Document:

EXHIBIT 10.16a

 

AMENDMENT
TO NON-EMPLOYEE DIRECTOR SHARE INCENTIVE PLAN

 

On July 20, 2005, The Board of Directors of
The Estée Lauder Companies Inc. adopted the following amendment to the
Non-Employee Director Share Incentive Plan:

 

Section 8(c) of the Non-Employee Director
Share Incentive Plan is revised to read in its entirely as follows:

 

(c)                                  The Board may, in its discretion, allow a
Non-Employee Director to defer receipt of shares of Class A Common Stock in a
manner which complies with Section 409A of the Internal Revenue Code of 1986,
as amended.Exhibit 4.11

 

HSBC USA INC.

 

HSBC BANK USA, N.A., As Depositary

 

AND

 

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

 

 

 

Deposit Agreement

 

 

 

TABLE OF CONTENTS

 

	
  PARTIES

  	
   

  	
   

  
	
  RECITALS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1

  

  Definitions

  	
   

  
	
   

  	
   

  	
   

  
	
  Articles Supplementary

  	
   

  
	
  Company

  	
   

  
	
  Deposit Agreement

  	
   

  
	
  Depositary

  	
   

  
	
  Depositary Shares

  	
   

  
	
  Depositary’s Agent 

  	
   

  
	
  Depositary’s Office
  

  	
   

  
	
  Receipt

  	
   

  
	
  Record Holder 

  	
   

  
	
  Registrar 

  	
   

  
	
  Stock 

  	
   

  
	
  Transfer Agent 

  	
   

  
	
   

  	
   

  
	
  ARTICLE II

  

  Form of Receipts, Deposit of Stock, Execution and Delivery,

  Transfer, Surrender and Redemption of Receipts

  	
   

  
	
   

  	
   

  
	
  SECTION 2. 01.

  	
  Form and Transfer of Receipts 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2. 02.

  	
  Deposit of Stock; Execution and Delivery of
  Receipts in Respect Thereof 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2. 03.

  	
  Redemption of Stock 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2. 04.

  	
  Registration of Transfer of Receipts 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2. 05.

  	
  Split-ups and Combinations of Receipts; Surrender
  of Receipts and Withdrawal of Stock

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2. 06.

  	
  Limitations on Execution and Delivery, Transfer,
  Surrender and Exchange of Receipts

  	
   

  

 

2

 

	
  SECTION 2. 07.

  	
  Lost Receipts, etc.

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2. 08.

  	
  Cancellation and Destruction of Surrendered
  Receipts

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  

  Certain Obligations of Holders

  of Receipts and the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3. 01.

  	
  Filing Proofs, Certificates and Other Information 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3. 02.

  	
  Payment of Taxes or Other Governmental Charges

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3. 03.

  	
  Warranty as to Stock 

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  

  The Deposited Securities; Notices

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4. 01.

  	
  Cash Distributions

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4. 02.

  	
  Distributions Other Than Cash, Rights, Preferences
  or Privileges

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4. 03.

  	
  Subscription Rights, Preferences or Privileges

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4. 04.

  	
  Notice of Dividends; Fixing of Record Date for
  Holders of Receipt

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4. 05.

  	
  Voting Rights

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4. 06.

  	
  Changes Affecting Deposited Securities and Reclassifications, Recapitalizations,
  etc.

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4. 07.

  	
  Inspection of Reports 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4. 08.

  	
  Lists of Receipt Holders

  	
   

  

 

3

 

	
  ARTICLE V

  

  The Depositary, the Depositary’s Agents,

  the Registrar and the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5. 01.

  	
  Maintenance of Offices, Agencies and Transfer
  Books By the Depositary; Registrar

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5. 02.

  	
  Prevention of or Delay in Performance by the
  Depositary, the Depositary’s Agents, the Registrar or the Company 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5. 03.

  	
  Obligations of the Depositary, the Depositary’s
  Agents, The Registrar and the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5. 04.

  	
  Resignation and Removal of the Depositary;
  Appointment of Successor Depositary

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5. 05.

  	
  Corporate Notices and Reports 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5. 06.

  	
  Indemnification by the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5. 07.

  	
  Charges and Expenses

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  

  Amendment and Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6. 01.

  	
  Amendment

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6. 02.

  	
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  

  Miscellaneous

  	
   

  
	
   

  	
   

  
	
  SECTION 7. 01.

  	
  Counterparts

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7. 02.

  	
  Exclusive Benefit of Parties

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7. 03.

  	
  Invalidity of Provisions

  	
   

  

 

4

 

	
  SECTION 7.
  04.

  	
  Notices 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.
  05.

  	
  Depositary’s
  Agents 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7. 06.

  	
  Holders of Receipts Are Parties 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7. 07.

  	
  Governing Law 

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7. 08.

  	
  Inspection of Deposit Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7. 09.

  	
  Headings 

  	
   

  

 

5

 

DEPOSIT
AGREEMENT dated as of [ ], 200[ ]  among
HSBC USA INC., a Maryland corporation, HSBC BANK USA, N.A., a national banking
association, and the holders from time to time of the Receipts described
herein.

 

WHEREAS
it is desired to provide, as hereinafter set forth in this Deposit Agreement,
for the deposit of shares of [ ] 
Preferred Stock, Series [ ], of HSBC USA Inc. with the Depositary
for the purposes set forth in this Deposit Agreement and for the issuance
hereunder of Receipts evidencing Depositary Shares in respect of the Stock so
deposited; and

 

WHEREAS
the Receipts are to be substantially in the form of Exhibit A annexed hereto,
with appropriate insertions, modifications and omissions, as hereinafter
provided in this Deposit Agreement;

 

NOW,
THEREFORE, in consideration of the premises, the parties hereto agree as
follows:

 

ARTICLE I

 

Definitions

 

The
following definitions shall for all purposes, unless otherwise indicated, apply
to the respective terms used in this Deposit Agreement:

 

“Articles
Supplementary” shall mean the articles supplementary to the Company’s Charter
filed with the State Department of Assessments and Taxation of Maryland
establishing the Stock as a series of preferred stock of the Company.

 

“Company” shall mean HSBC
USA Inc., a Maryland corporation, and its successors.

 

“Deposit
Agreement” shall mean this Deposit Agreement, as amended or supplemented from
time to time.

