Document:

EXHIBIT 10.3

 

ESCO TECHNOLOGIES INC.

 

2018 OMNIBUS INCENTIVE PLAN

 

AS AMENDED AND RESTATED NOVEMBER 17,
2020

 

[Marked to indicate substantive additions
or deletions from the previous version of the Plan]

 

		1.	Purpose of the Plan.

 

This ESCO Technologies Inc. 2018 Omnibus
Incentive Plan (the “Plan”) has been adopted by ESCO Technologies Inc., a Missouri corporation (the “Company”),
to:

 

		(a)	attract and retain executive, managerial and other employees;

 

		(b)	motivate participants, by means of appropriate incentives,
to achieve long-range goals;

 

		(c)	provide incentive compensation opportunities that are
competitive with those of other similar businesses; and

 

(d)   in
the case of stock-based awards, further align a participant’s interests with those of the Company’s stockholders through
compensation that is based on the Company’s common stock, and thereby promote the long-term financial interests of the Company,
including the growth in value of the Company’s equity and enhancement of long-term stockholder returns.

 

		2.	Types of Incentive Compensation Awards Available
Under the Plan.

 

The following types of incentive compensation
awards (“Awards”) may be granted under the Plan:

 

(a)   Stock-Based
Awards. Awards granted on the basis of shares of Common Stock (defined in Section 3) or the value thereof (“Stock-Based
Awards”), whether paid in cash or distributed in Common Stock, as follows:

 

		(i)	Stock options as described in Section 6 (“Stock
Options”);

 

		(ii)	Stock appreciation rights as described in Section 7
(“Tandem SARs”);

 

		(iii)	Performance-accelerated restricted share awards as described
in Section 8 (“PARS Awards”);

 

		(iv)	Other restricted share awards as described in Section 9
(“Other Restricted Share Awards”); and

 

		(v)	Other Stock-Based Awards as described in Section 10
(“Other Stock-Based Awards”).

 

		(b)	Cash-Based Awards. Awards other than Stock-Based
Awards, which are valued and paid in cash (“Cash-Based Awards”), as follows:

 

		(i)	Long term cash incentive awards as described in Section 12
(“Long Term Cash Incentive Awards”); and

 

		(ii)	Other cash incentive awards as described in Section 13
(“Other Cash Incentive Awards”).

 

		3.	Stock Available Under the Plan.

 

(a)   Number
of Shares Available. The following shares of common stock of the Company, par value $0.01 per share (“Common Stock”)
are hereby reserved and made available for issuance pursuant to Stock-Based Awards under the Plan:

 

		(i)	350,000 shares of Common Stock; plus

 

(ii)   527,878
shares of Common Stock which were authorized under the ESCO Technologies Inc. 2013 Incentive Compensation Plan (the “2013
Plan”) but not awarded prior to termination of the 2013 Plan and which were available under the 2013 Plan for “Performance
Accelerated Restricted Stock Awards” (as defined in the 2013 Plan), “Restricted Stock Awards” (as defined in
the 2013 Plan) or any other awards authorized under the 2013 Plan wherein actual shares of Common Stock could have been distributed
without requiring any payment to the Company by the participant,; plus:

 

(iii)  One
hundred thousand (100,000) shares of Common Stock which were authorized under the 2013 Plan but not awarded prior to termination
of the 2013 Plan and which were to be used under the 2013 Plan only for “Stock Options” as defined in the 2013 Plan
or any other awards authorized under the 2013 Plan which would have required the recipient of the award to make a payment to the
Company in order to receive actual shares of Common Stock; provided that these 100,000 shares may only be used under the Plan
for Stock Options or other Stock-Based Awards which require the recipient of the Award to make a payment to the Company in order
to receive actual shares of Common Stock.

 

     

     

    

 

(b)   Adjustments
in Numbers of Shares. The number of shares of Common Stock allocated to the Plan shall be appropriately adjusted to reflect
subsequent stock dividends, stock splits, reverse stock splits and similar matters affecting the number of outstanding shares
of Common Stock.

 

(c)   No
Reload. Shares which have once been the subject of any Stock-Based Award but which are not actually issued or delivered to
the participant, by reason of expiration or cancellation of the Award, termination of the participant's employment, failure to
meet performance goals or other terms of such Award, tender of the shares in payment for a Stock Option, delivery or withholding
of the shares in satisfaction of any tax withholding obligation, or any other reason whatsoever, shall not be returned to the
Plan and shall not again become available for Stock-Based Awards under the Plan.

 

		4.	Administration.

 

(a)   Committee.
The Plan shall be administered by the Human Resources and Compensation Committee (the “Committee”) of the Company’s
Board of Directors (the “Board”). The Committee shall at all times be constituted to comply with Rule 16b-3(d) under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor to such Rule, and the independence
requirements of the New York Stock Exchange or other applicable exchange.

 

(b)  Authority
of Committee. Subject to the express provisions of the Plan, the Committee shall have plenary authority, in its discretion,
to determine the individuals to whom, and the time or times at which, Awards shall be granted and for each Award the potential
number or value of shares of Common Stock (in the case of Stock-Based Awards) or the potential cash incentive (in the case of
Cash-Based Awards) subject to the Award. In making such determinations the Committee may take into account the nature of the services
rendered by the respective individuals, their present and potential contributions to the Company's success, and such other factors
as the Committee, in its discretion, shall deem relevant. Subject to the express provisions of the Plan, the Committee shall also
have plenary authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine
the terms and provisions of the respective Awards (which need not be identical for all recipients) and to make all other determinations
necessary or advisable for the administration of the Plan. The Committee's determinations on the matters referred to in this Section 4
shall be conclusive.

 

(c)   Limited
Authority to Delegate. The Committee may delegate to the Chief Executive Officer the authority to grant Stock Options of up
to 10,000 shares of Common Stock per person (and 50,000 per year in the aggregate) to selected employees who are not either
reporting persons under Section 16 of the Exchange Act or covered employees (as defined in section
162(m) of the Internal Revenue Code). The Committee may delegate to the Executive Committee of the Board the
authority to grant Stock-Based Awards other than Stock Options of up to 10,000 shares of Common Stock per person (and 50,000 per
year in the aggregate) to selected employees who are not either reporting persons under Section 16
of the Exchange Act or covered employees (as defined in section 162(m) of the Internal Revenue Code).

 

(d)   Award
Agreement. Every Award granted under the Plan shall be memorialized by a written grant agreement (“Award Agreement”)
setting forth in writing all of the terms and conditions of the Award, including without limitation the number or value of shares
of Common Stock, or the cash, as the case may be, which the holder shall be entitled to receive depending upon satisfaction of
the vesting, service, performance or other criteria specified in the Award, which Award Agreement shall be delivered to the participant
receiving the Award promptly as practicable after the Award is approved by the Committee or its delegate.

 

(e)   Effective
Dates of Awards; No Retroactive Grants. Awards may be granted with an effective date which is on or after, but not before,
the date the material terms of the grant are approved by the Committee or other authorized person, and which, in the case of Stock-Based
Awards, is a trading day on the New York Stock Exchange. Notwithstanding the foregoing, the performance and/or service criteria
for an Award (if any) may be determined with respect to a period (such as a fiscal year) which begins prior to the effective date
of the Award, provided that the effective date of the Award must be prior to the time it can be determined whether the criteria
will be satisfied, or in the case of a 162(m) Award as defined in subsection 14(g), such earlier date as may be
required under such subsection.

 

		(f)	Sub-Plans and Performance Programs.

 

(i)    For
clarity and convenience in granting, administering and referring to Awards which have similar provisions or which are made to
similarly-situated recipients, the Committee may authorize sub-plans (hereafter, “Sub-Plans”) under the Plan. Each
Sub-Plan shall be subject to all of the terms, conditions and restrictions in the Plan, and all Sub-Plans in the aggregate shall
not exceed the limitations, including without limitation those on the aggregate number of authorized shares, set forth in the
Plan.

 

     

     

    

 

(ii)   The
Committee may establish from time to time one or more performance programs under the Plan or any Sub-Plan, each with one or more
specified objectives and specified performance periods over which the specified objectives are targeted for achievement. The specified
performance criteria, performance goals and/or service contingencies need not be the same for all participants and may be established
for the Company as a whole or separately for its various groups, divisions and subsidiaries, all as the Committee may determine
in its discretion. Performance criteria may, but except in the case of 162(m) Awards need not, be
limited to those specified in subsection 15(g).

 

		5.	Eligibility.

 

(a)   Incentive
Stock Options (defined in subsection 6(a)) may be granted only to full-time or part-time employees of the Company or its Qualifying
Corporate Subsidiaries as defined in clause 5(d)(iii).

 

(b)  Tandem
SARS and Stock Options other than Incentive Stock Options may be granted only to full-time or part-time employees of the Company
or its Subsidiaries.

 

(c)   PARS
Awards, Other Restricted Share Awards, Other Stock-Based Awards and Cash-Based Awards may be granted only to full time employees
(or such other employees as the Company may determine) of the Company or its Subsidiaries who are determined by the Committee
in its discretion to be management personnel important to the future success of the Company; such management personnel may, but
need not be, officers of the Company or of its Subsidiaries or divisions.

