Document:

EX-4.2

 Exhibit 4.2 
  

 
 VALLEY NATIONAL BANCORP, 

Company, 
 AND

 U.S. BANK NATIONAL ASSOCIATION, 

Trustee 
 FIRST

 SUPPLEMENTAL 

INDENTURE 
 Dated as of

 May 28, 2021 

TO 
 INDENTURE 

Dated as of 
 May 28,
2021 
 3.00% FIXED-TO-FLOATING RATE SUBORDINATED
NOTES DUE 2031 
  
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1
	 	 Definitions
	  	 	1	 
	 ARTICLE II GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	7	 
	 Section 2.1
	 	 Designation and Principal Amount
	  	 	7	 
	 Section 2.2
	 	 Form and Denomination of Notes
	  	 	7	 
	 Section 2.3
	 	 Initial Limit on Amount of Series
	  	 	7	 
	 Section 2.4
	 	 Rank; Subordination
	  	 	7	 
	 Section 2.5
	 	 Further Issues Without Holders’ Consent
	  	 	7	 
	 Section 2.6
	 	 Form and Payment
	  	 	7	 
	 Section 2.7
	 	 Interest
	  	 	8	 
	 Section 2.8
	 	 No Sinking Fund
	  	 	10	 
	 Section 2.9
	 	 Notes Not Convertible or Exchangeable
	  	 	10	 
	 Section 2.10
	 	 Global Securities
	  	 	10	 
	 Section 2.11
	 	 No Additional Amounts
	  	 	11	 
	 ARTICLE III ORIGINAL ISSUE OF NOTES
	  	 	11	 
	 Section 3.1
	 	 Original Issue of Notes
	  	 	11	 
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	11	 
	 Section 4.1
	 	 Satisfaction and Discharge of Indenture
	  	 	11	 
	 ARTICLE V REMEDIES
	  	 	12	 
	 Section 5.1
	 	 Events of Default
	  	 	12	 
	 Section 5.2
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	12	 
	 Section 5.3
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	13	 
	 Section 5.12
	 	 Control by Holders
	  	 	14	 
	 ARTICLE VI DEFEASANCE
	  	 	14	 
	 Section 6.1
	 	 Defeasance Applicable to Notes
	  	 	14	 
	 ARTICLE VII REDEMPTION
	  	 	14	 
	 Section 7.1
	 	 Redemption
	  	 	14	 
	 Section 7.2
	 	 Effect of Notice of Redemption
	  	 	15	 
	 ARTICLE VIII MISCELLANEOUS
	  	 	15	 
	 Section 8.1
	 	 Ratification of Indenture
	  	 	15	 
	 Section 8.2
	 	 Conflict with Trust Indenture Act
	  	 	15	 
	 Section 8.3
	 	 Effect of Headings and Table of Contents
	  	 	15	 
	 Section 8.4
	 	 Successors and Assigns
	  	 	15	 
	 Section 8.5
	 	 Separability Clause
	  	 	16	 
	 Section 8.6
	 	 Benefits of Indenture
	  	 	16	 
	 Section 8.7
	 	 Governing Law
	  	 	16	 
	 Section 8.8
	 	 Waiver of Jury Trial
	  	 	16	 
	 Section 8.9
	 	 Consent to Jurisdiction
	  	 	16	 
	 Section 8.10
	 	 Counterparts
	  	 	16	 
	 Section 8.11
	 	 Trustee
	  	 	17	 
	 Section 8.12
	 	 USA PATRIOT Act
	  	 	17	 
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	17	 
	 Section 9.1
	 	 Supplemental Indentures Without Consent of Holders
	  	 	17	 
	 Section 9.2
	 	 Supplemental Indenture With Consent of Holders
	  	 	18	 
	 Section 14.11
	 	 Modification of Subordination Provisions
	  	 	19	 

 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of May 28, 2021 (this “Supplemental
Indenture”), between Valley National Bancorp, a New Jersey corporation having an address at 1455 Valley Road, Wayne, NJ 07470 (hereinafter called the “Company,” which term shall include any successors pursuant to the terms
of this Supplemental Indenture), and U.S. Bank National Association, a national banking association having a corporate trust office at 13737 Noel Road, 8th Floor, Dallas, TX 75240, as trustee
(hereinafter called the “Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company executed and delivered the Indenture (the “Base Indenture”), dated as of May 28, 2021, to the Trustee, to provide for
the issuance from time to time of the Company’s subordinated debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series; 

WHEREAS, no Securities have been issued under the Base Indenture as of the date hereof; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities under the Base
Indenture to be known as its “3.00% Fixed-to-Floating Rate Subordinated Notes due 2031” (the “Notes”), the form and the terms, provisions and
conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture (the Base Indenture, together with this Supplemental Indenture, referred to herein as this “Indenture”); 

WHEREAS, the Special Committee of the Board of Directors of the Company, pursuant to authority granted to it by the Board of Directors of the Company on May
18, 2021 and resolutions duly adopted by the Special Committee on May 25, 2021, after consultation with, and advice from, the Company’s Chief Financial Officer, has duly authorized the issuance of the Notes and the amendments to the Base
Indenture with respect to the Notes provided for in this Supplemental Indenture, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 2.1, Section 3.1 and Section 9.1 of the Base
Indenture; 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and 

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make each of the
Notes, when executed by the Company and authenticated and delivered by the Trustee or an authentication agent, the valid obligations of the Company, have been performed, and the execution and delivery of this Supplemental Indenture has been duly
authorized in all respects; 
 NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, and for
the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Notes, the Company covenants and agrees with the Trustee, for the equal and proportionate benefit of the Holders of the Notes, as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1    Definitions. 

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

(a)    all references in this instrument to designated “Articles,” “Sections” and other subdivisions
are to be designated Articles, Sections and other subdivisions of this Supplemental Indenture unless the context otherwise requires; the words “herein,” “hereof” and “hereunder” and other words of similar import refer
to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

  
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 (b)    each term defined in the Base Indenture has the same meaning when
used in this Supplemental Indenture, except to the extent specifically defined herein, in which case the meaning ascribed to it in this Supplemental Indenture shall control; and 

(c)    Section 1.1 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting the
following additional defined terms in their appropriate alphabetical positions: 
 “Administrative or Judicial Action” has
the meaning provided in the definition of “Tax Event.” 
 “Bank” means: 

(1)    any institution organized under the laws of the United States, any State of the United States, the District of
Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands which 
  

	 	(A)	 accepts deposits that the depositor has a legal right to withdraw on demand, and 

 

	 	(B)	 engages in the business of making commercial loans, or 

(2)     any trust company organized under any of the foregoing laws. 

“Benchmark” means, initially, Three-Month Term SOFR; provided that if the Calculation Agent determines on or prior to the
Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 “Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark
Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark
Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: 

(1)    Compounded SOFR; 

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

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

(4)    the sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities 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 Calculation Agent as of the Benchmark Replacement Date: 
 (5)    the spread adjustment, or method
for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

  
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 (6)    if the applicable Unadjusted Benchmark Replacement is equivalent
to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and 
 (7)    the spread adjustment (which may be a
positive or negative value or zero) that has been selected by the Calculation Agent 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 securities at such time. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of “interest period,” timing and frequency of determining rates with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative
matters) that the Calculation Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such
market practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Calculation Agent determines is reasonably necessary). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: 

(1)    in the case of clause (1) of the definition of “Benchmark Transition Event,” the relevant Reference
Time in respect of any determination; 
 (2)    in the case of clause (2) or (3) 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 
 (3)    in the case of clause (4) of the definition of “Benchmark Transition
Event,” the date of the public statement or publication of information referenced therein. 
 For the avoidance of doubt, for purposes
of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark
would include SOFR). 
 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 shall 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: 
 (1)    if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected
or recommended a forward-looking term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant
Governmental Body is not complete or (c) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; 

(2)    a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing
that such administrator has ceased or will cease to provide the Benchmark, 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;

 (3)    a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the

  
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Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will
cease to provide the Benchmark 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 

(4)    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. 
 “Business Day” means any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which the Trustee or banking institutions in the City of New York are authorized or required by law, regulation or executive order to close. 

“Calculation Agent” means the agent appointed by the Company prior to the commencement of the Floating Rate Period (which may include the
Company or any of its Affiliates) to act in accordance with Section 2.7. The Company shall initially act as the Calculation Agent. 

“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate,
and conventions for this rate being established by the Calculation Agent in accordance with: 
 (1)    the rate, or
methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that: 

(2)    if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in
accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S.
dollar-denominated floating rate securities at such time. 
 For the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark
Replacement Adjustment (if applicable) and the spread of 236 basis points per annum. 
 “Corresponding Tenor” means (i) with respect
to Term SOFR, three months, and (ii) with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.

 “DTC” means The Depository Trust Company. 

“Events of Default” has the meaning provided in Section 5.1. 

“Federal Reserve” means the Board of Governors of the Federal Reserve System, and any successors thereto. 

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “Fixed Rate Interest Payment Date” has the meaning provided in
Section 2.7(a). 
 “Fixed Rate Period” has the meaning provided in Section 2.7(a). 

“Fixed Rate Regular Record Date” has the meaning provided in Section 2.7(a). 

“Floating Rate Interest Payment Date” has the meaning provided in Section 2.7(b). 

“Floating Rate Period” has the meaning provided in Section 2.7(b). 

“Floating Rate Regular Record Date” has the meaning provided in Section 2.7(b). 

  
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 “Interest Payment Date” has the meaning provided in
Section 2.7(b). 
 “interest period” means the period from and including the immediately preceding Interest
Payment Date in respect of which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the Issue Date to, but excluding, the applicable Interest Payment Date or the Maturity Date or
date of earlier redemption, if applicable. 
 “Interpolated Benchmark” with respect to the Benchmark means the rate determined for the
Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor, and (2) the Benchmark for the shortest period
(for which the Benchmark is available) that is longer than the Corresponding Tenor. 
 “ISDA Definitions” means the 2006 ISDA Definitions
published by the International Swaps and Derivatives Association, Inc. 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. 

“Issue Date” means May 28, 2021. 

“Maturity Date” has the meaning provided in Section 2.2. 

“Notice of Default” has the meaning provided in Section 5.3(c). 

