Document:

Exhibit 4.3

 

 

 

DEPOSIT AGREEMENT

 

among

 

U.S. BANCORP,

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Depositary,

 

and

 

THE HOLDERS FROM TIME TO TIME OF

 

THE DEPOSITARY
RECEIPTS DESCRIBED HEREIN

 

Dated as of February 9, 2022

 

 

 

    

    

    

 

TABLE
OF CONTENTS

 

	 	 	Page

 

ARTICLE I

DEFINED TERMS

 

	1.1	Definitions	1

 

ARTICLE II

FORM OF RECEIPTS, DEPOSIT OF SERIES O PREFERRED STOCK,

EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND

REDEMPTION OF RECEIPTS

 

	2.1	Form and Transfer of Receipts	2
	2.2	Deposit of Series O Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	3
	2.3	Registration of Transfer of Receipts	4
	2.4	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series O Preferred Stock	4
	2.5	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	5
	2.6	Lost Receipts, etc.	6
	2.7	Cancellation and Destruction of Surrendered Receipts	6
	2.8	Redemption of Series O Preferred Stock	6

 

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE

CORPORATION

 

	3.1	Filing Proofs, Certificates and Other Information	7
	3.2	Payment of Taxes or Other Governmental Charges	8
	3.3	Warranty as to Series O Preferred Stock	8
	3.4	Warranty as to Receipts	8

 

ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES

 

	4.1	Cash Distributions	8
	4.2	Distributions Other than Cash, Rights, Preferences or Privileges	9
	4.3	Subscription Rights, Preferences or Privileges	9
	4.4	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	10
	4.5	Voting Rights	11
	4.6	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	11
	4.7	Delivery of Reports	12
	4.8	Lists of Receipt Holders	12

 

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TABLE
OF CONTENTS

(continued)

 

	 	 	Page

 

ARTICLE V

THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR

AND THE CORPORATION

 

	5.1	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	12
	5.2	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation	13
	5.3	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation	13
	5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary	14
	5.5	Corporate Notices and Reports	15
	5.6	Indemnification by the Corporation	15
	5.7	Fees, Charges and Expenses	16

 

ARTICLE VI

AMENDMENT AND TERMINATION

 

	6.1	Amendment	16
	6.2	Termination	17

 

ARTICLE VII

MISCELLANEOUS

 

	7.1	Counterparts	17
	7.2	Exclusive Benefit of Parties	17
	7.3	Invalidity of Provisions	17
	7.4	Notices	18
	7.5	Depositary’s Agents	19
	7.6	Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Series O Preferred Stock	19
	7.7	Appointment of Calculation Agent	19
	7.8	Holders of Receipts Are Parties	19
	7.9	Governing Law	20
	7.10	Inspection of Deposit Agreement	20
	7.11	Headings	20

 

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DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT dated as of February 9,
2022, among (i) U.S. BANCORP, a Delaware corporation, (ii) U.S. BANK NATIONAL ASSOCIATION, a national banking association formed
under the laws of the United States, and (iii) the Holders from time to time of the Receipts described herein.

 

WHEREAS, it is desired to provide, as hereinafter
set forth in this Deposit Agreement, for the deposit of shares of Series O Preferred Stock of the Corporation from time to time with
the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares
in respect of the Series O Preferred Stock so deposited; and

 

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

 

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

 

ARTICLE I

 

DEFINED
TERMS

 

1.1            Definitions.

 

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

 

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

 

“Corporation” shall mean U.S.
Bancorp, a Delaware corporation, and its successors.

 

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

 

“Depositary” shall mean U.S.
Bank National Association, a national banking association formed under the laws of the United States, and any successor as Depositary
hereunder.

 

“Depositary Shares” shall mean
the depositary shares, each representing one one-thousandth of one share of the Series O Preferred Stock, evidenced by a Receipt.

 

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

 

    

    

    

 

“Depositary’s Office”
shall mean the principal office of the Depositary in New York, New York, at which at any particular time its depositary receipt business
shall be administered.

 

“Officer’s Certificate”
means a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation 

and
which shall include the terms and conditions of the Series O Preferred Stock to be issued by the Corporation and deposited with the
Depositary from time to time in accordance with the terms hereof.

 

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

 

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

 

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

 

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

 

“Series O Preferred Stock”
shall mean the shares of the Corporation’s 4.50% Series O Non-Cumulative Perpetual Preferred Stock, $1.00 par value, with a
liquidation preference of $25,000 per share, designated in the Certificate and described in the Officer’s Certificate delivered
pursuant to Section 2.2 hereof.

