Document:

EXHIBIT 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this “Agreement”)
is made as of September 20, 2015, between CASI Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
[________________], a company formed under the laws of [_________] (“[______]”) and any Person that delivers
any portion of the Subscription Amount pursuant to Section 2.02(b) of this Agreement (such Persons, together with [______], jointly
and severally, and including their successors and assigns, the “Purchaser”).

 

WHEREAS, subject to the terms and conditions
set forth in this Agreement, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from
the Company, securities of the Company as described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual
promises, covenants and conditions contained in this Agreement, and for other good and valuable consideration the receipt and adequacy
of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

Article
1

Definitions

 

Section 1.01.         Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have
the meanings set forth in this Section 1.01:

 

“Affiliate” means, with respect
to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. For
purposes of this definition, “control” when used with respect to any Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise,
and the terms “controlling” and “controlled” have correlative meanings.

 

“Business Day” means any
day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States, any day which is a legal holiday
in Hong Kong or the mainland of the PRC, or any day on which banking institutions in the State of New York or Hong Kong or the
mainland of the PRC are authorized or required by law or other governmental action to close.

 

“Closing” means the closing
of the purchase and sale of the Shares and the Warrants pursuant to Section 2.01.

 

“Closing Date” means the
day on which all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the Shares and the Warrants, in each case, have been satisfied or waived.

  

“Commission” means the United
States Securities and Exchange Commission.

 

    	 	 	 

     

    

 

“Common Stock” means the
common stock of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.

 

“Initial Exercise Date” means
the date that is 91 days after the Closing Date.

 

“Per Share Purchase Price”
equals $1.190, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar
transactions of the Common Stock that occur after the date of this Agreement.

 

“Person” means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“PRC” means the People’s
Republic of China.

 

“PRC Approvals” means any
consent or approval by the PRC governmental and regulatory authorities necessary to consummate the transactions contemplated hereby,
including but not limited to the approval by or registration with the State Administration of Foreign Exchange of the PRC.

 

“Securities” means the Shares,
the Warrants and the Warrant Shares.

 

“Securities Act” means the
U.S. Securities Act of 1933, as amended and interpreted from time to time.

 

“Shares” means the shares
of Common Stock issued or issuable to the Purchaser pursuant to this Agreement.

 

“Subscription Amount” means
the aggregate amount to be paid for the Shares and Warrants purchased by the Purchaser hereunder as specified below the Purchaser’s
name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars
and in immediately available funds.

 

“Trading Day” means a day
on which the principal Trading Market is open for trading.

 

“Trading Market” means any
of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the Nasdaq
Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the NYSE MKT or the New York Stock Exchange (or any
successors to any of the foregoing).

 

“Transaction Documents” means
this Agreement, the Warrants and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer Agent” means American
Stock Transfer & Trust Company, the current transfer agent of the Company, and any successor transfer agent of the Company.

 

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“Warrants” means, collectively,
the Common Stock purchase warrants delivered to the Purchaser at the Closing in accordance with Section 2.2(a) hereof, which Warrants
shall be exercisable beginning from the Initial Exercise Date and have a term of exercise equal to three (3) years from the Initial
Exercise Date, in substantially the form set forth on Exhibit A attached hereto.

 

“Warrant Shares” means the
shares of Common Stock issuable upon exercise of the Warrants.

 

Article
2

Purchase and Sale

 

Section 2.01.         Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser
agrees to purchase, up to an aggregate of $[____________] of Shares and Warrants. The Shares and Warrants will be sold together,
and each one share of Common Stock shall entitled Purchaser to purchase a Warrant to purchase 0.20 shares of Common Stock. The
Purchaser shall deliver to the Company, via wire transfer of immediately available funds, the amount equal to the Subscription
Amount as set forth on the signature page hereto executed by the Purchaser and the Company shall deliver to the Purchaser its Shares
and a Warrant as determined pursuant to Sections 2.02(a) and 3.01(d), and the Company and the Purchaser shall deliver the other
items set forth in Section 2.02 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections
2.02 and 2.03, the Closing shall occur at 10:00 a.m. at the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New
York, New York 10017 or such other location as the parties shall mutually agree.

 

Section 2.02.         Deliveries.

 

(a)          On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser the following:

 

 (i)     the
Shares; and

 

(ii)     a
Warrant, registered in the name of the Purchaser, to purchase the number of shares of Common Stock equal to 20% of the number of
Shares to be registered in the name of the Purchaser pursuant to Section 3.01(d) of this Agreement, with an exercise price equal
to $[Per Share Purchase Price plus $0.50] per share, subject to adjustment therein.

 

(b)          On
or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i)      the
Subscription Amount by wire transfer to the account as specified in writing by the Company or by delivery of immediately available
funds.

 

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Section 2.03.         Closing
Conditions.

 

(a)          The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

  (i)    the
truth and accuracy in all material respects on the Closing Date of the representations and warranties of the Purchaser contained
herein (unless as of a specific date therein);

 

 (ii)    all
obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been
performed or waived; and

 

(iii)    the
delivery by the Purchaser of the items set forth in Section 2.02(b) of this Agreement.

 

(b)          The
respective obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being
met:

 

  (i)    the
truth and accuracy in all material respects when made and on the Closing Date as if made on the Closing Date of the representations
and warranties of the Company contained herein (unless as of a specific date therein);

 

 (ii)    all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed
or waived;

 

(iii)    the
delivery by the Company of the items set forth in Section 2.02(a) of this Agreement; and

 

(iv)   the
Purchaser shall have received, or be satisfied that it will receive the PRC Approvals.

 

Article
3

Representations,
Warranties and Covenants

 

Section 3.01.         Representations
and Warranties of the Company. Except as otherwise described in the Company’s most recent Annual Report on Form 10-K,
the Company’s Quarterly Reports on Form 10-Q filed after the Company's most recent Annual Report on Form 10-K, the Company's
Proxy Statement for its 2015 annual meeting of shareholders, and any of the Company's Current Reports on Form 8-K filed after the
filing of the Company’s most recent Form 10-K, the Company hereby represents and warrants to, and covenants with, the Purchaser
as of the date hereof, as follows:

 

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(a)          The
Company is a corporation, duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company
has full power and authority to conduct its business as presently conducted and is registered or qualified to do business and in
good standing in each jurisdiction in which it owns property or transacts business and where the failure to be so qualified would
have a material adverse effect upon the Company and its subsidiaries as a whole or the business, financial condition, properties,
operations or assets of the Company and its subsidiaries as a whole or the Company’s ability to perform its obligations under
this Agreement and the other Transaction Documents in all material respects, and to the knowledge of the Company, no proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing, or seeking to revoke, limit or curtail, such power
and authority or qualification.

 

(b)          The
Company has all requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction Documents.
The execution and delivery of the this Agreement and the other Transaction Documents and the consummation by the Company of the
transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further action
on the part of the Board of Directors or stockholders is required. Upon execution of the Transaction Documents by the Company,
the Transaction Documents will be validly executed and delivered by the Company and will constitute legal, valid and binding agreements
of the Company enforceable against the Company in accordance with their terms, except as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting enforcement of creditors’
rights generally, and as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies.

 

(c)          The
issuance and sale of each of the Shares and the Warrants have been duly authorized by the Company, and the Shares, when issued
and paid for in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable. The Warrant Shares
have been duly authorized and reserved for issuance pursuant to the terms of the Warrants, and the Warrant Shares, when issued
by the Company upon valid exercise of the Warrants and payment of the exercise price, will be duly and validly issued, fully paid
and nonassessable. The Company shall, so long as any of the Warrants are outstanding, take all action necessary to reserve and
keep available out of its authorized and unissued capital stock, solely for the purpose of effecting the exercise of the Warrants,
all of the number of Warrant Shares.

 

(d)          Within
one (1) Business Day of the Closing, the Company will instruct the Transfer Agent to credit the Purchaser the number of Shares
as indicated on the signature page hereto, registered in the name of the Purchaser (and, upon request, will deliver physical stock
certificates to the Purchasers representing the Shares), in each case, subject to Section 3.02(g) of this Agreement.

 

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(e)          The
execution and delivery of the Transaction Documents and the sale and issuance of the Securities to be sold by the Company pursuant
to the Transaction Documents, the fulfillment of the terms of the Transaction Documents and the consummation of the transactions
contemplated thereby will not: (i) result in a conflict with or constitute a material violation of, or material default (with the
passage of time or otherwise) under, (A) any bond, debenture, note, loan agreement or other evidence of indebtedness, or any material
lease or contract to which the Company is a party or by which the Company or their respective properties are bound, (B) the Certificate
of Incorporation, by-laws or other organizational documents of the Company, as amended, or (C) any law, administrative regulation,
or existing order of any court or governmental agency, or other authority binding upon the Company or the Company’s respective
properties; or, (ii) result in the creation or imposition of any lien, encumbrance, claim or security interest upon any of the
material assets of the Company or an acceleration of indebtedness pursuant to any obligation, agreement or condition contained
in any material bond, debenture, note or any other evidence of indebtedness or any material indenture, mortgage, deed of trust
or any other agreement or instrument to which the Company is a party or by which it is bound or to which any of the property or
assets of the Company is subject. No consent, approval, authorization or other order of, or registration, qualification or filing
with, any regulatory body, administrative agency, governmental body or any other third party is required for the execution and
delivery of the Transaction Documents by the Company, other than such as have been made or obtained, and except for any filings
required to be made under federal or state securities laws.

 

Section 3.02.         Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants as follows:

 

(a)          The
Purchaser has full power and authority to enter into this Agreement and to consummate the transactions contemplated hereby and
has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and this Agreement constitutes
a valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms, except as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application
affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies.

 

(b)          The
Purchaser understands that nothing in this Agreement or any other materials presented to the Purchaser in connection with the purchase
and sale of the Shares and Warrants constitutes legal, tax or investment advice. The Purchaser has consulted such legal, tax and
investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the Shares
and Warrants.

 

(c)          This
Agreement is made with Purchaser in reliance upon the Purchaser’s representation to the Company, which by Purchaser’s
execution of this Agreement, Purchaser hereby confirms, that the Securities to be acquired by Purchaser will be acquired for investment
for Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof,
and that Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing
this Agreement, Purchaser further represents that Purchaser does not presently have any contract, undertaking, agreement or arrangement
with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Securities.

 

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(d)          Purchaser
understands that the Securities have not been, and will not be, registered under the Securities Act, by reason of a specific exemption
from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment
intent and the accuracy of the Purchaser’s representations as expressed herein. Purchaser understands that the Securities
are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws,
Purchaser must hold the Securities indefinitely unless they are registered with the Commission and qualified by state authorities,
or an exemption from such registration and qualification requirements is available. Purchaser further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the
time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are outside of
Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy.

