Document:

EX-4.3

 Exhibit 4.3 
  

 
 DEPOSIT AGREEMENT 

among 
 AT&T INC., 

COMPUTERSHARE INC. AND COMPUTERSHARE TRUST COMPANY, N.A., 

collectively, as Depositary, 

and 
 The Holders From Time
to Time of 
 the Depositary Receipts Described Herein 

Dated as of February 18, 2020 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	DEFINED TERMS	  

			
	 Section 1.1.
	 	Definitions	  	 	1	 
	
	ARTICLE II	  

	 FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND

DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
	  

 

			
	 Section 2.1.
	 	Appointment of Depositary	  	 	4	 
			
	 Section 2.2.
	 	Form and Transfer of Receipts	  	 	4	 
			
	 Section 2.3.
	 	Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	5	 
			
	 Section 2.4.
	 	Registration of Transfer of Receipts	  	 	6	 
			
	 Section 2.5.
	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Preferred Stock	  	 	7	 
			
	 Section 2.6.
	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	8	 
			
	 Section 2.7.
	 	 Lost Receipts, etc.
	  	 	9	 
			
	 Section 2.8.
	 	Cancellation and Destruction of Surrendered Receipts	  	 	9	 
			
	 Section 2.9.
	 	Redemption of Preferred Stock	  	 	9	 
			
	 Section 2.10.
	 	Receipt of Funds	  	 	11	 
			
	 Section 2.11.
	 	Receipts Issuable in Global Registered Form	  	 	12	 
	
	ARTICLE III	  

	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION	  

			
	 Section 3.1.
	 	Filing Proofs, Certificates and Other Information	  	 	13	 
			
	 Section 3.2.
	 	Payment of Taxes or Other Governmental Charges	  	 	13	 
			
	 Section 3.3.
	 	Warranty as to Preferred Stock	  	 	14	 
			
	 Section 3.4.
	 	Warranty as to Receipts	  	 	14	 

  
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	ARTICLE IV	  

	THE DEPOSITED SECURITIES; NOTICES	  

			
	 Section 4.1.
	 	 Cash Distributions
	  	 	14	 
			
	 Section 4.2.
	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	15	 
			
	 Section 4.3.
	 	 Subscription Rights, Preferences or Privileges
	  	 	15	 
			
	 Section 4.4.
	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	16	 
			
	 Section 4.5.
	 	 Voting Rights
	  	 	17	 
			
	 Section 4.6.
	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations,
etc.
	  	 	17	 
			
	 Section 4.7.
	 	 Delivery of Reports
	  	 	18	 
			
	 Section 4.8.
	 	 Lists of Receipt Holders
	  	 	18	 
	
	ARTICLE V	  

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

			
	 Section 5.1.
	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary;
Registrar
	  	 	18	 
			
	 Section 5.2.
	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Corporation
	  	 	19	 
			
	 Section 5.3.
	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Corporation
	  	 	20	 
			
	 Section 5.4.
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	24	 
			
	 Section 5.5.
	 	 Corporate Notices and Reports
	  	 	25	 
			
	 Section 5.6.
	 	 Reserved
	  	 	25	 
			
	 Section 5.7.
	 	 Fees, Charges and Expenses
	  	 	25	 
	
	ARTICLE VI	  

	AMENDMENT AND TERMINATION	  

			
	 Section 6.1.
	 	 Amendment
	  	 	26	 
			
	 Section 6.2.
	 	 Termination
	  	 	27	 

  
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	ARTICLE VII	  

	MISCELLANEOUS	  

			
	 Section 7.1.
	 	 Counterparts
	  	 	27	 
			
	 Section 7.2.
	 	 Exclusive Benefit of Parties
	  	 	27	 
			
	 Section 7.3.
	 	 Invalidity of Provisions
	  	 	27	 
			
	 Section 7.4.
	 	 Notices
	  	 	28	 
			
	 Section 7.5.
	 	 Depositary’s Agents
	  	 	29	 
			
	 Section 7.6.
	 	 Appointment of Registrar, Dividend Disbursement Agent and Redemption Agent in Respect of
Receipts and Preferred Stock
	  	 	29	 
			
	 Section 7.7.
	 	 Holders of Receipts Are Parties
	  	 	30	 
			
	 Section 7.8.
	 	 Governing Law
	  	 	30	 
			
	 Section 7.9.
	 	 Inspection of Agreement
	  	 	30	 
			
	 Section 7.10.
	 	 Headings
	  	 	30	 
			
	 Section 7.11.
	 	 Further Assurances
	  	 	30	 
			
	 Section 7.12.
	 	 Confidentiality
	  	 	31	 
			
	Exhibit A	 	 Form of Receipt
	  			
	Exhibit B	 	 Form of Officer’s Certificate
	  			

  
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 THIS DEPOSIT AGREEMENT, dated as of February 18, 2020, among AT&T Inc., a Delaware
corporation (the “Corporation”), Computershare Inc., a Delaware corporation (“Computershare”), and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company (the
“Trust Company” and together with Computershare, collectively, the “Depositary”), and the Holders from time to time of the Receipts (as defined below). 

WHEREAS, it is desired to provide, as hereinafter set forth in this Agreement, for the deposit of shares of 4.750% Perpetual Preferred Stock,
Series C, $1.00 par value per share, $25,000 liquidation preference per share (the “Preferred Stock”), of the Corporation, from time to time with the Depositary for the purposes set forth in this Agreement and for the issuance
hereunder of Receipts evidencing Depositary Shares (as defined below) in respect of the Preferred Stock so deposited; and 
 WHEREAS, the
Receipts are to be substantially in the form set forth in Exhibit A attached 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: 

“Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms
hereof. 
 “Certificate of Designations” shall mean the Certificate of Designations with respect to the Preferred Stock
filed with the Secretary of State of the State of Delaware establishing the Preferred Stock as a series of preferred stock of the Corporation. 

“Computershare” shall have the meaning ascribed thereto in the recitals. 

“Corporation” shall have the meaning ascribed thereto in the recitals. 

“Depositary” shall have the meaning ascribed thereto in the recitals. 

  
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 “Depositary’s Agent” shall mean an agent appointed by the Depositary
pursuant to Section 7.5. 
 “Depositary Shares” shall mean the depositary shares, each representing a 1/1,000th
interest in one share of the Preferred Stock, and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and held under this Agreement, all as evidenced by the Receipts
issued hereunder. Subject to the terms of this Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock represented by such Depositary Share (including the
dividend, voting, redemption and liquidation rights contained in the Certificate of Designations). 
 “Depositary’s
Office” shall mean the office or offices of the Depositary at which at any particular time its depositary receipt business shall be administered, which is currently located at 150 Royall Street, Canton MA 02021. 

“DTC” shall mean The Depository Trust Company. 

“Effective Date” shall mean the date first stated above. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

 

	 	(1)	 (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies
the Corporation that it is no longer willing or able to continue to act as securities depositary for the depositary shares or ceases to be a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act
when it is required to be so registered and so notifies us , and (B) the Corporation has not appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or 

 

	 	(2)	 the Corporation in its sole discretion and subject to the procedures of the Global Receipt Depositary notifies
the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall be exchangeable for Depositary Shares represented by individual definitive registered Receipts.

 “Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other
entity designated as Global Receipt Depository by the Corporation in or pursuant to this Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Exchange Act. 

  
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 “Global Registered Receipts” shall mean a global registered Receipt, in
definitive or book-entry form, registered in the name of a nominee of DTC. 
 “Letter of Representations” shall mean any
applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended,
supplemented, restated or otherwise modified from time to time and any successor agreement thereto. 
 “Officer’s
Certificate” shall mean a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation and which shall include the terms and conditions of the Preferred Stock to be issued by
the Corporation and deposited with the Depositary from time to time in accordance with the terms hereof. 
 “Person” or
“person” shall mean any natural person, partnership, joint venture, firm, corporation, limited liability company, limited liability partnership, unincorporated association, trust or other entity, and shall include any successor (by
merger or otherwise) of the foregoing. 
 “Preferred Stock” shall have the meaning ascribed thereto in the recitals. 

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

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is
registered on the books of the Depositary maintained for such purpose. 
 “Redemption Date” shall have the meaning set forth
in Section 2.9. 
 “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 and the deposited Preferred Stock as herein provided; and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by
the Trust Company shall be deemed, as applicable, to refer as well to the register maintained by such successor Registrar for such purpose. 

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

“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 Preferred Stock, as herein provided. 
 “Trust Company” shall have
the meaning ascribed thereto in the recitals. 
 ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND 

DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

Section 2.1.    Appointment of Depositary. 

The Corporation hereby appoints the Depositary as depositary for the Preferred Stock, and the Depositary hereby accepts such appointment, on
the express terms and conditions set forth in this Agreement. 
 Section 2.2.    Form and Transfer of
Receipts. 
 The definitive Receipts shall be substantially in the form set forth in Exhibit A attached to this Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, 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, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the persons executing such Receipts may determine (and as are not inconsistent with the provisions of this Agreement and do not affect the rights, duties, liabilities or responsibilities of the Depositary), as
evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary
Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.3, without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at
the Corporation’s expense and without any charge to the Holder therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement as definitive Receipts. 

