Document:

ex_330119.htm

EXHIBIT 10.1

 

 

 

 

 

 

FIRST AMENDMENT TO 

CONTRACT FOR PRIVATE REDEVELOPMENT

 

 

THIS FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT (the “First Amendment”) is made as of the 7th day of September, 2021, between the CITY OF SHAKOPEE, MINNESOTA, a statutory city organized and existing under the laws of the State of Minnesota (the “City”), the ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE, MINNESOTA, a public body corporate and politic under the laws of the State of Minnesota (the “Authority”), CANTERBURY DEVELOPMENT LLC, a Minnesota limited liability company (“Canterbury Development”), and CANTERBURY PARK HOLDING CORPORATION, a Minnesota corporation and the parent of Canterbury Development (“Canterbury Park Holding Corporation,” and together with Canterbury Development, the “Master Developer”), and amends the Contract for Private Redevelopment, dated August 8, 2018 (the “Original Agreement,” and together with the First Amendment, the “Agreement”), between the City, the Authority, and the Master Developer, a memorandum of which was recorded in the Office of Registrar of Titles of Scott County, Minnesota on September 24, 2018, as Document No. T252368 and in the Office of the County Recorder as Document No. A1054422. All capitalized terms not otherwise defined herein shall have the meaning given such terms in the Original Agreement.

 

WITNESSETH:

 

WHEREAS, the Master Developer or an affiliate owns certain property (the “Redevelopment Property”) in the Project Area and has determined to redevelop, or cause to be redeveloped, the Redevelopment Property for housing, commercial/retail, hospitality and destination entertainment, and office space purposes as part of a multi-phased project (the “Redevelopment Project”); and

 

WHEREAS, in conjunction with the Redevelopment Project, the Master Developer will undertake infrastructure improvements within the Project Area, including but not limited to the development of public streets, utilities, sidewalks, and other public infrastructure (the “Developer Improvements”); and

 

WHEREAS, in conjunction with the Redevelopment Project, the City will also undertake certain infrastructure improvements within or adjacent to the Project Area, including but not limited to public streets, utilities, sidewalks, and other public infrastructure (the “City Improvements”); and

 

WHEREAS, in order to achieve the objectives of the Housing and Redevelopment Plan (the “Redevelopment Plan”) for the Project, the Authority is prepared to pay a portion of the costs related to the Developer Improvements and the City Improvements, in order to bring about development in accordance with the Plan and this Agreement; and

 

 

 

 

WHEREAS, the Authority has established the Tax Increment Financing (Redevelopment) District No. 18 (the “TIF District”) pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended, made up of the area within the Project Area to be redeveloped by the Master Developer; and

 

WHEREAS, the Authority and the City believe that the development of the Redevelopment Property pursuant to and in general fulfillment of this Agreement, are in the vital and best interests of the City, will promote the health, safety, morals, and welfare of its residents, and will be in accord with the public purposes and provisions of the applicable State and local laws and requirements under which the Project has been undertaken and is being assisted; and

 

WHEREAS, the City, the Authority, and the Master Developer entered into the Original Agreement in order to set forth the conditions of the Master Developer’s construction of the Developer Improvements and the City’s construction of the City Improvements; and

 

WHEREAS, the Master Developer and the City has acquired additional property for inclusion in the Redevelopment Property; and

 

WHEREAS, Canterbury Park Entertainment, LLC and Canterbury Properties LLC own a portion of the property located within the TIF District and will provide a consent for this First Amendment and the recording of a memorandum of this First Amendment against its property in the form set forth in EXHIBIT D attached hereto.

 

NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows:

 

ARTICLE I

 

Amendments

 

Section 1.1. Amendments to Section 1.1 of the Original Agreement. The following definitions are hereby amended as follows (deleted language is stricken, and new language is underlined):

 

“Redevelopment Property” means the real property legally described in EXHIBIT A attached.

 

“Tax Increment Plan” or “TIF Plan” means the Tax Increment Financing Plan for the TIF District approved by the City Council of the City on March 6, 2018, as amended by the City Council of the City on August 8, 2018, as further amended by the City Council of the City on April 21, 2020, as further amended by the City Council on September 7, 2021, and as it may be further amended.

 

“TIF Bonds” means the (i) City’s General Obligation Tax Increment Financing Revenue Bonds, Series 2019A, expected to be issued in 2019 on October 17, 2019, in the original aggregate principal amount of $4,220,000, to provide financing for the 12th Avenue portion of the City Improvements; (ii) City’s General Obligation Tax Increment Revenue Bonds, Series 2020A, issued on July 2, 2020 in the original aggregate principal amount sufficient to provide $9,630,000 $8,165,000 for financing the Unbridled Avenue portion of the City Improvements (net of capitalized interest, costs of issuance of the bonds, underwriter’s discount, and bond discount (if any)); (iii) City’s interfund loan in the amount of $6,300,000; (iv) City’s additional tax increment revenue bonds to be issued in the amount sufficient to provide funds for financing the remaining City Improvements (net of capitalized interest, costs of issuance of the bonds, underwriter’s discount, and bond discount (if any)); and (ii) (v) any bonds or obligations issued to refund the TIF Bonds (including, in the case of an interfund loan, any obligation to refinance such loan through issuance of an obligation to third parties).

 

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Section 1.2. Amendments to Section 3.4 of the Original Agreement. Section 3.4 of the Original Agreement is hereby amended as follows (deleted language is stricken, and new language is underlined):

 

Section 3.4. Financing for City Improvements and County Improvements.

 

(a)         Generally. The City will issue TIF Bonds in an amount that provides proceeds of at least $9,630,000 $22,377,450 (net of capitalized interest, costs of issuance of the bonds, underwriter’s discount, and bond discount (if any)) to finance the costs of the City Improvements under “City – TIF” and “City – Other Funds” and the costs of the County Improvements listed under “County-TIF” as described in EXHIBIT C. The TIF Bonds will be issued upon satisfaction of the following conditions:

 

(i)         The City has determined in its sole discretion that the issuance of the TIF Bonds is feasible under market conditions at the time of issuance;

 

(ii)         The Master Developer has obtained and the City has approved one or more commitments for financing of the Shenandoah Drive project as described in EXHIBIT C, pursuant to Section 7.1 hereof;

 

(iii)         The financing for the housing development with approximately 300 market-rate housing units described in EXHIBIT F has closed; and

 

(iv)         There is no uncured Event of Default under this Agreement.

 

Notwithstanding the foregoing, the City shall have the option to delay issuance of any TIF Bonds temporarily or for as long as the City is prohibited from issuing the TIF Bonds pursuant to changes in federal or State law enacted after the date of this Agreement.

 

The City may, in its sole discretion, finance the City Improvements and the County Improvements listed under “County-TIF” as described in EXHIBIT C through the issuance of TIF Bonds to third parties or through an interfund loan, or any combination thereof, provided that any interfund loan will constitute TIF Bonds for purposes of this Agreement.

 

(b)         Payments. The TIF Bonds will have a final maturity of no later than February 1, 2046, will be callable at a date determined by the City and its municipal advisor to ensure reasonable interest rates on such bonds, and will be secured by a pledge of Pledged Tax Increment. To the extent Pledged Tax Increment is insufficient to pay principal of and interest on the TIF Bonds, the City shall make Deficiency Payments. Prior to making any payments on the TIF Note, the City shall reimburse itself for any Deficiency Payments from Available Tax Increment. The Master Developer will have no obligations with respect to the payment of principal or interest on the TIF Bonds.

 

(c)         Financing Other Improvements. The City will use approximately $2,584,000 of its own funds, which may include a portion of the 10% of the Tax Increment revenue designated for administrative costs, to finance a portion of the changes to County Road 83 listed under “City – Other Funds” in EXHIBIT C.

 

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Section 1.3. Amendments to Section 3.5 of the Original Agreement. Section 3.5 of the Original Agreement is hereby amended as follows (deleted language is stricken, and new language is underlined):

 

Section 3.5.         Developer Improvements.

 

(a)         The Master Developer intends to construct the Developer Improvements listed in EXHIBIT C on or before the timelines set forth in EXHIBIT C pursuant to the requirements set forth in Article IV hereof. The Shenandoah Drive and Barenscheer Boulevard projects listed under “Canterbury TIF” in EXHIBIT C must be completed. The Master Developer may request reimbursement for Qualified Public Redevelopment Costs (pursuant to Section 3.8(b) hereof) for each project listed below in the maximum amounts listed below.

 

	
			Developer Improvements

				 	
			TIF Cap

				 
	
			Shenandoah Drive & Barenscheer Boulevard (with right-of-way acquisition)

				 	$	16,236,500	 
	
			Vierling Drive extension/Internal roads

				 	$	7,000,000	 
	
			General Wayfinding

				 	$	100,000	 
	
			Total Tax Increment

				 	$	23,336,500	 

 

	
			Developer Improvements

				 	
			TIF Cap

				 
	
			Shenandoah Drive

				 	$	9,128,174.00	 
	
			Hauer Trail

				 	$	359,725.00	 
	
			Schenian Street

				 	$	461,499.00	 
	
			External/Internal Roads

				 	$	6,500,000.00	 
	
			Right of Way Acquisition – TC Outboard

				 	$	1,030,856.00	 
	
			Demolition on TC Outboard

				 	$	112,627,00	 
	
			Total Tax Increment

				 	$	17,592,881.00	 

 

If any portion of Available Tax Increment allocated to the Shenandoah Drive and Barenscheer Boulevard projects is not expended by the Master Developer, such funds will be available for the Authority to allocate such funds to the acquisition of right-of-way for the changes to County Road 83 described in EXHIBIT C.

 

(b)         The Master Developer shall substantially complete the Developer Improvements required on Shenandoah Drive on or before December 31, 2019, with the bituminous wear course to be completed by September 30, 2020. The completion of the Developer Improvements required on Shenandoah Drive is critical for the adjacent housing project to open in a timely fashion. If the Master Developer does not commence construction of the Developer Improvements required on Shenandoah Drive on or before December 15, 2018, the Master Developer agrees to enter into a petition and waiver agreement with the City within thirty (30) days of notice by the City stating that the Master Developer will agree to pay 100% of the costs of the Developer Improvements required on Shenandoah Drive through a special assessment against the Redevelopment Property and the City will construct such improvements. The Master Developer completed the Shenandoah Drive project prior to December 31, 2019.

 

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(c)         The Master Developer shall substantially complete the Developer Improvements required on Barenscheer Boulevard on or before December 31, 2020, with the bituminous wear course to be completed by September 30, 2021. If the Master Developer does not commence construction of the Developer Improvements required on Barenscheer Boulevard on or before May 31, 2020, the Master Developer agrees to enter into a petition and waiver agreement with the City within thirty (30) days of notice by the City stating that the Master Developer will agree to pay 100% of the costs of the Developer Improvements required on Barenscheer Boulevard through a special assessment against the Redevelopment Property and the City will construct such improvements. The Master Developer and the City have agreed that the City will construct the Barenscheer Boulevard (now known as Unbridled Avenue) project and the Master Developer executed a petition and waiver agreement on September 21, 2018.

 

(d)         It shall not be a default under this Agreement if the Master Developer does not undertake the Vierling Drive extension/internal roads project.

