Document:

Exhibit 10.1

 

SERVICES AGREEMENT

This Services Agreement (this "Agreement") is made and entered into as of September 15, 2017 by and among Biglari Holdings Inc., an Indiana corporation ("BH"), Biglari Enterprises LLC, a Delaware limited liability company, and Biglari Capital LLC, a Texas limited liability company (formerly Biglari Capital Corp.) ("BCC," and together with Biglari Enterprises LLC, the "Biglari Entities").

RECITALS

A.          BH and BCC entered into a Shared Services Agreement (the "Prior Agreement") on July 1, 2013, pursuant to which BH provided specified services to BCC.

B.          BCC is the general partner of each of The Lion Fund, L.P., a Delaware limited partnership ("TLF I"), and The Lion Fund II, L.P., a Delaware limited partnership ("TLF II" and, together with TLF I, "TLF"), and provides certain services to TLF in such capacity.

C.          BH is a limited partner of each of TLF I and TLF II.

D.          The Biglari Entities are solely owned by Sardar Biglari ("Mr. Biglari"), the Chairman and Chief Executive Officer of BH.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, together with other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.          Definitions.  As used in this Agreement, the following terms shall have the following meanings:

(a)          "Affiliates" shall mean (solely for purposes of this Agreement and for no other purpose) (i) with respect to BH, its subsidiaries, and (ii) with respect to the Biglari Entities, Mr. Biglari and TLF.

(b)          "Effective Date" shall mean October 1, 2017.

(c)          "Representatives" shall mean, with respect to any person or entity, the members, partners, officers, directors, employees, agents and representatives (including attorneys, accountants, consultants and other advisors) of such person or entity.

2.          Termination of the Prior Agreement.  BH and BCC agree that the Prior Agreement is terminated as of the Effective Date and BH is no longer obligated to provide or cause to be provided services pursuant to the Prior Agreement.

3.          Term and Termination.

(a)          Term.  This Agreement shall commence on the Effective Date and shall continue through September 30, 2022 (the "Initial Term").  This Agreement shall automatically renew for

successive five-year periods ending on September 30 (each, a "Renewal Term") unless and until terminated pursuant to the terms hereof.  Together, the Initial Term and all of the Renewal Terms constitute the "Term" of the Agreement.

(b)          Termination.  This Agreement may be terminated by either the Biglari Entities, on the one hand, or by BH, effective on the last day of the Initial Term or any such Renewal Terms, as applicable, upon written notice to the other parties given not less than 60 days prior thereto.

4.          Services.

(a)          The Biglari Entities shall provide or cause to be provided for themselves and their Affiliates, consistent with past practice pursuant to the Prior Agreement or otherwise, the general and administrative services, including but not limited to those described in Exhibit A hereto (the "Services"), that were previously provided by BH.

(b)          The parties agree that there shall be no material change in the scope or level of the Services provided by the Biglari Entities during the Term (as hereinafter defined) without the mutual written agreement of the parties; provided, however, that (i) the Biglari Entities may make changes from time to time in the manner of performing Services without obtaining BH's prior written consent if (A) such changes are reasonably necessary in the Biglari Entities' reasonable judgment to comply with applicable laws, rules, regulations and orders or (B) such changes are to address an emergency and are on a temporary and short-term basis and (ii) if the Biglari Entities reasonably believe they are unable to provide any Service because of a failure to obtain any third-party contractor consents or because the provision of such Service would, in the Biglari Entities' reasonable judgment, require the Biglari Entities to violate any applicable law, rule, regulation or order, the Biglari Entities will notify BH promptly after the Biglari Entities become aware of such fact and the parties will cooperate to determine the best alternative approach to be provided by the Biglari Entities.

5.          Fixed Monthly Payments; Annual Review.

(a)          BH shall pay or cause to be paid to the Biglari Entities (in the aggregate) a fixed fee (the "Fixed Fee") of $700,000 per month for the first year of the Initial Term.  For each subsequent year of the Initial Term and for each year of each Renewal Term, the Fixed Fee shall be adjusted by an amount equal to the change in the annual consumer price index.

(b)          For each year after the first year of the Initial Term and for each year of each Renewal Term, the Governance, Compensation and Nominating Committee of the BH board of directors (the "Committee") may conduct a review of the services provided pursuant to this Agreement and the Fixed Fee.  The Biglari Entities agree to provide supporting documentation and other information reasonably requested by the Committee in connection with a review.  In the event the Committee believes that an adjustment of the Fixed Fee is appropriate (including, but not limited to, due to any failure by the Biglari Entities to provide supporting documentation or other information on a timely basis), the parties shall engage in negotiations to reach agreement on a new Fixed Fee and an amendment to this Agreement with respect thereto.  

2

 

6.          Hurdle Rate.  The "Hurdle Rate," as defined and provided in each of the partnership agreements of TLF I and TLF II, by which the Incentive Reallocation (as defined in such partnership agreements) to BCC is determined shall remain 6% per annum with respect to the limited partner interests of BH and its subsidiaries in each of TLF I and TLF II.

7.          Performance of Services.

(a)          Standard of Care.  The Biglari Entities shall provide the Services in accordance with this Agreement and shall exercise the same care and skill as they exercise in performing other services for themselves.

(b)          Compliance with Law.  Each party shall comply with all applicable laws, rules, regulations and governmental orders, now or hereafter in effect, relating to its performance under this Agreement.  For the avoidance of doubt, neither this Agreement nor the Biglari Entities' performance of Services hereunder is intended to cause the Biglari Entities to become subject to, or render the Biglari Entities responsible for compliance with, any laws, rules and regulations, including, without limitation, the federal securities laws, applicable to BH and as to which the Biglari Entities are not otherwise subject.

(c)          Cooperation.  The Biglari Entities and BH will, and will cause their respective Affiliates and Representatives to, use good faith efforts to cooperate with each other in all matters relating to the provision and receipt of the Services, including (i) exchanging information and (ii) obtaining any required third-party contractor consents, licenses, sublicenses and approvals reasonably necessary to permit each party to perform its obligations hereunder.

(d)          Use of Third Parties.  The Biglari Entities may use any Affiliate or any unaffiliated third-party contractor to provide the Services.

8.          Limitations on Liability and Indemnification.

(a)          Limitations on Liability.  No party shall have any liability under this Agreement (including any liability for its own negligence) for claims, liabilities, damages, losses or expenses suffered by the other party or any of its Affiliates or Representatives as a result of the performance or non-performance of such party's obligations hereunder, unless such claims, liabilities, damages, losses or expenses are caused by or arise out of the willful misconduct or gross negligence of such party or a material breach by such party of any of the express provisions hereof.  In no event shall any party have any liability to the other party for indirect, incidental, punitive, special or consequential damages (including, without limitation, business interruption, lost business, lost profits or lost savings) that such other party or any third party may incur or experience on account of the performance or non-performance of such party's obligations hereunder, even if it has been advised of the possible existence thereof.  Notwithstanding anything in this Agreement to the contrary, each party and its Affiliates and

3

Representatives may reasonably rely in good faith on (i) any instructions of the other party or any person or entity designated by such other party and (ii) any document of any kind prima facie properly executed and submitted by the other party or any person or entity designated by such other party respecting any matters arising hereunder and which it reasonably believes in good faith to be genuine.  Notwithstanding anything to the contrary contained herein, neither party shall have any liability under this Agreement to any person or entity other than to the other party and its Affiliates and Representatives.

(b)          Indemnification.  Subject to the limitations on liability set forth in Section 8(a) hereof, each party shall indemnify, defend and hold harmless the other parties from and against any and all claims, liabilities, damages, losses and expenses (including reasonable attorneys' fees and expenses) incurred by the other party or any of its Affiliates or Representatives caused by or arising out of the willful misconduct or gross negligence of such indemnifying party in the performance or non-performance of its obligations hereunder or the breach by such indemnifying party of any of the express provisions hereof.  The Affiliates and Representatives of each of the parties shall be express and intended third-party beneficiaries of this Section 8(b).  Notwithstanding anything to the contrary contained herein, the liability of any party under this Section 8(b) shall not exceed the aggregate amount of Fixed Fees paid by BH during the Term.

