Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
 SVB FINANCIAL 

and 
 U.S. BANK TRUST COMPANY,
NATIONAL ASSOCIATION, AS TRUSTEE 
 FIRST SUPPLEMENTAL INDENTURE 

Dated as of April 28, 2022 

to 
 INDENTURE 

Dated as of September 20, 2010 
  

 
  

 FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of
April 28, 2022, between SVB Financial Group, a Delaware corporation (the “Company”), and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as Trustee (the “Trustee”).

 RECITALS 
 WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of September 20, 2010 (the “Existing Indenture” and as supplemented and amended by this First Supplemental Indenture, the “Indenture”)
providing for the issuance by the Company from time to time of its senior debt securities in one or more series (the “Securities”); 

WHEREAS, Section 9.01(e) of the Existing Indenture provides that the Company (when authorized by a Board Resolution) and the Trustee may,
without the consent of any Holders, enter into indentures supplemental to the Existing Indenture to add, change or eliminate any of the provisions of the Existing Indenture when there is no Security Outstanding of any series created prior to the
execution of such supplemental indenture which is entitled to the benefit of such provision and such addition, change or elimination does not modify the rights of any Security Outstanding; 

WHEREAS, any addition, change to or elimination of any provision of the Existing Indenture pursuant to this First Supplemental Indenture shall
not apply to any Security Outstanding prior to the execution of this First Supplemental Indenture, and each Security Outstanding prior to the execution of this First Supplemental Indenture shall continue to be entitled to the benefit of the
provisions under the Existing Indenture; 
 WHEREAS, in accordance with Section 9.01(e) of the Existing Indenture, the Company and the
Trustee wish to amend the Existing Indenture to add, change or eliminate certain provisions of the Existing Indenture with respect to each series of Securities issued following the execution of this First Supplemental Indenture, as set forth below;

 WHEREAS, the Company is delivering contemporaneously herewith to the Trustee, pursuant to the Existing Indenture, an Opinion of Counsel
in connection with the execution and delivery of this First Supplemental Indenture; 
 WHEREAS, all things necessary to make this First
Supplemental Indenture a legal and binding supplement to the Existing Indenture in accordance with its terms and the terms of the Existing Indenture have been done; 

WHEREAS, the Company has complied with all conditions precedent provided for in the Existing Indenture relating to this First Supplemental
Indenture; and 
 WHEREAS, the Company has requested that the Trustee execute and deliver this First Supplemental Indenture. 

  
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 NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the sufficiency and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

AMENDMENTS TO THE INDENTURE 

Section 1.1    Section1.01 of the Existing Indenture is hereby amended by inserting the following new defined term
immediately following the definition of “corporation”: 
 ““Covenant Breach” means, with respect to the Securities
of any series, (1) default in the deposit of any sinking fund payment, when and as due under the terms of a Security of that series and (2) a failure on the part of the Company duly to observe or perform any of the covenants or agreements
on the part of the Company contained in the Securities of that series or in this Indenture (other than a covenant or agreement a default in the performance of which or breach of which constitutes an Event of Default pursuant to Section 5.01 of
this Indenture, or which has expressly been included in this Indenture solely for the benefit of Securities other than Securities of that series; it being understood that to the extent a covenant or warranty is applicable solely to Securities other
than Securities of that series, a default in the performance, or breach, of any such covenant or warranty shall not result in a Covenant Breach with respect to Securities of that series), and continuance of such failure for a period of 90 days after
there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Covenant Breach” hereunder. For the avoidance of doubt, a Covenant Breach shall not be an Event of Default with respect to any Security, except
to the extent otherwise specified as contemplated by Section 3.01 with respect to such Security.” 

Section 1.2    Section 1.01 of the Existing Indenture is hereby amended by deleting the definition of “Notice of
Default” in its entirety and replacing it with the following: 
 ““Notice of Covenant Breach” means a written notice of
the kind specified in the definition of “Covenant Breach” in this Section 1.01.” 

  
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 Section 1.3    Section 3.01 of the Existing Indenture is hereby
amended as follows: 
 (a)     Section 3.01(r) is hereby amended by deleting such Section 3.01(r) in its entirety
and replacing it with the following: 
 “(r) any deletion of or addition to or change in the Events of Default or to the definition of
“Covenant Breach” set forth in Section 1.01, in each case with respect to the Securities of such series, including making Events of Default or Covenant Breaches inapplicable or changing the remedies available to holders of the
Securities of such series upon an Event of Default or Covenant Breach;” 
 (b)     Section 3.01(s) is hereby
amended by inserting the phrase “or to the definition of “Covenant Breach” set forth in Section 1.01,” after the phrase “set forth in Article 10.” 

Section 1.4    Section 3.05 of the Existing Indenture is hereby amended by inserting “or Covenant Breach”
after the phrase “Event of Default” in clause (b) of such section. 
 Section 1.5    Section 5.01 of
the Existing Indenture is hereby amended by deleting such Section 5.01 in its entirety and replacing it with the following: 

““Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events unless
such event is either inapplicable to a particular series or is specifically deleted or modified as contemplated by Section 3.01: 
 (a)
    default in the payment of the principal or any premium on any Security of that series as and when the same shall become due and payable either at its Maturity, upon redemption, by declaration or otherwise, and continuance of
such default for a period of 30 days; or 
 (b)    default in the payment of any interest upon any Security of that
series when it becomes due and payable, and continuance of such default for a period of 30 days; or 

(c)    [Intentionally omitted]; 

(d)    [Intentionally omitted]; 

(e)    the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the
Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly
filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect
for a period of 90 consecutive days; or 

  
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 (f)     the commencement by the Company of a voluntary case or
proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for
relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against
it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its
inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or 

(g)     any other Event of Default provided with respect to Securities of that series in the Board Resolution (or in an
Officers’ Certificate detailing such establishment pursuant to such Board Resolution) or supplemental indenture establishing that series.” 

Section 1.6    Section 5.02 of the Existing Indenture is hereby amended as follows: 

(a)     The following is inserted as the last sentence of Section 5.02(a): 

“Unless otherwise specified as contemplated by Section 3.01 with respect to the Securities of such series, there shall be no rights
of acceleration other than as described in this Section 5.02(a). In addition, for the avoidance of doubt, unless otherwise specified as contemplated by Section 3.01 with respect to the Securities of a series, neither the Trustee nor any
Holders of such Securities shall have the right to accelerate the payment of such Securities, nor shall the payment of any Securities be otherwise accelerated, as a result of a Covenant Breach. Further, for avoidance of doubt, if an Event of Default
as described in Section 5.01(g) is specified for a series of Securities, there will be no right to accelerate payment of such Securities on the terms described in the preceding paragraph unless such acceleration rights are granted specifically
for such Securities as contemplated by Section 3.01.” 

  
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 (b)     The phrase “and Covenant Breaches” is inserted
following the phrase “Events of Default” in Section 5.02(b)(ii). 
 (c)     The second paragraph of
Section 5.02(b) is hereby amended by deleting such paragraph in its entirety and replacing it with the following: 
 “No such
rescission shall affect any subsequent Event of Default or Covenant Breach or impair any right consequent thereon.” 

Section 1.7    Section 5.03 of the Existing Indenture is hereby amended by inserting “or Covenant Breach”
after the phrase “Event of Default” in the last paragraph of such section. 
 Section 1.8    Section 5.07
of the Existing Indenture is hereby amended by inserting “or Covenant Breach” after each occurrence of the phrase “Event of Default.” 

Section 1.9    Section 5.11 of the Existing Indenture is hereby amended by inserting “or Covenant Breach”
after each occurrence of the phrase “Event of Default.” 
 Section 1.10    Section 5.13 of the Existing
Indenture is hereby amended by inserting “or Covenant Breach” after the phrase “Event of Default” and by inserting the following at the end of such section: 

“For the purpose of this Section, the term “default” means any event which is, or after notice or the lapse of time or both
would become, an Event of Default or Covenant Breach with respect to Securities of such series.” 

Section 1.11    Section 6.02 of the Existing Indenture is hereby amended as follows: 

(a)     Section 6.02 is hereby amended by inserting the phrase “or Covenant Breach” after each occurrence of the
phrase “Event of Default.” 
 (b)     The first paragraph of Section 6.02 is hereby amended by inserting
the following at the end of the first sentence of such paragraph: 
 “; provided, however, that in the case of any default of the
character specified in Clause (2) under the definition of “Covenant Breach” in Section l.01 with respect to Securities of such series, no such notice to the Holders shall be given until at least 30 days after the occurrence
thereof.” 