 

Section 1.4. Amendments to Section 3.7 of the Original Agreement. Section 3.7 of the Original Agreement is hereby amended as follows (deleted language is stricken, and new language is underlined):

 

Section 3.7. Reimbursement of Certain Master Developer Costs. The Master Developer shall undertake all necessary design, survey, and engineering work, acquisition of right-of-way, site preparation, and installation of public infrastructure related to the construction of the Developer Improvements. In order to make the development of the Developer Improvements economically feasible, the Authority shall reimburse the Master Developer for all necessary design, survey and engineering work, acquisition of right-of-way, site preparation, the portion of the cost of demolition of barns specifically related to construction of Developer Improvements, and installation of public infrastructure (the “Qualified Public Redevelopment Costs”) in the maximum amount of $23,336,500 $17,592,881. Qualified Public Redevelopment Costs shall be reimbursed in the maximum amounts listed in Section 3.5(a).

 

Section 1.5. Amendments to Section 3.8 of the Original Agreement. Section 3.8 of the Original Agreement is hereby amended as follows (deleted language is stricken, and new language is underlined):

 

Section 3.8. Issuance of TIF Note and Principal Advances.

 

(a)         Terms. In order to reimburse the Master Developer for the Qualified Public Redevelopment Costs related to constructing the Developer Improvements on the Redevelopment Property, the Authority shall issue and Master Developer shall purchase the TIF Note in the maximum principal amount of $23,336,500 $17,592,881, substantially in the form attached hereto as EXHIBIT B. The Authority and the Master Developer agree that the TIF Note shall be issued in consideration of the Master Developer paying the Qualified Public Redevelopment Costs. Before delivery of the TIF Note, the Master Developer shall have:

 

(i)         submitted the Construction Plans for the Shenandoah Drive project to the Authority and obtained approval for the Construction Plans from the Authority;

 

(ii)         submitted and obtained Authority approval of financing in accordance with Section 7.1 hereof;

 

(iii)         delivered to the Authority written evidence in a form satisfactory to the Authority that the Master Developer has paid Qualified Public Redevelopment Costs in at least the principal amount of $1,000,000; and

 

(iv)         delivered to the Authority an investment letter in a form reasonably satisfactory to the Authority.

 

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(b)         Principal Advances. Following the satisfaction of the requirements in Section 3.8(a) hereof, and on any date, the Master Developer may request the Authority enter an advance of principal under the TIF Note (a “Principal Advance”) on the ledger of such advances maintained by the registrar (the “Principal Advance Ledger”), by submitting to the Authority a certificate (the “Principal Advance Certificate”) signed by the Master Developer’s duly authorized representative, containing the following: (i) a statement that each cost identified in the Principal Advance Certificate is a Qualified Public Redevelopment Cost reimbursable pursuant to Section 3.7 hereof and that no part of such cost has been included in any previous Principal Advance Certificate; (ii) evidence that each identified Qualified Public Redevelopment Cost has been paid or incurred by or on behalf of the Master Developer; (iii) a certification from the City Engineer that the Developer Improvements for which reimbursement is requested have been approved by the City and have been completed based on the requirements of EXHIBIT D and EXHIBIT E; (iv) a statement that no uncured Event of Default by the Master Developer has occurred and is continuing under this Agreement; (v) a statement describing the type and amount of Qualified Public Redevelopment Costs that were expended outside the TIF District, if any; and (vi) a statement that the expenditures for which reimbursement is requested complies with Section 4.5 hereof. The Master Developer may submit one (1) Principal Advance Certificate per month to the Authority.

 

Within forty-five (45) days after receipt of the Principal Advance Certificate, the Authority shall, if the Authority Representative has determined that all the aforementioned requirements have been satisfied, so notify the Master Developer and direct the registrar to enter the amount requested in the Principal Advance Ledger on the next February 1 or August 1, provided that the aggregate amount of sums entered on the Principal Advance Ledger shall not exceed $23,336,500 $17,592,881. The Authority may, if not satisfied that the conditions described herein have been met, return the Principal Advance Certificate with a statement of the reasons why the Principal Advance Certificate is not acceptable and requesting such further documentation or clarification as the Authority may reasonably require. Failure by the Authority to notify the Master Developer of any objections within thirty (30) days after receipt of the Principal Advance Certificate will be deemed acceptance thereof.

 

(c)         Payment on TIF Note Solely from Available Tax Increment. Principal and interest payments on the TIF Note shall be payable each Payment Date solely with Available Tax Increment. The Master Developer understands and acknowledges that the City makes no representations or warranties regarding the amount of Available Tax Increment, or that revenues pledged to the TIF Note will be sufficient to pay the principal of the TIF Note. The Master Developer further understands and acknowledges that the TIF Note is subordinate to the City’s TIF Bonds. Therefore, Available Tax Increment will first be used by the City to provide debt service coverage equal to one hundred and five percent (105%) of the principal of and interest on the TIF Bonds and to reimburse the City for any Deficiency Payments. The City will only make payments on the TIF Note in the amount of the remaining Available Tax Increment.

 

(d)         Termination of Right to TIF Note. Notwithstanding anything to the contrary in this Agreement, if the conditions for delivery of the TIF Note set forth in Section 3.8(a) are not met by August 9, 2023 July 17, 2027, the Authority may terminate this Agreement by ten (10) days’ written notice to the Master Developer. Thereafter neither Party shall have any obligations or liability to the other hereunder, except that any obligations of the Master Developer under Sections 3.11 and 8.3 hereof survive such termination.

 

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(e)         Qualifications. The Master Developer understands and acknowledges that the Authority makes no representations or warranties regarding the amount of Available Tax Increment, or that revenues pledged to the TIF Note will be sufficient to pay the principal of the TIF Note. Any estimates of Tax Increment prepared by the Authority or its financial advisors in connection with the TIF District or this Agreement are for the benefit of the Authority, and are not intended as representations on which the Master Developer may rely. If the Qualified Public Redevelopment Costs exceed the principal amount of the TIF Note, such excess is the sole responsibility of Master Developer.

 

Section 1.6. Amendment to Section 3.12 of the Original Agreement. Section 3.12 of the Original Agreement is hereby amended as follows (deleted language is stricken, and new language is underlined):

 

Section 3.12. Redevelopment of Blighted Property within TIF District. The Parties understand and acknowledge that 90% of the Tax Increment generated by the TIF District must be used to ameliorate the conditions for which the TIF District was established. The Master Developer intends to remedy the blight within the TIF District through the demolition of existing structures, construction of other improvements, and incurring the costs described in Section 469.176, subd. 4j of the TIF Act. If such work in not commenced by August 9, 2022 August 9, 2023 (the “four-year rule date”), the City, the Authority, and the Master Developer will work cooperatively to find secondary developers to redevelop the blighted parcels that have not yet been improved.

 

Section 1.7. Amendment to Article III of the Original Contract Agreement. The Original Agreement is hereby amended to include the following Section 3.13:

 

Section 3.13. Additional Property to be Redeveloped. The Authority has purchased vacant property (PID 279040103) located within the TIF District, as described more fully in Exhibit A. The Authority is in the process of purchasing property (PID 271320020) which was formerly the Workforce Center located within the TIF District, as described more fully in Exhibit A. Once purchased, the Authority intends demolish the Workforce Center in order to redevelop the property. The Authority will consider selling each property to the Master Developer if the following is completed:

 

(a)         The Board of the Authority holds a public hearing and approves the sale of the property pursuant to Minn. Stat. Section 469.105;

 

(b)         The Master Developer has the ability to commence the proposed redevelopment of the property within one year of the sale of the property pursuant to Minn. Stat. Section 469.105;

 

(c)         The Master Developer obtains all planning and zoning approvals for the proposed redevelopment;

 

(d)         The Master Developer provides evidence of sufficient financing to complete the proposed redevelopment; and

 

(e)         The Master Developer and the Authority enter into a purchase agreement for one or both properties.

 

Section 1.8. Amendment to Section 4.3 of the Original Agreement. The first sentence of Section 4.3 of the Original Agreement is hereby amended as follows (deleted language is stricken, and new language is underlined):

 

The Master Developer completed the Shenandoah Drive and Hauer Trail on or before December 31, 2019. The Developer expects to commence substantially complete construction of the Developer Improvements by December 31, 2018 July 17, 2027 and will be reimbursed for the costs of Developer Improvements incurred by no later than eight years after the TIF District is certified (August 9, 2023 July 17, 2027).

 

7

 

 

Section 1.9. Amendment to Section 4.4 of the Original Agreement. Subsection (a) of the Original Agreement is hereby amended as follows (deleted language is stricken):

 

(a)         Promptly after construction and acceptance of each of the Developer Improvements described in EXHIBIT C attached hereto as “Shenandoah Drive Construct,” “Barenscheer Blvd Construct,” and “Vierling Drive extension/Internal roads” in accordance with those provisions of the Agreement relating solely to the obligations of the Master Developer to construct the Developer Improvements, the Authority Representative will furnish the Master Developer with a Certificate of Completion as shown in EXHIBIT H attached hereto.

 

Section 1.10. Amendment to Section 4.5 of the Original Agreement. Section 4.5 of the Original Agreement is hereby amended as follows (deleted language is stricken):

 

Section 4.5. Five-Year Rule. Pursuant to Laws of Minnesota 2021, First Special Session, Chapter 14, Article 9, Section 3, the five-year rule for redevelopment tax increment districts certified between December 31, 2017 and June 30, 2020 may be extended to eight years after the certification of the tax increment district. As of the date of this Agreement, the five-year rule date for the TIF District is August 9, 2023 July 17, 2027. The Secondary Developer acknowledges and understands that it must comply with Minnesota Statutes, Section 469.1763, subdivision 3, as amended, on or prior to such date. Principal Advances under Section 3.8(b) will not be made for any activities that do not comply with Minnesota Statutes, Section 469.1763, subdivision 3, as amended.

 

Section 1.11. Amendment to Section 9.2 of the Original Agreement. Subsection (b) of the Original Agreement is hereby amended as follows (deleted language is stricken, and new language is underlined):

 

(b)         If Shenandoah Drive or Barenscheer Boulevard are is not commenced and completed based on the timelines set forth in EXHIBIT C, the Authority and the City may cancel and rescind or terminate this Agreement.

 

Section 1.12.         Amendment to Exhibit A of the Original Agreement. Exhibit A of the Original Agreement (Redevelopment Property) is hereby deleted in its entirety and replaced with the attached EXHIBIT A.

 

Section 1.13. Amendment to Exhibit B of the Original Agreement. Exhibit B of the Original Agreement (Form of TIF Note) is hereby deleted in its entirety and replaced with the attached EXHIBIT B.

 

Section 1.14. Amendment to Exhibit C of the Original Agreement. Exhibit C of the Original Agreement (Public Improvements) is hereby deleted in its entirety and replaced with the attached EXHIBIT C.

 

Section 1.15. Global Change for reference to “County – Other Funds” and “City – Other Funds” in Exhibit C. The references to “County Other Funds” and “City – Other Funds” in the Original Agreement and this First Amendment shall refer to the “Other Funding” Column in EXHIBIT C.

 

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ARTICLE II

 

Miscellaneous

 

 

Section 2.1. Effective Date. The amendments made to the Original Agreement, as set forth in this First Amendment, shall be effective as of the date and year first written above.

