAINESVILLE, LLC, a Massachusetts limited liability company ("Seller"), and WEEKLEY HOMES, LLC, a Delaware limited liability company ("Buyer") (Seller and Buyer are each referred to herein as a "Party" and collectively as the "Parties").

  RECITALS

  A.Seller is the fee simple owner of certain unimproved real property, including all rights, benefits, privileges, easements, hereditaments and appurtenances related, belonging or appertaining thereto, and all after-acquired interests of every kind and nature therein, which real property is situated in the City of Gainesville, Hall County, State of Georgia, more particularly described at Exhibit "A" attached hereto (collectively, "Property"), which Property is comprised of approximately one hundred twenty-one (121) acres of raw land comprised of a portion of Assessor's Parcel Numbers 08016- 002001, 08017-000001 & 08015-006019).

  B.Seller wishes to sell to Buyer, and Buyer wishes to purchase, the Property, subject to the terms and conditions of this Agreement.

  AGREEMENT

  NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged by the Parties, the Parties agree as follows:

  1.Purchase and Sale of Property. For the price and upon and subject to the terms, conditions and provisions set forth in this Agreement, Seller will sell and convey to Buyer, and Buyer will purchase from Seller, the Property.

  2.Effective Date; Purchase Price; Deposit.

  (a)The Parties may execute separate counterparts of this Agreement and deliver PDF signature pages for purposes of assembling a fully-executed Agreement. The last Party to execute and deliver a PDF signature page will circulate the fully-executed Agreement by email with the Effective Date filled in as of the date of such email delivery. The Parties agree a fully-executed PDF version of this Agreement shall be enforceable the same as a wet ink original. The Parties shall deliver the fully-executed Agreement (email shall be acceptable) to Windward Title, LLC, as agent for Old Republic National Title Insurance Company (the "Title Company"), as escrow holder, and the Title Company acknowledges receipt thereof by executing a separate counterpart of this Agreement, which may also be delivered by PDF, DocuSign or similar electronic signature platform.

  (b)The purchase price ("Purchase Price") for the Property will be Nine Million Seventy-Five Thousand and 00/100 Dollars ($9,075,000) or Seventy-Five Thousand and 00/100 Dollars ($75,000.00) per acre. Final determination of the Purchase Price will be subject to

   

  

   

  the Parties confirming the acreage as determined by the Survey to be obtained by Buyer pursuant to Section 5 and to be approved by Seller. Buyer agrees to pay the Purchase Price as follows:

  (i)Within five (5) business days following the Effective Date, Buyer will deliver to the Title Company, as escrow holder, the sum of One Hundred Thousand and 00/100 Dollars ($100,000.00) in immediately available funds as an earnest money deposit (together with any interest earned thereon, the "Deposit"). The Title Company will invest the Deposit in accordance with Buyer's written instructions.

  (ii)Upon expiration of the Inspection Period (as defined below), if Buyer has failed to give Seller written notice terminating this Agreement as set forth in Section 6(b) of this Agreement, the Deposit shall be non-refundable and shall be credited to the Purchase Price at Closing (as defined below) (except for a default by Seller hereunder or as otherwise expressly provided herein).

  (iii)On the Closing Date (as defined in Section 11 below), Buyer will pay the balance of the Purchase Price by federal wire transfer of funds as provided in Section 11(c)(ii) hereof, subject to the credits, prorations and adjustments set forth herein, and the Deposit and the Land Disturbance Permit (LDP) Extension Fees (defined herein), if any, and interest accrued thereon, will be credited to the Purchase Price.

  3.Title and Deed. On the Closing Date, Seller will sell and convey to Buyer fee simple title to the Real Property by limited warranty deed in proper form for recording (the "Deed"), subject only to (a) general state, county and city taxes and installments of special assessments, if any, not yet due and payable for the tax fiscal year in which the Closing Date occurs and all subsequent years, (b) all matters of record approved by Buyer pursuant to the terms hereof, (c) all matters that would be shown by a current and accurate survey and (d) such other matters as may be shown in the Title Commitment or on the Survey (each as hereinafter defined), in each instance as approved by Buyer pursuant to the terms hereof. The matters identified in clauses (a) through (d) of the preceding sentence, and all other matters designated herein as permitted exceptions to Buyer's title, are herein called the "Permitted Exceptions."

  4.Seller Due Diligence Materials. No later than five (5) business days following the Effective Date, Seller shall deliver to Buyer copies of all the following documentation in Seller's possession regarding the Property: (a) copies of tax bills for the two (2) most recent years; (b) existing title policy, surveys, plats, site plans and engineering studies; (c) any and all written information regarding any pending or threatened condemnation proceedings and awards to Seller's knowledge; (d) any and all environmental reports, including Phase I and Phase II environmental site assessments; and (e) any and all entitlement documents and permits (collectively, the "Seller Due Diligence Materials"). Except as may be specifically provided in this Agreement, Buyer acknowledges and agrees that Seller makes no representation or warranty of any nature whatsoever, express or implied, with respect to the ownership, enforceability, accuracy, adequacy or completeness or otherwise of any Seller Due Diligence Materials. If the Closing fails to take place for any reason, Buyer will promptly return or destroy all Seller Due Diligence Materials.

  5.Title Insurance; Survey.

  (a)Following the Effective Date, Buyer will obtain, at Buyer's sole cost and expense a title insurance commitment (the "Title Commitment") issued by the Title Company. The Title Commitment will constitute the commitment of the Title Company to issue to Buyer, at Buyer's expense, an ALTA standard coverage owner's policy of title insurance (the "Title Policy"), in the amount of the Purchase Price, insuring that at the time of the recording of the

   

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  Deed there is vested in Buyer fee simple title to the Property, subject only to the Permitted Exceptions.

  (b)During the Inspection Period (as defined below), Buyer, at Buyer's expense, shall obtain an ALTA/NSPS survey of the Property (the "Survey").

  (c)Buyer may, on or before the date that is ninety (90) days after the Effective Date, object to Seller in writing (the "Title Objection Notice") with respect to any matter shown in the Title Commitment or the Survey (collectively, the "Title Matters"). Seller has the right, but not the obligation (except as to Monetary Objections), to attempt to remove, satisfy or otherwise cure any exceptions to title to which Buyer objects. Within ten (10) days after receipt of the Title Objection Notice, Seller will give written notice to Buyer informing Buyer of Seller's election with respect to such objections. If Seller fails to respond in writing within the ten (10) day period, Seller is deemed to have declined to cure the objections (other than Monetary Objections). Except as to Monetary Objections, if Seller declines, or is deemed to have declined, to cure any exceptions to title to which Buyer has objected or if, after electing to attempt to cure, Seller determines that it is unable to remove, satisfy or otherwise cure any such exceptions, Buyer's sole remedy will be either (i) to accept title to the Property subject to such exceptions as if Buyer had not objected and without reduction of the Purchase Price, or (ii) to terminate this Agreement prior to the expiration of the Inspection Period. On any such termination under clause (ii) above, the Title Company will return the Deposit to Buyer. Notwithstanding anything to the contrary contained elsewhere in this Agreement, Seller is obligated to cure or satisfy all Monetary Objections at or prior to Closing and may use the proceeds of the Purchase Price at Closing for such purpose. For purposes of this Agreement, "Monetary Objection" or "Monetary Objections" means (a) any mortgage, deed to secure debt, deed of trust or similar security instrument encumbering all or any part of the Property arising by, through or under Seller, (b) any mechanic's, materialman's or similar lien created by, through, or under Seller (unless resulting from any act or omission of Buyer or any of its agents, contractors, representatives or employees), and (c) the lien of ad valorem real or personal property taxes, assessments and governmental charges affecting all or any portion of the Property which are delinquent.

  (d)Buyer may update the effective date of its Title Commitment and/or Survey and give written notice to Seller of all objections appearing subsequent to the effective date of its previous Title Commitment and/or Survey, as the case may be (a "Subsequent Title Objection Notice"). For any such updates, Seller has the right, but not the obligation (except as to Monetary Objections), to attempt to remove, satisfy or otherwise cure any exceptions to title to which Buyer objects. Within ten (10) days after receipt of a Subsequent Title Objection Notice (the “Subsequent Title Objection Response Period”), Seller will give written notice to Buyer informing Buyer of Seller's election with respect to such objections. If Seller fails to respond in writing prior to the expiration of the Subsequent Title Objection Response Period, Seller is deemed to have declined to cure the objections (other than Monetary Objections). Except as to Monetary Objections, if Seller declines, or is deemed to have declined, to cure any exceptions to title to which Buyer has objected or if, after electing to attempt to cure, Seller determines that it is unable to remove, satisfy or otherwise cure any such exceptions, Buyer's sole remedy will be either (i) to accept title to the Property subject to such exceptions as if Buyer had not objected and without reduction of the Purchase Price, or (ii) to terminate this Agreement within three (3) business days after the expiration of the Subsequent Title Objection Response Period. On any such termination under clause (ii) above, the Title Company will return the Deposit to Buyer.

  6.Physical Inspection; Confidentiality.

   

   

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  (a)Beginning on the Effective Date and continuing through and including 5:00 p.m. Eastern Standard Time of the one hundred twentieth (120th) day thereafter (the "Inspection Period"), Buyer may, at Buyer's cost and expense, cause such tests, inspections and examinations to be made by a firm or firms designated by Buyer, with respect to elevations and topography, soil conditions and geology, storm water drainage, environmental matters, availability of utilities, foundation and mechanical matters and any and all other matters regarding the condition of the Property as Buyer deems appropriate in its sole and absolute discretion, including without limitation its suitability and/or feasibility for Buyer's intended development and use of the Property (the "Inspections," and together with the Title Matters and the matters disclosed by the Seller Due Diligence Materials, collectively, the "Feasibility Contingencies"). All such Inspections will be non-destructive in nature, and specifically will not include any physically intrusive testing. Buyer will not conduct any soil, groundwater, soil vapor or surface water sampling of the Property unless approved in writing in advance by Seller, and Buyer will not provide the results of any soil, groundwater, soil vapor or surface water sampling to Seller unless agreed to in writing by Seller.

  (b)If, during the Inspection Period, for any reason or for no reason, Buyer, in its sole discretion, decides not to proceed with the transaction contemplated by this Agreement, then Buyer will have the right to terminate this Agreement by giving written notice (email alone being sufficient with no confirmation receipt or additional method of delivery necessary) to Seller of its election to do so at any time within the Inspection Period. If Buyer timely gives such written notice to terminate this Agreement, then this Agreement will automatically terminate, in which event the Deposit (less One Hundred and 00/100 Dollars ($100.00), which shall be disbursed to Seller) will be returned to Buyer and neither Party will have any further obligation or liability to the other hereunder except as expressly survives termination. If Buyer approves the Feasibility Contingencies or fails to give such written notice to terminate this Agreement within the Inspection Period, then (i) Buyer will be deemed to have waived its right to terminate under this subsection (b) and thereafter will not have the right to do so, and (ii) the Deposit shall become non-refundable to Buyer, except for a default by Seller hereunder or the failure of any Buyer Closing Condition, but which shall be credited to the Purchase Price.

  (c)Prior to entering the Property or performing any Inspection or test at or on the Property, Buyer shall deliver to Seller a certificate of insurance to Seller evidencing that Buyer has, or Buyer's contractors, agents and representatives have, in place commercial general liability insurance licensed in the State of Georgia in the amount of Two Million and No/100 Dollars ($2,000,000.00) combined single limit for personal injury and property damage per occurrence, covering any accident caused by Buyer, its contractors, agents and representatives on the Property, which insurance shall name Seller as an additional insured thereunder.

  (d)Subject to the above, Buyer and its designees may enter the Property to perform the Inspections at any time after the Effective Date following at least twenty-four hours' prior notice to Seller. Upon completion of any Inspection by Buyer, Buyer shall promptly repair (or cause to be repaired), in a good workmanlike manner, any damage to the Property caused by or related to such Inspection to substantially the same condition which existed immediately prior to such damage. Buyer will indemnify, defend and hold harmless Seller and its directors, officers, members, employees and agents from and against all claims, actions, damages, liability, loss and expenses (including reasonable attorneys' fees) (collectively, "Claims") arising from or out of any occurrence in, upon or at the Property caused by any act or omission of Buyer or its designees in conducting the Inspections, including without limitation, in connection with bodily injury and/or property damage resulting from the performance of the Inspections; provided, however, the foregoing shall not include any Claims to the extent resulting from (i) preexisting

   

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  conditions on the Property discovered during the Inspections conducted pursuant to, and in accordance with, the terms of this Agreement, or (ii) loss, damage or injury to the extent caused by or resulting from the gross negligence or willful misconduct of Seller. Buyer's obligations under this Section 6(d) shall survive Closing or termination of this Agreement.

  (e)If the Closing is not consummated, Buyer will promptly deliver copies of all third-party reports, surveys and other information obtained by Buyer in connection with its Inspections to Seller (but excluding any internal financial models or proprietary information of Buyer); provided, however, that delivery of such copies and information will be without warranty or representation whatsoever, express or implied, including, without limitation, any warranty or representation as to ownership, accuracy, adequacy or completeness. This Section 6(e) will survive the termination of this Agreement.