(c)          Survival.  The provisions of this Section 8 shall survive any expiration or termination of this Agreement.

9.          Confidentiality.

(a)          Each party will hold in trust and maintain confidential and, except as otherwise expressly permitted in this Section 9 or required by applicable law, rule, regulation, court order, subpoena or other compulsory process, or stock exchange requirement, not disclose to others without the prior written approval of the other party, any non-public information received by it from the other party or otherwise obtained by it in connection with the performance of this Agreement (the "Information").

(b)          Promptly after the termination of this Agreement, each party will return to the other party or destroy all documents, data and other materials of whatever nature containing Information or otherwise relating to the businesses of the other that it obtained in connection with the performance of this Agreement, provided that the parties may retain any Information to the extent reasonably necessary to comply with applicable tax, accounting, regulatory or financial reporting requirements or to resolve any legal issues identified at the time of termination.

(c)          Nothing contained herein will prevent the use (subject, to the extent possible, to a protective order) of Information in connection with the assertion or defense of any claim by or against the other party.

(d)          The provisions of this Section 9 shall survive any expiration or termination of this Agreement.

 

4

10.          Independent Contractor Relationship.

(a)          In performing their duties and obligations under this Agreement, the Biglari Entities shall at all times be independent contractors. Nothing contained in this Agreement shall be construed to (i) give either the Biglari Entities or BH the power to direct and control the day-to-day activities of the other party or any of such other party's Affiliates, or (ii) treat the parties hereto as partners, joint venturers, co-owners, agents or the like. Each party hereto agrees that it will not be treated as an employee of the other party for federal, state or local tax purposes, including but not limited to unemployment compensation or workers' compensation taxes, or for any other purpose.

(b)          For the avoidance of doubt, nothing in this Agreement shall be construed as (i) imposing any fiduciary duty on either of the parties hereunder as a result of the terms and conditions of this Agreement, (ii) imposing any additional duty, obligation or liability whatsoever on any other parties other than as provided hereunder, or (iii) imposing any additional duties, obligations or liabilities on BH pursuant to the partnership agreement of TLF I or TLF II as a limited partner or otherwise.

11.          Representations and Warranties.  Each of the parties, on behalf of itself, represents and warrants to the other parties as follows.

(a)           Power and Authority.  Such party is duly formed, validly existing and in good standing under the laws of the jurisdiction of its organization and has full legal capacity, power and authority to enter into this Agreement and to perform its obligations hereunder.

(b)          Authority; Execution and Delivery; Valid and Binding Agreement.  The execution, delivery and performance of this Agreement by such party and the performance by such party of its obligations hereunder have been duly and validly authorized by all requisite action on the part of such party and no other proceedings on the part of such party are necessary to authorize the execution, delivery or performance of this Agreement.  This Agreement has been duly executed and delivered by such party, and, assuming due authorization, execution and delivery by the other party hereto, constitutes the legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, or moratorium laws, other similar laws affecting creditors' rights and general principles of equity affecting the availability of specific performance and other equitable remedies.

(c)          No Conflict.  Such party's execution and delivery of this Agreement and its performance of its obligations hereunder does not conflict with or result in a breach or violation of the terms, conditions or provisions of, constitute a default under, or require any consent of or other action by, or notice or declaration to, or filing with, any third party or any governmental or regulatory authority pursuant to (i) the organizational documents of such party or (ii) any material law, rule, regulation or governmental order to which such party is subject.

(d)          No Other Representations of the Biglari Entities.  The Biglari Entities make no other guarantee, representation or warranty of any kind (whether express or implied) regarding any of the Services provided hereunder, and expressly disclaim all other guarantees, representations and warranties of any nature whatsoever, whether statutory, oral, written, express

5

or implied, including any warranties of merchantability or fitness for a particular purpose and any warranties arising from course of dealing or usage of trade.

12.          Miscellaneous.

(a)          Successors and Assigns.  This Agreement shall be binding upon the parties hereto and their respective successors and permitted assigns and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.  This Agreement may not be assigned by either party hereto to any other person or entity without the prior written consent of the other party hereto; provided, that notwithstanding the foregoing, the Biglari Entities may retain third-party vendors to perform certain of the Services in accordance with Section 7(d) hereof.

(b)          No Third-Party Beneficiaries.  Except for the persons and entities entitled to indemnification pursuant to Section 8 hereof, each of whom is an intended third-party beneficiary hereunder, nothing expressed or implied in this Agreement shall be construed to give any person or entity other than the parties hereto any legal or equitable rights hereunder.

(c)          Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements and understandings, oral and written, between the parties hereto with respect to the subject matter hereof.

(d)          Amendment.  This Agreement may not be amended except by an instrument in writing signed by the parties hereto and, in the case of BH, with the approval of the Committee.

(e)          Waivers.  Either party hereto may (i) extend the time for the performance of any of the obligations or other acts of the other party or (ii) waive compliance with any of the agreements contained herein, provided that any extensions or waivers by BH relating to Section 5(b) of this Agreement shall require the approval of the Committee.  No waiver of any term shall be construed as a waiver of the same term, or a waiver of any other term, of this Agreement.  The failure of any party to assert any of its rights hereunder will not constitute a waiver of any such rights.

(f)          Severability.  If any provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, such provision shall be deemed severable and all other provisions of this Agreement shall nevertheless remain in full force and effect.

(g)          Headings.  Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

(h)          Notices.  All notices given in connection with this Agreement shall be in writing and shall be hand delivered, sent by certified or registered mail, postage prepaid, return receipt requested, sent by overnight courier service, or sent by facsimile or e-mail, and in each case shall be effective upon receipt.  Such notices shall be addressed to the parties at the following addresses or at such other address for a party as shall be specified by like notice:

6

	
 

	
If to BH:

	
Biglari Holdings Inc.

	
 

	
17802 IH 10 West, Suite 400

	
 

	
San Antonio, Texas  78257

	
 

	
Attention:

	
Bruce Lewis

	
 

	
Facsimile:

	
(210) 344-3411

	
 

	
If to the Biglari Entities:

	
Biglari Enterprises LLC

	
 

	
17503 LaCantera Parkway

	
 

	
Suite 104, #616

San Antonio, Texas 78257

	
 

	
Attention:

	
Sardar Biglari

	
 

	
Facsimile:

	
(210) 858-4103

(i)          Governing Law; Jurisdiction; Waiver of Jury Trial.

		(1)	
This Agreement shall be governed by, and construed in accordance with, the law of the State of Indiana, without giving effect to the principles of conflict of laws of such State.

		(2)	
Each party acknowledges that each controversy that may arise under this Agreement is likely to involve complicated and difficult issues and, therefore, it irrevocably and unconditionally waives all rights it may have to a trial by jury in respect of any litigation directly or indirectly arising out of or relating to this Agreement or the transactions contemplated hereby. Each party certifies and acknowledges that (i) it understands and has considered the implications of such waivers, (ii) it makes such waivers voluntarily, and (iii) it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 12(i).

(j)          Expenses. Except as otherwise provided herein in connection with the provision of the Services, each party will bear its own expenses in connection with the negotiation, execution and delivery of this Agreement.

(k)          Force Majeure. Neither party will be responsible to the other for any delay in or failure of performance of its obligations under this Agreement, to the extent such delay or failure is attributable to any act of God, act of terrorism, fire, accident, war, embargo or other governmental act, or riot; provided, however, that the affected party will use its commercially reasonable efforts to expeditiously overcome the effects of that event and resume performance.

(l)          Specific Performance.  Each party acknowledges that, in view of the uniqueness of the subject matter hereof, if it breaches or does not perform in accordance with the terms hereof its obligations under this Agreement, the other party would not have an adequate remedy at law for money damages. Accordingly, such other party, in addition to any other

7

remedy to which it may be entitled at law or in equity, is entitled to pursue any injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to compel specific performance of this Agreement, without the need for proof of actual damages or the requirement to post bond or other security.