 

Section 2.2. Certain Defined Terms. Terms used in this First Amendment and not defined herein shall have the meanings given in the Original Agreement.

 

Section 2.3. Counterparts. This First Amendment may be executed in any number of counterparts, each of which shall constitute one and the same instrument.

 

Section 2.4. Recording. The Authority may record this First Amendment (or a memorandum of this First Amendment) with the County Recorder or the Registrar of Titles of the County, as the case may be. The Master Developer shall pay all costs for recording.

 

Section 2.5. Joint and Several Obligations. The obligations of the Master Developer under this First Amendment shall be joint and several.

 

Section 2.6. Confirmation of Original Agreement. Except as specifically amended by this First Amendment, the Original Agreement is hereby ratified and confirmed and remain in full force and effect.

 

 

(The remainder of this page is intentionally left blank.)

 

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IN WITNESS WHEREOF, the City, Authority, and Master Developer have caused this First Amendment to Contract for Private Redevelopment to be duly executed by their duly authorized representatives as of the date first above written.

 

	
			 

				
			CITY OF SHAKOPEE, MINNESOTA

			
	 	 	 
	
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ William P. Mars

			
	
			 

				
			Its

				
			Mayor

			
	 	 	 
	 	 	 
	 	By:	/s/ William H. Reynolds
	 	Its	City Administrator

 

 

 

	STATE OF MINNESOTA	)
	 	)  SS.
	COUNTY OF SCOTT	)

 

The foregoing instrument was acknowledged before me this 7 day of September, 2021, by William P. Mars, the Mayor of the City of Shakopee, Minnesota, a statutory city organized and existing under the laws of the State of Minnesota, on behalf of the City.

 

	 	/s/ Lori J. Hensen
	 	Notary Public

 

	STATE OF MINNESOTA	)
	 	)  SS.
	COUNTY OF SCOTT	)

 

The foregoing instrument was acknowledged before me this 8 day of September, 2021, by William H. Reynolds, the City Administrator of the City of Shakopee, Minnesota, a statutory city organized and existing under the laws of the State of Minnesota, on behalf of the City.

 

	 	/s/ Lori J. Hensen
	 	Notary Public

 

S-1

 

 

Execution page of the Authority to the First Amendment to Contract for Private Redevelopment, dated as of the date and year first written above.

 

	
			 

				
			ECONOMIC DEVELOPMENT

			
	 	AUTHORITY FOR THE CITY OF
	 	SHAKOPEE, MINNESOTA
	
			 

				
			 

				
			 

			
	 	 	 
	
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Jody Brennan 

			
	
			 

				
			Its

				
			President

			
	
			 

				
			 

				
			 

			
	 	 	 
	 	By:	/s/ William H. Reynolds
	 	Its	Executive Director

 

 

 

	STATE OF MINNESOTA	)
	 	)  SS.
	COUNTY OF SCOTT	)

 

The foregoing instrument was acknowledged before me this 7 day of September, 2021, by Jody Brennan, the President of the Economic Development Authority for the City of Shakopee, Minnesota, a public body corporate and politic under the laws of the State of Minnesota, on behalf of the Authority.

 

	 	/s/ Lori Hensen
	 	Notary Public

 

	STATE OF MINNESOTA	)
	 	)  SS.
	COUNTY OF SCOTT	)

 

The foregoing instrument was acknowledged before me this 8 day of September, 2021, by William H. Reynolds, the Executive Director of the Economic Development Authority for the City of Shakopee, Minnesota, a public body corporate and politic under the laws of the State of Minnesota, on behalf of the Authority.

 

	 	/s/ Lori J. Hensen
	 	Notary Public

 

S-2

 

 

Execution page of Canterbury Development LLC to the First Amendment to Contract for Private Redevelopment, dated as of the date and year first written above.

 

 

 

	
			 

				
			CANTERBURY DEVELOPMENT LLC

			
	
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/  Randall D. Sampson

			
	
			 

				
			 

				
			 

			
	
			 

				
			Its

				
			President, CEO, and Chief Manager

			

 

 

 

	STATE OF MINNESOTA	)
	 	)  SS.
	COUNTY OF Scott         	)

 

The foregoing instrument was acknowledged before me this 14 day of September, 2021, by Randall Sampson, the President and CEO of Canterbury Development LLC, a Minnesota limited liability company, on behalf of Canterbury Development LLC.

 

	 	/s/ Michele Lynn Dahl
	 	Notary Public

 

S-3

 

 

Execution page of Canterbury Park Holding Corporation to the First Amendment to Contract for Private Redevelopment, dated as of the date and year first written above.

 

 

 

	
			 

				
			CANTERBURY PARK HOLDING

			CORPORATION

			
	
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Randall D. Sampson 

			
	
			 

				
			 

				
			 

			
	
			 

				
			Its

				
			President, CEO, and Chief Manager

			

 

 

 

	STATE OF MINNESOTA	)
	 	)  SS.
	COUNTY OF Scott         	)

 

The foregoing instrument was acknowledged before me this 14 day of September, 2021, by Randall Sampson, the President and CEO of Canterbury Park Holding Corporation, a Minnesota corporation, on behalf of Canterbury Park Holding Corporation.

 

	 	/s/ Michele Lynn Dahl
	 	Notary Public

 

S-4

 

 

EXHIBIT A

 

AMENDMENT TO EXHIBIT A OF ORIGINAL AGREEMENT

 

EXHIBIT A

 

REDEVELOPMENT PROPERTY

 

	
			Parcel Identification Number

			& Owner

				
			Legal Description

			
	
			271320010

			Canterbury Properties LLC

			 

				
			Lot 1, Block 1, Behringer’s 1st Addition, according to the plat thereof, Scott County, Minnesota

			
	
			271320020

			Scott County Taxation Dept

			 

				
			Lot 2, Block 1, Behringer’s 1st Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274060010

			City of Shakopee

			 

				
			Lot 1, Block 1, OPUS MVW 2nd Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274060020

			Canterbury Development LLC

			 

				
			Lot 2, Block 1, OPUS MVW 2nd Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274500020

			Canterbury Holding Corp.

			 

				
			Lot 2, Block 1, Canterbury Park 6th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274500070

			Koenig-Hanson LLC

			 

				
			Outlot E, Canterbury Park 6th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274760010

			Canterbury Park Entertainment

			 

				
			Lot 1, Block 1, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274760020

			Doran Canterbury I, LLC

			 

				
			Lot 1, Block 2, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274760030

			Canterbury Development LLC

			 

				
			Lot 1, Block 3, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274760040

			Canterbury Development LLC

			 

				
			Outlot A, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274760050

			Canterbury Development LLC

			 

				
			Outlot B, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274760060

			Canterbury Development LLC

			 

				
			Outlot C, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274760070

			Canterbury Development LLC

			 

				
			Outlot D, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			

 

A-1

 

 

	
			274760080

			Canterbury Development LLC

			 

				
			Outlot E, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274760090

			Canterbury Development LLC

			 

				
			Outlot F, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			274760100

			Canterbury Development LLC

			 

				
			Outlot G, Canterbury Park 7th Addition, according to the plat thereof, Scott County, Minnesota

			
	
			279040103

			Shakopee EDA

			 

				
			The South Half (S 1/2) of the Southeast Quarter (SE 1/4) of the Southwest Quarter (SW 1/4) of Section 4, Township 115, Range 22 West, Scott County, Minnesota

			
	
			279080251

			Koenig-Hanson LLC

			 

				
			Northwest Quarter of Section 8, Township 115, Range 22, according to the plat thereof, Scott County, Minnesota

			
	
			279080411

			Eugene F. Hauer Trust

			 

				
			Northeast Quarter of Section 8, Township 115, Range 22, according to the plat thereof, Scott County, Minnesota

			
	
			279080681

			Eugene F. Hauer Trust

			 

				
			West Half of the Northeast Quarter of Section 8. Township 115, Range 22, according to the plat thereof, Scott County, Minnesota

			

 

A-2

 

 

EXHIBIT B

 

AMENDMENT TO EXHIBIT B OF ORIGINAL AGREEMENT

 

 

 

EXHIBIT B

 

FORM OF TIF NOTE

 

UNITED STATE OF AMERICA

STATE OF MINNESOTA

COUNTY OF SCOTT

ECONOMIC DEVELOPMENT AUTHORITY

FOR THE CITY OF SHAKOPEE

 

 

	No. R-1	$17,592,881

 

TAX INCREMENT REVENUE NOTE

SERIES 20___

 

	 	Date
	6.0%	of Original Issue
	 	 
	 	_________, 20____

 

The Economic Development Authority for the City of Shakopee (the “Authority”) hereby acknowledges itself to be indebted and, for value received, promises to pay to the order of Canterbury Development LLC, a Minnesota limited liability company, or registered assigns, and Canterbury Park Holding Corporation, a Minnesota corporation and the parent of Canterbury Development LLC (together, the “Owner”), solely from the source, to the extent and in the manner hereinafter provided, the maximum principal sum of $17,592,881, as provided in the Agreement (hereinafter defined), or so much thereof as has been from time to time advanced as hereinafter provided (the “Principal Amount”), together with interest on the unpaid balance thereof accrued from the respective dates of entry of each Principal Advance on the Principal Advance Ledger attached hereto, at the rate of 6.0% per annum. This Note is given in accordance with that certain Contract for Private Redevelopment, dated August 8, 2018, as amended by the First Amendment to Contract for Private Redevelopment, dated September __, 2021 (as amended, the “Agreement”), between the Authority, the City of Shakopee, Minnesota (the “City”), and the Owner, as master developer. Capitalized terms used and not otherwise defined herein shall have the meaning provided for such terms in the Agreement unless the context clearly requires otherwise.

 

1.         Payments. Principal and interest payments (the “Payments”) shall be paid on August 1, 2020 and each February 1 and August 1 thereafter to and including February 1, 2046 (the “Payment Dates”) in the amounts and from the sources set forth in Section 3 herein. Payments shall be applied first to accrued interest, and then to unpaid principal. Interest accruing from the respective dates of entry of each Principal Advance on the Principal Advance Ledger

 

Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon thirty (60) days’ written notice to the Authority. Payments on this Note are payable in any coin or currency of the United States of America which, on the Payment Date, is legal tender for the payment of public and private debts.

 

B-1

 

 

2.         Interest. Interest at the rate stated herein shall accrue on the unpaid principal, commencing on the date of original issue. Interest shall be computed on the basis of a year of 360 days and charged for actual days principal is unpaid. Interest on this Note shall accrue but shall not compound into principal.