 

“Depositary” shall
mean HSBC Bank USA, N.A., and any successor as Depositary hereunder.

 

“Depositary
Shares” shall mean Depositary Shares, each representing one-fortieth of a share
of Stock and evidenced by a Receipt.

 

“Depositary’s
Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.05.

 

6

 

“Depositary’s
Office” shall mean the principal office of the Depositary in New York, New
York, at which at any particular time its depositary receipt business shall be
administered.

 

“Receipt” shall mean one
of the Depositary Receipts (each evidencing one Depositary Share) issued
hereunder, whether in definitive or temporary form.

 

“Record Holder” as
applied to a Receipt shall mean the person in whose name a Receipt is
registered on the books of the Depositary maintained for such purpose.

 

“Registrar” shall mean
any entity, which shall be appointed to register ownership and transfers of
Receipts as herein provided.

 

“Stock” shall mean shares
of the Company’s [ ] Preferred Stock, Series [ ].

 

“Transfer Agent”
shall mean any entity, which shall be appointed to serve as transfer agent for
the Depositary Shares.

 

ARTICLE II

Form of Receipts, Deposit of Stock, Execution and

Delivery, Transfer, Surrender and Redemption of Receipts

 

SECTION 2.
01.                                      Form and
Transfer of Receipts. Definitive Receipts shall be engraved or printed or
lithographed on steel-engraved borders and shall be substantially in the form
set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided.  Pending the preparation of definitive
Receipts, the Depositary, upon the written order of the Company or any holder
of Stock, as the case may be, delivered in compliance with Section 2.02,
shall execute and deliver temporary Receipts which are printed, lithographed,
typewritten, mimeographed or otherwise substantially of the tenor of the
definitive Receipts in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the persons
executing such Receipts may determine, as evidenced by their execution of such
Receipts.  If temporary Receipts are
issued, the Company will cause definitive Receipts to be prepared without
unreasonable delay.  After the
preparation of definitive Receipts, the temporary Receipts shall be
exchangeable for definitive Receipts upon surrender of the temporary Receipts
at an office described in the last paragraph of Section 2.02, without
charge to the holder.  Upon surrender for
cancellation of any one or more temporary Receipts, the Depositary shall
execute and deliver in exchange therefor definitive Receipts representing the
same number of Depositary Shares as represented by the surrendered temporary
Receipt or Receipts.  Such exchange shall
be made at the Company’s expense and without any charge therefor.  Until so exchanged, the temporary Receipts
shall in all respects be entitled to the same benefits under this Agreement,
and with respect to the Stock, as definitive Receipts.

 

7

 

Receipts shall be executed by the Depositary by the
manual signature of a duly authorized officer of the Depositary; provided, that
such signature may be a facsimile if a Registrar for the Receipts shall have
been appointed and such Receipts are countersigned by manual signature of a
duly authorized officer of the Registrar. 
No Receipt shall be entitled to any benefits under this Deposit
Agreement or be valid or obligatory for any purpose unless it shall have been
executed manually by a duly authorized officer of the Depositary or, if a
Registrar for the Receipts shall have been appointed, by manual or facsimile
signature of a duly authorized officer of the Depositary and countersigned
manually by a duly authorized officer of such Registrar.  The Depositary or the Registrar, as
applicable, shall record on its books each Receipt so signed and delivered as
hereinafter provided.

 

Receipts may be endorsed with or have incorporated in
the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement as may be required by the Company or the
Depositary or required to comply with any applicable law or any regulation
thereunder or with the rules and regulations of any securities exchange
upon which the Stock, the Depositary Shares or the Receipts may be listed or to
conform with any usage with respect thereto, or to indicate any special
limitations or restrictions to which any particular Receipts are subject.

 

Title to Depositary Shares evidenced by a Receipt
which is properly endorsed, or accompanied by a properly executed instrument of
transfer, shall be transferable by delivery with the same effect as in the case
of a negotiable instrument; provided, however, that until transfer of a Receipt
shall be registered on the books of the Depositary as provided in Section 2.04,
the Depositary shall, notwithstanding any notice to the contrary, treat the
record holder thereof at such time as the absolute owner thereof for the
purpose of determining the person entitled to distributions of dividends or
other distributions or to any notice provided for in this Deposit Agreement and
for all other purposes.

 

SECTION 2.
02.                                      Deposit
of Stock; Execution and Delivery of Receipts in Respect Thereof.  Subject to the terms and conditions of this
Deposit Agreement, the Company or any holder of Stock may from time to time
deposit shares of the Stock under this Deposit Agreement by delivery to the
Depositary of a certificate or certificates for the Stock to be deposited,
properly endorsed or accompanied, if required by the Depositary, by a duly
executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement, and
together with a written order of the Company or such holder, as the case may
be, directing the Depositary to execute and deliver to, or upon the written
order of, the person or persons stated in such order a Receipt or Receipts for
the number of Depositary Shares representing such deposited Stock.

 

Deposited Stock shall be held by the Depositary at the
Depositary’s Office or at such other place or places as the Depositary shall
determine.

 

Upon receipt by the Depositary of a certificate or
certificates for Stock deposited in accordance with the provisions of this
Section, together with the other documents required as above specified, and
upon proper registration of the Stock on the books of the

 

8

 

Company
in the name of the Depositary or its nominee, the Depositary, subject to the
terms and conditions of this Deposit Agreement, shall execute and deliver, to
or upon the order of the person or persons named in the first paragraph of this
Section, a Receipt or Receipts for the number of Depositary Shares representing
the Stock so deposited and registered in such name or names as may be requested
by such person or persons.  The
Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s
Office or such other offices, if any, as the Depositary may designate.  Delivery at other offices shall be at the
risk and expense of the person requesting such delivery.

 

Other than in the case of splits, combinations or
other reclassifications affecting the Stock, or in the case of dividends or
other distributions of stock, if any, there shall be deposited hereunder not
more than [?] shares of Stock.