(m)          Counterparts.  This Agreement may be executed in counterparts (including by facsimile and .pdf), each of which shall be an original, but all of which together shall constitute one and the same instrument.

[Signature page follows]

8

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above.

	
 

	
BIGLARI HOLDINGS INC.

 

	
 

	
 

	
 

	
 

	
 

	
By:

	 
	
 

	
 

	
Name:     

	
Bruce Lewis

	
 

	
 

	
Title:

	
Controller

	
 

	
BIGLARI ENTERPRISES LLC

 

	
 

	
 

	
 

	
 

	
 

	
By:

	 
	
 

	
 

	
Name:   

	
Sardar Biglari

	
 

	
 

	
Title:

	
Chairman and Chief Executive Officer

	
 

	
BIGLARI CAPITAL LLC

 

	
 

	
 

	
 

	
 

	
 

	
By:

	 
	
 

	
 

	
Name:   

	
Sardar Biglari

	
 

	
 

	
Title:

	
Chairman and Chief Executive Officer

 

EXHIBIT A

SERVICES1

		1.	
legal, tax (including preparation and review of tax returns), accounting, auditing, administrative, marketing, human resources (including payroll and benefits), travel and other similar services;

		2.	
information technology services, including maintenance of computer equipment, data storage and back-up services, and office software;

		3.	
services related to compliance with all federal, state and local laws, rules and regulations and with the registration, reporting and other requirements or requests of any governmental or regulatory agency;

		4.	
services related to investments in publicly traded companies, including, without limitation, in connection with any proxy, consent or other similar solicitation, and assistance in preparing, filing, printing and mailing any solicitation materials and other required filings, under the federal securities laws;

		5.	
services related to preparing, printing and mailing annual reports for TLF I and TLF II (and other investment partnerships and similar investment vehicles as to which BCC serves as general partner, investment manager or in a similar capacity) and other materials in connection with their annual meetings, offering and subscription documents, and other communications to limited partners; and

		6.	
services related to the calling, convening and holding of the annual meetings of limited partners of TLF I and TLF II (and other investment partnerships and similar investment vehicles as to which BCC serves as general partner, investment manager or in a similar capacity).

	1	
Includes time and services of outside advisors (including counsel, auditors, bankers, consultants and accountants) and employees of the Biglari Entities and their affiliates.EX-4.2

 Exhibit 4.2 

Execution Version 
  

 
 PRUDENTIAL FINANCIAL, INC.

 TO 
 THE BANK
OF NEW YORK MELLON 
 Trustee 

Eleventh Supplemental Indenture 

Dated as of September 15, 2017 

4.500% Fixed-to-Floating Rate Junior Subordinated Notes due 2047 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE ONE DEFINITIONS
	  	 	1	 
			
	 Section 1.01.
	  	Definitions	  	 	1	 
		
	 ARTICLE TWO GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	6	 
			
	 Section 2.01.
	  	Designation and Principal Amount	  	 	6	 
	 Section 2.02.
	  	Maturity	  	 	6	 
	 Section 2.03.
	  	Form	  	 	7	 
	 Section 2.04.
	  	Rate of Interest; Interest Payment Dates	  	 	7	 
	 Section 2.05.
	  	Deferral	  	 	7	 
	 Section 2.06.
	  	Events of Default	  	 	8	 
	 Section 2.07.
	  	Securities Registrar; Paying Agent; Place of Payment	  	 	9	 
	 Section 2.08.
	  	No Sinking Fund	  	 	9	 
	 Section 2.09.
	  	Subordination	  	 	9	 
	 Section 2.10.
	  	Senior Indebtedness	  	 	10	 
	 Section 2.11.
	  	Defeasance	  	 	11	 
		
	 ARTICLE THREE COVENANTS
	  	 	11	 
			
	 Section 3.01.
	  	Dividend and Other Payment Stoppages	  	 	11	 
		
	 ARTICLE FOUR REDEMPTION OF THE NOTES
	  	 	12	 
			
	 Section 4.01.
	  	Redemption	  	 	12	 
		
	 ARTICLE FIVE ORIGINAL ISSUE OF NOTES
	  	 	13	 
			
	 Section 5.01.
	  	Calculation of Original Issue Discount	  	 	13	 
		
	 ARTICLE SIX SUPPLEMENTAL INDENTURES
	  	 	14	 
			
	 Section 6.01.
	  	Supplemental Indentures without Consent of Holders	  	 	14	 
	 Section 6.02.
	  	Supplemental Indentures with Consent of Holders	  	 	14	 
		
	 ARTICLE SEVEN MISCELLANEOUS
	  	 	15	 
			
	 Section 7.01.
	  	Effectiveness	  	 	15	 
	 Section 7.02.
	  	Successors and Assigns	  	 	15	 
	 Section 7.03.
	  	Effect of Recitals	  	 	15	 
	 Section 7.04.
	  	Ratification of Indenture	  	 	15	 
	 Section 7.05.
	  	Tax Treatment	  	 	15	 
	 Section 7.06.
	  	Governing Law	  	 	16	 
	 Section 7.07.
	  	Severability	  	 	16	 
	 Section 7.08.
	  	Consequential Damages and Force Majeure	  	 	16	 

  
 -i- 

 ELEVENTH SUPPLEMENTAL INDENTURE 

Eleventh Supplemental Indenture, dated as of September 15, 2017 (the “Supplemental Indenture”), between Prudential
Financial, Inc., a New Jersey corporation (the “Company”), having its principal office at 751 Broad Street, Newark, New Jersey 07102, and The Bank of New York Mellon (formerly known as The Bank of New York), a New York banking
corporation, as trustee (hereinafter called the “Trustee”). 
 RECITALS OF THE COMPANY 

The Company and the Trustee executed and delivered an indenture, dated as of June 17, 2008 (the “Base Indenture”), to
the Trustee to provide for the future issuance of the Company’s subordinated debt securities, to be issued from time to time in one or more series as might be determined by the Company under the Base Indenture. 

Section 901 of the Base Indenture provides that the Company and the Trustee, without the consent of any Holder, may enter into a
supplemental indenture to establish the form or terms of Securities of any series as permitted by Sections 201 and 301 thereof. 
 Pursuant
to the terms of the Base Indenture, the Company desires to provide for the establishment, authentication and issuance of a new series of its Securities, and the form and terms thereof, as hereinafter set forth. 

The Company has requested that the Trustee execute and deliver this Supplemental Indenture. The Company has delivered to the Trustee an
Opinion of Counsel and an Officers’ Certificate pursuant to Sections 102 and 903 of the Base Indenture to the effect, among other things, that all conditions precedent provided for in the Base Indenture to the Trustee’s execution and
delivery of this Supplemental Indenture have been complied with. All acts and things necessary have been done and performed to make this Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this
Supplemental Indenture has been duly authorized in all respects. 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: For and in
consideration of the premises and the purchase of the Notes (as herein defined) by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE ONE 
 Definitions

 Section 1.01. Definitions 

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

(a) the terms defined in the Base Indenture have the same meanings when used in this Supplemental Indenture unless otherwise defined herein;

 (b) the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular; 
 (c) any reference to an Article, Section, other subdivision or Exhibit refers to an Article,
Section or other subdivision of, or Exhibit to, this Supplemental Indenture; and 
 (d) the words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

In addition, the following terms used in this Supplemental Indenture have the following respective meanings: 

“Bloomberg screen HP US0003M” means the display page currently so designated on the Bloomberg screen HP US0003M or such other
service as may be nominated by the ICE Benchmark Administration Limited (“ICE”) or its successor, or such other entity assuming the responsibility of ICE or its successor in the event ICE or its successor no longer does so, as the
successor service, for the purpose of displaying London interbank offered rates for U.S. dollar deposits. 
 “Business Day”
means any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed, (iii) a day on which the Corporate Trust Office
is closed for business or (iv) on or after September 15, 2027, a day that is not a London Banking Day. 
 “Calculation
Agent” means, with respect to the Notes, The Bank of New York Mellon, or any other firm appointed by the Company, acting as calculation agent in respect of the Notes. 