 

		(d)	For purposes of the eligibility and service requirements
set forth in the Plan:

 

(i)    The
term “employees” does not include temporary employees, contract employees, or directors who are not regular employees
of the Company or its Subsidiaries;

 

(ii)   “Subsidiary”
means any domestic or foreign corporation, limited liability company, partnership or other entity in which the Company controls,
directly or indirectly, 50% or more of the voting power or equity interests; for clarity, the term includes a Qualifying Corporate
Subsidiary;

 

(iii)  “Qualifying
Corporate Subsidiary” means any domestic or foreign corporation (other than the Company) in an unbroken chain of corporations
beginning with the Company if, at the time of the granting of the Incentive Stock Option in question, each of the corporations
other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of
all classes of stock in one of the other corporations in such chain; or such other meaning as may be hereafter ascribed to it
in Section 424 of the Code; and

 

		(iv)	 the term “corporation” has the meaning ascribed
to it in Internal Revenue Regulations Section 1.421-1(i)(1).

 

		6.	Stock Options.

 

(a)   Types
of Stock Options. In the discretion of the Committee (or the Chief Executive Officer with respect to Stock Options granted
under subsection 4(c)), Stock Options may or may not be intended to qualify as incentive stock options within the meaning of Section 422
of the Code (“Incentive Stock Options”). Neither the Company nor the Chief Executive Officer nor the Committee shall
have any liability to the optionee or any other person on account of the failure of a Stock Option to qualify as an Incentive
Stock Option.

 

(b)   Limitation
on Incentive Stock Options. The maximum aggregate fair market value (determined at the time an Incentive Stock Option is granted)
of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any optionee during any calendar
year (under all plans of the Company and its Subsidiaries) shall not exceed $100,000.

 

(c)   Individual
Limit on Number of Stock Options and Tandem SARs. The aggregate number of shares of Common Stock with respect to which Stock
Options and Tandem SARs may be granted to any individual during any calendar year may not exceed one hundred fifty thousand shares
(150,000).

 

(d)   Minimum
Exercise Prices. The exercise price of Common Stock purchased under each Stock Option shall not be less than 100% of the fair
market value of the Common Stock on the effective date of the Stock Option. Such fair market value per share shall generally be
the closing price per share of the Common Stock on the New York Stock Exchange on the effective date; provided, however, that
the Committee may adopt any other criterion for the determination of such fair market value as it may determine to be appropriate
and in compliance with, or in conformity with the requirements of, any laws and regulations applicable to the Company and the
Stock Option.

 

(e)   Payment
of Exercise Price. The exercise price for Common Stock subject to a Stock Option is to be paid in full upon the exercise of
the Stock Option, either:

 

		(i)	In cash; or

 

     

     

    

 

(ii)   By
the tender to the Company (either actually or by attestation) of shares of Common Stock owned by the optionee for at least six
(6) months having a fair market value equal to the cash exercise price of the Stock Option being exercised, with the fair
market value of such stock to be determined in such appropriate manner as may be provided for by the Committee or the Company
as may be required in order to comply with, or to conform to the requirements of, any applicable laws or regulations applicable
to the Company and the Stock Options; or

 

(iii)  Except
as may be limited or prohibited by the Committee or the Company, by effecting a “cashless exercise” of the Stock Option
by means of a “same day sale” in which the option shares are sold through a broker selected by the optionee and a
portion of the proceeds equal to the exercise price plus any taxes due is paid to the Company; or

 

		(iv)	By any combination of the foregoing payment methods;
or

 

		(v)	By such other method or methods as may be determined
by the Committee or the Company.

 

Provided, however, that no shares of Common Stock may be tendered
in exercise of an Incentive Stock Option if such shares were acquired by the optionee through the exercise of an Incentive Stock
Option unless (A) the tendered shares have been held by the optionee for at least one year and (B) the Incentive Stock
Option through which such tendered shares were received was granted at least two years prior to the tender.

 

(f)    Use
of Exercise Proceeds. The proceeds from the exercise of a Stock Option shall be added to the general funds of the Company
or to treasury shares, as the case may be, and used for such corporate purposes as the Company shall determine.

 

(g)    Term
of Stock Options. The term of a Stock Option shall be five (5) years from its effective date, or such shorter period
as the Committee may determine. Subject to the other provisions of this Section 6, a Stock Option will be exercisable at
such time or times within the stated term, and subject to such restrictions and conditions, as the Committee shall, in each circumstance,
approve, which need not be uniform for all optionees.

 

(h)    Employment
Requirement. No Stock Option may be exercised unless the optionee is an employee of the Company or a Subsidiary at the time
of exercise and has been so employed continuously since the granting of the Stock Option, except that:

 

(i)    If
the employment of an optionee terminates with the consent and approval of the Company, the Committee or its designee, may, in
its absolute discretion, permit the optionee to exercise a Stock Option (to the extent the optionee was entitled to exercise it
at the date of such termination of employment) (A) within ninety (90) days after such termination, or (B) for Stock
Options other than Incentive Stock Options, within one (1) year after termination of the optionee’s employment on account
of retirement on or after age 55, but in no event after the expiration of its term as specified in the Award Agreement.

 

(ii)   An
optionee whose employment terminates on account of disability may exercise such Stock Option (to the extent the optionee was entitled
to exercise it at the date of such termination) within one (1) year of such termination of employment, but in no event after
the expiration of its term as specified in the Award Agreement. For this purpose “disability” means permanent and
total disability within the meaning of Section 22(e)(3) of the Code, which, as of the date hereof, means the inability
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can
be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.
An optionee shall be considered disabled only if the optionee furnishes such proof of disability as the Committee may require.

 

(iii)  In
the event of the death of an optionee, the optionee’s Stock Option may be exercised (to the extent the optionee was entitled
to exercise it at the date of death) by the optionee’s personal representative, by the person succeeding to ownership of
the Stock Option under the optionee’s last will, or by such other person legally entitled to do so, at any time within a
period of one (1) year after the optionee’s death, but in no event after the expiration of its term as specified in
the Award Agreement.

 

(iv)  The
Committee may delegate its authority to extend a Stock Option beyond termination of employment hereunder to such employee or employees
as it deems appropriate, so long as the optionees whose options have been extended by such employee or employees are not either
reporting persons under Section 16 of the Exchange Act or covered employees (as defined in section
162(m) of the Code).

 

(v)   Stock
Option Award Agreements may contain such provisions as the Committee shall approve with reference to the effect of approved leaves
of absence.

 

A Stock Option shall not be affected by any change in the optionee’s
employment so long as the optionee continues to be an employee of the Company or a Subsidiary thereof.

 

     

     

    

 

(i)    Non-Transferability
of Stock Options. Each Stock Option granted under the Plan shall, by its terms, be non-transferable otherwise than by will
or the laws of descent and distribution, and may be exercised during the lifetime of the optionee only by the optionee. Notwithstanding
the foregoing, the Committee may permit a Stock Option which is not an Incentive Stock Option to be transferred to a trust for
the benefit of the optionee’s immediate family member(s) or a partnership, limited liability company, or similar entity
in which the optionee’s immediate family member(s) comprise the majority partners or equity holders. For purposes of
this provision, an optionee’s immediate family shall mean the optionee’s spouse, children and grandchildren.

 

(j)    Successive
Stock Option Grants. Successive Stock Option grants may be made to any optionee under the Plan.

 

(k)   Vesting.
Subject to the other provisions and limitations of the Plan, the Committee may, in its sole discretion, determine the time when,
or criteria upon which, options may vest including, but not limited to stock price, continued service or performance measures.
The vesting criteria, which need not be uniform for all optionees, shall be specified in the Award Agreement.

 

		7.	Tandem SARs.

 

(a)   Grant.
At the time of grant of a Stock Option, the Committee, in its discretion, may grant to the optionee, in tandem with the Stock
Option (the “Linked Option”), a Tandem SAR for all or any part of the number of shares covered by the Linked Option.
The Tandem SAR Award Agreement shall specify the Linked Option in respect of which the Tandem SAR is granted. A Tandem SAR shall
specify a time period for its exercise, which may not extend beyond, but may be less than, the time period during which the Linked
Option may be exercised.

 

(b)   Exercise.
At any time when a Tandem SAR and its Linked Option are both exercisable, the optionee may, in lieu of exercising the Linked Option,
elect to exercise the Tandem SAR, by delivering to the Company a written notice stating that the optionee elects to exercise the
Tandem SAR as to the number of shares specified in the notice and stating what portion, if any, of the Tandem SAR Exercise Amount
the holder requests to have paid in cash and what portion, if any, the holder requests to have paid in Common Stock. For purposes
of this section, “Tandem SAR Exercise Amount” means the excess of the closing price per share of the Common Stock
on the New York Stock Exchange on the date of exercise over the exercise price per share under the Linked Option, multiplied by
the number of shares as to which the Tandem SAR is exercised. The Committee promptly shall cause to be paid to such holder the
Tandem SAR Exercise Amount either in cash, in Common Stock, or any combination of cash and stock as it may determine. Such determination
may be either in accordance with the request made by the optionee or otherwise, in the sole discretion of the Committee.

 

(c)   Effect
of Exercise. Any exercise of the Linked Option by the optionee shall reduce the Tandem SAR by the same number of shares as
to which the Linked Option is exercised; and any exercise of the Tandem SAR shall reduce the Linked Option by the same number
of shares as to which the Tandem SAR is exercised. The failure of the optionee to fully exercise it within the time period specified
shall not reduce the optionee’s remaining exercise rights under the Linked Option.

 

(d)   Other
Provisions of Plan Applicable. All provisions of the Plan applicable to Stock Options granted hereunder shall apply with equal
effect to Tandem SARs.