 

ARTICLE II

 

FORM OF
RECEIPTS, DEPOSIT OF SERIES O PREFERRED STOCK, EXECUTION AND

DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 

2.1            Form and
Transfer of Receipts.

 

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

 

    2

    

    

 

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

 

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

 

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

 

Title to Depositary Shares evidenced by a Receipt
which is properly endorsed or accompanied by a properly executed instrument of transfer, 

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

 

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

 

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

 

    3

    

    

 

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

 

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

 

2.3            Registration
of Transfer of Receipts.

 

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

 

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

 

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

 

    4

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

    

    

 

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

  

2.6            Lost
Receipts, etc.

 

In case any Receipt shall be mutilated, destroyed,
lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution
for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by
the Holder thereof with the Depositary of evidence satisfactory to the Depositary of such destruction or loss or theft of such Receipt,
of the authenticity thereof and of his or her ownership thereof and (ii) the Holder thereof furnishing of the Depositary with reasonable
indemnification satisfactory to the Depositary.

 

2.7            Cancellation
and Destruction of Surrendered Receipts.

 

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

 

2.8            Redemption
of Series O Preferred Stock.

 

Whenever the Corporation shall be permitted
and shall elect to redeem shares of Series O Preferred Stock in accordance with the terms of the Certificate, it shall (unless
otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 10 days and not more
than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Series O
Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, which
notice shall be accompanied by a certificate from the Corporation stating that such redemption of Series O Preferred Stock is
in accordance with the provisions of the Certificate. On the date of such redemption, provided that the Corporation shall then have
paid or caused to be paid in full to the Depositary the Redemption Price (as defined in the Certificate) of the Series O
Preferred Stock to be redeemed in accordance with the provisions of the Certificate, the Depositary shall redeem the number of
Depositary Shares representing such Series O Preferred Stock. The Depositary shall mail notice of the Corporation’s
redemption of Series O Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares representing
the Series O Preferred Stock to be redeemed by first-class mail, postage prepaid, not less than 10 days and not more than 60
days prior to the date fixed for redemption of such Series O Preferred Stock and Depositary Shares (the “Redemption
Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last
addresses as they appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary
Shares to one or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall
affect the sufficiency of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by the
Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less
than all the Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder
to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares
are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Series O Preferred
Stock represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the
outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by
lot or in such other manner as the Board of Directors of the Corporation or any duly authorized committee of the Board of Directors
of the Corporation may determine to be fair and equitable.

 

Notice having been mailed by the Depositary
as aforesaid, from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem
the Series O Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of
Series O Preferred Stock so called for Redemption shall cease to accrue from and after such date, (ii) the Depositary
Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of
Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such
Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts
evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or
applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary
Share equal to one one-thousandth of the redemption price per share of Series O Preferred Stock so redeemed plus all money and
other property, if any, represented by such Depositary Shares, including all amounts paid by the Corporation in respect of dividends
which on the Redemption Date have been declared on the shares of Series O Preferred Stock to be so redeemed and have not
therefore been paid.

 

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

 

ARTICLE III

 

CERTAIN
OBLIGATIONS OF

HOLDERS OF RECEIPTS AND THE CORPORATION

 

3.1            Filing
Proofs, Certificates and Other Information.

 

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

 

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3.2            Payment
of Taxes or Other Governmental Charges.

 

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

 

3.3            Warranty
as to Series O Preferred Stock.

 

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

 

3.4            Warranty
as to Receipts.

 

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

 

ARTICLE IV

 

THE
DEPOSITED SECURITIES; NOTICES

 

4.1            Cash
Distributions.

 

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

 

    8

     

    

 

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

 

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

 

4.3            Subscription
Rights, Preferences or Privileges.

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

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4.5            Voting
Rights.

 

Subject to the provisions of the Certificate,
upon receipt of notice of any meeting at which the holders of the Series O Preferred Stock are entitled to vote, the Depositary
shall, as soon as practicable thereafter, mail to the Record Holders of Receipts a notice prepared by the Corporation which shall
contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject
to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of
Series O Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions
may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to
the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date,
the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in
such requests, the maximum number of whole shares of Series O Preferred Stock represented by the Depositary Shares evidenced by
all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable
action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Series O Preferred Stock
or cause such Series O Preferred Stock to be voted. In the absence of specific instructions from Holders of Receipts, the
Depositary will vote the Series O Preferred Stock represented by the Depositary Shares evidenced by the Receipts of such
Holders proportionately with votes cast pursuant to instructions received from the other Holders.