 

SECTION 2.
03.                                      Redemption
of Stock.  Whenever the Company shall
elect to redeem shares of Stock in accordance with the provisions of the
Articles Supplementary, it shall (unless otherwise agreed in writing with the
Depositary) give the Depositary not less than 46 nor more than 91 days’ notice
of the date of such proposed redemption of Stock and of the number of shares
held by the Depositary to be so redeemed, which notice shall be accompanied by
a certificate from the Company stating that such redemption of Stock is in
accordance with the provisions of the Articles Supplementary.  Such notice, if given more than 90 days prior
to the redemption date, shall be in addition to the notice required to be given
for redemption pursuant to the Articles Supplementary.  On the date of such redemption, provided that
the Company shall then have paid in full to the Depositary the redemption price
of the Stock to be redeemed, plus any accrued and unpaid dividends thereon, the
Depositary shall redeem the number of Depositary Shares representing such
Stock.  The Depositary shall mail notice
of such redemption and the proposed simultaneous redemption of the number of
Depositary Shares representing the Stock to be redeemed, first-class postage
prepaid, not less than 45 and not more than 90 days prior to the date fixed for
redemption of such Stock and Depositary Shares (the “Redemption Date”) to the
record holders of the Receipts evidencing the Depositary Shares to be so
redeemed, at the addresses of such holders as they appear on the records of the
Depositary; but neither failure to mail any such notice to one or more such
holders nor any defect in any notice to one or more such holders shall affect
the sufficiency of the proceedings for redemption as to others.  Each such notice shall state: (i) the
Redemption Date; (ii) the number of Depositary Shares to be redeemed and,
if less than all the Depositary Shares held by any such holder are to be
redeemed, the number of such Depositary Shares held by such holder to be so
redeemed; (iii) the redemption price; (iv) the place or places where
Receipts evidencing Depositary Shares are to be surrendered for payment of the
redemption price; and (v) that dividends in respect of the Stock
represented by the Depositary Shares to be redeemed will cease to accumulate on
such Redemption Date.  In case less than
all the outstanding Depositary Shares are to be redeemed, the Depositary Shares
to be so redeemed shall be selected by lot or pro rata as may be determined by
the Depositary to be equitable.

 

Notice having been mailed by the Depositary as
aforesaid, from and after the Redemption Date (unless the Company shall have
failed to redeem the shares of Stock to be redeemed by it as set forth in the
Company’s notice provided for in the preceding paragraph) all

 

9

 

dividends
in respect of the shares of Stock so called for redemption shall cease to
accumulate, the Depositary Shares being redeemed from such proceeds shall be
deemed no longer to be outstanding, all rights of the holders of Receipts
evidencing such Depositary Shares (except the right to receive the redemption
price) shall, to the extent of such Depositary Shares, cease and terminate and,
upon surrender in accordance with such notice of the Receipts evidencing any
such Depositary Shares (properly endorsed or assigned for transfer, if the
Depositary shall so require), such Depositary Shares shall be redeemed by the
Depositary at a redemption price per Depositary Share equal to one-fortieth of the redemption price per share paid in
respect of the shares of Stock plus all money and other property, if any,
represented by such Depositary Shares, including all amounts paid by the
Company in respect of dividends which on the Redemption Date have accumulated
on the shares of Stock to be so redeemed and have not theretofore been paid.

 

If less than all the Depositary Shares evidenced by a
Receipt are called for redemption, the Depositary will deliver to the holder of
such Receipt upon its surrender to the Depositary, together with the redemption
payment, a new Receipt evidencing the Depositary Shares evidenced by such prior
Receipt and not called for redemption.

 

SECTION 2.
04.                                      Registration
of Transfer of Receipts.  Subject to
the terms and conditions of this Deposit Agreement, the Depositary shall
register on its books from time to time transfers of Receipts upon any
surrender thereof by the holder in person or by duly authorized attorney,
properly endorsed or accompanied by a properly executed instrument of
transfer.  Thereupon the Depositary shall
execute a new Receipt or Receipts evidencing the same aggregate number of
Depositary Shares as those evidenced by the Receipt or Receipts surrendered and
deliver such new Receipt or Receipts to or upon the order of the person
entitled thereto.

 

SECTION 2.
05.                                      Split-ups
and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock.  Upon surrender of a Receipt or Receipts at
the Depositary’s Office or at such other offices as it may designate for the
purpose of effecting a split-up or combination of such Receipt or Receipts, and
subject to the terms and conditions of this Deposit Agreement, the Depositary
shall execute and deliver a new Receipt requested, evidencing the aggregate
number of Depositary Shares evidenced by the Receipt or Receipts surrendered.

 

Any holder of a Receipt or Receipts representing any
number of whole shares of Stock may withdraw the Stock and all money and other
property, if any, represented thereby by surrendering such Receipt or Receipts,
at the Depositary’s Office or at such other offices as the Depositary may
designate for such withdrawals. 
Thereafter, without unreasonable delay, the Depositary shall deliver to
such holder, or to the person or persons designated by such holder as
hereinafter provided, the number of whole shares of Stock and all money and
other property, if any, represented by the Receipt or Receipts for such whole
shares of stock so surrendered for withdrawal, but holders of such whole shares
of Stock will not thereafter be entitled to deposit such Stock hereunder or to
receive Depositary Shares therefor.  If a
Receipt delivered by the holder to the Depositary in connection with such
withdrawal shall evidence a number of Depositary Shares in excess of the number
of Depositary Shares representing the

 

10

 

number
of whole shares of Stock to be so withdrawn, the Depositary shall at the same
time, in addition to such number of whole shares of Stock and such money and
other property, if any, to be so withdrawn, deliver to such holder, or (subject
to Section 2.03) upon his order, a new Receipt evidencing such excess
number of Depositary Shares.  Delivery of
the Stock and money and other property being withdrawn may be made by the
delivery of such certificates, documents of title and other instruments as the
Depositary may deem appropriate.

 

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

 

Delivery of the Stock and the money and other
property, if any, represented by Receipts surrendered for withdrawal shall be
made by the Depositary at the Depositary’s Office, except that, at the request,
risk and expense of the holder surrendering such Receipt or Receipts and for
the account of the holder thereof, such delivery may be made at such other
place as may be designed by such holder.

 

SECTION 2.
06.                                      Limitations
on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.  As a condition precedent to the execution and
delivery, registration of transfer, split-up, combination, surrender or exchange
of any Receipt, the Depositary, any of the Depositary’s Agents or the Company
may require payment to it of a sum sufficient for the payment (or, in the event
that the Depositary or the Company shall have made such payment, the
reimbursement to it) of any charges or expenses payable by the holder of a
Receipt pursuant to Section 5.07, may require the production of evidence
satisfactory to it as to the identity and genuineness of any signature and may
also require compliance with such regulations, if any, as the Depositary or the
Company may establish consistent with the provisions of this Deposit Agreement.