  (f)All information acquired by Buyer or any of its designated representatives (including by way of example, but not in limitation, the members, officers, directors, shareholders and employees of Buyer, and Buyer's engineers, consultants, counsel and potential lenders and partners, and the members, officers, directors, shareholders and employees of each of them) with respect to the Property, whether delivered by Seller or any of Seller's representatives or obtained by Buyer as a result of its inspection and investigation of the Property, examination of Seller's books, records and files, or otherwise will be used solely for the purpose of determining whether the Property is suitable for Buyer's acquisition and ownership and for no other purpose whatsoever. The terms and conditions which are contained in this Agreement and all such due diligence material which is not published as public knowledge or which is not generally available in the public domain will be kept in strict confidence by Buyer and will not be disclosed to any individual or entity other than to Buyer’s lenders, consultants and those authorized representatives of Buyer who need to know the information for the purpose of assisting Buyer in evaluating the Property. However, Buyer will have the right to disclose any such information if required by applicable law or as may be necessary in connection with any court action or proceeding with respect to this Agreement. Buyer agrees to indemnify and hold Seller harmless from and against any and all loss, liability, cost, damage or expense that Seller may suffer or incur (including, without limitation, reasonable attorneys' fees actually incurred) as a result of the unpermitted disclosure or use of such due diligence material to any individual or entity other than an appropriate representative of Buyer and/or the use of any due diligence material for any purpose other than as contemplated and permitted in this Agreement.

  7.Entitlements & LDP.

  (a)Buyer's obligations to complete the Closing and purchase the Property from Seller are contingent upon Buyer receiving (i) confirmation from the City of Gainesville of sufficient sewer services and capacity (the "Sewer Confirmation") for Buyer's intended residential and mixed use (the "Intended Use"), and (ii) approval from the applicable governmental authorities for the rezoning of the Property for the Intended Use (the "Rezoning", and collectively, clauses (i) and (ii) are hereinafter referred to as the "Entitlements"). Buyer agrees to make its submittal for the Rezoning (which will be applied for and pursued in the order appropriate in the relevant jurisdiction) no later than thirty (30) days after the expiration of the Inspection Period.

  (b)Buyer shall have until the date that is one hundred twenty (120) days after the expiration of the Inspection Period (the "Sewer Confirmation Date") to obtain the Sewer Confirmation. If the Sewer Confirmation is not obtained on or before the Sewer Confirmation Date, Buyer shall either (i) waive the Sewer Confirmation contingency and proceed

   

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  to Closing by the date specified in Section 11 of this Agreement, or (ii) terminate this Agreement by written notice to Seller on or before the Sewer Confirmation Date and receive a refund of the Deposit, whereupon neither Party shall have any further obligations under this Agreement except for the obligations that expressly survive termination of this Agreement. Buyer shall be deemed to have elected option (i) hereinabove, waiving the Sewer Confirmation contingency, in the event Buyer fails to deliver a timely termination notice under option (ii) hereinabove on or before the Sewer Confirmation Date.

  (c)Within forty-five (45) days after the Rezoning has been granted by the applicable governmental authorities, Buyer will submit an application for a land disturbance permit for the development of the Property for the Intended Use (the "LDP"). Buyer shall have until the date that is one hundred eighty (180) days after the expiration of the Inspection Period (the "LDP Outside Date") to obtain the LDP and Rezoning. Notwithstanding the foregoing, Buyer may extend the LDP Outside Date by up to two (2) periods of ninety (90) days each (each, an "LDP Extension Option") upon (i) written notice to Seller delivered at least three (3) business days prior to the scheduled LDP Outside Date, and (ii) with respect to each LDP Extension Option, payment to the Title Company of Twenty-Five Thousand and 00/100 Dollars ($25,000.00) (each, an "LDP Extension Fee" and collectively, the "LDP Extension Fees"), which shall be considered part of the Deposit and shall be nonrefundable. If, despite Buyer’s diligent, good faith efforts, the LDP and Rezoning are not obtained on or before the LDP Outside Date, Buyer shall either (i) waive the LDP contingency and proceed to Closing by the date specified in Section 11 of this Agreement, or (ii) terminate this Agreement by written notice to Seller on or before the LDP Outside Date and receive a refund of the Deposit, whereupon neither Party shall have any further obligations under this Agreement except for the obligations that expressly survive termination of this Agreement. Buyer shall be deemed to have elected option (i) hereinabove, waiving the LDP contingency, in the event Buyer fails to deliver a timely termination notice under option (ii) hereinabove on or before the LDP Outside Date.

  (d)Buyer will use commercially reasonable efforts to diligently pursue and obtain the Entitlements and the LDP and will keep Seller reasonably apprised of Buyer's progress with respect to Buyer's pursuit of the Entitlements and the LDP. Buyer acknowledges and agrees that no Entitlements or other land use approvals, subdivision plat approval or other site development approval, shall be effected prior to close of Escrow, and any of the foregoing matters requiring action by Seller shall be subject to Seller's prior approval, which shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, Seller shall reasonably cooperate with Buyer in processing and obtaining the Entitlements and the LDP, at no cost or expense to Seller, to the extent necessary, including without limitation the execution and delivery of such applications and other documents as may be reasonably required in connection with Buyer's pursuit of the Entitlements and the LDP. Any and all applications, plats, master plans, engineering plans and other materials or submissions made or produced in connection with the Entitlements or the LDP shall be prepared, made and submitted at Buyer's sole cost and expense. It shall be a condition to Buyer’s obligation to close that the Entitlements and the LDP must be without unreasonable conditions or restrictions relating to offsite improvements (including the payment of assessments or the posting of security). A condition or restriction relating to offsite improvements shall be deemed unreasonable if it requires Buyer to expend $500,000 or more. It shall also be a condition to Buyer’s obligation to close that all appeal periods with respect to the Entitlements and the LDP shall have expired without any appeal having been filed or, if filed, such appeal shall have been resolved to the reasonable satisfaction of Buyer.

   

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  8.Representations, Warranties and Covenants; AS-IS.

  (a)Seller's Representations and Warranties. Seller makes the following representations and warranties to Buyer, which shall be deemed to have been made as of the Effective Date and on the Closing Date:

  (i)Bankruptcy. Seller has neither filed nor been the subject of any filing or petition under the Federal Bankruptcy Law or any insolvency laws, any laws for composition of indebtedness or for the reorganization of debtors.

  (ii)FIRPTA. Seller represents and warrants to Buyer that Seller is not a "foreign person", as that term is defined for purposes of the Foreign Investment in Real Property Tax Act, Internal Revenue Code Section 1445, as amended, and the regulations promulgated thereunder (collectively "FIRPTA").

  (iii)Patriot Act. Seller is not, and will not be, a person or entity with whom Buyer is restricted from doing business under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107 56 (commonly known as the "USA Patriot Act") and Executive Order Number 13224 on Terrorism Financing, effective September 24, 2001 and regulations promulgated pursuant thereto (collectively, the "Anti- Terrorism Laws"), including, without limitation persons and entities named on the Office of Foreign Asset Control Specially Designated Nationals and Blocked Persons List.

  (iv)Leases. No party has any lease or license of all of any portion of the Property and to Seller's knowledge, no adverse or other parties are in possession of the Property or any portion thereof.

  (v)Other Rights. To Seller's knowledge, no party has any right to purchase, right of first offer or right of first refusal with respect to the Property, or any portion thereof.

  (vi)Litigation. Seller has not received written notice of, nor to the best of Seller's knowledge is there, any suit, action, arbitration, legal, administrative or other proceeding or inquiry, pending or threatened against or relating to the Property or Seller that would affect Seller's ability to perform its obligations under this Agreement.

  (vii)Condemnation. Seller has received no notice from any governmental authority or administrative agency, nor does Seller have any knowledge, of any currently pending or contemplated eminent domain or condemnation proceeding against the Property.

  (viii)Environmental. Seller has no actual knowledge of any violation of Environmental Laws (as defined in Section 8(f)) related to the Property or the presence or release of Hazardous Substances (as defined in Section 8(f)) on or from the Property in violation of any Environmental Laws. Seller has not manufactured, introduced, released or discharged from or onto the Property any Hazardous Substances, and Seller has not used the Property or any part thereof for the generation, treatment, storage, handling or disposal of any Hazardous Substances. To Seller’s actual knowledge, the Property has never been used as a dump or landfill. Buyer acknowledges

   

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  receipt of Seller's Phase I Environmental Site Assessment dated September 2019, prepared by TRC, which covers the Property and some additional adjoining property ("Seller's Environmental Report"). Buyer acknowledges that Seller's representations in this clause (viii) are subject to any information and disclosures set forth in Seller's Environmental Report.

  (ix)Underground Storage Tanks. To Seller’s actual knowledge, there are no underground storage tanks or septic fields on the Property. Buyer acknowledges that Seller's representations in this clause (ix) are subject to any information and disclosures set forth in Seller's Environmental Report.

  (x)Execution. This Agreement has been duly executed and delivered by Seller and constitutes the legal, valid and binding obligations of Seller in accordance with its terms.

  (b)Buyer's Representations and Warranties. Buyer makes the following representations and warranties to Seller, which shall be deemed to have been made as of the Effective Date and the Closing Date:

  (i)Authority. Buyer has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

  (ii)Execution. This Agreement has been duly executed and delivered by Buyer and constitutes the legal, valid and binding obligations of Buyer in accordance with its terms.

  (iii)No Litigation. Buyer has not received any written notice of, nor to the best of Buyer's knowledge is there, any suit, action, arbitration, legal, administrative or other proceeding or inquiry, pending or threatened against or relating to Buyer that would affect Buyer's ability to perform its obligations under this Agreement.

  (iv)OFAC. The sources of funds for payment by Buyer of the Purchase Price are not sources of funds which would be subject to 18 U.S.C. §§ 1956- 1957 (Laundering of Money Instruments), 18 U.S.C. §§ 981-986 (Federal Asset Forfeiture) or 21 U.S.C. § 881 (Drug Property Seizure), Executive Order 13224, or the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (the USA Patriot Act). Neither Buyer nor any person or entity owning an interest in Buyer is a person or entity with whom U.S. persons are restricted from doing business under regulation of the Office of Foreign Assets Control of the Department of Treasury (“OFAC”), including those named on OFAC’s Specially Designated and Blocked Persons list, or under any statute, regulation or executive order (including Executive Order 13224), or by other governmental action.

  (c)Seller Knowledge. All representations and warranties made by Seller in this Agreement are made based on the actual knowledge of Ryan Lake and Scott Rizzo (the “Knowledge Party”), who are the officers of Seller that would have knowledge of the items set forth in this Section 8. Buyer acknowledges and agrees that all such Seller representations and warranties are made without any duty to review or investigate the matters to which such knowledge, or the absence thereof, pertains and with no imputed knowledge whatsoever, whether

   

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  from any partner, officer, director, member, shareholder or employee of Seller. The Knowledge Party shall have no personal liability arising out of any representations or warranties made herein

  (d)Updates to Representations. Seller shall promptly notify Buyer in writing if any of the representations and warranties of Seller set forth in this Agreement are no longer true and correct as of the Closing. If Buyer discovers any facts or circumstances that render any of Seller's representations and warranties incorrect or inaccurate, Buyer shall promptly notify Seller in writing of such facts or circumstances. If any of Seller's representations and warranties ceases to be true and correct in any material respect, Buyer may elect to (1) terminate this Agreement, in which event the Deposit and the LDP Extension Fees, if any (less One Hundred and 00/100 Dollars ($100.00), which shall be disbursed to Seller), shall be returned to Buyer, or (2) proceed to Closing. If, Buyer, having the right of termination under this Section 8(d) based on a failure or breach of any representation or warranty of Seller set forth in this Agreement, does not terminate this Agreement due to such failure or breach, Buyer's choice in this regard shall constitute a waiver of Buyer's rights with respect to any loss or liability suffered as a result of the failure or breach of such representation or warranty, and any other remedies provided in this Agreement or by law or equity.

  (e)Survival Period; Basket & Cap. The representations and warranties of Seller set forth in this Section 8 shall survive the Closing Date and the delivery of the Deed for a period not to exceed nine (9) months (the “Survival Period”), and upon expiration thereof shall be of no further force or effect, except to the extent that with respect to any particular alleged breach, the non-breaching party delivers written notice on or prior to the expiration of the Survival Period of such alleged breach with reasonable detail as to the nature of such breach, and, to the extent disputed by the breaching party, files an action against the breaching party with respect thereto within thirty (30) days after the giving of such notice. Notwithstanding anything to the contrary contained in this Agreement, Seller will have no liability to Buyer for the breach of any representation or warranty made in this Agreement unless the loss resulting from Seller's breach of its representations and warranties exceeds, in the aggregate, Fifty Thousand and 00/100 Dollars ($50,000.00), in which event Seller will be liable for each dollar of damages resulting from the breach or breaches of its representations and warranties, but in no event will Seller's total liability for any such breach or breaches exceed, in the aggregate, One Hundred Thousand and 00/100 Dollars ($100,000.00). In no event will Seller be liable for, nor will Buyer seek, any consequential, indirect or punitive damages; and in no event will any claim for a breach of any representation or warranty of Seller be actionable or payable if the breach in question results from or is based on a condition, state of facts or other matter which was known to Buyer prior to the Closing or which was contained in the Seller Due Diligence Materials or in any of Seller's files, books or records made available to Buyer for inspection.

  (f)AS-IS; Release. Buyer acknowledges (i) that Buyer has entered into this Agreement with the intention of making and relying on its own investigation or that of Buyer's own consultants and representatives with respect to the physical, environmental, economic and legal condition of the Property, and (ii) that Buyer is not relying upon any statements, representations or warranties of any kind, other than those specifically set forth in this Agreement or in any document to be executed and delivered by Seller to Buyer at the Closing, made (or purported to be made) by Seller or anyone acting or claiming to act on Seller's behalf. Buyer will inspect the Property and will be fully familiar with its physical condition and, subject to the terms and conditions of this Agreement, will purchase the Property in an "as is" condition, "with all faults," on the Closing Date.