  
 4 

 Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly
authorized officer of the Depositary. 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 manually or by facsimile signature by a duly authorized officer of
the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by manual or facsimile signature by a duly
authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was
at such time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date
of issuance of such Receipts. 
 Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated
the date of their issuance. 
 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 as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any
securities exchange upon which the Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are
subject. 
 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of
transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument in accordance with the Depositary’s procedures; provided, however, that until transfer of any particular Receipt shall be
registered on the books of the Depositary as provided in Section 2.4, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the
person entitled to distributions of dividends or other distributions, to exercise voting rights with respect to the Preferred Stock or to any notice provided for in this Agreement and for all other purposes. 

Section 2.3.    Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. 

Subject to the terms and conditions of this Agreement, the Corporation may from time to time deposit shares of Preferred Stock under this
Agreement by delivery to the Depositary, including via electronic book-entry, such shares of Preferred Stock to be deposited, properly endorsed or accompanied, if applicable and required by the Depositary, by a duly executed instrument of transfer
or endorsement, in form 

  
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satisfactory to the Depositary, together with: (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Agreement and an executed
Officer’s Certificate attaching the Certificate of Designations and all other information required to be set forth therein; (ii) an opinion of counsel to the Corporation addressed to the Depositary (or a letter of counsel to the
Corporation authorizing reliance on such counsel’s opinions delivered to the underwriters named therein) substantially to the following effect: (A) the Corporation is validly existing and in good standing under the laws of the State of
Delaware, (B) the Depositary Shares are duly authorized, validly issued, fully paid and nonassessable and (C) the registration statement under the Securities Act relating to the Depositary Shares has become effective or the sale or
transfer of the Depositary Shares is exempt from registration under the Securities Act; and (iii) a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated
in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Preferred Stock. Each Officer’s Certificate delivered to the Depositary in accordance with the terms of this Agreement
shall be deemed to be incorporated into this Agreement and shall be binding on the Corporation, the Depositary and the Holders of Receipts to which such Officer’s Certificate relates. 

The Preferred Stock that is deposited shall be held by the Depositary at the Depositary’s Office or at such other place or places as the
Depositary shall determine. The Depositary shall not lend any Preferred Stock deposited hereunder. 
 Upon receipt by the Depositary of
Preferred Stock deposited in accordance with the provisions of this Section 2.3, together with the other documents required as above specified, and upon recordation of the Preferred Stock on the books of the Corporation (or its duly appointed
transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered to the
Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Preferred Stock so deposited and registered in such name or names as may be requested
by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or at such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and
expense of the Person requesting such delivery. 
 Section 2.4.    Registration of Transfer of Receipts.

 Subject to the terms and conditions of this Agreement, the Depositary shall register on its books from time to time transfers of Receipts
upon any surrender thereof by the Holder in person or by its duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer which shall be affixed with 

  
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the signature guarantee of a guarantor institution which is a participant in a signature guarantee program approved by the Securities Transfer Association, and any other evidence of authority
that may be reasonably required by the Depositary, together with evidence of the payment by the applicable party of any taxes or charges as may be required by law. Thereupon, the Depositary shall, without unreasonable delay, 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 Preferred Stock. 
 Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other
offices as the Depositary 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 Depositary shall
execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or
upon the order of the Holder of the Receipt or Receipts so surrendered. 
 Any Holder of a Receipt or Receipts may withdraw the number of
whole shares of Preferred Stock and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals.
Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Preferred Stock and all money and other property, if
any, represented by the Receipt or Receipts so surrendered for withdrawal. Holders receiving such shares of Preferred Stock will not thereafter be entitled to deposit Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares
therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Preferred Stock
to be withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Preferred Stock and such money and other property, if any, 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. 
 In no event will fractional shares of Preferred Stock (or any
cash payment in lieu thereof) be delivered by the Depositary. 
 Delivery of the Preferred Stock and money and other property, if any, being
withdrawn may be made by the delivery of such certificates, documents of title and other 

  
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instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer including, but not limited
to, a signature guarantee. 
 If the Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a
person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing the Depositary and the
Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

Delivery of the Preferred Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be made by
the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other place as may be
designated by such Holder. 
 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 Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the
event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it
as to the identity and genuineness of any signature, including a signature guarantee, and any other evidence of authority that may be reasonably required by the Depositary, and may also require compliance with such regulations, if any, as the
Depositary or the Corporation may establish consistent with the provisions of this Agreement and/or applicable law. 
 The deposit of the
Preferred Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be
suspended (i) during any period when the register of stockholders of the Corporation is closed (and the Depositary shall be promptly notified by the Corporation of such closure) or (ii) if any such action is deemed reasonably necessary or
advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of this Agreement;
provided that in no event shall the Depositary have any duty or obligation to make such determination. 

  
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 Section 2.7.    Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a Receipt of like form 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 Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof, (ii) the Holder thereof furnishing the Depositary with an affidavit and an indemnity or bond reasonably
satisfactory to the Depositary, and (iii) the payment of any reasonable expense in connection with such execution and delivery. Applicants for such substitute Receipts shall also comply with such other reasonable regulations and pay such other
reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code. 

Section 2.8.    Cancellation and Destruction of Surrendered Receipts. 

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

Section 2.9.    Redemption of Preferred Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Preferred Stock in accordance with the terms of the Certificate
of Designations, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 35 days and not more than 65 days prior to the Redemption Date (as defined below), notice of the date of
such proposed redemption of Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, and the place or places where the certificates evidencing such shares, if any, are to be
surrendered for payment of the redemption price, which notice shall be accompanied by a certificate from the Corporation to the effect that such redemption of Preferred Stock is in accordance with the provisions of the Certificate of Designations.
On the date of such redemption, the Depositary shall redeem the number of Depositary Shares representing such Preferred Stock; provided that the Corporation shall, on such date of redemption, have paid or caused to be paid in full to
Computershare the redemption price of the Preferred Stock to be redeemed, plus an amount equal to all accrued and unpaid dividends thereon (whether or not declared) that, pursuant to the provisions of the Certificate of Designations, are payable
upon redemption. The Depositary shall mail notice of the Corporation’s redemption of Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Preferred Stock to be redeemed by first-class
mail, postage prepaid (or another reasonably acceptable transmission method) to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at the 

  
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last addresses of such Holders as they appear on the records of the Depositary, or if any shares of Preferred Stock or Depositary Shares representing interests in the Preferred Stock are issued
in book-entry form through DTC or any other similar facility, DTC or such other facility will provide notice of redemption by any authorized method to Record Holders of the applicable shares of the Preferred Stock or Depositary Shares representing
interests in the Preferred Stock, in each case, not less than 30, nor more than 60, days prior to the date fixed for redemption of such shares of the Preferred Stock and related Depositary Shares (the “Redemption Date”); but neither
failure to mail or otherwise provide by any authorized method any such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the
sufficiency of the proceedings for redemption as to the other Holders. Each notice of redemption shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if
less than all the Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such
Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Preferred Stock represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case
less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot. 

Notice having been mailed by the Depositary or transmitted by any authorized method by DTC, as the case may be, as aforesaid, from and after
the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Preferred Stock so called for
redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary
Shares (except the right to receive the amounts described in clause (iv) of this paragraph) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the
Receipts evidencing any such Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price
per Depositary Share equal to 1/1,000th of the redemption price per share of Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Corporation in respect of
dividends in accordance with the provisions of the Certificate of Designations. 
 If fewer than all of the Depositary Shares evidenced by a
Receipt are called for redemption, the Depositary will deliver to the Holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt
and not called for redemption. 

  
 10 

 Section 2.10.    Receipt of Funds. 

All funds received by Computershare pursuant to this Agreement that are to be distributed or applied by Computershare in accordance with the
terms of this Agreement (the “Funds”) shall be delivered to Computershare by 9:00 a.m. Eastern Time and in no event later than 12:00 p.m. Eastern Time on the date on which such Funds are to be distributed (the “Distribution
Date”). Funding after 9:00 a.m. but before 12:00 p.m. on the Distribution Date may cause delays in payments such that payments may be made on the business day following the Distribution Date. In the case of
late-day funding, which means delivery of the Funds to Computershare after 12:00 p.m. Eastern Time on any day, regardless of whether such delivery of Funds occurs prior to, or after, the Distribution Date (“Late-Day Funding”), Federal Deposit Insurance or other bank liquidity charges may apply in connection with the overnight deposit of the Funds with commercial banks. The parties hereto agree that any such
charges assessed as a result of Late-Day Funding will be charged to the Corporation and the Corporation hereby agrees to pay such charges. 

Once received by Computershare, Funds shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts
to be maintained by Computershare for which Computershare’s sub ledger will track the balance in the account daily “as agent for the Corporation,” which account is non-recourse to any other
creditor of Computershare, the Trust Company or their affiliates, in the event of bankruptcy of any such entity. 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) AAA rated government money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, or (iii) bank accounts or short-term
certificates of deposit of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by Standard & Poor’s Corporation (LT Local Issuer Credit Rating), Moody’s Investors
Service, Inc. (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any
deposit or investment made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. 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. 