 

3.         Principal Advances. Following the satisfaction of the requirements in Section 3.8(a) of the Agreement, and on any date thereafter through July 17, 2027 (eight years after the date of certificate of the TIF district), the Owner may request the Authority enter an advance of principal under this Note (a “Principal Advance”) on the ledger of such advances maintained by the registrar (the “Principal Advance Ledger”), by submitting to the Authority a certificate (the “Principal Advance Certificate”) signed by the Owner’s duly authorized representative, containing the following: (i) a statement that each cost identified in the Principal Advance Certificate is a Qualified Public Redevelopment Cost reimbursable pursuant to Section 3.7 hereof and that no part of such cost has been included in any previous Principal Advance Certificate; (ii) evidence that each identified Qualified Public Redevelopment Cost has been paid or incurred by or on behalf of the Master Developer; (iii) a certification from the City Engineer that the Developer Improvements for which reimbursement is requested have been approved by the City and have been completed based on the requirements of EXHIBIT D and EXHIBIT E; (iv) a statement that no uncured Event of Default by the Master Developer has occurred and is continuing under the Agreement (as defined below); (v) a statement describing the type and amount of Qualified Public Redevelopment Costs that were expended outside the TIF District, if any; and (vi) a statement that the expenditures for which reimbursement is requested complies with Section 4.5 of the Agreement. The Owner may submit one (1) Principal Advance Certificate per month to the Authority.

 

Within forty-five (45) days after receipt of the Principal Advance Certificate, the Authority shall, if the Authority Representative has determined that all the aforementioned requirements have been satisfied, so notify the Owner and direct the registrar to enter the amount requested in the Principal Advance Ledger on the next February 1 or August 1, provided that the aggregate amount of sums entered on the Principal Advance Ledger shall not exceed $17,592,881. The Authority may, if not satisfied that the conditions described herein have been met, return the Principal Advance Certificate with a statement of the reasons why the Principal Advance Certificate is not acceptable and requesting such further documentation or clarification as the Authority may reasonably require. Failure by the Authority to notify the Owner of any objections within thirty (60) days after receipt of the Principal Advance Certificate will be deemed acceptance thereof.

 

4.         Available Tax Increment. Payments on this Note are payable on each Payment Date solely from and in the amount of “Available Tax Increment,” which shall mean, on each Payment Date, ninety percent (90%) of the Tax Increment attributable to the TIF District Property and paid to the Authority by Scott County, Minnesota in the six (6) months preceding the Payment Date, all as such terms are defined in the Contract for Private Redevelopment, dated August 8, 2018 (the “Agreement”), between the City, the Authority, and the Owner, as the master developer. Principal payments on this Note are subordinate to all of the City’s General Obligation Tax Increment Bonds that have been issued or will be issued in the maximum amount of up to $22,377,450 (net of capitalized interest, costs of issuance of the bonds, underwriter’s discount, and bond discount (if any)) and an interfund loan of the Authority in the maximum amount of up to $6,300,000 (collectively, the “TIF Bonds”). Therefore, Available Tax Increment (as defined in the Agreement) will first be used by the City to provide debt service coverage in the amount of one hundred and five percent (105%) of the principal of and interest on the TIF Bonds and to reimburse the City for any Deficiency Payments (as defined in the Agreement). The City will only make payments on this TIF Note in the amount of Available Tax Increment remaining after the payment of principal of and interest on the TIF Bonds on each Payment Date.

 

B-2

 

 

The Authority shall have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment and the failure of the Authority to pay the entire amount of principal and interest on this Note on any Payment Date shall not constitute a default hereunder as long as the Authority pays principal hereon to the extent of Available Tax Increment. The Authority shall have no obligation to pay the unpaid balance of principal or accrued interest that may remain after the final Payment on February 1, 2046.

 

5.         Default. If on any Payment Date there has occurred and is continuing any Event of Default under the Agreement, the Authority may withhold from payments hereunder under all Available Tax Increment. If the Event of Default is thereafter cured in accordance with the Agreement, the Available Tax Increment withheld under this Section shall be deferred and paid, without interest thereon, on the next Payment Date after the Event of Default is cured. If the Event of Default is not timely cured, the Authority may terminate this Note by written notice to the Owner in accordance with the Agreement.

 

6.         Optional Prepayment. The principal sum and all accrued interest payable under this Note are prepayable in whole or in part at any time by the Authority without premium or penalty. No partial prepayment shall affect the amount or timing of any other regular payment otherwise required to be made under this Note.

 

7.         Nature of Obligation. This Note is the sole note of an issue in the maximum principal amount of $17,592,881, issued to aid in financing certain Qualified Public Redevelopment Costs and administrative costs of a Project undertaken by the Authority pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended, and is issued pursuant to an authorizing resolution (the “Resolution”) duly adopted by the Authority on March 6, 2018, and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 through 469.1794, as amended. This Note is a limited obligation of the Authority which is payable solely from Available Tax Increment pledged to the payment hereof under the Resolution. This Note shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, the Authority. Neither the State of Minnesota nor any political subdivision thereof shall be obligated to pay the principal of this Note or other costs incident hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment of the principal of this Note or other costs incident hereto.

 

8.         Estimates of Available Tax Increment. Any estimates of Tax Increment prepared by the Authority, the City or their respective municipal advisors in connection with the Available Tax Increment and the Agreement are for the benefit of the Authority and the City only, and are not intended as representations on which the Master Developer may rely.

 

THE AUTHORITY AND THE CITY MAKE NO REPRESENTATIONS OR WARRANTIES THAT THE AVAILABLE TAX INCREMENT WILL BE SUFFICIENT TO PAY THE PRINCIPAL OF THIS NOTE.

 

9.         Registration and Transfer. This Note is issuable only as a fully registered note without coupons. As provided in the Resolution, and subject to certain limitations set forth therein, this Note is transferable upon the books of the Authority kept for that purpose at the principal office of the Finance Director of the City, by the Owner hereof in person or by such Owner’s attorney duly authorized in writing, upon surrender of this Note together with a written instrument of transfer satisfactory to the Authority, duly executed by the Owner. Upon such transfer or exchange and the payment by the Owner of any tax, fee, or governmental charge required to be paid by the Authority with respect to such transfer or exchange, there will be issued in the name of the transferee a new Note of the same aggregate principal amount and maturing on the same dates.

 

B-3

 

 

This Note shall not be transferred to any person other than an affiliate, or other related entity, of the Owner, unless the Authority has been provided with an investment letter in a form substantially similar to the investment letter submitted by the Owner or a certificate of the transferor, in a form satisfactory to the Authority, that such transfer is exempt from registration and prospectus delivery requirements of federal and applicable state securities laws.

 

IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen, and to be performed in order to make this Note a valid and binding limited obligation of the Authority according to its terms, have been done, do exist, have happened, and have been performed in due form, time and manner as so required.

 

IN WITNESS WHEREOF, the Board of Commissioners of the Economic Development Authority for the City of Shakopee have caused this Note to be executed with the manual signatures of its President and Executive Director, all as of the Date of Original Issue specified above.

 

	 	 	ECONOMIC DEVELOPMENT
	 	 	AUTHORITY FOR THE CITY OF
	 	 	SHAKOPEE
	 	 	 
	 	 	 
	William H. Reynolds	 	/s/ Jody Brennan
	Executive Director	 	President

 

 

_____________________________________

 

REGISTRATION PROVISIONS

 

 

The ownership of the unpaid balance of the within Note is registered in the bond register of the Economic Development Authority for the City of Shakopee, in the name of the person last listed below.

 

	
			Date of Registration

				
			  Registered Owner

				
			Signature of

			Finance Director

			
	 	 	 
	 	
			Canterbury Development LLC

			Federal ID # ____________

			 

			Canterbury Park Holding Corporation

			Federal ID # ____________

				 

 

_____________________________________

 

B-4

 

 

PRINCIPAL ADVANCE LEDGER

 

	
			Date of Principal Advance

				 	
			Amount of Principal Advance

				 
	
			August 1, 2019

				 	$	6,063,402.74	 
	
			January 13, 2019

				 	 	2,568,536.95	 
	
			July 20, 2020

				 	 	1,065,606.28	 
	
			February 1, 2021

				 	 	624,616.67	 

 

B-5

 

 

EXHIBIT C - AMENDMENTS TO EXHIBIT C OF THE ORIGINAL AGREEMENT

EXHIBIT C- PUBLIC IMPROVEMENTS

 

	
			Location of Improvement

				 	
			 

			Original

			Costs

				 	 	
			Revised

			Costs

				 	 	
			TIF

			Costs

				 	 	
			Timeline

				 	 	
			Canterbury

			TIF Note

				 	 	
			City -- TIF

				 	 	
			Other

			Funding*

				 
	
			CH 83 Improvements

				 	$	8,860,000	 	 	$	15,931,750	 	 	$	4,514,450	 	 	 	2021-2023	 	 	 	 	 	 	$	4,514,450	 	 	$	11,417,300	 
	
			Changes to County Road 83

				 	$	900,000	 	 	 	 	 	 	 	 	 	 	 	2022	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Eagle Creek Blvd/Vierling Roundabout

				 	$	1,400,000	 	 	$	1,700,000	 	 	$	1,700,000	 	 	 	2023	 	 	 	 	 	 	$	1,700,000	 	 	 	 	 
	
			CR 83/US 169 North Ramp Turn Lane

				 	$	230,000	 	 	 	 	 	 	 	 	 	 	 	2022	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			Shenandoah Drive Construct

				 	$	8,400,000	 	 	$	9,128,174	 	 	$	9,128,174	 	 	 	2019	 	 	$	9,128,174	 	 	 	 	 	 	 	 	 
	
			Hauer Trail

				 	 	 	 	 	$	359,725	 	 	$	359,725	 	 	 	2019	 	 	$	359,725	 	 	 	 	 	 	 	 	 
	
			Schenian Street

				 	 	 	 	 	$	461,499	 	 	$	461,499	 	 	 	2019	 	 	$	461,499	 	 	 	 	 	 	 	 	 
	
			12th Avenue Reconstruction including east side

				 	$	6,850,000	 	 	$	4,853,000	 	 	$	4,853,000	 	 	 	2019-2023	 	 	 	 	 	 	$	4,853,000	 	 	 	 	 
	
			Barenscheer Blvd Construct (now known as Unbridled Av)

				 	$	7,200,000	 	 	$	7,900,000	 	 	$	7,900,000	 	 	 	2020-2021	 	 	 	 	 	 	$	7,900,000	 	 	 	 	 
	
			Internal Roads/Utilities

				 	$	7,000,000	 	 	$	6,500,000	 	 	$	6,500,000	 	 	 	2023-2024	 	 	$	6,500,000	 	 	 	 	 	 	 	 	 
	
			Shenandoah/Vierling/12th Roundabout

				 	$	350,000	 	 	 	 	 	 	 	 	 	 	 	2019	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			General Wayfinding

				 	$	100,000	 	 	$	60,000	 	 	$	60,000	 	 	 	2021	 	 	 	 	 	 	$	60,000	 	 	 	 	 
	
			Property Acquisition:

				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			ROW Acquisition – JJ Mpls

				 	$	636,500	 	 	$	650,000	 	 	$	650,000	 	 	 	2020	 	 	 	 	 	 	$	650,000	 	 	 	 	 
	
			ROW Acquisition – TCOutboard

				 	 	 	 	 	$	1,030,856	 	 	$	1,030,856	 	 	 	2019	 	 	$	1,030,856	 	 	 	 	 	 	 	 	 
	
			Workforce Center

				 	 	 	 	 	$	3,100,000	 	 	$	1,100,000	 	 	 	2021	 	 	 	 	 	 	$	1,100,000	 	 	$	2,000,000	 
	
			Scott County Land

				 	 	 	 	 	$	900,000	 	 	 	 	 	 	 	2021	 	 	 	 	 	 	 	 	 	 	$	900,000	 
	
			Demolition:

				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
			TC Outboard

				 	 	 	 	 	$	112,627	 	 	$	112,627	 	 	 	2019	 	 	$	112,627	 	 	 	 	 	 	 	 	 
	
			Workforce Center

				 	 	 	 	 	$	350,000	 	 	$	350,000	 	 	 	2021	 	 	 	 	 	 	$	350,000	 	 	 	 	 
	
			Other TIF Eligible Costs

				 	 	 	 	 	$	1,250,000	 	 	$	1,250,000	 	 	 	 	 	 	 	 	 	 	$	1,250,000	 	 	 	 	 
	
			Total

				 	$	41,926,500	 	 	$	54,287,631	 	 	$	39,970,331	 	 	 	 	 	 	$	17,592,881	 	 	$	22,377,450	 	 	$	14,317,300	 
	
			Total TIF

				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	17,592,881	 	 	$	22,377,450	 	 	 	 	 

*$11,417,300 from Scott County for Road Improvements; $2,900,000 payment from Developer for land acquisition

 

C-1

 

 

EXHIBIT D

 

CONSENTS OF CANTERBURY PARK ENTERTAINMENT, LLC AND CANTERBURY PROPERTIES, LLC

 

Canterbury Park Entertainment, LLC, hereby consents to the First Amendment to Contract for Private Redevelopment between City of Shakopee, Minnesota, Economic Development Authority for the City of Shakopee, Minnesota; Canterbury Development LLC and Canterbury Park Holding Corporation, dated September 7, 2021, which amends the Contract for Private Redevelopment, dated August 8, 2018 (as amended, the “Agreement”) and agrees that its property shall be subject to the terms of the Agreement.