 

The deposit of Stock may be refused, the delivery of
Receipts against Stock may be suspended, the registration of transfer of
Receipts may be refused and the registration of transfer, surrender or exchange
of outstanding Receipts may be suspended (i) during any period when the
register of stockholders of the Company is closed or (ii) if any such
action is deemed necessary or advisable by the Depositary, any of the
Depositary’s Agents or the Company at any time or from time to time because of
any requirement of law or of any government or governmental body or commission
or under any provision of this Deposit Agreement.  Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under this Deposit Agreement
any shares of Stock which are required to be registered under the Securities
Act of 1933, unless a registration statement under such Act is in effect as to
such shares of stock.

 

SECTION 2.
07.                                      Lost
Receipts, etc.  In case any Receipt
shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion
may execute and deliver a Receipt of like form and tenor in exchange and
substitution for such mutilated Receipt, or in lieu

 

11

 

of
and in substitution for such destroyed, lost or stolen Receipt, upon (i) the
filing by the holder thereof with the Depositary of evidence satisfactory to
the Depositary of such destruction or loss or theft of such Receipt, of the
authenticity thereof and of his or her ownership thereof and (ii) the
furnishing of the Depositary with reasonable indemnification satisfactory to
it.

 

SECTION 2.
08.                                      Cancellation
and Destruction of Surrendered Receipts. 
All Receipts surrendered to the Depositary or any Depositary’s Agent
shall be canceled by the Depositary. 
Except as prohibited by applicable law or regulation, the Depositary is
authorized to destroy all Receipts so canceled.

 

ARTICLE III

Certain Obligations of Holders

of Receipts and the Company

 

SECTION 3.
01.                                      Filing
Proofs, Certificates and Other Information. 
Any holder of a Receipt may be required from time to time to file such
proof of residence, or other matters or other information, to execute such
certificates and to make such representations and warranties as the Depositary
or the Company may reasonably deem necessary or proper.  The Depositary or the Company may withhold
the delivery, or delay the registration of transfer, redemption or exchange, of
any Receipt or the withdrawal of the Stock represented by the Depositary Shares
evidenced by any Receipt or the distribution of any dividend or other
distribution or the sale of any rights or of the proceeds thereof until such
proof or other information is filed or such certificates are executed or such
representations and warranties are made.

 

SECTION 3.
02.                                      Payment
of Taxes or Other Governmental Charges. 
Holders of Receipts shall be obligated to make payments to the
Depositary of certain charges and expenses, as provided in Section 5.
07.  Registration of transfer of any
Receipt or any withdrawal of Stock and all money or other property, if any,
represented by the Depositary Shares evidenced by such Receipt may be refused
until any such payment due is made, and any dividends, interest payments or
other distributions may be withheld or any part of or all the Stock or other
property represented by the Depositary Shares evidenced by such Receipt and not
theretofore sold may be sold for the account of the holder thereof (after
attempting by reasonable means to notify such holder prior to such sale), and
such dividends, interest payments or other distributions or the proceeds of any
such sale may be applied to any payment of such charges or expenses, the holder
of such Receipt remaining liable for any deficiency.

 

SECTION 3.
03.                                      Warranty
as to Stock.  The Company hereby
represents and warrants that the Stock, when issued, will be validly issued,
fully paid and nonassessable.  Such
representation and warranty shall survive the deposit of the Stock and the
issuance of Receipts.

 

12

 

ARTICLE IV

The Deposited Securities; Notices

 

SECTION 4.
01.                                      Cash
Distributions.  Whenever the
Depositary shall receive any cash dividend or other cash distribution on Stock,
the Depositary shall, subject to Sections 3. 01 and 3. 02, distribute to record
holders of Receipts pursuant to Section 4. 04 such amounts of such
dividend or distribution as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such
holders; provided, however, that in case the Company or the Depositary shall be
required to withhold and does withhold from any cash dividend or other cash
distribution in respect of the Stock an amount on account of taxes, the amount
made available for distribution or distributed in respect of Depositary Shares
shall be reduced accordingly.  The
Depositary shall not be required to attribute to any holder of Depositary
Shares a fraction of one cent, and any amounts held by the Depositary in such
event will be distributed to holders of Receipts in such reasonable manner as
the Company and the Depositary determine.

 

SECTION 4. 02                                         Distributions
Other Than Cash, Rights, Preferences or Privileges.  Whenever the Depositary shall receive any
distribution other than cash, rights, preferences or privileges upon Stock, the
Depositary shall, subject to Sections 3. 01 and 3. 02, distribute to record
holders of Receipts pursuant to Section 4. 04 such amounts of the
securities or property received by it as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by the
Receipts held by such holders, in any manner that the Depositary may deem
equitable and practicable for accomplishing such distribution.  If in the opinion of the Depositary such
distribution cannot be made proportionately among such record holders, or if
for any other reason (including any requirement that the Company or the
Depositary withhold an amount on account of taxes) the Depositary deems, after
consultation with the Company, such distribution not to be feasible, the
Depositary may, with the approval of the Company, adopt such method as it deems
equitable and practicable for the purpose of effecting such distribution,
including the sale (at public or private sale) of the securities or property
thus received, or any part thereof, at such place or places and upon such terms
as it may deem proper.  The net proceeds
of any such sale shall, subject to Sections 3. 01 and 3. 02, be distributed or
made available for distribution, as the case may be, by the Depositary to
record holders of Receipts as provided by Section 4. 01 in the case of a
distribution received in cash.  The
Company shall not make any distribution of such securities unless the Company
shall have provided an opinion of counsel stating that such securities have
been registered under the Securities Act of 1933 or do not need to be
registered.