  
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 Section 1.12    Section 6.08 of the Existing Indenture is hereby
amended by inserting “or Covenant Breach” after the phrase “Event of Default” and inserting the following at the end of such paragraph: 

“For the purpose of determining whether a conflicting interest exists within the meaning of the Trust Indenture Act, the term
“default” means any event which is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach.” 

Section 1.13    Section 8.01 of the Existing Indenture is hereby amended as follows: 

(a)     The first paragraph of Section 8.01 of the Existing Indenture is hereby amended by deleting the words up to
and including the colon in their entirety and replacing them with the following: 
 “The Company shall not consolidate with or merge
into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, other than a sale or conveyance of all or substantially all of its assets to one or more Subsidiaries, unless:” 

(b)     Section 8.01(b) of the Existing Indenture is hereby amended by inserting “or Covenant Breach” after each
occurrence of the phrase “Event of Default.” 
 Section 1.14    Section 9.01(c) of the Existing Indenture
is hereby amended by inserting “or Covenant Breaches” after each occurrence of the phrase “Events of Default.” 

Section 1.15    Section 9.02 of the Existing Indenture is hereby amended by inserting the following at the end
thereof: 
 “For the purpose of this Section, the term “default” means any event which is, or after notice or the lapse of
time or both would become, an Event of Default or Covenant Breach.” 
 Section 1.16    Section 10.04 of the
Existing Indenture is hereby amended by inserting the following at the end thereof: 
 “For the purpose of this Section, the term
“default” means any event which is, or after notice or the lapse of time or both would become, an Event of Default or Covenant Breach.” 

  
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 Section 1.17    Section 13.03 of the Existing Indenture is hereby
amended by deleting such Section 13.03 in its entirety and replacing it with the following: 
 “Upon the Company’s exercise of
its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, 
 (a)
    the Company shall be released from any covenants provided pursuant to Sections 3.01(s), 9.01(b) or 9.01(e) for the benefit of the Holders of such Securities, and 

(b)     the occurrence of any Covenant Breach (with respect to any such covenants provided pursuant to
Section 3.01(s), 9.01(b) or 9.01(e)) shall be deemed not to be or result in a Covenant Breach and, if applicable, any event specified pursuant to Section 5.01(g) shall be deemed not to be or result in an Event of Default, 

in each case with respect to such Securities or any series of Securities as provided in this Section on and after the date the conditions set
forth in Section 13.04 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of a Covenant Breach), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or
by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.” 

Section 1.18    Section 13.04 of the Existing Indenture is hereby amended as follows: 

(a)     Section 13.04(c) is hereby amended by deleting the reference to “Holders” and replacing it with
“beneficial owners.” 
 (b)     Section 13.04(e) is hereby amended by inserting “or Covenant Breach”
after the phrase “Event of Default.” 
 ARTICLE II 

MISCELLANEOUS 

Section 2.1    Definitions. All capitalized terms used herein and not otherwise defined below shall have the meanings
ascribed thereto in the Existing Indenture. 
 Section 2.2    Effect of this First Supplemental Indenture. The
Existing Indenture shall be modified in accordance with this First Supplemental Indenture, and this First Supplemental Indenture shall form part of the Existing Indenture for all purposes; and every Holder of Securities thereafter authenticated or
delivered thereunder shall be bound hereby. The Existing Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. Any cross-references to the provisions of the Existing
Indenture that are deleted or modified as a result of this First Supplemental Indenture are hereby accordingly deleted or modified, as applicable. Notwithstanding anything to the contrary contained herein, the modifications to the Existing Indenture
pursuant to this First Supplemental Indenture shall not apply to, or modify the rights of the Holders of, any Security Outstanding prior to the date hereof (including, without limitation, any “Additional Notes” (as defined in the
applicable Officers’ Certificate) for any series of Securities outstanding prior to the date hereof). 

  
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 Section 2.3    Trust Indenture Act Controls. If any provision of
this First Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in this First Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 

Section 2.4    Effect of Headings and Table of Contents. The Article and Section headings herein are for convenience
only and shall not affect the construction hereof. 
 Section 2.5    Successors and Assigns. All covenants and
agreements in this First Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 2.6    Separability Clause. If any provision in this First Supplemental Indenture shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 2.7    Governing Law. This First Supplemental Indenture and the Securities shall be governed by and construed
in accordance with the laws of the New York, without regard to conflict of laws principles thereof. 

Section 2.8    Counterparts. This First Supplemental Indenture may be executed in any number of counterparts each of
which shall be an original; but such counterparts shall together constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of
2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes. 
 Section 2.9    Electronic Signatures. The words “execution”,
“signed”, “signature”, “delivery” and words of like import in or relating to this First Supplemental Indenture and/or any document, notice, instrument or certificate to be signed and/or delivered in connection with this
First Supplemental Indenture and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), electronic deliveries or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. “Electronic Signatures” means any electronic symbol or process attached
to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Further, all notices, approvals, consents, requests and any communications hereunder must be in
writing, provided that any communication sent to the Trustee hereunder that is required to be signed must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign, AdobeSign or such other digital
signature provider as specified in writing to the Trustee by the authorized representative of the Company. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to
the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

[Remainder of page left intentionally blank] 

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

			
	SVB FINANCIAL GROUP
		
	By:	 	 /s/ Daniel Beck

	Name:	 	Daniel Beck
	Title:	 	Chief Financial Officer

  

			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

  
 [Signature Page to
First Supplemental Indenture] 

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

			
	SVB FINANCIAL GROUP
		
	By:	 	  

	Name:	 	Daniel Beck
	Title:	 	Chief Financial Officer

  

			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Bradley E. Scarbrough

	Name:	 	Bradley E. Scarbrough
	Title:	 	Vice President

  

  
 [Signature Page to
First Supplemental Indenture]EX-4.3

 Exhibit 4.3 

SVB FINANCIAL GROUP 

Officers’ Certificate 

April 29, 2022 
 Reference
is made to the Indenture dated as of September 20, 2010, by and between SVB Financial Group (the “Company”) and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), a
national banking association, as trustee (the “Trustee”), as supplemented by the first supplemental indenture dated as of April 28, 2022, by and between the Company and the Trustee (as so supplemented, the “Base
Indenture” and, together with this Officers’ Certificate, the “Indenture”). The Trustee is the trustee for any and all securities issued under the Indenture. Pursuant to Section 1.02, Section 2.01 and
Section 3.01 of the Base Indenture, the undersigned officers do hereby certify, in connection with the issuance and authentication of (i) $350,000,000 aggregate principal amount of 4.345% Senior Fixed Rate/Floating Rate Notes due 2028 (the
“2028 Notes”) and (ii) $450,000,000 aggregate principal amount of 4.570% Senior Fixed Rate/Floating Rate Notes due 2033 (the “2033 Notes,” and together with the 2028 Notes, the “Notes”), that the
terms of the 2028 Notes and the 2033 Notes are as follows: 
 Capitalized terms used but not otherwise defined herein shall have the
meanings specified in the Base Indenture. 
 2028 Notes 
  

			
	Title:	  	4.345% Senior Fixed Rate/Floating Rate Notes due 2028.
		
	Issuer:	  	SVB Financial Group.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	  	U.S. Bank Trust Company, National Association.
		
	Aggregate Principal Amount at Maturity:	  	$350,000,000.
		
	Issue Price:	  	100.000%, of face amount, plus accrued interest, if any, from April 29, 2022.
		
	Maturity Date:	  	April 29, 2028.
		
	Fixed Interest Rate:	  	4.345% per annum.
		
	Floating Interest Rate:	  	Compounded SOFR determined as set forth in the form of 2028 Note attached hereto as Exhibit A, plus 1.713% per annum.

			
	Date from which Interest will Accrue:	  	April 29, 2022.
		
	Regular Record Dates:	  	15 calendar days prior to each interest payment date.
		
	Fixed Interest Payment Dates:	  	April 29 and October 29 of each year, commencing on October 29, 2022 and ending on April 29, 2027.
		
	Floating Interest Payment Dates:	  	July 29, 2027, October 29, 2027, January 29, 2028 and at the 2028 Notes Maturity Date.
		
	Place of Payment:	  	The contiguous United States.
		
	Optional Redemption:	  	The 2028 Notes are redeemable at the option of the Company, in whole but not in part, on April 29, 2027, the date that is one year prior to the 2028 Notes Maturity Date, at 100% of the principal amount of the 2028 Notes
(par), plus accrued and unpaid interest thereon to, but excluding, the date of redemption. In addition, the 2028 Notes may be redeemed, in whole or in part, on or after the 30th day prior to the 2028 Notes Maturity Date at 100% of the principal
amount of the 2028 Notes (par), plus accrued and unpaid interest thereon to, but excluding, the date of redemption.
		