“Principal Subsidiary Bank” means (i) any Subsidiary Bank the consolidated assets of which as set forth in the most recent statement of
condition of such Subsidiary Bank constitute 40% or more of the Company’s consolidated assets as determined from the most recent quarterly balance sheet of the Company or (ii) any Subsidiary Bank designated as a Principal Subsidiary Bank
by the Board of Directors, provided that if the Federal Reserve notifies the Company that any Subsidiary Bank that is a Principal Subsidiary Bank applying the tests in clause (i) or (ii) above does not qualify as a “major subsidiary
depository institution” within the requirements of the Federal Reserve’s risk-based capital guidelines or regulations applicable to bank holding companies, such Subsidiary Bank shall not be a Principal Subsidiary Bank from and after the
time the Company receives from the Federal Reserve such a notice. 
 “Redemption Date” has the meaning provided in
Section 7.1. 
 “Reference Time” with respect to any determination of the Benchmark means (1) if the
Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent
after giving effect to the Benchmark Replacement Conforming Changes. 
 “Relevant Governmental Body” means the Federal Reserve and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve and/or the Federal Reserve Bank of New York or any successor thereto. 

“SOFR” means the secured overnight financing rate published by the Federal Reserve Bank of New York, as the administrator of the Benchmark
(or a successor administrator), on the Federal Reserve Bank of New York’s Website. 
 “Subsidiary Bank” means any Subsidiary which is
a Bank. 

  
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 “Tax Event” means the receipt by the Company of an opinion of independent tax counsel to
the effect that as a result of (a) an amendment to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its political subdivisions or taxing
authorities; (b) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement of intent to adopt or promulgate any
ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative or Judicial Action”); or (c) an amendment to or change in any official position with respect to, or any interpretation of, an Administrative
or Judicial Action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation, in each case, which change or amendment or challenge becomes effective or which pronouncement, decision or
challenge is announced on or after the original issue date of the Notes, there is more than an insubstantial risk that interest payable by the Company on the Notes is not, or, within 90 days of the date of such opinion, will not be, deductible by
the Company, in whole or in part, for United States federal income tax purposes. 
 “Term SOFR” means the forward-looking term rate for the
applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR
Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator). 

“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the
Reference Time for any interest period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if
necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%. 

“Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or
operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing and frequency of determining Three-Month Term SOFR with respect to
each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner
substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for the use of
Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary). 
 “Tier 2 Capital Event”
means the Company’s good faith determination that, as a result of (a) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of the United
States, including the Federal Reserve and other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the original issue date of the Notes; (b) any proposed change
in those laws, rules or regulations that is announced or becomes effective after the original issue date of the Notes; or (c) any official administrative decision or judicial decision or administrative action or other official pronouncement
interpreting or applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the original issue date of the Notes, there is more than an insubstantial risk that the Company will not be entitled to
treat the Notes then outstanding as “Tier 2 Capital” (or its equivalent) for purposes of the capital adequacy rules or regulations of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor
appropriate federal banking agency) as then in effect and applicable to the Company, for so long as any Notes are outstanding. 
 “Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

  
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 ARTICLE II 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

Section 2.1    Designation and Principal Amount. 

There is hereby authorized and established a series of Securities under this Indenture, designated as the “3.00% Fixed-to-Floating Rate Subordinated Notes due 2031.” 

Section 2.2    Form and Denomination of Notes. 

The definitive form of the Notes and the Trustee’s Certificate of Authentication to be endorsed thereon shall be substantially in the form set forth in
Exhibit A attached hereto, which is incorporated herein and made part hereof. The Notes shall bear interest and have such other terms as are stated in the form of definitive Notes or in this Indenture. The Stated Maturity of the Notes
shall be June 15, 2031 (the “Maturity Date”). The Notes shall be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

Section 2.3    Initial Limit on Amount of Series. 

The Notes shall initially be limited to U.S. $300,000,000 in aggregate principal amount, and may, upon the execution and delivery of this Supplemental
Indenture or from time to time thereafter, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the delivery of a Company Order. Following the
initial issuance of the Notes, the aggregate principal amount of Notes may be increased as provided in Section 2.5 hereof. 

Section 2.4    Rank; Subordination. 

The Notes are unsecured and shall rank subordinate and junior, to the extent and in the manner set forth in this Indenture, in right of payment and upon
liquidation of all the Company’s obligations to the holders of Senior Debt of the Company. The Notes shall rank equally among themselves and with all of the Company’s other subordinated unsecured indebtedness that, in the instrument
creating or evidencing the same or pursuant to which the same is outstanding, provides that such obligations are not superior in right of payment to the Notes or to other indebtedness that is pari passu with, or is not subordinate to, the
Notes. It is intended that the Notes be and are Tier 2 capital or the equivalent, for all regulatory purposes. 

Section 2.5    Further Issues Without Holders’ Consent. 

The Company may, without notice to or the consent of the Holders of the Notes, but in compliance with the terms of this Indenture, create and issue additional
Notes having the same ranking, interest rate, maturity date and other terms as the Notes (other than the date of issuance, the issue price, the initial interest accrual date and the first Interest Payment Date). Any such additional Notes shall rank
equally and ratably with the Notes. Any such additional Notes, together with the Notes initially issued hereunder, shall constitute a single series of Securities for all purposes under this Indenture. Notwithstanding anything to the contrary in the
foregoing, no additional Notes may be issued unless (1) the additional Notes will be fungible with the Notes initially issued hereunder for United States securities law purposes, (2) (a) the additional Notes are issued pursuant to a
“qualified reopening” of the Notes initially issued hereunder for United States federal income tax purposes, or (b) the Notes initially issued hereunder were, and the additional Notes are, issued without any original issue discount
for United States federal income tax purposes and (3) the additional Notes have the same CUSIP number as the Notes initially issued hereunder. No additional Notes may be issued if any Event of Default has occurred and is continuing with respect
to the Notes. 
 Section 2.6    Form and Payment. 

Principal of, premium, if any, and interest on the Notes shall be payable in U.S. Dollars. Principal, premium, if any, and interest shall be considered paid on
the date due if the Paying Agent, if other than the Company or one of its Subsidiaries, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately 

  
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available funds and designated for and sufficient to pay all such amounts then due. At the option of the Company, interest may be paid by mailing a check to the address of the Person entitled to
such interest as such address shall appear in the Security Register. 
 Section 2.7    Interest. 

(a)    The Notes shall bear interest at a fixed rate of 3.00% per annum from and including May 28, 2021 to, but
excluding, June 15, 2026 or any earlier Redemption Date (the “Fixed Rate Period”). Interest accrued on the Notes during the Fixed Rate Period shall be payable semiannually in arrears on June 15 and December 15 of each
year, commencing on December 15, 2021 (each such date, a “Fixed Rate Interest Payment Date”). The last Fixed Rate Interest Payment Date shall be June 15, 2026, unless the Notes are earlier redeemed. The interest payable on
each Fixed Rate Interest Payment Date during the Fixed Rate Period shall be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable
Fixed Rate Interest Payment Date (each such date, a “Fixed Rate Regular Record Date”), except that interest that is paid at Maturity shall be paid to the Person to whom the principal shall be payable. 

(b)    The Notes shall bear a floating interest rate from, and including June 15, 2026, to, but excluding, the
Maturity Date or earlier Redemption Date (the “Floating Rate Period”). The floating interest rate shall be reset quarterly, and the interest rate for any Floating Rate Period shall be equal to the then-current Three-Month Term SOFR
plus 236 basis points for each quarterly interest period during the Floating Rate Period. During the Floating Rate Period, interest on the Notes shall be payable quarterly in arrears on March 15, June 15, September 15 and
December 15 of each year, commencing on September 15, 2026 (each such date, a “Floating Rate Interest Payment Date” and, together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”). The
interest payable on each Floating Rate Interest Payment Date during the Floating Rate Period shall be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately
preceding the applicable Floating Rate Interest Payment Date (each such date, a “Floating Rate Regular Record Date”), except that interest that is paid at Maturity shall be paid to the Person to whom the principal shall be payable.
Notwithstanding the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then Three-Month Term SOFR (or other such Benchmark) shall be deemed to be zero. The Calculation Agent shall provide the Company and the
Trustee with the interest rate in effect on the Notes promptly after the Reference Time (or such other date of determination for the applicable Benchmark). 

(c)    The amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period shall be
computed on the basis of a 360-day year consisting of twelve 30-day months to, but excluding, June 15, 2026, and, the amount of interest payable on any Floating
Rate Interest Payment Date during the Floating Rate Period shall be computed on the basis of a 360-day year on the basis of the actual number of days elapsed. The Company or the Calculation Agent, as
applicable, shall calculate the amount of interest payable on any Interest Payment Date and the Trustee shall have no duty to confirm or verify any such calculation. In the event that any scheduled Interest Payment Date or the Maturity Date for the
Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date or of principal and interest payable on the Maturity Date shall be paid on the next succeeding day which is a Business Day (any payment
made on such date shall be treated as being made on the date that the payment was first due and no interest on such payment shall accrue for the period from and after such scheduled Interest Payment Date); provided, that in the event that any
scheduled Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date shall be accelerated to the
immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day shall include interest accrued to, but excluding, such Business Day. Dollar amounts resulting from interest calculations shall be rounded to the
nearest cent, with one half cent being rounded upward. 
 (d)    The Company shall take such actions as are necessary to
ensure that from the commencement of the Floating Rate Period for so long as any of the Notes remain outstanding there shall at all times be a Calculation Agent appointed to calculate Three-Month Term SOFR in respect of each Floating Rate Period and
to determine and calculate any interest in respect of any Benchmark Replacement. The calculation of Three-Month Term SOFR for each applicable Floating Rate Period by the Calculation Agent shall (in the absence of manifest error) be final and
binding. The Calculation Agent’s determination of any interest rate and its calculation of interest payments for any period shall be maintained on file at the Calculation Agent’s principal offices, shall be made available to any Holder

  
 8 

 
of the Notes upon request and shall be provided to the Trustee (for informational purposes only). The Trustee shall have no responsibility to determine whether any manifest error has occurred,
may conclusively assume that no such manifest error exists and shall not be liable in so assuming. The Calculation Agent shall have all the rights, protections and indemnities afforded to the Trustee under this Indenture. The Calculation Agent may
be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Company, the Company shall promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign
its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent has not been appointed by the Company and such successor accepted such position within 30 days after the giving of notice of resignation by
the Calculation Agent, then the resigning Calculation Agent may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Calculation Agent with respect to such series. The Trustee shall have no
duty to monitor compliance or see to the performance by the Calculation Agent of any of its obligations in respect of the Notes or to perform such obligations, and shall not be under any duty to succeed to, assume or otherwise perform, any duties of
the Calculation Agent, or to appoint a successor or replacement in the event of the Calculation Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or failure of performance on the part of the
Calculation Agent with respect to the Calculation Agent’s duties and obligations hereunder. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, or the Calculation Agent appointed by the Company is
unable or unwilling to perform its duties hereunder, then the Company shall be the Calculation Agent. The Company may appoint itself or any of its Affiliates to be the Calculation Agent. 