  
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 Section 2.11.    Receipts Issuable in Global Registered
Form. 
 The Receipts issued on the Effective Date shall be issued in the form of one or more Global Registered Receipts, and the
Depositary shall, in accordance with the other provisions of this Agreement, execute and deliver one or more Global Registered Receipts evidencing such Receipts, which (i) shall represent, and shall be denominated in the aggregate number of
Receipts to be represented by such Global Registered Receipt or Receipts, and (ii) shall be registered in the name of the Global Receipt Depository therefor or its nominee. 

Subsequent to the Effective Date, if the Corporation shall determine in a writing delivered to the Depositary that Receipts are to be issued
in whole or in part in the form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Agreement, execute and deliver one or more Global Registered Receipts evidencing such Receipts,
which (i) shall represent, and shall be denominated in the aggregate number of Receipts to be represented by such Global Registered Receipt or Receipts, and (ii) shall be registered in the name of the Global Receipt Depository therefor or
its nominee. 
 Notwithstanding any other provision of this Agreement to the contrary, unless otherwise provided in the Global Registered
Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global Receipt
Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected or
approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the
Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights or obligations under this Agreement with respect to any Global
Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary as the
Holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will
make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements,
and (2) whenever any notice, payment or other communication to the Holders of Global Registered Receipts is required under this Agreement, the Corporation and the Depositary shall give all such notices, payments and communications specified
herein to be given to such Holders to the applicable Global Receipt Depository. 

  
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 If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in
any such event, the Depositary, upon receipt of a written order from the Corporation for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall execute and deliver individual
definitive registered Receipts, in authorized denominations and of like terms in an aggregate number equal to the beneficial interests represented by such Global Registered Receipt in exchange for such Global Registered Receipt. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section 2.11 shall be registered in
such names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts
to the persons in whose names such Receipts are so registered. 
 Notwithstanding anything to the contrary in this Agreement, the parties
hereto shall comply with the terms of the Letter of Representations with respect to the Global Registered Receipts. 
 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 such proof of residence, or other matters or other information, to execute
such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or
redemption, of any Receipt or the withdrawal of the Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds thereof until
such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

Section 3.2.    Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain taxes, charges and expenses, as provided in
Section 5.7. The Depositary may refuse and shall have no obligation with respect to the registration of transfer of any Receipt or any withdrawal of Preferred Stock and all money or other property, if any, represented by the Depositary Shares
evidenced by such Receipt until any such payment due is made or satisfactory evidence 

  
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is provided by such Holder to the Depositary that such fees, charges and expenses have been paid, and any dividends, interest payments or other distributions may be withheld or any part of or all
the Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such
sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 

Section 3.3.    Warranty as to Preferred Stock. 

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

THE DEPOSITED SECURITIES; NOTICES 

Section 4.1.    Cash Distributions. 

Whenever Computershare shall receive any cash dividend or other cash distribution on the Preferred Stock, Computershare shall, subject to
Section 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 Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. Computershare shall distribute or make available for distribution,
as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon)
and shall be added to and be treated as part of the next sum received by the Depositary or distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the 

  
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Depositary with its certified tax identification number on a properly completed Form W-8 or W-9 or other
appropriate form, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require
withholding by the Corporation or Computershare of a portion of any of the distributions to be made to such Holder hereunder. 

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

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Preferred Stock, the
Depositary shall, at the written direction of the Corporation, 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 in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders (subject to rounding at the Corporation’s direction). If the Depositary determines that such distribution cannot be made in
proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders or that it is not feasible to make such distribution, then the Depositary may, with the Corporation’s approval, sell such securities or
property received by it and distribute the net proceeds from the sale to the Holders of the Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of
such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel to the effect 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 Preferred Stock is recorded on the books of
the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be communicated
promptly in writing to the Depositary and thereafter such rights, options or privileges shall be made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall instruct the Depositary in writing, either by
the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Depositary in its discretion with the approval of the Corporation; provided, however,
that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it is not lawful or (after consultation with the Corporation) not feasible to make such rights, preferences or privileges
available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Depositary, in its
discretion (with approval 

  
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of the Corporation, in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such
rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale of securities
approved by the Corporation shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

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

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 Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Preferred Stock are entitled to vote or of which holders of the
Preferred Stock are entitled to notice, or whenever the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Corporation 

  
 16 

 
with respect to or otherwise in accordance with the terms of the Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution,
rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons. 

Section 4.5.    Voting Rights. 

Subject to the provisions of the Certificate of Designations, upon receipt of notice of any meeting at which the holders of the Preferred Stock
are entitled to vote, the Depositary shall, as soon as practicable thereafter, transmit to the Record Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting
and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Preferred Stock represented by their respective Depositary Shares
(including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the
written request of the Holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole
shares of Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the
Depositary in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the absence of specific instructions from the Holder of a Receipt, the Depositary will not vote (but, at its discretion, may
appear at any meeting with respect to such Preferred Stock unless directed to the contrary by the Holders of all the Receipts) to the extent of the Preferred Stock represented by the Depositary Shares evidenced by such Receipt. 

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

Upon any change in par value, stated value or liquidation preference, split-up, combination or any
other reclassification of the Preferred Stock, subject to the provisions of the Certificate of Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary
may in its discretion with the approval of, and shall upon the instructions of, the Corporation, and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments as are certified by the Corporation in the
fraction of an interest represented by one Depositary Share in one share of Preferred Stock and in the ratio of the redemption price per Depositary Share to the redemption price per share of Preferred Stock, in each case as may be necessary fully to
reflect the effects of such change in par value, stated value 

  
 17 

 
or liquidation preference, split-up, combination or other reclassification of the Preferred Stock, or of such recapitalization, reorganization, merger or
consolidation and (ii) treat any securities which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Preferred Stock as new deposited securities so received in exchange for or upon conversion or in
respect of such Preferred Stock. In any such case the Corporation may instruct the Depositary, in writing, 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 value or liquidation preference, split-up, combination or other reclassification of the Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert,
exchange or surrender the Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Preferred Stock represented by such Receipts might have been
converted or for which such Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

Section 4.7.    Delivery of Reports. 

The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the
Depositary and which the Corporation is required to furnish to the holders of the Preferred 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 Depositary shall furnish to
it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. 

ARTICLE V 
 THE DEPOSITARY, THE
DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION 
 Section 5.1.    Maintenance of Offices, Agencies
and Transfer Books by the Depositary; Registrar. 
 Upon execution of this Agreement, the Depositary shall maintain at the
Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration
and registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Agreement. 

  
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 The Registrar shall keep books at the Depositary’s Office for the registration and
registration of transfer of Receipts, which books at all reasonable times during regular business hours shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall
certify to the Registrar 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, or because of any requirement of law or any government, governmental body or commission, stock exchange or any applicable self-regulatory body. 

The Depositary may, with the approval of the Corporation, appoint a Registrar for registration of the Receipts or the Depositary Shares
evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depositary will appoint a Registrar
(acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be
removed and a substitute Registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Preferred Stock are listed on one or more other securities exchanges, the Depositary will,
at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Preferred Stock as may be required by law or applicable securities
exchange regulation. 
 Section 5.2.    Prevention of or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor
any Registrar nor any Transfer Agent nor the Corporation shall incur any liability to any Holder of Receipt or any beneficial owner thereof if by reason of any provision of any present or future law, or regulation thereunder, of the United States of
America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar or any Transfer Agent, by reason of any provision, present or future, of the Corporation’s Restated Certificate of
Incorporation (including the Certificate of Designations) or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar, the Transfer Agent or the
Corporation shall be prevented or forbidden from, or subjected to any penalty on account 

  
 19 

 
of, doing or performing any act or thing which the terms of this Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar, any Transfer
Agent or the Corporation incur liability to any Holder of a Receipt or any beneficial owner thereof (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 the event of the bad faith, gross negligence, willful misconduct or fraud
(each as determined by a final non-appealable judgment of a court of competent jurisdiction) of the party charged with such exercise or failure to exercise. 

Section 5.3.    Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Corporation. 
 The Corporation does not assume any obligation and shall not be subject to any liability under this Agreement or any
Receipt to holders of Receipts other than other than for its gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgment of a court of competent jurisdiction).
Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent assumes any obligation or shall be subject to any liability to any person under this Agreement other than for its gross negligence, willful misconduct or
bad faith (each as determined by a final non-appealable judgment of a court of competent jurisdiction). Notwithstanding anything in this Agreement to the contrary, the Depositary’s, any Depositary’s
Agent, Registrar’s or Transfer Agent’s aggregate liability under this Agreement with respect to, arising from or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement,
whether in contract, tort, or otherwise, is limited to, and shall not exceed, the amount of fees paid hereunder by the Corporation to the Depositary pursuant to this Agreement during the twelve (12) months immediately preceding the event for
which recovery from the Depositary is sought, but not including reimbursable expenses. 
 Notwithstanding anything in this Agreement to the
contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind
whatsoever (including but not limited to lost profits) even if they have been advised of the likelihood of such loss or damage and regardless of the form of action. 