 

(e)          Purchaser
understands that no public market now exists for the Warrants, and that the Company has made no assurances that a public market
will ever exist for the Warrants.

 

(f)           Purchaser
is aware of Rule 144 under the Securities Act and the restrictions imposed thereby and further understands and agrees that so long
as Purchaser beneficially owns 10% or more of the Company’s then outstanding securities, the Company may deem the Purchaser
to be an “affiliate” as defined in Rule 144(a)(1) and any transfers of the Shares or the Warrant Shares by the
Purchaser shall be subject to the limitations applicable to affiliates set forth in the Securities Act and the rules promulgated
thereunder, including without limitation Rule 144.

 

(g)          Purchaser
understands that the Securities issued upon exercise of the Warrants, may bear one or all of the following legends (or substantially
similar legends), unless and until the Shares and the Warrant Shares are registered under the Securities Act pursuant to an effective
registration statement:

 

(i)          
“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

(ii)         Any
legend required by the securities laws of any state to the extent such laws are applicable to the Securities represented by the
certificate so legended.

 

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(h)          Purchaser
is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. The Purchaser
has not been the subject of any disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”), except for a Disqualification Event as to which Rule 506(d)(2)(i–iv) or (d)(3) applies.

 

(i)           Neither
the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly,
including through a broker or finder (a) engaged in any general solicitation, or (b) published any advertisement in connection
with the offer and sale of the Shares and the Warrants.

 

Article
4

Other Agreements
of the Parties

 

Section 4.01.         Registration
Rights.

 

(a)          Within
120 days after Closing, the Company shall prepare and file with the Commission a registration statement on Form S-3 (or such other
form if, at such time, the Company is not eligible to utilize such Form S-3) covering the resale of all of the Registrable Securities
from time to time on a continuous basis pursuant to Rule 415 of the Securities Act (the “Resale Registration Statement”
including the base prospectus contained therein, the “Prospectus”). For purposes of this Section 4.01, “Registrable
Securities” shall mean the Securities and any shares of Common Stock issuable with respect to the Securities by way of
a stock dividend, stock split or other distribution, or in connection with a combination of shares, recapitalization, merger, consolidation
or other reorganization; provided that such Registrable Securities shall cease to be Registrable Securities when (i) a registration
statement covering such securities has been declared effective by the Commission and such securities have been disposed of pursuant
to such effective registration statement, (ii) such securities have been sold under circumstances in which all of the applicable
conditions of Rule 144 (or any similar provisions then in force) under the Securities Act were met, (iii) such securities are otherwise
transferred and such securities may be resold without subsequent registration under the Securities Act, or (iv) such securities
shall have ceased to be outstanding.

 

(b)          Not
less than ten (10) Trading Days prior to the initial filing of the Resale Registration Statement and not less than five (5) Trading
Days prior to the filing of any related prospectus or any amendment or supplement thereto, the Company shall (i) furnish to the
Purchaser copies of all such documents proposed to be filed, which documents will be subject to the review and reasonable comments
of the Purchaser, and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to
any inquiries from the Purchaser and its advisors. The Company shall permit counsel designated by the Purchaser to review such
Resale Registration Statement, related prospectus, and any amendment or supplement thereto (as well as all requests for acceleration
or effectiveness thereof) within the time periods referenced above and shall use reasonable best efforts to reflect in such documents
any comments as such counsel may reasonably propose and will not request acceleration of the Resale Registration Statement without
prior notice to such counsel.

 

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(c)          Upon
filing the Resale Registration Statement, the Company shall use its reasonable best efforts to cause such Resale Registration Statement
to be declared effective by the Commission as soon as practicable thereafter, including the filing of amendments and post-effective
amendments and supplements to such Resale Registration Statement. The Company shall otherwise comply with all rules and regulations
of the Commission and other governmental and regulatory authorities applicable to the registration of such Registrable Securities
and the effectiveness of the Resale Registration Statement.

 

(d)          The
Company shall maintain such Resale Registration Statement and shall comply with its other obligations under this Section 4.01 until
the earlier to occur of (i) such time as the Purchaser owns no Registrable Securities and (ii) such time as the Registrable Securities
may be resold by the Purchaser pursuant to Rule 144 of the Securities Act without the requirement for the Company to be in compliance
with the current public information required under such Rule and without volume or manner-of-sale restrictions. To the extent that
the Company fails to maintain an effective Resale Registration Statement for an excess of ten (10) consecutive or twenty (20) aggregate
Trading Days during any twelve (12)-month period, and the Purchaser suffers losses as a result of such failure, the Purchaser shall
be entitled to seek specific performance or compensatory damages as set forth in this Agreement.

 

(e)          The
Company shall promptly notify the Purchaser of the effectiveness of the Resale Registration Statement and each post-effective amendment
thereto. Additionally, the Company will promptly notify the Purchaser upon the occurrence of any of the following events in respect
of the Resale Registration Statement or related prospectus: (i) receipt of any request for additional information by the Commission
or any other governmental entity during the period of effectiveness of the Resale Registration Statement or amendments or supplements
to the Resale Registration Statement or any related prospectus; (ii) the issuance by the Commission or any other governmental entity
of any stop order suspending the effectiveness of the Resale Registration Statement or the initiation of any proceedings for that
purpose and the Company will promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its
withdrawal at the earliest possible moment if such stop order should be issued; (iii) receipt of any notification with respect
to the suspension of the qualification or exemption from qualification of the Registrable Securities for sale in any jurisdiction
or the initiation of any proceeding for such purpose; (iv) the happening of any event that, in the reasonable determination of
the Company and its counsel, makes any statement made in the Resale Registration Statement or related prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any
changes in the Resale Registration Statement, related prospectus or documents so that (or the Company otherwise becomes aware of
any statement included in the Resale Registration Statement, related prospectus or document that is untrue in any material respect
or that requires the making of any changes in the Resale Registration Statement, related prospectus or document so that), in the
case of the Resale Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the related
prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
and (v) the Company’s reasonable determination that a post-effective amendment to the Resale Registration Statement would
be appropriate (in which event the Company will promptly make available to the Purchaser any such supplement or amendment to the
Resale Registration Statement and, as applicable, the related prospectus). In the event of any suspension of the Purchaser’s
ability to sell Shares pursuant to the Resale Registration Statement as a result of the foregoing (a “Suspension”),
the Company will use its best efforts to cause the use of the prospectus so suspended to be resumed as soon as reasonably practicable
after notice of a Suspension to the Purchaser and such Suspension shall be subject to the liquidated damages provisions set forth
in Section 4.01(d) above.

 

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(f)           The
Company shall furnish to the Purchaser with respect to the Registrable Securities registered under the Resale Registration Statement
such number of copies of the prospectus (including preliminary and supplemental prospectuses and prospectus amendments) as the
Purchaser may reasonably request, in order to facilitate the public sale or other disposition of all or any of the Registrable
Securities by the Purchaser.

 

(g)          The
Company shall file documents required of the Company for normal blue sky clearance in states as shall be reasonably appropriate
in the opinion of the Company and its legal counsel; provided, however, that the Company shall not be required to
qualify to do business or consent to general service of process in any jurisdiction in which it would not otherwise be required
to qualify but for this Section 4.01(g).

 

(h)          All
expenses incident to the Company’s compliance with this Section 4.01, including, without limitation, all registration and
filing fees, fees and expenses of compliance with securities laws, printing expenses, filing expenses, and fees and disbursements
of the Company’s counsel and independent registered public accountants will be borne by the Company. Any expenses incurred
in connection with the sale of any of the Shares or the Warrant Shares pursuant to the Resale Registration Statement shall be borne
by the Company except that any brokerage commissions shall be borne by the Purchaser.

 

(i)           The
Company shall, at the reasonable request of the Purchaser, prepare and file with the Commission such amendments (including post-effective
amendments) and supplements to the Resale Registration Statement and any prospectus used in connection with the Resale Registration
Statement as may be necessary in order to make reasonable changes to the plan of distribution set forth in such Resale Registration
Statement.

 

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(j)           Notwithstanding
anything herein to the contrary, the Purchaser’s rights under this Section 4.01 shall be automatically assignable by the
Purchaser to any Affiliate of Purchaser of all or any portion of such Registrable Securities, to the extent of the Registrable
Securities so transferred, if: (i) the Purchaser agrees in writing with the transferee or assignee to assign such rights, and a
copy of such agreement is furnished to the Company within a reasonable time after such assignment, (ii) the Company is, within
a reasonable time after such transfer or assignment, furnished with written notice of (A) the name and address of such transferee
or assignee, and (B) the securities with respect to such registration rights are being transferred or assigned, and (iii) at or
before the time the Company receives the written notice contemplated by clause (ii) of this sentence, the transferee or assignee
agrees in writing to be bound by the provisions of Section 4.01 of this Agreement. In the event that the Purchaser transfers all
or any portion of its Registrable Securities pursuant to this Section 4.01(j), the Company shall have ten (10) Business Days following
the receipt of such notice to file any amendments or supplements necessary to keep the Resale Registration Statement current and
effective pursuant to Rule 415. Upon any such assignment, all of the Purchaser’s rights under this Agreement with respect
to such transferred securities shall inure to the benefit of the transferee.

 

Section 4.02.         Use
of Proceeds. The Company shall use the net proceeds from the sale of the Securities hereunder for working capital purposes.

 

Section 4.03.         Listing
of Common Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Stock on
the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote
all of the Shares and Warrant Shares on such Trading Market and promptly secure the listing of all of the Shares and Warrant Shares
on such Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading
Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary
to cause all of the Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The
Company will then use its reasonable best efforts to continue the listing and trading of its Common Stock on a Trading Market and
will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading
Market.

 

Section 4.04.         Subsequent
Transactions. Except with respect to an Exempt Issuance, from the date hereof until 30 days after the Closing Date, neither
the Company nor any of its subsidiaries shall issue, enter into any agreement to issue or announce the issuance or proposed issuance
of any shares of Common Stock or Common Stock Equivalents. “Exempt Issuance” means the issuance of (a) shares
of Common Stock or options to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted
for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee
of non-employee directors established for such purpose, (b) securities upon the exercise or exchange of or conversion of any Securities
issued hereunder and/or other securities, derivatives or contingent rights exercisable or exchangeable for or convertible into
shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been
amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange
price or conversion price of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved
by a majority of the disinterested directors of the Company and approved in advance by Purchaser or its successors or assigns,
provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through
its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall
provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which
the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities, and (d) securities issued in a transaction approved in advance by Purchaser or its successors or assigns.