   

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  NOTWITHSTANDING ANY OTHER PROVISION TO THE CONTRARY, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENT TO BE EXECUTED AND DELIVERED BY SELLER TO BUYER AT THE CLOSING, SELLER HAS NOT MADE AND DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES TO BUYER WHATSOEVER, EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, WITH RESPECT TO THE PROPERTY, INCLUDING, BUT IN NO WAY LIMITED TO, ANY WARRANTY OF CONDITION, MERCHANTABILITY, HABITABILITY OR FITNESS FOR A PARTICULAR USE, OR WITH RESPECT TO THE VALUE, PROFITABILITY OR MARKETABILITY OF THE PROPERTY.	BUYER ACKNOWLEDGES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENT TO BE EXECUTED AND DELIVERED BY SELLER TO BUYER AT THE CLOSING, SELLER HAS NOT MADE, DOES NOT AND WILL NOT MAKE ANY REPRESENTATION OR WARRANTY WITH REGARD TO THE CONDITION OR COMPLIANCE OF THE PROPERTY WITH RESPECT TO ANY ENVIRONMENTAL PROTECTION, HUMAN HEALTH, SAFETY, OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS, INCLUDING BUT NOT LIMITED TO THOSE PERTAINING TO THE USE, HANDLING, GENERATION, TREATMENT, STORAGE, MANAGEMENT, OR DISPOSAL OF ANY TOXIC OR HAZARDOUS SUBSTANCES, HAZARDOUS WASTE OR TOXIC, REGULATED SUBSTANCES, INCLUDING WITHOUT LIMITATION PETROLEUM PRODUCTS, ASBESTOS, LEAD- BASED PAINT AND OTHER SUBSTANCES. BUYER IS PURCHASING THE PROPERTY IN AN "AS IS" CONDITION, "WITH ALL FAULTS" AND WITHOUT ANY WARRANTIES, REPRESENTATIONS OR GUARANTEES, EITHER EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, OF ANY KIND, NATURE, OR TYPE WHATSOEVER FROM OR ON BEHALF OF SELLER, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENT TO BE EXECUTED AND DELIVERED BY SELLER TO BUYER AT THE CLOSING.

  Except to the extent expressly provided in this Agreement (including Section 8(a)), to the fullest extent permitted by law, Buyer unconditionally waives and releases Seller, and its partners, beneficial owners, officers, directors, shareholders and employees from any present or future claims and liabilities of any nature arising from or relating to the physical, economic and legal condition of the Property and the presence or alleged presence of Hazardous Substances in, on, at, from, under or about the Property or any adjacent property, including, without limitation, any claims under or on account of any Environmental Law, regardless of whether such Hazardous Substances are located in, on, at, from, under or about the Property or any adjacent property prior to or after the date of this Agreement. The terms and provisions of this Section 8(f) will survive the Closing.

  For purposes of this Agreement, "Environmental Law" means any law, ordinance, rule, regulation, order, judgment, injunction or decree relating to pollution or substances or materials which are considered to be hazardous or toxic, including, without limitation, the Resource Conservation and Recovery Act, the Comprehensive Environmental Response, Compensation and Liability Act, the Hazardous Materials Transportation Act, the Clean Water Act, the Toxic Substances Control Act, the Emergency Planning and Community Right to Know Act, any state and local environmental law, all amendments and supplements to any of the foregoing and all regulations and publications promulgated or issued relative to the foregoing. For purposes of this Agreement, "Hazardous Substances" means any and all pollutants, contaminants, toxic or hazardous wastes or any other substances that might pose a hazard to health or safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is now or may in the future be restricted, prohibited or

   

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  penalized under any Environmental Law (including, without limitation, lead paint, asbestos, urea formaldehyde foam insulation, petroleum, petroleum products, polychlorinated biphenyls and other controlled substances).

  9.Conditions to Closing.

  (a)Buyer's Conditions to Closing. Buyer's obligation to purchase the Property from Seller shall be conditioned upon and subject to each of the conditions precedent set forth below (collectively, the "Buyer Closing Conditions"):

  (i)Seller Deliverables. Seller's delivery of the items set forth in Section 11(c)(i) below.

  (ii)Accuracy of Seller's Representations and Warranties. All representations and warranties made by Seller in this Agreement shall be true in all material respects on or as of the Closing Date as though made at that time.

  (iii)Performance by Seller. Seller shall have performed, satisfied and complied with all covenants, agreements and conditions required by this Agreement to be performed or complied with by Seller on or before the Closing Date.

  (iv)Entitlements. Buyer shall have received the Entitlements and the LDP or waived the contingencies to receive same in accordance with Section 7.

  (b)Seller's Conditions to Closing. Seller's obligation to sell the Property to Buyer shall be conditioned upon and subject to each of the conditions precedent set forth below:

  (i)Accuracy of Buyer's Representations and Warranties. All representations and warranties made by Buyer in this Agreement shall be true in all material respects on or as of the Closing Date as though made at that time.

  (ii)Performance by Buyer. Buyer shall have performed, satisfied and complied with all covenants, agreements and conditions required by this Agreement to be performed or complied with by Buyer on or before the Closing Date.

  (c)Right to Terminate; Waiver of Condition. If any of the conditions set forth in Section 9(a) or Section 9(b) are not timely satisfied or waived by the appropriate benefited Party, then the benefited Party shall have the right to terminate this Agreement by written notice to the other Party (the “Terminating Party”). Upon delivery of any such termination notice, this Agreement shall terminate, and unless such termination was due to the default of a Party, the Deposit and the LDP Extension Fees shall be released to the Terminating Party (less One Hundred and 00/100 Dollars ($100.00), which shall be disbursed to Seller regardless of the Terminating Party), and neither Party will have any further obligation or liability to the other hereunder except as expressly survives termination. In the event that a Party, having the right of termination hereunder based on the failure of a condition precedent set forth herein, does not provide such termination notice, such condition precedent shall be deemed to have been satisfied, approved or waived, effective as of the Closing.

  10.Default.

   

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  (a)If Seller is unable to deliver fee simple title to the Property as set forth herein at Closing for any reason other than Buyer's default, and such inability to convey is not rectified within five (5) business days after the then-scheduled Closing Date (as defined below), Buyer may: (i) terminate this Agreement, in which event (A) all rights and obligations of the Parties under this Agreement shall expire (except for those which expressly survive any such termination) and this Agreement shall become null and void, and (B) the Title Company shall return to Buyer the Deposit and the LDP Extension Fees, if any (including interest, if any) (less One Hundred and 00/100 Dollars ($100.00), which shall be disbursed to Seller), or (ii) sue Seller for specific performance of this Agreement. Buyer will be deemed to have elected to terminate this Agreement and to receive a return of the Deposit if Buyer fails to file a suit for specific performance against Seller in a court having jurisdiction in the county and state in which the Property is located on or before sixty (60) days following the date on which the Closing was to have occurred. In the event that specific performance is not available because Seller has conveyed the Property to a third party in violation of this Agreement, in addition to (i) above, Buyer shall be entitled to actual damages up to One Hundred Thousand and 00/100 Dollars ($100,000.00). Except as set forth in the preceding sentence, Buyer expressly waives its rights to seek damages in the event of Seller's default.

  (b)If Buyer defaults under this Agreement and Buyer fails to cure such default within five (5) business days after notice from Seller or, in the event Buyer fails to close, the then-scheduled Closing Date, then the Title Company will deliver the Deposit and any LDP Extension Fees (including interest, if any) to Seller who, in lieu of any other damages recoverable by Seller by reason of Buyer's default, will retain the Deposit and any LDP Extension Fees and any interest thereon (such sums being agreed upon as liquidated damages for the failure of Buyer to perform the duties, liabilities and obligations imposed upon it by the terms and provisions of this Agreement and because of the difficulty, inconvenience and uncertainty of ascertaining actual damages, and no other damages, rights or remedies shall in any case be collectible, enforceable or available to Seller other than as provided in this Section 10(b)).

  (c)By the express agreement of Buyer and Seller, the remedies set forth in this Section 10 constitute the sole remedies at law or in equity available to Buyer and Seller, as the case may be, on account of the other party’s breach of its obligations to close under this Agreement. In no event, however, shall either party to this Agreement be liable for any consequential, special, indirect or punitive damages.

  11.Closing Date; Closing Procedure.

  (a)Unless otherwise terminated as provided herein, and except as provided in subsection (c) below, this transaction will be closed (the "Closing") through an escrow established with the Title Company (the "Escrow") on the date that is thirty (30) days after the earlier of (i) Buyer's receipt of the LDP, or (ii) the expiration of the LDP Outside Date, as the same may be extended (the actual date Closing occurs being referred to herein as the "Closing Date").

  (b)This Agreement will constitute joint escrow instructions to the Title Company to complete the Closing. The Parties shall execute and deliver such standard supplemental escrow instructions required by the Title Company, as escrow holder, provided that in the event of any discrepancy between such supplemental escrow instructions and this Agreement, the terms of this Agreement shall control.

   

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  (c)The following will be deposited with the Title Company on or before the

  Closing Date:

  (i)Seller will deposit or cause to be deposited:

  (1)The original Deed (together with such other instruments as may be required by local law in connection with the conveyance of real property), duly executed and acknowledged;

  (2)An executed certification of Seller's non-foreign status pursuant to Section 1445 of the Internal Revenue Code;

  (3)Customary certificates or affidavits with respect to withholding tax pursuant to O.C.G.A. § 48-7-128, which may be disclosed to the Commissioner of Revenue of the State of Georgia;

  (4)Any required transfer tax returns, or in each instance and if available, an electronic filing of such returns, together with the required payment of applicable transfer taxes, pursuant to the requirements of the State of Georgia and local taxing authorities;

  (5)A closing statement prepared by the Title Company and executed by Seller;

  (6)Such other documents and instruments as the Title Company reasonably requires to evidence the due organization and valid existence of Seller and its authority to enter into and perform its obligations under this Agreement;

  (7)Executed and acknowledged copies of an owner's affidavit, gap indemnity and mechanic's lien indemnity, in the commercially reasonable forms customarily utilized by the Title Company, in order to enable the Title Company to issue the Title Policy without any exception for mechanic's or materialmen's liens; and

  (8)Such other instruments as are required by this Agreement and/or as are reasonably necessary or appropriate to consummate the sale contemplated by this Agreement.

  (ii)Buyer will deposit or cause to be deposited:

  (1)By federal wire transfer of funds, an amount equal to the balance of the Purchase Price, as adjusted for closing costs and the proration of taxes and assessments as herein provided;

  (2)Such documents and instruments as the Title Company reasonably requires to evidence the due organization and valid existence of Buyer and its authority to enter into and perform its obligations under this Agreement;

   

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  (3)A closing statement prepared by the Title Company and executed by Buyer; and

  (4)Such other instruments as are required by this Agreement and/or as are reasonably necessary or appropriate to consummate the sale contemplated by this Agreement.

  (d)Upon receipt of all of the documents and funds described in subsection (c), above, the Title Company will (i) record the Deed; (ii) disburse funds as shown in Seller's closing statement; (iii) deliver to Buyer the Title Policy and the original Deed, as recorded, Seller's certifications pertaining to its non-foreign status, and a copy of Buyer's closing statement executed Buyer; and (iv) deliver to Seller a photocopy of the Deed, as recorded, and a copy of Seller's closing statement.

  12.Prorations; Closing Costs.

  (a)All general state, county and city taxes and installments of special assessments relating to the Property (collectively, "Taxes") will be prorated between Buyer and Seller as of 11:59 p.m. Eastern Standard Time of the day prior to Closing; if, after Closing, supplemental real estate taxes are assessed against the Property, Buyer and Seller shall adjust the proration of the Taxes following the Closing promptly following notice thereof. Any Taxes that are due and payable will be paid at the Closing from funds accruing to Seller. If actual tax statements for the year of Closing are not available at the time of Closing, prorations will be based on the preceding year's tax statements. If applicable, within thirty (30) days after Buyer's receipt of final tax bills, Buyer will prepare and present to Seller a calculation of the reproration of such taxes based upon the actual amount of such taxes for the year in which the Closing occurs. The parties will make the appropriate adjusting payment between them within thirty (30) days after presentment to Seller of Buyer's calculation and appropriate back-up information. In addition to the foregoing, all utility charges or other expenses associated with the Property and any income associated with the Property will be prorated to or adjusted as of the Closing Date, based upon the actual number of days involved in the relevant computation period for such items in which the Closing Date occurs.

  (b)Buyer will pay:

  (i)The costs of recording the Deed;

  (ii)One-half of the Title Company's fee for acting as escrow holder and/or closing agent, if any;

  (iii)The cost of the Title Policy and any endorsements or affirmative insurance or modifications to the Title Policy;

  (iv)The cost of Buyer's Survey;

  (v)All costs in connection with Buyer's financing, if any; and

  (vi)All expenses incurred by Buyer in connection with the transaction contemplated by this Agreement, including, without limitation: (i) the cost of any survey work or property inspections requested by Buyer and (ii) Buyer's attorneys' fees.

   

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  (c)Seller will pay:

  (i)The cost of recording any releases of existing mortgages and other financing instruments;

  (ii)The costs of preparing the Deed and all transfer taxes incident to the transfer of the Property;

  (iii)One-half of the Title Company's fee for acting as escrow holder and/or closing agent, if any; and

  (iv)All expenses incurred by Seller in connection with the transaction contemplated by this Agreement, including, without limitation, Seller's attorneys' fees.

  (d)Any other closing costs and expenses not specifically delineated above shall be paid by the Parties as is customary in escrows for the purchase and sale of commercial real property located in Hall County, Georgia.

  13.Possession. Possession of the Property will be delivered to Buyer on the Closing Date, free and clear of parties in possession and subject only to the Permitted Exceptions.