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

  
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 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer
Agent nor the Corporation shall be liable for any action or any failure to act by it in reliance upon the advice or opinion of legal counsel or accountants in the absence of bad faith on its part, or information from any person presenting Preferred
Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar or Transfer Agent 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 Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Preferred Stock or for the
manner or effect of any such vote made, as long as any such action or non-action does not arise from bad faith, gross negligence, willful misconduct or fraud (each as determined by a final non-appealable judgment of a court of competent jurisdiction). The Depositary undertakes, and any Registrar and Transfer Agent shall be required to undertake, to perform such duties and only such duties as are
specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Depositary or any Registrar or any Transfer Agent. 

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

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

In the event the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent believes any ambiguity or uncertainty exists
hereunder or in any notice, instruction, direction, request or other communication, paper or document received by it hereunder, or in the administration of any of the provisions of this Agreement, the Depositary, the Depositary’s Agent, any
Registrar or any Transfer Agent shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, each of the Depositary, the Depositary’s Agent, any Registrar 

  
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or any Transfer Agent may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the
Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary, the Depositary’s Agent, the Registrar or Transfer Agent, as applicable, receives written instructions or a
certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent or which proves or establishes the applicable matter to its
satisfaction , as long as any such non-action is not taken in fraud, willful misconduct, gross negligence or bad faith (each as determined by a final non-appealable
judgment of a court of competent jurisdiction). 
 In the event the Depositary, any Depositary’s Agent, any Registrar or any Transfer
Agent shall receive conflicting claims, requests or instructions from any Holders of Receipts, on the one hand, and the Corporation, on the other hand, the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent, shall be
entitled to act on such claims, requests or instructions received from the Corporation, and shall be entitled to the indemnification agreed to in writing between the Depositary and the Corporation in connection with any action so taken. 

From time to time, the Corporation may provide the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent with
instructions concerning the services performed by the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent under this Agreement. In addition, at any time, the Depositary, any Depositary’s Agent, any Registrar or any
Transfer Agent may apply to any officer of the Corporation for instruction, and may consult with legal counsel for the Depositary with respect to any matter arising in connection with the services to be performed by the Depositary, Depositary’s
Agent, Registrar or Transfer Agent, as applicable, under this Agreement. The Depositary, Depositary’s Agent, Registrar, Transfer Agent and their respective agents and subcontractors shall not be liable and shall be indemnified by the
Corporation for any action taken, suffered or omitted to be taken by them in reliance upon any instructions from the Corporation or upon the advice or opinion of such counsel, in the absence of bad faith on their part. None of the Depositary, any
Depositary’s Agent, any Registrar or any Transfer Agent shall be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Corporation. 

The Depositary, any Depositary’s Agent, Transfer Agent, and Registrar hereunder: 

(i)    shall have no duties or obligations other than those specifically set forth herein (and no implied
duties or obligations except as provided by applicable law), or as may subsequently be agreed to in writing by the parties; 

  
 22 

 (ii)    shall have no obligation to make payment
hereunder unless the Corporation shall have provided the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto; 

(iii)    may rely on and shall be authorized and protected in acting or omitting to act upon any
certificate, instrument, opinion, notice, letter, facsimile transmission or other document or security delivered to it and believed by it to be genuine and to have been signed by the proper party or parties, and shall have no responsibility for
determining the accuracy thereof; 
 (iv)    may rely on and shall be authorized and protected in acting
or omitting to act upon the written, telephonic, electronic and oral instructions given in accordance with this Agreement, with respect to any matter relating to its actions as Depositary, Transfer Agent or Registrar covered by this Agreement (or
supplementing or qualifying any such actions), of officers of the Corporation; 
 (v)    may consult
counsel satisfactory to it (who may be an employee of the Depositary or the Registrar), and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken
by it hereunder in good faith and in reliance on the advice or opinion of such counsel; 
 (vi)    shall
not be called upon at any time to advise any Person with respect to the Preferred Stock, Depositary Shares or Receipts; 

(vii)    shall not be liable or responsible for any recital or statement contained in any documents
relating hereto or to the Preferred Stock, the Depositary Shares or Receipts; and 
 (viii)    shall not
be liable in any respect on account of the identity, authority or rights of the parties (other than the Depositary) executing or delivering or purporting to execute or deliver this Agreement or any documents or papers deposited or called for under
this Agreement. 
 The obligations of the Corporation and the rights of the Depositary, the Depositary’s Agent, Transfer Agent or
Registrar set forth in this Section 5.3 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Agreement. 

  
 23 

 Section 5.4.    Resignation and Removal of the Depositary;
Appointment of Successor Depositary. 
 The Depositary may at any time resign as Depositary hereunder by delivering notice of its
election to do so to the Corporation, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided, but in no event later than sixty (60) days after the delivery
of such notice. 
 The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such
removal to take effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided, but in no event later than sixty (60) days after the delivery of such notice. 

In the event any transfer agency relationship in effect between the Corporation and the Depositary terminates, as evidenced in writing, the
Depositary will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the ninetieth day following such termination. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of
the notice of resignation or removal, as the case may be, use its best efforts to appoint a successor Depositary, which shall be (i) a bank or trust company having its principal office in the United States of America and having a combined
capital and surplus, along with its affiliates, of at least $50,000,000 or (ii) an Affiliate of a Person specified in clause (i). If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after
delivery of such notice, the resigning or removed Depositary or any Record Holder of any Receipt may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to
its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Depositary under this 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 Preferred Stock and any moneys or property held hereunder to such successor, and shall
deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail notice of its appointment (at the
Corporation’s expense) to the Holders of Receipts. 

  
 24 

 Any entity into or with which the Depositary may be merged, consolidated or converted shall
be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor
Depositary or its own name as successor Depositary. 
 The provisions of this Section 5.4 as they apply to the Depositary apply to the
Registrar and Transfer Agent as if specifically enumerated herein. 
 Section 5.5.    Corporate Notices and
Reports. 
 The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof,
transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national
securities exchange upon which the Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Certificate of Incorporation (including the Certificate of Designations), to be furnished to the Record
Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will
transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation. Unless otherwise required by law, the requirements set forth in this Section 5.5 may be satisfied by
publicly filing or furnishing such information with or to the U.S. Securities and Exchange Commission. 

Section 5.6.    Reserved. 

Section 5.7.    Fees, Charges and Expenses. 

The Corporation agrees to pay to the Depositary reasonable compensation for all services rendered by it hereunder in accordance with a fee
schedule to be mutually agreed upon and, from time to time, on demand of the Depositary, to reimburse the Depositary for all of its reasonable expenses and counsel fees and other reasonable disbursements incurred in the preparation, delivery,
negotiation, amendment, administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Preferred Stock
and the initial issuance of the Depositary Shares, all withdrawals of shares of Preferred Stock by owners of Depositary Shares, and any redemption or exchange of the Preferred Stock at the option of the Corporation. The Corporation shall pay all
transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of the Holders of Depositary Shares evidenced by
Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such 

  
 25 

 
charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has
been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. The obligations of the
Corporation set forth in this Section 5.7 shall survive the replacement, removal, resignation or any succession of any Depositary, Registrar, Transfer Agent or Depositary’s Agent, or termination of this Agreement. 

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 Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which imposes additional charges or materially and adversely alters any substantial existing right of
the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a majority or, in the case of amendments relating to or
affecting rights to receive dividends or distributions or voting or redemption rights, two-thirds of the Holders of the affected 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 as amended thereby. In no event shall any amendment impair the right, subject
to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Preferred Stock and all money
and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. No amendment to
this Agreement shall be effective unless duly executed by the Depositary. Upon the delivery of a certificate from an appropriate officer of the Corporation which states that the proposed amendment is in compliance with the terms of this
Section 6.1, the Depositary shall execute such amendment; provided that the Depositary shall not be required to execute any amendment to this Agreement that it has reasonably determined would adversely affect its own rights, duties,
obligations or immunities under this Agreement. 

  
 26 

 Section 6.2.    Termination. 

This Agreement will automatically terminate if: (x) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to
Section 2.9 or (y) there shall have been made a final distribution in respect of the Preferred Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to the
Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 
 The Corporation may terminate this
Agreement at any time, in which case, at least 30 days prior to the date fixed for such termination, the Depositary will transmit notice of such termination to the record Holders of all Receipts then outstanding. In that event, the Depositary will
deliver or make available for delivery to Holders of Receipts, upon surrender of the Receipts evidencing the Depositary Shares, the number of whole or fractional shares of Preferred Stock as are represented by those Depositary Shares. 

Upon the termination of this Agreement, the Corporation shall be discharged from all obligations under this Agreement except for its
obligations to the Depositary, any Depositary’s Agent, any Transfer Agent, and any Registrar under Sections 5.3, 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 authority,
effect, and enforceability 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 

  
 27 

 
therein shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if any such provision adversely affects the rights, duties, liabilities or obligations
of the Depositary, the Depositary shall be entitled to resign immediately upon written notice to the Corporation. 

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 overnight delivery service, or by facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at: 

AT&T Inc. 
 208 S. Akard St.,
18th Floor 
 Dallas, Texas, 75202 

Attn: Senior Vice President and Treasurer 

Facsimile No.: (214) 653-2578 

With a copy to: 
 AT&T Inc.