	Sinking Fund:	  	None.
		
	Conversion:	  	None.
		
	Covenants:	  	The Company shall comply with the limitation on liens covenant set forth in Section 7 of the form of 2028 Note attached hereto as Exhibit A and with all of the covenants set forth in the Base Indenture.
		
	Defeasance:	  	Sections 13.02 and 13.03 of the Base Indenture shall be applicable to the 2028 Notes.
		
	Events of Default:	  	The Events of Default applicable to the 2028 Notes are as set forth in Section 5.01 of the Base Indenture.
		
	Denominations:	  	Minimum of $2,000 and integral multiples of $1,000 thereafter.
		
	Global Security:	  	The 2028 Notes shall be issued in the form of one or more Global Securities in the form attached hereto as Exhibit A.

  
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	Security:	  	None.
		
	Guarantees:	  	None.
		
	Miscellaneous:	  	The terms of the 2028 Notes shall include such other terms as are set forth in the form of Note attached hereto as Exhibit A and in the Base Indenture.

 2033 Notes 
  

			
	Title:	  	4.570% Senior Fixed Rate/Floating Rate Notes due 2033.
		
	Issuer:	  	SVB Financial Group.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	  	U.S. Bank Trust Company, National Association.
		
	Aggregate Principal Amount at Maturity:	  	$450,000,000.
		
	Issue Price:	  	100.000%, of face amount, plus accrued interest, if any, from April 29, 2022.
		
	Maturity Date:	  	April 29, 2033.
		
	Fixed Interest Rate:	  	4.570% per annum.
		
	Floating Interest Rate:	  	Compounded SOFR determined as set forth in the form of 2033 Note attached hereto as Exhibit B, plus 1.967% per annum.
		
	Date from which Interest will Accrue:	  	April 29, 2022.
		
	Regular Record Dates:	  	15 calendar days prior to each interest payment date.
		
	Fixed Interest Payment Dates:	  	April 29 and October 29 of each year, commencing on October 29, 2022 and ending on April 29, 2032.
		
	Floating Interest Payment Dates:	  	July 29, 2032, October 29, 2032, January 29, 2033 and at the 2033 Notes Maturity Date.
		
	Place of Payment:	  	The contiguous United States.

  
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	Optional Redemption:	  	The 2033 Notes are redeemable at the option of the Company, in whole but not in part, on April 29, 2032, the date that is one year prior to the 2033 Notes Maturity Date, at 100% of the principal amount of the 2033 Notes
(par), plus accrued and unpaid interest thereon to, but excluding, the date of redemption. In addition, the 2033 Notes may be redeemed, in whole or in part, on or after the 90th day prior to the 2033 Notes Maturity Date at 100% of the principal
amount of the 2033 Notes (par), plus accrued and unpaid interest thereon to, but excluding, the date of redemption.
		
	Sinking Fund:	  	None.
		
	Conversion:	  	None.
		
	Covenants:	  	The Company shall comply with the limitation on liens covenant set forth in Section 7 of the form of 2033 Note attached hereto as Exhibit B and with all of the covenants set forth in the Base Indenture.
		
	Defeasance:	  	Sections 13.02 and 13.03 of the Base Indenture shall be applicable to the 2033 Notes.
		
	Events of Default:	  	The Events of Default applicable to the 2033 Notes are as set forth in Section 5.01 of the Base Indenture.
		
	Denominations:	  	Minimum of $2,000 and integral multiples of $1,000 thereafter.
		
	Global Security:	  	The 2033 Notes shall be issued in the form of one or more Global Securities in the form attached hereto as Exhibit B.
		
	Security:	  	None.
		
	Guarantees:	  	None.
		
	Miscellaneous:	  	The terms of the Notes shall include such other terms as are set forth in the form of 2033 Note attached hereto as Exhibit B and in the Base Indenture.

 For the avoidance of doubt, any reference in the Indenture to facsimile signatures shall be understood to
include electronic signatures. 
 Subject to the representations, warranties and covenants described in the Indenture, as amended or
supplemented from time to time, the Company shall be entitled, subject to authorization by the Board of Directors of the Company and an Officers’ Certificate, to increase the aggregate principal amount of either series of Notes outstanding by
creating and issuing additional notes from time to time under the applicable series of Notes issued hereby. Any such additional notes of a series shall have identical terms as the applicable series of Notes issued on the issue date, other than with
respect to the date of issuance, the issue price and interest accrued prior to the issue date of the additional notes (together the “Additional Notes”). Any Additional Notes shall be issued in accordance with Section 3.01 of
the Base Indenture and shall have the same CUSIP number as the applicable series of Notes. No such Additional Notes shall be issued unless they will be fungible with the applicable series of Notes for U.S. federal income tax purposes. Each series of
Notes and any Additional Notes of such series shall rank equally and ratably and shall be treated as a single series for all purposes under the Indenture. No Additional Notes shall be issued if any Event of Default has occurred and is continuing
with respect to the Notes. 

  
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 Each such officer certifies that he has read and understands the provisions of the Indenture
and the definitions relating thereto. The statements made in this Officers’ Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the Company. In such officers’ opinion,
each officer has made such examination or investigation as is necessary to enable such officer to express an informed opinion as to whether or not the covenants and conditions of such Indenture relating to the issuance and authentication of the
Notes have been complied with. In such officers’ opinion, such covenants and conditions have been complied with. 
 Copies of the
resolutions of the Board of Directors (the “Board”), the Finance Committee of the Board, and the Pricing Committee of the Finance Committee pursuant to which the terms of the Notes were established are attached hereto as Exhibit C.

  
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 IN WITNESS WHEREOF the undersigned officers of the Company have duly executed this
Officers’ Certificate as of the date first written above. 
  

					
	SVB FINANCIAL GROUP
		
	By:	 	 /s/ Greg Becker

		 	Name:	 	Greg Becker
		 	Title:	 	President and Chief Executive Officer
		
	By:	 	 /s/ Daniel Beck

		 	Name:	 	Daniel Beck
		 	Title:	 	Chief Financial Officer

 EXHIBIT A 

Form of 2028 Note 

 FORM OF 4.345% SENIOR FIXED RATE/FLOATING RATE NOTE DUE 2028 

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

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE
OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 SVB FINANCIAL GROUP 

4.345% Senior Fixed Rate/Floating Rate Note due 2028 
  

					
	 No. [            ]
	  	 	CUSIP No.: 78486Q AR2	 
		  	 	ISIN No.: US78486QAR20	 
		  	 	$[            ]	 

 SVB FINANCIAL GROUP, a Delaware corporation (the “Company”), for value received promises to
pay to CEDE & CO registered assigns the principal sum of [            ] on April 29, 2028 (the “Maturity Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed by its duly authorized
officers. 
  

					
	SVB FINANCIAL GROUP
		
	By:	 	  

		 	Name:	 	Greg Becker
		 	Title:	 	President and Chief Executive Officer

  

					
	Attest:	 	  

		 	Name:	 	Martina Davis
		 	Title:	 	Assistant Secretary

 This is one of the Notes of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated:            ,      

 

			
	 U.S. BANK TRUST COMPANY,

NATIONAL ASSOCIATION, 
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

 (REVERSE OF NOTE) 

SVB FINANCIAL GROUP 

4.345% Senior Fixed Rate/Floating Rate Note due 2028 

1.    Interest and Principal. SVB Financial Group (the “Company”) promises to pay interest on the principal amount
of this Note (i) from and including April 29, 2022 to, but excluding, April 29, 2027 (the “Fixed Rate Period”), at a fixed rate of 4.345% per annum, semi-annually in arrears, on April 29 and October 29 of
each year (each, a “Fixed Interest Payment Date”), commencing on October 29, 2022 and ending on April 29, 2027, and (ii) from, and including April 29, 2027 to, but excluding, the Maturity Date (the
“Floating Rate Period”), at an annual rate equal to Compounded SOFR (as defined and computed below) plus 1.713%, quarterly in arrears on July 29, 2027, October 29, 2027, January 29, 2028 and at the Maturity Date
(each, a “Floating Interest Payment Date” and together with any Fixed Interest Payment Date, an “Interest Payment Date”). 