 

		8.	PARS Awards.

 

(a)   Definition;
Performance Objectives. A PARS Award is a right to receive shares of Common Stock (which may include stock with certain restrictions
attached) at a future time specified in the Award Agreement (the “PARS Award Term”) if specified performance goals
and/or service contingencies established from time to time by the Committee and set forth in the PARS Award are achieved.

 

(b)   Grants
of PARS Awards. Eligible employees may be granted PARS Awards under any one or more of the performance programs. The number
of shares per PARS Award and the PARS Award frequency shall be determined at the discretion of the Committee. In determining the
participants in any performance program, the Committee shall take into account such factors as the participant's level of responsibility,
job performance, level and types of compensation, and such other factors as the Committee deems relevant. The Committee may require
the participant to retain shares received from the payout of a PARS Award until ownership guidelines are achieved. The Committee
may also require the participant to certify ownership of such shares from time to time in its discretion and to secure approval
of any sales or other disposition of Common Stock during the performance period.

 

(c)   Determination
of Achievement of Objectives. The Committee, in regard to any performance program adopted by it, may thereafter change or
modify the terms of the program, so long as the number of shares subject to the PARS Award is not reduced and the PARS Award Term
is not extended, and the Committee may determine reasonably whether any performance goal of any program has been met. The Committee
may, but is not obligated to, authorize a distribution of all or a portion of the PARS Award based upon its discretionary evaluation
of the Company's financial performance during the period of the PARS Award even if the performance goals are not fully met.

 

     

     

    

 

(d)  Employment
Requirement. Except as otherwise herein provided or determined by the Committee, a participant, in order
to be entitled to receive any distribution in respect of the PARS Award, must be continuously in the employ of the Company or
a Subsidiary from the effective date of the PARS Award until the expiration of the relevant performance and/or service period,
except for leaves of absence which may be approved by the Company, and except that:

 

(i)   Exception
for Retirement. For a participant whose employment terminates on account of retirement with the approval
of the Committee:

 

(A)  Any PARS
Award granted to the participant within 12 months prior to the participant’s retirement date shall be forfeited and no distribution
shall be made;

 

(B)  With respect
to any other outstanding PARS Award, that portion, if any, of the Award for which the distribution date has been accelerated in
full or in part due to satisfaction of the applicable performance goal(s) prior to the participant’s retirement date
shall vest and be distributed in full;

 

(C)  All other
outstanding PARS Awards (including any non-distributed portion of an Award distributed in part under the preceding clause (B))
shall vest and be distributed pro rata based on the number of months elapsed during the PARS Award Term as of the retirement date
compared to the total number of months in the PARS Award Term; and

 

(D)  Any distribution
to which the retired participant shall be entitled under this section 8(d) shall be made as soon as administratively feasible
but not later than 21⁄2 months after the participant’s retirement date.

 

(ii)  Discretionary
Exception for Death or Disability. The Committee, in its absolute discretion, may make such full, pro-rata,
or no share distribution as it may determine, to a participant whose employment terminates on account of death or disability (as
defined in section 6(h)(ii)) prior to the time the participant is entitled to receive distribution in respect of the PARS Award.
If termination is on account of death, the Committee may make any distribution it authorizes to the participant's surviving spouse,
heirs or estate, as the Committee may determine.

 

		9.	Other Restricted Share Awards.

 

Subject to the terms of the Plan, the
Committee may also grant eligible employees Other Restricted Share Awards, which may include grants of Common Stock subject to
specified restrictions or conditions (including without limitation forfeiture of the shares in certain events), or grants of rights
to receive shares of Common Stock in the future upon the satisfaction of specified conditions. Such Other Restricted Share Awards
shall include an employment requirement not less restrictive than that specified in section 8(d) and if to NEOs, shall comply
with Section 11, and shall otherwise be subject to all of the limitations and restrictions provided in the Plan. Such Other
Restricted Share Awards may also specify, without limitation, restrictions on transfer of such Other Restricted Share Award and/or
the underlying Common Stock, and whether the participant may make elections with respect to the taxation of such Other Restricted
Share Award either with or without the consent of the Committee.

 

		10.	Other Stock-Based Awards.

 

The Committee may from time to time grant
Other Stock-Based Awards pursuant to which shares may be acquired in the future, such as Other Stock-Based Awards denominated
in Common Stock, stock units, securities convertible into Common Stock or phantom securities. The Committee, in its sole discretion,
shall determine, and provide in the applicable Award Agreement, the terms and conditions of such Other Stock-Based Awards. The
Committee may, in its sole discretion, direct that shares of Common Stock issued pursuant to Other Stock-Based Awards shall be
subject to restrictive legends, stop transfer instructions or other restrictions as it may deem appropriate.

 

		11.	Special Provisions for Stock-Based Awards to Named
Executive Officers.

 

Every Stock-Based Award granted to a person
who is a “named executive officer” of the Company as defined in Item 402(a)(3) of Securities and Exchange Commission
Regulation S-K (an “NEO”) shall provide that, in addition to any other applicable restrictions on transfer, the NEO
may not dispose of any portion of the beneficial interest in Common Stock received (net of any withheld shares) on account of
such Award: (i) within 12 months after the Common Stock is delivered to the NEO, or such earlier time as the person ceases
to be an NEO; or (ii) if after such disposition the NEO would fail to satisfy the NEO’s minimum ownership requirement
for Company Common Stock established by the Company.

 

     

     

    

 

		12.	Long Term Cash Incentive Awards.

 

Long Term Cash Incentive Awards provide
for the payment of cash if certain performance goals are met over a specified performance period. The Committee may also permit
Long-Term Cash Incentive Awards to be distributed in shares of Common Stock, which may be issued subject to restrictions to be
determined by the Committee in each specific case. Each performance goal and performance period shall be set forth in the relevant
Long Term Cash Incentive Award agreement, which need not be uniform for all awardees.

 

		13.	Other Cash Incentive Awards.

 

The Committee may from time to time grant
Other Cash Incentive Awards, upon such terms, conditions and restrictions as the Committee shall determine in its sole discretion
and specify in a corresponding Award Agreement.

 

		14.	[Reserved]

 

		15.	Additional Provisions.

 

(a)   No
Rights as Shareholder until Stock Issued. The recipient of a Stock-Based Award shall have no voting rights, dividend rights,
or other rights of a shareholder with respect to the shares of Common Stock subject to the Award until such shares are actually
issued to the recipient.

 

(b)   No
Adjustment of Award Shares for Dividends or Rights. No adjustment shall be made in the number of shares of Common Stock subject
to a Stock-Based Award on account of dividends which may be paid, or other rights which may be issued to, the holders of Common
Stock during the term of such Award except as provided in Section 15, and no dividends or dividend equivalents shall be paid
or accrued on any such shares unless the shares have actually been issued to the participant pursuant to the Award prior to the
record date for payment of the dividend or rights.

 

(c)   No
Right to Continuation of Employment. No participant in the Plan shall have any right because of being a participant in the
Plan or receiving an Award to continue in the employ of the Company or of any of its subsidiaries for any period of time, or any
right to a continuation of the participant's present or any other level of compensation; and such rights and powers as the Company
now has or which it may have in the future to dismiss or discharge any participant from employment or to change the assignments
of any participant are expressly reserved to the Company.

 

(d)  Tax
Withholding. At the time any Award is paid out to the recipient, the Company shall withhold (or direct the appropriate Subsidiary
to withhold) from such payout any amount necessary to satisfy the tax withholding requirements in respect of such payout under
the tax laws applicable to the payout; and if permitted by applicable law, the Company may withhold (or direct the appropriate
Subsidiary to withhold) additional amounts at such rate as it may determine in its discretion to be advisable up to the highest
individual marginal Federal income tax and applicable state income tax rate then in effect. In the case of Awards payable in shares
of Common Stock, the Company shall effect such withholding, unless otherwise required by applicable law, by deducting from the
distribution shares of Common Stock having a fair value equal to the amount to be withheld.

 

(e)   Common
Stock. The Company may, in its discretion, fund Stock-Based Awards using either treasury shares or authorized but unissued
shares. The Board and the Company’s officers are authorized to take such action as may be necessary to provide for the issuance
of any and all of the shares which may be necessary to satisfy the Company's obligations hereunder and to cause said shares to
be registered under the Securities Act of 1933, as amended (the “Securities Act”), and to be listed on the New York
Stock Exchange and any other stock exchanges on which Common Stock may at such time be listed; provided that in the Company’s
discretion, shares of Common Stock delivered to participants hereunder in satisfaction of a Stock-Based Award may be issued as
restricted stock under the Securities Act, or otherwise subject to specified restrictions on resale.

 

(f)    Minimum
Vesting Periods. The minimum vesting period for any Award shall be 1 year; except that Awards which amount in the aggregate
to no more than 5% of the total number of shares available under the Plan, and which are made to participants who are not NEOs,
may have a shorter vesting period.

 

(g)   Performance-Based
(162(m) Awards. If an Award is granted to a person who is, or
who is likely to be as of the end of the tax year in which the Company would claim a tax deduction in connection with such Award,
a “covered employee” as defined in section 162(m) of the Code (a “Covered Employee”) then the Committee
may qualify such Award as “performance-based compensation” pursuant to section 162(m) of the Code (a “162(m) Award”).
The Committee has complete discretion concerning whether a particular Award should be qualified as a 162(m) Award. Each 162(m) Award
shall be subject to the following additional provisions: The
Committee may structure any Award as a “Performance-Based Award” such that the amount payable shall be subject to
the attainment of specified performance criteria within a specified performance period.

