Document:

exv4wa

Exhibit 4A

Haemonetics Corporation

2005 Long-Term Incentive

Compensation Plan

Effective July 27, 2005

As Amended July 31, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Article 1.
	 	Establishment, Objectives, and Duration	 	 	1	 
	 
	 	 	 	 	 	 
	Article 2.
	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 
	Article 3.
	 	Administration	 	 	4	 
	 
	 	 	 	 	 	 
	Article 4.
	 	Shares Subject to the Plan and Maximum Awards	 	 	5	 
	 
	 	 	 	 	 	 
	Article 5.
	 	Eligibility and Participation	 	 	6	 
	 
	 	 	 	 	 	 
	Article 6.
	 	Stock Options	 	 	7	 
	 
	 	 	 	 	 	 
	Article 7.
	 	Stock Appreciation Rights	 	 	8	 
	 
	 	 	 	 	 	 
	Article 8.
	 	Restricted Stock	 	 	9	 
	 
	 	 	 	 	 	 
	Article 9.
	 	Deferred Stock/Restricted Stock Units	 	 	10	 
	 
	 	 	 	 	 	 
	Article 10.
	 	Other Stock Unit Awards	 	 	11	 
	 
	 	 	 	 	 	 
	Article 11.
	 	Performance Shares	 	 	11	 
	 
	 	 	 	 	 	 
	Article 12.
	 	Performance Measures	 	 	12	 
	 
	 	 	 	 	 	 
	Article 13.
	 	Rights of Participants	 	 	13	 
	 
	 	 	 	 	 	 
	Article 14.
	 	Termination of Employment/Directorship	 	 	13	 
	 
	 	 	 	 	 	 
	Article 15.
	 	Change in Control	 	 	14	 
	 
	 	 	 	 	 	 
	Article 16.
	 	Amendment, Modification, and Termination	 	 	15	 
	 
	 	 	 	 	 	 
	Article 17.
	 	Withholding	 	 	15	 
	 
	 	 	 	 	 	 
	Article 18.
	 	Successors	 	 	16	 
	 
	 	 	 	 	 	 
	Article 19.
	 	General Provisions	 	 	16	 

 

 

Article 1. Establishment, Objectives, and Duration

     1.1 Establishment of the Plan. Haemonetics Corporation, a Massachusetts corporation, hereby
adopts the “Haemonetics Corporation 2005 Long-Term Incentive Compensation Plan” (hereinafter
referred to as the “Plan”), as set forth in this document. The Plan permits the grant of
Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock,
Deferred Stock/Restricted Stock Units, Other Stock Units and Performance Shares.

     Subject to approval by the Company’s stockholders, this Plan shall become effective as of July
27, 2005 (the “Effective Date”). Awards may be granted under this Plan prior to such stockholder
approval; provided, the effectiveness of such Awards shall be contingent on such stockholder
approval being obtained.

     1.2 Objectives of the Plan. The objectives of the Plan are to optimize the profitability and
growth of the Company through incentives that are consistent with the Company’s goals and that link
the personal interests of Participants to those of the Company’s stockholders, to provide
Participants with an incentive for excellence in individual performance, and to promote teamwork
among Participants.

     The Plan is further intended to provide flexibility to the Company and its Subsidiaries in
their ability to motivate, attract, and retain the services of Participants who make significant
contributions to the Company’s success and to allow Participants to share in that success.

     1.3 Duration of the Plan. The Plan shall remain in effect, subject to the right of the
Committee to amend or terminate the Plan at any time pursuant to Article 16 hereof, until the
earlier of when (a) all Shares subject to it shall have been purchased or acquired according to the
Plan’s provisions or (b) the seventh (7th) anniversary of the Effective Date. However
(in case of any amendment to the previous sentence), in no event may an Award of an Incentive Stock
Option be granted under the Plan on or after the tenth (10th) anniversary of the
Effective Date.

Article 2. Definitions

     Whenever used in this Plan, the following terms shall have the meanings set forth below, and
when the meaning is intended, the initial letter of the word shall be capitalized:

     2.1 “Award” means, individually or collectively, a grant under this Plan of Nonqualified Stock
Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Deferred
Stock/Restricted Stock Units, Other Stock Units or Performance Shares.

     2.2 “Award Agreement” means a written or electronic agreement entered into by the Company and
a Participant setting forth the terms and provisions applicable to an Award granted under this
Plan.

1

 

     2.3 “Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term
in Rule 13d-3 of the General Rules and Regulations under the Exchange Act.

     2.4 “Board” or “Board of Directors” means the Board of Directors of the Company.

     2.5 “Change in Control” shall be deemed to have occurred if any person or any two or more
persons acting as a group, and all affiliates of such person or persons, who prior to such time
owned less than thirty-five percent (35%) of the then outstanding common stock of the Company,
shall acquire such additional shares of the Company’s common stock in one or more transactions, or
series of transactions, such that following such transaction or transactions, such person or group
and affiliates beneficially own thirty-five percent (35%) or more of the Company’s common stock
outstanding.

     2.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     2.7 “Committee” means the committee appointed from time to time by the Company’s Board of
Directors to administer the Plan. The full Board of Directors, in its discretion, may act as the
Committee under the Plan, whether or not a Committee has been appointed, and shall do so with
respect to grants of Awards to non-employee Directors. The Committee may delegate to one or more
members of the Committee or officers of the Company, individually or acting as a committee, any
portion of its authority, except as otherwise expressly provided in the Plan. In the event of a
delegation to a member of the Committee, officer or a committee thereof, the term “Committee” as
used herein shall include the member of the Committee, officer or committee with respect to the
delegated authority. Notwithstanding any such delegation of authority, the Committee comprised of
members of the Board of Directors and appointed by the Board of Directors shall retain overall
responsibility for the operation of the Plan.