 208 S. Akard St., 29th Floor 

Dallas, Texas, 75202 
 Attn:
Corporate Secretary 
 Facsimile No.: (214) 746-2340 

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

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

Computershare Inc. 

Computershare Trust Company, N.A. 

150 Royall Street 
 Canton, MA
02021 
 Facsimile No.: (781) 575-3146 

  
 28 

 With a copy to: 

Computershare Inc. 

Computershare Trust Company, N.A. 

150 Royall Street 
 Canton, MA
02021 
 Attention: General Counsel 

Facsimile No.: (781) 575-4210 

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

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

Delivery of a notice sent by mail or as provided in this Section 7.4 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 or electronic mail) is deposited, postage prepaid, in a post office letter box. The Depositary or the Corporation may, however, act upon any facsimile
transmission or electronic mail received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission or electronic mail shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5.    Depositary’s Agents. 

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

Section 7.6.    Appointment of Registrar, Dividend Disbursement Agent and Redemption Agent in Respect of Receipts
and Preferred Stock. 
 The Corporation hereby appoints (i) the Trust Company as Registrar and Transfer Agent in respect of the
Receipts and the Preferred Stock deposited hereunder, and (ii) Computershare as dividend disbursement agent and redemption agent in respect of the 

  
 29 

 
Receipts and the Preferred Stock deposited hereunder, and the Trust Company and Computershare hereby accept such respective appointments on the express terms and conditions set forth in this
Agreement. With respect to the appointments of Trust Company as Registrar and Transfer Agent and Computershare as dividend disbursing agent and redemption agent, Trust Company and Computershare shall be entitled to the same rights, indemnities,
immunities and benefits as the Depositary hereunder or as otherwise agreed to in writing between the Depositary and the Corporation, as if explicitly named in each such provision. 

Section 7.7.    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 by acceptance of delivery thereof. 
 Section 7.8.    Governing Law. 

This Agreement and the Receipts 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 regard to conflict of law principles or other rules or principles that would require the application of the law of any other jurisdiction. 

Section 7.9.    Inspection of Agreement. 

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

Section 7.10.    Headings. 

The headings of articles and sections in this Agreement and in the form of the Receipt set forth as 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. 

Section 7.11.    Further Assurances. 

The Corporation agrees that it will perform, acknowledge, and deliver or cause to be performed, acknowledged or delivered, all such further and
other acts, documents, instruments and assurances as the Depositary may reasonably require to perform the provisions of this Agreement. 

  
 30 

 Section 7.12.    Confidentiality. 

The Depositary and the Corporation agree that all books, records, information and data pertaining to the business of the other party, including
inter alia, personal, non-public Holder information and the fees for services, which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement, shall remain
confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law or legal process. Notwithstanding the foregoing, the Depositary and the Corporation may disclose relevant aspects of the other party’s
confidential information to its officers, affiliates, agents, subcontractors and employees to the extent reasonably necessary to perform its duties and obligations under this Agreement and such disclosure is not otherwise prohibited by applicable
law. 
 [Remainder of page intentionally left blank; signature page follows.] 

  
 31 

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

 

			
	AT&T INC.
		
	By:	 	 /s/ Andrew B. Keiser

	Name:	 	Andrew B. Keiser
	Title:	 	Vice President and Assistant Treasurer

  
 [Signature Page to
Deposit Agreement] 

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

 

			
	 Computershare Inc., and

Computershare Trust Company, N.A.,
 as Depositary

		
	By:	 	 /s/ Kathleen Whelply

	Name:	 	Kathleen Whelply
	Title:	 	Manager – Relationship Management

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 UNLESS THIS RECEIPT
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO AT&T INC. OR ITS AGENT 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. 

DEPOSITARY SHARES 
 RECEIPT NO.
                     FOR
                     DEPOSITARY SHARES, 

EACH REPRESENTING 1/1,000TH OF ONE SHARE OF 4.750% 

PERPETUAL PREFERRED STOCK, SERIES C OF 

AT&T INC. 
 CUSIP: 00206R 706

 SEE REVERSE FOR CERTAIN DEFINITIONS 

Dividend Payment Dates: 1st day of February, May, August and November of each year, commencing on May 1, 2020. 

Computershare Inc. and Computershare Trust Company, N.A., collectively, as Depositary (the “Depositary”), hereby certify that Cede &
Co. is the registered owner of depositary shares (“Depositary Shares”), each representing 1/1,000th of one share of the 4.750% Perpetual Preferred Stock, Series C, $25,000 liquidation preference per share (the “Preferred
Stock”), of AT&T Inc., a Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of February 18, 2020 (the
“Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to time of the Receipts. By accepting this Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of
the Deposit Agreement. This Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature 

  
 A-1 

 of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in
respect of the Receipts by the manual or facsimile signature of a duly authorized officer thereof. Capitalized terms used by not defined herein shall have the meanings ascribed to such terms in the Deposit Agreement. 

Dated: 
  

			
	 Computershare Inc., and

Computershare Trust Company, N.A.,
 as Depositary

		
	By:	 	  

		 	Authorized Officer

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

AT&T INC. 
 THE CORPORATION WILL FURNISH
WITHOUT CHARGE TO EACH RECEIPT HOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF THE 4.750% PERPETUAL PREFERRED STOCK, SERIES C OF AT&T INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO
THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 
 The Corporation will furnish without charge to each Receipt Holder who so requests the powers,
designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request
may be made to the Corporation or to the Registrar. 
 EXPLANATION OF ABBREVIATIONS 

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

							
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

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

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent

Word
	  	 Abbreviation
	  	 Equivalent

Word

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

  
 A-3 

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

INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE: 
  

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

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

					
	Dated:                                     
                                         
               	 		 	  

		 		 	Signature
			
		 		 	NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatsoever.
			
	SIGNATURE GUARANTEED	 		 	
			
	NOTICE: If applicable, the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion
program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended.	 		 	

  
 A-4 

 EXHIBIT B 

[FORM OF OFFICER’S CERTIFICATE] 
 I,
                    ,
                     of AT&T Inc. (the “Corporation”), hereby certify in such capacity and not in my individual capacity,
that pursuant to the terms of the Certificate of Designations dated February 12, 2020, filed with the Secretary of State of the State of Delaware on February 14, 2020 (the “Certificate of Designations”), and pursuant to resolutions
adopted by Board of Directors of the Corporation by written consent on November 26, 2019 and the resolutions of the Preferred Offering Committee of the Board of Directors of the Corporation on February 11, 2020 and February 12, 2020,
the Corporation has established the Preferred Stock that the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions of the Deposit Agreement, dated as of February 18, 2020 (the
“Deposit Agreement”), among (i) the Corporation, (ii) Computershare Inc. and Computershare Trust Company, N.A., collectively, as Depositary, and (iii) the Holders of Receipts issued thereunder from time to time. In
connection therewith, the Board of Directors of the Corporation or a duly authorized committee thereof has authorized the terms and conditions with respect to the Preferred Stock as described in the Certificate of Designations attached as Annex
A hereto. Any terms of the Preferred Stock that are not so described in the Certificate of Designations and any terms of the Receipts representing such Preferred Stock that are not described in the Deposit Agreement are described below: 

Aggregate Number of shares of Preferred Stock issued on the date hereof: 

CUSIP Number for Depositary Shares: 00206R 706 
 CUSIP Number
for Preferred Stock: 00206R 805 
 Denomination of Depositary Share per share of Preferred Stock (if different than 1/1,000th of a share of Preferred
Stock): 
 Redemption Provisions (if different than as set forth in the Deposit Agreement): 

Name of Global Receipt Depository: The Depository Trust Company 

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

  
 B-1 

 
			
	AT&T INC.
	