“Capital Regulator” means the Federal Reserve Board so long as the Federal Reserve Board has oversight of the Company’s
regulatory capital and such other governmental agency or instrumentality as may then have group-wide oversight of the Company’s regulatory capital. 

“Company” has the meaning specified in the Recitals. 

“Deferral Period” means the period commencing on an Interest Payment Date with respect to which the Company defers interest
pursuant to Section 2.05 and ending on the earlier of (i) the fifth anniversary of that Interest Payment Date and (ii) the next Interest Payment Date on which the Company has paid all deferred and unpaid amounts (including compounded
interest on such deferred amounts) and all other accrued interest on the Notes. 
 “Federal Reserve Board” means the Board
of Governors of the Federal Reserve System. 
 “Fixed-Rate Interest Payment Date” has the meaning specified in
Section 2.04(b). 

  
 2 

 “Fixed-Rate Interest Period” means the period beginning on and including the
date hereof and ending on but excluding the first Fixed-Rate Interest Payment Date thereafter and each successive period beginning on and including a Fixed-Rate Interest Payment Date and ending on but excluding the next Fixed-Rate Interest Payment
Date. 
 “Floating-Rate Interest Payment Date” shall have the meaning specified in Section 2.04(b). 

“Floating-Rate Interest Period” means the period beginning on and including September 15, 2027 and ending on but
excluding the next Floating-Rate Interest Payment Date and each successive period beginning on and including a Floating-Rate Interest Payment Date and ending on but excluding the next Floating-Rate Interest Payment Date. 

“Indenture” means the Base Indenture as supplemented by this Supplemental Indenture, and as further supplemented from time to
time with respect to the Notes. 
 “Interest Payment Date” means a Fixed-Rate Interest Payment Date or a Floating-Rate
Interest Payment Date, as the case may be. 
 “Interest Period” means a Fixed-Rate Interest Period or a Floating-Rate
Interest Period, as the case may be. 
 “LIBOR Determination Date” means the second London Banking Day immediately
preceding the first day of the relevant Floating-Rate Interest Period. 
 “London Banking Day” means any day on which
commercial banks are open for general business (including dealings in deposits in U.S. dollars) in London, England. 
 “Maturity
Date” has the meaning specified in Section 2.02. 
 “Notes” has the meaning specified in
Section 2.01(a). 
 “Pari Passu Securities” means (i) the Company’s 5.375% Fixed-to-Floating Rate
Junior Subordinated Notes due 2045, (ii) the Company’s 5.875% Fixed-to-Floating Rate Junior Subordinated Notes due 2042, (iii) the Company’s 5.625% Fixed-to-Floating Rate Junior Subordinated Notes due 2043, (iv) the
Company’s 5.20% Fixed-to-Floating Rate Junior Subordinated Notes due 2044, (v) the Company’s 5.75% Junior Subordinated Notes due 2052, (vi) the Company’s 5.70% Junior Subordinated Notes due 2053 and (vii) the
Company’s 8.875% Fixed-to-Floating Rate Junior Subordinated Notes due 2068. 
 “Parity Securities” means indebtedness
of the Company that by its terms ranks in right of payment upon liquidation of the Company on a parity with the Notes, and includes the Notes and the Pari Passu Securities. 

“Rating Agency Event” means that any nationally recognized statistical rating organization within the meaning of
Section 3(a)(62) of the Exchange Act that then publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Notes, which amendment,
clarification or change results in: 

  
 3 

 (i) the shortening of the length of time the Notes are assigned a particular
level of equity credit by that rating agency as compared to the length of time they would have been assigned that level of equity credit by that rating agency or its predecessor on the date hereof, or 

(ii) the lowering of the equity credit (including up to a lesser amount) assigned to the Notes by that rating agency as
compared to the equity credit assigned by that rating agency or its predecessor on the date hereof. 
 “Regulatory Capital
Event” means the Company’s good faith determination that, as a result of: 
 (i) any amendment to, or change
in, the laws, rules or regulations of the United States or any political subdivision of or in the United States or any other governmental agency or instrumentality as may then have group-wide oversight of the Company’s regulatory capital
(including, for the avoidance of doubt, the Company’s Capital Regulator, which is currently the Federal Reserve Board) that is enacted or becomes effective after the date hereof; 

(ii) any proposed amendment to, or change in, those laws, rules or regulations that is announced or becomes effective after the
date hereof; or 
 (iii) any official administrative decision or judicial decision or administrative action or other official
pronouncement interpreting or applying those laws, rules or regulations that is announced after the date hereof, 
 there is more than an insubstantial risk
that the full principal amount of the Notes outstanding from time to time would not qualify as “Tier 2 Capital” (or a substantially similar concept) for purposes of the capital adequacy rules of any Capital Regulator to which the Company
is or will be subject; provided that the proposal or adoption of any criterion: 
 (i) that is substantially the same
as the corresponding criterion in the capital adequacy rules of the Federal Reserve Board applicable to bank holding companies as of the date hereof, or 

(ii) that would result in the full principal amount of the Notes outstanding from time to time not qualifying as “Tier 2
Capital” (or a substantially similar concept) for purposes of the capital adequacy rules of the Capital Regulator solely because the Company may redeem the Notes at its option upon the occurrence of a Rating Agency Event 

will not constitute a Regulatory Capital Event. 

  
 4 

 “Supplemental Indenture” means this instrument as originally executed or as it
from time to time may be supplemented or amended by one or more agreements supplemental hereto. 
 “Tax Event” means the
receipt by the Company of an opinion of independent counsel experienced in such matters to the effect that, as a result of any: 

(i) amendment to or change (including any officially announced proposed change) in the laws or regulations of the United States
or any political subdivision or taxing authority of or in the United States that is enacted or effective on or after the date hereof; 

(ii) official administrative decision or judicial decision or administrative action or other official pronouncement (including
a private letter ruling, technical advice memorandum or other similar pronouncement) by any court, government agency or regulatory authority that reflects an amendment to, or change in, the interpretation or application of those laws or regulations
that is announced on or after the date hereof; or 
 (iii) threatened challenge asserted in connection with an audit of the
Company, or a threatened challenge asserted in writing against any taxpayer that has raised capital through the issuance of securities that are substantially similar to the Notes, which challenge is asserted against the Company or becomes publicly
known on or after the date hereof, 
 there is more than an insubstantial increase in the risk that interest payable by the Company on the Notes is not, or
within 90 days of the date of such opinion will not be, deductible by the Company, in whole or in part, for U.S. federal income tax purposes. 

“Three-Month LIBOR” means, with respect to any Floating-Rate Interest Period, the rate (expressed as a percentage per annum)
for deposits in U.S. dollars for a three-month period commencing on the first day of that Floating-Rate Interest Period that appears on Bloomberg screen HP US0003M as of 11:00 a.m., London time, on the LIBOR Determination Date for that Floating-Rate
Interest Period. If such rate does not appear on Bloomberg screen HP US0003M, Three-Month LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for a three-month period commencing on the first day of that Floating-Rate
Interest Period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market selected by the Company, at approximately 11:00 a.m., London time, on
the LIBOR Determination Date for that Floating-Rate Interest Period. The Calculation Agent will request the principal London office of each of these banks to provide a quotation of its rate. If at least two such quotations are provided, Three-Month
LIBOR with respect to that Floating-Rate Interest Period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of such quotations. If fewer than two quotations are provided, Three-Month LIBOR with
respect to that Floating-Rate Interest Period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of the rates quoted by three major banks in New York City selected by the Company, at approximately
11:00 a.m., New York City time, on the first day of that Floating-Rate Interest Period for loans in U.S. dollars to leading European banks for a three-

  
 5 

 
month period commencing on the first day of that Floating-Rate Interest Period and in a principal amount of not less than $1,000,000. However, if fewer than three banks selected by the Company to
provide quotations are quoting as described above, Three-Month LIBOR for that Floating-Rate Interest Period will be the same as Three-Month LIBOR as determined for the previous Floating-Rate Interest Period or, in the case of the first Floating-Rate
Interest Period, 2.120%. The establishment of Three-Month LIBOR for each Floating-Rate Interest Period by the Calculation Agent shall (in the absence of manifest error) be final and binding. 