     2.8 “Company” means Haemonetics Corporation, a Massachusetts corporation, and any successor
thereto as provided in Article 18 hereof.

     2.9 “Covered Employee” means a Participant who, as of the date of vesting and/or payout of an
Award, or the date the Company or any of its Subsidiaries is entitled to a tax deduction as a
result of the Award, as applicable, is one of the group of “covered employees,” as defined in the
regulations promulgated under Code Section 162(m), or any successor statute.

     2.10 “Deferred Stock Unit” means an Award granted to a Participant pursuant to Article 9
hereof.

     2.11 “Director” means any individual who is a member of the Board of Directors of the Company;
provided, however, that any Director who is employed by the Company shall be treated as an Employee
under the Plan.

     2.12 “Disability” shall mean a condition whereby the Participant is unable to engage in any
substantial gainful activity by reason of any medically determinable physical impairment which can
be expected to result in death or which is or can be expected to last for a continuous period of
not less than twelve months, all as verified by a physician acceptable to, or selected by, the
Company.

2

 

     2.13 “Effective Date” shall have the meaning ascribed to such term in Section 1.1 hereof.

     2.14 “Employee” means any employee of the Company or its Subsidiaries.

     2.15 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
or any successor act thereto.

     2.16 “Fair Market Value” as of any date and in respect of any Share means the average of the
high and low trading prices for the Shares as reported on the New York Stock Exchange for that
date, or if no such prices are reported for that date, the average of the high and low trading
prices on the next preceding date for which such prices were reported, unless otherwise determined
by the Committee. In no event shall the fair market value of any Share be less than its par value.

     2.17 “Incentive Stock Option” or “ISO” means an option to purchase Shares granted under
Article 6 hereof and that is designated as an Incentive Stock Option and that is intended to meet
the requirements of Code Section 422.

     2.18 “Insider” shall mean an individual who is, on the relevant date, an executive officer,
director or ten percent (10%) beneficial owner of any class of the Company’s equity securities that
is registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the
Exchange Act.

     2.19 “Key Employee” shall mean an employee (as defined in Code Section 416(i) (but without
regard to paragraph (5) thereof)) of the Company.

     2.20 “Nonqualified Stock Option” or “NQSO” means an option to purchase Shares granted under
Article 6 hereof that is not intended to meet the requirements of Code Section 422, or that
otherwise does not meet such requirements.

     2.21 “Option” means an Incentive Stock Option or a Nonqualified Stock Option.

     2.22 “Option Price” means the price at which a Share may be purchased by a Participant
pursuant to an Option.

     2.23 “Other Stock Unit Award” means an Award granted to a Participant, as described in Article
10 hereof.

     2.24 “Participant” means an Employee or Director who has been selected to receive an Award or
who has an outstanding Award granted under the Plan.

     2.25 “Performance-Based Exception” means the performance-based exception from the tax
deductibility limitations of Code Section 162(m).

     2.26 “Performance Share” means an Award granted to a Participant, as described in Article 11
hereof.

     2.27 “Period of Restriction” means the period during which the transfer of Shares of
Restricted Stock is limited in some way (based on the passage of time, the achievement of
performance goals, or upon the occurrence of other events as determined by the Committee, at its
discretion), and the Shares are subject to a substantial risk of forfeiture, pursuant to the
Restricted Stock Award Agreement, as provided in Article 8 hereof.

3

 

     2.28 “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange
Act and used in Sections 13(d) and 14(d) thereof and the rules promulgated thereunder, including a
“group” as defined in Section 13(d) thereof and the rules promulgated.

     2.29 “Restricted Stock” means an Award granted to a Participant pursuant to Article 8 hereof.

     2.30 “Restricted Stock Unit” means an Award granted to a Participant pursuant to Article 9
hereof.

     2.31 “Shares” means shares of the Company’s common stock, par value $.01 per share.

     2.32 “Stock Appreciation Right” or “SAR” means an Award granted pursuant to the terms of
Article 7 hereof.

     2.33 “Subsidiary” means any corporation, partnership, joint venture, or other entity in which
the Company, directly or indirectly, has a majority voting interest. With respect to Incentive
Stock Options, “Subsidiary” means any entity, domestic or foreign, whether or not such entity now
exists or is hereafter organized or acquired by the Company or by a Subsidiary that is a
“subsidiary corporation” within the meaning of Code Section 424(d) and the rules thereunder.

     2.34 “Ten Percent Shareholder” means an employee who at the time an ISO is granted owns Shares
possessing more than ten percent of the total combined voting power of all classes of stock of the
Company or any Subsidiary, within the meaning of Code Section 422.

Article 3. Administration

     3.1 General. Subject to the terms and conditions of the Plan, the Plan shall be administered
by the Committee. The members of the Committee shall be appointed from time to time by, and shall
serve at the discretion of, the Board of Directors. The Committee shall have the authority to
delegate administrative duties to officers of the Company. For purposes of making Awards intended
to qualify for the Performance Based Exception under Code Section 162(m), to the extent required
under such Code Section, the Committee shall be comprised solely of two or more individuals who are
“outside directors”, as that term is defined in Code Section 162(m) and the regulations thereunder.