 

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Article
5

Miscellaneous

 

Section 5.01.         Fees
and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and
all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this
Agreement, except that the Company shall pay or reimburse at the Closing all reasonable costs and expenses incurred or to be incurred
by the Purchaser up to a maximum of $35,000 in connection therewith. The Company shall pay all Transfer Agent fees, stamp taxes
and other taxes and duties levied in connection with the delivery of any Securities to the Purchaser.

 

Section 5.02.         Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of
the parties with respect to the subject matter hereof and supersede all prior negotiations, correspondence, agreements and understandings,
oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules.

 

Section 5.03.         Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time)
on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30
p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by any U.S.
nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given
if delivered personally. The address for such notices and communications shall be as set forth on the signature pages attached
hereto.

 

Section 5.04.         Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and the Purchaser or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought. Any amendment or waiver effected in accordance with this Section 5.04 shall be binding
upon the Purchaser and the Company. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair
the exercise of any such right.

 

    	 	12	 

     

    

  

Section 5.05.         Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

Section 5.06.         Successors
and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns; provided that neither party may assign, delegate or otherwise transfer any of its rights or obligations
under this Agreement without the consent of the other party; except that i) the Purchaser may transfer or assign its rights and
obligations under this Agreement, in whole or from time to time in part, to one or more of its Affiliates at any time, and ii)
the Purchaser may transfer or assign his rights and obligations under this Agreement in whole to any Person at any time, provided
that, in each case, such designee or assign agrees to be bound by the terms and conditions of this Agreement and other Transaction
Documents, as applicable.

 

Section 5.07.         No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

Section 5.08.         Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof.

 

Section 5.09.         Survival.
The representations, warranties and covenants contained herein shall survive the execution and delivery of this Agreement for a
period of 18 months.

 

Section 5.10.         Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other parties, it being
understood that all parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

Section 5.11.         Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

    	 	13	 

     

    

  

Section 5.12.         Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

Section 5.13.         Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

Section 5.14.         Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments hereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.

 

Section 5.15.         WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY ARISING
OUT OF OR RELATING TO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, THE
PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGES FOLLOW]

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

 

	 	CASI PHARMACEUTICALS, INC.
	 	 
	 	By:	 
	 	 	Name:  Ken K. Ren
	 	 	Title:    Chief Executive Officer
	 	 	 
	 	 	Address for notice:
	 	 	 
	 	 	9620 Medical Center Drive
	 	 	Suite 300
	 	 	Rockville, Maryland 20850
	 	 	Attention: Cynthia W. Hu
	 	 	Facsimile: 240.864.2601
	 	 	 
	 	 	With a copy to (which shall not constitute notice):
	 	 	 
	 	 	Richard Baltz
	 	 	Arnold & Porter LLP
	 	 	601 Massachusetts Avenue, NW
	 	 	Washington, DC 20001
	 	 	Facsimile: 202-942-5999

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

[Signature Page to Securities Purchase Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the undersigned have caused
this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.

 

Name of Purchaser:

 

	Signature of Authorized Signatory of Purchaser:	 	 

Name of Authorized Signatory:

Title of Authorized Signatory:

Facsimile Number of Authorized Signatory:

Address for Notice of Purchaser:

 

SUBSCRIPTION AMOUNT (TOTAL INVESTMENT AMOUNT): 

 

Per Share Purchase Price: $1.190

Per 0.20 Warrant Purchase Price: $0.025

 

Total Shares:

Total Warrant Shares:

 

Address for Delivery of Warrants for Purchaser (if not same as address
for notice):

	 	 
	 	 
	 	 

 

Shares to be delivered by (check one and complete the required
information in order to receive your shares):

 

 ̈
The Depository Trust Company Deposit Withdrawal Agent Commission System (DWAC) (DWAC not available until after shares are registered)

 

	 	___________________________________________________	 
	 	Name of Brokerage Firm or Agent Account Name	 
	 	To Receive Shares	 

 

	 	_______________________________	______________________	 
	 	Account No.	DTC No.	 

 

 ̈
Physical Stock Certificate

 

Address for Delivery of Stock Certificates for Purchaser
(if not same as address for notice):

 

	 	_________________________________________
	 	__________________________________________
	 	__________________________________________

 

[Signature Page to Securities Purchase Agreement]

 

    	 	 	 

     

    

 

Exhibit A

Form of Common Stock
Purchase Warrant

 

CASI Pharmaceuticals, Inc.

 

	Warrant Shares:	Issue Date: _______, 2015

 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”)
certifies that, for value received, _____________ (the “Holder”) is entitled, upon the terms and subject to
the limitations on exercise and the conditions hereinafter set forth, at any time on or after 91 days following the Issue Date
(the “Initial Exercise Date”) and on or prior to the close of business on the third anniversary of the Initial
Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from CASI Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), up to [________] shares (subject to adjustments as provided below)
(the “Warrant Shares”) of Common Stock.

 

Section 1.          Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated September 20, 2015, among the Company and the purchaser signatory thereto.

 

Section 2.          Exercise.

 

(a)          Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or
agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy of a notice of exercise substantially in the form annexed hereto
(a “Notice of Exercise”); and, within three (3) Trading Days of the date said Notice of Exercise is delivered
to the Company, the Company shall have received payment of the aggregate Exercise Price of the shares thereby purchased by wire
transfer or cashier’s check drawn on a United States bank. No ink-original Notice of Exercise shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the
Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall each maintain records
showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice
of Exercise within one (1) Business Day of receipt of such notice. In the event of any dispute or discrepancy, the records of the
Holder shall be controlling and determinative in the absence of manifest error. The Holder and any assignee, by acceptance of
this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of
the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
the amount stated on the face hereof.

 

    	 	A-1 	 

     

    

  

(b)          Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $1.69, subject to adjustment hereunder
(the “Exercise Price”).

 

(c)          Cashless
Exercise. If at any time after the earlier of (i) the one year anniversary of the date of the Purchase Agreement and (ii) the
completion of the then-applicable holding period required by Rule 144, or any successor provision then in effect, there is no effective
Registration Statement registering, or no current prospectus available for, the resale of the Warrant Shares by the Holder, then
this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the
Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = the VWAP on the Trading Day immediately
preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth
in the applicable Notice of Exercise;

 

(B) = the Exercise Price of this Warrant as
adjusted hereunder; and

 

(X) = the number of Warrant Shares that would
be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash
exercise rather than a cashless exercise.

 

“VWAP” means, for any date,
the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a
Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the volume
weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the
Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported
in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair
market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority
in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

    	 	A-2 	 

     

    

  

(d)          Mechanics
of Exercise.

 

(i)          Delivery
of Certificates Upon Exercise. Shares purchased hereunder shall be transmitted by the Transfer Agent to the Holder by crediting
the account of the Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission
(“DWAC”) system if the Company is then a participant in such system and there is an effective Registration Statement
permitting the issuance of the Warrant Shares to the Holder, and otherwise by physical delivery of a certificate to the address
specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the delivery to the Company
of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed
to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of
record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise
Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(v) prior to the issuance of such shares,
having been paid. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise
by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for
each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice
of Exercise), $10 per Trading Day for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered
or Holder rescinds such exercise.

 

(ii)         Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant
Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by
this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

(iii)        Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before
the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction
or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a
sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the
number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times
(2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder,
either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have
been issued had the Company timely complied with its exercise and delivery obligations hereunder. Nothing herein shall limit a
Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	 	A-3 	 

     

    

  

(iv)        No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

(v)         Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by an assignment form substantially
in the form attached hereto duly executed by the Holder (an “Assignment Form”) and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

(vi)        Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

    	 	A-4 	 

     

    

  

(e)          Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock
which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder
or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of
the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in
the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company
is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by
the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of
the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this
Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to
verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number
of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with
the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request
of a Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of
Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99 % of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial
Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section
2(e) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered
to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.
Notwithstanding anything herein to the contrary, if the Holder (together with the Holder’s Affiliates, and any other Persons
acting as a group together with the Holder or any of the Holder’s Affiliates) beneficially owned greater than 9.99% of the
number of outstanding shares of the Common Stock on the Closing Date (as beneficial ownership is calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder), any limitation on the exercise of this
Warrant imposed by this Section 2(e) shall be not applicable to the Holder (or any successors or assigns of this Warrant) and the
Company shall effect any exercise of this Warrant and the Holder shall have the right to exercise any portion of this Warrant,
pursuant to Sections 2(a), 2(b), 2(c), and 2(d), regardless of the amount of Common Stock that the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates) beneficially
owns at any time during the term of this Warrant.

 

    	 	A-5 	 

     

    

  

Section 3.          Certain
Adjustments.

 

(a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b)          Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

    	 	A-6 	 

     

    

  

(c)          Notice
to Holder.

 

(i)          Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to this Section 3, the Company shall promptly mail to the
Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring
such adjustment.

 

(ii)         Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, concurrently with any notice provided to holders of the Company’s
Common Stock or filed with the Commission, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of
the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their
shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing
thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall remain
entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

Section 4.          Transfer
of Warrant.

 

(a)          Transferability.
This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with (i) a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer and (ii) any other documents or certificates reasonably requested by the Company to effect such transfer. Upon
such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and
shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly
be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant
Shares without having a new Warrant issued.

 

    	 	A-7 	 

     

    

  

(b)          New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
issue date set forth on the first page of this Warrant and shall be identical with this Warrant except as to the number of Warrant
Shares issuable pursuant thereto.

 

(c)          Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

Section 5.          Miscellaneous.

 

(a)          No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2.

 

(b)          Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

(c)          Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

    	 	A-8 	 

     

    

  

(d)          Authorized
Shares; Noncircumvention.

 

The Company covenants that, during the period
the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide
for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants
that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under
this Warrant. The Company will take all such action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable.

 

Except and to the extent as waived or consented
to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation
or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing,
the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use its reasonable
best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any action which would result
in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body
or bodies having jurisdiction thereof.

 

(e)          Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

(f)           Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies.

 

(g)          Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

    	 	A-9 	 

     

    

  

(h)          Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

(i)           Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

(j)           Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

(k)          Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

(l)           Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

[Signature Pages Follow]

 

    	 	A-10 	 

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	
        CASI PHARMACEUTICALS, INC.

         

	 	By:	 
	 	 	Name:  Ken K. Ren
	 	 	Title:    Chief Executive Officer

 

[Signature Page to Warrant] 

 

    	 	 	 

     

    

 

Notice of Exercise

 

TO: CASI PHARMACEUTICALS, INC.

 

(1) The undersigned hereby elects to purchase
________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any. Payment shall take the form of (check
applicable box) in lawful money of the United States, by wire transfer of immediately available funds or by check.

 

(2) Please issue a certificate or certificates
representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The Warrant Shares shall be delivered to the
following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 	 

	Signature of Authorized Signatory of Investing Entity:	 	 

	Name of Authorized Signatory:	 	 

	Title of Authorized Signatory:	 	 

	Date:	 	 

 

 

    	 	 	 

     

    

 

Assignment Form

 

(To assign the foregoing
Warrant, execute

this form and supply required information.