  14.Condemnation. If, prior to the Closing Date, all or a substantial part of the Property is taken in any proceeding by public authority or any other body vested with the power of eminent domain, by condemnation or otherwise or is acquired for public or quasi-public purposes or condemnation proceedings therefor will have been instituted, then (except as provided below) Buyer will have the right to terminate this Agreement, said election to be exercised by Buyer by giving Seller notice to such effect prior to the Closing Date, but in any event not later than thirty (30) days after Buyer receives notice of such occurrence. In the event that Buyer elects to terminate this Agreement, the Deposit and the LDP Extension Fees, if any, including interest, if any (less One Hundred and 00/100 Dollars ($100.00), which shall be disbursed to Seller), will be returned to Buyer and both Parties will be relieved and released of and from all further liability hereunder except as expressly survives termination. Unless this Agreement is so canceled, it will remain in full force and effect without any reduction in the Purchase Price and Seller will assign, transfer and set over to Buyer all of its right, title and interest in any awards that may be made for such taking (less any collection costs incurred by Seller in connection therewith) and at the Closing, Seller will convey to Buyer such portion of the Property as is not so taken.

  15.Brokers. Each Party represents and warrants to the other that it has had no dealings with any broker or agent in connection with this transaction except Cresa Global Inc. ("Seller's Broker"). Buyer represents and warrants to Seller that no brokers or finders have been engaged by it in connection with the transaction contemplated by this Agreement. Seller represents and warrants to Buyer that, except for Seller's Broker, no brokers or finders have been engaged by it in connection with the transaction contemplated by this Agreement. At Closing, Seller shall pay Seller's Broker a real estate sales commission pursuant to a separate agreement between Seller and Seller's Broker. In the event of any claim for broker's or finder's fees or commissions in connection with the negotiation, execution or consummation of this Agreement, then each Party shall indemnify, save and hold harmless and defend the other Party from and against such claim if it is based upon any statement or representation or agreement made by or allegedly made by the indemnifying Party. This indemnity shall survive the Closing or the earlier termination of this Agreement.

   

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  16.Assignment. This Agreement may be assigned by Seller to an Affiliate who takes title to the Property and expressly assumes Seller's obligations under this Agreement. This Agreement may be assigned by Buyer, in whole or in part, to any Affiliate or multiple Affiliates or to an affiliated “landbanking” entity for the purpose of holding and developing the Property into finished lots to be purchased by Buyer, in each case without Seller’s prior written consent but with prior written notice to Seller. Any other assignment by Buyer shall require Seller’s prior written consent. If this Agreement is assigned by Buyer, the Agreement shall be jointly and severally binding on Buyer and the assignee(s), its successors, and assigns. Any purported assignment or delegation by a party in violation of this Section 16 is void and of no force or effect. For purposes of this Agreement, the term “Affiliate” means any other person or entity that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, the assignor and the term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through ownership of voting securities, by contract or otherwise. Further, notwithstanding any assignment (regardless of whether Seller's consent is required), the original-named Buyer hereunder shall not be released, and shall remain liable for, all obligations of the buyer under this Agreement.

  17.Attorneys' Fees. In the event either Party files a lawsuit in connection with this Agreement or any provisions contained herein, then the Party that prevails in such action shall be entitled to recover from the non-prevailing Party, in addition to all other remedies or damages as limited herein, reasonable attorneys' fees and expenses, expert witness fees and expenses, and costs of court incurred in such lawsuit. This covenant shall survive the Closing or earlier termination of this Agreement.

  18.Entire Agreement; Modifications; Authority. This Agreement contains the entire agreement between Seller and Buyer and there are no other terms, conditions, promises, understandings, statements or representations, express or implied, concerning the sale contemplated hereunder. No alteration, change or modification of this Agreement will be effective unless made in writing and executed by Seller and Buyer.

  19.Time.  Time is of the essence in the performance of all obligations under this

  Agreement.

  20.Notice. Any notices, requests, demands, tenders and communications hereunder shall be in writing and may be served (i) by hand delivery, (ii) by depositing same in the United States mail, addressed to the Party to be notified, postage prepaid and registered or certified with receipt requested, (iii) by recognized overnight, third party prepaid courier service (such as FedEx), or (iv) by electronic mail with confirmation thereof, provided that if sent by electronic mail, a duplicate copy is sent contemporaneously by one of the methods described in (i) through (iii) above. Any notice or other communication mailed as aforesaid shall be deemed effectively given (x) on the date of delivery if personally delivered or sent by electronic transmission, (y) on the date delivered if sent by courier service, or (z) on the date indicated on the return receipt if mailed. Either Party may change its address for notices upon ten (10) business days' prior written notice to the other Party as provided below.

  If to Seller:	Societal CDMO Gainesville, LLC 1300 Gould Drive

  Gainesville, GA 30504

  Attention: Chief Financial Officer Email: ryan.lake@societalcdmo.com Phone: 770-531-8365

  with a copy to:	Troutman Pepper Hamilton Sanders LLP

   

   

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  600 Peachtree Street, Suite 3000

  Atlanta, Georgia 30308-2216 Attention: Anthony D. Greene, Esq. Email: anthony.greene@troutman.com Phone: (404) 885-3656

  If to Buyer:	Weekley Homes, LLC

  225 Westmonte Drive, Suite 2000 Altamonte Springs, Florida 32714 Attention: Jim Vanderwoud

  Email: jvanderwoud@dwhomes.com

  Title Company:	Windward Title, LLC

  3525 Piedmont Road NE Building 6, Suite 320

  Atlanta, Georgia, 30305 Attention: Attn: Jim Cooney Email: jcooney@luederlaw.com

  21.Terminology. The words "include," "includes" and "including" will be deemed to be followed by the phrase "without limitation." The words "herein," "hereof," "hereunder" and similar terms will refer to this Agreement unless the context requires otherwise. Where the context requires, the neuter gender will include the masculine and/or feminine, and the singular will include the plural and vice versa.

  22.Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Georgia, without reference to conflicts of laws principles.

  23.Binding Effect. This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective successors and assigns.

  24.Survival. Except for those provisions of this Agreement which are stated to expressly survive the Closing or the earlier termination of this Agreement, the provisions of this Agreement will merge into the execution and delivery of the Deed from Seller to Buyer. The acceptance by Buyer of the Deed will be deemed to constitute the full performance and discharge of each and every warranty and representation made by Seller and Buyer and every agreement and obligation on the part of Seller and Buyer to be performed pursuant to the terms of this Agreement, except those warranties, representations, covenants and agreements which are specifically provided in this Agreement to survive Closing.

  25.Counterparts. This Agreement may be executed in separate counterparts, each of which will be deemed to be an original and all of which, collectively, will be deemed to constitute one and the same Agreement. An electronic (pdf) executed copy of this Agreement shall have the same force and effect as an original executed copy hereof. This Agreement and any amendments hereto may be electronically signed by the parties by the use of DocuSign, which will be treated as an original copy as though ink-signed by officers or other duly authorized representatives of each party.

  26.1031 Exchange. If Seller desires to effect the transaction in a manner so as to qualify as a like-kind exchange under Internal Revenue Code Section 1031, and the associated

   

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  regulations, Buyer agrees to use reasonable efforts to accommodate Seller. In effectuating a like-kind exchange pursuant to Section 1031 of the Code, Seller agrees that (a) such exchange will not delay or otherwise adversely affect the Closing, (b) Seller will indemnify, save and hold harmless Buyer from and against any such loss, cost, damage, tax, expense or adverse consequence (including attorneys' fees) incurred by Buyer in connection with such exchange, (c) all documents to be executed by Buyer in connection with such exchange will be subject to the approval of Buyer, which will not be unreasonably withheld, conditioned or delayed.

  27.Confidentiality; Return of Documents. Buyer and Seller agree not to (a) disclose the existence of or specific terms of this Agreement except to their respective attorneys, accountants, investment advisors, investors, lenders and others as are reasonably required to evaluate and consummate that transaction, or as such parties may be otherwise required by law to disclose such information, or (b) issue any press release or public disclosure before Closing without the prior written consent of the other Party, which shall not be unreasonably withheld; provided, however, Seller shall be permitted to disclose any information (i) required under any SEC regulations applicable to Seller (or its affiliates), or (ii) in accordance with the typical practice of Seller or a publicly-traded company in connection with disclosures to the public. Furthermore, Buyer agrees that it shall treat all due diligence materials and reports as confidential materials and shall not disclose any portion thereof except: (i) to the extent necessary in connection with its evaluation of the Property; (ii) to the extent required by law; (iii) to Buyer's mortgage lender(s), if any, involved in the transaction contemplated by this Agreement; (iv) with the express written consent of Seller; (v) to a Buyer's Affiliate; or (vi) to Buyer's attorneys, accountants, investment advisors, lenders and others as are reasonably required to evaluate and consummate the transactions contemplated herein, provided Buyer shall cause each of the foregoing to abide by the terms of this Section 27. In the event that this Agreement is terminated or cancelled without Buyer acquiring the Property pursuant to the terms hereof, Buyer shall, within ten (10) business days following Seller's written request, deliver to Seller (and destroy any electronic copies of) all information furnished to Buyer by or on behalf of Seller with respect to the Property. The provisions of this Section 27 shall survive the Closing or any termination of this Agreement.

  28.Acceptance. Submission of this Agreement by Buyer to Seller for examination and/or execution shall not in any manner bind Buyer and no obligations on Buyer shall arise under this Agreement unless and until this Agreement is fully signed and delivered by Seller and Buyer. Submission of this Agreement by Seller to Buyer for examination and/or execution shall not in any manner bind Seller and no obligations on Seller shall arise under this Agreement unless and until this Agreement is fully signed and delivered by Buyer and Seller.

  29.Invalidity. In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

  30.Construction. This Agreement will not be construed more strictly against one party than against the other merely by virtue of the fact that this Agreement may have been prepared by counsel for one of the parties, it being mutually acknowledged and agreed that Seller and Buyer and their respective counsel have contributed substantially and materially to the preparation and negotiation of this Agreement. Accordingly, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party will not be employed in the interpretation of this Agreement or any exhibits or amendments.

  31.Computation of Time. If, pursuant to this Agreement, any date indicated herein falls on a holiday or a Saturday or Sunday, the date so indicated shall mean the next business day

   

   

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  following such date. The term "holiday" shall mean any day on which state or national banks are not open for business in the State of Georgia.

  32.Escrow Agent. The duties of the Title Company, as escrow holder, hereunder shall be as specifically as described herein or as necessary to carry out the provisions of this Agreement and are purely ministerial in nature. The Title Company may act upon any instrument or writing believed by it in good faith to be genuine and executed by the proper person and shall not be liable in connection with the performance of its duties hereunder except for its own willful misconduct or gross negligence. In the event of any dispute or litigation hereunder concerning the disposition of the Deposit, the Title Company shall have the right to pay the same and all interest thereon into the registry of any court of competent jurisdiction, and the Title Company shall hereupon be released from any further liabilities with respect to the Deposit except as aforesaid.

  33.Subdivision. Buyer and Seller understand and agree that a subdivision plat (the "Plat") will be required to subdivide the Property as a separate lot or tract. Seller and Buyer shall cooperate to prepare the Plat which shall designate the Property as a separate lot or tract. Upon completion of the Rezoning, Buyer will directly pay third party vendors or reimburse Seller for eighty percent (80%) of the third-party out-of-pocket costs and expenses incurred to prepare, finalize and record the Plat. Buyer and Seller shall cooperate to have a draft of the Plat prepared for approval by both Parties (not to be unreasonably withheld, conditioned or delayed) on or before the expiration of the Inspection Period. Each Party shall have five (5) business days from receipt of the Plat to make any objections to the Plat. Failure of a Party to object to the Plat in writing within such five (5) business day period shall be deemed approval of the Plat. Seller and Buyer shall reasonably cooperate to reach a mutual agreement on the final size and boundary lines for the lot which will comprise the Property, based on the general depiction thereof shown on Exhibit “A”. There shall be no adjustment in the Purchase Price due to any variation in size between the Survey and the final determination of acreage as shown on the Plat. Upon completion of the subdivision and receipt of all governmental approvals therefor, the legal description of the new lot comprising the Property shall automatically be deemed to replace Exhibit “A” attached hereto.

  34.Seismic Activity Agreement. Buyer acknowledges that Seller will retain certain property adjacent to the Property (the "Adjoining Property") upon which Seller will continue to operate facilities for the production, testing and storage of pharmaceutical products. In order to avoid Buyer's development of the Property interfering with Seller's operations on the Adjoining Property, during the Inspection Period, Buyer and Seller shall use good faith efforts to negotiate an agreement in recordable form (the "Seismic Activity Agreement") that will obligate Buyer to notify Seller at least one (1) business day in advance of any blasting or other activities causing significant seismic activity that could interfere with Seller's operations on the Adjoining Property. The parties hereby acknowledge and agree that at the Closing, the Seismic Activity Agreement shall be recorded against the Property immediately prior to the Deed. The parties agree to act in good faith and fair dealing to finalize the Seismic Activity Agreement. If the parties are unable to agree upon the Seismic Activity Agreement by the expiration of the Inspection Period, then either party may terminate this Agreement by giving written notice to the other party on or before the expiration of Inspection Period in which event the Deposit shall be returned to Buyer and thereafter this Agreement shall be null and void and of no further force and effect, and Buyer and Seller shall have no further obligations to each other, except with respect to those obligations which expressly survive termination of this Agreement. Seller to deliver a draft of the Seismic Activity Agreement to Buyer within fifteen (15) days following the Effective Date and Buyer to deliver any comments thereto within five (5) days following receipt thereof. Failure to deliver any comments within such five (5) day period shall be deemed Buyer's approval of the Seismic Activity Agreement.