               3.2 Authority of the Committee. Except as limited by law or by the Certificate of
Incorporation or Bylaws of the Company, and subject to the provisions hereof, the Committee shall
have full power to select Employees and Directors who shall be offered the opportunity to
participate in the Plan; determine the sizes and types of Awards; determine the terms and
conditions of Awards in a manner consistent with the Plan (including, but not limited to,
termination provisions); construe and interpret the Plan and any agreement or instrument entered
into under the Plan; establish, amend, or waive rules and regulations for the Plan’s
administration; and amend the terms and conditions of any outstanding Award as provided in the
Plan. Further, the Committee

4

 

shall make all other determinations that it deems necessary or advisable for the
administration of the Plan. As permitted by law and the terms of the Plan, the Committee may
delegate its authority herein. No member of the Committee shall be liable for any action taken or
decision made in good faith relating to the Plan or any Award granted hereunder.

     3.3 Decisions Binding. All determinations and decisions made by the Committee pursuant to the
provisions of the Plan and all related orders and resolutions of the Committee shall be final,
conclusive, and binding on all persons, including the Company, its stockholders, Directors,
Employees, Participants, and their estates and beneficiaries, unless changed by the Board.

Article 4. Shares Subject to the Plan and Maximum Awards

     4.1 Number of Shares Available for Grants. Subject to adjustment as provided in Section 4.2
hereof, the number of Shares hereby reserved for issuance on or after July 31, 2008 to Participants
under the Plan shall equal 2,500,000. Subject to adjustment as provided in Section 4.2 hereof, the
maximum number of Shares that may be issued pursuant to Incentive Stock Options shall not exceed
500,000. Any Shares that are subject to Award of Stock Options or Stock Appreciation Rights shall
be counted against this limit as one (1) Share for every one (1) Share issued. Any Shares that are
subject to Awards other than Stock Options or Stock Appreciation Rights shall be counted against
this limit as 2.5 Shares for every one (1) Share granted on or after July 31, 2008.

     Any Shares covered by an Award (or portion of an Award) granted under the Plan which is
settled in cash in lieu of Shares, forfeited, terminated or otherwise canceled or expires shall be
deemed not to have been delivered for purposes of determining the maximum number of Shares
available for delivery under the Plan. If a Participant tenders shares (either actually, by
attestation or otherwise) to pay all or any part of the Option Price or purchase price on an Award
or if any shares payable with respect to any Award are retained by the Company in satisfaction of
the Participant’s obligation for taxes, the number of shares actually tendered or retained shall
not become or again be, as the case may be, included in the Share limit described in this Section
4.1. Following the exercise of a SARs Award, the difference between the number of Shares subject to
such Award and the number of Shares issued in such exercise shall not be included in the maximum
number of Shares available for delivery under the Plan.

     Shares may be authorized or unissued shares. The Committee shall determine the appropriate
methodology for calculating the number of Shares issued pursuant to the Plan.

     The following limitations shall apply to the grant of any Award to a Participant in a fiscal
year:

	 	(a)	 	Stock Options: The maximum aggregate number of Shares that may be
granted in the form of Stock Options pursuant to Awards granted in any one fiscal
year to any one Participant shall be 600,000.

5

 

	 	(b)	 	SARs: The maximum aggregate number of Shares that may be granted in
the form of Stock Appreciation Rights pursuant to Awards granted in any one fiscal
year to any one Participant shall be 250,000.
	 
	 	(c)	 	Restricted Stock: The maximum aggregate number of Shares that may be
granted with respect to Awards of Restricted Stock granted in any one fiscal year
to any one Participant shall be 250,000.
	 
	 	(d)	 	Deferred Stock/Restricted Stock Unit Awards: The maximum aggregate
grant or award with respect to Awards of Deferred Stock Units made in any one
fiscal year to any one Participant may not exceed $7,000,000. The maximum
aggregate grant with respect to Awards of Restricted Stock Units made in any one
fiscal year to any one Participant may not exceed $7,000,000.
	 
	 	(e)	 	Other Stock Unit Awards: The maximum aggregate grant with respect to
Awards of Other Stock Units made in any one fiscal year to any one Participant may
not exceed $10,000,000.
	 
	 	(f)	 	Performance Shares Awards: The maximum aggregate grant with respect
to Awards of Performance Shares made in any one fiscal year to any one Participant
shall be equal to the Fair Market Value of 250,000 Shares (measured on the date of
grant).

     Notwithstanding anything in the Plan to the contrary and subject to adjustment as provided in
Section 4.2, the maximum aggregate number of Shares that may be granted as Awards in any one fiscal
year to a Director shall be equal to the Fair Market Value of 10,000 Shares (measured on the date
of grant) and the maximum aggregate number of Shares that may be granted as Awards to any Director
cumulatively under this Plan is 350,000.

     The maximum amount that may be paid under the Annual Target Bonus Plan in any one fiscal year
to a participant in that plan shall be $2 million.

     4.2 Adjustments in Authorized Shares. Upon a change in corporate capitalization, such as a
stock split, stock dividend or a corporate transaction, such as any merger, consolidation,
combination, exchange of shares or the like, separation, including a spin-off, or other
distribution of stock or property of the Company, any reorganization (whether or not such
reorganization comes within the definition of such term in Code Section 368) or any partial or
complete liquidation of the Company, such adjustment shall be made in the number and class of
Shares that may be delivered under Section 4.1, in the number and class of and/or price of Shares
subject to outstanding Awards granted under the Plan, and in the Award limits set forth in Section
4.1, as may be determined to be appropriate and equitable by the Committee, in its sole discretion,
to prevent dilution or enlargement of rights.