Do not use this form to exercise the Warrant.)

 

FOR VALUE RECEIVED, [____] all of or [_______]
shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________ whose address is

 

_______________________________________________________________.

  

_______________________________________________________________

 

Dated: ______________, _______

 

	Holder’s Signature:	____________________________	 
	 	 	 
	Holder’s Address:	_____________________________	 
	 	 	 
	 	_____________________________Deposit Agreement, dated November 13, 2015

 Exhibit 4.1 

EXECUTION VERSION         

DEPOSIT AGREEMENT 
 Dated

 November 13, 2015 

CITIGROUP INC., 
 AS ISSUER,

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

AS DEPOSITARY, 
 -and- 

COMPUTERSHARE TRUST COMPANY, N.A., 

AS REGISTRAR AND TRANSFER AGENT 

RELATING TO RECEIPTS, DEPOSITARY SHARES AND RELATED 

6.125% FIXED RATE / FLOATING RATE NONCUMULATIVE PREFERRED STOCK, SERIES R 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	  
		
	 ARTICLE 2 FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK,
	  			
	 EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND

REDEMPTION OF RECEIPTS
	  	 	3	  
		
	 Section 2.01   Form and Transferability of Receipts
	  	 	3	  
		
	 Section 2.02   Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof
	  	 	5	  
		
	 Section 2.03   Optional Redemption of Preferred Stock for Cash
	  	 	6	  
		
	 Section 2.04   Registration of Transfers of Receipts
	  	 	8	  
		
	 Section 2.05   Combinations and Split-ups of Receipts
	  	 	8	  
		
	 Section 2.06   Surrender of Receipts and Withdrawal of Preferred Stock
	  	 	8	  
		
	 Section 2.07   Limitations on Execution and Delivery, Transfer, Split-up
	  	 	9	  
		
	 Section 2.08   Lost Receipts, etc.
	  	 	10	  
		
	 Section 2.09   Cancellation and Destruction of Surrendered Receipts
	  	 	10	  
		
	 Section 2.10   No Pre-Release
	  	 	10	  
		
	 ARTICLE 3 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE
	  			
	 COMPANY
	  	 	10	  
		
	 Section 3.01   Filing Proofs, Certificates and Other Information
	  	 	10	  
		
	 Section 3.02   Payment of Fees and Expenses
	  	 	11	  
		
	 Section 3.03   Representations and Warranties as to Preferred Stock
	  	 	11	  
		
	 Section 3.04   Representation and Warranty as to Receipts and Depositary Shares
	  	 	11	  
		
	 Section 3.05   Taxes
	  	 	11	  
		
	 ARTICLE 4 THE PREFERRED STOCK; NOTICES
	  	 	12	  
		
	 Section 4.01   Cash Distributions
	  	 	12	  
		
	 Section 4.02   Distributions Other Than Cash
	  	 	12	  
		
	 Section 4.03   Subscription Rights, Preferences or Privileges
	  	 	13	  
		
	 Section 4.04   Notice of Dividends; Fixing of Record Date for Holders of Receipts
	  	 	14	  
		
	 Section 4.05   Voting Rights
	  	 	14	  
		
	 Section 4.06   Changes Affecting Preferred Stock and Reorganization Events
	  	 	15	  
		
	 Section 4.07   Inspection of Reports
	  	 	15	  
		
	 Section 4.08   Lists of Receipt Holders
	  	 	15	  
		
	 Section 4.09   Withholding
	  	 	15	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 ARTICLE 5 THE DEPOSITARY AND THE COMPANY
	  	 	16	  
		
	 Section 5.01   Maintenance of Offices, Agencies and Transfer Books by the Depositary and the Registrar
	  	 	16	  
		
	 Section 5.02   Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Company
	  	 	16	  
		
	 Section 5.03   Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company
	  	 	17	  
		
	 Section 5.04   Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	21	  
		
	 Section 5.05   Notices, Reports and Documents
	  	 	21	  
		
	 Section 5.06   Indemnification by the Company
	  	 	22	  
		
	 Section 5.07   Fees, Charges and Expenses
	  	 	22	  
		
	 ARTICLE 6 AMENDMENT AND TERMINATION
	  	 	22	  
		
	 Section 6.01   Amendment
	  	 	22	  
		
	 Section 6.02   Termination
	  	 	23	  
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	23	  
		
	 Section 7.01   Counterparts
	  	 	23	  
		
	 Section 7.02   Exclusive Benefits of Parties
	  	 	24	  
		
	 Section 7.03   Invalidity of Provisions
	  	 	24	  
		
	 Section 7.04   Notices
	  	 	24	  
		
	 Section 7.05   Depositary’s Agents
	  	 	25	  
		
	 Section 7.06   Holders of Receipts Are Parties
	  	 	25	  
		
	 Section 7.07   Governing Law
	  	 	25	  
		
	 Section 7.08   Inspection of Deposit Agreement and Certificate of Designations
	  	 	25	  
		
	 Section 7.09   Headings
	  	 	25	  
		
	 Section 7.10   Confidentiality
	  	 	26	  
		
	 Section 7.11   Further Assurances
	  	 	26	  

 Exhibit A – Form of Face of Receipt; Form of Reverse of Receipt 

Exhibit B – Certificate of Designations 

  
 ii 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated November 13, 2015 among CITIGROUP INC., a Delaware corporation, COMPUTERSHARE
INC., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary, COMPUTERSHARE TRUST COMPANY, N.A., a federally chartered national association (the “Trust Company”), jointly as Depositary
(as hereinafter defined), the Trust Company, as Registrar (as hereinafter defined) and Transfer Agent (as hereinafter defined), and all holders from time to time of Receipts (as hereinafter defined) issued hereunder. 

WITNESSETH: 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of the
Company’s Preferred Stock (as hereinafter defined) with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares representing a fractional interest in the Preferred Stock deposited
and for the execution and delivery of Receipts evidencing Depositary Shares; 
 WHEREAS, the Receipts are to be
substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 

WHEREAS, the terms and conditions of the Preferred Stock is substantially set forth in the Certificate of Designations
attached hereto as Exhibit B; and 
 NOW, THEREFORE, in consideration of the premises contained herein, it is agreed
by and among the parties hereto as follows: 
 ARTICLE 1 

DEFINITIONS 

The following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this
Deposit Agreement and the Receipts: 
 “Certificate of Designations” shall mean the certificate that
amends the Restated Certificate of Incorporation of the Company, adopted by the Board of Directors of the Company or a duly authorized committee thereof, establishing and setting forth the rights, preferences and privileges of the Preferred Stock,
as filed with the Secretary of State of the State of Delaware on November 12, 2015 and attached hereto as Exhibit B, and as such certificate may be amended or restated from time to time. 

“Certificate of Incorporation” shall mean the Restated Certificate of Incorporation of the Company
dated May 6, 2011, including any certificates of designation, and as restated or amended from time to time. 

“Company” shall mean Citigroup Inc., a Delaware corporation, and its successors. 

  
 1 

 “Deposit Agreement” shall mean this agreement, as the
same may be amended, modified or supplemented from time to time. 
 “Depositary” shall mean
Computershare and the Trust Company, acting jointly, and any successor as Depositary hereunder. The Depositary, along with its affiliates, shall maintain combined capital and surplus of at least $50,000,000, and so shall any successor depositary
hereunder. 
 “Depositary Office” shall mean the principal office of the Depositary at which at any
particular time its business in respect of matters governed by this Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at 250 Royall Street, Canton, Massachusetts 02010. 

“Depositary Share” shall mean the security representing a 1/25th fractional interest in a share of Preferred Stock deposited with the Depositary hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of
such share of Preferred Stock and held under this Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights,
preferences and privileges of the Preferred Stock represented by such Depositary Share (including the dividend, voting, redemption and liquidation rights contained in the Certificate of Designations). 

“Depositary’s Agent” shall mean an agent appointed by the Depositary as provided, and for the
purposes specified, in Section 7.05. 
 “Dividend Payment Date” shall have the meaning set
forth in the Certificate of Designations. 
 “Dividend Record Date” shall have the meaning set forth
in the Certificate of Designations. 
 “DTC” means The Depository Trust Company. 

“DTC Receipt” has the meaning set forth in Section 2.01. 

“Preferred Stock” shall mean shares of the Company’s 6.125% Fixed Rate / Floating Rate
Noncumulative Preferred Stock, Series R (liquidation preference $25,000 per share), $1.00 par value per share, heretofore validly issued, fully paid and nonassessable. 

“Receipt” shall mean a receipt issued hereunder to evidence one or more Depositary Shares, whether in
definitive or temporary form, substantially in the form set forth as Exhibit A hereto. 
 “record
date” shall mean the date fixed pursuant to Section 4.04. 
 “Record holder” or
“holder” as applied to a Receipt shall mean the individual, entity or person in whose name a Receipt is registered on the books maintained by the Depositary for such purpose. 

  
 2 

 “redemption date” has the meaning set forth under
Section 2.03. 
 “redemption price” has the meaning set forth under Section 2.03. 

“Registrar” shall mean the Trust Company or any bank or trust company appointed to register ownership
and transfers of Receipts and the deposited Preferred Stock, as herein provided. 
 “Reorganization
Event” shall mean: 
 (i) any consolidation or merger of the Company with or into another person (other than a
merger or consolidation in which the Company is the continuing corporation and in which the shares of common stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities other property of the Company or
another corporation); 
 (ii) any sale, transfer, lease or conveyance to another person of all or substantially all the
property and assets of the Company; or 
 (iii) any statutory exchange of securities of the Company with another Person
(other than in connection with a merger or acquisition) or any binding share exchange which reclassifies or changes its outstanding common stock. 

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

“Transfer Agent” shall mean the Trust Company or any bank or trust company appointed to transfer the
Receipts and the deposited Preferred Stock, as herein provided. 
 ARTICLE 2 

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND 

DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

SECTION 2.01         Form and Transferability of Receipts. 

Definitive Receipts shall be printed and shall be substantially in the form set forth in Exhibit A annexed to this
Deposit Agreement, in each case with appropriate insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon, and pursuant to, the written order of the Company delivered in
compliance with Section 2.02 shall be authorized and instructed to, and shall, execute and deliver temporary Receipts which shall be substantially of the tenor of the definitive Receipts in lieu of which they are issued and in each case with
such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts may determine (but which do not affect the rights or duties of the Depositary), as evidenced by their execution of such Receipts. If
temporary Receipts are issued, the Company 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 the Depositary Office without charge to the holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary is hereby authorized and instructed to, and shall, execute
and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or 

  
 3 

 
Receipts. Such exchange shall be made at the Company’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 Preferred Stock deposited, as definitive Receipts. 

Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the
Depositary; provided, that if a Registrar for the Receipts (other than the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual or facsimile signature of a duly authorized signatory of the Registrar.
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 as provided in the preceding sentence. The Depositary shall record on its books each Receipt
executed as provided above and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any 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 as may be required by the Depositary and approved by the Company, or which the Company has determined are required to comply with any applicable law or regulation or with the rules and
regulations of any securities exchange upon which the Depositary Shares may be listed for trading or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject,
in each case as directed by the Company. 
 Title to any Receipt (and to the Depositary Shares evidenced by such Receipt)
that is properly endorsed, or accompanied by a properly executed instrument of transfer or endorsement shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until
transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.04, 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 payments with respect to the Preferred Stock, to exercise any redemption or voting rights or to receive any notice provided for in this
Deposit Agreement and for all other purposes. 
 Notwithstanding the foregoing, upon request by the Company, the Depositary
and the Company will make application to DTC for acceptance of all or a portion of the Receipts for its book-entry settlement system. In connection with any such request, the Company hereby appoints the Depositary acting through any authorized
officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any agreements, certifications or other instruments or documents necessary or desirable in order to effect the acceptance of such Receipts for DTC
eligibility. So long as the Receipts are eligible for book-entry settlement with 

  
 4 

 
DTC, unless otherwise required by law, all Depositary Shares to be traded on the New York Stock Exchange with book-entry settlement through DTC shall be represented by a single receipt (the
“DTC Receipt”), which shall be deposited with DTC (or its custodian) evidencing all such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depositary or such other
entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC. Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC or
its nominee for such DTC Receipt, or (ii) institutions that have accounts with DTC. 
 If issued, the DTC Receipt shall
be exchangeable for definitive Receipts only if (i) DTC notifies the Company at any time that it is unwilling or unable to continue to make its book-entry settlement system available for the Receipts and a successor to DTC is not appointed by
the Company within 90 days of the date the Company is so informed in writing, (ii) DTC notifies the Company at any time that it has ceased to be a clearing agency registered under applicable law and a successor to DTC is not appointed by the
Company within 90 days of the date the Company is so informed in writing or (iii) the Company executes and delivers to DTC a notice to the effect that such DTC Receipt shall be so exchangeable. If the beneficial owners of interests in
Depositary Shares are entitled to exchange such interests for definitive Receipts as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest
date on which such beneficial interests may be so exchanged, the Depositary is hereby directed to and shall provide written instructions to DTC to deliver to the Depositary for cancellation the DTC Receipt, and the Company shall instruct the
Depositary in writing to execute and deliver to the beneficial owners of the Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical form evidencing such Depositary Shares. The DTC Receipt shall be in such form and
shall bear such legend or legends as may be appropriate or required by DTC in order for it to accept the Depositary Shares for its book-entry settlement system. Notwithstanding any other provision herein to the contrary, if the Receipts are at any
time eligible for book-entry settlement through DTC, delivery of shares of Preferred Stock and other property in connection with the withdrawal or redemption of Depositary Shares will be made through DTC and in accordance with its procedures, unless
the holder of the relevant Receipt otherwise requests and such request is reasonably acceptable to the Depositary and the Company. 

SECTION 2.02         Deposit of Preferred Stock; Execution and Delivery of Receipts in
Respect Thereof. 
 Concurrently with the execution of this Deposit Agreement, the Company is delivering to the
Depositary a certificate or certificates, registered in the name of the Depositary and evidencing 60,000 shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or
endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (ii) a written order of the Company
directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the Depositary Shares representing such deposited Preferred Stock registered in such names
specified in such written order. The Depositary acknowledges receipt of the aforementioned 60,000 shares of Preferred Stock and related documentation and agrees to hold such deposited Preferred Stock in an account to be established by the Depositary

  
 5 

 
at the Depositary Office or at such other office as the Depositary shall determine. The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Preferred Stock
deposited hereunder and the Trust Company hereby accepts such appointment and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Stock held by it by notation, book-entry or other
appropriate method. 
 If required by the Depositary, Preferred Stock presented for deposit by the Company at any time,
whether or not the register of stockholders of the Company is closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the prompt transfer to the Depositary or its
nominee of any dividend or right to subscribe for additional Preferred Stock or to receive other property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect of such deposited
Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 

Upon receipt by the Depositary of a certificate or certificates for Preferred Stock deposited hereunder, together with the
other documents specified above, and upon registering such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to, or upon the order of, the person
or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.02, a Receipt or Receipts for the number of whole Depositary Shares representing the Preferred Stock so deposited and
registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary Office, except that, at the request, risk and expense of any person requesting such
delivery, such delivery may be made at such other place as may be designated by such person. Other than in the case of splits, combinations or other reclassifications affecting the Preferred Stock, or in the case of dividends or other distributions
of Preferred Stock, if any, there shall be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Certificate of Designations, as such may be amended. To the extent that the Company issues shares
of Preferred Stock in excess of the amount set forth in the Certificate of Designations as of the date hereof (which shares have been validly authorized by the Company), the Company shall notify the Depositary of such issuance in writing. 

The Depositary shall be permitted to rely on applicable opinions of counsel delivered to the underwriters pursuant to each of
Sections 8(b), (c) and (d) of the underwriting agreement dated November 5, 2015 among the Company and the underwriters named therein relating to the sale of the Depositary Shares to the public. 

The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to
enable the Depositary to perform its obligations under this Deposit Agreement. 
 SECTION 2.03
        Optional Redemption of Preferred Stock for Cash. 
 Whenever the
Company shall elect to redeem shares of deposited Preferred Stock for cash in accordance with the provisions of the Certificate of Designations, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 30
nor more 

  
 6 

 
than 60 days’ prior written notice of the date fixed for redemption of such Preferred Stock (the “redemption date”) and of the number of such shares of Preferred Stock held
by the Depositary to be redeemed and the applicable redemption price (the “redemption price”), as set forth in the Certificate of Designations. The Depositary shall mail, first-class postage prepaid, notice of the redemption of
Preferred Stock and the proposed simultaneous redemption of the Depositary Shares representing the Preferred Stock to be redeemed, not less than 30 and not more than 60 days prior to the redemption date, to the holders of record on the record date
fixed for such redemption pursuant to Section 4.04 of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary; but neither the failure to mail any
such notice to one or more such holder nor any defect in any such notice shall affect the sufficiency of the proceedings for redemption except as to the holder to whom notice was not given or defective. 

The Company shall prepare and provide the Depositary with such notice, and each such notice shall state: (i) the
redemption date; (ii) the redemption price; (iii) the number of shares of deposited Preferred Stock and Depositary Shares to be redeemed; (iv) if fewer than all Depositary Shares held by any holder are to be redeemed, the number of
such Depositary Shares held by such holder to be so redeemed; (v) the place or places where the Preferred Stock and the Receipts evidencing Depositary Shares to be redeemed are to be surrendered for payment of the redemption price; and
(vi) that on the redemption date dividends in respect of the Preferred Stock represented by the Depositary Shares to be redeemed will cease to accrue. 

In the event that notice of redemption has been made as described in the immediately preceding paragraphs and the Company
shall then have paid in full to the Depositary the redemption price (determined pursuant to the Certificate of Designations) of the Preferred Stock deposited with the Depositary to be redeemed, the Depositary shall redeem the number of Depositary
Shares representing such Preferred Stock so called for redemption by the Company and on the redemption date (unless the Company shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s notice
provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights
of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts
evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be redeemed at a cash redemption price of $1,000 per Depositary Share plus any accrued dividends thereon
from the last Dividend Payment Date to, but excluding, the redemption date. The foregoing shall be further subject to the terms and conditions of the Certificate of Designations. In the event of any conflict between the provisions of the Deposit
Agreement and the provisions of the Certificate of Designations, the provisions of the Certificate of Designations will govern and the Company will instruct the Depositary, as applicable, in writing accordingly of such governing terms;
provided, however, that under no circumstances will the Certificate of Designations be deemed to change or modify any of the rights, duties or immunities of the Depositary contained herein. 

  
 7 

 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 payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for redemption, a
new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 
 If less than
all of the Preferred Stock is redeemed pursuant to the Company’s exercise of its optional redemption right, the Depositary will select the Depositary Shares to be redeemed pursuant to this Section 2.03 on a pro rata basis, by lot or in
such other manner as the Depositary may determine to be fair and equitable. 
 The Company acknowledges that the bank
accounts maintained by Computershare in connection with the services provided under this Agreement will be in Computershare’s name and that Computershare may receive investment earnings in connection with the investment at Computershare’s
risk and for its benefit of funds held in those accounts from time to time. Neither the Company nor the record holders will receive interest on any deposits or funds held by Computershare hereunder. 

SECTION 2.04         Registration of Transfers of Receipts. 

The Company hereby appoints the Trust Company as the Registrar and Transfer Agent for the Receipts and the Trust Company
hereby accepts such appointment and, as such, shall register on its books from time to time transfers of Receipts upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or representative properly endorsed or
accompanied by a properly executed instrument of transfer or endorsement 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, and any other reasonable evidence of authority that may be required by the Trust Company, together with evidence of the payment by the applicable party of any transfer taxes as may be required by law. Upon
such surrender, the Trust Company shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts
surrendered. 
 SECTION 2.05         Combinations and Split-ups of
Receipts. 
 Upon surrender of a Receipt or Receipts at the Depositary Office or such other office as the Depositary may
designate for the purpose of effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested
evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 

SECTION 2.06         Surrender of Receipts and Withdrawal of Preferred
Stock. 
 Any holder of a Receipt or Receipts may withdraw any number of whole shares of deposited Preferred Stock
represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts to the Depositary or at such other office as the
Depositary may designate for such withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw such Preferred Stock (or money and other property, if any, represented thereby) which

  
 8 

 
has previously been called for redemption. Upon such surrender, upon payment of the fee of the Depositary for the surrender of Receipts to the extent provided in Section 5.07 and payment
of all taxes and governmental charges in connection with such surrender and withdrawal of Preferred Stock, and subject to the terms and conditions of this Deposit Agreement, 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 such Preferred Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts
so surrendered for withdrawal, but holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary Shares therefor. If the Receipt or Receipts 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 deposited Preferred Stock to be withdrawn, the Depositary shall
at the same time, in addition to such number of whole shares of Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or upon such holder’s order (subject to Section 2.04), a new Receipt or
Receipts evidencing such excess number of Depositary Shares. Delivery of such Preferred Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the
Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. 