(e)     

(1)    If the Calculation Agent 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 on any date, then the Benchmark Replacement shall replace the then-current Benchmark for all purposes relating to the Notes during the Floating Rate
Period in respect of such determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent shall have the right to make Benchmark Replacement
Conforming Changes from time to time. 
 (2)    Notwithstanding anything set forth in
Section 2.7(b) above, if the Calculation Agent determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month
Term SOFR, then the provisions set forth in this Section 2.7(e) shall thereafter apply to all determinations of the interest rate on the Notes during the Floating Rate Period. After a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred, the interest rate on the Notes for each interest period during the Floating Rate Period shall be an annual rate equal to the Benchmark Replacement plus 236 basis points. 

(3)    The Calculation Agent is expressly authorized to make the determinations, decisions and elections set forth in the
terms of the Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark, and in this Section 2.7(e). Any determination, decision or election that may be made by the Calculation Agent under the terms
of the Notes, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking
any action or selection (A) shall be conclusive and binding on the Holders of the Notes and the Trustee absent manifest error, (B) if made by the Company as Calculation Agent, shall be made in the Company’s sole discretion,
(C) if made by a Calculation Agent other than the Company, shall be made after consultation with the Company, and the Calculation Agent shall not make any such determination, decision or election to which the Company reasonably objects and
(D) notwithstanding anything to the contrary herein or in the Base Indenture, shall become effective without consent from the Holders of the Notes, the Trustee or any other party. If the Calculation Agent fails to make any determination,
decision or election that it is required to make under the terms of the Notes, then the Company shall make such determination, decision or election on the same basis as described above. 

(4)    The Company (or its Calculation Agent) shall notify the Trustee in writing (for informational purposes
only) (i) upon the occurrence of the Benchmark Transition Event and the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other items affecting the interest rate on the Notes
after a Benchmark Transition Event. 

  
 9 

 (5)    The Trustee shall not be responsible or liable for the actions or
omissions of the Calculation Agent hereunder, or any failure or delay in the performance of the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance of the Calculation Agent. For
the avoidance of doubt (and without limitation of the foregoing), the Trustee (including in its capacity as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month Term SOFR Conventions, (B) selection of an
alternative reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement),
(C) determination or calculation of a Benchmark Replacement, or (D) determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses (A) through (D) above shall be
entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided by the Company or its Calculation Agent, as applicable, and (ii) liability for any failure or delay in performing its duties hereunder as a
result of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation, as a result of the Company’s or Calculation Agent’s failure to select a Benchmark Replacement or the Calculation
Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company or its Calculation Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to
Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. All notices received hereunder by the Trustee from the Calculation Agent and all notices received by the
Trustee from the Company pursuant to this Section 2.7(e) shall be for informational purposes only and shall not require the Trustee to take any action in respect thereof. The Trustee shall be entitled to conclusively rely
on any determination made, and any instruction, notice, Officers’ Certificate or other instruction or information provided by the Calculation Agent without independent verification, investigation or inquiry of any kind. The Trustee shall not be
obligated to enter into any amendment or supplement hereto that adversely impacts its rights, duties, obligations, immunities or liabilities (including, without limitation, in connection with the adoption of any Benchmark Replacement Conforming
Changes). 
 (6)    If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent shall have the right
to establish the Three-Month Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term
SOFR Conventions determined by the Calculation Agent, then the relevant Three-Month Term SOFR Conventions shall apply. 

Section 2.8    No Sinking Fund. 

No sinking fund shall be provided with respect to the Notes. In no event shall any Holder of the Notes have the right to require the Company to call, redeem or
repurchase the Notes, in whole or in part, and Article XII of the Base Indenture shall not be applicable to the Notes. Nothing in this Section 2.8 shall limit the ability of Holders of Notes to enforce their rights to the
payment of principal, premium, if any, and interest on the Notes at maturity as provided in the Notes and in the Base Indenture, including Section 5.8 of the Base Indenture. 

Section 2.9    Notes Not Convertible or Exchangeable. 

The Notes shall not be convertible or exchangeable for other securities or property. 

Section 2.10    Global Securities. 

The Notes shall be issued as Securities and in the form of one or more permanent global Securities, without coupons, registered in the name of the Depositary
or its nominee. The initial Depositary for the Notes shall be DTC. Except as otherwise provided in Section 3.5 of the Base Indenture, the global Securities described above may be transferred by the Depositary, in whole but not in part, only to
a nominee of the Depositary, or by a nominee of the Depositary to the Depositary, or to a successor Depositary or to a nominee of such successor Depositary. 

Owners of beneficial interests in such global Securities shall not be considered the Holders thereof for any purpose under this Indenture. The rights of
owners of beneficial interests in such global Securities shall be exercised only through the Depositary. 

  
 10 

 Section 2.11    No Additional Amounts. 

In the event that any payment on the Notes is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result of
a change in law or otherwise), the Company shall not pay additional amounts with respect to such tax or assessment. 
 ARTICLE III 

ORIGINAL ISSUE OF NOTES 

Section 3.1    Original Issue of Notes. 

The Notes may, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee
shall, upon Company Order, authenticate and deliver such Notes as in such Company Order provided. 
 ARTICLE IV 

SATISFACTION AND DISCHARGE 
 With respect
to the Notes only, Section 4.1 of the Base Indenture is hereby replaced with the following: 

Section 4.1    Satisfaction and Discharge of Indenture. 

This Indenture, including the provisions of Article XIV of the Base Indenture as modified hereby (except as to any surviving rights of registration of transfer
or exchange of Notes expressly provided for in this Indenture), shall upon Company Request cease to be of further effect with respect to the Notes, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to the Notes, when 
 (a)    either: 

(1)     all Notes previously authenticated and delivered (other than (i) Notes which have been destroyed, lost, or
stolen and which have been replaced or paid as provided in Section 3.6 of the Base Indenture and (ii) Notes for whose payment money has previously been deposited in trust or segregated and held in trust by the Company and thereafter repaid
to the Company or discharged from such trust, as provided in Section 10.3 of the Base Indenture) have been delivered to the Trustee for cancellation; or 

(2)    all such Notes not previously delivered to the Trustee for cancellation 

 

	 	(A)	 have become due and payable, 

 

	 	(B)	 will become due and payable at their Stated Maturity within one year, or 

 

	 	(C)	 are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company, 

 and the Company, in the case of
(A), (B) or (C) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Notes not previously delivered to the
Trustee for cancellation (other than Notes which have been destroyed, lost, or stolen and which have been replaced or paid as provided in Section 3.6 of the Base Indenture), for principal and any premium and interest to the date of such deposit

  
 11 

 
(in the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(b)    the Company has paid or caused to be paid all other sums payable by the Company under this Supplemental Indenture;
and 
 (c)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture with respect to the Notes have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to the Notes, the obligations of the Company to the Trustee under
Section 6.7 of the Base Indenture, the obligations (if any) of the Company to any Authenticating Agent under Section 6.14 of the Base Indenture and, if money shall have been deposited with the Trustee pursuant to subclause (2) of
Clause (a) of this Section, the obligations of the Trustee under Section 4.2 of the Base Indenture and the last paragraph of Section 10.3 of the Base Indenture shall survive. 

ARTICLE V 
 REMEDIES 

With respect to the Notes only, the limitations set forth in Section 5.7 of the Base Indenture do not apply to a suit instituted by a holder of Notes for
the enforcement of payment of the principal of or interest on the Notes on or after the Maturity Date. 
 With respect to the Notes only, Sections 5.1, 5.2,
5.3 and 5.12 of the Base Indenture are hereby replaced with the following: 
 Section 5.1    Events of
Default. 
 “Events of Default,” wherever used in this Indenture with respect to the Notes, means any one of the following events
(whatever the reason for such Event of Default, 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)    a court having jurisdiction in the premises shall enter a decree or order for relief in
respect of the Company or a Principal Subsidiary Bank in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or a receiver, liquidator, assignee, custodian, trustee, sequestrator (or
similar official) of the Company or a Principal Subsidiary Bank is appointed for the Company or for any substantial part of its property or for a Principal Subsidiary Bank, or a court or a bank regulatory authority having jurisdiction in the
premises, shall appoint a receiver or similar official, or order the winding-up or liquidation of the affairs of the Company or a Principal Subsidiary Bank, and such decree or order shall remain unstayed and
in effect for a period of 60 consecutive days; or 
 (b)     the Company or a Principal Subsidiary Bank shall commence a
voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in any involuntary case under any such law, or the Company or a Principal Subsidiary
Bank shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) of the Company or a Principal Subsidiary Bank or for any substantial part of its property, or
shall make any general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due or shall take any corporate action in furtherance of any of the foregoing. 

Section 5.2    Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default under clause (a) or (b) of Section 5.1 hereof with respect to the Notes occurs and is continuing, then
the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding 

  
 12 

 
Notes may declare the principal of all the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such
declaration such principal or such lesser amount shall become immediately due and payable. 
 At any time after such a declaration has been made with
respect to the Notes and before a judgment or decree for payment of the money due has been obtained by the Trustee as provided in Article V of this Indenture, the Holders of a majority in principal amount of the Outstanding Notes, by written notice
to the Company and the Trustee may waive all defaults with respect to all affected series, and may rescind and annul such declaration and the consequences of the Event of Default if: 

(a)    the Company has paid or deposited with the Trustee a sum sufficient to pay (1) all overdue interest on all
Notes, (2) the principal of (and premium, if any, on) any Notes which have become due otherwise than by such declaration of acceleration and any interest on such Notes at the rate or rates prescribed herein and in the Notes, and (3) all
sums paid or advanced by the Trustee under this Indenture and the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel; and 

(b)    all defaults and Events of Default with respect to the Notes, other than the
non-payment of the principal of the Notes which has become due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Base Indenture. 