The Company will pay interest to the holder in whose name this Note is registered at the close of business on the fifteenth calendar day
(whether or not a business day (as defined below)), immediately preceding the related Interest Payment Date, as applicable. 
 During the
Fixed Rate Period, interest will be computed on the basis of a 360-day year consisting of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA
Uniform Practice Code. During the Floating Rate Period, interest will be computed on the basis of the actual number of days in each interest period (or any other relevant period) and a 360-day year. During the
Floating Rate Period, the amount of accrued interest payable on the Notes for each interest period will be computed by multiplying (i) the outstanding principal amount of the Notes by (ii) the product of (a) the interest rate for the
relevant interest period multiplied by (b) the quotient of the actual number of calendar days in the applicable Observation Period (defined below) relating to such interest period (or any other relevant period) divided by 360. The interest rate
on the Notes will in no event be lower than zero. 
 If a Fixed Interest Payment Date, Maturity Date or redemption date falls on a day that
is not a business day (as defined below), the related payment of interest or payment of principal and interest at maturity or redemption will be made on the next day that is a business day, and no interest on the Notes or such payment will accrue
for the period from and after such Fixed Interest Payment Date, Maturity Date or redemption date. 
 If a Floating Interest Payment Date
(other than a Maturity Date or redemption date) falls on a day that is not a business day, such Floating Interest Payment Date will be postponed to the following business day, except that, if that business day would fall in the next calendar month,
the Floating Interest Payment Date will be the immediately preceding business day. 

 A “business day” with respect to the Notes, means each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in The City of New York or the place of payment that are authorized or obligated by law or executive order to close. 

The Company shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes, and at the same rate on
overdue, installments of interest (without regard to any applicable grace periods) to the extent lawful from the dates such amounts are due until such amounts are paid or made available for payment, and such interest shall be payable on demand. 

Payment of the principal of, and premium, if any, and interest due on this Note at maturity or upon redemption will be made upon surrender of
this Note at the office of the paying agent in the contiguous United States. The principal of, and premium, if any, and interest due on this Note shall be paid in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable and subject to the Trustee’s or paying agent’s
arrangements with the Depositary, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, or (ii) by wire transfer at such place and to such
account at a banking institution in the United States of America as may be designated in writing to the Trustee or the paying agent at least 15 days prior to the date for payment by the Person entitled thereto. 

During the Floating Rate Period, the Calculation Agent will determine Compounded SOFR, the interest rate and accrued interest for each
interest period in arrears as soon as reasonably practicable on or after the Interest Payment Determination Date (as defined below) for such interest period and prior to the relevant Floating Interest Payment Date and will notify the Company, the
Trustee and the paying agent of Compounded SOFR, such interest rate and accrued interest for each interest period as soon as reasonably practicable after such determination, but in any event by the business day immediately prior to the Floating
Interest Payment Date. At the request of a holder of the Notes, the Calculation Agent will provide Compounded SOFR, the interest rate and the amount of interest accrued with respect to any interest period, after Compounded SOFR, such interest rate
and accrued interest have been determined. 
 Secured Overnight Financing Rate and the SOFR Index 

SOFR is published by the FRBNY and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury
securities. 
 The SOFR Index is published by the FRBNY and measures the cumulative impact of compounding SOFR on a unit of investment over
time, with the initial value set to 1.00000000 on April 2, 2018, the first value date of SOFR. The SOFR Index value reflects the effect of compounding SOFR each business day and allows the calculation of compounded SOFR averages over custom
time periods. 

 The FRBNY notes on its publication page for the SOFR Index that use of the SOFR Index is
subject to important limitations, indemnification obligations and disclaimers, including that the FRBNY may alter the methods of calculation, publication schedule, rate revision practices or availability of the SOFR Index at any time without notice.
The interest rate for any interest period during the floating rate period will not be adjusted for any modifications or amendments to the SOFR Index or SOFR data that the FRBNY may publish after the interest rate for that interest period has been
determined. 
 Compounded SOFR 

With respect to any interest period during the floating rate period, “Compounded SOFR” will be determined by the Calculation Agent in
accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point): 
  

 
 where: 

“SOFR Index Start” = For periods other than the initial interest period during the floating rate period, the SOFR Index value on the
preceding Interest Payment Determination Date, and, for the initial interest period, the SOFR Index value on the date that is two U.S. Government Securities Business Days before the first day of such initial interest period (such first day expected
to be April 29, 2027 for the Notes); 
 “SOFR Index End” = The SOFR Index value on the Interest Payment Determination Date
relating to the applicable Floating Interest Payment Date (or in the final interest period, relating to the Maturity Date or redemption date); and 

“d” is the number of calendar days in the relevant Observation Period. 

For purposes of determining Compounded SOFR, 

“Interest Payment Determination Date” means the date two U.S. Government Securities Business Days before each Floating Interest
Payment Date (or preceding the Maturity Date or redemption date). 
 “Observation Period” means, in respect of each interest
period, the period from, and including, the date two U.S. Government Securities Business Days preceding the first date in such interest period to, but excluding, the date two U.S. Government Securities Business Days preceding the Floating Interest
Payment Date for such interest period (or in the final interest period, preceding the applicable Maturity Date or redemption date). 

 “SOFR Index” means, with respect to any U.S. Government Securities Business Day:

 (1) the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR Administrator’s Website at 3:00
p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); or: 
 (2) if a SOFR
Index value does not so appear as specified in (1) above at the SOFR Index Determination Time, then: (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, Compounded SOFR
shall be the rate determined pursuant to the “SOFR Index Unavailable Provisions” described below; or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, Compounded SOFR
shall be the rate determined pursuant to the “Effect of a Benchmark Transition Event” provisions described below. 

“SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator’s
Website. 
 “SOFR Administrator” means the FRBNY (or a successor administrator of SOFR). 

“SOFR Administrator’s Website” means the website of the SOFR Administrator, currently at http://www.newyorkfed.org, or any
successor source. The information contained on such website is not part of this prospectus supplement and is not incorporated in this prospectus supplement by reference. 

“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry
and Financial Markets Association or any successor organization recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Notwithstanding anything to the contrary in the indenture or the Notes, if the Company or its designee determines on or prior to the relevant
Reference Time (as defined below) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining SOFR, then the benchmark replacement provisions set forth below under “Effect of Benchmark
Transition Event” will thereafter apply to all determinations of the rate of interest payable on the Notes. 
 For the avoidance of
doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each interest period will be an annual rate equal to the sum of the
Benchmark Replacement plus 1.713%. 
 SOFR Index Unavailable Provisions 

If a SOFR Index Start or SOFR Index End is not published on the associated Interest Payment Determination Date and a Benchmark Transition Event
and its related Benchmark Replacement Date have not occurred with respect to SOFR, “Compounded SOFR” means, for the applicable interest period for which such index is not available, the rate of return on a daily compounded interest
investment calculated in accordance with the formula for SOFR averages, and definitions required for such formula, published on the SOFR Administrator’s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information.
For the purposes of this provision, references in the SOFR averages compounding formula and related definitions to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar days” shall be removed. If SOFR (“SOFRi”) does not so appear for any day, “i” in
the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator’s Website. 

 Effect of Benchmark Transition Event 

(1) Benchmark Replacement. If the Company or its designee determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred on or prior to the Reference Time in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Notes in respect
of such determination on such date and all determinations on all subsequent dates. 
 (2) a Benchmark Replacement, the Company or its
designee will have the right to make Benchmark Replacement Conforming Changes from time to time. 
 (3) Decisions and Determinations. Any
determination, decision or election that may be made by the Company or its designee pursuant to the benchmark replacement provisions described herein, including any determination with respect to tenor, rate or adjustment, or the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection: 
  

	 	•	 	 will be conclusive and binding absent manifest error; 

 

	 	•	 	 if made by the Company, will be made in the Company’s sole discretion; 

 

	 	•	 	 if made by the Company’s designee, will be made after consultation with the Company, and such designee will
not make any such determination, decision or election to which the Company objects; and 

  

	 	•	 	 notwithstanding anything to the contrary in the indenture or the Notes, shall become effective without consent
from the holders of the Notes or any other party. 

 Any determination, decision or election pursuant to the benchmark
replacement provisions shall be made by the Company or its designee (which may be its affiliate) on the basis as described above, and in no event shall the Calculation Agent, the Trustee or the paying agent be responsible for making any such
determination, decision or election. 

 In connection with the SOFR definition above, the following definitions apply: 

“Benchmark” means, initially, Compounded SOFR, as such term is defined above; provided that if a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Company or its
designee as of the Benchmark Replacement Date; provided that if the Benchmark Replacement cannot be determined in accordance with clause (1) below as of the Benchmark Replacement Date and the Company or its designee shall have determined that
the ISDA Fallback Rate determined in accordance with clause (2) below is not an industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time, then clause
(2) below shall be disregarded, and the Benchmark Replacement shall be determined in accordance with clause (3) below: 
 (1) the
sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 

(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or 

(3) the sum of: (a) the alternate rate of interest that has been selected by the Company or its designee as the replacement for the
then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.