 

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

 

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

 

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4.7            Delivery
of Reports.

 

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

 

4.8            Lists
of Receipt Holders.

 

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

 

ARTICLE V

 

THE DEPOSITARY,
THE DEPOSITARY’S

AGENTS, THE REGISTRAR AND THE CORPORATION

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation assumes any obligation or shall be subject to any liability under this Deposit Agreement to
Holders of Receipts other than for its negligence, willful misconduct or bad faith. Notwithstanding anything in this Agreement to the
contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor the Corporation shall be liable in any event
for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost
profits).

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Corporation shall be under any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of the Series O Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve it
in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required.

 

Neither the Depositary nor any
Depositary’s Agent nor any Registrar nor the Corporation shall be liable for any action or any failure to act by it in
reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series O Preferred
Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such
information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be
protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be
genuine and to have been signed or presented by the proper party or parties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5.5            Corporate
Notices and Reports.

 

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

 

5.6            Indemnification
by the Corporation.

 

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

 

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5.7            Fees,
Charges and Expenses.

 

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

 

ARTICLE VI

 

AMENDMENT
AND TERMINATION

 

6.1            Amendment.

 

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

 

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6.2            Termination.

 

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

 

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

 

ARTICLE VII

 

MISCELLANEOUS

 

7.1            Counterparts;
Electronic Signatures.

 

This Deposit Agreement and any other document to
be executed in connection with this Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto
on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts
taken together shall constitute one and the same instrument. Delivery of this Deposit Agreement and any other document to be delivered
in connection with this Deposit Agreement by one party to the other may be made by facsimile, electronic mail or other transmission method
as permitted by applicable law, and the parties hereto agree that any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes. A party’s electronic signature (complying with the New York Electronic Signatures
and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) of this Deposit Agreement
or other document to be executed in connection with this Deposit Agreement shall have the same validity and effect as a signature affixed
by the party’s hand.

 

7.2            Exclusive
Benefit of Parties.

 

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

 

7.3            Invalidity
of Provisions.

 

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

 

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7.4           Notices.

 

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

 

U.S. Bancorp

800 Nicollet Mall

BC-MN-H18T

Minneapolis, Minnesota 55402

Attention: Treasury Department

Facsimile No.: (612) 303-1338

 

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

 

Any and all notices to be given to the Depositary
hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail,
or by facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office at

 

U.S. Bank National Association

100 Wall Street

New York, New York 10005

Attention: Corporate Trust Services

Facsimile No.: (212) 509-3384

 

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

 

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

 

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

 

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7.5            Depositary’s
Agents.

  

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

 

7.6            Appointment
of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the Series O Preferred Stock.

 

Unless otherwise set forth on the Officer’s
Certificate delivered pursuant to Section 2.2 hereof, the Corporation hereby appoints U.S. Bank National Association as registrar,
dividend disbursing agent and redemption agent in respect of the Series O Preferred Stock deposited with the Depositary hereunder,
and U.S. Bank National Association hereby accepts such appointments. With respect to the appointments of U.S. Bank National Association
as registrar, dividend disbursing agent and redemption agent in respect of the Series O Preferred Stock, each of the Corporation
and U.S. Bank National Association, in their respective capacities under such appointments, shall be entitled to the same rights, indemnities,
immunities and benefits as the Corporation and Depositary hereunder, respectively, as if explicitly named in each such provision.

 

7.7            Appointment
of Calculation Agent.

 

The Officer’s Certificate referred to
in Section 2.2 hereof shall set forth the name of the calculation agent, if any, with respect to calculating the amount
of dividends to be paid with respect to the Series O Preferred Stock, and if the Officer’s Certificate names U.S. Bank
National Association as calculation agent, it shall be deemed to be appointed as calculation agent only if U.S. Bank National
Association has accepted such appointment in writing as agreed between U.S. Bank National Association and the Corporation. If U.S.
Bank National Association is appointed as such calculation agent, each of the Corporation and such calculation agent, in their
respective capacities under such appointment, shall be entitled to the same rights, indemnities, immunities and benefits as the
Corporation and Depositary hereunder, respectively, as if explicitly named in each such provision. Also, if U.S. Bank National
Association is appointed as such calculation agent, it shall be entitled to receive a description of the calculations required under
the Series O Preferred Stock and the categories of information under which it is entitled to seek guidance from the
Corporation. In furtherance thereof, such calculation agent may seek guidance from the Corporation with one day notice in making any
determinations thereunder.

  

7.8            Holders
of Receipts Are Parties.

 

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

 

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7.9            Governing
Law.