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

Except for an Event of Default specified in Section 5.1(a) or 5.1(b), no other default, or failure to perform, or breach of
any covenant or warranty of the Company, shall result in a right to accelerate the principal or interest due under the Securities then Outstanding. 

Section 5.3    Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

(a)    default is made in the payment of any interest on any Note when such interest becomes due and payable and such
default continues for a period of 30 days, 
 (b)    default is made in the payment of the principal of (or premium, if
any, on) any Note at its Maturity and such default continues for a period of 30 days, or 
 (c)    default is made in
the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in the performance of which or breach of which is elsewhere in this Section specifically dealt with or which has
been expressly included in this Indenture solely for the benefit of a series of Securities other than such series), and such default or breach continues for a period of 30 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 a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” under this Indenture, 
 the Company shall, upon demand of the Trustee, pay to it, for the benefit of
the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and
premium and on any overdue interest, at the rate or rates prescribed in such Securities, and, in addition, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements, and advances of the Trustee, its agents, and counsel. 
 If the Company fails to pay such amounts immediately upon such demand, the Trustee,
in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any
other 

  
 13 

 
obligor upon such Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Notes, wherever
situated. 
 If an Event of Default with respect to the Notes occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of the Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other proper remedy. 

Section 5.12    Control by Holders. 

The Holders of a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Notes, provided that: 

(a)    such direction shall not be in conflict with any rule of law or with this Indenture, 

(b)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,

 (c)    such direction is not unduly prejudicial to the rights of other Holders of the Notes (it being understood that
the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders); and 

(d)    the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a
Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability. 

ARTICLE VI 
 DEFEASANCE

 Section 6.1    Defeasance Applicable to Notes. 

Pursuant to Section 3.1 of the Base Indenture, provision is hereby made for defeasance of the Notes under Section 13.1 of the Base Indenture upon the
terms and conditions contained in Article XIII of the Base Indenture. 
 ARTICLE VII 

REDEMPTION 

Section 7.1    Redemption. 

The Notes shall be redeemable, in each case, in whole at any time or in part from time to time, at the option of the Company beginning with the Interest
Payment Date on June 15, 2026, but not prior thereto (except upon the occurrence of certain events specified below), and on any Interest Payment Date thereafter (each, a “Redemption Date”), subject to obtaining the prior
approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve. The Notes may not otherwise be redeemed prior to the Maturity Date, except that the Company may, at its option, redeem the Notes
before the Maturity Date, in whole, but not in part, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, upon the occurrence of a Tier 2 Capital Event or
a Tax Event, or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.). Any such redemption shall be at a
Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date fixed by the Company. The provisions of Article XI of the Base Indenture shall apply to any
redemption of the Notes pursuant to this Section

  
 14 

 
7.1. Any partial redemption of a global Security representing the Notes shall be made in accordance with DTC’s applicable procedures among all of the Holders of the Notes. If any Note
is to be redeemed in part only, the notice of redemption relating to such Note shall state that it is a partial redemption and the portion of the principal amount thereof to be redeemed, and a replacement Note in principal amount equal to the
unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note. 

Section 7.2    Effect of Notice of Redemption. 

With respect to the Notes only, Section 11.6 of the Base Indenture is hereby revised to read as follows: 

Notice of redemption having been given in accordance with this Indenture, the Notes to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price specified in the notice, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest; provided that any redemption or notice
of any redemption may, at the Company’s discretion, be subject to the satisfaction (or waiver by the Company in its sole discretion) of one or more conditions precedent, including, but not limited to, completion of an equity offering, other
offering, issuance of indebtedness, or other corporate transaction or event, and notice of any redemption in respect thereof may be given prior to the completion thereof and may be partial as a result of only some of the conditions being satisfied.
Any such conditions precedent shall be set forth in the notice of redemption, and such notice shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or
waived by the Company in its sole discretion), including to a date that is more than 60 days following the date of the initial notice of redemption, or such redemption may not occur and such notice may be rescinded in the event that any or all such
conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the Redemption Date, or by the Redemption Date so delayed. The Company shall provide written notice of the delay or rescission of such notice of redemption
to the Trustee no later than 5:00 p.m. Eastern Time on the second Business Day prior to the Redemption Date. Upon surrender of any Note for redemption in accordance with a notice of redemption, such Note shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.1    Ratification of Indenture. 

The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed
part of the Base Indenture in the manner and to the extent herein and therein provided; provided, however, that the provisions of this Supplemental Indenture shall apply solely with respect to the Notes and shall govern in the event of any
difference with the Base Indenture. 
 Section 8.2    Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern
this Indenture, the latter provision shall control. If any provision of this Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be. 
 Section 8.3    Effect of Headings and
Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction
hereof. 
 Section 8.4    Successors and Assigns. 

  
 15 

 All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and
assigns, whether expressed or not. 
 Section 8.5    Separability Clause. 

In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 8.6    Benefits of
Indenture. 
 Nothing in this Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the Holders of the
Securities, the parties hereto and their successors hereunder, any benefit of any legal or equitable right, remedy or claim under this Supplemental Indenture. 

Section 8.7    Governing Law. 

This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York (including but not limited to
N.Y. General Obligations Law Section 5-1401 and any successor statute thereto), without regard to the conflicts of law provisions thereof. 

Section 8.8    Waiver of Jury Trial. 

EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE SECURITIES, THE BASE INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY. 
 Section 8.9    Consent to Jurisdiction. 

Each of the Company and the Trustee irrevocably consents and submits, for itself and in respect of any of its assets or property, to the nonexclusive
jurisdiction of any court of the State of New York or any United States court sitting, in each case, in the Borough of Manhattan, The City of New York, New York, United States of America, and of any appellate court in respect thereof in any suit,
action or proceeding that may be brought in connection with this Indenture or the Securities, and waives any immunity from the jurisdiction of such courts. Each of the Company and the Trustee irrevocably waives, to the fullest extent permitted by
law, any objection to any such suit, action or proceeding that may be brought in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum.
Each of the Company and the Trustee agrees, to the fullest extent that it lawfully may do so, that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Company and the Trustee,
respectively, and the Company waives, to the fullest extent permitted by law, any objection to the enforcement by any competent court in the Company’s jurisdiction of organization of judgments validly obtained in any such court in New York on
the basis of such suit, action or proceeding. 
 Section 8.10    Counterparts. 

This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same
instrument. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile, email or other electronic format (i.e.,
“pdf,” “tif” or “jpg”) shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile, email or other electronic format shall be deemed to be their original signatures for all purposes. This Supplemental Indenture and any other document, certificate or opinion delivered in
connection with this Supplemental Indenture or the issuance 

  
 16 

 
and delivery of Notes may be signed by or on behalf of the Company and the Trustee by manual, facsimile or pdf, tif or jpg. 

Section 8.11    Trustee. 

The Trustee shall not be responsible for and makes no representation as to the validity, sufficiency or adequacy of this Supplemental Indenture or the Notes,
and the recitals contained in this Supplemental Indenture and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no
responsibility for their correctness. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof and it shall not be responsible for any statement in any other document in connection with the
sale of the Notes. 
 Section 8.12    USA PATRIOT Act. 

The parties hereto acknowledge that in order to help the government fight the funding of terrorism and money laundering activities, pursuant to
federal regulations that became effective on October 1, 2003, Section 326 of the USA PATRIOT Act requires all financial institutions to obtain, verify, and record information that identifies each person establishing a relationship or
opening an account with the Trustee. The parties hereto agree that they will provide the Trustee with name, address, tax identification number, if applicable, and other information that will allow the Trustee to identify the individual or entity who
is establishing the relationship, and will further provide the Trustee with formation documents such as articles of incorporation or other identifying documents. 

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES 
 With respect to the Notes only, Sections 9.1, 9.2 and 14.11 of the Base Indenture are hereby replaced with the following: 

Section 9.1    Supplemental Indentures Without Consent of Holders. 

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

(a)    to evidence the succession of another Person to the Company as obligor under this Indenture; 

(b)    to evidence and provide for the acceptance or appointment of a successor Trustee with respect to the Notes or
facilitate the administration of the trusts under this Indenture by more than one Trustee; 
 (c)    to add to the
covenants for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Company in this Indenture, provided that such action shall not adversely affect the interests of the Holders of the Notes in any material
respect as determined in good faith by the Company and evidenced by an Officers’ Certificate; 
 (d)    to add or
eliminate additional Events of Default; 
 (e)    to cure any ambiguity, defect or inconsistency in this Indenture,
provided that such action shall not adversely affect the interests of the Holders of the Notes in any material respect as determined in good faith by the Company and evidenced by an Officers’ Certificate; 

(f)    to conform the text of this Indenture or the Notes to any provision of the “Description of Notes” in the
prospectus supplement applicable to the Notes at the time of the initial sale thereof; 

  
 17 

 (g)    to secure the Notes or add obligors or collateral; 

(h)    to establish the form of any Securities and to provide for the issuance of any series of Securities under the Base
Indenture and to set forth the terms thereof; 
 (i)    to provide for additional Notes; 

(j)    to provide for the issuance of Notes in uncertificated form in addition to or in place of certificated Notes; 

(k)    to add to, change, or eliminate any of the provisions of this 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 a supplemental indenture making such addition, change or elimination 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; 

(l)    to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes;
provided, however, that (a) compliance with this Indenture as so amended would not result in Notes being transferred in violation of applicable securities law and (b) such amendment does not materially and adversely affect the rights of
Holders to transfer Notes; 
 (m)    to make any change that does not adversely affect the rights of any Holder of Notes
in any material respect as determined in good faith by the Company and evidenced by an Officers’ Certificate; 

(n)    to qualify or maintain qualification of this Indenture under the Trust Indenture Act; or 

(o)    to comply with the rules and regulations of any securities exchange or automated quotation system on which the
Notes may be listed or traded. 
 Section 9.2    Supplemental Indenture With Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Notes and other Securities of each series affected by such
supplemental indenture, by Act of such Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into a supplemental indenture or indentures for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture as applicable to the Notes; provided, however, that no such supplemental indenture entered into pursuant to this Section 9.2
shall, without the consent of the Holder of each Outstanding Security affected by such supplemental indenture: 

(a)    change the Stated Maturity or due date of the principal of or interest payable on the Notes or change any Place of
Payment where or the currency in which such principal or interest is payable; 
 (b)    reduce the principal amount of
or the rate or amount of interest on the Notes; 
 (c)    impair the right to institute suit for the enforcement of any
payment on with respect to the Notes; 
 (d)    reduce the percentage in principal amount of the Outstanding Notes, the
consent of the Holders of which is required (1) to modify or amend this Indenture, or (2) to waive compliance with the provisions of or defaults under this Indenture and their consequences provided for in this Indenture; 

(e)    modify any of the provisions of this Section, Section 5.13 of the Base Indenture, or Section 10.8 of the
Base Indenture, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each affected Outstanding Note, provided, however, that this
clause shall not be deemed to require the consent of any Holder with respect to changes 

  
 18 

 
in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of Section 6.11(b) of the Base
Indenture and Section 9.1(b) hereof; 
 (f)    modify any of the provisions of this Indenture
with respect to the subordination of any Note or of any series of Securities issued under the Base Indenture in a manner adverse to the Holders or adverse to the capital treatment of the Notes, except to clarify ambiguities or to meet regulatory
requirements for the Notes to qualify as Tier 2 capital or the equivalent for bank regulatory purposes; or 

(g)    modify or affect in any manner adverse to the Holders of the Notes the terms and conditions of the obligation of
the Company in respect of the due and punctual payment of the principal of or premium or interest on the Notes. 