ARTICLE TWO 
 General
Terms and Conditions of the Notes 
 Section 2.01. Designation and Principal Amount 

(a) Designation 
 Pursuant
to Section 301 of the Base Indenture, there is hereby established a series of Securities of the Company designated as the 4.500% Fixed-to-Floating Rate Junior Subordinated Notes due 2047 (the “Notes”), the principal amount of
which to be issued shall be in accordance with Section 2.01(b) and as set forth in a Company Order for the authentication and delivery of Notes pursuant to the Base Indenture, and the form and terms of which shall be as set forth hereinafter.

 (b) Principal Amount; Additional Notes 

Notes in an initial aggregate principal amount of $750,000,000 upon execution of this Supplemental Indenture, shall be executed by the Company
and delivered to the Trustee, and the Trustee shall thereupon authenticate and deliver said Notes in accordance with a Company Order. At any time and from time to time after the date hereof, without the consent of any Holders of the Notes, the
Company may execute and deliver additional Notes to the Trustee for authentication, in addition to the $750,000,000 initial aggregate principal amount previously provided for, together with a Company Order for the authentication and delivery of such
additional Notes, so long as such additional Notes are fungible for U.S. federal income tax purposes with the Notes issued as of the date hereof. Any additional Notes so issued shall have the same terms and conditions as the Notes issued on the date
hereof in all respects, except for any difference in the issue date, issue price, interest accrued prior to the issue date of the additional Notes and first Interest Payment Date and shall be governed by this Supplemental Indenture and shall rank
equally and ratably in right of payment with the Notes issued on the date of this Supplemental Indenture and, together with the Notes issued as of the date of this Supplemental Indenture, shall be treated as a single series of Notes for all
purposes. 
 Section 2.02. Maturity 

The Notes will mature on September 15, 2047 (the “Maturity Date”). If the Maturity Date is not a Business Day, payment of
principal and interest to be made on the Maturity Date shall be made on the next Business Day (but no interest shall accrue as a result of such postponement). 

  
 6 

 Section 2.03. Form 

The Notes shall be substantially in the form of Exhibit A, shall include the Trustee’s certificate of authentication in the form required
by Section 205 of the Base Indenture and shall be issued in fully registered definitive form without interest coupons. 
 The Notes
initially are issuable solely as Global Securities and shall bear the legend required by Section 204 of the Base Indenture. 
 The
Depositary for the Notes initially shall be The Depository Trust Company (or any successor thereto). 
 Section 2.04. Rate of Interest; Interest
Payment Dates 
 (a) Rate of Interest; Accrual 

The Notes shall bear interest on their principal amount: (i) from and including September 15, 2017, to but excluding,
September 15, 2027, or any earlier Redemption Date, at the rate of 4.500% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months, and (ii) from and including September 15, 2027, to but excluding the
Maturity Date, or any earlier Redemption Date, at an annual rate equal to Three-Month LIBOR plus 2.380%, computed on the basis of a 360-day year and the actual number of days elapsed. Defaulted Interest and interest deferred pursuant to
Section 2.05 will bear interest, to the extent permitted by law, at the interest rate in effect from time to time provided in this Section 2.04(a), from and including the relevant Interest Payment Date, compounded on each subsequent
Interest Payment Date. 
 (b) Interest Payment Dates 

Subject to Section 2.05, accrued interest on the Notes shall be payable (i) semi-annually in arrears on March 15 and
September 15 of each year, beginning on March 15, 2018 and ending on September 15, 2027 (each such date, a “Fixed-Rate Interest Payment Date”), or if any such day is not a Business Day, the next Business Day (but no
interest will accrue as a result of that postponement), to the Holders of the Notes at the close of business on the immediately preceding March 1 or September 1 (whether or not a Business Day), as the case may be, and (ii) quarterly
in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on December 15, 2027, or if any such day is not a Business Day, the next Business Day, or if the next Business Day is in the
immediately succeeding calendar month, the immediately preceding Business Day (each such date, a “Floating-Rate Interest Payment Date”), to the Holders of the Notes at the close of business on the immediately preceding
March 1, June 1, September 1 and December 1 (whether or not a Business Day), as the case may be. 
 Section 2.05.
Deferral 
 (a) Option to Defer Interest Payments 

(i) So long as no Event of Default with respect to the Notes has occurred or is continuing, the Company shall have the right,
at any time and from time to time, to defer the payment of interest on the Notes for one or more consecutive Interest Periods that do not exceed five years for any single Deferral Period, provided that no Deferral Period

  
 7 

 
shall extend beyond the Maturity Date, any earlier accelerated maturity date arising from an Event of Default or any other earlier redemption of the Notes. If the Company has paid all deferred
interest (including compounded interest thereon) on the Notes, the Company shall have the right to elect to begin a new Deferral Period pursuant to this Section 2.05(a). 

(ii) At the end of any Deferral Period, the Company shall pay all deferred interest (including compounded interest thereon) on
the Notes to the Persons in whose names the Notes are registered in the Securities Register at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Deferral Period. 

(b) Notice of Deferral 

The Company shall give written notice of its election to commence or continue any Deferral Period to the Trustee and the Holders of the Notes
at least one Business Day and not more than 60 Business Days before the next Interest Payment Date. Such notice shall be given to the Trustee and each Holder of Notes at such Holder’s address appearing in the Security Register by first-class
mail, postage prepaid. 
 Section 2.06. Events of Default 

(a) Clauses (1) through (4) of Section 501 of the Base Indenture shall not apply to the Notes. Clauses (5) and (6) of
Section 501 of the Base Indenture shall apply to the Notes. 
 (b) If an Event of Default specified in Clause (5) or (6) of
Section 501 of the Base Indenture occurs, the principal amount of all the Notes shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 

(c) The Trustee shall provide to the Holders of the Notes notice of any Event of Default or default with respect to the Notes within 90 days
after the actual knowledge of a Responsible Officer of the Trustee of such Event of Default or default. However, except in the case of a default in payment on the Notes, the Trustee will be protected in withholding the notice if one of its
Responsible Officers determines that withholding of the notice is in the interest of such Holders. 
 (d) The Trustee shall have no right or
obligation under the Indenture or otherwise to exercise any remedies on behalf of any Holders of the Notes pursuant to the Indenture in connection with any default, unless such remedies are available under the Indenture and the Trustee is directed
to exercise such remedies pursuant to and subject to the conditions of Section 512 of the Base Indenture, provided, however, that this provision shall not affect the rights of the Trustee with respect to any Events of Default as
set forth in Section 2.06(b) that may occur with respect to the Notes. In connection with any such exercise of remedies the Trustee shall be entitled to the same immunities and protections and remedial rights (other than acceleration) as if
such default were an Event of Default. 

  
 8 

 (e) For purposes of this Section 2.06, the term “default” means any of the
following events: 
 (i) default in the payment of interest, including compounded interest, in full on any Notes for a period
of 30 days after the conclusion of a five-year period following the commencement of any Deferral Period if such Deferral Period has not ended prior to the conclusion of such five-year period; 

(ii) default in the payment of principal of or premium, if any, on the Notes when due; or 

(iii) default in the observance or performance of any covenant or agreement contained in the Indenture or the Notes. 

Section 2.07. Securities Registrar; Paying Agent; Place of Payment 

The Company appoints the Trustee as Securities Registrar and Paying Agent with respect to the Notes. The Place of Payment for the Notes will be
as specified in the Notes. 
 Section 2.08. No Sinking Fund 

The Notes shall not be subject to Article Thirteen of the Base Indenture. 