 

	 	
			CANTERBURY PARK ENTERTAINMENT,

			LLC

			 

			 

			By /s/ Randall D. Sampson

			Its President, CEO, and Chief Manager

			

 

 

Dated: 9/14/21

 

ACKNOWLEDGMENT

	STATE OF MINNESOTA 	)
	 	)  ss.
	COUNTY OF SCOTT	)

 

On this 14 day of September, 2021, before me, a Notary Public of said State, duly commissioned and sworn, personally appeared Randall Sampson, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person that executed the within instrument as President and CEO of Canterbury Park Entertainment, LLC, a Minnesota limited liability company, and acknowledged to me that such limited liability company executed the same.

 

 

In Witness Whereof, I have hereunto set my hand and affixed my official seal the day and year first above written.

 

	 	/s/ Michele Lynn Dahl          

	 	Notary Public, State of	MN
	 	My Commission expires:	1/31/22

 

D-1

 

 

Canterbury Properties, LLC, hereby consents to the First Amendment to Contract for Private Redevelopment between City of Shakopee, Minnesota, Economic Development Authority for the City of Shakopee, Minnesota, Canterbury Development LLC and Canterbury Park Holding Corporation, dated September 7, 2021, which amends the Contract for Private Redevelopment, dated August 8, 2018 (as amended, the “Agreement”) and agrees that its property shall be subject to the terms of the Agreement.

 

	 	
			CANTERBURY PROPERTIES, LLC

			 

			 

			By /s/ Randall D. Sampson

			Its President, CEO, and Chief Manager

			

 

 

Dated: 9/14/21

 

ACKNOWLEDGMENT

	STATE OF MINNESOTA	)
	 	)  ss.
	COUNTY OF SCOTT	)

 

On this 14 day of September, 2021, before me, a Notary Public of said State, duly commissioned and sworn, personally appeared Randall Sampson, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person that executed the within instrument as President and CEO of Canterbury Properties, LLC, a Minnesota limited liability company, and acknowledged to me that such limited liability company executed the same.

 

 

In Witness Whereof, I have hereunto set my hand and affixed my official seal the day and year first above written.

 

	 	/s/ Michele Lynn Dahl          

	 	Notary Public, State of	MN
	 	My Commission expires:	1/31/22

 

D-2EX-4.1

 Exhibit 4.1 

BANK OF AMERICA CORPORATION 

4.750% NON-CUMULATIVE PREFERRED STOCK, SERIES SS 

DEPOSIT AGREEMENT 
 among 

BANK OF AMERICA CORPORATION, 

COMPUTERSHARE INC., 
 and 

COMPUTERSHARE TRUST COMPANY, N.A., together, the Depository, 

and 
 THE HOLDERS FROM TIME TO TIME
OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of January 28, 2022 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I

DEFINED TERMS
	  

 

			
	Section 1.1.	 	 Definitions.
	  	 	1	 
	
	 ARTICLE II

APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER
AND REDEMPTION OF RECEIPTS
	  

 

			
	Section 2.1.	 	 Appointment of Depository
	  	 	2	 
	Section 2.2.	 	 Book-Entry System; Form and Transfer of Receipts.
	  	 	2	 
	Section 2.3.	 	 Deposit of Stock; Execution and Delivery of Receipts.
	  	 	5	 
	Section 2.4.	 	 Registration of Transfer of Receipts.
	  	 	5	 
	Section 2.5.	 	 Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of Stock.
	  	 	6	 
	Section 2.6.	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.
	  	 	7	 
	Section 2.7.	 	 Lost Receipts, etc.
	  	 	7	 
	Section 2.8.	 	 Cancellation and Destruction of Surrendered Receipts.
	  	 	7	 
	Section 2.9.	 	 Redemption of Stock.
	  	 	8	 
	Section 2.10.	 	 Deposits.
	  	 	9	 
	
	 ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION
	  

 

			
	Section 3.1.	 	 Filing Proofs; Certificates and Other Information.
	  	 	9	 
	Section 3.2.	 	 Payment of Taxes or Other Governmental Charges.
	  	 	10	 
	Section 3.3.	 	 Warranty as to Stock.
	  	 	10	 
	Section 3.4.	 	 Warranty as to Receipts.
	  	 	10	 
	
	 ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES
	  

 

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

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	
	 ARTICLE V

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

 

			
	Section 5.1.	 	 Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar;
Depository’s Agents.
	  	 	14	 
	Section 5.2.	 	 Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the
Registrar or the Corporation.
	  	 	15	 
	Section 5.3.	 	 Obligations of the Depository, the Depository’s Agents, the Registrar and the
Corporation.
	  	 	15	 
	Section 5.4.	 	 Resignation and Removal of the Depository; Appointment of Successor Depository.
	  	 	18	 
	Section 5.5.	 	 Corporate Notices and Reports.
	  	 	18	 
	Section 5.6.	 	 Indemnification by the Corporation.
	  	 	19	 
	Section 5.7.	 	 Fees, Charges and Expenses.
	  	 	19	 
	Section 5.8.	 	 Tax Compliance.
	  	 	19	 
	
	 ARTICLE VI

AMENDMENT AND TERMINATION
	  

 

			
	Section 6.1.	 	 Amendment.
	  	 	20	 
	Section 6.2.	 	 Termination.
	  	 	20	 
	
	 ARTICLE VII

MISCELLANEOUS
	  

 

			
	Section 7.1.	 	 Counterparts.
	  	 	21	 
	Section 7.2.	 	 Exclusive Benefit of Parties.
	  	 	21	 
	Section 7.3.	 	 Invalidity of Provisions.
	  	 	21	 
	Section 7.4.	 	 Notices.
	  	 	21	 
	Section 7.5.	 	 Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption
Agent.
	  	 	22	 
	Section 7.6.	 	 Holders of Receipts Are Parties.
	  	 	23	 
	Section 7.7.	 	 Governing Law.
	  	 	23	 
	Section 7.8.	 	 Headings.
	  	 	23	 
			
	Exhibit A	 	 Form of Receipt
	  	 	A-1	 

  
 -ii- 

 THIS DEPOSIT AGREEMENT dated as of January 28, 2022 (this
“Agreement”), among (i) BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”), (ii) COMPUTERSHARE INC., a Delaware corporation (“Computershare”), and COMPUTERSHARE TRUST COMPANY, N.A., a national
banking association and affiliate of Computershare (the “Trust Company” and together with Computershare, the “Depository”), and (iii) the Holders from time to time of the Receipts described in this Agreement. 

RECITALS 
 WHEREAS,
the parties desire to provide, as set forth in this Agreement, for the deposit of shares of the Corporation’s perpetual 4.750% Non-Cumulative Preferred Stock, Series SS, $0.01 par value, from time to time
with the Depository for the purposes set forth in this Agreement and for the issuance hereunder of Receipts (as defined herein) evidencing Depositary Shares (as defined herein) in respect of the Stock (as defined herein) so deposited; and 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Agreement; 
 NOW, THEREFORE, in consideration of the premises, the
parties hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 
  

	 	Section 1.1.	 Definitions. 

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

“Certificate” shall mean the Certificate of Designations filed or to be filed with the Secretary of State of the State of Delaware
establishing the Stock as a series of preferred stock of the Corporation. 
 “Corporation” shall mean Bank of America Corporation,
a Delaware corporation, and its successors. 
 “Deposit Agreement” shall mean this Agreement, as amended or supplemented from time
to time in accordance with the terms hereof. 
 “Depository” shall have the meaning set forth in the Preamble of this Agreement.

 “Depositary Shares” shall mean the depositary shares, each representing one
one-thousandth of a share of the Stock and evidenced by a Receipt. 
 “Depository’s
Agent” shall mean an agent appointed by the Depository pursuant to Section 5.1. 
  

 “Depository’s Office” shall mean the principal office of the Depository in
Canton, Massachusetts, at which at any particular time its depositary receipt business shall be administered. 
 “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 held of record by the Record Holder of
those Depositary Shares and shall include the DTC Receipt, as defined in Section 2.2, where appropriate. 
 “Record Holder”
or “Holder” as applied to a Receipt shall mean the person in whose name that Receipt is registered on the books of the Depository maintained for such purpose. 

“Registrar” shall mean the Trust Company 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 Registrar shall be deemed, as applicable, to refer as well to
the register maintained by such successor Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of 1933,
as amended. 
 “Stock” shall mean the shares of the Corporation’s 4.750%
Non-Cumulative Preferred Stock, Series SS, $0.01 par value, with a liquidation preference of $25,000 per share, designated in the Certificate. 

“Transfer Agent” shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the
Corporation to transfer the Receipts and the deposited Stock. 
 ARTICLE II 

APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER, SURRENDER
AND REDEMPTION OF RECEIPTS 
  

	 	Section 2.1.	 Appointment of Depository 

The Corporation hereby appoints Computershare and Trust Company, collectively, as Depository for the Stock, and each of Computershare and Trust
Company hereby accepts such appointment as Depository for the Stock, on the terms and conditions set forth in this Agreement. 
  

	 	Section 2.2.	 Book-Entry System; Form and Transfer of Receipts. 