 

SECTION 4.
03.                                      Subscription
Rights, Preferences or Privileges. 
If the Company shall at any time offer or cause to be offered to the
persons in whose names Stock is recorded on the books of the Company any
rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such
rights, preferences or privileges shall in each such instance be made available
by the Depositary to the record holders of Receipts in such manner as the
Depositary may determine, either by the issue to such record holders of
warrants representing such rights, preferences or privileges or by such other
method as may be approved by the Depositary in its discretion with the approval
of the Company; provided, however, that (i) if at the time of issue or
offer of any such rights,

 

13

 

preferences
or privileges the Depositary determines that it is not lawful or (after
consultation with the Company) not feasible to make such rights, preferences or
privileges available to holders of Receipts by the issue of warrants or
otherwise, or (ii) if and to the extent so instructed by holders of
Receipts who do not desire to exercise such rights, preferences or privileges,
then the Depositary, in its discretion (with the approval of the Company, in
any case where the Depositary has determined that it is not feasible to make
such rights, preferences or privileges available), may, if applicable laws or
the terms of such rights, preferences or privileges permit such transfer, sell
such rights, preferences or privileges at public or private sale, at such place
or places and upon such terms as it may deem proper.  The net proceeds of any such sale shall, subject
to Sections 3. 01 and 3. 02, be distributed by the Depositary to the record
holders of Receipts entitled thereto as provided by Section 4. 01 in the
case of a distribution received in cash. 
The Company shall not make any distribution of any such rights,
preferences or privileges unless the Company shall have provided an opinion of
counsel stating that such rights, preferences or privileges have been
registered under the Securities Act of 1933 or do not need to be registered.

 

If in order for holders of Receipts to be offered or
sold the securities to which any rights, preferences or privileges relate,
registration under the Securities Act of 1933 of the securities to which such
rights, preferences or privileges relate is required, the Company will promptly
file a registration statement pursuant to such Act with respect to such rights,
preferences or privileges and securities and use its best efforts and take all
steps available to it to cause such registration statement to become effective
sufficiently in advance of the expiration of such rights, preferences or
privileges to enable such holders to exercise such rights, preferences or
privileges.  In no event shall the
Depositary make available to the holders of Receipts any right, preference or
privilege to subscribe for or to purchase any securities unless and until such
a registration statement shall have become effective, or unless the offering
and registration under the provisions of such Act.

 

If any other action under the laws of any jurisdiction
or any governmental or administrative authorization, consent or permit is
required in order for such rights, preferences or privileges to be made
available to holders of Receipts, the Company will use its best efforts to take
such action or obtain such authorization, consent or permit sufficiently in
advance of the expiration of such rights, preferences or privileges to enable
such holders to exercise such rights, preferences or privileges.

 

SECTION 4.
04.                                      Notice
of Dividends; Fixing of Record Date for Holders of Receipts.  Whenever any cash dividend or other cash
distribution shall become payable or any distribution other than cash shall be
made, or if rights, preferences or privileges shall at any time be offered,
with respect to Stock, or whenever the Depositary shall receive notice of any
meeting of which holders of Stock are entitled to vote or any meeting of which
holders of Stock are entitled to notice, or whenever the Depositary and the
Company shall decide it is appropriate, the Depositary shall in each such
instance fix a record date (which shall be the same date as the record date
fixed by the Company with respect to the Stock) for the determination of the
holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale
thereof, or to give

 

14

 

instructions
for the exercise of voting rights at any such meeting, or who shall be entitled
to notice of such meeting or for any other appropriate reason.

 

SECTION 4. 05.                                      Voting
Rights.  Upon receipt of notice of
any meeting at which the holders of Stock are entitled to vote, the Depositary
shall, as soon as practicable thereafter, mail to the record holders of
Receipts a notice which shall contain (i) such information as is contained
in such notice of meeting and (ii) a statement that the holders may,
subject to any applicable restrictions, instruct the Depositary as to the
exercise of the voting rights pertaining to the amount of Stock represented by
their respective Depositary Shares (including an express indication that
instructions may be given to the Depositary to give a discretionary proxy to a
person designated by the Company) and a brief statement as to the manner in
which such instructions may be given. 
Upon the written request of the holders of Receipts on the relevant
record date, the Depositary shall endeavor insofar as practicable to vote or
cause to be voted, in accordance with the instructions set forth in such
requests, the maximum number of whole shares of Stock represented by the
Depositary Shares evidenced by all Receipts as to which any particular voting
instructions are received.  The company
hereby agrees to take all action, which may be deemed necessary by the Depositary
in order to enable the Depositary to vote such Stock or cause such Stock to be
voted.  In the absence of specific
instructions from the holder of a Receipt, the Depositary will abstain from
voting (but, at its discretion, not from appearing at any meeting with respect
to such Stock unless directed to the contrary by the holders of all the
Receipts) to the extent of the Stock represented by the Depositary Shares
evidenced by such Receipt.

 

SECTION 4. 06                                         Changes
Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.  Upon any change in par or stated value,
split-up, combination or any other reclassification of the Stock, or upon any
recapitaliztion, reorganization, merger, amalgamation or consolidation
affecting the Company or to which it is a party, the Depositary may in its
discretion with the approval of, and shall upon the instructions of, the
Company, and (in either case) in such manner as the Depositary may deem
equitable, (i) make such adjustments as are certified by the Company in
(x) the fraction of an interest represented by one Depositary Share in one
share of stock and (y) the ratio of the redemption price per Depositary Share
to the redemption price of a share of Stock, in each case as may be necessary
fully to reflect the effects of such change in par or stated value, split-up,
combination or other reclassification of Stock, or of such recapitalization,
reorganization, merger, amalgamation or consolidation and (ii) treat any
securities which shall be received by the Depositary in exchange for or upon
conversion of or in respect of the Stock as new deposited securities under this
Deposit Agreement, and Receipts then outstanding shall thenceforth represent
the new deposited securities so received in exchange for or upon conversion or
in respect of such Stock.  In any such
case the Depositary may in its discretion, with the approval of the Company,
execute and deliver additional Receipts, or may call for the surrender of all
outstanding Receipts to be exchanged for new Receipts specifically describing
such new deposited securities.  Anything
to the contrary herein notwithstanding, holders of Receipts shall have the
right from and after the effective date of any such change in par or stated
value, split-up, combination or other reclassification of the Stock or any such
recapitalization, reorganization, merger, amalgamation or consolidation to
surrender such Receipts to the Depositary with instructions to convert,
exchange or surrender the Stock represented thereby only into or for, as

 

15

 

the
case may be, the kind and amount of shares of stock and other securities and
property and cash into which the Stock represented by such Receipts might have
been converted or for which such Stock might have been exchanged or surrendered
immediately prior to the effective date of such transaction.