 

     

     

    

 

(i)     Performance
Criteria for Performance-Based (162(m) Awards.
The performance criteria for any Performance-Based
(162(m) Award shall consist of objective tests which
may, but need not, be based on one or more of the following: earnings per share; adjusted earnings per share; sales;
earnings; cash flow; profitability; customer satisfaction; investor relations; revenues; financial return ratios; market performance;
shareholder return and/or value; operating profits (including earnings before income taxes, depreciation and amortization); net
profits; earnings per share growth; profit returns and margins; stock price; working capital; business trends; production cost;
project milestones; plant and equipment performance; safety performance; environmental performance; gross margin; operating margin;
net margin; expense margins; EBIT margin; EBIT growth; EBITDA margin; EBITDA growth; adjusted EBITDA; NOPAT margin; net assets;
working capital; asset turnover; working capital turnover; accounts receivable turnover; accounts payable turnover; inventory
turnover; inventory days outstanding; accounts receivable days outstanding; accounts payable days outstanding; debt to equity;
debt to capital; current ratio; return on equity; return on assets; return on net assets; return on invested capital; return on
gross assets; return on tangible assets; cash flow return on investment; cash value added; price to earnings ratio; market to
book ratio; market to capital ratio; cost of capital; cost of debt; cost of equity; market risk premium; stock price appreciation
with or without divisions; total shareholder return; economic value added; economic profit; sales growth percentage; EPS growth
percentage; cash flow growth year over year; return on total capital; ESG
performance metrics; or any combination of the foregoing. Performance criteria may be measured solely on a corporate,
subsidiary, business unit or individual basis, or a combination thereof; may be measured in absolute levels or relative to another
company or companies, a peer group, an index or indices or Company performance in a previous period; and may be measured annually
or over a longer period of time. Satisfaction of Common Stock ownership guidelines may also be a prerequisite to payment.

 

(ii)    Establishment
of Performance Goals. The performance goals for each Performance-Based
(162(m) Award and the amount payable or distributable depending on the extent to which
those goals are met shall be established in writing for each specified period of performance by the Committee no later
than 90 days after the commencement of the period of service to which the performance goals relate and while the
outcome of whether or not those goals will be achieved is substantially uncertain. However, in no event will such goals
be established after 25% of the period of service to which the goals relate has elapsed.

 

(iii)   Limited
Discretion to Adjust Payment. If the applicable performance goals under a 162(m) Award are achieved for
a given performance period, the Committee nevertheless has full discretion to reduce or eliminate the amount otherwise payable
for that performance period. Under no circumstances may the Committee use discretion to increase the amount payable to a participant
under a 162(m) Award.

 

(iv)   Limitation
on Certain Awards. Except for Stock Options and Tandem SARS, in any fiscal year of the Company no Covered
Employee may receive aggregate distributions of more than $2,500,000 from Awards which are also 162(m) Awards.

 

(h)   Maximum
Distributions. In no event shall the total distributions of Common Stock under the Plan exceed the number of shares reserved
under Section 3 (as such number may be adjusted as provided in Section 16).

 

(i)    Compliance
with Code Section 409A. It is intended that no Award granted under the Plan shall be subject to any interest or additional
tax under Section 409A of the Code, and the terms of the Plan should be construed accordingly. In the event Code Section 409A
is amended after the date hereof, or regulations or other guidance is promulgated after the date hereof that would make an Award
under the Plan subject to the provisions of Code Section 409A, then the terms and conditions of the Plan shall be interpreted
and applied, to the extent possible, in a manner to avoid the imposition of the provisions of Code Section 409A. Notwithstanding
the preceding, a participant shall be responsible for any and all tax liabilities, including liability under 409A (but excluding
the employer’s share of employment taxes) with respect to Awards made to the participant; and neither the Committee nor
the Company shall have any liability to a participant for reimbursement or otherwise on account of any such tax liabilities which
may be imposed on the participant.

 

(j)    Amendments
to Awards. The Committee reserves the right to amend the terms of any outstanding Award, provided that:

 

		(i)	No amendment may reduce the rights of the recipient of
the Award without the consent of such recipient; and

 

(ii)   Except
for adjustments described in Section 16, shareholder approval shall be required to (A) reduce the exercise price of
outstanding Stock Options or Tandem SARs or (B) cancel outstanding Stock Options or Tandem SARs in exchange for cash or other
Awards having an exercise price that is less than the exercise price of the original Stock Options or Tandem SARs.

 

     

     

    

 

(k)   Limitation
on Acceleration Upon Change of Control. No Award may permit acceleration of vesting or payment by reason of a Change of Control
of the Company prior to the date on which the Change of Control is consummated, except where the participant’s employment
is terminated within 90 days prior to a Change of Control at the direction of a third party who, at such time, had taken steps
reasonably calculated to effect the Change of Control, and acceleration in such event is expressly provided for in a written severance
agreement with the participant the terms of which have been approved by the Committee. For purposes of this section 15(k), “Change
of Control” means any of the following events:

 

(i)    The
individuals who constitute the Board on the effective date of the Award (the “Incumbent Board”) cease for any reason
to constitute at least a majority of the Board, provided that any person who becomes a director subsequent to the effective date
of the Award whose election or nomination for election by the Company’s shareholders, was approved by a vote of at least
a majority of the directors then comprising the Incumbent Board (other than an individual whose initial assumption of office is
in connection with an actual or threatened election contest relating to the election of the directors of the Company, as such
terms are used in Securities and Exchange Commission Rule 14a-11) shall be, for purposes of this section, considered as though
such person were a member of the Incumbent Board; or

 

(ii)   Any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) directly or
indirectly acquires or beneficially owns (as defined in Rule 13d-3 under the Exchange Act) more than either (x) 50%
of the then outstanding shares of Common Stock (“Outstanding Common Stock”) or (y) 50% of the combined voting
power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (“Outstanding
Voting Securities”), provided that no acquisition or beneficial ownership by the Company or a Subsidiary or an employee
benefit plan (or related trust) sponsored or maintained by the Company or a Subsidiary shall be considered in determining if either
of such thresholds has been met; or

 

(iii)  The
sale or other disposition of all or substantially all of the assets of the Company (in a single transaction or a series of transactions,
provided that in the latter case the date of consummation of the Change of Control shall be the date on which the first sale or
disposition in such series occurs): or

 

(iv)  The
commencement of a shareholder-approved liquidation or dissolution of the Company; or

 

(v)   The
consummation of a reorganization, merger, share exchange or consolidation (a “Business Combination”), unless immediately
after the Business Combination:

 

(A)   All
or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Common Stock and Outstanding
Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of both
the outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors (or other governing body) of the entity resulting from such Business Combination (including,
without limitation, an entity that as a result of such transaction owns the Company through one or more subsidiaries); and

 

(B)    No
individual, entity or group (excluding any employee benefit plan or related trust of the entity resulting from such Business Combination)
beneficially owns, directly or indirectly, more than 50% of either the then outstanding shares of common stock or the combined
voting power of the then outstanding voting securities of such entity entitled to vote generally in the election of directors
(or other governing body) of the entity resulting from such Business Combination, except to the extent that such individual, entity
or group owned more than 50% of the Outstanding Common Stock or Outstanding Voting Securities prior to the Business Combination;
and

 

(C)    At
least a majority of the members of the board of directors or other governing body of the entity resulting from such Business Combination
were members of the Board at the time of the execution of the initial agreement, or at the time of the initial Board action, approving
such Business Combination.

 

Notwithstanding the foregoing, “Change of Control”
shall not include a transaction commonly known as a Reverse Morris Trust transaction.

 

(l)    Employment
Requirement. Except as otherwise herein provided or determined by the Committee, a participant, in order to be entitled to receive
any distribution in respect of an Award, must be continuously in the employ of the Company or a Subsidiary from the effective
date of the Award until the expiration of the relevant performance and/or service period, except for leaves of absence which may
be approved by the Company, and except that:

 

     

     

    

 

(i)    Exception
for Retirement. For a participant whose employment terminates on account of retirement with the approval of the Committee, except
as may otherwise be determined by the Committee in its sole discretion:

 

(A)   Any
Award granted to the participant within 12 months prior to the participant’s retirement date shall be forfeited and no distribution
shall be made;

 

(B)    With
respect to any other outstanding Award, that portion, if any, of the Award for which the distribution date has been accelerated
in full or in part due to satisfaction of the applicable performance goal(s) prior to the participant’s retirement
date shall vest and be distributed in full;

 

(C)    All
other outstanding Awards (including any non-distributed portion of an Award distributed in part under the preceding clause (B))
shall vest and be distributed pro rata based on the number of months elapsed during the Award Term as of the retirement date compared
to the total number of months in the Award Term; and

 

(D)   Any
distribution to which the retired participant shall be entitled under this section 15(l) shall be made as soon as administratively
feasible but not later than 21⁄2 months after the participant’s retirement date.

 

(ii)   Discretionary
Exception for Death or Disability. The Committee, in its absolute discretion, may make such full, pro-rata, or no share distribution
as it may determine, to a participant whose employment terminates on account of death or disability (as defined in section 6(h)(ii))
prior to the time the participant is entitled to receive distribution in respect of the Award. If termination is on account of
death, the Committee may make any distribution it authorizes to the participant's surviving spouse, heirs or estate, as the Committee
may determine.