The Corporation and the Depository shall make application to The Depository Trust Company (“DTC”) for acceptance of all of the
Receipts for its book-entry settlement system. The Corporation hereby appoints the Depository acting through any authorized officer thereof as its attorney-in-fact, with
full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible
for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares with book-

  
 2 

 
entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”), which shall be deposited with DTC (or its designee) evidencing all such Depositary Shares and
registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depository or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC
Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC Receipt or (ii) institutions that have accounts with DTC. The DTC Receipt shall bear such
legend or legends as may be required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. 
 If DTC
subsequently ceases to make its book-entry settlement system available for the Receipts, the Corporation may instruct the Depository regarding making other arrangements for book-entry settlement. If the Receipts are not eligible for book-entry form,
the Depository shall provide written instructions to DTC to deliver the DTC Receipt to the Depository for cancellation and the Corporation shall instruct the Depository to deliver to the beneficial owners of the Depositary Shares previously
evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. 
 Beneficial owners of Depositary
Shares through DTC will not be entitled to receive Receipts in physical, certificated form or have Depositary Shares registered in their name, except as described below. 

The DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC notifies the Corporation at any time that it is unwilling
or unable to continue to make its book-entry settlement available for the Receipts and a successor to DTC is not appointed by the Corporation within 90 days of the date the Corporation is so informed in writing, (ii) DTC notifies the
Corporation at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed within 90 days of the date the Corporation is so informed in writing, or (iii) the Corporation in its
sole discretion notifies the Depository in writing that the DTC Receipt shall be exchangeable for definitive Receipts. If beneficial owners of interests in Depositary Shares are entitled to exchange such interests for definitive Receipts as the
result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such beneficial interests may be so exchanged, upon receipt by the
Depository of the DTC Receipt for cancellation and any other necessary documentation, the Depository is hereby directed to and shall execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt
definitive Receipts in physical form evidencing such Depositary Shares and to make appropriate entries in the register with respect thereto. 

Receipts shall be in denominations of any number of whole Depositary Shares. The Corporation shall deliver to the Depository from time to time
such quantities of Receipts as the Depository may request to enable the Depository to perform its obligations under this Agreement. 
 The
DTC Receipt and definitive Receipts, if any, shall be substantially in the form set forth in Exhibit A annexed to this Agreement and incorporated herein by reference, with appropriate insertions, modifications and omissions, as hereinafter
provided and shall be 

  
 3 

 
engraved or otherwise prepared so as to comply with applicable rules of any securities exchange on which the Depositary Shares are then listed. In the case of any of the events described above
resulting in the issuance of definitive Receipts in exchange for the DTC Receipt, the Depository, pending preparation of definitive Receipts and upon the written order of the Corporation, delivered in compliance with Section 2.3, shall execute
and deliver temporary Receipts which may be printed, lithographed 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 Depository will cause definitive Receipts to be prepared without unreasonable delay.
After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable by the Holder for definitive Receipts upon surrender of the temporary Receipts at an office described in the first paragraph of Section 2.3, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depository 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 to the Holder or the Depository. Until so exchanged, the temporary Receipts shall in all respects be entitled to
the same benefits under this Agreement as definitive Receipts. 
 Receipts shall be executed by the Depository by the manual or facsimile
signature of a duly authorized officer of the Depository; provided that, if a Registrar for the Receipts (other than the Trust Company) shall have been appointed, such Receipts shall also be countersigned by manual or facsimile signature of a duly
authorized officer of such Registrar. No Receipt shall be entitled to any benefits under this Agreement or be valid or obligatory for any purpose unless it shall have been executed as described in the preceding sentence. The Registrar shall record
on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depository who was at any time a proper and duly authorized signatory of the
Depository shall bind the Depository, notwithstanding that such signatory ceased to hold such office prior to the delivery of such Receipts or did not hold such office on the date of issuance of such receipts. 

Receipts may be endorsed with, or have incorporated in the text thereof, such legends or recitals or changes not inconsistent with the
provisions of this Agreement all as may be required by the 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 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 Registrar as provided in Section 2.4, the
Depository may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any
notice provided for in this Agreement and for all other purposes. 

  
 4 

	 	Section 2.3.	 Deposit of Stock; Execution and Delivery of Receipts. 

Subject to the terms and conditions of this Agreement, the Corporation may from time to time deposit shares of Stock under this Agreement by
delivery to the Depository, including via electronic book-entry, for such shares of Stock to be deposited (or in such other manner as may be agreed to by the Corporation and the Depository), properly endorsed or accompanied, if required by the
Depository, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depository, together with (i) all such certifications as may be required by the Depository in accordance with the provisions of this Agreement,
including the resolutions of the Board of Directors of the Corporation or a committee of the Board of Directors, as certified by the Secretary or any Assistant Secretary of the Corporation on the date thereof as being complete, accurate and in
effect, relating to issuance and sale of the Stock, (ii) an opinion of counsel to the Corporation addressed to the Depository containing opinions, or a letter of counsel to the Corporation authorizing reliance on such counsel’s opinions
delivered to the underwriters named therein, relating to, (A) the existence and good standing of the Corporation, (B) the due authorization of the Depositary Shares and the status of the Depositary Shares as validly issued, fully paid and non-assessable, and (C) the effectiveness of any registration statement under the Securities Act relating to the Depositary Shares, and (iii) a written order of the Corporation, directing the Depository to
execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. Shares of deposited Stock shall be held by the Depository
in an account to be established by the Depository at the Depository’s Office, or at such other place or places as the Depository shall determine. As Registrar and Transfer Agent for the deposited Stock, Trust Company will reflect changes in the
number of shares of deposited Stock held by it by notation, book-entry or other appropriate method. 
 Upon receipt by the Depository of
shares of Stock deposited in accordance with the provisions of this Section 2.3, together with the other documents required as above specified, and upon registering the Stock on the books of the Corporation (or its duly appointed Transfer
Agent) in the name of the Depository or its nominee, the Depository, subject to the terms and conditions of this Agreement, shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the
Depository referred to in the first paragraph of this Section 2.3, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by
such person or persons. The Depository shall execute and deliver such Receipt or Receipts at the Depository’s Office or such other offices, if any, as the Depository may designate. Delivery at other offices shall be at the risk and expense of
the person requesting such delivery. 
  

	 	Section 2.4.	 Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Agreement, the Trust Company, as Registrar and Transfer Agent for the Receipts, shall register on
its books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer, including a guarantee of the
signature thereon from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, Inc. (the 

  
 5 

 
“Signature Guarantee”), and any other evidence of authority as may be reasonably required by the Trust Company (or successor Registrar or Transfer Agent). Thereupon, the Depository
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.

  

	 	Section 2.5.	 Split-ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of Stock. 

 Upon surrender of a Receipt or Receipts at the Depository’s Office or at such other offices as
it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Agreement, the Depository shall execute a new Receipt or
Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the
Holder of the Receipt or Receipts so surrendered. 
 Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Stock
and all money represented thereby by surrendering such Receipt or Depositary Shares represented by the Receipts at the Depository’s Office or at such other offices as the Depository may designate for such withdrawals. Thereafter, without
unreasonable delay, the Depository shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Stock and all money represented by the Receipt or Receipts, or Depositary
Shares represented by such Receipt or Receipts, so surrendered for withdrawal, but Holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor.
If a Receipt delivered by the Holder to the Depository 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 Stock to be withdrawn, the
Depository shall at the same time, in addition to such number of whole shares of Stock and such money to be so withdrawn, deliver to such Holder, or subject to Section 2.4 upon his order, a new Receipt evidencing such excess number of
Depositary Shares; provided, however, that the Depository shall not issue any Receipt evidencing a fractional Depositary Share. 
 Delivery
of the Stock and money being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depository may deem appropriate (or in such other manner as may be agreed to by the Corporation and the
Depository), which, if required by the Depository, shall be properly endorsed or accompanied by proper instruments of transfer including, but not limited to, a Signature Guarantee. 

If the Stock and the money 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 Stock, such Holder shall execute and deliver to the Depository a written order so directing the Depository, and the Depository may require that the Receipt or Receipts surrendered by such Holder for
withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

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

	 	Section 2.6.	 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 Depository, any of the Depository’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depository 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 Sections 3.2 and 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any
signature, including a Signature Guarantee, and may also require compliance with such regulations, if any, as the Depository or the Corporation may establish consistent with the provisions of this Agreement and applicable law and as may be required
by any securities exchange on which the Stock, the Depositary Shares or the Receipts may be listed. 
 The deposit of the Stock may be
refused, the delivery of Receipts against 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 Depository, any of the Depository’s Agents or the Corporation at any time or from time to time because of any
requirement of law or of any government or governmental body or commission or under any provision of this Agreement. 
  

	 	Section 2.7.	 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depository in its discretion may execute and deliver a Receipt of like
form and tenor in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depository of
evidence satisfactory to the Depository of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof; (ii) the Holder thereof furnishing of the Depository with reasonable indemnification
satisfactory to the Depository and the provision of an open penalty surety bond satisfactory to the Depository and holding it and the Corporation harmless; and (iii) the payment of any reasonable expense (including reasonable fees, charges and
expenses of the Depository) in connection with such execution and delivery. 
  

	 	Section 2.8.	 Cancellation and Destruction of Surrendered Receipts. 

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

  
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	 	Section 2.9.	 Redemption of Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Stock in accordance with the terms of the Certificate, it shall
(unless otherwise agreed to in writing with the Depository) give or cause to be given to the Depository, not less than 30 days and not more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption
of Stock and of the number of such shares held by the Depository 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 Stock is in accordance
with the provisions of the Certificate. On the Redemption Date, provided that the Corporation shall then have paid or caused to be paid in full to Computershare the redemption price of the Stock to be redeemed, which redemption price shall include,
if required by the provisions of the Certificate, an amount equal to any accrued and unpaid dividends thereon to the date fixed for redemption and any other applicable amounts, all in accordance with the provisions of the Certificate, the Depository
shall redeem the number of Depositary Shares representing such Stock. The Depository shall mail notice of the Corporation’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Stock
to be redeemed by first-class mail, postage prepaid (or another reasonably acceptable transmission method), not less than 30 days and not more than 60 days prior to the date fixed for redemption of such 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 Depository (provided that, if the Depositary Shares
are held through DTC, the Depository shall give such notice in accordance with the procedures of DTC); but neither failure to mail any notice of redemption of Depositary Shares to one or more Holders nor any defect in any notice of redemption of
Depositary Shares to one or more Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each 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 Holder are to be redeemed, the number of 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 Stock represented by the 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. 

Notice having been mailed (or transmitted) by the Depository as aforesaid, from and after the Redemption Date (unless the Corporation shall
have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of 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 Depository or applicable law shall so require), such Depositary Shares shall be redeemed by Computershare at a redemption price per Depositary Share equal to one one-thousandth of the redemption price per
share of Stock so redeemed plus all money 

  
 8 

 
represented by such Depositary Shares, including, if required by the provisions of the Certificate, all amounts paid by the Corporation in respect of dividends which on the Redemption Date have
been declared on the shares of Stock to be so redeemed and have not theretofore been paid. 
 If fewer than all of the Depositary Shares
evidenced by a Receipt are called for redemption, the Depository will deliver to the Holder of such Receipt upon its surrender to the Depository, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such
prior Receipt and not called for redemption; provided, however, that the Depository shall not issue any Receipt evidencing a fractional Depositary Share and cash will be payable in respect of fractional interests. 

Computershare shall, to the extent permitted by law, release or repay to the Corporation any funds deposited by or for the account of the
Corporation for the purpose of redeeming any Depositary Shares that remain unclaimed at the end of three years from the applicable Redemption Date, without further action necessary on the part of the Corporation. 