     4.3 Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The
Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards
in recognition of unusual or nonrecurring events (including, without limitation, the events
described in Section 4.2

6

 

hereof) affecting the Company or the financial statements of the Company or of changes in
applicable laws, regulations, or accounting principles, whenever the Committee determines that such
adjustments are appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan; provided that, unless the
Committee determines otherwise at the time such adjustment is considered, no such adjustment shall
be authorized to the extent that such authority would be inconsistent with the Plan’s or any
Award’s meeting the requirements of Section 162(m) of the Code, as from time to time amended.

Article 5. Eligibility and Participation

     5.1 Eligibility. Persons eligible to participate in this Plan include all Employees and
Directors of the Company and its Subsidiaries.

     5.2 Actual Participation. Subject to the provisions of the Plan, the Committee may, from time
to time, select from all eligible Employees and Directors, those to whom Awards shall be granted
and shall determine the nature and amount of each Award, provided that Incentive Stock Options
shall only be awarded to Employees of the Company or its Subsidiaries.

Article 6. Stock Options

     6.1 Grant of Options. Subject to the terms and provisions of the Plan, Options may be granted
to Participants in such number, and upon such terms, and at any time and from time to time as shall
be determined by the Committee.

     6.2 Award Agreement. Each Option grant shall be evidenced by an Award Agreement that shall
specify the Option Price, the duration of the Option, the number of Shares to which the Option
pertains, and such other provisions as the Committee shall determine which are not inconsistent
with the terms of the Plan.

     6.3 Option Price. The Option Price for each Option shall equal the Fair Market Value of the
Shares at the time such option is granted. No ISOs will be granted to a Ten Percent Shareholder.
The Option Price may not be decreased with respect to an outstanding Option following the date of
grant and no Option will be replaced with another Option with a lower Option Price.

     6.4 Duration of Options. Each Option granted to a Participant shall expire at such time as the
Committee shall determine at the time of grant, provided that an Option must expire no later than
the seventh (7th) anniversary of the date the Option was granted.

     6.5 Exercise of Options. Options shall be exercisable at such times and be subject to such
restrictions and conditions as the Committee shall in each instance approve, which need not be the
same for each grant or for each Participant.

     6.6 Payment. Options shall be exercised by the delivery of a written, electronic or telephonic
notice of exercise to the Company or its designated agent, setting forth the number of Shares with
respect to which the Option is to be exercised, accompanied by full payment of the Option Price for
the Shares.

7

 

     Upon the exercise of any Option, the Option Price for the Shares being purchased pursuant to
the Option shall be payable to the Company in full either: (a) in cash or its equivalent; (b)
subject to the Committee’s approval, by delivery of previously acquired Shares having an aggregate
Fair Market Value at the time of exercise equal to the total Option Price (provided that the Shares
that are delivered must have been held by the Participant for at least six (6) months prior to
their delivery to satisfy the Option Price); (c) subject to the Committee’s approval, by
authorizing a third party to sell Shares (or a sufficient portion of the Shares) acquired upon
exercise of the Option and remitting to the Company a sufficient portion of the sales proceeds to
pay the Option Price; (d) subject to the Committee’s approval, by a combination of (a), (b), or
(c); or (e) by any other method approved by the Committee in its sole discretion. Unless otherwise
determined by the Committee, the delivery of previously acquired Shares may be done through
attestation. No fractional shares may be tendered or accepted in payment of the Option Price.

     Unless otherwise determined by the Committee, cashless exercises are permitted pursuant to
Federal Reserve Board’s Regulation T, subject to applicable securities law restrictions, or by any
other means which the Committee determines to be consistent with the Plan’s purpose and applicable
law.

     Subject to any governing rules or regulations, as soon as practicable after receipt of
notification of exercise and full payment, the Company shall deliver to the Participant, in the
Participant’s name, Share certificates in an appropriate amount based upon the number of Shares
purchased pursuant to the Option(s).

     Unless otherwise determined by the Committee, all payments under all of the methods indicated
above shall be paid in United States dollars.

     6.7 Restrictions on Share Transferability. The Committee may impose such restrictions on any
Shares acquired pursuant to the exercise of an Option granted under this Article 6 as it may deem
advisable, including, without limitation, restrictions under applicable federal securities laws,
under the requirements of any stock exchange or market upon which such Shares are then listed
and/or traded, or under any blue sky or state securities laws applicable to such Shares.

     6.9 Special Limitation on Grants of Incentive Stock Options. No ISO shall be granted to an
Employee under the Plan or any other ISO plan of the Company or its Subsidiaries to purchase Shares
as to which the aggregate Fair Market Value (determined as of the date of grant) of the Shares
which first become exercisable by the Employee in any calendar year exceeds $100,000. To the
extent an Option initially designated as an ISO exceeds the value limit of this Section 6.9 or
otherwise fails to satisfy the requirements applicable to ISOs, it shall be deemed a NQSO and shall
otherwise remain in full force and effect.

Article 7. Stock Appreciation Rights

     7.1 Grant of SARs. Subject to the terms and conditions of the Plan, SARs may be granted to
Participants at any time and from time to time as shall be determined by the Committee.

8

 

     Subject to the terms and conditions of the Plan, the Committee shall have complete discretion
in determining the number of SARs granted to each Participant and, consistent with the provisions
of the Plan, in determining the terms and conditions pertaining to such SARs.