 

SECTION 4.
07.                                      Inspection
of Reports.  The Depositary shall
make available for inspection by holders of Receipts at the Depositary’s
Office, and at such other places as it may from time to time deem advisable,
any reports and communications received from the Company which are received by
the Depositary as the holder of Stock.

 

SECTION 4.
08.                                      Lists
of Receipt Holders.  Promptly upon
request from time to time by the Company, the Depositary shall furnish to it a
list, as of a recent date, of the names, addresses and holdings of Depositary
Shares of all persons in whose names Receipts are registered on the books of
the Depositary.

 

ARTICLE V

The Depositary, the Depositary’s Agents,

the Registrar and the Company

 

SECTION 5.
01.                                      Maintenance
of Offices, Agencies and Transfer Books by the Depositary; Registrar.  Upon execution of this Deposit Agreement, the
Depositary shall maintain at the Depositary’s Office, or at the Registrar’s
office, at which the Depositary shall have complete access to all books and
records maintained on the Company’s behalf, facilities for the execution and
delivery, registration and registration of transfer, surrender an exchange of
Receipts, and at the offices of the Depositary’s Agents, if any, facilities for
the delivery, registration of transfer, surrender and exchange of Receipts, all
in accordance with the provisions of this Deposit Agreement.

 

The Depositary shall keep books at the Depositary’s
Office for the registration and registration of transfer of Receipts, which
books at all reasonable times shall be open for inspection by the record
holders of Receipts; provided, that any such holder requesting to exercise such
right shall certify to the Depositary that such inspection shall be for a
proper purpose reasonably related to such person’s interest as an owner
Depositary Shares evidenced by the Receipts.

 

The Depositary may close such books, at any time or
from time to time, when deemed expedient by it in connection with the
performance of its duties hereunder.

 

The Depositary may, with the approval of the Company,
appoint a Registrar for registration of the Receipts or the Depositary Shares
evidenced thereby.  If the Receipts or
the Depositary Shares evidenced thereby or the Stock represented by such
Depositary Shares shall be listed on the New York Stock Exchange, the
Depositary will appoint a Registrar (acceptable to the Company) for
registration of such Receipts or Depositary Shares in accordance with any
requirements of such Exchange.  Such
Registrar (which may be the

 

16

 

Depositary
if so permitted by the requirements of such Exchange) may be removed and a
substitute registrar appointed by the Depositary upon the request or with the
approval of the Company.  If the
Receipts, such Depositary Shares or such Stock are listed on one or more other
stock exchanges, the Depositary will, at the request of the Company, arrange
such facilities for the delivery, registration, registration of transfer,
surrender and exchange of such Receipts, such Depositary Shares or such Stock
as may be required by law or applicable stock exchange regulation.

 

SECTION 5.
02.                                      Prevention
of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Company.  Neither
the Depositary nor any Depositary’s Agent nor any Registrar nor the Company
shall incur any liability to any holder of any Receipt if by reason of any
provision of any present or future law, or regulation thereunder, of the United
States of America or of any other governmental authority or, in the case of the
Depositary, the Depositary’s Agent or the Registrar, by reason of any
provision, present or future, of the Company’s Charter (including the Articles
Supplementary) or by reason of any act of God or war or other circumstance
beyond the control of the relevant party, the Depositary, the Depositary’s
Agent, the Registrar or the Company shall be prevented or forbidden from, or
subject to any penalty on account of, doing or performing any act or thing
which the terms of this Deposit Agreement provide shall be done or performed;
nor shall the Depositary, any Depositary’s Agent, any Registrar or the Company
incur any liability to any holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or
thing which the terms of this Deposit Agreement provide shall or may be done or
performed, or (ii) by reason of any exercise of, or failure to exercise,
any discretion provided for in this Deposit Agreement except, in case of any
such exercise or failure to exercise discretion not caused as aforesaid, if
caused by the negligence or willful misconduct of the party charged with such
exercise or failure to exercise.

 

SECTION 5.
03.                                      Obligations
of the Depositary, the Depositary’s Agents, the Registrar and the Company.  Neither the Depositary nor its affiliates nor
any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Company
assumes any obligation or shall be subject to any liability under this Deposit
Agreement to holders of Receipts other than for its negligence or willful
misconduct.  Under no circumstances shall
the Depositary or its affiliates or agents be liable for any special, punitive,
indirect, incidental, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, lost profits), even if they have
been advised of the possibility of such loss or damage.

 

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

 

Neither the Depositary nor its affiliates nor any
Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Company
shall be liable for any action or any failure to act by it in reliance upon the
written advice of legal counsel or accountants, or

 

17

 

information
from any person presenting Stock for deposit, any holder of a Receipt or any
other person believed by it in good faith to be competent to give such
information.  The Depositary, any
Depositary’s Agent, any Registrar and the Company may each rely and shall each
be protected in acting upon any written notice, request, direction or other
document believed by it to be genuine and to have been signed or presented by
the proper party or parties.

 

The Depositary shall not be responsible for any
failure to carry out any instruction to vote any of the shares of Stock or for
the manner or effect of any such vote made, as long as any such action or
non-action is in good faith.

 

The Depositary undertakes, and any Registrar shall be required to
undertake, to perform such duties and only such duties as are specifically set
forth in this Agreement and no implied covenants or obligations shall be read
into this Agreement against the Depositary or any Registrar.

 

The Depositary will indemnify the Company against any
liability which may directly arise out of acts performed or omitted by the
Depositary or its agents due to its or their negligence or bad faith.

 

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

 

SECTION 5.
04.                                      Resignation
and Removal of the Depositary; Appointment of Successor Depositary.  The Depositary may at any time resign as
Depositary hereunder by having notice of its election to do so delivered to the
Company, such resignation to take effect upon the appointment of a successor
Depositary and its acceptance of such appointment as hereinafter provided.

 

The Depositary may at any time be removed by the
Company by notice of such removal delivered to the Depositary, such removal to
take effect upon the appointment of a successor Depositary and its acceptance
of such appointment as hereinafter provided.