 

		16.	Adjustments to Stock-Based Awards Upon Changes
in Capitalization or Corporate Acquisitions.

 

(a)   Notwithstanding
any other provisions of the Plan, Stock Option and Tandem SAR agreements may contain such provisions as the Committee shall determine
to be appropriate for the adjustment of the number and class of shares subject to each outstanding Stock Option or Tandem SAR
and the Stock Option prices and Tandem SAR exercise amounts in the event of changes in the outstanding Common Stock by reason
of stock dividends, stock splits, reverse stock splits, recapitalization, mergers, consolidations, split-ups, combinations or
exchanges of shares and the like; and in the event of any such change in the outstanding Common Stock, the aggregate number and
class of shares available under the Plan and the maximum number of shares and respective exercise prices as to which Stock Options
and Tandem SARs which have been granted or may be granted to any individual shall be appropriately adjusted by the Committee,
whose determination shall be conclusive.

 

(b)   In
the event the Company or a Subsidiary enters into a transaction described in Section 424(a) of the Code with any other
corporation, the Committee may grant a Stock Option or Tandem SAR to employees or former employees of such corporation in substitution
of a Stock Option or Tandem SAR previously granted to them upon such terms and conditions as shall be necessary to qualify such
grant as a substitution described in Section 424(a) of the Code.

 

(c)   In
the event of stock dividends, stock splits or reverse stock splits affecting the number of outstanding shares of Common Stock
during the term of the Plan, appropriate adjustments shall be made to outstanding Awards, including but not limited to per-share-based
objectives and the number of shares awarded, if and as may be required in the Committee’s discretion to fairly reflect the
effect of such stock dividend, stock split or reverse stock split on the interests of the recipients of the Awards.

 

(d)   In
the event of a special, non-recurring distribution with respect to Common Stock, the Committee may (i) adjust the number
of shares subject to each outstanding Stock Option and Tandem SAR, and the exercise price per share in such manner as it deems
just and equitable to reflect such distribution, and (ii) pay such special bonus or take such other action with respect to
PARS Awards, Other Restricted Share Awards and Other Stock-Based Awards as it deems just and equitable to reflect such distribution.

 

(e)   In
no event shall the foregoing adjustments cause the total number of shares used under the Plan to exceed the number authorized
under Section 3 (as may be adjusted).

 

     

     

    

 

		17.	Data Privacy.

 

As a condition of acceptance of an Award,
each participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal
data as described in this Section 17 for the exclusive purpose of implementing, administering and managing the participant’s
participation in the Plan. The participant understands that the Company holds certain personal information about the participant,
including the participant’s name, home address and telephone number, date of birth, social insurance number or other identification
number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any
other entitlement to Common Stock awarded, canceled, exercised, vested, unvested or outstanding in the participant’s favor,
for the purpose of implementing, managing and administering the Plan (the “Data”). The participant further understands
that the Company may transfer the Data internally as necessary for the purpose of implementation, management and administration
of the participant’s participation in the Plan, and that the Company may further transfer the Data to any third parties
assisting the Company in the implementation, management, and administration of the Plan. The participant understands that these
recipients may be located in the participant’s country, or elsewhere, and that the recipient’s country may have different
data privacy laws and protections than the participant’s country. The participant understands that he or she may request
a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.
The participant, through participation in the Plan and acceptance of an Award under the Plan, authorizes such recipients to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing
the participant’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker
or other third party with whom the participant may elect to deposit any Shares. The participant understands that the Data will
be held only as long as is necessary to implement, manage, and administer the participant’s participation in the Plan. The
participant understands that he or she may, at any time, view the Data, request additional information about the storage and processing
of the Data, require any necessary amendments to the Data, or refuse or withdraw the consents herein in writing, in any case without
cost, by contacting the Company’s Vice President of Human Resources. The participant understands that refusal or withdrawal
of consent may affect the participant’s ability to participate in the Plan. For more information on the consequences of
refusal to consent or withdrawal of consent, the participant understands that he or she may contact the Company’s Vice President
of Human Resources.

 

		18.	Effectiveness of the Plan.

 

The Plan shall become effective upon and
subject to approval by the shareholders of the Company within twelve (12) months after the date of its adoption by the Board at
a duly convened meeting of shareholders. Grants of Awards may be made after adoption of the Plan by the Board and prior to such
shareholder approval, but all Awards made prior to shareholder approval shall be subject to the obtaining of such approval and
if such approval is not obtained, such Awards shall not be effective for any purpose.

 

		19.	Amendment and Termination.

 

Either the Board or the Committee may
at any time amend or terminate the Plan; provided, however, that neither the Board nor the Committee may, without shareholder
approval, increase (except under the anti-dilution provisions hereof, including those under Section 16) either the maximum
number of shares as to which Stock-Based Awards may be granted under the Plan or any specified limit on any particular type or
types of Award, or change the class of employees to whom an Award may be granted, or withdraw the authority to administer the
Plan from a committee whose members satisfy the requirements of Section 4(a). No amendment or termination of the Plan may
adversely affect any holder of an outstanding Award without the consent of the holder.

 

		20.	Term of Plan.

 

Unless terminated earlier pursuant to
Section 19, the Plan shall terminate five (5) years after the date on which it is approved and adopted by the shareholders
pursuant to Section 18, and no Award shall be granted hereunder after the termination of the Plan. Awards outstanding at
the termination of the Plan shall continue in accordance with their terms and shall not be affected by such termination.EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 DEPOSIT
AGREEMENT 
 among 

CULLEN/FROST BANKERS, INC. 
 and

 COMPUTERSHARE INC., 
 as
Depositary, 
 and 
 THE HOLDERS
FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of November 19, 2020 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Article I DEFINED TERMS
	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
		
	 Article II FORM OF RECEIPTS, DEPOSIT OF SERIES B PREFERRED STOCK, EXECUTION AND
DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
	  	 	4	 
			
	 Section 2.1
	 	Form and Transfer of Receipts	  	 	4	 
			
	 Section 2.2
	 	Deposit of Series B Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	5	 
			
	 Section 2.3
	 	Registration of Transfer of Receipts	  	 	6	 
			
	 Section 2.4
	 	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series B Preferred Stock	  	 	6	 
			
	 Section 2.5
	 	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	7	 
			
	 Section 2.6
	 	Lost Receipts, etc.	  	 	8	 
			
	 Section 2.7
	 	Cancellation and Destruction of Surrendered Receipts	  	 	8	 
			
	 Section 2.8
	 	Redemption of Series B Preferred Stock	  	 	8	 
			
	 Section 2.9
	 	Bank Accounts	  	 	10	 
			
	 Section 2.10
	 	Receipts Issuable in Global Registered Form	  	 	10	 
		
	 Article III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION
	  	 	11	 
			
	 Section 3.1
	 	Filing Proofs, Certificates and Other Information	  	 	11	 
			
	 Section 3.2
	 	Payment of Taxes or Other Governmental Charges	  	 	12	 
			
	 Section 3.3
	 	Warranty as to Series B Preferred Stock	  	 	12	 
			
	 Section 3.4
	 	Warranty as to Depositary Shares	  	 	12	 
		
	 Article IV THE DEPOSITED SECURITIES; NOTICES
	  	 	12	 
			
	 Section 4.1
	 	Cash Distributions	  	 	12	 
			
	 Section 4.2
	 	Distributions Other than Cash, Rights, Preferences or Privileges	  	 	13	 
			
	 Section 4.3
	 	Subscription Rights, Preferences or Privileges	  	 	13	 
			
	 Section 4.4
	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	 	14	 
			
	 Section 4.5
	 	Voting Rights	  	 	14	 
			
	 Section 4.6
	 	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	15	 
			
	 Section 4.7
	 	Delivery of Reports	  	 	15	 
			
	 Section 4.8
	 	Lists of Receipt Holders	  	 	16	 

  
 - i - 

							
		
	 Article V THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE
CORPORATION
	  	 	16	 
			
	 Section 5.1
	 	Appointment of the Depositary	  	 	16	 
			
	 Section 5.2
	 	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	  	 	16	 
			
	 Section 5.3
	 	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation	  	 	17	 
			
	 Section 5.4
	 	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation	  	 	17	 
			
	 Section 5.5
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	20	 
			
	 Section 5.6
	 	Corporate Notices and Reports	  	 	21	 
			
	 Section 5.7
	 	Indemnification by the Corporation	  	 	21	 
			
	 Section 5.8
	 	Fees, Charges and Expenses	  	 	21	 
		
	 Article VI AMENDMENT AND TERMINATION
	  	 	22	 
			
	 Section 6.1
	 	Amendment	  	 	22	 
			
	 Section 6.2
	 	Termination	  	 	22	 
		
	 Article VII MISCELLANEOUS
	  	 	23	 
			
	 Section 7.1
	 	Counterparts	  	 	23	 
			
	 Section 7.2
	 	Exclusive Benefit of Parties	  	 	23	 
			
	 Section 7.3
	 	Invalidity of Provisions	  	 	23	 
			
	 Section 7.4
	 	Notices	  	 	23	 
			
	 Section 7.5
	 	Depositary’s Agents	  	 	25	 
			
	 Section 7.6
	 	Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of Receipts	  	 	25	 
			
	 Section 7.7
	 	Reserved	  	 	25	 
			
	 Section 7.8
	 	Holders of Receipts Are Parties	  	 	25	 
			
	 Section 7.9
	 	Governing Law	  	 	25	 
			
	 Section 7.10
	 	Inspection of Deposit Agreement	  	 	25	 
			
	 Section 7.11
	 	Headings	  	 	25	 
			
	 Section 7.12
	 	Force Majeure	  	 	26	 
			
	 Section 7.13
	 	Further Assurances	  	 	26	 
			
	 Section 7.14
	 	Confidentiality	  	 	26	 

 EXHIBITS 
  

			
	Exhibit A	  	Form of Depositary Receipt

  

  
 - ii - 

 DEPOSIT AGREEMENT dated as of November 19, 2020, among (i) Cullen/Frost Bankers,
Inc., a Texas corporation, (ii) Computershare Inc., a Delaware corporation, and (iii) the Holders from time to time of the Receipts described herein. 