 “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the
Company or its designee as of the Benchmark Replacement Date: 
 (1) the spread adjustment (which may be a positive or negative value or
zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or 

(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company or its designee giving due
consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar
denominated floating rate notes at such time. 

 “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of interest period, the timing and frequency of determining rates and making payments of interest, the rounding of amounts or
tenors, and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company or its designee
decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company or
its designee determines is reasonably practicable). 
 “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof): 
 (1) in the
case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of
the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or 
 (2) in the case of clause (3) of
the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the
Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark
(including the daily published component used in the calculation thereof): 
 (1) a public statement or publication of information by or on
behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark (or such component); 
 (2) a public statement
or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the
administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or 

 (3) a public statement or publication of information by the regulatory supervisor for the
administrator of the Benchmark announcing that the Benchmark is no longer representative. 
 “Calculation Agent” means the firm
appointed by the Company prior to the commencement of the floating rate period. The Company or an affiliate of the Company’s may assume the duties of the Calculation Agent. The institution serving as Trustee shall have no obligation to serve as
Calculation Agent. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR
Index Determination Time, as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its designee in accordance with the Benchmark Replacement Conforming Changes. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the
Federal Reserve Board and/or the FRBNY or any successor thereto. 
 “Unadjusted Benchmark Replacement” means the Benchmark
Replacement excluding the Benchmark Replacement Adjustment. 
 The interest rate and amount of interest to be paid on the Notes for each
interest period will be determined by the Calculation Agent. All determinations made by the Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and binding on the Company and the holders of the Notes. So long as
Compounded SOFR is required to be determined with respect to the Notes, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall
fail duly to establish Compounded SOFR for any interest period, or the Company proposes to remove such Calculation Agent, the Company shall appoint another Calculation Agent. 

 None of the Trustee, the paying agent and the Calculation Agent shall be under any
obligation (i) to monitor, determine or verify the unavailability or cessation of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition
Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been
satisfied, (iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary
or advisable, if any, in connection with any of the foregoing. 
 None of the Trustee, the paying agent and the Calculation Agent shall be
liable for any inability, failure or delay on its part to perform any of its duties set forth in this offering memorandum as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of
any failure, inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of this offering memorandum and reasonably required
for the performance of such duties. 
 Neither the Trustee nor the Calculation Agent shall be responsible or liable for the actions or
omissions of the Company or its designee, or any failure or delay in the performance of its duties or obligations, nor shall they be under any obligation to oversee or monitor its performance; and each of the Trustee and Calculation Agent shall be
entitled to rely conclusively upon, any determination made, and any instruction, notice, officers’ certificate, or other instrument or information provided, by the Company or its designee, without independent verification, investigation or
inquiry of any kind by the Trustee or Calculation Agent. Neither the Trustee nor the Calculation Agent shall be under any duty to succeed to, assume or otherwise perform any of the duties of the Company or its designee, or to appoint a successor or
replacement in the event of its resignation or removal, or to remove and replace the Company or its designee in the calculation of the interest rate applicable hereto in the event of a default, breach or failure of performance of the Company or its
designee with respect to its duties and obligations relating to the determination of the applicable interest rate. 

2.    Paying Agent. Initially, U.S. Bank Trust Company, National Association (the “Trustee”) will
act as paying agent. The Company may change any paying agent without notice to the holders. 
 3.    Indenture;
Defined Terms. This Note is one of the 4.345% Senior Fixed Rate/Floating Rate Notes due 2028 (the “Notes”) issued under an indenture dated September 20, 2010, as supplemented by the first supplemental indenture dated
as of April 28, 2022 (as so supplemented, the “Base Indenture”), by and between the Company and the Trustee (as successor in interest to U.S. Bank National Association), and established pursuant to an Officers’ Certificate
dated April 29, 2022, issued pursuant to Section 1.02, Section 2.01 and Section 3.01 thereof (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are
“Securities” under the Indenture. 

 For purposes of this Note, unless otherwise defined herein, capitalized terms herein are
used as defined in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”) as in
effect on the date on which the Base Indenture was qualified under the TIA; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the
Trust Indenture Act of 1939 as so amended. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the TIA for a statement of them. To the extent the terms of
the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 
 4.    Denominations;
Transfer; Exchange. The Notes are in registered form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. A holder shall register the transfer or exchange of Notes in accordance with the Indenture.
The Company may require a holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The
Company need not issue, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Company register the transfer or exchange of any Note
selected for redemption in whole or in part. 
 5.    Amendment; Supplement; Waiver. Subject to certain
exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the holders
of at least a majority in aggregate principal amount of each series of Outstanding Securities affected by such amendment, supplement or waiver. Without notice to or consent of any holder, the parties thereto may amend or supplement the Indenture and
the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make certain other changes that do not adversely
affect the rights of any holder of a Note in any material respect. 
 6.    Redemption. The Notes are redeemable
at the option of the Company, in whole but not in part, on April 29, 2027, the date that is one year prior to the Maturity Date, upon not less than 10 days nor more than 60 days’ prior notice to holders and the Trustee, at 100% of the
principal amount of the notes (par), plus accrued and unpaid interest thereon to the date of redemption. In addition, the Notes may be redeemed, in whole or in part, on or after the 30th day prior to the Maturity Date at 100% of the principal amount
of the notes (par), plus accrued and unpaid interest thereon to, but not including, the date of redemption. The Company shall provide written notice to the Trustee of the redemption at least two business days prior to the date such notice is
delivered to the holders. The Company will send notice of redemption to DTC. 

 If fewer than all the Notes are redeemed, the Trustee will select the particular Notes to be
redeemed on a pro-rata basis, by lot or by such other method that the Trustee deems fair and appropriate (and in the case of the Global Securities, in accordance with the applicable procedures of DTC). 

7.    Liens. As long as any of the Notes are outstanding, the Company will not, and it will not permit any
Subsidiary to, pledge, mortgage or hypothecate or permit to exist any pledge, mortgage or hypothecation or other lien upon any Voting Shares of any Principal Subsidiary Bank to secure any indebtedness for borrowed money without making effective
provisions whereby the Notes then outstanding, and, at the Company’s option, any other senior indebtedness ranking equally with the Notes, shall be equally and ratably secured with any and all such indebtedness. 

Notwithstanding the foregoing, this restriction shall not prohibit the mortgage, pledge, or hypothecation of, or the establishment of a lien
on, any such Voting Shares: 
 (i)    to secure indebtedness of the Company or a Subsidiary as part of the purchase
price of such Voting Shares, or incurred prior to, at the time of or within 120 days after acquisition thereof for the purpose of financing all or any part of the purchase price thereof; 

(ii)    by the acquisition by the Company or any Subsidiary of any Voting Shares subject to mortgages, pledges,
hypothecations or other liens existing thereon at the time of acquisition (whether or not the obligations secured thereby are assumed by the Company or such Subsidiary); 

(iii)    by the assumption by the Company or a Subsidiary of obligations secured by mortgages on, pledges or
hypothecations of, or other liens on, any such Voting Shares, existing at the time of the acquisition by the Company or such Subsidiary of such Voting Shares; 

(iv)    by the extension, renewal or refunding (or successive extensions, renewals or refundings), in whole or in part, of
any mortgage, pledge, hypothecation or other lien referred to in the foregoing clauses (i), (ii), and (iii); provided, however, that the principal amount of any and all other obligations and indebtedness secured thereby shall not exceed the
principal amount so secured at the time of each extension, renewal or refunding, and that such extension, renewal or refunding shall be limited to all or a part of the Voting Shares that were subject to the mortgage, pledge, hypothecation or other
lien so extended, renewed or refunded; or 
 (v)    by liens to secure loans or other extensions of credit by a
subsidiary bank subject to Section 23A of the Federal Reserve Act or any successor or similar federal law or regulations promulgated thereunder; 
 and
provided, further, that notwithstanding the foregoing, the Company may incur or permit to be incurred or to exist upon such Voting Shares: (x) liens for taxes, assessments or other governmental charges or levies which are not yet due or are
payable without penalty or of which the amount, applicability or validity is being contested by the Company or a Subsidiary in good faith by appropriate proceedings and the Company or such Subsidiary has set aside on its books adequate reserves with
respect thereto (segregated to the extent required by generally accepted accounting principles); or (y) the lien of any judgment, if such judgment shall not have remained undischarged, or unstayed on appeal or otherwise, for more than 90 days.