     The grant price of a SAR shall equal the Fair Market Value of a Share on the date of grant.

     7.2 SAR Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall specify
the grant price, the term of the SAR, and such other provisions as the Committee shall determine.

     7.3 Term of SARs. The term of an SAR granted under the Plan shall be determined by the
Committee, in its sole discretion, provided that an SAR must expire no later than the seventh (7th)
anniversary of the date the SAR was granted.

     7.4 Exercise of SARs. SARs may be exercised upon whatever terms and conditions the Committee,
in its sole discretion, imposes upon them.

     7.6 Payment of SAR Amount. Upon exercise of an SAR, a Participant shall be entitled to receive
payment from the Company in an amount determined by multiplying:

	 	(a)	 	The amount by which the Fair Market Value of a Share on the date
of exercise exceeds the grant price of the SAR; by
	 
	 	(b)	 	The number of Shares with respect to which the SAR is exercised.

     The payment upon SAR exercise shall be in Shares. Any Shares delivered in payment shall be
deemed to have a value equal to the Fair Market Value on the date of exercise of the SAR.

Article 8. Restricted Stock

     8.1 Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Committee,
at any time and from time to time, may grant Shares of Restricted Stock to Participants in such
amounts as the Committee shall determine.

     8.2 Restricted Stock Agreement. Each Restricted Stock grant shall be evidenced by a Restricted
Stock Award Agreement that shall specify the Period(s) of Restriction, the number of Shares of
Restricted Stock granted, and such other provisions as the Committee shall determine which are not
inconsistent with the terms of this Plan.

     8.3 Other Restrictions. The Committee may impose such other conditions and/or restrictions on
any Shares of Restricted Stock granted pursuant to the Plan as it may deem advisable including,
without limitation, a requirement that Participants pay a stipulated purchase price for each Share
of Restricted Stock, restrictions based upon the achievement of specific performance goals,
time-based restrictions on vesting following

9

 

the attainment of the performance goals, time-based restrictions, and/or restrictions under
applicable federal or state securities laws.

     To the extent deemed appropriate by the Committee, the Company may retain the certificates
representing Shares of Restricted Stock in the Company’s possession until such time as all
conditions and/or restrictions applicable to such Shares have been satisfied.

     Except as otherwise provided in the Award Agreement, Shares of Restricted Stock covered by
each Restricted Stock grant made under the Plan shall become freely transferable by the Participant
after the last day of the applicable Period of Restriction.

     8.5 Voting Rights. If the Committee so determines, Participants holding Shares of Restricted
Stock granted hereunder may be granted the right to exercise full voting rights with respect to
those Shares during the Period of Restriction.

     8.6 Dividends and Other Distributions. During the Period of Restriction, Participants holding
Shares of Restricted Stock granted hereunder (whether or not the Company holds the certificate(s)
representing such Shares) may, if the Committee so determines, be credited with dividends paid with
respect to the underlying Shares while they are so held. The Committee may apply any restrictions
to the dividends that the Committee deems appropriate. Without limiting the generality of the
preceding sentence, if the grant or vesting of Restricted Shares granted to a Covered Employee is
designed to comply with the requirements of the Performance-Based Exception, the Committee may
apply any restrictions it deems appropriate to the payment of dividends declared with respect to
such Restricted Shares, such that the dividends and/or the Restricted Shares maintain eligibility
for the Performance-Based Exception.

Article 9. Deferred Stock and Restricted Stock Units

     9.1 Award of Deferred Stock Units. Subject to the terms and provisions of the Plan, the
Committee, at any time and from time to time, may award Deferred Stock Units to Participants in
lieu of payment of a bonus or other Award if so elected by a Participant under such terms and
conditions as the Committee shall determine, including terms that provide for the grant of Deferred
Stock Units valued in excess of the bonus or Award deferred.

     9.2 Election to Receive Deferred Stock Units. A Participant must make an election to receive
Deferred Stock Units in the calendar year before the calendar year in which the services related to
the Award are first performed. The Committee may require a Participant to defer, or permit
(subject to any conditions as the Committee may from time to time establish) a Participant to elect
to defer, receipt of all or any portion of any payment of cash or Shares that otherwise would be
due to such Participant in payment or settlement of an Award under the Plan, to the extent
consistent with Section 409A of the Code. (Such payments may include, without limitation,
provisions for the payment or crediting of reasonable interest in respect of deferred payments
credited in cash, and the payment or crediting of dividend equivalents in respect of deferred
amounts credited in

10

 

stock equivalents.) Settlement of any Deferred Stock Units shall be made in a single sum of
cash or Shares.

     9.3 Grant of Restricted Stock Units. Subject to the terms and provisions of the Plan, the
Committee, at any time and from time to time, may grant Restricted Stock Units to Participants in
such amounts as the Committee may determine.

     9.4 Restricted Stock Units Agreement. Each Restricted Stock Unit grant shall be evidenced by
a Restricted Stock Unit Award Agreement that shall specify the date or dates and any other terms
and conditions on which the Restricted Stock Units may vest and such other terms and conditions of
the grant as the Committee shall determine.

     9.5 Form and Timing of Payment of Restricted Stock Units. Payment of vested Restricted Stock
Units, or, if a Restricted Stock Unit Award is subject to partial vesting, the vested portion of
such Award, shall be made in a single sum of cash or Shares or a combination thereof as soon as
practicable after the Restricted Stock Units or portion of the Award vests, but in no event later
than 21/2 months after the calendar year in which vesting occurs. It is intended that a Restricted
Stock Unit Award be exempt from the application of Section 409A of the Code as a “short-term
deferral.”