Section 14.11    Modification of Subordination Provisions. 

Anything in Article IX of the Base Indenture or elsewhere contained in this Indenture to the contrary notwithstanding, no modification or amendment of this
Indenture that adversely affects the superior position of any holder of Senior Debt shall be effective against any such holder of Senior Debt unless such holder of Senior Debt has consented to such modification or amendment. 

[Signature page follows on next page] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed all as of
the day and year first above written. 
  

			
	VALLEY NATIONAL BANCORP
		
	By:	 	 /s/ Michael Hagedorn

	Name:	 	Michael Hagedorn
	Title:	 	Senior Executive Vice President and Chief Financial Officer

  
 [Signature page to
First Supplemental Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	 /s/ Michael K. Herberger

	Name:	 	Michael K. Herberger
	Title:	 	Vice President

  
 [Signature page to
First Supplemental Indenture] 

 Exhibit A 

FORM OF NOTE 
 (See
Attached) 

 [FORM OF GLOBAL NOTE] 

VALLEY NATIONAL BANCORP 

3.00% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE
JUNE 15, 2031 
  

			
	 No. 1
 $300,000,000
	  	 CUSIP No. 919794 AE7

ISIN No. US919794AE70

 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR ITS NOMINEE. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE OR A SUCCESSOR OF SUCH
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN
LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO VALLEY NATIONAL BANCORP (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT,
AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY IS NOT A DEPOSIT AND IT IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
(“FDIC”) OR ANY OTHER GOVERNMENT AGENCY. 
 THIS SECURITY IS SUBORDINATED, AS TO PRINCIPAL, INTEREST AND PREMIUM, AND
ADDITIONAL AMOUNTS, IF ANY, TO ALL “SENIOR DEBT” OF THE COMPANY, INCLUDING ALL OBLIGATIONS TO THE COMPANY’S DEPOSITORS AND GENERAL CREDITORS OR TRADE CREDITORS. THIS SECURITY IS NOT SECURED BY ANY ASSETS OF THE COMPANY OR BY THE
ASSETS OF ANY OF ITS SUBSIDIARIES OR AFFILIATES, IS NOT GUARANTEED BY ANY OF COMPANY’S SUBSIDIARIES OR AFFILIATES. 
 THIS SECURITY IS
ISSUABLE IN MINIMUM DENOMINATIONS OF $1,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF. AS PROVIDED IN THE INDENTURE AND SUBJECT TO CERTAIN LIMITATIONS THEREIN SET FORTH, SECURITIES OF THIS SERIES ARE EXCHANGEABLE FOR A LIKE AGGREGATE
PRINCIPAL AMOUNT OF SECURITIES OF SUCH SERIES OF A DIFFERENT AUTHORIZED DENOMINATION, AS REQUESTED BY THE HOLDER SURRENDERING THE SAME. 

Valley National Bancorp, a New Jersey corporation, and any successor thereto, as provided below (the “Company”), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of three hundred million dollars ($300,000,000) on June 15, 2031 (the “Stated Maturity Date”), unless redeemed prior to such
date. This Security will bear interest at a fixed rate of 3.00% per annum from and including May 28, 2021, to, but excluding, June 15, 2026 (the “Fixed Rate Period”), unless redeemed prior to such date. Interest accrued on
this Security during the Fixed Rate Period will be payable semi-annually in arrears on June 15 and December 15 of each year (each such date, a “Fixed Rate Interest Payment Date”), with the first such Fixed Rate Interest
Payment Date being December 15, 2021, and the last such Fixed Rate Interest Payment Date being June 15, 2026, unless redeemed prior to such date. This Security will bear interest at a floating per annum interest rate from and including
June 15, 2026, to, but excluding, the Stated Maturity Date or any earlier redemption date (the “Redemption Date”) (such period, the “Floating Rate Period”). The floating interest rate will be reset quarterly,
and the interest rate for any Floating Interest Period will be equal to the then-current Benchmark plus 236 basis points. During the Floating Rate Period, 

 
interest on this Security will be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year (each such date, a “Floating Rate
Interest Payment Date”, and together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”), with the first such Floating Rate Interest Payment Date being September 15, 2026, and the last such Floating
Rate Interest Payment Date being the Stated Maturity Date, unless redeemed prior to such date. Notwithstanding the foregoing, if the Benchmark is less than zero, the Benchmark shall be deemed to be zero. The interest so payable, and punctually paid
or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest, which shall be the fifteenth day (whether or not a Business Day) prior to such Interest Payment Date; provided, however, that interest payable at Maturity shall be paid to the Person to whom principal shall be payable. 

The interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months to, but excluding, June 15, 2026. The interest payable on any Floating Rate Interest Payment Date during the Floating Rate
Period will be computed on the basis of a 360-day year and the number of days actually elapsed. If a Fixed Rate Interest Payment Date or the Stated Maturity Date for this Security falls on a day that is not a
Business Day, the interest payable on such Interest Payment Date or the payment of principal and interest on the Stated Maturity Date will be paid on the next succeeding Business Day, but the payments made on such dates will be treated as being made
on the date that the payment was first due and the Holder of this Security will not be entitled to any further interest or other payment. If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, then such Floating Rate
Interest Payment Date will be postponed to the next succeeding Business Day, unless such day falls in the next succeeding calendar month, in which case such Floating Rate Interest Payment Date will be accelerated to the immediately preceding
Business Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to, but excluding, such Business Day. 

No sinking fund will be provided with respect to this Security. In no event shall any Holder of this Security have the right to require the
Company to call, redeem or repurchase this Security, in whole or in part prior to maturity. Nothing in this paragraph, however, shall limit the ability of the Holder of this Security to enforce its rights to the payment of principal and premium, if
any, and interest on the Security at maturity as provided herein. 
 Payment of the principal of and interest on this Security will be made
at the Corporate Trust Office of the Trustee, or such other office or agency designated by the Company for that purpose, in U.S. Dollars; provided that, at the option of the Company, interest on this Security may be paid by mailing a check to
the address of the Person entitled to such interest as such address shall appear in the Security Register. 
 Under certain conditions, the
Company may, without notice to or the consent of the Holder of this Security, create and issue additional notes having the same ranking, interest rate, maturity date and other terms as this Security (other than the date of issuance, the issue price,
the initial interest accrual date and the first Interest Payment Date), provided that no such additional notes may be issued unless (1) the additional notes are fungible with this Security for United States securities law purposes, (2)
(a) the additional notes are issued pursuant to a “qualified reopening” of this Security for United States federal income tax purposes, or (b) this Security was, and the additional notes are, issued without any original issue discount
for United States federal income tax purposes and (3) the additional notes have the same CUSIP number as this Security. No additional notes may be issued if any Event of Default has occurred and is continuing with respect to this Security. Such
additional notes shall be consolidated and form a single series with this Security for all purposes under the Indenture. 
 Any
“depository institution,” as defined in Section 3(c)(1) of the Federal Deposit Insurance Act, which holds this Security (or beneficial interest therein) shall be deemed to have agreed by acquiring this Security (or such beneficial
interest) to waive any rights to offset all or any portion of the indebtedness represented by this Security (or such beneficial interest) against any indebtedness or other obligations of such institution to the Company. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee by manual or pdf signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by manual,
facsimile or pdf. 
  

			
	VALLEY NATIONAL BANCORP
		
	By:	 	
                     
                                        

	Name:	 	Michael Hagedorn
	Title:	 	Senior Executive Vice President and Chief
		 	Financial Officer

 Dated: May 28, 2021 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 

 

			
	            By:	 	
                     
                    

		 	Authorized Signatory
	
	            Dated: May 28, 2021

  
 [Signature Page to
Global Note] 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (the “Securities”), issued and to be issued in
one or more series under a Indenture, dated as of May 28, 2021 (the “Base Indenture”), as supplemented by that First Supplemental Indenture, dated as of May 28, 2021 (the “First Supplemental Indenture,”
and together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Indenture), to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the
Securities, and to which Indenture reference is hereby made for a statement of the terms upon which the Securities of this series designated on the face hereof are, and are to be, authenticated and delivered. By the terms of the Indenture, the
Securities are issuable in series that may vary as to amount, date of maturity, rate of interest, rank and in any other respect provided in the Indenture. 

The indebtedness evidenced by this Security is subordinate and junior in right of payment to all Senior Debt to the extent provided in the
Indenture, and each Holder of this Security, by such Holder’s acceptance of this Security, covenants and agrees to the subordination provided in the Indenture and shall be bound by the provisions of the Indenture. Senior Debt shall continue to
be Senior Debt and entitled to the benefits of these subordination provisions irrespective of any amendment, modification, or waiver of any term of the Senior Debt or extension or renewal of the Senior Debt. 

Each Holder hereof, by his, her or its acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein
and in the Indenture by each holder of Senior Debt, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such Holder upon said provisions. 

The Indenture contains provisions for defeasance of this Security upon compliance with certain conditions set forth in the Indenture. 

If certain Events of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. Any Event of Default with respect to this Security may be waived by the Holder hereof, as and if provided in the Indenture. 