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

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

DEFINED TERMS 
 Section 1.1
Definitions. 
 The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in
this Deposit Agreement: 
 “Certificate of Designations” shall mean the Certificate of Designations filed by
the Corporation with the Secretary of State of the State of Texas creating the Series B Preferred Stock as a series of preferred stock of the Corporation. 

“Computershare” shall mean Computershare Inc. 

“Corporation” shall mean Cullen/Frost Bankers, Inc., a Texas corporation, and its successors. 

“Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in
accordance with the terms hereof. 
 “Depositary” shall mean Computershare and any successor Depositary
hereunder. 
 “Depositary Shares” shall mean the depositary shares, each representing 1/40th ownership interest in one share of the Series B Preferred Stock, evidenced by a Receipt. 

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

  
 1 

 “Depositary’s Office” shall mean the
office of the Depositary at which at any particular time its depositary receipt business shall be administered, which at the date of this Deposit Agreement is located at 150 Royall Street, Canton, Massachusetts 02021. 

“DTC” shall mean The Depository Trust Company, together with its successors and assigns. 

“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 notifies the Corporation
that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Exchange Act 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 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 no longer be represented by such Global Registered Receipt. 

“Funds” shall have the meaning set forth in Section 2.9. 

“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 Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Exchange Act. 

“Global Registered Receipt” shall mean a global registered Receipt registered in the name of the Global
Receipt Depository or its nominee. 
 “Intercompany Agreement” shall mean the Amended and Restated Service
Agreement, dated as of January 30, 2002, as amended, between Computershare Inc. and Computershare Trust Company, N.A. as successors to EquiServe Inc. and EquiServe Trust Company, N.A., respectively. 

“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 Receipt, as the same may be amended, supplemented, restated or otherwise modified from time to time and any
successor agreement thereto. 
 “Moody’s” shall have the meaning set forth in Section 2.9. 

  
 2 

 “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. 

“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 a number of Depositary Shares held of record by a Record Holder. 

“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 2.8. 
 “Redemption Price” shall have the
meaning set forth in the Certificate of Designations. 
 “Registrar” shall mean the Depositary or such other
successor bank or trust company which shall be appointed by the Corporation to register ownership and transfers of Receipts as herein provided. If a successor Registrar shall be so appointed, all references herein to “the books” of or
maintained by the Depositary shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 

“S&P” shall have the meaning set forth in Section 2.9. 

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

“Series B Preferred Stock” shall mean the shares of the Corporation’s 4.450% Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.01 per share, with a liquidation preference of $1,000 per share. 

“Signature Guarantee” shall have the meaning set forth in Section 2.3. 

“Transfer Agent” shall mean Computershare or such other successor bank or trust company which shall be
appointed by the Corporation to transfer the Receipts or the deposited Series B Preferred Stock, as the case may be, as herein provided. 

  
 3 

 Article II 

FORM OF RECEIPTS, DEPOSIT OF SERIES B PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

Section 2.1 Form and Transfer of Receipts. 

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

Any Receipt to be executed by the Depositary pursuant to this Deposit Agreement shall be executed by the manual, electronic or facsimile
signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually, electronically or by the
facsimile signature of a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by the manual, electronic or facsimile signature of a duly authorized officer of the
Depositary and countersigned by the manual, electronic 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, electronic 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 Deposit Agreement all as may be (i) reasonably required by the Depositary and approved by the Corporation, (ii) required to comply with any applicable law or any regulation thereunder or with the rules and regulations of
any securities exchange upon which the Series B Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or (iii) to indicate any special limitations or restrictions to which any
particular Receipt is subject. 

  
 4 

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

The Corporation shall have made a written request prior to the date hereof requesting that the Series B Preferred Stock and the associated
Depositary Shares be set aside and reserved for issuance. On the date hereof, the Corporation shall provide the Depositary with an opinion of counsel (which may be an opinion of internal counsel) stating that: (i) all shares of Series B
Preferred Stock have been registered under the Securities Act of 1933, as amended; (ii) all shares of Series B Preferred Stock have been validly issued and are fully paid and non-assessable; and
(iii) upon due issuance by the Depositary of the Receipts evidencing the Depositary Shares against the deposit of Series B Preferred Stock in accordance with the provisions of this Deposit Agreement and payment therefor, the Receipts will
entitle the persons in whose names the Receipts are registered to the rights specified therein and in this Deposit Agreement, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity principles. 
  

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

 Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to
time deposit shares of Series B Preferred Stock under this Deposit Agreement by delivery to the Depositary, including via direct registration for shares of Series B Preferred Stock in uncertificated form, for such shares of Series B Preferred Stock
to be deposited (or in such other manner as may be agreed to by the Corporation and the Depositary), properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement in a form reasonably
satisfactory to the Depositary, together with (i) all such certifications as may be reasonably required by the Depositary pursuant to this Deposit Agreement and (ii) an instruction letter from the Corporation authorizing the Depositary to
register such shares of the Series B Preferred Stock in uncertificated form by direct registration, each in a form satisfactory to the Depositary, together with an instruction letter of the Corporation directing the Depositary to execute and deliver
to, or upon the written order of, the Person or Persons stated in such instruction letter a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited shares of Series B Preferred Stock. 

The shares of Series B Preferred Stock that are deposited pursuant to this Deposit Agreement 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 shares of Series B Preferred Stock deposited hereunder. 

  
 5 

 Upon receipt by the Depositary of shares of Series B Preferred Stock to be deposited in
accordance with the provisions of this Section 2.2, together with the other documents required as specified above, and upon recordation of the shares of Series B Preferred Stock on the books of the Corporation (or its duly
appointed transfer agent) in the name of the Depositary (or its nominee), the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the Person or Persons named in the instruction
letter delivered to the Depositary referred to in the first paragraph of this Section 2.2, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the shares of Series B Preferred
Stock so deposited and registered in such name or names as may be requested by such Person or Persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary
may designate. Delivery at other offices shall be at the risk and expense of the Person requesting such delivery. 
 The Corporation hereby
appoints Computershare as transfer agent and as registrar in respect of the Series B Preferred Stock deposited with the Depositary hereunder, and Computershare hereby accepts the appointments on the express terms and conditions set forth in this
Deposit Agreement. With respect to the appointments of Computershare as transfer agent and as registrar in respect of the Series B Preferred Stock, Computershare shall be entitled to the same rights, indemnities, immunities and benefits as the
Depositary hereunder as if explicitly named in each such provision. 
  

	Section 2.3	 Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Transfer Agent shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer and appropriate evidence of authority which shall include a signature
guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association (a “Signature Guarantee”), and any other reasonable evidence of authority that may be
required by the Transfer Agent, together with (if applicable) evidence of the payment by the applicable party of any taxes or charges as may be required by law. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same
aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the Person entitled thereto. 

 

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

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

  
 6 

 Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series B
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; provided,
however that a Holder of a Receipt may not withdraw such whole shares of Series B Preferred Stock (or money and other property, if any, represented thereby) which has previously been called for redemption. After such surrender and upon the
receipt of written instructions from the Holder of such Receipt or Receipts, without unreasonable delay, the Depositary shall deliver to such Holder, or to the Person or Persons designated by such Holder as hereinafter provided, the number of whole
shares of Series B Preferred Stock (and all money and other property, if any), represented by such Receipt so surrendered for withdrawal, but Holders of such whole shares of Series B Preferred Stock will not thereafter be entitled to deposit such
shares of Series B Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in
excess of the number of Depositary Shares representing the number of whole shares of Series B Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Series B Preferred Stock and such
money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon the written order of such Holder, a new Receipt evidencing such excess number of Depositary Shares. 

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

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

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

 As a condition precedent to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require (i) 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, taxes or expenses payable by the Holder of a Receipt pursuant to Section 5.8 (including any such tax
or charge with respect to any shares of Series B 

  
 7 

 
Preferred Stock being deposited or withdrawn or any charges or expense pursuant to Section 3.2), (ii) the production of evidence satisfactory to it as to the identity
and genuineness of any signature which evidence shall include a Signature Guarantee, and any other reasonable evidence of authority that may be required by the Depositary, and (iii) compliance with such additional requirements, if any, as the
Depositary or the Corporation may reasonably establish consistent with the provisions of this Deposit Agreement and/or applicable law. 

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

	Section 2.6	 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like
form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of such Holder’s ownership thereof and (ii) the Holder thereof furnishing the Depositary with an affidavit and an indemnity or bond
satisfactory to the Depositary. Such Holder 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 in effect in the State of New York. 
  

	Section 2.7	 Cancellation and Destruction of Surrendered Receipts. 