Article 10. Other Stock Unit Awards

     10.1 Grant of Other Stock Unit Awards. Subject to the terms of the Plan, Other Stock Unit
Awards that are valued in whole or in part by reference to, or are otherwise based on, Shares or
other property, may be granted to Participants, either alone or in addition to other Awards granted
under the Plan, and such Other Stock Units shall also be available as a form of payment in the
settlement of other Awards granted under the Plan. Other Stock Units shall be granted upon such
terms, and at any time and from time to time, as shall be determined by the Committee.

     10.2 Award Agreement. Each Other Stock Unit grant shall be evidenced by an Other Stock Unit
Agreement that shall specify the restrictions upon such Other Stock Units, if any, the number of
Other Stock Units granted, and such other provisions as the Committee shall determine which are not
inconsistent with the terms of this Plan.

Article 11. Performance Shares

     11.1 Grant of Performance Shares Awards. Subject to the terms of the Plan, Performance Shares
Awards may be granted to Participants in such amounts and upon such terms, and at any time and from
time to time, as shall be determined by the Committee.

     11.2 Award Agreement. At the Committee’s discretion, each grant of Performance Shares Awards
may be evidenced by an Award Agreement that shall specify the initial value, the duration of the
Award, the performance measures, if any, applicable to the Award, and such other provisions as the
Committee shall determine which are not inconsistent with the terms of the Plan.

11

 

     11.3 Value of Performance Shares Awards. Each Performance Share shall have an initial value
equal to the Fair Market Value of a Share on the date of grant. The Committee shall set
performance goals in its discretion which, depending on the extent to which they are met, will
determine the number and/or value of Performance Shares Awards that will be paid out to the
Participant. For purposes of this Article 11, the time period during which the performance goals
must be met shall be called a “Performance Period.”

     11.4 Earning of Performance Shares Awards. Subject to the terms of this Plan, after the
applicable Performance Period has ended, the holder of Performance Shares Awards shall be entitled
to receive a payout based on the number and value of Performance Shares Awards earned by the
Participant over the Performance Period, to be determined as a function of the extent to which the
corresponding performance goals have been achieved.

     11.5 Form and Timing of Payment of Performance Shares Awards. Payment of earned Performance
Shares Awards shall be as determined by the Committee and, if applicable, as evidenced in the
related Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion,
may pay earned Performance Shares Awards in the form of cash or in Shares (or in a combination
thereof) that have an aggregate Fair Market Value equal to the value of the earned Performance
Shares Awards at the close of the applicable Performance Period. Such Shares may be delivered
subject to any restrictions deemed appropriate by the Committee. No fractional shares will be
issued. The determination of the Committee with respect to the form of payout of such Awards shall
be set forth in the Award Agreement pertaining to the grant of the Award or the resolutions
establishing the Award.

     Unless otherwise provided by the Committee, Participants holding Performance Shares shall be
entitled to receive dividend units with respect to dividends declared with respect to the Shares
represented by such Performance Shares.

Article 12. Performance Measures

     Unless and until the Committee proposes for shareholder vote and the Company’s shareholders
approve a change in the general performance measures set forth in this Article 12, the attainment
of which may determine the degree of payout and/or vesting with respect to Awards to Covered
Employees that are designed to qualify for the Performance-Based Exception, the performance
measure(s) to be used for purposes of such grants shall be chosen from among: revenue, earnings
per share, operating income, net income (before or after taxes), cash flow (including, but not
limited to, operating cash flow and free cash flow), gross profit, growth in any of the preceding
measures, gross profit return on investment, gross margin return on investment, working capital,
gross margins, EBIT, EBITDA, return on equity, return on assets, return on capital, revenue growth,
total shareholder return, economic value added, customer satisfaction, technology leadership,
number of new patents, employee retention, market share, market segment share, product release
schedules, new product innovation, cost reduction through advanced technology, brand
recognition/acceptance, and product ship targets.

12

 

Additionally, the Committee may exclude the impact of an event or occurrence which the
Committee determines should appropriately be excluded, including an event not within the reasonable
control of the Company’s management.

     Performance measures may be set either at the corporate level, subsidiary level, division
level, or business unit level.

     Awards that are designed to qualify for the Performance-Based Exception, and that are held by
Covered Employees, may not be adjusted upward (the Committee shall retain the discretion to adjust
such Awards downward).

     If applicable tax and/or securities laws change to permit Committee discretion to alter the
governing performance measures without obtaining shareholder approval of such changes, the
Committee shall have sole discretion to make such changes without obtaining shareholder approval.

Article 13. Rights of Participants

     13.1 Employment. Nothing in the Plan shall confer upon any Participant any right to continue
in the Company’s or its Subsidiaries’ employ, or as a Director, or interfere with or limit in any
way the right of the Company or its Subsidiaries to terminate any Participant’s employment or
directorship at any time.

     13.2 Participation. No Employee or Director shall have the right to be selected to receive an
Award under this Plan, or, having been so selected, to be selected to receive a future Award.

     13.3 Rights as a Stockholder. Except as provided in Sections 8.5, 8.6 and 11.5 or in the
applicable Award Agreement consistent with Articles 8, 9, 10, or 11, a Participant shall have none
of the rights of a shareholder with respect to shares of Common Stock covered by any Award until
the Participant becomes the record holder of such Shares.