 

	 	Section 2.10.	 Deposits. 

All funds received by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of services
hereunder (the “Funds”) shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Corporation. Until paid pursuant to this
Agreement, Computershare may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or P-1 or better by Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), respectively, (iii) money market funds that comply with
Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts, short-term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of commercial banks with Tier
1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg
Finance L.P.). Computershare shall bear responsibility and liability to the Corporation for any diminution of the Funds, other than those resulting from a default by Bank of America, National Association (“BANA”), with respect to one or
more bank accounts in which the Funds are deposited that is maintained by Computershare at BANA in accordance with the foregoing. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or
investments. Computershare shall not be obligated to pay such interest, dividends or earnings to the Corporation, any Holder or any other party. 

ARTICLE III 
 CERTAIN
OBLIGATIONS OF HOLDERS OF 
 RECEIPTS AND THE CORPORATION 

 

	 	Section 3.1.	 Filing Proofs; Certificates and Other Information. 

Any Holder of a Receipt may be required from time to time to file proof of residence, or other matters or other information, to execute
certificates and to make such representations and 

  
 9 

 
warranties as the Depository or the Corporation may reasonably deem necessary or proper. The Depository or the Corporation may withhold the delivery, or delay the registration of transfer or
redemption, of any Receipt or the withdrawal of the 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. 
  

	 	Section 3.2.	 Payment of Taxes or Other Governmental Charges. 

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

	 	Section 3.3.	 Warranty as to Stock. 

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

	 	Section 3.4.	 Warranty as to Receipts. 

The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Depositary
Shares, and each Depositary Share will represent one one-thousandth interest in a share of deposited Stock. Such representation and warranty shall survive the deposit of the Stock and the issuance of the
Receipts. 
 ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES 
  

	 	Section 4.1.	 Cash Distributions. 

Whenever Computershare, as distribution agent, shall receive any cash dividend or other cash distribution on the Stock, Computershare 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 Computershare shall be required to withhold, and shall withhold, from any cash dividend or other cash distribution in respect of
the Stock an amount on account of taxes, or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. In the event that the
calculation of any such cash dividend or other cash distribution 

  
 10 

 
to be paid to any Record Holder on the aggregate number of Depositary Shares held by such Record Holder results in an amount that is a fraction of a cent and that fraction of a cent is equal to
or greater than $0.005, the amount Computershare shall distribute to such record holder shall be rounded up to the next highest whole cent; otherwise, such fractional amount shall be disregarded by the Depository; provided, however, upon the
Depository’s request, the Corporation shall pay the additional amount to the Depository for distribution. 
 Each Holder of a Receipt
shall provide Computershare 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 Computershare of a portion of any of the distributions
to be made hereunder. 
  

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

Whenever Computershare shall receive any distribution other than cash, rights, preferences or privileges upon the Stock, Computershare 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 Computershare may deem equitable and practicable for accomplishing such distribution. If in the opinion of Computershare such distribution
cannot be made proportionately among such Record Holders, or if for any other reason (including any requirement that the Corporation or Computershare withhold an amount on account of taxes or governmental charges) Computershare deems, after
consultation with the Corporation, such distribution not to be feasible, Computershare 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 Computershare 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
Computershare, and Computershare shall not make any distribution of such securities or property to the Holders of Receipts, unless the Corporation shall have provided an opinion of counsel stating that such securities or property have been
registered under the Securities Act or do not need to be registered in connection with such distributions. 
  

	 	Section 4.3.	 Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names the deposited 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 communicated to
the Depository and thereafter made available by the Depository to the Record Holders of Receipts in such manner as the Depository (in consultation with the Corporation) 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 Depository in its 

  
 11 

 
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 Depository or the Corporation
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 Computershare, in its discretion (with approval of the Corporation, in any case where the Depository 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 Computershare to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the
case of a distribution received in cash. 
 The Corporation shall notify the Depository 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 Depository
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 Depository 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 Depository 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 Depository 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 Depository that the Corporation will use its reasonable best efforts to
take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 

 

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

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to the Stock, or whenever the Depository shall receive notice of any meeting at which holders of the Stock are entitled to vote or of which holders of the Stock are entitled to
notice, or whenever the Depository and the Corporation shall decide it is appropriate, the Depository 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 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

  
 12 

 
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. 

 

	 	Section 4.5.	 Voting Rights. 

Subject to the provisions of the Certificate, upon receipt of notice of any meeting at which the holders of the Stock are entitled to vote, the
Depository shall, as soon as practicable thereafter, mail to the Record Holders of Receipts, determined on the record date as set forth in Section 4.4, 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 Depository as to the exercise of the voting rights pertaining to the amount of Stock represented by their
respective Depositary Shares (including an express indication that instructions may be given to the Depository 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 Depository 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 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 Depository in order to enable the Depository to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depository will not vote (but at its discretion, may appear at
any meeting with respect to such Stock unless directed otherwise by the Holders of all the Receipts) to the extent of the Stock represented by the Depositary Shares evidenced by the Receipts of such Holders. 

 

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

Upon any change in par or stated value, split-up, combination or any other reclassification of the
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 Depository 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 Depository 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 Stock and in the ratio of the redemption price per Depositary Share to the redemption price per share of 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 Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the Depository in
exchange for or upon conversion of or in respect of the Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Stock. In any such case the Corporation may in its discretion direct the Depository to
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 Stock or

  
 13 

 
any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depository with instructions to convert, exchange or surrender the 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 Stock represented by such Receipts might have been converted or for which such Stock might have been exchanged or
surrendered immediately prior to the effective date of such transaction. 
  

	 	Section 4.7.	 Delivery of Reports. 

The Depository shall furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the
Depository, as the holder of the Stock, and which the Corporation is required to furnish to the holders of the Stock. 
  

	 	Section 4.8.	 Lists of Receipt Holders. 

Reasonably promptly upon request from time to time by the Corporation, at the sole expense of the Corporation, the Depository 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
DEPOSITORY, THE DEPOSITORY’S 
 AGENTS, THE REGISTRAR AND THE CORPORATION 

 

	 	Section 5.1.	 Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s Agents.

 Upon execution of this Agreement, the Depository shall maintain at the Depository’s Office, facilities for the
execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depository’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of
Receipts, all in accordance with the provisions of this Agreement; provided that, to the extent provisions of this Agreement regarding transfer or registration functions performed by the Depository conflict with the terms of any transfer agency
agreement between the Corporation and the Depository, the terms of such transfer agency agreement shall control. 
 The Registrar shall keep
books at the Depository’s Office for the registration and transfer of Receipts. Upon direction by the Corporation and with reasonable notice to the Registrar, the Depository shall open its books for inspection by the Record Holders of Receipts
as directed by the Corporation; provided that any Holder shall be granted such right by the Corporation only after certifying 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 Registrar 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. 
 If the Receipts or the Depositary Shares evidenced thereby or the Stock
represented by such Depositary Shares shall be listed on one or more national securities exchanges, the 

  
 14 

 
Depository 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 Trust Company if so permitted by the requirements of any such exchange) may be removed and a substitute registrar appointed by the Depository upon the request or with the approval of the Corporation. If the Receipts, Depositary
Shares or Stock are listed on one or more other securities exchanges, the Registrar 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 Stock as may be required by law or applicable securities exchange regulation. 
 The Depository may from time to time
appoint Depository’s Agents to act in any respect for the Depository for the purposes of this Agreement and may from time to time appoint additional Depository’s Agents and vary or terminate the appointment of such Depository’s
Agents, provided that the Depository will notify the Corporation of any such appointment or variation or termination of such appointment. 
  

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

 None of the Depository, any Depository’s Agent, any Registrar or the Corporation shall incur any
liability to any Holder of a 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 Depository, the
Depository’s Agents 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 Depository, the Depository’s Agents, the Registrar or the Corporation shall be prevented, delayed or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which
the terms of this Agreement provide shall be done or performed. Nor shall the Depository, any Depository’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt (i) by reason of any nonperformance or delay,
caused as aforesaid, in the performance of any act or thing which the terms of this Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this
Agreement except, in case of any such exercise or failure to exercise discretion not caused as aforesaid, if caused by the gross negligence or willful misconduct of the party charged with such exercise or failure to exercise, or as otherwise
explicitly set forth in this Agreement. 
  

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

 None of the Depository, any Depository’s Agent, any Registrar or the Corporation assumes any obligation or shall be
subject to any liability under this Agreement to Holders of Receipts other than for its gross negligence, willful misconduct or bad faith. 

None of the Depository, any Depository’s Agent, any Registrar or the Corporation shall be under any obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts, which, in its opinion, may involve it 

  
 15 

 
in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be reasonably required. 

None of the Depository, any Depository’s Agent, any Registrar or 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 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 Depository, any Depository’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. 
 The Depository shall indemnify the Corporation against any liability
which may directly arise out of acts performed or omitted by the Depository or any Depository’s Agent due to its or their gross negligence, willful misconduct or bad faith. 

The Depository shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or
effect of any such vote made, as long as any such action or inaction is not taken in bad faith. The Depository 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 Depository or any Registrar. 
 The
Depository, its parent, affiliates or subsidiaries, the Depository’s Agents and the Registrar may own, buy, sell and deal in any class of securities of the Corporation and its affiliates and in Receipts or Depositary Shares or become
pecuniarily interested in any transaction in which the Corporation or its affiliates may be interested or contract with or lend money to any such person or otherwise act as fully or as freely as if it were not the Depository, the parent, affiliate
or subsidiary or the Depository’s Agents or the Registrar hereunder. The Depository may also act as trustee, transfer agent or registrar of any of the securities of the Corporation and its affiliates. 

It is intended that none of the Depository, any Depository’s Agent or the Registrar, acting as the Depository’s Agent or Registrar,
as the case may be, shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depository, any of the Depository’s
Agents and the Registrar are acting only in a ministerial capacity as Depository or Registrar for the Stock. 
 None of the Depository (or
its officers, directors, employees or agents), any Depository’s Agent or the Registrar makes any representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered
under the Securities Act, the Stock, the Depositary Shares or the Receipts (except for its counter-signatures thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein. 

The Depository assumes no responsibility for the correctness of the description that appears in the Receipts. Notwithstanding any other
provision herein or in the Receipts, the 

  
 16 

 
Depository makes no warranties or representations as to the validity or genuineness of any Stock at any time deposited with the Depository hereunder or of the Depositary Shares, as to the
validity or sufficiency of this Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares. The Depository shall not be accountable for the use or
application by the Corporation of the Depositary Shares or the Receipts or the proceeds thereof. 
 Notwithstanding anything to the contrary
herein, no party to this Agreement shall be liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by breach of any provision of this
Agreement even if apprised of the possibility of such damages. 
 The Depository 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 Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The
Depository 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 Depository believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Depository hereunder, or in the administration of any of the provisions of this Agreement, the Depository 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 Depository 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 Depository receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the
satisfaction of the Depository or which proves or establishes the applicable matter to the satisfaction of the Depository. 
 The Depository
undertakes not to issue any Receipt other than to evidence the Depositary Shares representing interests in the shares of Stock that have been delivered to and are then on deposit with the Depository. The Depository also undertakes not to sell,
except as provided herein, pledge or lend Depositary Shares or any shares of deposited Stock by it as Depository. 
 The Depository shall
not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Corporation. The obligations of the Corporation and the rights of the Depository set forth in this Section 5.3 shall survive
the termination of this Agreement and any succession of any of the Depository, the Registrar or the Depository’s Agents. 