 In case the Company or any Subsidiary shall propose to pledge, mortgage or hypothecate any
Voting Shares at any time owned by it to secure any indebtedness, other than as permitted by subdivisions (i) to (v), inclusive, of this Section, the Company will prior thereto give written notice thereof to the Trustee, and will prior to or
simultaneously with such pledge, mortgage or hypothecation, by supplemental indenture delivered to the Trustee, in form satisfactory to it, effectively secure all the Notes equally and ratably with such indebtedness, by pledge, mortgage or
hypothecation of such Voting Shares. Such supplemental indenture shall contain provisions concerning the possession, control, release and substitution of mortgaged and pledged property and securities and other appropriate matters which are required
or permitted by the TIA (as in effect at the date of execution of such supplemental indenture) to be included in a secured indenture qualified under the TIA, and may also contain such additional and mandatory provisions permitted by the TIA as may
be necessary to, or as the Trustee may reasonably request to further secure, such pledge, mortgage or hypothecation. 

“Subsidiary” is defined as any corporation, a majority of the outstanding Voting Shares of which are owned, directly or indirectly,
by the Company or one or more of its subsidiaries, or by the Company and one or more of its other subsidiaries. 
 “Principal
Subsidiary Bank” is defined as Silicon Valley Bank or any other U.S. subsidiary bank of the Company, the consolidated assets of which constitute 20% or more of the Company’s consolidated assets or any other subsidiary bank of the Company
designated as a Principal Subsidiary Bank pursuant to a board resolution and set forth in an Officers’ Certificate delivered to the Trustee. 

“Voting Shares” are defined as outstanding shares of capital stock of any class having voting power under ordinary circumstances to
elect at least a majority of the board of directors. 
 8.    Authentication. This Note shall not be valid until
the Trustee manually signs the certificate of authentication on this Note. 
 9.    Abbreviations and Defined
Terms. Customary abbreviations may be used in the name of a holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 10.    CUSIP Numbers. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the accuracy of
such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon. 

 11.    Governing Law. The laws of the State of New York shall
govern the Indenture and this Note thereof. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

					
		 	  

(Print or type assignee’s name, address and zip code)          
                  
	 	
		 		 	
		 	  
 (Insert assignee’s soc. sec. or
tax I.D. No.)
	 	

 and irrevocably appoint _____________________ agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him. 
  

									
	Date:	 	  
	 		  	Your Signature:	 	  

 Sign exactly as your name appears on the other side of this Note. 

 

					
		 		 	  
 Signature

 Signature Guarantee: 
  

					
	Signature must be guaranteed	 		 	  
 Signature

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

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for Physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of
decrease in
principal amount
of this Global Note	  	Amount of
increase in
principal
amount of
this Global
Note	  	Principal
amount of
this Global
Note
following
such decrease
(or increase)	  	Signature of
authorized
officer of
Trustee

 EXHIBIT B 

Form of 2033 Note 

 FORM OF 4.570% SENIOR FIXED RATE/FLOATING RATE NOTE DUE 2033 

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

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE
OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

 SVB FINANCIAL GROUP 

            4.570% Senior Fixed Rate/Floating Rate Note due 2033
                 
  

					
	No. [            ]	  	 	CUSIP No.: 78486Q AS0	 
		  	 	ISIN No.: US78486QAS03	 
		  	 	$[            ]	 

 SVB FINANCIAL GROUP, a Delaware corporation (the “Company”), for value received promises to
pay to CEDE & CO registered assigns the principal sum of [            ] on April 29, 2033 (the “Maturity Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed by its duly authorized
officers. 
  

					
	SVB FINANCIAL GROUP
		
	By:	 	  

		 	Name:	 	Greg Becker
		 	Title:	 	President and Chief Executive Officer

  

					
	Attest:	 	  

		 	Name:	 	Martina Davis
		 	Title:	 	Assistant Secretary

 This is one of the Notes of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated: _______________, ____ 
  

			
	 U.S. BANK TRUST COMPANY,

NATIONAL ASSOCIATION,

	as Trustee
		
	By:	 	  

		 	Authorized Signatory

 (REVERSE OF NOTE) 

SVB FINANCIAL GROUP 

4.570% Senior Fixed Rate/Floating Rate Note due 2033 

1.    Interest and Principal. SVB Financial Group (the “Company”) promises to pay interest on the principal amount
of this Note (i) from and including April 29, 2022 to, but excluding, April 29, 2032 (the “Fixed Rate Period”), at a fixed rate of 4.570% per annum, semi-annually in arrears, on April 29 and October 29 of
each year (each, a “Fixed Interest Payment Date”), commencing on October 29, 2022 and ending on April 29, 2032, and (ii) from, and including April 29, 2032 to, but excluding, the Maturity Date (the
“Floating Rate Period”), at an annual rate equal to Compounded SOFR (as defined and computed below) plus 1.967%, quarterly in arrears on July 29, 2032, October 29, 2032, January 29, 2033 and at the Maturity Date
(each, a “Floating Interest Payment Date” and together with any Fixed Interest Payment Date, an “Interest Payment Date”). 

The Company will pay interest to the holder in whose name this Note is registered at the close of business on the fifteenth calendar day
(whether or not a business day (as defined below)), immediately preceding the related Fixed Interest Payment Date or Floating Interest Payment Date, as applicable. 

During the Fixed Rate Period, interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. During the Floating Rate Period, interest will be computed on the basis of the actual number of days in each
interest period (or any other relevant period) and a 360-day year. During the Floating Rate Period, the amount of accrued interest payable on the Notes for each interest period will be computed by multiplying
(i) the outstanding principal amount of the Notes by (ii) the product of (a) the interest rate for the relevant interest period multiplied by (b) the quotient of the actual number of calendar days in the applicable Observation
Period (defined below) relating to such interest period (or any other relevant period) divided by 360. The interest rate on the Notes will in no event be lower than zero. 

If a Fixed Interest Payment Date, Maturity Date or redemption date falls on a day that is not a business day (as defined below), the related
payment of interest or payment of principal and interest at maturity or redemption will be made on the next day that is a business day, and no interest on the Notes or such payment will accrue for the period from and after such Fixed Interest
Payment Date, Maturity Date or redemption date. 
 If a Floating Interest Payment Date (other than a Maturity Date or redemption date) falls
on a day that is not a business day, such Floating Interest Payment Date will be postponed to the following business day, except that, if that business day would fall in the next calendar month, the Floating Interest Payment Date will be the
immediately preceding business day. 

 A “business day” with respect to the Notes, means each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in The City of New York or the place of payment that are authorized or obligated by law or executive order to close. 

The Company shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes, and at the same rate on
overdue, installments of interest (without regard to any applicable grace periods) to the extent lawful from the dates such amounts are due until such amounts are paid or made available for payment, and such interest shall be payable on demand. 

Payment of the principal of, and premium, if any, and interest due on this Note at maturity or upon redemption will be made upon surrender of
this Note at the office of the paying agent in the contiguous United States. The principal of, and premium, if any, and interest due on this Note shall be paid in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. Payments of interest (including interest on any Fixed Interest Payment Date or Floating Interest Payment Date) will be made, subject to such surrender where applicable and subject to the
Trustee’s or paying agent’s arrangements with the Depositary, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, or (ii) by wire
transfer at such place and to such account at a banking institution in the United States of America as may be designated in writing to the Trustee or the paying agent at least 15 days prior to the date for payment by the Person entitled thereto.

 During the Floating Rate Period, the Calculation Agent will determine Compounded SOFR, the interest rate and accrued interest for each
interest period in arrears as soon as reasonably practicable on or after the Interest Payment Determination Date (as defined below) for such interest period and prior to the relevant Floating Interest Payment Date and will notify the Company, the
Trustee and the paying agent of Compounded SOFR, such interest rate and accrued interest for each interest period as soon as reasonably practicable after such determination, but in any event by the business day immediately prior to the Floating
Interest Payment Date. At the request of a holder of the Notes, the Calculation Agent will provide Compounded SOFR, the interest rate and the amount of interest accrued with respect to any interest period, after Compounded SOFR, such interest rate
and accrued interest have been determined. 
 Secured Overnight Financing Rate and the SOFR Index 

SOFR is published by the FRBNY and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury
securities. 
 The SOFR Index is published by the FRBNY and measures the cumulative impact of compounding SOFR on a unit of investment over
time, with the initial value set to 1.00000000 on April 2, 2018, the first value date of SOFR. The SOFR Index value reflects the effect of compounding SOFR each business day and allows the calculation of compounded SOFR averages over custom
time periods. 