     13.4 Nontransferability. Unless otherwise set forth by the Committee in an Award Agreement,
Awards (except for vested shares) shall not be transferable by a Participant except by will or the
laws of descent and distribution (except pursuant to a Beneficiary designation) and shall be
exercisable during the lifetime of a Participant only by such Participant or his or her guardian or
legal representative. Under no circumstances will an Award be transferable for value or
consideration. A Participant’s rights under the Plan may not be pledged, mortgaged, hypothecated,
or otherwise encumbered, and shall not be subject to claims of the Participant’s creditors.

Article 14. Termination of Employment/Directorship

     Upon termination of the Participant’s employment or directorship for any reason other than
Disability, death, or, in the case of NQSOs, retirement, an Option granted to the Participant may
be exercised by the Participant or permitted transferee at any time on or prior to the earlier of
the expiration date of the Option or the expiration of three (3) months after the date of
termination but only if, and to the extent that, the Participant was entitled to exercise the
Option at the date of termination. Upon termination of the

13

 

Participant’s employment or directorship due to retirement (as defined in the Award
Agreement), a NQSO granted to the Participant may be exercised by the Participant or permitted
transferee at any time on or prior to the earlier of the expiration date of the Option or the
expiration of two (2) years after the date of termination due to retirement (as defined in the
Award Agreement) but only if, and to the extent that, the Participant was entitled to exercise the
Nonqualified Stock Option at the date of termination. Upon termination of the Participant’s
employment or directorship for any reason other than Disability or death, all Awards other than
Options shall be treated as set forth in the applicable Award Agreement. If the employment or
directorship of a Participant terminates by reason of the Participant’s Disability or death, all
Awards shall be treated as set forth in the applicable Award Agreements.

          Unless otherwise determined by the Committee, an authorized leave of absence pursuant to a
written agreement or other leave entitling an Employee to reemployment in a comparable position by
law or rule shall not constitute a termination of employment for purposes of the Plan unless the
Employee does not return at or before the end of the authorized leave or within the period for
which re-employment is guaranteed by law or rule. For purposes of this Article, a “termination”
includes an event which causes a Participant to lose his eligibility to participate in the Plan
(e.g., an individual is employed by a company that ceases to be a Subsidiary). In the case of a
nonemployee director, the meaning of “termination” includes the date that the individual ceases to
be a director of the Company or its Subsidiaries.

          Notwithstanding the foregoing, the Committee has the authority to prescribe different rules
that apply upon the termination of employment of a particular Participant, which shall be
memorialized in the Participant’s original or amended Award Agreement or similar document.

          An Award that remains unexercised after the latest date it could have been exercised under any
of the foregoing provisions or under the terms of the Award shall be forfeited.

Article 15. Change in Control

     In the event of (1) any sale or conveyance to another entity of all or substantially all of
the property and assets of the Company or (2) a Change in Control, unless otherwise specifically
prohibited under applicable laws, or by the rules and regulations of any governing governmental
agencies or national securities exchange or trading system, or unless the Committee shall otherwise
specify in the Award Agreement, the Board, in its sole discretion, may:

	 	(a)	 	elect to terminate Options or SARs in exchange for a cash payment
equal to the amount by which the Fair Market Value of the Shares subject to
such Option to the extent the Option or SAR has vested exceeds the exercise
price with respect to such Shares;
	 
	 	(b)	 	elect to terminate Options or SARs provided that each Participant
is first notified of and given the opportunity to exercise his/her vested

14

 

	 	 	 	Options for a specified period of time (of not less than 15 days) from the
date of notification and before the Option or SAR is terminated;

	 	(c)	 	permit Awards to be assumed by a new parent corporation or a
successor corporation (or its parent) and replaced with a comparable Award of
the parent corporation or successor corporation (or its parent);
	 
	 	(d)	 	amend an Award Agreement or take such other action with respect to
an Award that it deems appropriate; or
	 
	 	(e)	 	implement any combination of the foregoing.

Article 16. Amendment, Modification, and Termination

     16.1 Amendment, Modification, and Termination. Subject to the terms of the Plan, the Board may
at any time and from time to time, alter, amend, suspend, or terminate the Plan in whole or in
part.

     16.2 Awards Previously Granted. Notwithstanding any other provision of the Plan to the
contrary, no termination, amendment, or modification of the Plan shall adversely affect in any
material way any Award previously granted under the Plan, without the written consent of the
Participant holding such Award. Except in connection with a corporate transaction involving the
company (including, without limitation, any stock dividend, stock split, extraordinary cash
dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination,
or exchange of shares), the terms of outstanding awards may not be amended to reduce the exercise
price of outstanding Options or SARs or cancel outstanding Options or SARS in exchange for cash,
other awards or Options or SARs with an exercise price that is less than the exercise price of the
original Options or SARs without stockholder approval.

     16.3 Shareholder Approval Required for Certain Amendments. Shareholder approval will be
required for any amendment of the Plan that does any of the following: (a) increases the maximum
number of Shares subject to the Plan; (b) changes the designation of the class of persons eligible
to receive ISOs under the Plan; or (c) modifies the Plan in a manner that requires shareholder
approval under applicable law or the rules of a stock exchange or trading system on which Shares
are traded.