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

The Depositary shall deliver the deposited Preferred Stock and the money and other property, if any, represented by the
Depositary Shares evidenced by Receipts surrendered for withdrawal at the Depositary 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 2.07
        Limitations on Execution and Delivery, Transfer, Split-up. 
 As a
condition precedent to the execution and delivery, transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the following: (i) payment to
it of a sum sufficient for the payment (or, in the event that the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge and stock transfer or registration fee with respect thereto (including any such
tax or charge with respect to the Preferred Stock being deposited or withdrawn); (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature (or the authority of any signature) including, as noted in
Section 2.04 above, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of

  
 9 

 
authority that may be required by the Depositary; and (iii) compliance with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this
Deposit Agreement as may be required by any securities exchange on which the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for quotation or listed. 

The deposit of Preferred Stock may be refused, the delivery of Receipts against Preferred Stock may be suspended, the transfer
of Receipts may be refused, and the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Company is closed or (ii) if any
such action is deemed reasonably necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company 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 other provision of this Deposit Agreement. 
 SECTION 2.08
        Lost Receipts, etc. 
 In case any Receipt shall be mutilated and
surrendered to the Depositary or destroyed or lost or stolen, the Depositary shall 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; provided, that the holder thereof shall have (i) filed with the Depositary (a) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a protected
purchaser and (b) an indemnity bond, (ii) satisfied any other reasonable requirements imposed by the Depositary and (iii) complied with such other reasonable regulations and paid such other reasonable charges as the Depositary may
prescribe and as required by Section 8-405 of the Uniform Commercial Code as in effect in the State of New York. 

SECTION 2.09         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, but not required, to destroy such Receipts so cancelled. 

SECTION 2.10         No Pre-Release. 

The Depositary shall not deliver any deposited Preferred Stock evidenced by Receipts prior to the receipt and cancellation of
such Receipts or other similar method used with respect to Receipts held by DTC. The Depositary shall not issue any Receipts prior to the receipt by the Depositary of the corresponding Preferred Stock evidenced by such Receipts. At no time will any
Receipts be outstanding if such Receipts do not represent Preferred Stock deposited with the Depositary. 
 ARTICLE 3 

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY 

SECTION 3.01         Filing Proofs, Certificates and Other Information.

  
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 Any person presenting Preferred Stock for deposit or any holder of a Receipt may
be required from time to time to file with the Depositary such proof of residence, guarantee of signature or other information and to execute such certificates as the Depositary may reasonably deem necessary or proper or the Company may reasonably
require by written request to the Depositary. The Depositary or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of the deposited Preferred Stock represented by the
Depositary Shares evidenced by any Receipt, 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. 

SECTION 3.02         Payment of Fees and Expenses. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain fees and expenses and taxes or other
governmental charges to the extent provided in Section 5.07, or provide evidence satisfactory to the Depositary that such fees and expenses and taxes or other governmental charges have been paid. Until such payment is made, transfer of any
Receipt or any withdrawal of the Preferred Stock or money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused, any dividend or other distribution may be withheld, and any part or all of the
Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder a reasonable number of days prior to such
sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt remaining liable for any deficiency. 

SECTION 3.03         Representations and Warranties as to Preferred
Stock. 
 In the case of the initial deposit of the Preferred Stock hereunder, the Company represents and warrants that
such Preferred Stock and each certificate therefor are validly issued, fully paid and nonassessable. Such representations and warranties shall survive the deposit of the Preferred Stock and the issuance of Receipts. 

SECTION 3.04         Representation and Warranty as to Receipts and
Depositary Shares. 
 The Company hereby represents and warrants that the Receipts, when issued, will evidence legal and
valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid 1/25th fractional interest in a share of deposited Preferred Stock represented by such
Depositary Share. Such representation and warranty shall survive the deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares. 

SECTION 3.05         Taxes. 

The Company will pay any and all stock transfer, documentary, stamp and similar taxes that may be payable in respect of any
issuance or delivery of Depositary Shares or shares of Preferred Stock or other securities issued on account of Depositary Shares or certificates representing such shares or securities. The Company will not, however, be required to pay any such tax
that may be payable in respect of any transfer involved in the issuance or delivery of 

  
 11 

 
shares of Preferred Stock, Depositary Shares or other securities in a name other than that in which the Depositary Shares with respect to which such shares or other securities are issued or
delivered were registered, or in respect of any payment to any person other than a payment to the registered holder thereof, and will not be required to make any such issuance, delivery or payment unless and until the person otherwise entitled to
such issuance, delivery or payment has paid to the Company the amount of any such tax or has established, to the satisfaction of the Company, that such tax has been paid or is not payable. 

ARTICLE 4 
 THE PREFERRED
STOCK; NOTICES 
 SECTION 4.01         Cash Distributions.

 Whenever Computershare shall receive any cash dividend or other cash distribution on the deposited Preferred
Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, Computershare shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to
Section 4.04 such amounts of such sum 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 Company or
Computershare shall be required by law to and shall withhold from any cash dividend or other cash distribution in respect of the Preferred Stock represented by the Receipts held by any holder an amount on account of taxes or as otherwise required by
law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares represented by such Receipts subject to such withholding shall be reduced accordingly. Computershare, however, shall
distribute or make available for distribution, as the case may be, only such amount as can be distributed without attributing to any holder of Receipts a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole
cent and so distributed to registered holders entitled thereto and any balance not so distributable shall be held by Computershare (without liability for interest thereon) and shall be added to and be treated as part of the next succeeding
distribution to record holders of such Receipts. Each holder of a Receipt shall provide the Depositary with a properly completed Form W-8 (i.e., Form W-8BEN, Form W-8EXP, Form W-8IMY, Form W8ECI or another applicable Form W-8) or Form W-9 (which
form shall set forth such holder’s certified taxpayer identification number if requested on such form), as may be applicable. Each holder of a Receipt acknowledges that in the event of non-compliance with the preceding sentence, the Internal
Revenue Code of 1986, as amended, may require withholding by Computershare of a portion of any of the distribution to be made hereunder. 

SECTION 4.02         Distributions Other Than Cash. 

Whenever the Depositary shall receive any distribution other than cash on the deposited Preferred Stock, the Depositary shall,
subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. The Depositary shall not make any
distribution of securities to the holders of Receipts unless the Company shall have provided to the Depositary an opinion of counsel stating that such securities have been registered under the Securities Act or do not need to be registered. 

  
 12 

 SECTION 4.03
        Subscription Rights, Preferences or Privileges. 
 If the Company
shall at any time offer or cause to be offered to the persons in whose names deposited Preferred Stock is registered on the books of the Company 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 Company shall instruct (including by the
issue to such record holders of warrants representing such rights, preferences or privileges); provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Company determines upon
advice of its legal counsel that it is not lawful or feasible to make such rights, preferences or privileges available to the holders of Receipts (by the issue of warrants or otherwise) or (ii) if and to the extent instructed by holders of
Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, if so directed by the Company and provided with an opinion of counsel that if Depositary undertakes such actions it will not be deemed an
“issuer” under the Securities Act or an “investment company” under the Investment Company Act of 1940, as amended, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights,
preferences or privileges of such holders at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.01 and 3.02, be distributed by the
Depositary to the record holders of Receipts entitled thereto as provided by Section 4.01 in the case of a distribution received in cash. The Depositary shall not make any distribution of such rights, preferences or privileges, unless the
Company shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not need to be registered. 

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

If any other action under the law 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, the Company agrees that it will promptly notify the Depositary of such requirement and to use its commercially reasonable 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. 

  
 13 

 The Depositary will not be deemed to have any knowledge of any item for which it
is supposed to receive notification under any section of this Deposit Agreement unless and until it has received such notification. 

SECTION 4.04         Notice of Dividends; Fixing of Record Date for
Holders of Receipts. 
 Whenever any cash dividend or other cash distribution shall become payable, any distribution
other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such
Preferred Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election on the part of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix
a record date (which shall be the same date as the record date fixed by the Company with respect to the Preferred Stock) (the “record date”) 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, to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or whose Depositary Shares are to be
so redeemed. 
 SECTION 4.05         Voting Rights. 

Upon receipt of notice of any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary
shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and 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 4.04 will be entitled, subject to any applicable provision of law, to instruct the Depositary as to the exercise of the voting rights
pertaining to the amount of Preferred Stock represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written request of a holder of a Receipt on such record
date, the Depositary shall, insofar as practicable, vote or cause to be voted the amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set forth in such request. To the extent
any such instructions request the voting of a fractional interest of a share of deposited Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with the same voting instructions and
shall vote the number of whole votes resulting from such aggregation in accordance with the instructions received in such requests. Each share of Preferred Stock is entitled to one vote and, accordingly, each Depositary Share is entitled to 1/25th of a vote. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Preferred Stock or cause such
Preferred Stock to be voted. In the absence of specific instructions from the holder of a Receipt, the Depositary will vote all Depositary Shares held by it in proportion with any instructions received. The Depositary shall not exercise any
discretion in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt. 

  
 14 

 SECTION 4.06
        Changes Affecting Preferred Stock and Reorganization Events. 
 Upon
any change in liquidation preference, par or stated value, split-up, combination or any other reclassification of the Preferred Stock, any Reorganization Event or any exchange of the Preferred Stock for cash, securities or other property, the
Depositary shall, upon the written instructions of the Company setting forth any of the following adjustments, (i) reflect such adjustments in the Depositary’s books and records in (a) the fraction of an interest in one share of
Preferred Stock represented by one Depositary Share and (b) the ratio of the redemption price per Depositary Share to the redemption price of a share of Preferred Stock, as may be required by or as is consistent with the provisions of the
Certificate of Designations to fully reflect the effects of such change in liquidation preference, par or stated value, split-up, combination or other reclassification of Preferred Stock, of such Reorganization Event or of such exchange and
(ii) treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or in respect of the Preferred Stock as new deposited property under this Deposit Agreement, and Receipts
then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or in respect of such Preferred Stock. In any such case the Depositary may, upon the receipt of
written request of the Company, 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 property. 

SECTION 4.07         Inspection of Reports. 

The Depositary shall make available for inspection by holders of Receipts at the Depositary Office, and at such other places
as it may from time to time deem advisable during normal business hours, any reports and communications received from the Company that are both received by the Depositary as the holder of deposited Preferred Stock and made generally available to the
holders of the Preferred Stock. In addition, the Depositary shall transmit, upon written request by the Company, certain notices and reports to the holders of Receipts as provided in Section 5.05. 

SECTION 4.08         Lists of Receipt Holders. 

Promptly upon request from time to time by the Company, the Registrar shall furnish to the Company a list, as of a recent date
specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Registrar. 

SECTION 4.09         Withholding. 