 

In case at any time the Depositary acting hereunder
shall resign or be removed, the Company shall, within 60 days after the
delivery of the notice of resignation or removal, as the case may be, appoint a
successor Depositary, which shall be a bank or trust company having its
principal office in the United States of America and having a combined capital
and surplus of at least $50,000,000.  If
no successor Depositary shall have been so appointed and have accepted
appointment within 60 days after delivery of such notice, the resigning or
removed Depositary may petition any court of competent jurisdiction for the
appointment of a successor Depositary. 
Every successor Depositary shall execute and deliver to its predecessor
and to the Company an instrument in writing accepting its appointment
hereunder, and thereupon such successor Depositary, without any further act or
deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Depositary
under this Deposit Agreement, and such predecessor, upon

 

18

 

payment
of all sums due it and on the written request of the Company, shall execute and
deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Stock and any moneys or property held hereunder to
such successor, and shall deliver to such successor a list of the record
holders of all outstanding Receipts.  Any
successor Depositary shall promptly mail notice of its appointment to the
record holders of Receipts.

 

Any corporation into or with which the Depositary may
be merged, consolidated or converted shall be the successor of such Depositary
without the execution or filing of any document or any further act, and notice
thereof shall not be required hereunder. 
Such successor Depositary may authenticate the Receipts in the name of
the predecessor Depositary or in the name of the successor Depositary.

 

SECTION 5.
05.                                      Corporate
Notices and Reports.  The Company
agrees that it will transmit to the record holders of Receipts, in each case at
the addresses furnished to it pursuant to Section 4. 08, all notices and
reports (including without limitation financial statements) required by law, by
the rules of any national securities exchange upon which the Stock, the
Depositary Shares or the Receipts are listed or by the Company’s Charter
(including the Articles Supplementary) to be furnished by the Company to
holders of Stock.  Such transmission will
be at the Company’s expense.

 

SECTION 5. 06                                         Indemnification
by the Company.  The Company shall
indemnify the Depositary, its affiliates, any of Depositary’s Agents and any
Registrar or Transfer Agent against, and hold each of them harmless from, any
loss, liability, damage or expense (including the reasonable costs and expenses
of defending itself) which may arise out of (a) acts performed or omitted
in connection with this Agreement and the Receipts (i) by the Depositary,
any Registrar or Transfer Agent or any of their respective agents (including
any Depositary’s Agent), except for any liability arising out of the gross
negligence or bad faith on the respective parts of any such person or persons,
or (ii) by the Company or any of its agents, or (b) the offer, sale
or registration of the Receipts, Depositary Shares or the Stock pursuant to the
provisions hereof.  The obligations of
the Company set forth in this Section 5. 06 shall survive any succession
of any Depositary, Registrar or Depositary’s Agent.

 

SECTION 5.
07.                                      Charges
and Expenses.  The Company shall pay
all transfer and other taxes and governmental charges arising solely from the
existence of the depositary arrangements. 
The Company shall pay all charges of the Depositary in connection with
the initial deposit of the Stock and the initial issuance of the Depositary
Shares, redemption of the Stock at the option of the Company and all
withdrawals of shares of the Stock by owners of Depositary Shares.  All other transfer and other taxes and
governmental charges shall be at the expense of holders of Depositary
Shares.  If, at the request of a holder
of Receipts, the Depositary incurs charges or expenses for which it is not
otherwise liable hereunder, such holder will be liable for such charges and
expenses.  All other charges and expenses
of the Depositary and any Depositary’s Agent hereunder and of any Registrar
(including, in each case, fees and expenses of counsel) incident to the
performance of their respective obligations hereunder will be paid upon
consultation and agreement between the Depositary and the Company as to the
amount and nature of such charges and expenses. 
The Depositary shall present its statement for

 

19

 

charges
and expenses to the Company once every three months or at such other intervals
as the Company and the Depositary may agree.

 

ARTICLE VI

Amendment and Termination

 

SECTION 6.
01.                                      Amendment.  The form of the Receipts and any provisions
of this Deposit Agreement may at any time and from time to time be amended by
agreement between the Company and the Depositary in any respect which they may
deem necessary or desirable; provided, however, that no such amendment (other
than any change in the fees of any Depositary or Registrar, which shall go into
effect not sooner than three months after notice thereof to the holders of the
Receipts) which shall materially and adversely alter the rights of the holders
of Receipts shall be effective unless such amendment shall have been approved
by the holders of at least a majority of the Depositary Shares then
outstanding.  Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby.

 

SECTION 6.
02.                                      Termination.  This agreement may be terminated by the
Company or the Depositary only after (i) all outstanding Depositary Shares
shall have been redeemed pursuant to Section 2. 03 or (ii) there
shall have been made a final distribution in respect of the Stock in connection
with any liquidation, dissolution or winding up of the Company and such distribution
shall have been distributed to the holders of Depositary Shares pursuant to Section 4.
01 or 4. 02, as applicable.

 

Upon the termination of this Deposit Agreement, the
Company shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary, any Depositary’s Agent and any
Registrar under Sections 5. 06 and 5. 07.

 

ARTICLE VII

Miscellaneous

 

SECTION 7.
01.                                      Counterparts.  This Deposit Agreement may be executed in any
number of counterparts, and by each of the parties hereto on separate
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed an original, but all such counterparts taken together shall
constitute one and the same instrument.

 

SECTION 7.
02.                                      Exclusive
Benefit of Parties.  This Deposit
Agreement is for the exclusive benefit of the parties hereto, and their
respective successors hereunder, and shall not be deemed to give any legal or
equitable right, remedy or claim to any other person whatsoever.

 

20

 

SECTION 7.
03.                                      Invalidity
of Provisions.  In case any one or
more of the provisions contained in this Deposit Agreement or in the Receipts
should be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.
04.                                      Notices.  Any and all notices to be given to the
Company hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail or overnight
mail or facsimile confirmed by letter, addressed to the Company at 452 Fifth
Avenue, New York, New York 10018, to the attention of the Secretary, or at any
other address of which the Company shall have notified the Depositary in
writing.

 

Any and all notices to be given to the Depositary
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail or overnight mail or by
facsimile confirmed by letter, addressed to the Depositary at the Depositary’s
Office, at HSBC Bank USA, N.A., Corporate Trust, Two Hanson Place, 14th
Floor, Brooklyn, NY  11217-1409 or at any
other address of which the Depositary shall have notified the Company in
writing.