 

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

  

7.10            Inspection
of Deposit Agreement.

 

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

 

7.11            Headings.

 

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

 

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

 

    20 

     

    

 

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

 

	 	U.S. BANCORP

 

		By:	/s/ Luke R. Wippler  

                                                                  

                                                                  

	 	 	Name:	Luke R. Wippler
	 	 	Title:	 Executive Vice President and Treasurer

 

	 	U.S. Bank National Association
	 	 
	 	Attested by:	/s/ Beverly A. Freeney
	 	 	Name: Beverly A. Freeney
	 	 	Title: Vice President

 

Signature Page to Deposit Agreement

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF RECEIPT]

 

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

 

DEPOSITARY SHARES

DR – [    ]

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH

REPRESENTING ONE ONE-THOUSANDTH OF ONE SHARE OF

4.50% SERIES O NON-CUMULATIVE PERPETUAL PREFERRED STOCK,

OF

U.S. BANCORP

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

CUSIP 902973 668

SEE REVERSE FOR CERTAIN DEFINITIONS

 

U.S. Bank National Association, as depositary (the
 “Depositary”), hereby certifies that CEDE & Co. is the registered owner of [number] DEPOSITARY SHARES (“Depositary
Shares”), each Depositary Share representing one one-thousandth of one share of 4.50% Series O Non-Cumulative Perpetual Preferred
Stock, liquidation preference $25,000 per share, par value $1.00 per share (the “Series O Preferred Stock”), of U.S.
Bancorp, a Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to
the benefits of the Deposit Agreement, dated as of February 9, 2022 (the “Deposit Agreement”), among the Corporation,
the Depositary and the Holders (as defined in the Deposit Agreement) from time to time of the Depositary Receipts. By accepting this Depositary
Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary
Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have
been executed by the Depositary by the manual, facsimile or electronic signature of a duly authorized officer.

 

Dated:

 

	U.S. Bank National Association, Depositary	 
	 	 
	By:	 	 
	 	Authorized Officer	 

 

    A-1 

     

    

 

 

[FORM OF REVERSE OF RECEIPT]

 

U.S. BANCORP

  

U.S. BANCORP WILL FURNISH WITHOUT CHARGE TO EACH
RECEIPT HOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF THE 4.50% SERIES
O NON-CUMULATIVE PERPETUAL PREFERRED STOCK OF U.S. BANCORP. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF
THIS RECEIPT.

 

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

 

EXPLANATION OF ABBREVIATIONS

 

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

 

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

 

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

 

    A-2 

     

    

 

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

 

INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

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

  

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

 

Dated:

 

	Signature:	 	 
	 	 	 
	Signature:	 	 

 

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

 

SIGNATURE GUARANTEED

 

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

 

    A-3 

     

    

 

EXHIBIT B

 

FORM OF OFFICER’S CERTIFICATE

 

I, ____________, [title] ______________ of U.S.
Bancorp (the “Corporation”), hereby certify that pursuant to the terms of a Certificate of Designations filed with the Secretary
of State of the State of Delaware on February 8, 2022 (the “Certificate of Designations”), and pursuant to resolutions
adopted at a meeting of the Capital Planning Committee of the Board of Directors of the Corporation (the “Capital Planning Committee”)
on January 24, 2022 and resolutions adopted by written consent of the Pricing Subcommittee of the Capital Planning Committee on February 2,
2022, the Corporation has established the Series O Preferred Stock (as defined below), which the Corporation desires to deposit with
the Depositary for the purposes of being subject to the terms and conditions of the Deposit Agreement, dated as of February 9, 2022,
among the Corporation, U.S. Bank National Association and the Holders of Receipts issued thereunder from time to time (the “Deposit
Agreement”). In connection therewith, the Capital Planning Committee has authorized the terms and conditions with respect to the
4.50% Series O Non-Cumulative Perpetual Preferred Stock, $1.00 par value per share, with a liquidation preference of $25,000 per
share (the “Series O Preferred Stock”) as described in the Certificate of Designations attached as Annex A hereto. Any
terms of the Series O Preferred Stock that are not so described in the Certificate of Designations and any terms of the Receipts
representing such Series O Preferred Stock that are not described in the Deposit Agreement are described below:

 

	Aggregate Number of shares of Series O Preferred Stock issued on the date hereof:	18,000
	CUSIP Number for Receipt:	902973 668 
	Denomination of Depositary Share per share of Series O Preferred Stock (if different than 1/1,000th of a share of Series O Preferred Stock):	—
	Redemption Provisions (if different than as set forth in the Deposit Agreement):	—
	Name of Global Receipt Depositary:	U.S. Bank National 