 The FRBNY notes on its publication page for the SOFR Index that use of the SOFR Index is
subject to important limitations, indemnification obligations and disclaimers, including that the FRBNY may alter the methods of calculation, publication schedule, rate revision practices or availability of the SOFR Index at any time without notice.
The interest rate for any interest period during the floating rate period will not be adjusted for any modifications or amendments to the SOFR Index or SOFR data that the FRBNY may publish after the interest rate for that interest period has been
determined. 
 Compounded SOFR 

With respect to any interest period during the floating rate period, “Compounded SOFR” will be determined by the Calculation Agent in
accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point): 
  

 
 where: 

“SOFR Index Start” = For periods other than the initial interest period during the floating rate period, the SOFR Index value on the
preceding Interest Payment Determination Date, and, for the initial interest period, the SOFR Index value on the date that is two U.S. Government Securities Business Days before the first day of such initial interest period (such first day expected
to be April 29, 2032 for the Notes); 
 “SOFR Index End” = The SOFR Index value on the Interest Payment Determination Date
relating to the applicable Floating Interest Payment Date (or in the final interest period, relating to the Maturity Date or redemption date); and 

“d” is the number of calendar days in the relevant Observation Period. 

For purposes of determining Compounded SOFR, 

“Interest Payment Determination Date” means the date two U.S. Government Securities Business Days before each Floating Interest
Payment Date (or preceding the Maturity Date or redemption date). 
 “Observation Period” means, in respect of each interest
period, the period from, and including, the date two U.S. Government Securities Business Days preceding the first date in such interest period to, but excluding, the date two U.S. Government Securities Business Days preceding the Floating Interest
Payment Date for such interest period (or in the final interest period, preceding the applicable Maturity Date or redemption date). 

 “SOFR Index” means, with respect to any U.S. Government Securities Business Day:

 (1) the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR Administrator’s Website at 3:00
p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); or: 
 (2) if a SOFR
Index value does not so appear as specified in (1) above at the SOFR Index Determination Time, then: (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, Compounded SOFR
shall be the rate determined pursuant to the “SOFR Index Unavailable Provisions” described below; or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, Compounded SOFR
shall be the rate determined pursuant to the “Effect of a Benchmark Transition Event” provisions described below. 

“SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator’s
Website. 
 “SOFR Administrator” means the FRBNY (or a successor administrator of SOFR). 

“SOFR Administrator’s Website” means the website of the SOFR Administrator, currently at http://www.newyorkfed.org, or any
successor source. The information contained on such website is not part of this prospectus supplement and is not incorporated in this prospectus supplement by reference. 

“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry
and Financial Markets Association or any successor organization recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Notwithstanding anything to the contrary in the indenture or the Notes, if the Company or its designee determines on or prior to the relevant
Reference Time (as defined below) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining SOFR, then the benchmark replacement provisions set forth below under “Effect of Benchmark
Transition Event” will thereafter apply to all determinations of the rate of interest payable on the Notes. 
 For the avoidance of
doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each interest period will be an annual rate equal to the sum of the
Benchmark Replacement plus 1.967%. 
 SOFR Index Unavailable Provisions 

If a SOFR Index Start or SOFR Index End is not published on the associated Interest Payment Determination Date and a Benchmark Transition Event
and its related Benchmark Replacement Date have not occurred with respect to SOFR, “Compounded SOFR” means, for the applicable interest period for which such index is not available, the rate of return on a daily compounded interest
investment calculated in accordance with the formula for SOFR averages, and definitions required for such formula, published on the SOFR Administrator’s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information.
For the purposes of this provision, references in the SOFR averages compounding formula and related definitions to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar days” shall be removed. If SOFR (“SOFRi”) does not so appear for any day, “i” in
the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator’s Website. 

 Effect of Benchmark Transition Event 

(1) Benchmark Replacement. If the Company or its designee determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred on or prior to the Reference Time in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Notes in respect
of such determination on such date and all determinations on all subsequent dates. 
 (2) a Benchmark Replacement, the Company or its
designee will have the right to make Benchmark Replacement Conforming Changes from time to time. 
 (3) Decisions and Determinations. Any
determination, decision or election that may be made by the Company or its designee pursuant to the benchmark replacement provisions described herein, including any determination with respect to tenor, rate or adjustment, or the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection: 
  

	 	•	 	 will be conclusive and binding absent manifest error; 

 

	 	•	 	 if made by the Company, will be made in the Company’s sole discretion; 

 

	 	•	 	 if made by the Company’s designee, will be made after consultation with the Company, and such designee will
not make any such determination, decision or election to which the Company objects; and 

  

	 	•	 	 notwithstanding anything to the contrary in the indenture or the Notes, shall become effective without consent
from the holders of the Notes or any other party. 

 Any determination, decision or election pursuant to the benchmark
replacement provisions shall be made by the Company or its designee (which may be the Company’s affiliate) on the basis as described above, and in no event shall the Calculation Agent, the Trustee or the paying agent be responsible for making
any such determination, decision or election. 

 In connection with the SOFR definition above, the following definitions apply: 

“Benchmark” means, initially, Compounded SOFR, as such term is defined above; provided that if a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Company or its
designee as of the Benchmark Replacement Date; provided that if the Benchmark Replacement cannot be determined in accordance with clause (1) below as of the Benchmark Replacement Date and the Company or its designee shall have determined that
the ISDA Fallback Rate determined in accordance with clause (2) below is not an industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time, then clause
(2) below shall be disregarded, and the Benchmark Replacement shall be determined in accordance with clause (3) below: 
 (1) the
sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 

(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or 

(3) the sum of: (a) the alternate rate of interest that has been selected by the Company or its designee as the replacement for the
then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.

 “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the
Company or its designee as of the Benchmark Replacement Date: 
 (1) the spread adjustment (which may be a positive or negative value or
zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or 

(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company or its designee giving due
consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar
denominated floating rate notes at such time. 

 “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of interest period, the timing and frequency of determining rates and making payments of interest, the rounding of amounts or
tenors, and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company or its designee
decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company or
its designee determines is reasonably practicable). 
 “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof): 
 (1) in the
case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of
the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or 
 (2) in the case of clause (3) of
the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the
Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark
(including the daily published component used in the calculation thereof): 
 (1) a public statement or publication of information by or on
behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark (or such component); 
 (2) a public statement
or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the
administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or 

 (3) a public statement or publication of information by the regulatory supervisor for the
administrator of the Benchmark announcing that the Benchmark is no longer representative. 
 “Calculation Agent” means the firm
appointed by the Company prior to the commencement of the floating rate period. The Company or an affiliate of the Company’s may assume the duties of the Calculation Agent. The institution serving as Trustee shall have no obligation to serve as
Calculation Agent. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR
Index Determination Time, as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its designee in accordance with the Benchmark Replacement Conforming Changes. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the
Federal Reserve Board and/or the FRBNY or any successor thereto. 
 “Unadjusted Benchmark Replacement” means the Benchmark
Replacement excluding the Benchmark Replacement Adjustment. 
 The interest rate and amount of interest to be paid on the Notes for each
interest period will be determined by the Calculation Agent. All determinations made by the Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and binding on the Company and the holders of the Notes. So long as
Compounded SOFR is required to be determined with respect to the Notes, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall
fail duly to establish Compounded SOFR for any interest period, or the Company proposes to remove such Calculation Agent, the Company shall appoint another Calculation Agent. 

 None of the Trustee, the paying agent and the Calculation Agent shall be under any
obligation (i) to monitor, determine or verify the unavailability or cessation of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition
Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been
satisfied, (iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary
or advisable, if any, in connection with any of the foregoing. 
 None of the Trustee, the paying agent and the Calculation Agent shall be
liable for any inability, failure or delay on its part to perform any of its duties set forth in this offering memorandum as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of
any failure, inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of this offering memorandum and reasonably required
for the performance of such duties. 
 Neither the Trustee nor the Calculation Agent shall be responsible or liable for the actions or
omissions of the Company or its designee, or any failure or delay in the performance of its duties or obligations, nor shall they be under any obligation to oversee or monitor its performance; and each of the Trustee and Calculation Agent shall be
entitled to rely conclusively upon, any determination made, and any instruction, notice, officers’ certificate, or other instrument or information provided, by the Company or its designee, without independent verification, investigation or
inquiry of any kind by the Trustee or Calculation Agent. Neither the Trustee nor the Calculation Agent shall be under any duty to succeed to, assume or otherwise perform any of the duties of the Company or its designee, or to appoint a successor or
replacement in the event of its resignation or removal, or to remove and replace the Company or its designee in the calculation of the interest rate applicable hereto in the event of a default, breach or failure of performance of the Company or its
designee with respect to its duties and obligations relating to the determination of the applicable interest rate. 