  35.Arbitration and Mediation. Any dispute between Buyer and Seller, whether sounding in contract, tort, or otherwise, shall be resolved by binding arbitration. Unless the Parties agree

   

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  to use other rules, or the arbitrator deems other rules to be applicable, the arbitration shall be conducted in accordance with the Construction Industry Arbitration Rules of the American Arbitration Association in effect at the time the demand for arbitration is filed, and either the Federal Arbitration Act (Title 9, U.S. Code) or the applicable state arbitration statute. Such claims, disputes or causes of action, include, but are not limited to, those arising out of this Agreement and any other rights, obligations or agreements between Buyer and Seller relating to this Agreement or the Property (the "Dispute"). After a demand for arbitration has been filed and the filing fee paid, either Party may require that the Dispute be submitted to mediation prior to commencement of the final arbitration hearing. If the Dispute is not resolved by mediation, then the arbitration proceeding shall continue to conclusion. The arbitration award or decision may be confirmed, entered and enforced as a judgment in a court having jurisdiction, subject to appeal only in the event of the arbitrator's misapplication of the law, no evidence to support the award, or such other grounds for appeal of arbitration awards that exist by statute, common law or the applicable rules. This arbitration provision shall survive closing, breach or termination of this Agreement and shall not be superseded by the doctrine of merger.

  [SIGNATURES APPEAR ON FOLLOWING PAGE.]

   

   

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  IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above

  written.

  "SELLER":

  SOCIETAL CDMO GAINESVILLE, LLC,

  a Massachusetts limited liability company

  		
	By:
	/s/ Ryan D. Lake

	Name:
	Ryan D. Lake

	Title:
	Chief Financial Officer

  "BUYER":

  WEEKLEY HOMES, LLC,

  a Delaware limited liability company

  		
	By:
	/s/ John Burchfield

	Name:
	John Burchfield

	Title:
	General Counsel

   

   

  

   

  The undersigned Title Company acknowledges receipt of the Deposit, agrees to serve as escrow holder pursuant to the terms of this Agreement, and agrees to hold and disburse the Deposit and the LDP Extension Fees, if any, as provided in this Agreement.

  Windward Title, LLC

   

  		
	By:
	/s/ James J. Cooney

	Name:
	James J. Cooney

	Title:
	Partner

	 
	 

	Date:
	August 15, 2022

   

   

   

   

   

   

   

   

   

   

  - 21 -

   

   

  

   

  EXHIBIT "A"

   

  Legal Description of Property

   

  Legal description to be affixed based on title. Property constitutes the crosshatched area below.EX-4.1

 EXHIBIT 4.1 

THIRD SUPPLEMENTAL INDENTURE 
 THIS THIRD
SUPPLEMENTAL INDENTURE (“Third Supplemental Indenture”) dated as of August 16, 2022, by and between M&T Bank Corporation, a corporation organized and existing under the laws of the State of New York (the “Company”), and
The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”) under the Indenture, dated as of May 24, 2007, between the Company and the Trustee (the “Original Indenture”). 

RECITALS 
 WHEREAS, the
Company and the Trustee have entered into the Original Indenture to provide for the future issuance of the Company’s senior unsecured debentures, notes or other evidence of indebtedness (herein referred to as the “Securities”), to be
issued from time to time in one or more series as determined by the Company under the Original Indenture, in an unlimited aggregate principal amount; 

WHEREAS, the Company wishes to make certain changes relating to covenant breaches, events of default, remedies, permitted transfers and
certain other matters, with the amendments applying only to Securities of a series created at the time, or after the, time this Third Supplemental Indenture is executed and not applying to, or modifying the rights of Holders of any Securities of a
series created prior to the execution of this Third Supplemental Indenture; 
 WHEREAS, the Company has duly authorized and pursuant to the
terms of the Original Indenture desires to provide for the establishment of a new series of its Securities to be known as its 4.553% Fixed Rate/Floating Rate Senior Notes due 2028 (the “Notes”); 

WHEREAS, Section 9.01(e) of the Original Indenture provides that, without the consent of any Holders, the Company, when authorized by a
Board Resolution, and the Trustee may enter into indentures supplemental to the Original Indenture to add to, change or eliminate any of the provisions of the Original Indenture in respect of one or more series of Securities, provided that any such
addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the
Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; 

WHEREAS, Section 9.01(g) of the Original Indenture provides that, without the consent of any Holders, the Company, when authorized by a
Board Resolution, and the Trustee may enter into indentures supplemental to the Original Indenture to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Original Indenture; 

WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Company has requested the Trustee to join with it in the execution and
delivery of this Third Supplemental Indenture; and 

 WHEREAS, all requirements necessary to make this Third Supplemental Indenture a valid
instrument, enforceable in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed and fulfilled, and the execution and
delivery of this Third Supplemental Indenture and the Notes, have been in all respects duly authorized. 
 NOW, THEREFORE, the Company and
Trustee hereby agree that the following provisions shall amend and supplement the Original Indenture: 
 SECTION 1 SCOPE AND
EFFECT; RULES OF CONSTRUCTION. 
 1.01 Applicability. This Third Supplemental Indenture constitutes a supplement and
amendment to the Original Indenture and an integral part of the Original Indenture and shall be read together with the Original Indenture as though all the provisions thereof are contained in one instrument. Except as expressly supplemented and
amended by this Third Supplemental Indenture, the terms and provisions of the Original Indenture shall remain in full force and effect. Notwithstanding the foregoing, (a) the amendments to the Original Indenture pursuant to Section 2 of
this Third Supplemental Indenture shall apply to the Notes and to all issuances of Securities on and after the date hereof pursuant to the Original Indenture, in each case as so amended by such Section 2, (b) the amendments to the Original
Indenture pursuant to all other Sections of this Third Supplemental Indenture shall only apply to the Notes, and (c) the amendments to the Original Indenture pursuant to this Third Supplemental Indenture shall not apply to any outstanding
Security issued prior to the date hereof. 
 1.02 Rules of Construction. For all purposes of this Third Supplemental Indenture: 

(a) capitalized terms used herein without definition shall have the meanings specified in the Original Indenture; 

(b) all references herein to Sections, unless otherwise specified, refer to the corresponding Sections of this Third
Supplemental Indenture; 
 (c) all section references in Sections 2.01 through 2.08 of this Third Supplemental Indenture are
prior to giving effect to Section 2.09 of this Third Supplemental Indenture; 
 (d) the terms “herein,”
“hereof,” “hereunder” and other words of similar import refer to this Third Supplemental Indenture; 

(e) in the event of a conflict with the definition of terms in the Original Indenture, the definitions in this Third
Supplemental Indenture shall control; and 
 (f) references to the Indenture refer to the Original Indenture, as amended and
supplemented by this Third Supplemental Indenture. 

  
 2 

 SECTION 2 AMENDMENTS TO THE ORIGINAL INDENTURE. 

2.01 Amendment to Section 1.01(d) of the Original Indenture. Section 1.01(d) of the Original Indenture is
amended and restated in its entirety as follows: 
 ““Bank” means any institution which accepts deposits that the depositor
has a legal right to withdraw on demand and engages in the business of making commercial loans.” 
 2.02 Amendment to
Section 1.01(g) of the Original Indenture. Section 1.01(g) of the Original Indenture is amended and restated in its entirety as follows: 

““Business Day” means any day that is not a Saturday or Sunday and that is not a day on which banking institutions are
generally authorized or obligated by law or executive order to close in The City of New York or the City of Buffalo, New York or on which the Corporate Trust office of the Trustee is closed for business.” 

2.03 Amendment to Section 1.01(k) of the Original Indenture. Section 1.01(k) of the Original Indenture is
amended and restated in its entirety as follows: 
 ““Corporate Trust Office” means the principal office of the Trustee in
the Borough of Manhattan, City of New York at which at any particular time its corporate trust business shall be administered, which office at the date of the execution of this Indenture is located at 240 Greenwich Street, New York, New York 10286,
Attention: Corporate Trust Administration, or at any other time at such other address as the Trustee may designate from time to time by notice to the Company or the principal corporate trust office of any successor Trustee (or such other address as
such successor Trustee may designate from time to time by notice to the Company).” 
 2.04 Amendment to
Section 1.01(l) of the Original Indenture. Section 1.01(l) of the Original Indenture is amended and restated in its entirety as follows: 

““corporation” means a corporation, association, company (including a limited liability company), joint-stock company or
business trust.” 
 2.05 Amendment to Section 1.01(cc) of the Original Indenture. Section 1.01(cc) of
the Original Indenture is amended and restated in its entirety as follows: 
 ““Notice of Covenant Breach” has the meaning
specified in the definition of “Covenant Breach” in this Section 1.01.” 
 2.06 Amendment to
Section 1.01(oo) of the Original Indenture. Section 1.01(oo) of the Original Indenture is amended and restated in its entirety as follows: 

““Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means, unless
otherwise specified pursuant to Section 3.01, the date that is fifteen days next preceding such Interest Payment Date (whether or not a Business Day) or, if the Securities are in the form of Global Securities, the close of business on the
Business Day preceding the Interest Payment Date.” 

  
 3 

 2.07 Amendment to Section 1.01(tt) of the Original Indenture.
Section 1.01(tt) of the Original Indenture is amended and restated in its entirety as follows: 
 “[Intentionally omitted].”

 2.08 Amendment to Section 1.01(bbb) of the Original Indenture. Section 1.01(bbb) of the Original Indenture
is amended and restated in its entirety as follows: 
 ““Voting Stock” of a corporation means stock of the class or classes
having general voting power under ordinary circumstances entitled to vote in the election of directors, managers or trustees of such corporation (irrespective of whether or not at the time stock of any other class or classes shall have or might have
voting power by reason of the happening of any contingency).” 
 2.09 Amendment to Section 1.01 of the Original
Indenture. Section 1.01 of the Original Indenture is amended to insert the following definitions in proper alphabetic order therein: 

“(c) “Applicable Procedures” of a Depositary means, with respect to any matter at any time, the policies and procedures of such
Depositary, if any, that are applicable to such matter at such time.” 
 “(n) “Covenant Breach” means, with respect to
the Securities of any series: 
 (i) default in the deposit of any sinking fund payment, when and as due by the terms of a
Security of such series; or 
 (ii) default in the performance, or breach, of any covenant or warranty of the Company in the
Securities of such series or the Indenture (as it relates to such Securities) (other than a covenant or warranty default in whose performance or whose breach is specifically dealt with in Section 5.01), and continuance of such default or breach
for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of such series in a
written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Covenant Breach” hereunder. 

A Covenant Breach shall not be an Event of Default with respect to any Security, except to the extent otherwise specifically provided pursuant
to Section 3.01 with respect to such Security.” 
 “(s) “Electronic Means” means the following communications
methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system
specified by the Trustee as available for use in connection with its services hereunder.” 

  
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 2.10 Amendment to Section 1.04(g) of the Original Indenture.
Section 1.04(g) of the Original Indenture is amended to delete the phrase “Notice of Default” and replacing such phrase with “Notice of Covenant Breach.” 

2.11 Amendment to Section 1.06 of the Original Indenture. The following is added as Section 1.06(c) of the
Original Indenture: 
 “(c) Notwithstanding anything in the Indenture to the contrary, where this Indenture provides for notice of any
event to a Holder of a Global Security, such notice will be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to its Applicable Procedures not later than the latest date (if any) and not earlier than the
earliest date (if any) prescribed for the giving of such notice.” 
 2.12 Amendment to Section 2.02 of the
Original Indenture. The second sentence of the penultimate paragraph and the last paragraph of Section 2.02 are amended and restated in their entirety to read as follows: 

“Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
(or, solely in the case of a Global Security, facsimile or electronic signature), this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.” 

2.13 Amendment to Section 2.03 of the Original Indenture. 

(a) The seventh paragraph of Section 2.03 of the Original Indenture is amended and restated in its entirety: 

“[(If applicable, insert:) The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security]
[or] [certain restrictive covenants, Events of Default and Covenant Breaches with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.]” 

(b) The tenth paragraph of Section 2.03 of the Original Indenture is amended by adding the following sentence at the end of the
paragraph: 
 “For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time
or both would become, an Event of Default or Covenant Breach with respect to such Securities.” 
 (c) The 11th paragraph of
Section 2.03 of the Original Indenture is amended and restated in its entirety as follows: 
 “As provided in and subject to the
provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default or Covenant Breach with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time
Outstanding 

  
 5 

 
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default or Covenant Breach, as applicable, as Trustee and offered the Trustee indemnity
reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or
any premium or interest hereon on or after the respective due dates expressed herein.” 
 2.14 Amendment to
Section 3.01(b)(xix) of the Original Indenture. Section 3.01(b)(xix) of the Original Indenture is amended and restated in its entirety as follows: 

“(xix) any addition to or change in the covenants set forth in Article X or the definition of “Covenant Breach” set forth in
Section 1.01, which applies to Securities of the series; and” 
 2.15 Amendment to Section 3.01(e) of the
Original Indenture. Section 3.01(e) of the Original Indenture is amended and restated in its entirety as follows: 
 “The
Securities shall rank equally in right of payment with one another and as unsubordinated indebtedness of the Company.” 
 2.16
Amendment to Section 3.03(g) of the Original Indenture. The first sentence of Section 3.03(g) of the Original Indenture is amended and restated in its entirety as follows: 

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

2.17 Amendment to Section 3.05(h)(ii) of the Original Indenture. Section 3.05(h)(ii) of the Original Indenture
is amended and restated in its entirety as follows: 
 “(ii) Notwithstanding any other provision in this Indenture, no Global Security
may be exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless
(a) such Depositary notifies the Company in writing that it is no longer willing or able to act as a Depositary for such Global Security and the Company does not appoint a successor Depositary within 90 days after receiving that notice;
(b) such Depositary ceases to be a clearing agency registered under the Exchange Act and the Company does not appoint a successor Depositary within 90 days after becoming aware that such Depositary has ceased to be so registered as a clearing
agency; (c) the Company, at its option, notifies the Trustee in writing that the Company elects to cause the issuance of such Global Security in definitive 

  
 6 

 
form; or (d) any event shall have occurred and be continuing which, after notice or lapse of time, or both, would constitute an Event of Default or Covenant Breach with respect to such
Global Security. In such circumstances, upon surrender by the Depositary of such a Global Security, Securities in definitive form shall be issued to each Person that the Depositary identifies as the beneficial owner of the related Securities. Upon
issuance of such Securities in definitive form, the Trustee shall register such Securities in the name of, and cause the same to be delivered to, such Person or Persons (or the nominee thereof). Such definitive Securities would be issued in fully
registered form without coupons, in denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000 and subsequently may not be exchanged by a Holder in denominations of less than $2,000 (or such other authorized and
minimum denominations to the extent otherwise specifically provided pursuant to Section 3.01 with respect to such Securities).” 