 

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

 

Delivery of a notice sent by mail or by overnight mail
or facsimile shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a
facsimile message) is deposited, postage prepaid, in a post office letter
box.  The Depositary or the Company may,
however, act upon any facsimile message received by it from the other or from
any holder of a Receipt, notwithstanding that such facsimile message shall not
subsequently be confirmed by letter or as aforesaid.

 

SECTION 7. 05.                                      Depositary’s Agents.  The
Depositary may from time to time appoint, with the prior approval of the
Company, Depositary’s Agents to act in any respect for the Depositary for the
purposes of this Deposit Agreement and may at any time appoint additional
Depositary’s Agents and vary or terminate the appointment of such Depositary’s
Agents.

 

SECTION 7.
06.                                      Holders
of Receipts Are Parties.  The holders
of Receipts from time to time shall be parties to this Deposit Agreement and
shall be bound by all of the terms and conditions hereof and of the Receipts by
acceptance of delivery thereof.

 

21

 

SECTION 7.
07.                                      Governing
Law.  This Deposit Agreement and the
Receipts and all rights hereunder and thereunder and provisions hereof and
thereof shall be governed by, and constructed in accordance with, the laws of
the State of New York, without reference to choice of law principles.

 

SECTION 7.
08.                                      Inspection
of Deposit Agreement.  Copies of this
Deposit Agreement shall be filed with the Depositary and the Depositary’s
Agents and shall be open to inspection during business hours at the Depositary’s
Office and the respective offices of the Depositary’s Agents, if any, by any
holder of a Receipt.

 

SECTION 7.
09.                                      Headings.  The headings or articles and sections in this
Deposit Agreement and in the form of the Receipt set forth in Exhibit A
hereunto have been inserted for convenience only and are not to be regarded as
a part of this Deposit Agreement or the Receipts or to have any bearing upon
the meaning or interpretation of any provision contained herein or in the
Receipts.

 

22

 

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

 

	
   

  	
  HSBC USA INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  [ ]

  
	
   

  	
   

  	
  [ ]

  

 

Attested
by:

 

 

	
   

  	
   

  
	
  [ ]

  
	
  Assistant
  Secretary

  

 

 

	
   

  	
  HSBC BANK USA,
  N.A., as Depositary

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

 

Attested
by:

 

 

	
   

  	
   

  

 

23

 

Exhibt A

 

	
  NUMBER           001

  	
   

  	
  DEPOSITARY SHARES

  
	
   

  	
   

  	
  [ ]

  

 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,

REPRESENTING [?]PREFERRED STOCK, SERIES [ ], $[ ]
STATED VALUE

 

HSBC USA INC.

 

	
  SEE REVERSE SIDE

  
	
  FOR ADDITIONAL

  
	
  INFORMATION

  

 

INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND

THIS DEPOSITARY RECEIPT IS TRANSFERABLE IN CHICAGO OR
IN THE CITY OF NEW YORK

 

	
   

  	
  CUSIP  [ ]

  

 

HSBC
BANK USA, N.A., as Depositary (the “Depositary”), hereby certifies that

 

 

CEDE & CO

 

 

is
the registered owner of

 

[?]MILLION ([?],000,000) DEPOSITARY SHARES

 

(“Depositary
Shares”), each Depositary Share representing one [ ] (1/[ ]) of one share of [ ]Preferred
Stock, Series [ ],no par value (stated value $[ ] per share), of HSBC USA
Inc., a Maryland corporation (the “Corporation”), on deposit with the
Depositary, subject to the terms and entitled to the benefits of the Deposit
Agreement dated as of [ ], 200[ ]  (the “Deposit
Agreement”), between the Corporation and the Depositary.  By accepting this Depositary Receipt the
holder hereof becomes a party to and agrees to be bound by all the terms and
conditions of the Deposit Agreement. 
This Depositary Receipt shall not be valid or obligatory for any purpose
or entitled to any benefits under the Deposit Agreement unless it shall have
been executed by the Depositary by the manual signature of a duly authorized
officer or, if executed in facsimile by the Depositary, countersigned by a
Registrar in respect of the Depositary Receipts by the manual signature of a
duly authorized officer thereof.

 

 

Dated:

 

	
   

  	
  Countersigned
  and Registered:

  
	
  HSBC BANK USA,
  N.A.

  	
  HSBC BANK USA,
  N.A.

  
	
  Depositary

  	
  Registrar

  
	
   

  	
   

  
	
  By

  	
  By

  
	
   

  	
   

  
	
  Authorized
  Officer

  	
  Authorized
  Officer

  

 

 

(Reverse of Receipt)

 

 

HSBC USA INC.

 

HSBC USA INC. WILL FURNISH WITHOUT CHARGE TO EACH
RECEIPTHOLDER WHO SO RQUESTES A COPY OF THE DEPOSIT AGREEMENT AND A STATEMENT
OR SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE,
PARITICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR
SERIES THEREOF WHICH THE CORPORATION IS AUTHORIZED TO ISSUE AND OF THE
QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR
RIGHTS.  ANY SUCH REQUESTS IS TO BE
ADDRESSED TO THE OFFICE OF THE SECRETARY OF THE CORPORATION.

 

 

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

 

	
  TEN
  COM  - as tenants in common

  	
   

  	
  UNIF GIFT MIN
  ACT - 

  	
   

  	
  Custodian

  	
   

  	
   

  
	
  TEN
  ENT   - as tenants by the entireties

  	
   

  	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  	
   

  
	
  JT
  TEN       - as
  joint tenants with right of

  	
   

  	
   

  	
  under Uniform
  Gifts to Minors Act

  	
   

  
	
                         survivorship and not
  as tenants

  	
   

  	
   

  	
   

  
	
                         in common

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (State)

  	
   

  
								

 

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

 

For
value received,                                                                                                                            hereby
sell; assign and transfer unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENITYING
NUMBER OF ASSIGNEE

 

	
   

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
   

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

  
	
   

  
	
   

  	
  Depositary Shares

  
	
  represented by
  the within Receipt, and do hereby irrevocably constitute and appoint

  
	
   

  
	
   

  
	
   

  
	
   

  	
  Attorney

  
	
  to transfer the
  said Depositary Shares on the books of the within-named Depositary with full
  power of substitution in the premises.

  
					

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NOTICE: The
  signature to this assignment must correspond with the name as written upon
  the face of this receipt in every particular, without alteration or
  enlargement or any change whatever.

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