Section 2.09. Subordination 
 The
subordination provisions of Article Eleven of the Base Indenture shall apply to the Notes, except that solely for purposes of the Notes, Section 1103 of the Base Indenture shall be amended as follows: 

(a) Clauses (a) and (b) of Section 1103 of the Base Indenture shall be deleted and replaced with the following: 

“(a) (1) In the event and during the continuation of any default in the payment of principal, premium, if any, or interest on any
Senior Indebtedness beyond any applicable grace period with respect thereto, (2) in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing, permitting the direct holders of that Senior
Indebtedness (or a trustee on behalf of the holders thereof) to accelerate maturity of that Senior Indebtedness, whether or not the maturity is in fact accelerated (unless, in the case of either subclause (1) or (2) of this clause (a), the
payment default or event of default has been cured or waived or ceased to exist and any related acceleration has been rescinded), or (3) in the event that any judicial proceeding shall be pending with respect to a payment default or event of
default described in subclause (1) or (2) of this clause (a), no payment or distribution of any kind or character, whether in cash, securities or other property, shall be made by the Company on account of the principal of or interest on
the Notes unless and until all amounts then due and payable in respect of such Senior Indebtedness, including any interest accrued after such event occurs, shall have been paid in full.” 

  
 9 

 (b) Clause “(c)” of Section 1103 of the Base Indenture shall be renumbered clause
“(b)”; and 
 (c) Clause “(d)” of Section 1103 of the Base Indenture shall be renumbered clause “(c)”.

 Section 2.10. Senior Indebtedness 

Solely for the purposes of the Notes, the definition of “Senior Indebtedness” in Section 101 of the Base Indenture shall be
deleted and replaced by the following: 
 “Senior Indebtedness” means the principal of, premium, if any, and interest on and
any other payment due pursuant to any of the following, whether Incurred on or prior to September 12, 2017 or hereafter Incurred: 

(i) all obligations of the Company (other than obligations pursuant to the Notes and obligations pursuant to the Indenture with
respect thereto) for money borrowed; 
 (ii) all obligations of the Company evidenced by securities, notes, debentures, bonds
or other similar instruments (other than securities issued under the Indenture, including the Notes), including obligations Incurred in connection with the acquisition of property, assets or businesses; 

(iii) all capital lease obligations of the Company; 

(iv) all reimbursement obligations of the Company with respect to letters of credit, bankers’ acceptances or similar
facilities issued for the account of the Company; 
 (v) all obligations of the Company issued or assumed as the deferred
purchase price of property or services, including all obligations under master lease transactions pursuant to which the Company or any of its subsidiaries have agreed to be treated as owner of the subject property for U.S. federal income tax
purposes; 
 (vi) all payment obligations of the Company under interest rate swap or similar agreements or foreign currency
hedge, exchange or similar agreements at the time of determination, including any such obligations Incurred by the Company solely to act as a hedge against increases in interest rates that may occur under the terms of other outstanding variable or
floating rate indebtedness of the Company; and 
 (vii) all obligations of the type referred to in clauses (i) through
(vi) above of another Person and all dividends of another Person the payment of which, in either case, the Company has assumed or guaranteed or for which the Company is responsible or liable, directly or indirectly, jointly or severally, as
obligor, guarantor or otherwise; 

  
 10 

 provided, however, that “Senior Indebtedness” shall not include: (1) obligations to
trade creditors created or assumed by the Company in the ordinary course of business, (2) indebtedness that is by its terms subordinate, or not superior, in right of payment to the Notes or (3) the Company’s Pari Passu
Securities.” 
 Section 2.11. Defeasance 

The provisions of Section 1402 of the Base Indenture (relating to discharge of the Indenture) shall apply to the Notes. For purposes of
Section 1404(2) of the Base Indenture as applicable to the Notes, the Opinion of Counsel referred to therein shall be an independent counsel satisfactory to the Trustee, and the words “gain or loss” in the eighth line of
Section 1404(2) shall be replaced by the words “income, gain or loss”. 
 ARTICLE THREE 

Covenants 
 Section 3.01. Dividend
and Other Payment Stoppages 
 So long as any Notes remain outstanding, (a) if the Company has given notice of its election to defer
interest payments on the Notes but the related Deferral Period has not yet commenced, or (b) a Deferral Period is continuing, the Company shall not, and shall not permit any Subsidiary to: 

(i) declare or pay any dividends or other distributions on, or redeem, purchase, acquire or make a liquidation payment with
respect to, any shares of capital stock of the Company; 
 (ii) make any payment of principal of, or interest or premium, if
any, on, or repay, purchase or redeem any of the Company’s debt securities that rank upon the Company’s liquidation on a parity with or junior to the Notes; or 

(iii) make any guarantee payments regarding any guarantee issued by the Company of securities of any Subsidiary if the
guarantee ranks upon the Company’s liquidation on a parity with or junior to the Notes; 
 provided, however, the restrictions in clauses
(i), (ii) and (iii) above do not apply to: 
 (A) any purchase, redemption or other acquisition of shares of its
capital stock by the Company in connection with: 
 (1) any employment contract, benefit plan or other similar arrangement
with or for the benefit of any one or more of its employees, officers, directors, consultants or independent contractors; 

  
 11 

 (2) the satisfaction of the Company’s obligations pursuant to any contract
entered into prior to the beginning of the applicable Deferral Period; 
 (3) a dividend reinvestment or shareholder purchase
plan; or 
 (4) the issuance of shares of the Company’s capital stock, or securities convertible into or exercisable for
such capital stock, as consideration in an acquisition transaction, the definitive agreement for which is entered into prior to the applicable Deferral Period; 

(B) any exchange, redemption or conversion of any class or series of the Company’s capital stock, or shares of the capital
stock of one of its Subsidiaries, for any other class or series of the Company’s capital stock, or of any class or series of the Company’s indebtedness for any class or series of the Company’s capital stock; 

(C) any purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange
provisions of such shares or the securities being converted or exchanged; 
 (D) any declaration of a dividend in connection
with any shareholder rights plan, or the issuance of rights, stock or other property under any shareholder rights plan, or the redemption or purchase of rights pursuant thereto; or 

(E) any dividend in the form of stock, warrants, options or other rights where the dividend stock issuable upon exercise of
such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock; or 

(F) (i) any payment of current or deferred interest on Parity Securities that is made pro rata to the amounts due on
such Parity Securities (including the Notes) and (ii) any payments of principal or current or deferred interest on Parity Securities that, if not made, would cause the Company to breach the terms of the instrument governing such Parity
Securities. 
 For the avoidance of doubt, notwithstanding anything herein to the contrary, no terms of the Notes will restrict in any
manner the ability of any of the Subsidiaries to pay dividends or make any distributions to the Company or to any other Subsidiaries. 

ARTICLE FOUR 
 Redemption
of the Notes 
 Section 4.01. Redemption 

(a) The Notes shall be redeemable in accordance with the procedures set forth in Article Twelve of the Base Indenture: 

  
 12 

 (i) in whole at any time or in part from time to time on or after
September 15, 2027, at 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to but excluding the Redemption Date, provided that no partial redemption shall be effected unless at least $25 million
aggregate principal amount of the Notes, excluding any Notes held by the Company or any of its Affiliates, shall remain outstanding after giving effect to such redemption; 

(ii) in whole, but not in part, at any time prior to September 15, 2027, within 90 days after the occurrence of a Tax
Event or a Regulatory Capital Event at 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to but excluding the Redemption Date; or 

(iii) in whole, but not in part, at any time prior to September 15, 2027, within 90 days after the occurrence of a Rating
Agency Event at 102% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to but excluding the Redemption Date; 

provided, in each case, that all accrued and unpaid interest, including deferred interest (and compounded interest) shall have been paid in full on all
Outstanding Notes for all Interest Periods terminating on or before the Redemption Date. In the event the Notes are treated as “Tier 2 capital” (or a substantially similar concept) under the capital rules of any Capital Regulator
applicable to the Company, any redemption of the Notes shall be subject to the Company’s receipt of any required prior approval from such Capital Regulator and to the satisfaction of any conditions set forth in those capital rules or any other
applicable regulations of any other Capital Regulator that are or will be applicable to the Company’s redemption of the Notes. 