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

	Section 2.8	 Redemption of Series B Preferred Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Series B 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 60 days prior to the Redemption Date (as defined below),
notice of the date of such proposed redemption of Series B Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable Redemption Price, which notice shall be accompanied by a certificate from the
Corporation stating that such redemption of shares of Series B Preferred Stock is in accordance with the provisions of the Certificate of Designations. On the applicable Redemption Date, provided that the Corporation shall then have paid or caused
to be paid in full to the Depositary the 

  
 8 

 
Redemption Price of the Series B Preferred Stock to be redeemed, in accordance with the provisions of the Certificate of Designations, the Depositary shall redeem the number of Depositary Shares
representing such shares of Series B Preferred Stock. The Depositary shall transmit notice of the Corporation’s redemption of shares of Series B Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares
representing such shares of the Series B Preferred Stock to be redeemed by first-class mail, postage prepaid, or by such other method approved by the Depositary (in its reasonable discretion), in either case not less than 30 days and not more
than 60 days prior to the date fixed for redemption of such shares of Series B Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so
redeemed at the addresses of such Holders as they appear on the records of the Depositary; but neither failure to mail or transmit any such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of
redemption of Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date;
(ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the applicable
redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Series B Preferred Stock represented by such
Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot or in such
other manner proportionate and applicable to the manner in which shares of the Series B Preferred Stock are redeemed as determined to be fair and equitable by the board of directors of the Corporation or a duly authorized committee thereof. 

Notice having been mailed or transmitted by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation shall have
failed to provide the funds necessary to redeem the Series B Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Series B 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
applicable redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption
(properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to 1/40th of the Redemption Price per share of Series B Preferred Stock so redeemed. 
 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 applicable redemption price for all of the
Depositary Shares redeemed, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 

  
 9 

	Section 2.9	 Bank Accounts. 

All funds received by Computershare under this Deposit Agreement that are to be distributed or applied by Computershare in the performance of
services (the “Funds”) shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Corporation. Until paid pursuant to this
Deposit Agreement, Computershare may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1
or P-1 or better by Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), respectively, (iii) money market
funds that comply with Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts, short-term certificates of deposit, bank repurchase agreements or bankers’ acceptances, of
commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as
reported by Bloomberg Finance L.P.). Computershare shall 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. 
  

	Section 2.10	 Receipts Issuable in Global Registered Form. 

If the Corporation shall determine in a writing delivered to the Depositary that the 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 Deposit Agreement, execute and deliver one or more Global Registered Receipts which (i) shall represent, and shall be
denominated in an amount equal to the aggregate principal amount of, the 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 Deposit 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 under this Deposit 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 

  
 10 

 
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 Deposit 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. 
 If an Exchange
Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, 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 tenor and terms in an aggregate principal amount equal to the principal amount of the 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 2.10 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 Deposit Agreement, should the Corporation determine that the Receipts should be issued as a
Global Registered Receipt, the parties hereto shall comply with the terms of any Letter of Representations. 
 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 shares of Series B Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or withhold or delay the distribution of any dividend or other distribution or the sale of any rights
or of the proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

  
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	Section 3.2	 Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to Computershare, as service provider on behalf of the Depositary, of certain taxes,
charges and expenses, as provided in Section 5.8. Registration of transfer of any Receipt or any withdrawal of shares of Series B Preferred Stock and all money or other property, if any, represented by the Depositary Shares
evidenced by any Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Series B Preferred Stock or other property represented by the
Depositary Shares evidenced by any 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, with the Holder of such Receipt remaining liable for any deficiency. 

 

	Section 3.3	 Warranty as to Series B Preferred Stock. 

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

 

	Section 3.4	 Warranty as to Depositary Shares. 

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

Article IV 
 THE
DEPOSITED SECURITIES; NOTICES 
  

	Section 4.1	 Cash Distributions. 

Whenever the Depositary (through the account of Computershare acting as dividend distributing agent for the Depositary pursuant to the
Intercompany Agreement) shall receive any cash dividend or other cash distribution on the Series B Preferred Stock, the Depositary shall cause Computershare, subject to Section 3.1 and Section 3.2,
to distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of
Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or the Depositary (or Computershare acting as the dividend distributing agent for the Depositary) shall be required to
withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series B Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall
be reduced accordingly. The Depositary shall cause Computershare to 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 Computershare (without liability for interest thereon), as service provider for the Depositary, and shall be added to and be treated as part of

  
 12 

 
the next sum received by the Depositary (through the account of Computershare acting as dividend distributing agent for the Depositary pursuant to the Intercompany Agreement) for distribution to
Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as
amended, may require withholding by the Depositary (or Computershare acting as the dividend distributing agent for the Depositary) of a portion of any of the distributions to be made 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 Series B Preferred Stock,
the Depositary shall, subject to Section 3.1 and Section 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 the Corporation shall reasonably direct. If in the opinion of the Corporation, in consultation with the Depositary, such distribution cannot be made proportionately among such Record Holders, or if for any
other reason (including any requirement that the Corporation or the Depositary withhold an amount on account of taxes or charges) such distribution shall not be feasible, the Corporation, in its discretion, may adopt such method as it deems
equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any
such sale shall, subject to Section 3.1 and Section 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by
Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of securities or property (other than cash) to the Depositary and the Depositary shall not make any distribution of
securities or property (other than cash) to the Holders of Receipts unless such securities or property have been registered under the Securities Act or the Corporation shall have provided an opinion of counsel as set forth in
Section 2.1 above, dated as of or prior to the date of such distribution, stating that such securities or property 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 Series B Preferred Stock is recorded on
the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be
made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall reasonably direct; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or
privileges the Corporation determines that it is not lawful or (after consultation with the Depositary) 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 Corporation, in its discretion, may, if applicable laws or the terms of such rights, preferences or
privileges permit such transfer, sell such rights, 

  
 13 

 
preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall be delivered to the Depositary and,
subject to Section 3.1 and Section 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. 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 such securities have been registered under the
Securities Act or the Corporation shall have provided an opinion of counsel stating that such securities do not need to be registered in connection with such distributions. 

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 Series B Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which Holders of the Series B
Preferred Stock are entitled to vote or of which Holders of the Series B Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record
date (which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series B 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 Certificate of Designations, upon receipt of notice from the Corporation of any meeting at which the Holders of the Series B
Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, transmit to the Record Holders of Receipts, as determined on the record date set forth in Section 4.4, a notice prepared by the
Corporation which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the Holders of Receipts at the close of business on a specified record date fixed pursuant to
Section 4.4 may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the shares of Series B 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 (iii) 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 

  
 14 

 
the instructions set forth in such requests, the maximum number of whole shares of Series B Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any
particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Series B Preferred Stock or cause such Series B
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 Series B Preferred Stock unless directed to the
contrary by the Holders of all the Receipts) to the extent of the Series B 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 or stated value, split-up, combination or any
other reclassification of the Series B Preferred Stock, subject to the Certificate of Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary shall, upon
the written instructions of the Corporation setting forth any adjustment, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series B Preferred Stock
and in the ratio of the redemption price per Depositary Share to the Redemption Price per share of Series B Preferred Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series B Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities or property (including cash)
which shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series B Preferred Stock as new deposited securities or property so received in exchange for or upon conversion or in respect of such Series B
Preferred Stock. In any such case the Depositary may in its discretion, with the approval of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts
specifically describing such new deposited securities or property. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Series B Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to
convert, exchange or surrender the Series B Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Series B Preferred Stock represented by
such Receipts might have been converted or for which such Series B 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 Series B Preferred Stock. 

  
 15 

	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	 Appointment of the Depositary. 

The Corporation hereby appoints Computershare to act as Depositary in accordance with the terms and conditions hereof, and Computershare
accepts this appointment. Depositary is engaged in an independent business and will perform its obligations under this Deposit Agreement as an agent of the Corporation. 
  

	Section 5.2 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.

 Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for
the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of
Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s
Office for the registration and registration of transfer of Receipts, which books at all reasonable times 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 Depositary that such inspection shall be for a proper purpose reasonably related to such Person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

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

  
 16 

	Section 5.3	 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 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 Articles 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 of, doing or performing any act
or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent or the Corporation incur liability to any Holder of a Receipt (i) by
reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to
exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 
  

	Section 5.4	 Obligations of the Depositary, the Depositary’s Agents, the
Registrar and the Corporation. 

 Neither the Depositary nor any Depositary’s Agent nor any
Registrar nor the Transfer Agent nor the Corporation assumes any obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts or any other Person 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 Deposit Agreement to the contrary, excluding the Depositary’s fraud,
recklessness, willful misconduct or bad faith (each as determined by a final non-appealable judgment of a court of competent jurisdiction), the Depositary’s, any Depositary’s Agent, Registrar’s
or Transfer Agent’s aggregate liability under this Deposit Agreement with respect to, arising from or arising in connection with this Deposit Agreement, or from all services provided or omitted to be provided under this Deposit Agreement,
whether in contract, tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Corporation to the Depositary as fees and charges, but not including reimbursable expenses. 

Notwithstanding anything in this Deposit 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. 