2.18 Amendment to Section 3.08 of the Original Indenture. Section 3.08 of the Original Indenture is amended by
adding the following sentence at the end of the paragraph: 
 “Notwithstanding the foregoing, with respect to any Global Security,
nothing herein shall prevent the Company, the Trustee or any agent of the Company or any Trustee, from giving effect to any written certification, proxy or other authorization furnished by a Depositary or impair, as between a Depositary and holders
of beneficial interests in any Global Security, the operation of customary practices and adherence to the Applicable Procedures governing the exercise of the rights of the Depositary as a Holder of such Global Security.” 

2.19 Amendment to Section 5.01 of the Original Indenture. Section 5.01 of the Original Indenture is amended and
restated in its entirety as follows: 
 ““Event of Default,” wherever used herein with respect to a series of Securities,
means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): 
 (a) default in the payment of any interest upon the Securities of
such series when it becomes due and payable, and continuance of such default for a period of 30 days; or 
 (b) default in
the payment of the principal of or any premium on the Securities of such series at Maturity when such principal or any premium, as applicable, becomes due and payable, and continuance of such default for a period of 30 days; 

(c) [Intentionally omitted]; or 

(d) [Intentionally omitted]; or 

  
 7 

 (e) the entry by a court having jurisdiction in the premises of (i) a
decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Company a
bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (f) the commencement by the
Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to entry
of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property; or 

(g) any other Event of Default provided with respect to Securities of that series. 

The Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof shall have been given to a Responsible
Officer at the Corporate Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any agent of any Holder.” 
 2.20
Amendment to Section 5.02 of the Original Indenture. Section 5.02 of the Original Indenture is amended and restated in its entirety as follows: 

“(a) If an Event of Default (other than an Event of Default specified in Section 5.01(e) or (f)) with respect to the Securities
Outstanding of a particular series occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series may declare the principal amount of the Securities
of such series to be due and payable immediately, by notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an
Event of Default specified in Section 5.01(e) or (f) with respect to Securities Outstanding of a particular series, the principal amount of all Securities of such series shall automatically, and without any declaration or other action on
the part of the Trustee or any Holder, become immediately due and payable. For the avoidance of doubt, except to the extent otherwise specifically provided pursuant to Section 3.01 with respect to a particular Security or Securities, neither
the Trustee nor any Holders shall be entitled to accelerate the Maturity of any Security, nor shall the Maturity of any Security be otherwise accelerated, as a result of a Covenant Breach. 

  
 8 

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

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

(A) all overdue interest on the Securities of such series; 

(B) the principal of any Securities of such series which have become due otherwise than by such declaration of acceleration and
any interest thereon at the rate or rates prescribed therefor in the Securities of such series; and 
 (C) all sums paid or
advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 

and 

(ii) all Events of Default with respect to Securities of such series, other than the
non-payment of the principal of Securities of such series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13 of the Indenture. 

No such rescission shall affect any subsequent default or impair any right consequent thereon.” 

  
 9 

 2.21 Amendment to Section 5.03(b) of the Original Indenture.
Section 5.03(b) of the Original Indenture is amended by inserting the phrase “or Covenant Breach” after the phrase “Event of Default.” 

2.22 Amendment to Section 5.07(a) of the Original Indenture. Section 5.07(a) of the Original Indenture is
amended by inserting the phrase “or Covenant Breach” after the phrase “Event of Default.” 
 2.23 Amendment to
Section 5.07(b) of the Original Indenture. Section 5.07(b) of the Original Indenture is amended by inserting the phrase “or Covenant Breach, as applicable,” after the phrase “Event of Default.” 

2.24 Amendment to Section 5.11 of the Original Indenture. Section 5.11 of the Original Indenture is amended by
inserting the phrase “or Covenant Breach” after each instance of the phrase “Event of Default.” 
 2.25 Amendment to
Section 5.13(b) of the Original Indenture. Section 5.13(b) of the Original Indenture is amended by inserting the phrase “or Covenant Breach” after the phrase “Event of Default.” 

2.26 Amendment to Article V of the Original Indenture. Article V of the Original Indenture is amended by adding the following new
Section 5.16 immediately following Section 5.15: 
 “Section 5.16 Meaning of “Series”. 

For purposes of this Article V, and except as may otherwise be provided pursuant to Section 3.01 as to all or any specific Securities,
with respect to Securities issued hereunder, the term “series” shall be deemed to refer to Securities with identical terms, except as to issue date, principal amount and, if applicable, the date from which interest begins to accrue.”

 2.27 Amendment to Section 6.01(a) of the Original Indenture. Section 6.01(a) of the Original Indenture is
amended by inserting the phrase “or Covenant Breach” after the phrase “Event of Default.” 
 2.28 Amendment to
Section 6.01(b) of the Original Indenture. Section 6.01(b) of the Original Indenture is amended by inserting the phrase “or Covenant Breach” after the phrase “Event of Default.” 

2.29 Amendment to Section 6.02 of the Original Indenture. Section 6.02 of the Original Indenture is amended and
restated in its entirety as follows: 

  
 10 

 “Within 90 days after the occurrence of any default hereunder with respect to
Securities of any series, and a Responsible Officer of the Trustee receiving written notice of such default, the Trustee shall give the Holders of Securities of such series notice of such known default unless such default shall have been cured or
waived; provided, however, that in the case of any default of the character specified in Clause (ii) under the definition of “Covenant Breach” in Section 1.01 with respect to Securities of such series, no such
notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default
or Covenant Breach with respect to Securities of such series.” 
 2.30 Amendment to Section 6.03(j) of the
Original Indenture. Section 6.03(j) of the Original Indenture is amended and restated in its entirety as follows: 
 “the
Trustee shall not be deemed to have notice of any default, Event of Default or Covenant Breach unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received
by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture;” 
 2.31
Amendment to Section 6.08 of the Original Indenture. Section 6.08 of the Original Indenture is amended by adding the following sentence at the end of the paragraph: 

“For the purpose of determining whether a conflicting interest exists within the meaning of the Trust Indenture Act, “default”
means any event which is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach.” 
 2.32
Amendment to Article VI of the Original Indenture. Article VI of the Original Indenture is amended by adding the following new Section 6.15 immediately following Section 6.14: 

“Section 6.15 Electronic Communications. 

The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given
pursuant to the Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee
Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee
cannot determine the identity of the actual sender of such Instructions and, if the Trustee believes in good faith that such Instructions are genuine and from the person purporting to be the sender of such Instructions, that the Trustee shall have
the right to conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible
for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes,
passwords 

  
 11 

 
and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon
and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction, unless such losses, costs or expenses were caused by the Trustee’s gross negligence, bad faith, fraud or
willful misconduct. The Company agrees: (i) subject to the immediately preceding sentence, to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee
and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a
commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any material compromise or unauthorized use of the security procedures.” 

2.33 Amendment to Section 8.01 of the Original Indenture. Section 8.01 of the Original Indenture is amended and
restated in its entirety as follows: 
 “The Company shall not consolidate with or merge into another Person or convey, transfer or
lease its properties and assets substantially as an entirety to any Person or permit any Person to consolidate with or merge into the Company, unless: 

(a) in case the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and
assets substantially as an entirety to another Person, the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company
substantially as an entirety (i) is a corporation, partnership or trust organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and (ii) expressly assumes, by an
indenture supplemental hereto, executed and delivered to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the
part of the Company to be performed or observed; 
 (b) immediately after giving effect to such transaction, no Event of
Default or Covenant Breach, and no event which, after notice or lapse of time or both, would become an Event of Default or Covenant Breach, will have occurred and be continuing; and 

(c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with; and the Trustee, subject to Section 6.01, may rely upon such Officers’ Certificate and Opinion of Counsel as conclusive evidence that such transaction complies with this
Section 8.01. 

  
 12 

 The foregoing provisions and requirements set forth in clauses (a)-(c) of
this Section 8.01 shall not apply with respect to any conveyance, transfer or lease of the Company’s properties and assets substantially as an entirety to one or more of the Company’s Subsidiaries.” 

2.34 Amendment to Section 9.01(c) of the Original Indenture. Section 9.01(c) of the Original Indenture is
amended by inserting the phrase “or Covenant Breaches” after each instance of the phrase “Events of Default.” 
 2.35
Amendment to Section 9.01(f) of the Original Indenture. Section 9.01(f) of the Original Indenture is amended and restate in its entirety as follows: 

“(f) to secure the Securities or provide for guarantees of the Securities; or” 

2.36 Amendment to Section 9.01(i) of the Original Indenture. Section 9.01(i) of the Original Indenture is
amended to replace “.” with “; or.” 
 2.37 Amendment to Section 9.01 of the Original
Indenture. The following is added as Section 9.01(j) of the Original Indenture: 
 “(j) to conform the terms of the Securities
of any series or this Indenture with the description set forth in any prospectus supplement, offering memorandum, offering circular or other similar document relating to the offering of such Securities.” 

2.38 Amendment to Section 9.02(a)(iii) of the Original Indenture. Section 9.02(a)(iii) of the Original
Indenture is amended by deleting the words “Section 10.08” and replacing them with the words “Section 10.11” in both places in which they appear. 

2.39 Amendment to Section 10.02(a) of the Original Indenture. The following is added immediately after the first
sentence of Section 10.02(a) of the Original Indenture: 
 “With respect to any Global Security, any such presentation, payment,
notice or demand effected pursuant to the Applicable Procedures of the Depositary for such Global Security shall be deemed to have been effected at such office or agency in the Place of Payment for such Global Security in accordance with the
provisions of this Indenture.” 
 2.40 Amendment to Section 10.04 of the Original Indenture.
Section 10.04 of the Original Indenture is amended to by adding the following sentence at the end of the paragraph: 
 “For the
purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach with respect of such Securities.” 

  
 13 

 2.41 Amendment to Section 10.05(b) of the Original Indenture.
Section 10.05(b) of the Original Indenture is amended and restated in its entirety as follows: 
 “(b) to the best of his
knowledge, based on such review, (a) the Company has fulfilled its obligations under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to him and
the nature and status thereof, and (b) no event has occurred and is continuing which is, or after notice or lapse of time or both would become an Event of Default or Covenant Breach, or, if such event has occurred and is continuing, specifying
such event known to him and the nature and status thereof.” 
 2.42 Amendment to Section 10.08 of the Original
Indenture. Section 10.08 of the Original Indenture is amended and restated in its entirety as follows: 
 “Except as set forth
below, for so long as any Securities are outstanding, the Company will not sell, assign, pledge, transfer or otherwise dispose of, or permit the issuance of, any shares of Voting Stock or any security convertible or exercisable into shares of Voting
Stock of any Principal Subsidiary Bank or any Subsidiary which owns a controlling interest in shares of Voting Stock or securities convertible into or exercisable such shares of Voting Stock of a Principal Subsidiary Bank; provided, however, that
nothing in this Section shall prohibit any sale, assignment, pledge, transfer, issuance or other disposition made by the Company or any Subsidiary: 

(a) acting in a fiduciary capacity for any person other than the Company or any Subsidiary; 

(b) to the Company or any of its wholly owned (except for directors’ qualifying shares) Subsidiaries; 

(c) in the minimum amount required by law to any Person for the purpose of the qualification of such Person to serve as a
director; 
 (d) in compliance with an order of a court or regulatory authority of competent jurisdiction; 

(e) in order to satisfy a condition imposed by any such court or regulatory authority to the acquisition by the Company or any
Principal Subsidiary Bank of the Company, directly or indirectly, of any other Person; 
 (f) in connection with a merger or
consolidation of or sale of all or substantially all of the assets of a Principal Subsidiary Bank with, into or to another Bank or wholly owned Subsidiary, as long as, immediately after such merger, consolidation or sale, the Company owns, directly
or indirectly, in the Person surviving that merger or consolidation or that receives such assets, not less than the percentage of Voting Stock it owned in such Principal Subsidiary Bank prior to such transaction; 

  
 14 

 (g) if the sale, assignment, pledge, transfer, issuance or other disposition
is for fair market value (as determined by the Board of Directors of the Company (or any committee thereof), which determination shall be conclusive and evidenced by a Board Resolution) and, immediately after giving effect to such disposition, the
Company and its wholly owned (except for directors’ qualifying shares) Subsidiaries, will own, directly, not less than 80% of the Voting Stock of such Principal Subsidiary Bank or Subsidiary; 

(h) if a Principal Subsidiary Bank sells additional shares of Voting Stock to its stockholders at any price, so long as,
immediately after such sale, the Company owns, directly or indirectly, not less than the percentage of Voting Stock of such Principal Subsidiary Bank it owned prior to such sale; 

(i) if a pledge is made or a lien is created to secure loans or other extensions of credit by a Bank that is a Subsidiary
subject to Section 23A of the Federal Reserve Act; 
 (j) in connection with the consolidation of the Company with, or
the sale, lease or conveyance of all or substantially all of the assets of the Company to, or the merger of the Company with or into any other Person (as to which Section 8.01 of the Indenture shall apply); or 

(k) if such pledges are permitted pursuant to clauses (x) or (y) of Section 10.09.” 