Association
	Name of Registrar with Respect to the Receipts (if other than U.S. Bank National Association.):	—
	Name of Registrar, Dividend Disbursing Agent, and Redemption Agent with Respect to the Series O Preferred Stock (if other than U.S. Bank National Association):	—
	Name of Calculation Agent, if any:	U.S. Bank National 

Association
	Special terms and conditions:	—
	Closing date:	February 9, 2022

 

    B-1 

     

    

 

Pursuant
to the terms of the Deposit Agreement, the Corporation hereby appoints U.S. Bank National Association as calculation agent (the “Calculation
Agent”) for the Series O Preferred Stock described in the Certificate of Designations attached hereto.

  

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

 

Date:

 

		By:	
	 	 	Name:
	 	 	Title:

 

AGREED AND ACCEPTED

 

U.S. BANK NATIONAL ASSOCIATION,

as Calculation Agent

 

	By:	 	 
	 	Name:
	 	Title:

 

    B-2EX-10.1

 Exhibit 10.1 

CENTRAL GARDEN & PET COMPANY 

2003 OMNIBUS EQUITY INCENTIVE PLAN 

PERFORMANCE UNIT AGREEMENT 

THIS AGREEMENT is made as of this      day of
                , 20    , between Central Garden & Pet Company, a Delaware corporation (the “Company”) and (the
“Employee”). The Company hereby awards to Employee Performance Units under the Company’s 2003 Omnibus Equity Incentive Plan (as amended and restated from time to time, the “Plan”). Each Performance Unit awarded
under this Performance Unit Agreement (the “Agreement”) consist of the right to receive one (1) share of Class A common stock of the Company (a “Share” or the “Shares”). The Grant Date is
the date of this Agreement (the “Grant Date”). Subject to the provisions of Appendix A of this Agreement (“Appendix A”) (attached) and of the Plan, the principal features of this award are as follows: 

Number of Performance Units at Target Performance: [         (#)] 

Performance Period: [INSERT PERFORMANCE PERIOD] 

Performance Goals: The actual number of Shares to be earned under this award will be determined based on the performance goals set forth in
Appendix B which shall be separately provided to Employee by the Company (the “Performance Goals”). Such Performance Goals and the extent to which they have been achieved will be determined by the Compensation Committee (the
“Committee”) of the Board of Directors of the Company (the “Board”), in its sole discretion. The number of Shares earned on account of performance shall be determined in accordance with the applicable performance
curve(s) set forth in Appendix B which shall be separately provided to Employee by the Company. 
 As provided in the Plan, this Agreement and Appendix A,
this Award may terminate before the end of the Performance Period. For example, if Employee’s employment ends before the end of the Performance Period, this Award will terminate at the same time as such termination unless an exception applies
as set forth in Appendix A. Important additional information on vesting and forfeiture of the Performance Units covered by this Award is contained in paragraphs 2 through 6 of Appendix A. 

Your signature below indicates your agreement and understanding that this award is subject to all of the terms and conditions contained in Appendix A and the
Plan. 

 PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS
AGREEMENT. YOU CAN REQUEST A COPY OF THE PLAN BY CONTACTING THE CORPORATE HUMAN RESOURCES OFFICE IN WALNUT CREEK, CALIFORNIA. TO THE EXTENT ANY CAPITALIZED TERMS USED IN APPENDIX A ARE NOT DEFINED HEREIN, THEY WILL HAVE THE MEANING ASCRIBED TO THEM
IN THE PLAN. 
  

									
	CENTRAL GARDEN & PET COMPANY	 		 	EMPLOYEE
				
	By:	 	  
	 		 	  

		 	Name:	 		 		 	[NAME]
		 	Title:	 		 		 	