ARTICLE FIVE 
 Original
Issue of Notes 
 Section 5.01. Calculation of Original Issue Discount 

If during any calendar year any original issue discount shall have accrued on the Notes, the Company shall file with each Paying Agent
(including the Trustee if it is a Paying Agent) promptly at the end of each calendar year (a) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Notes as of the
end of such year and (b) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time, or Treasury Regulations enacted thereunder, or
other administrative or judicial guidance. 

  
 13 

 ARTICLE SIX 

Supplemental Indentures 

Section 6.01. Supplemental Indentures without Consent of Holders 

Solely for purposes of the Notes, Section 901 of the Base Indenture shall be deleted and replaced with the following: 

“Section 901. Supplemental Indentures without Consent of Holders. 

Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from
time to time, may supplement or amend the Indenture for any of the following purposes: 
 (1) to evidence the succession of
another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Notes; or 

(2) to add to or modify the covenants of the Company for the benefit of the Holders of Notes or to surrender any right or power
herein conferred upon the Company (including the Company’s surrendering, without limitation, of any redemption right, including the Company’s right to redeem the Notes upon the occurrence of the Rating Agency Event); provided that
no such amendment or modification may add Events of Default or acceleration events with respect to the Notes; or 
 (3) to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes; or 
 (4)
to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein or in any supplemental indenture, or to make any other provisions with respect to matters or questions
arising under this Indenture, provided such action shall not adversely affect the interests of the Holders of Notes in any material respect; or 

(5) to make any changes to the Indenture in order to conform the Indenture to the final prospectus supplement provided to
investors in connection with the offering of the Notes.” 
 Section 6.02. Supplemental Indentures with Consent of Holders 

Solely for purposes of the Notes, clauses (1) through (3) of Section 902(a) of the Base Indenture shall be deleted and replaced
with the following clauses (1) through (6): 
 “(1) change the Stated Maturity of any payment of principal of or
interest (including any additional interest) on the Notes; 
 (2) change the manner of calculating payments due on the Notes
in a manner adverse to Holders; 
 (3) reduce the requirements contained in the Indenture for quorum or voting; 

(4) change the Place of Payment for any payment on the Notes that is adverse to the Holders or change the currency in which any
payment on the Notes is payable; 

  
 14 

 (5) impair the right of any Holder to institute suit for the enforcement of any
payment on the Notes; 
 (6) reduce the percentage in principal amount of Outstanding Notes, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of the Indenture or certain defaults hereunder and their consequences; 

(7) reduce the principal amount of, the rate of interest on or any premium payable upon the redemption of the Notes; or 

(8) modify any of the provisions of this Section.” 

ARTICLE SEVEN 

Miscellaneous 
 Section 7.01.
Effectiveness 
 This Supplemental Indenture will become effective upon its execution and delivery. 

Section 7.02. Successors and Assigns 

All covenants and agreements in the Base Indenture, as supplemented and amended by this Supplemental Indenture, by the Company shall bind its
successors and assigns, whether so expressed or not. 
 Section 7.03. Effect of Recitals 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company, and the Trustee does not assume any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes. The Trustee shall not be accountable for
the use or application by the Company of the Notes or the proceeds thereof. 
 Section 7.04. Ratification of Indenture 

The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture
shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 
 Section 7.05. Tax Treatment 

The Company and, by acceptance of the Notes or a beneficial interest in the Notes, each Holder and beneficial owner of a Note agree to treat
the Notes as indebtedness for United States federal income tax purposes. 

  
 15 

 Section 7.06. Governing Law 

This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York. 

Section 7.07. Severability 
 If any
provision of the Base Indenture, as supplemented and amended by this Supplemental Indenture, shall be held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions
herein contained or render the same invalid, inoperative or unenforceable to any extent whatever. 
 Section 7.08. Consequential Damages and Force
Majeure 
 (a) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(b) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, so long as the Trustee maintains and updates from time to time business continuation and disaster recovery procedures that it determines
meet the standards of the industry; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

* * * 
 This instrument may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

 

  
 16 

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

			
	PRUDENTIAL FINANCIAL, INC.
		
	By:	 	 /s/ Paul A. Curcio

	Name: Paul A. Curcio
	Title: Vice President and Assistant Treasurer

 [Signature Page to Eleventh Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	 By:
	 	/s/ Laurence J. O’Brien
		 	  

	Name:	 	Laurence J. O’Brien
	Title:	 	Vice President

 [Signature Page to Eleventh Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	No.	  	Principal Amount: $
		
	Issue Date:	  	CUSIP: 744320 AW2

 PRUDENTIAL FINANCIAL, INC. 

4.500% FIXED-TO-FLOATING RATE JUNIOR SUBORDINATED NOTES DUE 2047 

Prudential Financial, Inc., a corporation organized and existing under the laws of the State of New Jersey (hereinafter called the
“Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay
to                     or registered assigns, the principal sum
of                             dollars ($ ) on September 15, 2047 (the “Maturity
Date”), or if such day is not a Business Day (as defined below), the following Business Day. 
 The Company further promises to pay
interest on said principal sum from and including September 15, 2017 to but excluding September 15, 2027, at the annual rate of 4.500%, (computed on the basis of a 360-day year consisting of twelve 30-day months) semi-annually in arrears
on March 15 and September 15 of each year, beginning on March 15, 2018 (each, a “Fixed-Rate Interest Payment Date”), subject to deferral as set forth herein. In the event that any Fixed-Rate Interest Payment Date
falls on a day that is not a Business Day, the interest payment due on that date will be postponed to the next day that is a Business Day, and no interest will accrue as a result of that postponement. From and including September 15, 2027

  
 A-1 

 
until the principal thereof is paid or made available for payment, the Company promises to pay such interest at an annual rate equal to Three-Month LIBOR (as defined in said Indenture) plus
2.380%, (computed on the basis of a 360-day year and the actual number of days elapsed) quarterly in arrears on March 15, June 15, September 15 and December 15, beginning on December 15, 2027, or if any of these
days is not a Business Day, on the next Business Day, except that if such Business Day is in the next succeeding calendar month, the immediately preceding Business Day (each, a “Floating-Rate Interest Payment Date”, and each Fixed
Rate Interest Payment Date and each Floating Rate Interest Payment Date being hereinafter referred to as an “Interest Payment Date”), subject to deferral as set forth herein. A “Business Day” shall mean any day
other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed, (iii) a day on which the Corporate Trust Office is closed for
business or (iv) on or after September 15, 2027, a day that is not a London Banking Day. “London Banking Day” means any day on which commercial banks are open for general business (including dealings in deposits in U.S.
dollars) in London, England. Defaulted Interest and interest deferred pursuant to said Indenture will bear additional interest to the extent permitted by law, at the rate in effect from time to time, from and including the relevant Interest Payment
Date, compounded on each subsequent Interest Payment Date. 
 The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date, as provided in said Indenture, will be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be,
in connection with a Fixed-Rate Interest Payment Date, the March 1 or September 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date, and in connection with a Floating-Rate Interest
Payment Date, the March 1, June 1, September 1 or December 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid, in the case of deferred interest, as provided in the following paragraph, and otherwise to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 So long as no Event of Default with respect to this Security has
occurred or is continuing, the Company shall have the right at any time during the term of this Security to defer payment of interest on this Security for one or more consecutive Interest Periods that do not exceed five years for any single Deferral
Period, during which the Company shall have the right to make partial payments of interest on any Interest Payment Date, and at the end of which the Company shall pay all interest then accrued and unpaid; provided, however, that no
Deferral Period shall extend beyond the Maturity Date or the earlier accelerated maturity date arising from an Event of Default or redemption of this Security. Upon the termination of any Deferral Period and upon the payment of all deferred interest
then due, the Company may elect to begin a new Deferral Period, subject to the above requirements. 