  
 17 

 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 Series B Preferred Stock, the Depositary Shares or the Receipts which in its 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 required. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be liable for any action or any failure to
act by it in reliance upon (i) the written advice of legal counsel or accountants or (ii) information from any Person presenting Series B 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 Series B Preferred Stock or for the manner or effect of any such vote made, as long as any such action or
non-action is not the result of the Depositary’s gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgment of a court
of competent jurisdiction). The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations
shall be read into this Deposit 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 Deposit Agreement or of the Receipts, the Depositary Shares or the Series B 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 reasonably 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 Deposit Agreement, the Depositary, the Depositary’s
Agent, any Registrar or any Transfer Agent shall reasonably deem it necessary that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary, the Depositary’s Agent, any Registrar 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

  
 18 

 
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 a duly authorized officer of 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. 
 In the event the Depositary, any Depositary’s Agent,
any Registrar or any Transfer Agent shall receive conflicting claims, requests or instructions from any Holder of a Receipt, 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 set forth in Section 5.7 hereof 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 under this Deposit 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
Deposit 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 written instructions from the Corporation or upon the advice or opinion of such counsel. 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) 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 Deposit Agreement, with respect to any matter relating to its actions as Depositary, Transfer Agent or Registrar covered by this Deposit Agreement (or
supplementing or qualifying any such actions), of officers of the Corporation; 
 (ii) shall not be called upon at any time to advise any
Person with respect to the Series B Preferred Stock, Depositary Shares or Receipts; 
 (iii) shall not be liable or responsible for any
recital or statement contained in any documents relating hereto or to the Series B Preferred Stock, the Depositary Shares or Receipts; and 

(iv) 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 Deposit Agreement or any documents or papers deposited or called for under this Deposit Agreement. 

  
 19 

 The terms of this Section 5.4 shall survive the replacement,
removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 
  

	Section 5.5	 Resignation and Removal of the Depositary; Appointment of Successor Depositary.

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

The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take
effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. 
 In case
at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a
Person 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. If no successor Depositary shall have been so appointed and have accepted appointment
within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its
predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series B 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. 
 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 5.5 as they apply to the Depositary
apply to the Registrar and Transfer Agent as if specifically enumerated herein. 

  
 20 

	Section 5.6	 Corporate Notices and Reports. 

The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record
Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon
which the Series B Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Articles 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. 
  

	Section 5.7	 Indemnification by the Corporation. 

The Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar (including each of their officers, directors,
agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted to
be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar, any Transfer Agent or any of their respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby,
except for any liability arising out of gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgment of a court of competent jurisdiction) on the respective parts of
any such Person or Persons. The obligations of the Corporation and the rights of the Depositary set forth in this Section 5.7 shall survive the termination of this Deposit Agreement and any resignation or replacement,
removal, succession of any Depositary, Registrar, Transfer Agent or Depositary’s Agent. 
  

	Section 5.8	 Fees, Charges and Expenses. 

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

  
 21 

 
Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts.
The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 

Article VI 
 AMENDMENT
AND TERMINATION 
  

	Section 6.1	 Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective
against the Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least 66 2/3% of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time
any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject
to the provisions of Section 2.5 and Section 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to
deliver to the Holder the Series B 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. As a condition precedent to the Depositary’s execution of any amendment, the Corporation shall deliver to the Depositary a certificate from a duly authorized officer of the Corporation that states
that the proposed amendment is in compliance with the terms of this Section 6.1. 
  

	Section 6.2	 Termination. 

This Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding Depositary Shares issued
hereunder have been redeemed pursuant to Section 2.8, (ii) there shall have been made a final distribution in respect of the Series B 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 Section 4.2, as applicable or (iii) upon the
consent of Holders of Receipts representing in the aggregate not less than 66 2/3% of the Depositary Shares outstanding. 
 Upon the
termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under
Section 5.7 and Section 5.8. 

  
 22 

 Article VII 

MISCELLANEOUS 
  

	Section 7.1	 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the
same authority, effect, and enforceability as an original signature, and the words “execution,” “signed,” “signature,” “delivery” and words of like import in or relating to this Deposit Agreement or any
document to be signed in connection with this Deposit Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as
a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

 

	Section 7.2	 Exclusive Benefit of Parties. 

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

	Section 7.3	 Invalidity of Provisions. 

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

 

	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 registered or certified mail or by overnight delivery service, or by facsimile transmission or electronic mail and (in either such case) confirmed by letter or telephone, addressed to the Corporation at: 

Cullen/Frost Bankers, Inc. 
 111 W.
Houston Street 
 San Antonio, Texas 78205 

Attention: Corporate Secretary 

Tel: 210-220-6970 

Fax: 210-951-7052 

E-Mail: james.waters@frostbank.com 

  
 23 

 With a copy to: 

Cullen/Frost Bankers, Inc. 
 111 W.
Houston Street 
 San Antonio, Texas 78205 

Attention: Chief Financial Officer 

Tel: 210-220-4605 

Fax: 210-951-7052 

E-Mail: jsalinas@frostbank.com 

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 or telephone, addressed to the Depositary at: 

Computershare Inc. 
 150 Royall
Street 
 Canton, Massachusetts 02021 

Attention: Client Services 
 with a
copy to: 
 Computershare Inc. 

150 Royall Street 
 Canton,
Massachusetts 02021 
 Attention: General Counsel 

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, overnight delivery service, 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. Any written notices given to any
record holder of a Global Registered Receipt shall be deemed to have been duly given if transmitted through the facilities of DTC in accordance with DTC’s procedures. 

Delivery of a notice sent by mail 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. 

  
 24 

	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
Deposit Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action. 

 

	Section 7.6	 Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of
Receipts. 

 The Corporation hereby appoints Computershare as Registrar, Transfer Agent, dividend disbursing
agent and redemption agent in respect of the Receipts, and Computershare hereby accepts such appointments. Computershare hereby represents that, as of the date hereof, Computershare is authorized pursuant to the Intercompany Agreement, and hereby
agrees that, throughout the term of this Deposit Agreement, Computershare will continue to be so authorized, to receive dividend payments as agent for and on behalf of Depositary (including dividend payments on the Series B Preferred Stock) as
described herein. 
  

	Section 7.7	 Reserved. 

  

	Section 7.8	 Holders of Receipts Are Parties. 

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

	Section 7.9	 Governing Law. 

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

	Section 7.10	 Inspection of Deposit Agreement. 

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

	Section 7.11	 Headings. 

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

  
 25 

	Section 7.12	 Force Majeure. 

Notwithstanding anything to the contrary contained herein, the Depositary will not be liable for any delays or failures in performance
resulting from acts beyond its reasonable control including, without limitation, acts of God, pandemics, epidemics, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data
due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 
  

	Section 7.13	 Further Assurances. 

Each of the Corporation and the Depositary, respectively, 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 or the Corporation, respectively, may reasonably require in connection with the performance of this Deposit Agreement. 

 

	Section 7.14	 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 Deposit Agreement, shall
remain confidential, and shall not be voluntarily disclosed to any other Person, except as may be required by law or legal process. However, each party 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 Deposit Agreement and such disclosure is not prohibited by applicable law. To avoid doubt, the parties hereto shall
not be required to keep the terms of this Deposit Agreement confidential. 
 [Remainder of page intentionally left blank; signature page
follows.] 

  
 26 

 IN WITNESS WHEREOF, the Corporation, the Depositary and Computershare have duly executed
this Deposit 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. 

 

			
	CULLEN/FROST BANKERS, INC.
		
	By:	 	 /s/ Jerry Salinas

	Name:	 	Jerry Salinas
	Title:	 	Group Executive Vice President and Chief Financial Officer

 [Signatures continue on the following page] 

  
 [Signature Page to
Deposit Agreement] 

 
			
	COMPUTERSHARE INC.
		
	By:	 	 /s/ Fred Papenmeier

	Name:	 	Fred Papenmeier
	Title:	 	Vice President & Manager

  
 [Signature Page to
Deposit Agreement] 

			
	Depositary Receipt No. ___	  	CUSIP NO.: __________
		  	ISIN NO.: __________

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 IF
GLOBAL RECEIPT IS ISSUED: UNLESS THIS GLOBAL RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE DEPOSITARY 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. 

TRANSFERS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE DEPOSIT AGREEMENT REFERRED TO BELOW. 

_____________ DEPOSITARY SHARES, 

EACH REPRESENTING 1/40th OF ONE SHARE 

OF 
 4.450% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES B 
 OF 

CULLEN/FROST BANKERS, INC. 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 Dividend Payment Dates: March 15, June 15, September 15 and December 15 of each year, beginning on
March 15, 2021. 
 COMPUTERSHARE INC., as Depositary (the “Depositary”), hereby certifies that ___________________ is
the registered owner of _______________ depositary shares (“Depositary Shares”), each Depositary Share representing 1/40th of one share of 4.450%
Non-Cumulative Perpetual Preferred Stock, Series B, liquidation preference $1,000 per share, par value $0.01 per share (the “Series B Preferred Stock”), of Cullen/Frost Bankers, Inc., a Texas
corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of November 19, 2020 (the “Deposit Agreement”), among the
Corporation, the Depositary and the Holders from time to time of the Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This 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, electronic or facsimile signature of a duly authorized officer and, if a
Registrar for the Receipts (other than the Depositary) shall have been appointed, countersigned by such Registrar by the manual, electronic or facsimile signature of a duly authorized officer thereof. 

			
	Dated:
	
	 Computershare Inc.,

as Depositary and Registrar

		
	By:	 	  

		 	Authorized Officer

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH REGISTERED HOLDER OF RECEIPTS WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY
OF THE CERTIFICATE OF DESIGNATIONS OF 4.450% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES B OF CULLEN/FROST BANKERS, 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 registered Holder of receipts 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

  
 A-3 

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent

Word
	  	 Abbreviation
	  	 Equivalent

Word

						
	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	  		  	

 ASSIGNMENT 

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

INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

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

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

			
	Dated: ______________	  	Signed:_____________________________

 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

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