 APPENDIX A 

TERMS AND CONDITIONS OF PERFORMANCE UNITS 

1. Award. The Company hereby awards to the Employee under the Plan as a separate incentive in connection with his or her employment,
and not in lieu of any salary or other compensation for his or her services, a target award of [         (#)] Performance Units (the “Target Amount”) on the date hereof, subject to all of the
terms and conditions in this Agreement and the Plan. 
 2. Vesting. To the extent that the Performance Goals are achieved and Shares
are earned (which may range from [        (#) to          (#)]), as determined and certified by the Committee, then the earned Shares shall be paid as soon as reasonably
practicable after the end of the Performance Period but in no event later than March 15 of the year immediately following the end of the Performance Period (the “Settlement Date”), provided that Employee shall have been
continuously employed by the Company or by one of its Affiliates as an employee (not including any period of consultancy unless the Committee expressly agreed to the contrary) from the Grant Date through the last day of the Performance Period (the
“Employment Requirement”); provided, however, with respect to any Performance Units subject to Section 409A of the Code, the Settlement Date shall be between January 1 and March 15 of the year immediately following
the end of the Performance Period. For the avoidance of doubt, in the event that the Employment Requirement is waived pursuant to paragraph 3 or 5, payout of the Performance Units shall continue to depend on the extent to which the Performance Goals
are achieved and Shares are earned, as determined and certified by the Committee. 
 3. Committee Discretion. The Committee, in its
absolute discretion, may waive the Employment Requirement with respect to all or any portion of the Performance Units at any time. 
 4.
Forfeiture. Except as provided in paragraphs 3 or 5, and notwithstanding any contrary provision of this Agreement, in the event that Employee ceases to be continuously employed by the Company or by one of its Affiliates through the last day
of the Performance Period, the Performance Units shall thereupon be forfeited. 
 5. Death or Disability of Employee. In the event of
the Employee’s death prior to Employee’s Termination of Employment or Termination of Employment due to permanent and total disability within the meaning of Section 22(e)(3) of the Code (which shall constitute a “separation from
service” within the meaning of Section 409A of the Code) (“Disability Termination”), the Target Amount of Performance Units shall be deemed earned and vested in full upon such Termination of Employment and shall be settled
as soon as practicable (and, therefore, the Settlement Date shall be accelerated to such date) in the calendar year of the Employee’s death or Disability Termination. If (i) Employee is subject to U.S. income tax, and (ii) Employee is
a “specified employee” within the meaning of Section 409A of the Code at the time of such Disability Termination then, to the extent necessary to avoid taxation under Section 409A of the Code, the settlement of such accelerated
Performance Units will not be made until the date six (6) months and one (1) day following the date of such termination, unless the Employee dies following such termination prior to such time, in which case, the Performance Units will be
settled to the Employee’s estate (or beneficiary) upon his or her death, subject to paragraph 7. Any distribution or delivery to be made to the Employee under this Agreement shall, if the Employee is then deceased, be made to the
Employee’s designated beneficiary, or if either no beneficiary survives the Employee or the Committee does not permit beneficiary designations, to the administrator or executor of the Employee’s estate. Any designation of a beneficiary by

 
the Employee shall be effective only if such designation is made in a form and manner acceptable to the Committee. Any transferee must furnish the Company with (a) written notice of his or
her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 

6. Settlement of Performance Units. 

(a) Status as a Creditor. Prior to settlement of any vested Performance Units, the Performance Units will represent an unfunded and
unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. The Employee is an unsecured general creditor of the Company, and settlement of vested Performance Units is subject to the claims of the
Company’s creditors. 
 (b) Form and Timing of Settlement. Performance Units will automatically be settled in the form of Shares
on the Settlement Date to the extent earned in accordance with the terms hereof. Fractional Shares will not be issued with respect to Performance Units. If the number of Shares that would otherwise be earned and settled contains a fractional Share,
the number of Shares issued will be rounded down to the nearest whole Share. The value of the fractional share earned but not issued will be added to the amount remitted to satisfy any applicable Tax Liability pursuant to paragraph 7 below. 

7. Tax Liability and Withholding. The Company or one if its Affiliates shall assess applicable tax liability and requirements in
connection with the Employee’s participation in the Plan, including, without limitation, tax liability associated with the grant or settlement of Performance Units or sale of the underlying Shares (the “Tax Liability”). These
requirements may change from time to time as laws or interpretations change. Regardless of the Company’s or the Affiliate’s actions in this regard, the Employee hereby acknowledges and agrees that the Tax Liability shall be the
Employee’s responsibility and liability. The Employee acknowledges that the Company’s obligation to issue or deliver Shares shall be subject to satisfaction of the Tax Liability. Unless otherwise determined by the Company, the Tax
Liability shall be satisfied by the Company’s withholding all or a portion of any Shares that otherwise would be issued to the Employee upon settlement of the vested Performance Units; provided that amounts withheld shall not exceed the amount
necessary to satisfy the Company’s tax withholding obligations (minimum tax withholding obligations if necessary to avoid adverse accounting consequences). Such withheld Shares shall be valued based on the Fair Market Value as of the date the
withholding obligations are satisfied. The Company or one if its Affiliates may, at their discretion, use other methods to satisfy the Tax Liability. Furthermore, the Employee agrees to pay the Company or the Affiliate any Tax Liability that cannot
be satisfied by the foregoing methods. 
 8. Rights as Stockholder. Neither the Employee nor any person claiming under or through the
Employee shall have any of the rights or privileges of a stockholder of the Company in respect of any Performance Units (whether vested or unvested) unless and until such Performance Units are settled in Shares and certificates representing such
Shares shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Employee. After such issuance, recordation and delivery, the Employee shall have all the rights of a stockholder of the
Company with respect to voting such Shares and receipt of dividends and distributions on such Shares. 