The Company may, at its option, redeem the Securities of this series, in whole at any time or in part from time to time, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date, on any Interest Payment Date on or after June 15, 2026. The Company may also, at its option,
redeem the Securities of this series before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier 2 Capital Event, a Tax Event or if the Company is required to register as an investment company pursuant to
the Investment Company Act of 1940, as amended. Any such redemption will be at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date fixed by
the Company. 
 Notwithstanding any of the foregoing, to the extent then required under or pursuant to applicable regulations of the Federal
Reserve, this Security may not be repaid prior to the Stated Maturity Date without the prior written consent of the Federal Reserve. In the event of redemption of this Security in part only, a new Security or Securities of this series and of like
tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. The provisions of Article XI of the Base Indenture and Article VII of the First Supplemental Indenture shall apply to the
redemption of any Securities of this series by the Company. 
 In the event that any payment on the Securities of this series is subject to
withholding of any U.S. federal income tax or other tax or assessment (as a result of a change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment. 

  
 R - 1 

 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium (if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Base Indenture for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 Nothing in this Security, express or
implied, shall give to any person, other than the Holders of the Securities of this series, the parties hereto and their permitted successors hereunder, any benefit of any legal or equitable right, remedy or claim hereunder. 

All notices under this Security shall be in writing and, in the case of the Company, addressed to the Company at 1455 Valley Road, Wayne, NJ
07470, Attention: General Counsel, or, in the case of the Trustee, addressed to the Trustee at 13737 Noel Road, 8th Floor, Dallas, TX 75240 or to such other address of the Trustee as the Trustee
may notify the Holders of the Securities of this series. All notices to the Holder of this Security will be given to the Holder at its address as it appears in the Security Register. 

All covenants and agreements by the Company in this Security and the Indenture shall bind the Company’s successors and assigns, including
successors by operation of law resulting from a merger or consolidation of the Company, or successors resulting from the transfer of the Company’s assets and liabilities substantially or entirely, to another entity
(“Successors”). Any Successor shall expressly assume in writing all the Company’s obligations hereunder prior to becoming a Successor, and upon becoming a Successor, shall perform all the Company’s obligations hereunder
and make all payments due hereunder. 
 In case any provision in this Security shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 EACH OF THE COMPANY, THE
TRUSTEE AND EACH HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS SECURITY, THE INDENTURE, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 This Security shall be governed
by and construed in accordance with the laws of the State of New York (including but not limited to N.Y. General Obligations Law Section 5-1401 and any successor statute thereto), without regard to the
conflicts of law provisions thereof. 

  
 R - 2 

 [FORM OF TRANSFER NOTICE] 

To assign this Security, fill in the form below: 
  

					
	(I) or (we) assign and transfer this Note to:	 		 	  

		 		 	(Insert Assignee’s legal name)

 (Insert assignee’s Soc. Sec. or tax I.D. no.) 

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

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

 

							
	                        Date:	 		 		 	
				
	Your signature:	 		 		 	  

		 		 		 	(Sign exactly as your name appears on| the face of this Security)

                        Signature
Guarantee*: 
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 R - 3EX-10.1

 Exhibit 10.1 

I-Mab 

2021 SHARE INCENTIVE PLAN 

ARTICLE I. 
 PURPOSE

 The purpose of the Plan is to promote the success and enhance the value of I-MAB, an exempted
company incorporated under the laws of the Cayman Islands (the “Company”), by linking the personal interests of Service Providers to those of the Company’s shareholders and by providing such individuals with an incentive for
outstanding performance to generate superior returns to the Company’s shareholders. Capitalized terms used in the Plan are defined in Article XI below. 

ARTICLE II. 
 ELIGIBILITY

 Service Providers of the Company, including Directors, Employees, Consultants and other service providers that the Administrator
deems appropriate, are eligible to be granted Awards under the Plan, subject to the limitations described herein. 
 ARTICLE III. 

ADMINISTRATION AND DELEGATION 

3.1 Administration. The Plan will be administered by the Administrator. The Administrator shall have authority to determine which
Service Providers will receive Awards, to grant Awards and to set all terms and conditions of Awards (including, but not limited to, vesting, exercise and forfeiture provisions). In addition, the Administrator shall have the authority to take all
actions and make all determinations contemplated by the Plan and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Administrator may correct any defect or ambiguity,
supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem necessary or appropriate to carry the Plan and any Awards into effect, as determined by the Administrator. The Administrator
shall make all determinations under the Plan in the Administrator’s sole discretion and all such determinations shall be final and binding on all persons having or claiming any interest in the Plan or in any Award. 

3.2 Appointment of Committees. To the extent permitted by Applicable Laws and the Sixth Amended and Restated Memorandum and
Articles of Association of the Company (as may be further amended and/or restated from time to time, the “Articles”), the Board may delegate any or all of its powers under the Plan to one or more Committees. The Board may abolish
any Committee at any time and re-vest in itself any previously delegated authority. 
 ARTICLE IV.

 SHARES AVAILABLE FOR AWARDS 

4.1 Number of Shares. Subject to Article VIII, the maximum aggregate number of Shares which may be issued pursuant to all Awards
shall be 12,023,618 Ordinary Shares; provided that the maximum number of Shares which may be issued pursuant to Awards in the form of Restricted Share Units under this Plan shall not exceed 6,011,809 Ordinary Shares. If any Award expires or lapses
or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part, in any case in a manner that results in any Ordinary Shares covered by such Award not being issued or being so reacquired by the
Company, the unused Ordinary Shares covered by such Award shall again be available for the grant of Awards under the Plan. 

  
 1 / 12 

 4.2 Shares Distributed. Any Shares distributed pursuant to an Award may consist in
whole or in part, of authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, at the discretion of the Administrator, any Shares distributed pursuant to an Award may be
represented by American Depository Shares. 
 ARTICLE V. 

SHARE OPTIONS 
 5.1
General. The Administrator may grant Options to any Service Provider. Each Option covers one Ordinary Share. The exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including, without
limitation, conditions relating to Applicable Laws, as it considers necessary or advisable. 
 5.2 Exercise Price. The exercise price
per Share subject to an Option shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed price or a variable price related to the Fair Market Value of the Shares. The exercise price per Share subject to an
Option may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. 

5.3 Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the
Administrator may specify, provided that the term of any Option shall not exceed ten years. 
 5.4 Vest Schedule for Options. Subject
to the Plan, unless otherwise determined by the Administrator, the Options shall vest in 4 years in accordance with the following schedule: 

(a) a vesting of twenty five percent (25%) of the Option on the Initial Vesting Date; 

(b) a vesting of twenty five percent (25%) of the Option on the first (1st ) anniversary
of the Initial Vesting Date; 
 (c) a vesting of twenty five percent (25%) of the Option on the second (2nd) anniversary of the Initial Vesting Date; and 
 (d) a vesting of the remaining twenty
five percent (25%) of the Option on the third (3rd) anniversary of the Initial Vesting Date. 

5.5 Performance Conditions of Vesting. No performance conditions shall be set for Options, unless the Administrator otherwise
determined. 
 5.6 Exercise of Option. Options may be exercised by delivery to the Company of a written notice of exercise, in a form
approved by the Administrator (which may be an electronic form), signed by the person authorized to exercise the Option, together with payment in full (i) as specified in Section 5.7 hereof for the number of shares for which the Option is
exercised and (ii) as specified in Section 9.5 hereof for any applicable withholding taxes. Unless otherwise determined by the Administrator, an Option may not be exercised for a fraction of an Ordinary Share. 

  
 2 / 12 

 5.7 Payment Upon Exercise. The Administrator shall determine the methods by which the
exercise price of an Option may be paid, the form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in Chinese Renminbi,
(iii) cash or check denominated in any other local currency as approved by the Administrator, (iv) Shares held for such period of time as may be required by the Administrator in order to avoid adverse financial accounting consequences and
having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the trading date the delivery of a notice that the Participant has placed a market sell order with a
broker with respect to shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that
payment of such proceeds is then made to the Company upon settlement of such sale, (vi) other property acceptable to the Administrator with a Fair Market Value equal to the exercise price, or (vii) any combination of the foregoing.
Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay
the exercise price of an Option in any method which would violate Section 13(k) of the Exchange Act. 
 5.8 ISO. ISO may be
granted to employees of the Company or a subsidiary of the Company. ISO may not be granted to employees of a related entity or to independent directors or consultants. The terms of any ISO granted pursuant to the Plan, in addition to the
requirements of Section 5, must comply with the following additional provisions of this Section 5.8: 

(a) Individual Dollar Limitation. The aggregate fair market value (determined as of the time the Option is granted) of all Shares with respect
to which ISOs are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that ISOs are first exercisable by a
Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options. 

(b) Exercise Price. The exercise price of an ISO shall be equal to the fair market value on the date of grant. However, the exercise price of
any ISO granted to any individual who, at the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of shares of the Company or any parent or subsidiary of the Company may not be less than 110%
of fair market value on the date of grant and such Option may not be exercisable for more than five years from the date of grant. 
 (c)
Transfer Restriction. The Participant shall give the Company prompt notice of any disposition of Shares acquired by exercise of an ISO within (i) two years from the date of grant of such ISO or (ii) one year after the transfer of such
Shares to the Participant. 
 (d) Expiration of ISOs. No Award of an ISO may be made pursuant to this Plan after the tenth anniversary of
the Adoption Date. 
 (e) Right to Exercise. During a Participant’s lifetime, an ISO may be exercised only by the Participant. 

ARTICLE VI. 
 RESTRICTED
SHARE UNITS 
 6.1 General. The Administrator may grant Restricted Share Units to any Service Provider, subject to the right of
the Company to require forfeiture of such shares as issued at no cost in the event that conditions specified by the Administrator in the applicable Award Agreement are not satisfied prior to the end of the applicable restriction period or periods
established by the Administrator for such Award. 