2.43 Amendment to Section 10.09 of the Original Indenture. Section 10.09 of the Original Indenture is amended
and restated in its entirety as follows: 
 “Except as provided in Section 10.08, the Company will not at any time, directly or
indirectly, create, assume, incur or suffer to be created, assumed or incurred or to exist any mortgage, pledge, encumbrance or lien or charge of any kind upon (a) any shares of capital stock of any Principal Subsidiary Bank (other than
directors’ qualifying shares), or (b) any shares of capital stock of a Subsidiary which owns capital stock of any Principal Subsidiary Bank; provided, however, that, notwithstanding the foregoing, the Company may incur or suffer to be
incurred or to exist upon such capital stock (x) liens for taxes, assessments or other governmental charges or levies (i) which are not yet due or are payable without penalty, (ii) the amount, applicability or validity of which are
being contested by the Company in good faith by appropriate proceedings and the Company shall have set aside on its books such reserves as shall be required in respect thereof in conformity with generally accepted accounting principles or
(iii) which secure obligations of less than $5 million in amount or (y) the lien of any judgment, if such judgment (i) shall not have remained undischarged or unstayed on appeal or otherwise, for more than 60 days, (ii) is
being contested by the Company in good faith by appropriate proceedings and the Company shall have set aside on its books such reserves as shall be required in respect thereof in conformity with generally accepted accounting principles or
(iii) involves claims of less than $5 million.” 

  
 15 

 2.44 Amendment to Section 10.11 of the Original Indenture.
Section 10.11 of the Original is amended and restated in its entirety as follows: 
 “Except as otherwise specified as
contemplated by Section 3.01 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in Sections 10.05 to 10.10
inclusive or any covenant provided pursuant to Section 3.01(b)(xviii), 3.01(b)(xix), 9.01(b) or 9.01(g) for the benefit of the Holders of such series if before the time for such compliance the Holders of not less than a majority in principal
amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in
full force and effect.” 
 2.45 Amendment to Section 11.02 of the Original Indenture. Section 11.02 of
the Original Indenture is amended and restated in its entirety as follows: 
 “The election of the Company to redeem any Securities
shall be evidenced by a Board Resolution or Officers’ Certificate or in another manner specified as contemplated by Section 3.01 for such Securities. In case of any redemption at the election of the Company of the Securities of any series
(including any such redemption affecting only a single Security), the Company shall, at least 14 days prior to the Redemption Date fixed by the Company (and in any event at least 4 Business Days prior to the date on which the Company intends to
provide, or cause to be provided, notice of such redemption to the Holders of such Securities) (in each case, unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date, of the principal
amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed and provide the additional information required to be included in the notice or notices contemplated by Section 11.04. In the
case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction.” 
 2.46 Amendment to Section 11.04(a) of the Original
Indenture. Section 11.04(a) of the Original Indenture is amended and restated in its entirety as follows: 
 “(a) Notice of
redemption shall be given by first-class mail, postage prepaid, mailed not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register or, if the
Securities to be redeemed are in the form of Global Securities, in accordance with the Applicable Procedures.” 
 2.39 Amendment to
Section 11.04(b)(ii) of the Original Indenture. Section 11.04(b)(ii) of the Original Indenture is amended and restated in its entirety as follows: 

  
 16 

 “(ii) the Redemption Price (or if not then ascertainable the method of calculation of
the Redemption Price),” 
 2.47 Amendment to Section 13.03 of the Original Indenture. Section 13.03 of
the Original Indenture is amended and restated in its entirety as follows: 
 “Upon the Company’s exercise of its option (if any)
to have this Section 13.03 applied to any Securities or any series of Securities, as the case may be, (a) the Company shall be released from its obligations under Sections 10.06 through 10.10, inclusive, and any covenants provided pursuant
to Section 3.01(b)(xviii), 9.01(b) or 9.01(g) for the benefit of the Holders of such Securities and (b) the occurrence of any Covenant Breach (with respect to any of Sections 10.06 through 10.10, inclusive, and any such covenants provided
pursuant to Section 3.01(b)(xviii), 9.01(b) or 9.01(g)) or event specified pursuant to Section 5.01(g) shall be deemed not to be or result in an Event of Default or Covenant Breach, in each case with respect to such Securities as provided
in this Section on and after the date the conditions set forth in Section 13.04 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the
Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of an event specified pursuant to Section 5.01(g)),
whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such
Securities shall be unaffected thereby.” 
 2.48 Amendment to Section 13.04(e) of the Indenture.
Section 13.04(e) is amended by inserting the phrase “or Covenant Breach” after the phrase “Event of Default.” 

2.49 Amendments to Exhibit 4(c) of the Original Indenture. 

(a) The last paragraph on page 2 of Exhibit 4(c) to the Original Indenture is amended and restated in its entirety in as follows: 

“Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
(or, solely in the case of a Global Security, facsimile or electronic signature), this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.” 

(b) The second full paragraph on page 5 of Exhibit 4(c) to the Original Indenture is amended and restated in its entiretyas follows: 

“[(If applicable, insert:) The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security]
[or] [certain restrictive covenants, Events of Default or Covenant Breaches with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.] The terms of the Indenture relating to Defeasance and
Discharge will [not] apply to this Security.” 
 (c) The last paragraph on page 5 of Exhibit 4(c) to the Original Indenture is amended
by adding the following sentence at the end of the paragraph: 

  
 17 

 “For the purpose of this paragraph, the term “default” means any event which
is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach with respect to such Securities.” 

(d) The first paragraph on page 6 of Exhibit 4(c) to the Original Indenture is amended by inserting the phrase “or Covenant Breach”
after the first instance of “Event of Default” and by inserting the phrase “or Covenant Breach, as applicable,” after the second instance of “Event of Default.” 

SECTION 3 GENERAL TERMS AND CONDITIONS OF THE NOTES. 

3.01 Designation and Principal Amount. There is hereby authorized a series of Securities designated as the 4.553% Fixed Rate/Floating
Rate Senior Notes due 2028. The Trustee shall authenticate and deliver the Notes for original issue on the date hereof in the aggregate principal amount of $500,000,000. 

3.02 Maturity. The Notes shall mature and the principal thereof shall be due and payable, together with all accrued and unpaid interest
thereon, on August 16, 2028 (the “Maturity Date”). 
 3.03 Form and Denomination. The Notes and the Trustee’s
certificate of authentication for such Notes shall be substantially in the form of Exhibit A, which is hereby incorporated in and expressly made part of this Third Supplemental Indenture. The Notes shall be issued as fully registered global notes
which shall be deposited with a custodian for the Depositary, which Depositary initially shall be DTC and registered in the name of Cede & Co, as nominee of DTC, in denominations of $2,000 or any amount in excess thereof that is an integral
multiple of $1,000. Beneficial interests in such Global Securities shall be held in denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000. 

3.04 Business Day Convention. If any Fixed Rate Interest Payment Date (as defined below) on or before August 16, 2027, any
redemption date or the Maturity Date falls on a day that is not a Business Day, then payment of any interest, principal or premium payable on such date will be postponed to the next succeeding Business Day, with the same force and effect as if made
on the date such payment was due, and no interest or other payment will accrue as a result of such delay. If any Floating Rate Interest Payment Date after August 16, 2027, other than any Floating Rate Interest Payment Date that is a redemption
date or the Maturity Date, falls on a day that is not a Business Day, then payment of any interest payable on such date will be postponed to the next succeeding Business Day, except that, if the next succeeding Business Day falls in the next
calendar month, then such interest payment will be advanced to the immediately preceding day that is a Business Day and, in each case, the related Interest Periods also will be adjusted for such non-Business
Days. The term “Interest Payment Date” means a Fixed Rate Interest Payment Date or a Floating Rate Interest Payment Date. The term “Interest Period” means the period from and including August 16, 2022, or from and including
the most recent Interest Payment Date (whether or not such Interest Payment Date was a Business Day) for which interest has been paid or provided for with respect to the Notes to, but excluding, the next Interest Payment Date, redemption date or the
Maturity Date, as the case may be. 

  
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 3.05 Fixed Rate Period. During the period from, and including, August 16, 2022,
to, but excluding, August 16, 2027 (the “Fixed Rate Period”), the Notes will bear interest at the rate of 4.553% per annum. Such interest will be payable semi-annually, in arrears, on February 16 and August 16 of each year,
beginning on February 16, 2023 and ending on August 16, 2027 (each such date a “Fixed Rate Interest Payment Date”). During the Fixed Rate Period, interest will be computed on the basis of a
360-day year consisting of twelve 30-day months. 
 3.06
Floating Rate Period. During the period from, and including, August 16, 2027, to, but excluding, the Maturity Date (the “Floating Rate Period”), the Notes will bear interest at a floating rate per annum equal to Compounded SOFR
(as defined below) plus 1.780%, as determined in arrears by the Calculation Agent (as defined below) in the manner described below. Such interest will be payable quarterly, in arrears, on November 16, 2027, February 16, 2028, and
May 16, 2028 and at the Maturity Date (each such date a “Floating Rate Interest Payment Date”). Compounded SOFR for each Interest Period will be calculated by the Calculation Agent in accordance with the formula set forth in
Section 3.07 with respect to the Observation Period (as defined below) relating to such Interest Period. 
 During the Floating Rate
Period, interest will be computed on the basis of the actual number of days in each Interest Period (or any other relevant period) and a 360-day year. The amount of accrued interest payable on the Notes for
each Interest Period will be computed by multiplying (i) the outstanding principal amount of the Notes by (ii) the product of (a) the interest rate for the relevant Interest Period multiplied by (b) the quotient of the actual
number of calendar days in the applicable Interest Period (or any other relevant period) divided by 360. The interest rate on the Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United
States law of general application and will in no event be lower than zero. 
 The Calculation Agent will determine Compounded SOFR, the
interest rate and accrued interest for each Interest Period in arrears as soon as reasonably practicable on or after the Interest Payment Determination Date (as defined below) for such Interest Period and prior to the relevant Interest Payment Date
and will notify the Company (if the Company is not the Calculation Agent) of the Compounded SOFR, such interest rate and accrued interest for each Interest Period as soon as reasonably practicable after such determination, but in any event by the
Business Day immediately prior to the Interest Payment Date. At the request of a Holder of the Notes, the Company will provide the Compounded SOFR, the interest rate and the amount of interest accrued with respect to any Interest Period, after the
Compounded SOFR, such interest rate and accrued interest have been determined. The Calculation Agent’s determination of any interest rate, and its calculation of interest payments for any Interest Period during the Floating Rate Period, will be
maintained on file at the Calculation Agent’s principal offices and will be provided in writing to the Trustee. All determinations made by the Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and binding
on the Company and the Holders of the Notes. 

  
 19 

 3.07 Compounded SOFR. With respect to any Interest Period during the Floating Rate
Period, “Compounded SOFR” will be determined by the Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with
0.00000005, or 0.000005%, being rounded upwards): 
  
 

 
 where: 

“SOFR IndexStart” means, for periods other than the initial
Interest Period in the Floating Rate Period, the SOFR Index value on the preceding Interest Payment Determination Date, and, for the initial Interest Period in the Floating Rate Period, the SOFR Index value on the date that is two U.S. Government
Securities Business Days before the first day of such initial Interest Period; 
 “SOFR IndexEnd” means the SOFR Index value on the Interest Payment Determination Date relating to the applicable Interest Payment Date (or in the final Interest Period, relating to the Maturity Date,
or, in the case of the redemption of the Notes, relating to the applicable redemption date); and 
 “d” is the number of
calendar days in the relevant Observation Period. 
 For purposes of determining Compounded SOFR, 

“Interest Payment Determination Date” means the date two U.S. Government Securities Business Days before each Interest
Payment Date (or in the final Interest Period, preceding the Maturity Date, or in the case of the redemption of the Notes, preceding the applicable redemption date, as the case may be). 

“Observation Period” means, in respect of each Interest Period in the Floating Rate Period, the period from, and including,
the date two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period (or in the
final Interest Period, preceding the Maturity Date or, in the case of the redemption of the Notes, preceding the applicable redemption date). 

“SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR
Administrator’s Website. 
 “SOFR Administrator” means the Federal Reserve Bank of New York (the “FRBNY”)
(or a successor administrator of SOFR). 

  
 20 

 “SOFR Administrator’s Website” means the website of the SOFR
Administrator, www.newyorkfed.org as of the date of this Third Supplemental Indenture, or any successor source. 
 “SOFR
Index” means, with respect to any U.S. Government Securities Business Day: 
  

	 	(1)	 the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR
Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); or 

  

	 	(2)	 if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time,
then: (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, Compounded SOFR shall be the rate determined pursuant to the “SOFR Index unavailable provisions” described
below; or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, Compounded SOFR shall be the rate determined pursuant to the “Effect of a Benchmark Transition Event”
provisions described below in Section 3.09. 