Notwithstanding any other provision of this Deposit Agreement, in the event that the Depositary determines that any
distribution in property is subject to any tax or other governmental charge which the Depositary is obligated by law to withhold, the Depositary may dispose of, by public or private sale, all or a portion of such property in such amounts and in such
manner as the Depositary deems necessary and practicable to pay such taxes, and the 

  
 15 

 
Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the holders of Receipts entitled thereto in proportion to the
number of Depositary Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of property is subject to withholding tax only with respect to some but not all holders of
Receipts, the Depositary will use its best efforts (i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds to pay such withholding tax and (ii) to effect any such sale
in such a manner so as to avoid affecting the rights of any other holders of Receipts to receive such distribution in property. 
 ARTICLE
5 
 THE DEPOSITARY AND THE COMPANY 

SECTION 5.01         Maintenance of Offices, Agencies and Transfer
Books by the Depositary and the Registrar. 
 The Depositary shall maintain at the Depositary Office facilities for the
execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock and at the offices of the Depositary’s Agents, if any, facilities for the delivery,
transfer, surrender and exchange, split-up, combination and redemption of Receipts and deposit and withdrawal of Preferred Stock, all in accordance with the provisions of this Deposit Agreement. 

The Registrar shall keep books at the Depositary Office for the registration and transfer of Receipts, which books at all
reasonable times shall be open for inspection by the record holders of Receipts as provided by applicable law. The Company may cause the Registrar to close such books, at any time or from time to time, when deemed expedient by it in connection with
the performance of its duties hereunder. 
 If the Receipts or the Depositary Shares evidenced thereby or the Preferred
Stock represented by such Depositary Shares shall be listed on the New York Stock Exchange or any other stock exchange, the Depositary may, with the written approval of the Company, appoint a registrar (acceptable to the Company) for registration of
such Receipts or Depositary Shares in accordance with the requirements of such exchange. Such registrar (which may be the Registrar if so permitted by the requirements of such exchange) may be removed and a substitute registrar appointed by the
Registrar upon the request or with the written approval of the Company. If the Receipts, such Depositary Shares or such Preferred Stock are listed on one or more other stock exchanges, the Registrar will, at the request and expense of the Company,
arrange such facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such Preferred Stock as may be required by law or applicable stock exchange regulations. 

SECTION 5.02         Prevention or Delay in Performance by the
Depositary, the Depositary’s Agents, the Registrar or the Company. 

  
 16 

 None of the Depositary, any Depositary’s Agent, any Registrar, any Transfer
Agent, or the Company shall incur any liability to any holder of any 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 Transfer Agent, by reason of any provision, present or future, of the Certificate of Incorporation or, in the case of the Company, the Depositary, the Depositary’s Agent, the
Transfer Agent or the Registrar, by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Transfer Agent, the Registrar or the Company shall be prevented or
forbidden from doing or performing any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Transfer Agent, any Registrar or the Company incur any
liability to any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason of any
exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement. 
 SECTION 5.03
        Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. 

The Company does not assume any obligation and shall not be subject to any liability under this Deposit Agreement or any
Receipt to holders of Receipts other than from acts or omissions arising out of conduct constituting bad faith, negligence (in the case of any action or inaction with respect to the voting of the deposited Preferred Stock), gross negligence or
willful misconduct in the performance of such duties as are specifically set forth in this Deposit Agreement (which bad faith, negligence, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree
or ruling of a court of competent jurisdiction). Neither the Depositary nor any Depositary’s Agent nor any Transfer Agent or Registrar assumes any obligation and shall not be subject to any liability under this Deposit Agreement to holders of
Receipts, the Company or any other person or entity other than for its bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree
or ruling of a court of competent jurisdiction). Notwithstanding anything to the contrary contained herein, neither the Depositary, nor any Depositary’s Agent nor any Transfer Agent or Registrar shall be liable for any special, indirect,
incidental, consequential, punitive or exemplary damages, including but not limited to, lost profits, even if such person or entity alleged to be liable has knowledge of the possibility of such damages. Notwithstanding anything contained herein to
the contrary, the Depositary’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement,
whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Depositary as fees and charges, but not including reimbursable expenses. 

None of the Depositary, any Depositary’s Agent, any Registrar or Transfer Agent or the Company shall be under any
obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary Shares or Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory
to it against all expense and liability be furnished as often as may be required. 

  
 17 

 None of the Depositary, any Depositary’s Agent, any Registrar or Transfer
Agent or the Company shall be liable for any action or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any person presenting Preferred Stock for deposit or any holder of a Receipt. The
Depositary, any Depositary’s Agent, any Registrar or Transfer Agent and the Company may each rely and shall each be protected in acting 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. 
 In the event the Depositary shall receive conflicting claims,
requests or instructions from any holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary shall be entitled to act on such claims, requests or instructions received from the Company, and shall incur no liability and
shall be entitled to the full indemnification set forth in Section 5.06 in connection with any action so taken. 

The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the deposited Preferred
Stock or for the manner or effect of any such vote made, as long as any such action or non-action does not result from bad faith, gross negligence or willful misconduct of the Depositary (which bad faith, gross negligence or willful misconduct must
be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). The Depositary undertakes, and any Registrar or Transfer Agent 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 Agreement against the Depositary or any Registrar or Transfer Agent. 

The Depositary, its parent, affiliate, or subsidiaries, any Depositary’s Agent, and any Registrar or Transfer Agent may
own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction in which the Company or its affiliates may be interested or contract with or
lend money to or otherwise act as fully or as freely as if it were not the Depositary or the Depositary’s Agent hereunder. The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates or
act in any other capacity for the Company or its affiliates. 
 It is intended that neither the Depositary nor any
Depositary’s Agent shall be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s Agent
are acting only in a ministerial capacity as Depositary for the deposited Preferred Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law
or this Deposit Agreement in its capacity as Depositary. 
 Neither the Depositary (or its officers, directors, employees,
agents or affiliates) nor any Depositary’s Agent makes any representation or has any responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under the Securities Act, the deposited
Preferred Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the
Depositary is responsible for its representations in this Deposit Agreement. 

  
 18 

 The Company agrees that it will register the deposited Preferred Stock and the
Depositary Shares in accordance with the applicable securities laws. 
 In the event the Depositary, the Depositary’s
Agent or any Registrar or Transfer Agent believes any ambiguity or uncertainty exists in any notice, instruction, direction, request or other communication, paper or document received by it pursuant to this Deposit Agreement, the Depositary, the
Depositary’s Agent, Transfer Agent or Registrar shall promptly notify the Company of the details of such alleged ambiguity or uncertainty, and may, in its sole discretion, refrain from taking any action, and the Depositary, the
Depositary’s Agent, Transfer Agent or Registrar shall be fully protected and shall incur no liability to any person from refraining from taking such action, absent bad faith, gross negligence or willful misconduct (which bad faith, gross
negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction), unless and until (i) the rights of all parties have been fully and finally adjudicated by a
court of appropriate jurisdiction or (ii) the Depositary, the Depositary’s Agent, Transfer Agent or Registrar receives written instructions with respect to such matter signed by the Company that eliminates such ambiguity or uncertainty to
the satisfaction of the Depositary, the Depositary’s Agent, Transfer Agent or Registrar. 
 Whenever in the performance
of its duties under this Deposit Agreement, the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking, suffering or
omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and established by a certificate signed by any one of the President,
any Vice President, the Treasurer, the Deputy Treasurer, any Assistant Treasurer, Head of Corporate Finance, the Secretary or Assistant Secretary of the Company and delivered to the Depositary, the Depositary’s Agent, Transfer Agent or
Registrar; and such certificate shall be full and complete authorization and protection to the Depositary, the Depositary’s Agent, Transfer Agent or Registrar and the Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall
incur no liability for or in respect of any action taken, suffered or omitted by it under the provisions of this Deposit Agreement in reliance upon such certificate. The Depositary, the Depositary’s Agent, Transfer Agent or Registrar shall not
be liable for or by reason of any of the statements of fact or recitals contained in this Deposit Agreement or in the Receipts (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and
shall be deemed to have been made by the Company only. 
 The Depositary, the Depositary’s Agent, Transfer Agent or
Registrar will not be under any duty or responsibility to ensure compliance with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Preferred Stock or Depositary Shares. 

Notwithstanding anything herein to the contrary, no amendment to the Certificate of Designations shall affect the rights,
duties, obligations or immunities of the Depositary, Transfer Agent, the Depositary’s Agent or Registrar hereunder. 

  
 19 

 The Depositary, Transfer Agent and any Registrar hereunder: 

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

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

(iii)   shall not be obligated to take any legal or other action hereunder; if, however, the Depositary
determines to take any legal or other action hereunder, and, where the taking of such action might in the Depositary’s judgment subject or expose it to any expense or liability, the Depositary shall not be required to act unless it shall have
been furnished with an indemnity satisfactory to it; 
 (iv)    may rely on and shall be authorized and
protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, facsimile transmission or other document or security delivered to the Depositary and believed by the Depositary to be genuine and to have been signed by
the proper party or parties, and shall have no responsibility for determining the accuracy thereof; 

(v)     may rely on and shall be authorized and protected in acting or failing to act upon the
written, telephonic, electronic and oral instructions, with respect to any matter relating to the Depositary’s actions as depositary covered by this Deposit Agreement (or supplementing or qualifying any such actions) of officers of the Company;

 (vi)    may consult counsel satisfactory to it, and the advice of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by the Depositary hereunder in accordance with the advice of such counsel; 

(vii)   shall not be called upon at any time to advise any person with respect to the Depositary Shares or
Receipts; 
 (viii)   shall not be liable or responsible for any recital or statement contained in any
documents relating hereto or the Depositary Shares or Receipts; and 
 (ix)     shall not be
liable in any respect on account of the identity, authority or rights of the parties (other than with respect to 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. 
 The obligations of the Company and the rights of the Depositary set forth in
this Section 5.03 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 

  
 20 

 SECTION 5.04
        Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by notice of its election to do so delivered to the Company,
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 Company by notice of such removal delivered to the Depositary, such removal
to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. Upon any such removal or appointment, the Company shall send notice thereof by first-class mail, postage prepaid, to the
holders of Receipts. 
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company 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 an entity having its principal office in the United States of America and having a combined capital and
surplus of at least $50,000,000. If a successor depositary shall not have been appointed and have accepted appointment in 60 days, the resigning Depositary may petition a court of competent jurisdiction to appoint a successor depositary. Every
successor depositary shall execute and deliver to its predecessor and to the Company 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 Company, 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 rights, title and interest in the deposited 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. 

Any corporation or other entity into or with which the Depositary may be merged, consolidated or converted, or any corporation
or other entity to which all or a substantial part of the assets of the Depositary may be transferred, shall be the successor of such Depositary without the execution or filing of any document or any further act. Such successor depositary may
execute the Receipts either in the name of the predecessor depositary or in the name of the successor depositary. 
 The
provisions of this Section 5.04 as they apply to the Depositary apply to the Registrar and Transfer Agent, as if specifically enumerated herein. 