  
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 6.2    Vest Schedule for Restricted Share Unit Award. The
Administrator may, in connection with the grant of Restricted Share Units, condition the vesting thereof upon the continued service of the Participant, upon the Participant’s performance of duties, upon the attainment of specified Performance
Conditions during an applicable period or upon any other basis determined by the Administrator in its sole discretion. An Award of Restricted Share Units shall be settled as and when the Restricted Share Units vest or at a later time specified by
the Administrator or in accordance with an election of the Participant, if the Administrator so permits. Except as otherwise set forth in an Award Agreement for Restricted Share Units, prior to the settlement of a Restricted Share Unit Award in
Shares (including Restricted Shares), a Participant shall have no rights as a shareholder of the Company with respect to the Shares subject to such Award; provided, however, that the Award Agreement may specify whether the Participant shall be
entitled to receive dividend equivalents, and, if determined by the Administrator, interest on, or the deemed reinvestment of, any deferred dividend equivalents, with respect to the number of Shares subject to the Award of Restricted Stock Units,
provided that any dividend equivalents with respect to Restricted Stock Units subject to performance-based vesting conditions shall be subject to the same vesting conditions as the underlying award. Subject to the Plan, any Restricted Share Units
granted to a Participant under this Plan shall vest in according with the following schedule, unless otherwise determined by the Administrator: 
  

	 	(a)	 1/3 of the awarded Restricted Share Units shall vest based on following time attribution (the” Time
Attribution Based Awards”): 

  

	 	i.	 a vesting of twenty five percent (25%) of the Time Attribution Based Awards on the Initial Vesting Date;

  

	 	ii.	 a vesting of twenty five percent (25%) of the Time Attribution Based Awards on the first (1st) anniversary of the Initial Vesting Date; 

  

	 	iii.	 a vesting of twenty five percent (25%) of the Time Attribution Based Awards on the second (2nd) anniversary of the Initial Vesting Date; and 

  

	 	iv.	 a vesting of the remaining twenty five percent (25%) of the Time Attribution Based Awards on the third (3rd) anniversary of the Initial Vesting Date. 

  

	 	(b)	 1/3 of the awarded Restricted Share Units shall vest based on the Company’s weighted average share price
during any consecutive 90 days within one year after the Adoption Date of the Equity Incentive Plan (the “Share Price Based Awards”): 

  

	 	i.	 a vesting of 75% of the Share Price Based Awards on the first
(1st) anniversary of the Adoption Date of the Equity Incentive Plan, if the Company’s weighted average share price reaches the First Share Price Level as approved by the Board;

  

	 	ii.	 a vesting of 100% of the Share Price Based Awards on the first
(1st) anniversary of the Adoption Date of the Equity Incentive Plan, if the Company’s weighted average share price reaches the Second Share Price Level as approved by the Board;

 For the avoidance of doubt, in the event that any share issuance in connection with any share split, share dividend,
reclassification or other similar event occurs, the target share price herein shall be adjusted accordingly with the proportion of additional share issuance. In the event that the average market value of NASDAQ Biotechnology Index falls by more than
20% from the Adoption Date of the Equity Incentive Plan, it shall be deemed as a decline of the market, and the Company shall adjust the vesting schedule as appropriate. 
  

	 	(c)	 1/3 of the awarded Restricted Share Units shall vest based on the Performance Conditions as approved by the
Board (the “Performance Conditions Based Awards”): 

  

	 	i.	 a vesting of seventy-five percent (75%) of the Performance Conditions Based Awards if more than nine (9)
(including nine (9)) but less than twelve (12) of the fifteen (15) Performance Conditions have been met on or before the first (1st) anniversary of the Adoption Date;

  

	 	ii.	 a vesting of all of Performance Conditions Based Awards if more than twelve (12) (including twelve (12)) of the
fifteen (15) Performance Conditions have been met on or before the first (1st) anniversary of the Adoption Date. 

  
 4 / 12 

 6.3 Forfeiture/Repurchase. Except as otherwise determined by the Administrator at the
time of the grant of the Award or thereafter, upon the Initial Vesting Date, any unvested Restricted Share Units other than those based on time attribution shall be forfeited or repurchased in accordance with the Award Agreement; provided, however,
the Administrator may (a) provide in any Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived in whole or in part in the event of terminations resulting from specified
causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Share Units. 

6.4 Additional Provisions Relating to Restricted Share Units. 

(a) Settlement. Upon the vesting of a Restricted Share Unit, the Participant shall be entitled to receive from the Company one Ordinary
Share on the settlement date. 
 (b) Voting Rights. A Participant shall have no voting rights with respect to any Restricted Share
Units unless and until shares are delivered in settlement thereof. 
 (c) Dividend Equivalents. To the extent provided by the
Administrator, a grant of Restricted Share Units may provide a Participant with the right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, may be settled in cash and/or
Ordinary Shares and may be subject to the same restrictions on transfer and forfeitability as the Restricted Share Units with respect to which the Dividend Equivalents are paid, as determined by the Administrator. 

ARTICLE VII. 
 OTHER
SHARE-BASED AWARDS. 
 Other Share-Based Awards may be granted hereunder to Participants, including, without limitation, Awards
entitling Participants to receive Ordinary Shares to be delivered in the future. Such Other Share- Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan, as stand-alone payments and/or as
payment in lieu of compensation to which a Participant is otherwise entitled. Other Share-Based Awards may be paid in Ordinary Shares, cash or other property, as the Administrator shall determine. Subject to the provisions of the Plan, the
Administrator shall determine the terms and conditions of each Other Share-Based Award, including, without limitation, any purchase price, transfer restrictions, vesting conditions and other terms and conditions applicable thereto. 

ARTICLE VIII. 

ADJUSTMENTS FOR CHANGES IN ORDINARY SHARES AND CERTAIN OTHER EVENTS. 

8.1 Certain Transactions or Events. In the event that the Administrator determines that any dividend or other distribution (whether in
the form of cash, Ordinary Shares, other securities, or other property), reorganization, merger, consolidation, combination, repurchase, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of assets of the
Company, or sale or exchange of Ordinary Shares or other securities of the Company, or other similar corporate transaction or event, as determined by the Administrator, affects the Ordinary Shares such that an adjustment is determined by the
Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any Award, then the Administrator may, in such manner as
it may deem equitable, adjust any or all of: 

  
 5 / 12 

 (a) the number and kind of Ordinary Shares (or other securities or property) with respect to
which Awards may be granted or awarded; 
 (b) the number and kind of Ordinary Shares (or other securities or property) subject to
outstanding Awards; 
 (c) the grant or exercise price with respect to any Award; and 

(d) the terms and conditions of any Awards (including, without limitation, any applicable financial or other performance “targets”
specified in an Award Agreement). 
 8.2 Miscellaneous. Except as expressly provided in the Plan or pursuant to action of the
Administrator under the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution,
liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities
convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Ordinary Shares subject to an Award or the grant or exercise price of any Award. The existence of the Plan, any
Award Agreements and the Awards granted hereunder shall not affect or restrict in any way the right or power of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital
structure or its business, (ii) any merger, consolidation dissolution or liquidation of the Company or sale of Company assets or (iii) any sale or issuance of securities, including, without limitation, securities with rights superior to
those of the Ordinary Shares or which are convertible into or exchangeable for the Ordinary Shares. The Administrator may treat Participants and Awards (or portions thereof) differently under this Article VIII. 

ARTICLE IX. 
 GENERAL
PROVISIONS APPLICABLE TO AWARDS. 
 9.1 Transferability. Except as the Administrator may otherwise determine or provide in an
Award Agreement or otherwise, in any case in accordance with Applicable Laws, Awards, including any interest therein, may not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily
or by operation of law, except by will or the laws of descent and distribution, and, during the life of the Participant, shall be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, shall include
references to authorized transferees. 
 9.2 Documentation. Each Award shall be evidenced in an Award Agreement, which may be in such
form (written, electronic or otherwise) as the Administrator shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

9.3 Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other
Award. The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly. 

9.4 Lapse of Options and Restricted Share Unit. 

(a) Lapse for Death or Illness; if a Participant cease to be a Service Provider by reason of (i) the Participant’s death, or
(ii) the Participant’s serious illness or injury which, in the opinion of the Board, renders the Participant concerned unfit to perform the duties of his or her employment or engagement and which in the normal course would render the
Participant unfit to continue performing the duties under his or her contract provided such illness or injury is not self-inflicted or as a result of alcohol or drug abuse; then any unvested Option and Restricted Share Unit will immediately lapse
and the Participant or his or her personal representatives (if appropriate) may exercise all his or her vest options within six (6) months after the event above-mentioned occurs. 

  
 6 / 12 

 (b) Lapse on Termination for Cause; if a Participant cease to be a Service Provider by any
of the following reason: (i) any act of grave misconduct or willful default or willful neglect in the discharge of duties of the Participant with the Company; (ii) without prejudice to the generality of (i) above, being proven to have
carried out any fraudulent activity or have fraudulently failed to carry out any activity whether or not in connection with the affairs of the Company; (iii) being convicted of any offence; (iv) being proved to take advantages of such
Participant’s position to make interest for him/herself or for others; (v) being proved to appropriate assets of the Company; (vi) serious violation or persistent breach of any terms of the employment agreement, the confidentiality
and intellectual property rights assignment agreement, the non-compete and non-solicitation agreement, the anti-bribery agreement or any other agreements entered into by
and between such Participant and any member of the Company; (vii) repeated drunkenness or use of illegal drugs or being addicted to gambling which adversely interferes with or is reasonably expected to adversely interfere with the performance
of such Participant’s obligations and duties of employment or engagement; and (iii) any other conduct which, as the Administrator determines in good faith, would justify the termination of his or her Contract, then any unvested Option and
Restricted Share Unit will immediately lapse and the Administrator may resolve the same to any vested Option and Restricted Share Unit in its sole discretion. 

(c) Lapse on Cessation for Other Reason; If a Participant ceases to be a Service Provider for any reason other than those set up in paragraph
(a) or (b), then any unvested Option and Restricted Share Unit will immediately lapse and the Participant or his or her personal representatives (if appropriate) may exercise all his or her vested Options within 30 days after the cessation, or
such longer period as the Administrator may otherwise determine. 
 9.5 Withholding. Each Participant shall pay to the
Company, or make provision satisfactory to the Administrator for payment of, and authorize the Company (and/or the Company’s parent or subsidiary company employing or retaining the Participant), to the extent determined appropriate by the
Administrator and permissible under Applicable Law, to withhold from the Participant’s wages, subsidies or other compensation payable to the Participant by the Company (and/or the Company’s parent or subsidiary company employing or
retaining the Participant), any taxes required by law to be withheld in connection with Awards to such Participant no later than the date of the event creating the tax liability. Except as the Administrator may otherwise determine, all such payments
shall be made in cash, by wire transfer of immediately available funds or by certified check. Notwithstanding the foregoing, Participants may satisfy such tax obligations by (i) to the extent permitted by the Administrator, in whole or in part
by delivery of Shares, including Shares retained from the Award creating the tax obligation, valued at their Fair Market Value, and (ii) if there is a public market for Shares at the time the tax obligations are satisfied, unless the
Administrator otherwise determines, (A) delivery (including, without limitation, telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to
the Company sufficient funds to satisfy the tax obligations, or (B) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash
or a check sufficient to satisfy the tax withholding; provided that such amount is paid to the Company at such time as may be required by the Administrator. The Company may, to the extent permitted by Applicable Laws, deduct any such tax obligations
based on applicable withholding rates from any payment of any kind otherwise due to a Participant. 
 9.6 Amendment of Award.
The Administrator may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or settlement. 