  
 A-2 

 So long as any Securities of this series remain outstanding, if the Company has given notice of
its election to defer interest payments on the Securities but the related Deferral Period has not yet commenced or a Deferral Period is continuing, the Company shall not, and shall not permit any Subsidiary to, (i) declare or pay any dividends
or other distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of the Company’s capital stock, (ii) make any payment of principal of, or interest or premium, if any, on or repay, purchase
or redeem any debt securities of the Company that rank upon the Company’s liquidation on a parity with this Security (including the Company’s 5.375% Fixed-to-Floating Rate Junior Subordinated Notes due 2045, the Company’s 5.875%
Fixed-to-Floating Rate Junior Subordinated Notes due 2042, the Company’s 5.625% Fixed-to-Floating Rate Junior Subordinated Notes due 2043, the Company’s 5.20% Fixed-to-Floating Rate Junior Subordinated Notes due 2044, the Company’s
5.75% Junior Subordinated Notes due 2052, the Company’s 5.70% Junior Subordinated Notes due 2053 and the Company’s 8.875% Fixed-to-Floating Rate Junior Subordinated Notes due 2068 (the “Pari Passu Securities”) or
junior to this Security or (iii) make any guarantee payments regarding any guarantee issued by the Company of securities of any Subsidiary if the guarantee ranks upon the Company’s liquidation on a parity with or junior to this Security
(other than (a) any purchase, redemption or other acquisition of shares of its capital stock in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more of its
employees, officers, directors, consultants or independent contractors, (2) the satisfaction of the Company’s obligations pursuant to any contract entered into prior to the beginning of the applicable Deferral Period, (3) a dividend
reinvestment or shareholder purchase plan, or (4) the issuance of shares of the Company’s capital stock, or securities convertible into or exercisable for such shares, as consideration in an acquisition transaction entered into prior to
the applicable Deferral Period, (b) any exchange, redemption or conversion of any class or series of the Company’s capital stock, or the capital stock of one of its Subsidiaries, for any other class or series of its capital stock, or of
any class or series of its indebtedness for any class or series of its capital stock, (c) any purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such shares or the
securities being converted or exchanged, (d) any declaration of a dividend in connection with any shareholder rights plan, or the issuance of rights, stock or other property under any shareholder rights plan, or the redemption or purchase of
rights pursuant thereto, (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend
is being paid or ranks equally with or junior to such stock, or (f) (1) any payment of current or deferred interest on Parity Securities that is made pro rata to the amounts due on such Parity Securities (including the Notes), and
(2) any payments of principal or current or deferred interest on Parity Securities that, if not made, would cause the Company to breach the terms of the instrument governing such Parity Securities). 

The Company shall give written notice of its election to commence or continue any Deferral Period to the Trustee and the Holders of all
Securities of this series then Outstanding at least one Business Day and not more than 60 Business Days before the next Interest Payment Date. Such notice shall be given to the Trustee and the Holder of this Security at such Holder’s address
appearing in the Security Register by first-class mail, postage prepaid. 

  
 A-3 

 Payment of the principal of (and premium, if any) and interest on this Security will be made at
the paying agency office or agency of the Company maintained for that purpose in the United States, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that, at the option of the Company, payment of interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire
transfer in immediately available funds at such place and to such bank account number as may be designated by the Person entitled thereto as specified in the Securities Register in writing not less than ten days before the relevant Interest Payment
Date. 
 The indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinate and junior in right of payment
to the prior payment in full of all Senior Indebtedness, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on such Holder’s behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee such Holder’s
attorney-in-fact for any and all such purposes. Each Holder hereof, by such Holder’s acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior
Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such Holder upon said provisions. 
 The Company
and, by acceptance of this Security or a beneficial interest in this Security, each Holder and beneficial owner of this Security agree to treat this Security as indebtedness for United States federal income tax purposes. 

By acceptance of this Security or a beneficial interest in this Security, each Holder hereof and any person acquiring a beneficial interest
herein, agree that either (A) no portion of the assets used by such purchaser to acquire and hold this Security or a beneficial interest in this Security constitutes assets of any (i) employee benefit plan subject to Title I of the U.S.
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) any plan, individual retirement accounts and other arrangement subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the
“Code”), or provisions under any federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar Laws”), and (iii) entities whose
underlying assets are considered to include “plan assets” of any such plan, account or arrangement within the meaning of Section 3(42) of ERISA as modified by 29 CFR § 2510.3-101 or under any applicable Similar Laws or
(B) the purchase and holding of this Security or a beneficial interest in this Security by such purchaser will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar
violation under any applicable Similar Laws. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

  
 A-4 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Date: 
  

	
	PRUDENTIAL FINANCIAL, INC.
	
	By:
                                         
                       
	Name: Paul A. Curcio
	Title: Vice President and Assistant Treasurer

 Attest:
                     

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Date: 
  

	
	 THE BANK OF NEW YORK MELLON,

as Trustee

	
	By                                      
                          
	Authorized Officer

  
 A-6 

 (FORM OF REVERSE OF NOTE) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under the Indenture, dated as of June 17, 2008 (herein called the “Base Indenture”), between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as trustee (the
“Trustee”), as amended and supplemented by the Eleventh Supplemental Indenture, dated as of September 15, 2017, between the Company and the Trustee (the “Supplemental Indenture”, and together with the Base
Indenture, the “Indenture”), to which Indenture and all other indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee,
the Company, the holders of the Senior Indebtedness and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. By the terms of the Indenture, the Securities are issuable in series
that may vary as to amount, date of maturity, rate of interest, rank and in any other respect provided in the Indenture. 
 All terms used
in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 The Securities of this
series shall be redeemable at the election of the Company in accordance with the terms of the Indenture. In particular, this Security is redeemable: 

(a) in whole at any time or in part from time to time on or after September 15, 2027, at a redemption price equal to 100%
of the principal amount of the Securities being redeemed plus accrued and unpaid interest to but excluding the Redemption Date; provided that if the Securities of this series are not redeemed in whole, at least $25 million aggregate principal
amount of the Outstanding Securities of this series remain outstanding after giving effect to such redemption; 
 (b) in
whole, but not in part, at any time prior to September 15, 2027, within 90 days after the occurrence of a Tax Event or a Regulatory Capital Event, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus
accrued and unpaid interest to but excluding the Redemption Date; or 
 (c) in whole, but not in part, at any time prior to
September 15, 2027, within 90 days after the occurrence of a Rating Agency Event, at a redemption price equal to 102% of the principal amount of the Securities being redeemed plus accrued and unpaid interest to but excluding the Redemption
Date. 
 Notwithstanding the foregoing, the Company may not redeem the Securities of this series in part unless all accrued and unpaid
interest, including deferred interest, has been paid in full on all Outstanding Securities of this series for all Interest Periods terminating on or before the Redemption Date. 

In the event of a redemption of this Security in part only, a new Security or Securities of this Series and of a like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

  
 A-7 

 No sinking fund is provided for the Securities. 

The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of this Security upon compliance by the Company
with certain conditions set forth in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the Company and
the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities, with the consent of the Holders of not less than
a majority in principal amount of the Outstanding Securities to be affected by such supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Securities at the time
Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, if an Event of Default as
set forth in the Indenture occurs, the principal amount of the Securities shall automatically become due and payable; provided that in any such case the payment of principal and interest on such Securities shall remain subordinated to the
extent provided in Article Eleven of the Base Indenture. 
 No reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 1002 of the Base Indenture duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee shall have the right to treat and shall treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-8 

 The Securities are issuable only in registered form without coupons in minimum denominations of
$2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of a different
authorized denomination, as requested by the Holder surrendering the same. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 A-9 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Security to: 

 
  
  

 
  

 
  

 
 (Insert assignee’s social
security or tax identification number) 
  
  

 
  

(Insert address and zip code of assignee) 

hereby irrevocably constituting and
appointing                                 agent to transfer this Security on the books
of the Securities Registrar. The agent may substitute another to act for him or her. 
  

					
	Dated:	  		  	 Signature:

     

		  		  	Signature Guarantee:

 (Sign exactly as your name appears on the other side of this Security) 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Securities Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Securities Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]