	This certificate is dated:
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-2EX-10.1

 Exhibit 10.1 

Execution Version 

VOTING AGREEMENT 
 This VOTING
AGREEMENT (this “Agreement”), dated as of February 17, 2020, is entered into by and between Franklin Resources, Inc., a Delaware corporation (“Parent”), and the individuals and other parties listed on Schedule
A hereto (each, a “Stockholder,” and collectively, the “Stockholders”). 
 WHEREAS, the Stockholders
beneficially own in the aggregate 3,881,704 shares of the common stock of Legg Mason, Inc., a Maryland corporation (the “Company”), par value U.S. $0.10 per share (“Company Common Stock”) (such shares of Company
Common Stock, together with any shares of Company Common Stock acquired by each Stockholder after the date hereof being collectively referred to herein as the “Shares”); 

WHEREAS, the Company, Parent and ALPHA SUB, INC., a Maryland corporation and a wholly owned subsidiary of Parent (“Merger
Sub”) have entered into an Agreement and Plan of Merger, dated as of the date hereof (as it may be amended or modified from time to time, the “Merger Agreement”); and 

WHEREAS, each Stockholder has agreed to enter into this Agreement in order to induce Parent to enter into the Merger Agreement and to induce
Parent to consummate, and to cause Merger Sub to consummate, the transactions contemplated by the Merger Agreement. 
 NOW, THEREFORE, in
consideration of Parent’s entering into the Merger Agreement and of the mutual covenants and agreements contained herein and other good and valuable consideration, the adequacy of which is hereby acknowledged, and intending to be legally bound
hereby, the parties hereto agree as follows: 
 SECTION 1. Defined Terms. Capitalized terms used in this Agreement and not otherwise
defined herein shall have the meanings assigned to them in the Merger Agreement. 
 SECTION 2. Representations and Warranties of
Stockholder. Each Stockholder, severally and not jointly, hereby represents and warrants to Parent as follows: 

2.1 Title to the Shares. Such Stockholder is the beneficial owner of, and has good and marketable title to, the
number of shares of Company Common Stock set forth opposite the name of such Stockholder on Schedule A hereto, which as of the date hereof constitutes all of the shares of Company Common Stock, or any other securities convertible into or exercisable
for any shares of Company Common Stock (all collectively being “Company Securities”) owned beneficially or of record by such Stockholder. Such Stockholder does not have any rights of any nature to acquire any additional Company
Securities. Such Stockholder owns all of such shares of Company Common Stock free and clear of all security interests, liens, claims, pledges, options, rights of first refusal, limitations on voting rights, voting trusts or other agreements,
arrangements or restrictions with respect to voting, and has not appointed or granted any proxy, which appointment or grant is still effective, with respect to any of such shares of Company Common Stock owned by it, other than any restrictions
created by this Agreement, under applicable federal or state securities laws or pursuant to any written policies of the Company with respect to 

 
the trading of securities in connection with insider trading restrictions, applicable securities laws and similar considerations); provided that each Stockholder may be deemed to
share voting power and the power of disposition over its Company Securities with Trian Fund Management, L.P., Trian Fund Management GP, LLC, Nelson Peltz, Peter W. May and/or Edward P. Garden. 

2.2 Organization. Such Stockholder (only if such Stockholder is not a natural person) is duly organized, validly
existing, and in good standing or similar concept under the laws of the jurisdiction of its organization. 
 2.3
Authority Relative to this Agreement. Such Stockholder has the power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. The execution and delivery
of this Agreement by such Stockholder and the consummation by such Stockholder of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of such Stockholder. This Agreement has been duly and
validly executed and delivered by such Stockholder and, assuming the due authorization, execution and delivery by Parent, constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with
its terms, (i) except as may be limited by bankruptcy, insolvency, moratorium, fraudulent transfer, reorganization or other similar laws affecting or relating to the rights of creditors generally, and (ii) subject to general principles of
equity (regardless of whether considered in a proceeding in equity or at law). 
 2.4 No Conflict. Except for
any filings as may be required by applicable federal securities laws or as would not impact such Stockholder’s ability to perform or comply with its obligations under this Agreement in any material respect, the execution and delivery of this
Agreement by such Stockholder does not, and the performance of this Agreement by such Stockholder will not, (a) require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Entity by such
Stockholder; (b) conflict with, or result in any violation of, or default (with or without notice or lapse of time or both) under any provision of, the organizational documents of such Stockholder (only if such Stockholder is not a natural
person) or any other agreement to which such Stockholder is a party, including any voting agreement, stockholders agreement, voting trust, trust agreement, pledge agreement, loan or credit agreement, note, bond, mortgage, indenture lease or other
agreement, instrument, permit, concession, franchise or license; or (c) conflict with or violate any judgment, order, notice, decree, statute, law, ordinance, rule or regulation applicable to such Stockholder or to such Stockholder’s
property or assets. 
 2.5 No Litigation. To the knowledge of such Stockholder, as of the date hereof, there is
no Proceeding pending against, or threatened in writing against such Stockholder that would prevent the performance by such Stockholder of its obligations under this Agreement or to consummate the transactions contemplated hereby or by the Merger
Agreement, including the Merger, on a timely basis. 

  
 2 

 2.6 No Inconsistent Agreements. Each Stockholder hereby
represents and agrees that, except as provided in Section 2.1 above or Section 3.3 below, such Stockholder (a) has not entered into, and shall not enter into at any time while this Agreement remains in effect, any voting agreement or
voting trust with respect to the Shares owned beneficially or of record by such Stockholder, and (b) has not granted, and shall not grant at any time while this Agreement remains in effect, a proxy, a consent or power of attorney with respect
to the Shares owned beneficially or of record by such Stockholder, with any such proxy, consent or power of attorney purported to be granted by such Stockholder being void from the outset. 

SECTION 3. Covenants of the Stockholders. 

3.1 Restriction on Transfer. Absent the prior written consent of Parent, each Stockholder hereby agrees that,
from the date hereof until the earlier of the (i) 9:00 a.m. (New York City time) on the day after the record date for the determination of stockholders of the Company who will be entitled to notice of and voting rights at, the Company
Stockholders’ Meeting (the “Record Date”) and (ii) termination of this Agreement, such Stockholder shall not sell, transfer, tender, assign, hypothecate or otherwise dispose of, grant any proxy to, deposit any Shares into
a voting trust, enter into a voting trust agreement, create or permit to exist any additional security interest, lien, claim, pledge, option, right of first refusal, limitation on voting rights, charge or other encumbrance of any nature with respect
to the Shares, or enter into any contract, option or other arrangement or understanding with respect to any transfer of, any of the Shares, other than (a) any liens, charges or other encumbrances that do not impede such Stockholder’s
ability to perform or comply with its voting obligations under Section 4.1 of this Agreement or (b) any transfer to an Affiliate of such Stockholder, but only if, in each case, prior to the effectiveness of such transfer, the transferee
agrees in writing to be bound by the applicable terms hereof (unless such transferee is a Stockholder) and notice of such transfer is delivered to Parent pursuant to Section 9.10 hereof. Any transfer in violation of this Section 3.1 shall
be null and void. For the avoidance of doubt, the fact that a Stockholder’s Shares may be subject to rehypothecation by a prime broker for such Stockholder in connection with the extension of margin credit by such prime broker to such
Stockholder, shall not be a violation of this Section 3.1 so long as such Stockholder is entitled to vote any such rehypothecated Shares at the Company’s Stockholders’ Meeting (including by having such rehypothecated Shares returned
to such Stockholder prior to the Record Date). 
 3.2 Additional Shares. Prior to the termination of this
Agreement, each Stockholder will, upon receipt of written inquiry from Parent, promptly notify Parent of the number of any new shares of Company Common Stock, or any other Company Securities acquired directly or beneficially by such Stockholder, if
any, after the date of this Agreement. Any such shares shall become “Shares” within the meaning of this Agreement. 
 3.3
(a) No Solicitation. Prior to the termination of the Agreement, each Stockholder (in its capacity as a stockholder of the Company) shall not, shall cause each of its controlled Affiliates not to, and shall use reasonable best efforts to cause
each person that controls such Stockholder (each, a “Representative”) not to, directly or indirectly, (i) solicit, initiate, knowingly encourage or knowingly facilitate any inquiries regarding, or the making of any proposal or
offer that constitutes, or could reasonably be expected to lead to, a Company 

  
 3 

 
Acquisition Proposal, (ii) engage in, continue or otherwise participate in any discussions or negotiations that could reasonably be expected to lead to, or furnish to any other person any
information in connection with or for the purpose of encouraging or facilitating, a Company Acquisition Proposal (other than, solely in response to an unsolicited inquiry, to refer the inquiring person to this Section 3.3 and/or
Section 7.6 of the Merger Agreement and to limit its conversation or other communication exclusively to such referral), or (iii) approve, recommend or enter into, or propose to approve, recommend or enter into, any letter of intent or
similar document, agreement, commitment, or agreement in principle (whether written or oral, binding or nonbinding) with respect to a Company Acquisition Proposal; provided that nothing herein shall prohibit any Stockholder or any of its controlled
Affiliates or Representatives from participating in any discussions or negotiations with respect to a possible stockholders’ consent or voting agreement in connection with a Company Acquisition Proposal in the event that the Company becomes
permitted to take the actions set forth in Section 7.6(c) of the Merger Agreement with respect to such Company Acquisition Proposal. 

(b) Capacity. Each Stockholder is signing this Agreement solely in its capacity as a stockholder of the Company and nothing contained
herein shall in any way limit or affect Nelson Peltz or Edward P. Garden (or any future director of the Company who may be affiliated or associated with any Stockholder or any of its Affiliates) from exercising his fiduciary duties as a director of
the Company or from otherwise taking any action or inaction in his capacity as a director of the Company, and no such exercise of fiduciary duties or action or inaction taken in such capacity as a director shall be deemed to constitute a breach of
this Agreement. Nothing in this Section 3.3 (b) is intended to limit the obligations and agreements of the Company under the Merger Agreement. 

3.4 Disclosure. Each Stockholder hereby consents to and authorizes the publication and disclosure by Parent and
its affiliates of its identity and holding of such Stockholder’s Shares, and the nature of its commitments and obligations under this Agreement (including the public disclosure of this Agreement) in any announcement or disclosure required by
the SEC or other Governmental Entity, or any other disclosure document in connection with the Merger or any of the other transactions contemplated by the Merger Agreement or this Agreement, in each case to the extent the Parent reasonably determines
that such information is required to be disclosed by applicable law (or in the case of the press release announcing the transactions contemplated by the Merger Agreement, to the extent the information contained therein is consistent with other
disclosures being made by the Company or the Stockholders); provided that Parent shall give each Stockholder and its legal counsel a reasonable opportunity to review and comment on such announcements or disclosures prior to being made public.