 “U.S. Government Securities Business Day” means any
day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association or any successor organization recommends that the fixed income departments of its members be closed for the entire day for purposes of
trading in U.S. government securities. 
 Notwithstanding anything to the contrary in the Indenture or the Notes, if the Company or its
designee determines on or prior to the relevant Reference Time (as defined below) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining SOFR, then the benchmark replacement provisions
set forth in Section 3.09 will thereafter apply to all determinations of the rate of interest payable on the Notes. 
 For the
avoidance of doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each Interest Period will be an annual rate equal to the
sum of the Benchmark Replacement plus 1.780%. 
 3.08 SOFR Index Unavailable Provisions. If a SOFR IndexStart or SOFR IndexEnd is not published on the associated Interest Payment Determination Date and a Benchmark Transition Event and its related
Benchmark Replacement Date have not occurred with respect to SOFR, “Compounded SOFR” means, for the applicable Interest Period for which such index is not available, the rate of return on a daily compounded interest investment calculated
in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the SOFR Administrator’s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information, or any

  
 21 

 
successor source. For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to “calculation period” shall be replaced with
“Observation Period” and the words “that is, 30-, 90-, or 180- calendar days” shall be removed. If SOFR
(“SOFRi”) does not so appear for any day, “i” in the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was
published on the SOFR Administrator’s Website. 
 3.09 Effect of Benchmark Transition Event. 

 

	 	(1)	 Benchmark Replacement. If the Company or its designee determines that a Benchmark Transition Event and
its related Benchmark Replacement Date have occurred on or prior to the Reference Time in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all
purposes relating to the Notes in respect of such determination on such date and all determinations on all subsequent dates. 

  

	 	(2)	 Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark
Replacement, the Company or its designee will have the right to make Benchmark Replacement Conforming Changes from time to time. 

  

	 	(3)	 Decisions and Determinations. Any determination, decision or election that may be made by the Company or
its designee pursuant to the benchmark replacement provisions described herein, including any determination with respect to tenor, rate or adjustment, or the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain from taking any action or any selection: 

  

	 	•	 	 will be conclusive and binding on the beneficial owners and Holders of the Notes and the Trustee absent manifest
error; 

  

	 	•	 	 if made by the Company, will be made in the Company’s sole discretion; 

 

	 	•	 	 if made by the Company’s designee (which may be the Company’s affiliate), will be made after
consultation with the Company, and such designee (which may be the Company’s affiliate) will not make any such determination, decision or election to which the Company reasonably objects; and 

 

	 	•	 	 notwithstanding anything to the contrary in the Indenture or the Notes, shall become effective without consent
from beneficial owners or the Holders of the Notes, the Trustee or any other party. 

  
 22 

 Any determination, decision or election pursuant to the benchmark replacement provisions
shall be made by the Company or its designee (which may be the Company’s affiliate) on the basis as described above, and in no event shall the Trustee, the Paying Agent or the Calculation Agent be responsible for making any such determination,
decision or election. 
 As used in this “Effect of Benchmark Transition Event” section with respect to any Benchmark Transition
Event and implementation of the applicable Benchmark Replacement and Benchmark Replacement Conforming Changes: 

“Benchmark” means, initially, Compounded SOFR, as such term is defined in Section 3.07 above; provided that if a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the
applicable Benchmark Replacement. 
 “Benchmark Replacement” means the first alternative set forth in the order below that
can be determined by the Company or its designee as of the Benchmark Replacement Date; provided that if the Benchmark Replacement cannot be determined in accordance with clause (1) below as of the Benchmark Replacement Date and the Company or
its designee shall have determined that the ISDA Fallback Rate determined in accordance with clause (2) below is not an industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate
Notes at such time, then clause (2) below shall be disregarded, and the Benchmark Replacement shall be determined in accordance with clause (3) below: 
  

	 	(1)	 the sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 

  

	 	(2)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

  

	 	(3)	 the sum of: (a) the alternate rate of interest that has been selected by the Company or its designee as
the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate Notes at such time and (b) the Benchmark
Replacement Adjustment. 

 “Benchmark Replacement Adjustment” means the first alternative set forth in
the order below that can be determined by the Company or its designee as of the Benchmark Replacement Date: 
  

	 	(1)	 the spread adjustment (which may be a positive or negative value or zero), or method for calculating or
determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

  
 23 

	 	(2)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback
Adjustment; or 

  

	 	(3)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company
or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar-denominated floating rate Notes at such time. 

 “Benchmark Replacement Conforming
Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of Interest Period, the timing and frequency of determining rates and
making payments of interest, the rounding of amounts or tenors, and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent
with market practice (or, if the Company or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determines that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Company or its designee determines is reasonably practicable). 
 “Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof): 

 

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

  

	 	(2)	 in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 

 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark (including the daily published component used in the calculation thereof): 

  
 24 

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such
component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide the Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark
(or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to
provide the Benchmark (or such component); or 

  

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 

 “Calculation Agent” means the
firm appointed by the Company prior to the commencement of the Floating Rate Period. The Company or an affiliate of the Company may assume the duties of the Calculation Agent. The institution serving as Trustee shall have no obligation to serve as
Calculation Agent. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and
Derivatives Association, Inc. (“ISDA”), or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the
SOFR Index Determination Time, as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its designee in accordance with the Benchmark Replacement Conforming Changes. 

  
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 “Relevant Governmental Body” means the Federal Reserve Board and/or the
FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

So long as Compounded SOFR is required to be determined with respect to the Notes, there will at all times be a Calculation Agent during the
Floating Rate Period. In the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail to duly establish Compounded SOFR for any Interest Period, or the Company proposes to remove
such Calculation Agent, the Company will appoint another Calculation Agent (which may be the Company or any of the Company’s affiliates). 

None of the Trustee, the Paying Agent and the Calculation Agent shall be under any obligation (i) to monitor, determine or verify the
unavailability or cessation of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or related Benchmark Replacement Date, (ii) to
select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied, (iii) to select, determine or designate any
Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the
foregoing. 
 None of the Trustee, the Paying Agent and the Calculation Agent shall be liable for any inability, failure or delay on its part
to perform any of its duties set forth in this Third Supplemental Indenture as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of any failure, inability, delay, error or
inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of this Third Supplemental Indenture and reasonably required for the performance of such
duties. 
 3.10 Amendment to Section 9.01 of the Original Indenture. Solely as it relates to the Notes,
Section 9.01(j) of the Original Indenture is amended to replace “.” with “; or” and the following is added as Section 9.01(k) of the Indenture: 

“(k) to reflect the occurrence of a Benchmark Transition Event, the selection of a Benchmark Replacement or any Benchmark Replacement
Conforming Changes that have been made.” 
 3.11 No Additional Amounts. For the avoidance of doubt, in the event that any
payment on the Notes by the Company or any Paying Agent is subject to withholding of United States federal income tax or other tax or assessment (as a result of a change in law or otherwise), neither the Company nor any Paying Agent shall pay
additional amounts to Holders of the Notes. 

  
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 3.12 Optional Redemption of the Notes. The provisions of Article XI of the Indenture
shall apply to the Notes, as supplemented or amended by this Section 3.12. The Notes will be redeemable at the Company’s option, in whole or in part, at any time and from time to time, on or after February 12, 2023 (180 days from
August 16, 2022) (or, if additional Notes are issued after August 16, 2022, beginning 180 days after the issue date of such additional Notes), and prior to the First Par Call Date (as defined below), at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of: 
  

	 	•	 	 (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to
be redeemed discounted to the redemption date (assuming the Notes matured on the First Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate (as defined below) plus 25 basis points, less (b) interest accrued on the Notes to the date of redemption; and 

 

	 	•	 	 100% of the principal amount of the Notes to be redeemed, 

plus, in either case, accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. 

On the First Par Call Date, the Notes will be redeemable at the Company’s option, in whole, but not in part, at a redemption price equal
to 100% of the aggregate principal amount of the Notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. 

On and after July 17, 2028 (30 days prior to the Maturity Date), the Notes will be redeemable, in whole or in part, at any time and from
time to time, at the Company’s option at a redemption price equal to 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. 

If the Company redeems Notes at its option, then (a) notwithstanding the foregoing, installments of interest on the Notes that are due
and payable on any Interest Payment Date falling on or prior to a redemption date for the Notes will be payable on that Interest Payment Date to the registered Holders thereof as of the close of business on the relevant record date according to the
terms of the Notes and the Indenture and (b) the redemption price will, if applicable, be calculated on the basis of a 360-day year consisting of twelve 30-day
months. 
 “First Par Call Date” means August 16, 2027 (the date that is one year prior to the Maturity Date). 

“Treasury Rate” the yield determined by the Company in accordance with the following two paragraphs. 

  
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 The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or
after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that
appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or
publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall
select, as applicable: 
 (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to
the First Par Call Date (the “Remaining Life”); or 
 (2) if there is no such Treasury constant maturity on H.15 exactly equal to
the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life
– and shall interpolate to the First Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or 

(3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury
constant maturity on H.15 closest to the Remaining Life. 
 For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate
based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity
that is closest to, the First Par Call Date, as applicable. If there is no United States Treasury security maturing on the First Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the
First Par Call Date, one with a maturity date preceding the First Par Call Date and one with a maturity date following the First Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the First Par
Call Date. If there are two or more United States Treasury securities maturing on the First Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two
or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In
determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

  
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 The Company’s actions and determinations in determining the redemption price shall be
conclusive and binding for all purposes, absent manifest error. 
 3.13 No Sinking Fund. There will be no sinking fund for the Notes.
The Notes will not be subject to repayment at the option of the Holder thereof. 
 3.14 Defeasance and Covenant Defeasance. The
Company hereby elects, pursuant to Section 13.01 of the Indenture, to make Sections 13.02 and 13.03 thereof applicable to the Notes. 

3.15 Additional Notes. The amount of Notes that the Company can issue under the Indenture is unlimited. The Company will issue the
Notes in the initial aggregate principal amount of $500,000,000. However, the Company may, without consent of any Holder and without notifying any Holder, create and issue further notes, which notes may be consolidated and form a single series with
the Notes established in this Third Supplemental Indenture and may have the same terms as to interest rate, maturity, covenants or otherwise; provided that if any such additional notes are not fungible with the Notes for U.S. federal income tax
purposes, such additional notes will have a separate CUSIP or other identifying number. For the avoidance of doubt, any such notes consolidated and forming a single series with any series of Notes established hereunder may have different terms as
the then-outstanding Notes of such series as to issue date, issue price, initial Interest Payment Date, initial Interest Period and initial date of interest accrual. 

3.16 Registrar and Paying Agent. The Place of Payment in respect of the Notes shall be at the office or agency of the Company
maintained for such purpose in the City of New York, State of New York, which shall initially be the office or agency of the Paying Agent in The City of New York, State of New York, which, at the date hereof is located at 240 Greenwich Street, New
York, New York 10286. The Paying Agent for the Notes shall initially be The Bank of New York Mellon. Payment of the principal of and any interest on the Notes will be made in coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts. 
 SECTION 4 MISCELLANEOUS. 

4.01 Continuing Agreement. All terms, provisions and conditions of the Indenture, all Exhibits thereto and all documents executed in
connection therewith, as amended and supplemented by this Third Supplemental Indenture, shall continue in full force and effect and shall remain enforceable and binding in accordance with their terms, and this Third Supplemental Indenture shall be
deemed part of the Indenture in the manner and to the extent provided for herein and therein. 

  
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 4.02 Conflicts; Trust Indenture Act. 

In the event of a conflict between the terms and conditions of the Indenture and the terms and conditions of this Third Supplemental
Indenture, then the terms and conditions of this Third Supplemental Indenture shall prevail. If any provision of this Third Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this Third
Supplemental Indenture by the Trust Indenture Act, the required provision shall control. If any provision of this Third Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the
latter provision shall be deemed to apply to this Third Supplemental Indenture as so modified or to be excluded, as the case may be. 
 4.03
Counterpart Originals; Electronic Signatures. 
 The parties may sign any number of copies of this Third Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. As provided in the New York Electronic Signatures and Records Act (N.Y. State Tech. §§
301-309), this instrument may be executed by facsimile signature or other electronic signature complying with such Act. 

4.04 Headings, etc. 
 The
headings and sub-headings of the Sections of this Third Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or
restrict any of the terms or provisions hereof. 
 4.05 Governing Law. This Third Supplemental Indenture and the Notes shall be
governed by and construed in accordance with the laws of the State of New York. 
 4.06 Trustee. 

The recitals and statements herein are deemed to be those of the Company and not of the Trustee. The Trustee makes no representation as to the
validity or sufficiency of this Third Supplemental Indenture. 
 4.07 FATCA. 

In order to comply with sections 1471 – 1474 of the Internal Revenue Code, including regulations promulgated thereunder,
(“FATCA”) or an intergovernmental agreement, including any related guidance or legislation, implementing FATCA (collectively, “Applicable Law”) that a foreign financial institution, issuer, paying agent, holder of
the Securities or other institution is or has agreed to be subject to related to this Third Supplemental Indenture, (i) to the extent the Company has in its possession sufficient information about holders or other applicable parties and/or
transactions (including any modification to the terms of such transactions) relating to Applicable Law, the Company 

  
 30 

 
agrees to provide to the Trustee any such information that is reasonably requested by the Trustee for the Trustee’s determination as to any tax related obligations under Applicable Law, and
(ii) the Company agrees that the Trustee shall be entitled to make any withholding or deduction from payments under this Third Supplemental Indenture to the extent necessary to comply with Applicable Law for which the Trustee shall not have any
liability. 
 [Remainder of this page left intentionally blank, signatures appear on the following page.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be
duly executed by their respective officers thereunto duly authorized, as of the date and year first above written. 
  

					
	M&T BANK CORPORATION
		
	By:	 	 /s/ Ayan DasGupta

		 	Name:	 	Ayan DasGupta
		 	Title:	 	Executive Vice President
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Francine Kincaid

		 	Name:	 	Francine Kincaid
		 	Title:	 	Vice President

 [Signature Page to Third Supplemental Indenture] 

 EXHIBIT A 

Form of Note

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