  
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 9.7 Conditions on Delivery of Shares. The Company will not be obligated to deliver
any Ordinary Shares pursuant to the Plan or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the
Company’s counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including, without limitation, any applicable securities laws and any applicable stock exchange or stock market rules
and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy the requirements of any Applicable Laws. The inability of the
Company to obtain authority from any regulatory body having jurisdiction, which authority is determined by the Administrator to be necessary to the lawful issuance and sale of any securities hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. 
 9.8
Acceleration. The Administrator may at any time provide that any Award shall become vested and/or exercisable in full or in part, free of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be.

 ARTICLE X. 

MISCELLANEOUS. 
 10.1 No
Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the
Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan or any Award, except as expressly provided in an applicable Award
Agreement. 
 10.2 No Rights As Shareholder; Certificates. Subject to the provisions of the applicable Award Agreement, no
Participant or Designated Beneficiary shall have any rights as a shareholder with respect to any Ordinary Shares to be distributed with respect to an Award until becoming the record holder of such shares. Notwithstanding any other provision of the
Plan, unless otherwise determined by the Administrator or required by any Applicable Laws, the Company shall not be required to deliver to any Participant certificates evidencing Ordinary Shares issued in connection with any Award and instead such
Ordinary Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or share plan administrator). The Company may place legends on share certificates issued under the Plan deemed necessary or appropriate by the
Administrator in order to comply with Applicable Laws. 
 10.3 Effective Date and Term of Plan. The Plan shall become effective on
the date on which it is adopted by the Board. No Awards shall be granted under the Plan after the completion of ten years from the date on which the Plan was adopted by the Board. 

10.4 Amendment of Plan. At any time and from time to time, the Board may terminate, amend or modify the Plan; provided, however, that
(a) to the extent necessary and desirable to comply with Applicable Laws or stock exchange rules, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, unless the Company decides
to follow home country practice, and (b) unless the Company decides to follow home country practice, shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other
than any adjustment as provided by Article VIII), or (ii) permits the Committee to extend the term of the Plan or the exercise period for an Option beyond ten years from the date of grant. 

  
 8 / 12 

 10.5 Limitations on Liability. Notwithstanding any other provisions of the Plan, no
individual acting as a director, officer, other employee or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection with
the Plan or any Award, nor will such individual be personally liable with respect to the Plan because of any contract or other instrument he or she executes in his or her capacity as an Administrator, director, officer, other employee or agent of
the Company. The Company will indemnify and hold harmless each director, officer, other employee and agent of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been or will be granted or
delegated, against any cost or expense (including, without limitation, attorneys’ fees) or liability (including, without limitation, any sum paid in settlement of a claim with the Administrator’s approval) arising out of any act or
omission to act concerning this Plan unless arising out of such person’s own fraud or bad faith. 
 10.6 Data Privacy. As a
condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this paragraph by and among, as applicable, the Company and
its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The Company and its subsidiaries and affiliates may hold certain personal information about a
Participant, including but not limited to, the Participant’s name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), any shares held in the
Company or any of its subsidiaries and affiliates, details of all Awards, in each case, for the purpose of implementing, managing and administering the Plan and Awards (the “Data”). The Company and its subsidiaries and
affiliates may transfer the Data amongst themselves as necessary for the purpose of implementation, administration and management of a Participant’s participation in the Plan, and the Company and its subsidiaries and affiliates may each further
transfer the Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may
have different data privacy laws and protections than the recipients’ country. Through acceptance of an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for
the purposes of implementing, administering and managing the Participant’s participation in the Plan, including, without limitation, any requisite transfer of such Data as may be required to a broker or other third party with whom the Company
or the Participant may elect to deposit any Ordinary Shares. The Data related to a Participant will be held only as long as is necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any
time, view the Data held by the Company with respect to such Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to
the Participant or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources representative. The Company may cancel Participant’s ability to participate in the Plan and, in the
Administrator’s discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws his or her consents as described herein. For more information on the consequences of refusal to consent or withdrawal of
consent, Participants may contact their local human resources representative. 
 10.7 Severability. In the event any portion of the
Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provisions had not been included, and the illegal or invalid action shall be null and void. 
 10.8 Governing Documents. In the event
of any contradiction between the Plan and any Award Agreement or any other written agreement between a Participant and the Company or any Subsidiary of the Company that has been approved by the Administrator, the terms of the Plan shall govern,
unless it is expressly specified in such Award Agreement or other written document that a specific provision of the Plan shall not apply. 

  
 9 / 12 

 10.9 Submission to Jurisdiction. By accepting an Award, each Participant irrevocably
and unconditionally consents to submit to the exclusive jurisdiction of the courts of New York, for any action arising out of or relating to the Plan (and agrees not to commence any litigation relating thereto except in such courts), and further
agrees that service of any process, summons, notice or document by registered mail to the address contained in the records of the Company shall be effective service of process for any litigation brought against it in any such court. By accepting an
Award, each Participant irrevocably and unconditionally waives any objection to the laying of venue of any litigation arising out of Plan or Award hereunder in the courts of New York, and further irrevocably and unconditionally waives and agrees not
to plead or claim in any such court that any such litigation brought in any such court has been brought in an inconvenient forum. By accepting an Award, each Participant irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any and all rights to trial by jury in connection with any litigation arising out of or relating to the Plan or any Award hereunder. 

10.10 Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with
the laws of the Cayman Islands. 
 10.11 Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform
to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding
anything herein to the contrary, the Plan and all Awards granted hereunder shall be administered only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by Applicable Laws, the Plan and all Award Agreements
shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 ARTICLE XI. 

DEFINITIONS. AS USED IN THE PLAN, THE FOLLOWING WORDS AND PHRASES SHALL 

HAVE THE FOLLOWING MEANINGS: 

11.1 “Adoption Date” means May 28, 2021. 

11.2 “Administrator” means the Board or a Committee to the extent that the Board’s powers or authority under the
Plan have been delegated to such Committee. 
 11.3 “Applicable Laws” means legal requirements relating to the Plan
and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards
granted to residents therein.. 
 11.4 “Award” means, individually or collectively, a grant under the Plan of
Options, Restricted Shares, Restricted Share Units or Other Share-Based Awards. 
 11.5 “Award Agreement” means a
written agreement evidencing an Award, which agreements may be in electronic medium and shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with and subject to the terms and conditions of
the Plan. 
 11.6 “Board” means the Board of Directors of the Company. 

11.7 “Committee” means one or more committees or subcommittees of the Board or the Company, which may be comprised of
one or more directors and/or executive officers of the Company, in either case, to the extent permitted in accordance with Applicable Laws. 

11.8 “Company” means I-Mab, an exempted company incorporated under the Laws of
the Cayman Islands, or any successor thereto. 

  
 10 / 12 

 11.9 “Consultant” means any consultant or adviser if: (a) the
consultant or adviser renders bona fide services to the Company; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or
indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. For the avoidance of doubt, each
member of the scientific advisory board of the Company is a Consultant. 
 11.10 “Director” means a member of the
Board. 
 11.11 “Employee” means any person, including, without limitation, officers and Directors, employed by the
Company or any parent or subsidiary of the Company. 
 11.12 “Exchange Act” means the U.S. Securities Exchange Act
of 1934, as amended. 
 11.13 “Fair Market Value” means, as of any date, the value of Share determined as follows:

 (a) If the Shares are listed on one or more established stock exchanges or national market systems, including without limitation, the New
York Stock Exchange or the NASDAQ Stock Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as
determined by the Administrator) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported on the
website maintained by such exchange or market system or such other source as the Administrator deems reliable; or 
 (b) In the absence of
an established market for the Shares of the type described in (a) above, the Fair Market Value thereof shall be determined by the Administrator in good faith and in its discretion by reference to (i) the placing price of the latest private
placement of the Shares and the development of the Company’s business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the
development of the Company’s business operation and the general economic and market conditions since such transaction, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Administrator
determines to be indicative of Fair Market Value. 
 11.14 “Grant Date” means the date as set forth in the Award
Agreement. 
 11.15 “Incentive Stock Option” or “ISO” means an Option that is intended to
meet the requirements of Section 422 of the Code or any successor provision thereto. 
 11.16 “Initial Vesting
Date” means the initial vesting date as specified in the Award Agreement. 
 11.17
“Non-Qualified Share Options” means an Option that is not intended to be an Incentive Share Option. 

11.18 “Option” means an option to purchase Ordinary Shares. An Option may be either an Incentive Stok Option or a Non-Qualified Share Option. 
 11.19 “Ordinary Shares” means the
ordinary shares par value US$0.0001 each of the Company. 

  
 11 / 12 

 11.20 “Other Share-Based Awards” means other Awards of Ordinary
Shares, and other Awards that are valued in whole or in part by reference to, or are otherwise based on, Ordinary Shares or other property. 

11.21 “Participant” means a Service Provider who has been granted an Award under the Plan. 

11.22 “Performance Conditions” means the criteria and objectives, as established by the Board, which shall be
satisfied or met to measure the grant or exercisability of all or a portion of an Restricted Share Unit during the applicable period under this Plan. In the sole discretion of the Board, the Board may amend or adjust the Performance Conditions or
other terms and conditions of an outstanding award in recognition of any adjustment events. 
 11.23 “Restricted Share
Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one Ordinary Share or an amount in cash or other consideration determined by the Administrator equal to the value thereof as of such payment date,
which right may be subject to certain vesting conditions and other restrictions. 
 11.24 “Securities Act” means the
U.S. Securities Act of 1933, as amended from time to time. 
 11.25 “Service Provider” means an Employee,
Consultant, Director or other service providers that the Administrator deems appropriate. 
 11.26 “Termination of
Service” means the date the Participant ceases to be a Service Provider. 
 * * * 

  
 12 / 12

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