 3.5 Amendments to the Merger Agreement. Parent agrees that, without the prior written consent of each
Stockholder, no amendment shall be made to the Merger Agreement following receipt of the Required Company Vote which would (i) reduce, or (ii) alter or change the form or composition of, the Merger Consideration, without, in each case,
obtaining the requisite approval by the stockholders of the Company. 

  
 4 

 3.6 No Obligation to Exercise Rights or Options. Nothing
contained in this Section 3 shall require any Stockholder (or shall entitle any proxy of such Stockholder) to (i) convert, exercise or exchange any, options, warrants or convertible securities in order to obtain any underlying shares or
(ii) vote, or execute any consent with respect to, any shares underlying such options, warrants or convertible securities that have not yet been issued as of the applicable record date for that vote or consent. 

SECTION 4. Voting Agreement. 

4.1 Voting Agreement. Each Stockholder hereby agrees that, from and after the date hereof until the termination
of this Agreement, unless there has been a Company Change in Recommendation in accordance with clause (x) of the second sentence of Section 7.6(c) of the Merger Agreement, at any meeting of the stockholders of the
Company, however called, in any action by written consent of the stockholders of the Company, or in any other circumstances upon which such Stockholder’s vote, consent or other approval is sought, such Stockholder shall vote (or cause the
holder of record on the Record Date to vote) the Shares owned beneficially or of record as of the Record Date by such Stockholder as follows: 

(a) in favor of approval of the Merger and approval of the terms of the Merger Agreement and the other transactions contemplated thereby; 

(b) against any action or agreement that has or would be reasonably likely to result in a material breach of any representation, warranty,
covenant or agreement of the Company under the Merger Agreement; 
 (c) against any Company Acquisition Proposal, without regard to the terms
of such Company Acquisition Proposal, or any other transaction, proposal, agreement or action made in opposition to adoption of the Merger Agreement or in competition or inconsistent with the Merger and the other transactions contemplated by the
Merger Agreement; 
 (d) against any amendments to the Company Organizational Documents if such amendment would reasonably be expected to
prevent or materially delay the consummation of the Closing; and 
 (e) against any other action or agreement that is intended, or could
reasonably be expected, to materially impede, materially interfere with, materially delay, or postpone the Merger or the transactions contemplated by the Merger Agreement. 

4.2 Grant of Proxy. 

(a) From and after the date hereof until the termination of this Agreement, subject to Section 3.6 above, each Stockholder hereby
irrevocably grants to and appoints, Parent and each of its designees (the “Authorized Parties” and each an “Authorized Party”), and each of them individually as such Stockholder’s proxy and attorney-in-fact (with full power of substitution) for and in the name, place and stead of such Stockholder, to vote the Shares or execute one or more written consents or
approvals in respect of the Shares as indicated in Section 4.1 above, provided that each Stockholder’s grant of the proxy contemplated by this Section 4.2 shall be effective if, and only if, such Stockholder has not delivered to the
Company prior to the meeting at which any of the matters described in Section 4.1 above are to be considered, a duly executed 

  
 5 

 
irrevocable proxy card directing that the Shares of such Stockholder be voted as indicated in Section 4.1 above; provided, further, that any grant of such proxy shall only
entitle Parent and the Authorized Designees to vote on the matters specified in Section 4.1 above and each Stockholder shall retain the authority to vote on all other matters. 

(b) Each Stockholder hereby ratifies and confirms that the irrevocable proxy set forth in this Section 4.2, if it becomes effective, is
given in connection with the execution of the Merger Agreement and that such irrevocable proxy is given to secure the performance of such Stockholder’s duties in accordance with this Agreement. Each Stockholder hereby further ratifies and
confirms that the irrevocable proxy granted hereby, if it becomes effective, is coupled with an interest and may under no circumstances be revoked, except as otherwise provided in this Agreement. Such irrevocable proxy shall be valid until
termination of this Agreement at which time it will terminate automatically. 
 4.3 Other Voting. Except as
explicitly set forth in Section 4.1 above, nothing in this Agreement shall limit the right of each Stockholder to vote (including by proxy or written consent, if applicable) in favor of, against or abstain with respect to any matters presented
to the Company’s stockholders. 
 4.4 No Limitation. Nothing in this Agreement shall be deemed to govern,
restrict or relate to any actions, omissions to act, or votes taken or not taken by any designee, representative, officer or employee of a Stockholder or any of its Affiliates serving on the Company’s Board of Directors in such person’s
capacity as a director of the Company, and no such action taken by such person in his capacity as a director of the Company shall be deemed to violate any of such Stockholder’s duties under this Agreement. 

SECTION 5. Representations and Warranties of Parent. Parent hereby represents and warrants to each Stockholder as follows: 

5.1 Organization. Parent is duly organized, validly existing, and in good standing under the laws of the State of
Delaware. 
 5.2 Authority Relative to this Agreement. Parent has the corporate power and authority to execute
and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by Parent and the consummation by Parent of the transactions contemplated hereby
have been duly and validly authorized by all necessary action on the part of Parent. This Agreement has been duly and validly executed and delivered by Parent and, assuming the due authorization, execution and delivery by each Stockholder,
constitutes a legal, valid and binding obligation of Parent, enforceable against Parent in accordance with its terms, (i) except as may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting or relating to enforcement
of creditors’ rights generally, and (ii) subject to general principles of equity. 

  
 6 

 5.3 No Conflict. The execution and delivery of this Agreement by Parent does
not, and the performance of this Agreement by Parent will not, (a) require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Entity or any other Person by Parent, except for filings with the
SEC of such reports under the Exchange Act as may be required in connection with this Agreement and the transactions contemplated by this Agreement; (b) conflict with, or result in any violation of, or default (with or without notice or lapse
of time or both) under any provision of, the certificate of incorporation or by-laws of Parent or any other agreement to which Parent is a party; or (c) conflict with or violate any judgment, order,
notice, decree, statute, law, ordinance, rule or regulation applicable to Parent or to Parent’s property or assets. 
 SECTION 6.
Stop Transfer Order. Each Stockholder shall and does authorize Parent to notify the Company’s transfer agent that there is a stop transfer order with respect to the Shares (and that this Agreement places limits on the voting and transfer
of the Shares); provided that if Parent gives such notification, it shall on the earlier of (x) the termination of this Agreement and (y) the date on which the Required Company Vote at the Company Stockholders Meeting (or any
adjourned or postponed meeting) is obtained, further notify the Company’s transfer agent that the stop transfer order (and all other restrictions) have terminated as of such date. 

SECTION 7. Certain Events. In the event of any stock split, stock dividend, merger, amalgamation, reorganization, recapitalization or
other change in the capital structure of the Company affecting the Company Common Stock or other voting securities of the Company, the number of Shares shall be deemed adjusted appropriately and this Agreement and the obligations hereunder shall
attach to any additional shares of Company Common Stock or other Company Securities issued to or acquired by each Stockholder. 
 SECTION 8.
Termination. Notwithstanding anything to the contrary contained herein, the term of this Agreement and the obligations of the parties hereto shall commence on the date hereof and shall terminate upon the earliest of (i) the mutual
agreement of Parent and each Stockholder, (ii) the Effective Time, (iii) the termination of the Merger Agreement in accordance with its terms, (iv) the conclusion of the Company Stockholders’ Meeting (including any adjournment or
postponement thereof) at which the vote in respect of approval of the Merger is taken or (v) the entry without the prior written consent of the Stockholders into any amendment or modification of the Merger Agreement, or any written waiver of
the Company’s rights under the Merger Agreement made in connection with a request from Parent, in each case, which results in a decrease in, or alteration or change in the form or composition of, the Merger Consideration, an extension of the
Termination Date, the imposition of any additional material condition on the consummation of the Merger, or which is otherwise materially adverse to the Stockholders; provided, however, that in no event shall any Stockholder have any
liability for any damages resulting from a breach of this Agreement other than in connection with a willful breach of this Agreement by such Stockholder. Notwithstanding the preceding sentence, this Section 8 and Section 9 below shall
survive any termination of this Agreement. 
 SECTION 9. Miscellaneous. 

9.1 Expenses. All costs and expenses incurred in connection with the transactions contemplated by this Agreement
shall be paid by the party incurring such costs and expenses. 

  
 7 

 9.2 Obligations of Stockholders. Notwithstanding anything to
the contrary in this Agreement, the representations, warranties, covenants and agreements of each Stockholder are several and not joint and several, and in no event shall any Stockholder have any obligation or liability for any of the
representations, warranties and covenants of any other Stockholder. 
 9.3 Specific Performance. The parties
hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed, or were threatened to be not performed, in accordance with their specific terms or were otherwise breached, and that money
damages would not be an adequate remedy, even if available. It is accordingly agreed that, in addition to any other remedy that may be available to it, each of the parties shall be entitled to an injunction or injunctions to prevent breaches or
threatened breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware
Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware. In the event any party seeks any remedy referred to in this Section 9.3, such party shall not be required to
prove damages or obtain, furnish, provide or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 9.3 and each party waives any objection to the imposition of such relief
or any right it may have to require the obtaining, furnishing, providing or posting of any such bond or similar instrument. 