  
 17 

	 	Section 5.4.	 Resignation and Removal of the Depository; Appointment of Successor Depository. 

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

The Depository may at any time be removed by the Corporation by notice of such removal delivered to the Depository, such removal to take
effect upon the appointment of a successor Depository hereunder and its acceptance of such appointment as hereinafter provided. 
 In case
at any time the Depository 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 Depository, 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 Depository shall have been so appointed and have accepted appointment within 60 days after
delivery of such notice, the resigning or removed Depository may petition any court of competent jurisdiction for the appointment of a successor Depository. Every successor Depository shall execute and deliver to its predecessor and to the
Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depository, 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 Depository under this Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Stock and any moneys 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 entity into or with which
the Depository may be merged, consolidated or converted shall be the successor of the Depository without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depository may
authenticate the Receipts in the name of the predecessor Depository or its own name as successor Depository. 
  

	 	Section 5.5.	 Corporate Notices and Reports. 

The Corporation agrees that it will deliver to the Depository, and the Depository will, promptly after receipt thereof, transmit to the Record
Holders of Receipts, in each case at the addresses recorded in the Depository’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 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 Depository with such number of copies of such documents as the Depository may reasonably request. In addition, the Depository will transmit to the Record Holders of

  
 18 

 
Receipts at the Corporation’s expense, including applicable fees, such other documents as may be requested by the Corporation. 

 

	 	Section 5.6.	 Indemnification by the Corporation. 

Subject to Section 5.3, the Corporation shall indemnify the Depository, any Depository’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 Depository, any Registrar or any of their respective agents (including any Depository’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 and the rights of the Depository set forth in this Section 5.6
shall survive the termination of this Agreement and any succession of any Depository, Registrar or Depository’s Agent. 
  

	 	Section 5.7.	 Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depository the compensation to be agreed upon with the Corporation for all services rendered by the
Depository hereunder and to reimburse the Depository for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the
Depository without negligence, willful misconduct or bad faith on its part (or on the part of any agent or Depository’s Agent) in connection with the services rendered by it (or such agent or Depository’s Agent) hereunder. The Corporation
shall pay all charges of the Depository in connection with the initial deposit of the Stock and the initial issuance of the Depositary Shares and any redemption or exchange of the 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 depository 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 Depository 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
Depository may, at its sole option, request that the Corporation direct a Holder of a Receipt to prepay the Depository any charge or expense the Depository has been asked to incur at the request of such Holder of Receipts. The Depository shall
present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depository may agree. 
  

	 	Section 5.8.	 Tax Compliance. 

Computershare and, where applicable, the Trust Company, on its own behalf and on behalf of the Corporation, will comply with all applicable
certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect to the
Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Depositary Receipts or the Depositary Shares. Such compliance shall include, 

  
 19 

 
without limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated
agent. 
 The Depository shall comply with any direction received from the Corporation with respect to the application of such requirements
to particular payments or holders or in other particular circumstances, and may for purposes of this Agreement rely on any such direction in accordance with the provisions of Section 5.3 hereof. 

The Depository shall maintain all appropriate records documenting compliance with such requirements, and shall make such records available on
request to the Corporation or to its authorized representatives. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 
  

	 	Section 6.1.	 Amendment. 

The form of the Receipts and any provisions of this Agreement may at any time and from time to time be amended by agreement between the
Corporation and the Depository in any respect which they may deem necessary or desirable; provided, however, that no such amendment (other than a change in fees) which shall materially and adversely alter the rights of the Holders of Receipts shall
be effective unless such amendment shall have been approved by the Holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding. Every Holder of an outstanding receipt at the time any such amendment becomes effective
shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Agreement. 

Notwithstanding the foregoing, in no event shall the Corporation be required to execute any amendment which may impair the right, subject to
the provisions of Sections 2.6 and 2.7 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depository with instructions to deliver to the Holder the Stock and all money 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. As a condition precedent to the Depository’s
execution of any amendment, the Corporation shall deliver to the Depository a certificate from a duly authorized officer of the Corporation that states that the proposed amendment is in compliance with the terms of this Section 6.1, except
that, if, under the foregoing paragraph, such amendment would require approval of at least a majority of Holders of Receipts to be effective, such Holders shall be deemed to have consented and agreed to such amendment for purposes of the statement
in such certificate that such amendment is in compliance with the terms of this Section 6.1. 
  

	 	Section 6.2.	 Termination. 

This Agreement may be terminated by the Corporation or the Depository only if (i) all outstanding Depositary Shares issued hereunder have
been redeemed pursuant to Section 2.9, or (ii) there shall have been made a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been

  
 20 

 
distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 

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

MISCELLANEOUS 
  

	 	Section 7.1.	 Counterparts. 

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

	 	Section 7.2.	 Exclusive Benefit of Parties. 

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

	 	Section 7.3.	 Invalidity of Provisions. 

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

 

	 	Section 7.4.	 Notices. 

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

Bank of America Corporation 
 Bank
of America Corporate Center 

NC1-007-06-11 

100 North Tryon Street 

Charlotte, North Carolina 28255 

Attn: Corporate Treasury – Global Funding Transaction Management 

Facsimile: (704) 548-5999 

Email: TMTreasuryFunding@bofa.com 
 or at any
other addresses of which the Corporation shall have notified the Depository in writing. 

  
 21 

 Any and all notices to be given to the Depository 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 Depository at the Depository’s Office at 

Computershare Trust Company, N.A. 

c/o Computershare Inc. 
 150
Royall Street 
 Canton, Massachusetts 02021 

Attention: General Counsel 

Facsimile: 781-575-4210 

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

The Depository shall give any and all notices directed to be given by the Corporation to any Record Holder of a Receipt in writing, which
notices 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
Depository (provided that, if the Depositary Shares are held through DTC, the Depository shall give any and all notices in accordance with the procedures of DTC). 

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 Depository or the Corporation may, however, act upon any facsimile transmission received by it
from the other, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 
  

	 	Section 7.5.	 Appointment of Registrar and Transfer Agent, Dividend Disbursing Agent and Redemption Agent.

 Unless otherwise set forth on a certificate duly executed by an authorized officer of the Corporation, the Corporation
hereby appoints the Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the Stock deposited with the Depository hereunder and the Receipts, and the Trust Company and
Computershare hereby accept their respective appointments. With respect to the appointments of the Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent in respect of the Stock and the
Receipts, each of the Corporation, the Trust Company and Computershare, in their respective capacities under such appointments, shall be entitled to the same rights, indemnities, immunities and benefits as the Corporation and Depository hereunder,
respectively, as if explicitly named in each such provision. 

  
 22 

	 	Section 7.6.	 Holders of Receipts Are Parties. 

The Holders of Receipts from time to time shall be parties to this Agreement and shall be bound by all of the terms and conditions hereof and
of the Receipts. The provisions of this Agreement are intended to benefit only the parties hereto and their respective permitted successors and assigns, and no rights shall be granted to any other person by virtue of this Agreement. 

 

	 	Section 7.7.	 Governing Law. 

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

	 	Section 7.8.	 Headings. 

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

[Signature page follows.] 

  
 23 

 IN WITNESS WHEREOF, the Corporation, Computershare and the Trust Company have duly executed this Agreement
as of the day and year first above set forth. 
  

					
	BANK OF AMERICA CORPORATION
		
	By:	 	 /s/ Karim Kajani

		 	Name:	 	Karim Kajani
		 	Title:	 	Director
		 		 	
	
	COMPUTERSHARE INC.
		
	By:	 	 /s/ Shirley A. Nessralla

		 	Name:	 	Shirley A. Nessralla
		 	Title:	 	Vice President & Manager
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Shirley A. Nessralla

		 	Name:	 	Shirley A. Nessralla
		 	Title:	 	Vice President & Manager

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 THE DEPOSITARY SHARES
REPRESENTED BY THIS CERTIFICATE ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. 

[To be included in any DTC Receipt or other global Receipt: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CORPORATION OR ITS AGENT (INCLUDING THE DEPOSITORY) FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT 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. 
 TRANSFERS OF THIS RECEIPT
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.] 
  

			
	Number DR-        	  	                     Depositary Shares
		  	(CUSIP 06055H871)

 DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, 

EACH REPRESENTING ONE ONE-THOUSANDTH OF ONE SHARE OF 

4.750% NON-CUMULATIVE PREFERRED STOCK, SERIES SS, OF 

BANK OF AMERICA CORPORATION 

Incorporated under the laws of the State of Delaware 

(See reverse for certain definitions.) 

Computershare Inc., a Delaware corporation, and Computershare Trust Company, N.A., a national banking association, acting jointly as
Depository (the “Depository”), hereby certifies that CEDE & CO. is the registered owner of                     
(            ) DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing one one-thousandth of a share of 4.750% Non-Cumulative Preferred Stock, Series SS, liquidation preference $25,000 per share, par value $0.01 per share (the “Stock”), of BANK OF AMERICA CORPORATION, a Delaware corporation (the
“Corporation”), on deposit with the Depository, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of January 28, 2022 (the “Deposit Agreement”), among the Corporation, Computershare Inc.,
Computershare Trust Company, N.A. and the Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and

 
conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been
executed by the Depository by the manual or facsimile signature of a duly authorized officer and countersigned and registered by the Transfer Agent and Registrar. 
  

							
	Dated:                     	 		 	Computershare Inc. and Computershare Trust Company, N.A., as Depository
				
		 		 	By:	 	  

		 		 		 	Authorized Officer
		 		 		 	

  

			
	 Countersigned and Registered:

Computershare Trust Company, N.A., Transfer Agent and Registrar

		
	By:	 	  

		 	Authorized Signatory

 [FORM OF REVERSE OF RECEIPT] 

BANK OF AMERICA CORPORATION 

UPON REQUEST, BANK OF AMERICA CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A DEPOSITARY RECEIPT WHO SO REQUESTS A COPY OF THE
DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF THE 4.750% NON-CUMULATIVE PREFERRED STOCK, SERIES SS, OF BANK OF AMERICA CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE
SECRETARY OF THE CORPORATION OR THE DEPOSITORY NAMED ON THE FACE OF THIS RECEIPT. 
 The Corporation will furnish without charge to each
holder of a depositary receipt 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 or rights. Such request may be made to the Corporation or to the Registrar. 
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT
IS LOST, STOLEN OR DESTROYED THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. 
 The following
abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

					
	TEN COM – as tenants in common	 		  	UNIF GIFT MIN ACT -              Custodian             
	TEN ENT – as tenants by the entireties	 		  	  (Cust)                (Minor)
	 JT TEN – as joint tenants with right of survivorship and not as

                 tenants in common
	 		  	 Under Uniform Gifts to Minors Act

                        

(State)

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

  

	
	 For value received,
                                         
                    hereby sell, assign and transfer unto

 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 

					
	            	 	                 
                       	  	

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

  
  

 
  

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

			
	NOTICE:	  	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.

			
		  	  

	SIGNATURE(S) GUARANTEED:	  	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 PROGRAM), PURSUANT TO RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]