SECTION 5.05         Notices, Reports and Documents. 

The Company agrees that it will deliver to the Depositary, and the Depositary, if requested in writing by the Company, will
promptly after receipt of such notice, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies of all notices and reports generally made available by the Company to holders of the
Preferred Stock and not otherwise made publicly available. Such transmission will be at the Company’s expense and the Company 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 Company’s expense such other documents as may be requested by the Company. 

  
 21 

 SECTION 5.06
        Indemnification by the Company. 
 The Company shall indemnify the
Depositary, any Depositary’s Agent and any Transfer Agent or Registrar against, and hold each of them harmless from, any loss, liability, damage, cost or expense (including the costs and expenses of defending itself) which may arise out of
(i) acts performed or omitted in connection with this Deposit Agreement and the Receipts (a) by the Depositary, any Transfer Agent or Registrar or any of their respective agents (including any Depositary’s Agent), except for any
liability arising out of bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction)
on the respective parts of any such person or persons, or (b) by the Company or any of its agents, or (ii) the offer, sale or registration of the Receipts or shares of Preferred Stock pursuant to the provisions hereof. The obligations of
the Company and the rights of the Depositary set forth in this Section 5.06 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit
Agreement. In no event shall the Depositary have any right of set off or counterclaim against the Depositary Shares or the Preferred Stock. 

SECTION 5.07         Fees, Charges and Expenses. 

No charges and expenses of the Depositary or any Depositary’s Agent hereunder shall be payable by any person, except as
provided in this Section 5.07. The Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Deposit Agreement. The Company shall also pay all fees and expenses of the Depositary in
connection with the initial deposit of the Preferred Stock and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option of the Company and all withdrawals of the Preferred Stock by
holders of Receipts. All other fees and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar or Transfer Agent (including, in each case, fees and expenses of counsel) incurred in the preparation, delivery,
amendment, administration and execution of this Deposit Agreement and incident to the performance of their respective obligations hereunder will be paid by the Company as previously agreed between the Depositary and the Company. The Depositary (and
if applicable, the Transfer Agent and Registrar) shall present its statement for fees and expenses to the Company once every three months or at such other intervals as the Company and the Depositary may agree. 

ARTICLE 6 
 AMENDMENT AND
TERMINATION 
 SECTION 6.01         Amendment. 

The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by
agreement between the Company and the Depositary without the consent of holders of Receipts in any respect that the Company and the Depositary 

  
 22 

 
may deem necessary or desirable; provided, however, that no such amendment (other than any change in the fees of any Depositary, Registrar or Transfer Agent that are payable by the
Company) which (i) shall materially and adversely alter the rights of the holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Preferred Stock pursuant to the Certificate
of Incorporation shall be effective unless such amendment shall have been approved by the holders of Receipts evidencing at least two-thirds of the Depositary Shares then outstanding. In no event shall any amendment impair the right, subject to the
provisions of Sections 2.06 and 2.07 and Article 3, of any holder of any Receipts evidencing such Depositary Shares to surrender any Receipt with instructions to the Depositary to deliver to the holder the deposited Preferred
Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by
continuing to hold such Receipt, to consent and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. As a condition precedent to the Depositary’s execution of any amendment, the Company shall deliver to the
Depositary a certificate from a duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this Section 6.01. 

SECTION 6.02         Termination. 

This Deposit Agreement may be terminated by the Company upon not less than 30 days’ prior written notice to the
Depositary if the holders of Receipts evidencing a majority of the Depositary Shares then outstanding consent to such termination, whereupon the Depositary shall deliver or make available to each holder of a Receipt, upon surrender of the Receipt
held by such holder, such number of whole or fractional shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced by such Receipt, together with any other property held by the Depositary in respect of such Receipt.
This Deposit Agreement will automatically terminate if (i) all outstanding Depositary Shares shall have been redeemed in accordance with the provisions hereof or (ii) there shall have been made a final distribution in respect of the
deposited Preferred Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution shall have been distributed to the holders of Receipts entitled thereto. 

Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit
Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Transfer Agent or Registrar under Sections 5.03, 5.06 and 5.07. 

ARTICLE 7 
 MISCELLANEOUS

 SECTION 7.01         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. Delivery of an executed counterpart of a signature page to
this Deposit Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 

  
 23 

 SECTION 7.02         Exclusive
Benefits 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 7.03         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; provided, however, that if such
provision affects the rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately. 

SECTION 7.04         Notices. 

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

Citigroup Inc. 

601 Lexington Avenue 

New York, New York 10022 

Attention: Treasury Department 

Fax: 646-291-1469 

with a copy to: 

Citigroup Inc. 

One Court Square, 45th Floor 

Long Island City, New York 11120 

Attention: Barbara Politi, Assistant General Counsel– Capital Markets 

Fax: 718-248-4107 
 or at any
other address of which the Company shall have notified the Depositary in writing. 
 Any notices to be given to the
Depositary, Transfer Agent or Registrar 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 telecopier confirmed by letter, addressed to the Depositary: 

Computershare Trust Company, N.A. 

c/o Computershare Inc. 

250 Royall Street 

Canton, Massachusetts 02021 

Attention: General Counsel 

Facsimile: 781-575-4210 

  
 24 

 Any notices 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 transmitted through the facilities of DTC in accordance with DTC’s procedures or personally delivered or sent by mail, recognized next-day courier service or telecopier
confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary; provided, that any record holder may direct the Depositary to deliver notices to such record holder at an
alternate address or in a specific manner that is reasonably requested by such record holder in a written request timely filed with the Depositary and that is reasonably acceptable to the Depositary. 

Delivery of a notice sent by mail 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 message) is deposited, postage prepaid, in a post office letter box, or in the case of a next-day courier service, when deposited with such courier, courier fees prepaid. The Depositary or the
Company may, however, act upon any facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such facsimile message shall not subsequently be confirmed by letter as aforesaid. 

SECTION 7.05         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 notify the Company of any such action. 

SECTION 7.06         Holders of Receipts Are Parties. 

The holders of Receipts from time to time shall be deemed to 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 to the same extent as though such person executed this Deposit Agreement. 

SECTION 7.07         Governing Law. 

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be
governed by, and construed in accordance with, the law of the State of New York applicable to agreements made and to be performed in said State, without regard to conflicts of laws principles thereof. 

SECTION 7.08         Inspection of Deposit Agreement and Certificate of
Designations. 
 Copies of this Deposit Agreement and the Certificate of Designations shall be filed with the Depositary
and the Depositary’s Agents and shall be open to inspection during business hours at the Depositary Office by any holder of any Receipt. 

SECTION 7.09         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 to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

  
 25 

 SECTION 7.10
        Confidentiality. 
 The Depositary and the Company agree that all
books, records, information and data pertaining to the business of the other party, including, inter alia, personal, non-public holder information, 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. 

SECTION 7.11         Further Assurances. 

From time-to-time and after the date hereof, the Company agrees that it will perform, acknowledge and deliver or cause to be
performed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by the Depositary of the provisions of this Agreement.

 [Signature Page Follows] 

  
 26 

 IN WITNESS WHEREOF, Citigroup Inc. and Computershare Inc. and Computershare Trust
Company, N.A. have duly executed this Deposit Agreement as of the day and year first set forth above 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. 
  

			
	 CITIGROUP INC.

		
	 By:
	 	 /s/ Le Roy Davis

		 	 Authorized Officer

	
	COMPUTERSHARE INC. and COMPUTERSHARE TRUST COMPANY, N.A., as Depositary, and COMPUTERSHARE TRUST COMPANY, N.A., as Registrar and Transfer Agent
		
	 By:
	 	 /s/ Dennis V. Moccia

		 	 Dennis V. Moccia

		 	 Manager, Contract Administration

 [Signature Page to Deposit Agreement] 

 Exhibit A 

FORM OF FACE OF RECEIPT 

IF GLOBAL RECEIPT IS ISSUED: UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 A-1 

			
	 Certificate Number: A-1
	  	Number of Depositary Shares: 1,500,000

 CUSIP NO.: 172967KD2 

CITIGROUP INC. 
 RECEIPT FOR
DEPOSITARY SHARES 
 Each Representing 1/25th of a Share of 

6.125% Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series R 

(par value $1.00 per share) 

(liquidation preference $25,000 per share) 

Computershare Inc., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary Computershare Trust
Company, N.A., a federally chartered national association (the “Trust Company” and jointly with Computershare, the “Depositary”), hereby certify that CEDE & CO. is the registered owner of one million five hundred
thousand (1,500,000) depositary shares ($1,500,000,000 aggregate liquidation preference) (“Depositary Shares”), each Depositary Share representing 1/25th of one share of 6.125%
Fixed Rate / Floating Rate Noncumulative Preferred Stock, Series R, $1.00 par value per share and liquidation preference of $25,000 per share of Citigroup Inc., a Delaware corporation (the “Company”), on deposit with the Depositary,
subject to the terms and entitled to the benefits of the Deposit Agreement, dated November 13, 2015 (the “Deposit Agreement”), among the Company, the Depositary, the Trust Company, as Registrar and Transfer Agent (each term as defined
in the Deposit Agreement), and the holders from time to time of Receipts for Depositary Shares. By accepting this Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This
Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if a
Registrar in respect of the Receipts (other than the Depositary) shall have been appointed, by the manual signature of a duly authorized officer of such Registrar. 

Dated: 

											
	 [Countersigned:
	 		 		 		  	Computershare Inc. and Computershare Trust Company, N.A., as Depositary
					
	                               
                                         
                ]	 		 		  	 By:
	  	  

	 By
	 		 		 		  		  	 Debra Sumpter

Relationship Manager

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

The following abbreviations when used in the instructions on the face of this receipt shall be construed as though they were
written out in full according to applicable laws or regulations. 
  

			
	     TEN COM - as tenant in common
	  	 UNIF GIFT MIN ACT -
                
 Custodian
                

		  	
                             
           (Cust)            (Minor)

		
	     TEN ENT - as tenants by the entireties
	  	 Under Uniform Gifts to Minors Act

		
	     JT TEN - as joint tenants with right of survivorship
	  	
                             
                                         
  

	     and not as tenants in common
	  	 (State)

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

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

PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE 
  

			
	
                             
                                         
                                         
                                         
                            

	
                             
                                         
                                         
                                         
                            

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS 

INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

 

                          
                Depositary Shares represented by the within Receipt, and do 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
                                
	  	  

		  	  
 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
whatever.

 SIGNATURE GUARANTEED 
 NOTICE:
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. 

  
 A-3 

 Exhibit B 

Certificate of Designations

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