9.4 No Ownership Interest. Except as specifically provided herein, (a) all rights, ownership and economic
benefits of and relating to a Stockholder’s Shares shall remain vested in and belong to such Stockholder and (b) Parent shall have no authority to exercise any power or authority to direct or control the voting or disposition of any Shares
or direct such Stockholder in the performance of its duties or responsibilities as a stockholder of the Company. Nothing in this Agreement shall be interpreted as creating or forming a “group” with any other person, including Parent, for
purposes of Rule 13d-5(b)(1) of the Exchange Act or any other similar provision of applicable law or regulation.  

9.5 Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to
the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among such parties with respect to the subject matter hereof. 

9.6 Assignment. Except as contemplated by Section 3.1 above, without the prior written consent of the other
party to this Agreement, no party may assign any rights or delegate any obligations under this Agreement. Any such purported assignment or delegation made without prior consent of the other party hereto shall be null and void. 

9.7 No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer
upon any other person not a party hereto any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

  
 8 

 9.8 Amendments; Waivers. Any provision of this Agreement may
be amended or waived if, and only if, such amendment or waiver is in writing and signed (i) in the case of an amendment, by Parent and each Stockholder, and (ii) in the case of a waiver, by the party (or parties) against whom the waiver is
to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. 
 9.9 Severability. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of
this Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the terms of this Agreement remain as originally contemplated to the fullest extent possible. 

9.10 Notices. 

(a) All notices, requests, demands and other communications (hereinafter collectively referred to as “correspondence”) under this
Agreement shall be in writing and shall be deemed to have been duly given (i) on the date of service if served personally on the party to whom notice is to be given; (ii) on the date sent by E-mail
(with a confirming copy sent by Federal Express or similar overnight courier); or (iii) on the day after delivery to Federal Express or similar overnight courier or the Express Mail service maintained by the United States Postal Service and
properly addressed, to the party. 
 (b)     All correspondence to Parent shall be addressed as follows: 

Franklin Resources, Inc. 
 One
Franklin Parkway 
 San Mateo, CA 94403-1906 

E-Mail: [Redacted]; 

      [Redacted] 

Attention: Jennifer M. Johnson 

        Matthew Nicholls 

with a copy to (which shall not constitute notice): 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York,
NY 10019 
 E-Mail:         dboston@willkie.com;
lacker@willkie.com 
 Attention:     David K. Boston 

            Laura H. Acker 

  
 9 

 (c)     All correspondence to the Stockholders shall be addressed as
follows: 
 c/o Trian Fund Management, L.P 

280 Park Avenue, 41st Floor 

New York, NY 10017 
 E-Mail: [Redacted] 
 Attention: Leonard Weedman, Chief Financial Officer 

with a copy to (which shall not constitute notice): 

Trian Fund Management, L.P 
 280
Park Avenue, 41st Floor 
 New York, NY 10017 

E-Mail: [Redacted]; [Redacted] 

Attention:   Brian L. Schorr, Chief Legal Officer 

         Stuart I. Rosen, General Counsel 

(d) Any Person may change the address to which correspondence to it is to be addressed by notification as provided for herein. 

9.11 Governing Law. This Agreement and any controversies arising with respect hereto shall be construed in accordance with and
governed by the laws of the State of Delaware (other than with respect to issues that are required to be governed by the Maryland General Corporations Law). 

9.12 Exclusive Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with this Agreement or the transactions contemplated by this Agreement shall be brought against any of the parties in any federal court located in the State of Delaware, or any Delaware state court, and each of the parties
hereto hereby consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or
proceeding may be served on any party anywhere in the world, whether within or outside the State of Delaware. Without limiting the generality of the foregoing, each party hereto agrees that service of process upon such party at the address referred
to in Section 9.10 together with written notice of such service to such party, shall be deemed effective service of process upon such party. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE PERFORMANCE THEREOF. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVER VOLUNTARILY,
AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.12. 

  
 10 

 9.13 No Partnership, Agency, or Joint Venture. This Agreement is intended to
create, and creates, a contractual relationship and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship between the parties hereto. 

9.14 Headings. The descriptive headings contained in this Agreement are included for convenience of reference only and shall not
affect in any way the meaning or interpretation of this Agreement. 
 9.15 Counterparts. This Agreement may be executed and
delivered (including by emailed PDFs) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. 
 [Rest of page intentionally blank.] 

  
 11 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed
and delivered as of the date first written above. 
  

			
	FRANKLIN RESOURCES, INC.
		
	By:	 	/s/ Jennifer M. Johnson
		 	 Name: Jennifer M. Johnson

		 	 Title:   President and Chief Executive Officer

  

			
	TRIAN PARTNERS MASTER FUND, L.P.
	 By:
	 	 Trian Partners GP, L.P., its general partner

		
	By:	 	Trian Partners General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

  

			
	TRIAN PARTNERS, L.P.
	 By:
	 	 Trian Partners GP, L.P., its general partner

		
	By:	 	Trian Partners General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

	
	TRIAN PARTNERS STRATEGIC INVESTMENT FUND-A, L.P.
	By:	 	Trian Partners Strategic Investment Fund-A GP, L.P., its general partner
		
	By:	 	Trian Partners Strategic Investment Fund-A General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

  

  
 [Signature Page to the
Voting Agreement] 

 
			
	
	TRIAN PARTNERS STRATEGIC INVESTMENT FUND-N, L.P.
	By:	 	Trian Partners Strategic Investment Fund-N GP, L.P., its general partner
		
	By:	 	Trian Partners Strategic Investment Fund-N General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

	
	TRIAN PARTNERS STRATEGIC FUND-K, L.P.
	By:	 	Trian Partners Strategic Fund-K GP, L.P., its general partner
		
	By:	 	Trian Partners Strategic Fund-K General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

	
	TRIAN PARTNERS STRATEGIC INVESTMENT FUND-D, L.P.
	By:	 	Trian Partners Strategic Investment Fund-D GP, L.P., its general partner
		
	By:	 	Trian Partners Strategic Investment Fund-D General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

  

  
 [Signature Page to the
Voting Agreement] 

 
			
	TRIAN PARTNERS STRATEGIC FUND-G II, L.P.
	By:	 	Trian Partners Strategic Fund-G II GP, L.P., its general partner
		
	By:	 	Trian Partners Strategic Fund-G II General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

	
	 TRIAN PARTNERS STRATEGIC FUND-C,
LTD.

		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Director

	
	 TRIAN PARTNERS PARALLEL FUND I, L.P.

	By:	 	Trian Partners Parallel Fund I General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

	
	TRIAN PARTNERS STRATEGIC FUND-G III, L.P.
	By:	 	Trian Partners Strategic Fund-G III GP, L.P., its general partner
		
	By:	 	Trian Partners Strategic Fund-G III General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

  

  
 [Signature Page to the
Voting Agreement] 

 
			
	TRIAN PARTNERS FUND (SUB)-G, L.P.
	By:	 	Trian Partners Fund (Sub)-G, GP, L.P., its general partner
		
	By:	 	Trian Partners Fund (Sub)-G, General Partner, LLC, its general partner
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title: Member

	
	 TRIAN FUND MANAGEMENT, L.P.

	By:	 	Trian Fund Management GP, LLC
		
	By:	 	/s/ Edward P. Garden
		 	 Name: Edward P. Garden

		 	 Title:   Member

  
 [Signature Page to the
Voting Agreement] 

 SCHEDULE A 
  

			
	 Name of Stockholder
	  	 Number and Class of Shares Owned

		
	Trian Partners Master Fund, L.P.	  	1,173,609 shares of Company Common Stock
		
	Trian Partners, L.P.	  	768,846 shares of Company Common Stock
		
	 Trian Partners Strategic Investment
 Fund-A, L.P.
	  	689,648 shares of Company Common Stock
		
	 Trian Partners Strategic Investment
 Fund-N, L.P.
	  	295,595 shares of Company Common Stock
		
	Trian Partners Strategic Fund-K, L.P.	  	186,038 shares of Company Common Stock
		
	 Trian Partners Strategic Investment
 Fund-D, L.P.
	  	182,133 shares of Company Common Stock
		
	Trian Partners Strategic Fund-G II, L.P.	  	164,526 shares of Company Common Stock
		
	Trian Partners Strategic Fund-C, Ltd.	  	144,228 shares of Company Common Stock
		
	Trian Partners Parallel Fund I, L.P.	  	137,288 shares of Company Common Stock
		
	Trian Partners Strategic Fund-G III, L.P.	  	79,885 shares of Company Common Stock
		
	Trian Partners Fund (Sub)-G, L.P.	  	51,922 shares of Company Common Stock
		
	Trian Fund Management, L.P.	  	7,986 shares of Company Common Stock

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00304-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00304-of-00352.parquet"}]]