 9. Acknowledgments. The Employee acknowledges and agrees to the following: 

 

	 	•	 	 The Plan is discretionary in nature and the Committee may amend, suspend, or terminate it at any time;

  

	 	•	 	 The grant of the Performance Units is voluntary and occasional and does not create any contractual or other right
to receive future grants of Performance Units, or benefits in lieu of the Performance Units even if the Performance Units have been granted repeatedly in the past; 

 

	 	•	 	 All determinations with respect to such future Performance Units, if any, including but not limited to, the times
when the Performance Units shall be granted or when the Performance Units shall vest, will be at the sole discretion of the Committee; 

  

	 	•	 	 The Employee’s participation in the Plan is voluntary; 

 

	 	•	 	 The value of the Performance Units is an extraordinary item of compensation, which is outside the scope of the
Employee’s employment contract (if any), except as may otherwise be explicitly provided in the Employee’s employment contract (if any); 

  

	 	•	 	 The Performance Units are not part of normal or expected compensation or salary for any purpose, including, but
not limited to, calculating termination, severance, resignation, redundancy, end of service, or similar payments, or bonuses, long-service awards, pension or retirement benefits; 

 

	 	•	 	 The future value of the Shares is unknown and cannot be predicted with certainty; 

 

	 	•	 	 No claim or entitlement to compensation or damages arises from the diminution in value of the Performance Units
or Shares; 

  

	 	•	 	 Neither the Plan nor the Performance Units shall be construed to create an employment relationship where any
employment relationship did not otherwise already exist; 

  

	 	•	 	 Nothing in this Agreement or the Plan shall confer upon the Employee any right to continue to be employed by the
Company or any Affiliate or shall interfere with or restrict in any way the rights of the Company or the Affiliate, which are hereby expressly reserved, to terminate the employment of the Employee under applicable law; 

 

	 	•	 	 The transfer of employment of the Employee between the Company and any one of its Affiliates (or between
Affiliates) shall not be deemed a Termination of Employment; 

  

	 	•	 	 Nothing herein contained shall affect the Employee’s right to participate in and receive benefits under and
in accordance with the then current provisions of any pension, insurance or other employee welfare plan or program of the Company or any Affiliate. 

 10. Changes in Stock. In the event that as a result of a stock dividend, stock split,
reclassification, recapitalization, combination of Shares or the adjustment in capital stock of the Company or otherwise, or as a result of a merger, consolidation, spin-off or other reorganization, the
Company’s Class A common stock shall be increased, reduced or otherwise changed, the Performance Units shall, subject to Section 409A of the Code, be properly adjusted. 

11. Address for Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company, in
care of its Secretary, at 1340 Treat Blvd., Suite 600, Walnut Creek, CA 94597 or at such other address as the Company may hereafter designate in writing. Any notice to be given to the Employee shall be addressed to the Employee at the address set
forth beneath the Employee’s signature hereto, or at such other address as the Employee may hereafter designate in writing. Any such notice shall be deemed to have been duly given if and when enclosed in a properly sealed envelope, addressed as
aforesaid, registered or certified and deposited, postage and registry fee prepaid, in a United States post office. 
 12. Restrictions
on Transfer. Except as provided in paragraph 5 above, this award and the rights and privileges conferred hereby shall not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be
subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this award, or of any right or privilege conferred hereby, contrary to the provisions hereof, or upon
any attempted sale under any execution, attachment or similar process upon the rights and privileges conferred hereby, this award and the rights and privileges conferred hereby shall immediately become null and void. Regardless of whether the
transfer or issuance of the Shares to be issued pursuant to this Agreement has been registered under the Securities Act of 1933, as amended (the “1933 Act””) or has been registered or qualified under the securities laws of any
state, the Company may impose additional restrictions upon the sale, pledge, or other transfer of the Shares (including the placement of appropriate legends on stock certificates and the issuance of stop-transfer instructions to the Company’s
transfer agent) if, in the judgment of the Company and the Company’s counsel, such restrictions are necessary in order to achieve compliance with the provisions of the 1933 Act, the securities laws of any state, or any other law. Stock
certificates evidencing the Shares issued pursuant to this Agreement, if any, may bear such restrictive legends as the Company and the Company’s counsel deem necessary under applicable laws or pursuant to this Agreement. 