2.    Paying Agent. Initially, U.S. Bank Trust Company, National Association (the “Trustee”) will
act as paying agent. The Company may change any paying agent without notice to the holders. 
 3.    Indenture;
Defined Terms. This Note is one of the 4.570% Senior Fixed Rate/Floating Rate Notes due 2033 (the “Notes”) issued under an indenture dated September 20, 2010, as supplemented by the first supplemental indenture dated
as of April 28, 2022 (as so supplemented, the “Base Indenture”), by and between the Company and the Trustee (as successor in interest to U.S. Bank National Association), and established pursuant to an Officers’ Certificate
dated April 29, 2022, issued pursuant to Section 1.02, Section 2.01 and Section 3.01 thereof (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are
“Securities” under the Indenture. 

 For purposes of this Note, unless otherwise defined herein, capitalized terms herein are
used as defined in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”) as in
effect on the date on which the Base Indenture was qualified under the TIA; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the
Trust Indenture Act of 1939 as so amended. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the TIA for a statement of them. To the extent the terms of
the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 
 4.    Denominations;
Transfer; Exchange. The Notes are in registered form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. A holder shall register the transfer or exchange of Notes in accordance with the Indenture.
The Company may require a holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The
Company need not issue, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Company register the transfer or exchange of any Note
selected for redemption in whole or in part. 
 5.    Amendment; Supplement; Waiver. Subject to certain
exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the holders
of at least a majority in aggregate principal amount of each series of Outstanding Securities affected by such amendment, supplement or waiver. Without notice to or consent of any holder, the parties thereto may amend or supplement the Indenture and
the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make certain other changes that do not adversely
affect the rights of any holder of a Note in any material respect. 
 6.    Redemption. The Notes are redeemable
at the option of the Company, in whole but not in part, on April 29, 2032, the date that is one year prior to the Maturity Date, upon not less than 10 days nor more than 60 days’ prior notice to holders and the Trustee, at 100% of the
principal amount of the notes (par), plus accrued and unpaid interest thereon to the date of redemption. In addition, the Notes may be redeemed, in whole or in part, on or after the 30th day prior to the Maturity Date at 100% of the principal amount
of the notes (par), plus accrued and unpaid interest thereon to, but not including, the date of redemption. The Company shall provide written notice to the Trustee of the redemption at least two business days prior to the date such notice is
delivered to the holders. The Company will send notice of redemption to DTC. 

 If fewer than all the Notes are redeemed, the Trustee will select the particular Notes to be
redeemed on a pro-rata basis, by lot or by such other method that the Trustee deems fair and appropriate (and in the case of the Global Securities, in accordance with the applicable procedures of DTC). 

7.    Liens. As long as any of the Notes are outstanding, the Company will not, and it will not permit any
Subsidiary to, pledge, mortgage or hypothecate or permit to exist any pledge, mortgage or hypothecation or other lien upon any Voting Shares of any Principal Subsidiary Bank to secure any indebtedness for borrowed money without making effective
provisions whereby the Notes then outstanding, and, at the Company’s option, any other senior indebtedness ranking equally with the Notes, shall be equally and ratably secured with any and all such indebtedness. 

Notwithstanding the foregoing, this restriction shall not prohibit the mortgage, pledge, or hypothecation of, or the establishment of a lien
on, any such Voting Shares: 
 (i)    to secure indebtedness of the Company or a Subsidiary as part of the purchase
price of such Voting Shares, or incurred prior to, at the time of or within 120 days after acquisition thereof for the purpose of financing all or any part of the purchase price thereof; 

(ii)    by the acquisition by the Company or any Subsidiary of any Voting Shares subject to mortgages, pledges,
hypothecations or other liens existing thereon at the time of acquisition (whether or not the obligations secured thereby are assumed by the Company or such Subsidiary); 

(iii)    by the assumption by the Company or a Subsidiary of obligations secured by mortgages on, pledges or
hypothecations of, or other liens on, any such Voting Shares, existing at the time of the acquisition by the Company or such Subsidiary of such Voting Shares; 

(iv)    by the extension, renewal or refunding (or successive extensions, renewals or refundings), in whole or in part, of
any mortgage, pledge, hypothecation or other lien referred to in the foregoing clauses (i), (ii), and (iii); provided, however, that the principal amount of any and all other obligations and indebtedness secured thereby shall not exceed the
principal amount so secured at the time of each extension, renewal or refunding, and that such extension, renewal or refunding shall be limited to all or a part of the Voting Shares that were subject to the mortgage, pledge, hypothecation or other
lien so extended, renewed or refunded; or 
 (v)    by liens to secure loans or other extensions of credit by a
subsidiary bank subject to Section 23A of the Federal Reserve Act or any successor or similar federal law or regulations promulgated thereunder; 
 and
provided, further, that notwithstanding the foregoing, the Company may incur or permit to be incurred or to exist upon such Voting Shares: (x) liens for taxes, assessments or other governmental charges or levies which are not yet due or are
payable without penalty or of which the amount, applicability or validity is being contested by the Company or a Subsidiary in good faith by appropriate proceedings and the Company or such Subsidiary has set aside on its books adequate reserves with
respect thereto (segregated to the extent required by generally accepted accounting principles); or (y) the lien of any judgment, if such judgment shall not have remained undischarged, or unstayed on appeal or otherwise, for more than 90 days.

 In case the Company or any Subsidiary shall propose to pledge, mortgage or hypothecate any
Voting Shares at any time owned by it to secure any indebtedness, other than as permitted by subdivisions (i) to (v), inclusive, of this Section, the Company will prior thereto give written notice thereof to the Trustee, and will prior to or
simultaneously with such pledge, mortgage or hypothecation, by supplemental indenture delivered to the Trustee, in form satisfactory to it, effectively secure all the Notes equally and ratably with such indebtedness, by pledge, mortgage or
hypothecation of such Voting Shares. Such supplemental indenture shall contain provisions concerning the possession, control, release and substitution of mortgaged and pledged property and securities and other appropriate matters which are required
or permitted by the TIA (as in effect at the date of execution of such supplemental indenture) to be included in a secured indenture qualified under the TIA, and may also contain such additional and mandatory provisions permitted by the TIA as may
be necessary to, or as the Trustee may reasonably request to further secure, such pledge, mortgage or hypothecation. 

“Subsidiary” is defined as any corporation, a majority of the outstanding Voting Shares of which are owned, directly or indirectly,
by the Company or one or more of its subsidiaries, or by the Company and one or more of its other subsidiaries. 
 “Principal
Subsidiary Bank” is defined as Silicon Valley Bank or any other U.S. subsidiary bank of the Company, the consolidated assets of which constitute 20% or more of the Company’s consolidated assets or any other subsidiary bank of the Company
designated as a Principal Subsidiary Bank pursuant to a board resolution and set forth in an Officers’ Certificate delivered to the Trustee. 

“Voting Shares” are defined as outstanding shares of capital stock of any class having voting power under ordinary circumstances to
elect at least a majority of the board of directors. 
 8.    Authentication. This Note shall not be valid until
the Trustee manually signs the certificate of authentication on this Note. 
 9.    Abbreviations and Defined
Terms. Customary abbreviations may be used in the name of a holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 10.    CUSIP Numbers. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the accuracy of
such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon. 

 11.    Governing Law. The laws of the State of New York shall
govern the Indenture and this Note thereof. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

	
	
                      
                                         
                                         
                            

 (Print or type assignee’s name, address and zip code) 

 

	
	
                      
                                         
                                         
                            

 (Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint
                                agent to transfer this Note on the books of
the Company. The agent may substitute another to act for him. 
  

			
	Date:                              	  	            Your Signature:                      
                                         
                               

 Sign exactly as your name appears on the other side of this Note. 

 

			
		 	
                   
                                         
                                         
       

		 	 Signature

 Signature Guarantee: 
  

			
	
                   
                                         
                                
	 	
                   
                                         
                                         
       

	 Signature must be guaranteed
	 	 Signature

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

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for Physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease in
principal amount of this
Global
Note
	 	 Amount of increase in
principal amount of this
Global
Note
	  	 Principal amount of this
Global Note following
such
decrease (or
increase)
	  	 Signature of authorized
officer of
Trustee

 EXHIBIT C 

Copy of Board Resolutions

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