13. Binding Agreement. Subject to the limitation on the transferability of this award contained herein, this Agreement shall be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 14.
Conditions for Issuance of Certificates for Stock. The Shares deliverable to the Employee upon settlement of vested Performance Units may be either previously authorized but unissued Shares or issued Shares which have been reacquired by the
Company. Subject to Section 409A of the Code, the Company shall not be required to issue any certificate or certificates for Shares hereunder prior to fulfillment of all the following conditions: (a) the admission of such Shares to listing
on all stock exchanges on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations of the Securities and Exchange
Commission or any other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable; (c) the approval or other clearance from any state or federal governmental regulatory body, which the
Committee shall, in its absolute discretion, determine to be necessary or advisable; and (d) the lapse of such reasonable period of time following the Settlement Date as the Committee may establish from time to time for reasons of
administrative convenience. 

 15. Plan Governs. This Agreement is subject to all of the terms and provisions of the
Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. Capitalized terms and phrases used and not defined in this Agreement shall have the
meaning set forth in the Plan. 
 16. Committee Authority. The Committee shall have the power to interpret the Plan and this
Agreement, and to adopt such rules for the administration, interpretation and application of the Plan and this Agreement as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and
determinations made by the Committee shall be final and binding upon the Employee, the Company and all other interested persons, and shall be given the maximum deference permitted by law. No member of the Committee shall be personally liable for any
action, determination or interpretation made in good faith with respect to the Plan or this Agreement. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan
and this Agreement. 
 17. Captions. Captions provided herein are for convenience only and are not to serve as a basis for
interpretation or construction of this Agreement. 
 18. Severability. In the event that any provision in this Agreement shall be
held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement. 

19. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered. The
Employee expressly warrants that he or she is not executing this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. 
 20. Amendment, Suspension or Termination of the Plan. By
accepting this award, the Employee expressly warrants that he or she has received a right to an equity-based award under the Plan, and has received, read, and understood the Plan. The Employee understands that the Plan is discretionary in nature and
may be modified, suspended, or terminated by the Company at any time. 
 21. Authorization to Release and Transfer Necessary Personal
Information. The Employee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data by and among, as applicable, the Company and the Affiliates
for the exclusive purpose of implementing, administering and managing the Employee’s participation in the Plan. The Employee understands that the Company and the Affiliates may hold certain personal information about the Employee including, but
not limited to, the Employee’s name, home address and telephone number, date of birth, social security number (or any other social or national identification number), salary, nationality, job title, number of Shares held and the details of all
Performance Units or any other entitlement to Shares awarded, cancelled, vested, unvested or outstanding for the purpose of implementing, administering and managing the Employee’s participation in the Plan (the
“Data”). The Employee understands that the Data may be transferred to the Company or any of the Affiliates, or to any third parties assisting in the implementation, administration and management of the Plan, that these
recipients may be located in the Employee’s country or elsewhere, and that the 

 
recipients’ country may have different data privacy laws and protections than the Employee’s country. The Employee understands that he or she may request a list with the names and
addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Employee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole
purpose of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Data to a broker or other third party assisting with the administration of Performance Units under the Plan or with
whom Shares acquired pursuant to the Performance Units or cash from the sale of such Shares may be deposited. Furthermore, the Employee acknowledges and understands that the transfer of the Data to the Company or the Affiliates or to any third
parties is necessary for his or her participation in the Plan. The Employee understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan. The Employee understands that he or
she may, at any time, view the Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the consents herein by contacting his or her local human resources
representative in writing. The Employee further acknowledges that withdrawal of consent may affect his or her ability to vest in or realize benefits from the Performance Units, and his or her ability to participate in the Plan. For more information
on the consequences of refusal to consent or withdrawal of consent, the Employee understands that he or she may contact his or her local human resources representative. 

IN WITNESS WHEREOF, the parties have executed this Agreement, in duplicate, effective as of the day and year first above written. 

 

			
	CENTRAL GARDEN & PET COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  

	
	EMPLOYEE
	
	  

	[NAME]
	
	Address:
	
	  

	
	  

	
	  

	
	  

	Social Security Number

 APPENDIX B 

PERFORMANCE GOALS 
 [To Be
Separately Provided]

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