Article 17. Withholding

     The Company shall have the power and the right to deduct or withhold, or require a Participant
to remit to the Company, an amount sufficient to satisfy any applicable taxes (including social
security or social charges), domestic or foreign, required by law or regulation to be withheld with
respect to any taxable event arising as a result of this Plan. The Participant may satisfy,
totally or in part, such Participant’s obligations pursuant to this Section 17 by electing to have
Shares withheld, to redeliver Shares acquired under an Award, or to deliver previously owned Shares
that have been held for at least six (6) months, provided that the election is made in writing on
or prior to (i) the date of exercise, in the case of Options or SARs; (ii) the date of payment, in
the case of

15

 

Performance Shares/Deferred Stock Units/Restricted Stock Units; or (iii) the expiration of the
Period of Restriction in the case of Restricted Stock. Any election made under this Section 17 may
be disapproved by the Committee at any time in its sole discretion. If an election is disapproved
by the Committee, the Participant must satisfy his obligations pursuant to this paragraph in cash.

Article 18. Successors

     All obligations of the Company under the Plan with respect to Awards granted hereunder shall
be binding on any successor to the Company, whether the existence of such successor is the result
of a direct or indirect purchase, through merger, consolidation, or otherwise, of all or
substantially all of the business, stock and/or assets of the Company.

Article 19. General Provisions

     19.1 Gender and Number. Except where otherwise indicated by the context, any masculine term
used herein also shall include the feminine; the plural shall include the singular and the singular
shall include the plural.

     19.2 Severability. If any provision of the Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan
shall be construed and enforced as if the illegal or invalid provision had not been included.

     19.3 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan
shall be subject to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

     19.4 Securities Law Compliance. With respect to Insiders, transactions under this Plan are
intended to comply with all applicable conditions of Rule 16b-3 or its successors under the
Exchange Act, unless determined otherwise by the Board. To the extent any provision of the Plan or
action by the Committee fails to so comply, it shall be deemed null and void, to the extent
permitted by law and deemed advisable by the Board.

     19.5 Listing. The Company may use reasonable endeavors to register Shares issued pursuant to
Awards with the United States Securities and Exchange Commission or to effect compliance with the
registration, qualification, and listing requirements of any state or foreign securities laws,
stock exchange, or trading system.

     19.6 Inability to Obtain Authority. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any
liability in respect of the failure to issue or sell such Shares as to which such requisite
authority shall not have been obtained.

16

 

     19.7 No Additional Rights. Neither the Award nor any benefits arising under this Plan shall
constitute part of an employment contract between the Participant and the Company or any
Subsidiary, and accordingly, subject to Section 16.2, this Plan and the benefits hereunder may be
terminated at any time in the sole and exclusive discretion of the Committee without giving rise to
liability on the part of the Company for severance payments.

     19.8 Noncertificated Shares. To the extent that the Plan provides for issuance of certificates
to reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated
basis, to the extent not prohibited by applicable law or the rules of any stock exchange or trading
system.

     19.9 Governing Law. The Plan and each Award Agreement shall be governed by the laws of
Massachusetts, excluding any conflicts or choice of law rule or principle that might otherwise
refer construction or interpretation of the Plan to the substantive law of another jurisdiction.
Unless otherwise provided in the Award Agreement, recipients of an Award under the Plan are deemed
to submit to the exclusive jurisdiction and venue of the federal or state courts whose jurisdiction
covers Massachusetts, to resolve any and all issues that may arise out of or relate to the Plan or
any related Award Agreement.

     19.10 Compliance with Code Section 409A. No Award that is subject to Section 409A of the
Code shall provide for deferral of compensation that does not comply with Section 409A of the Code,
unless the Board, at the time of grant, specifically provides that the Award is not intended to
comply with Section 409A of the Code. Notwithstanding any provision in the Plan to the contrary,
with respect to any Award subject to Section 409A, distributions on account of a separation from
service may not be made to Key Employees before the date which is six (6) months after the date of
separation from service (or, if earlier, the date of death of the employee).

17

 

	 	 	 	 	 	 	 
	Dated as of July 27, 2005

Amended July 31, 2008	 	Haemonetics Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brad Nutter
 

Chief Executive Officer
	 	 

Date of Shareholder Approval: July 27, 2005

Amendment to Section 4.1 Approved by Shareholders: July 31, 2008

18exv4w9

Exhibit 4.9

 

INDEPENDENT BANK CORP.,

ISSUER

and

[                ],

TRUSTEE

 

INDENTURE

Dated as of [          ], 200[ ]

 

Senior Debt Securities

 

 

 

CROSS-REFERENCE TABLE (1)

	 	 	 
	Section of	 	 
	Trust Indenture Act	 	Section of
	Of 1939, as amended	 	Indenture
	310(a)
	 	7.09
	310(b)
	 	7.08
	 
	 	7.10
	310(c)
	 	Inapplicable
	311(a)
	 	7.13
	311(b)
	 	7.13
	311(c)
	 	Inapplicable
	312(a)
	 	5.01
	 
	 	5.02(a)
	312(b)
	 	5.02(c)
	312(c)
	 	5.02(c)
	313(a)
	 	5.04(a)
	313(b)
	 	5.04(b)
	313(c)
	 	5.04(a)
	 
	 	5.04(b)
	313(d)
	 	5.04(c)
	314(a)
	 	5.03
	 
	 	13.05(c)
	314(b)
	 	Inapplicable
	314(c)
	 	13.05
	314(d)
	 	Inapplicable
	314(e)
	 	13.05(b)
	314(f)
	 	Inapplicable
	315(a)
	 	7.01(b)
	 
	 	7.02
	315(b)
	 	5.04(d)
	315(c)
	 	7.01(a)
	315(d)
	 	7.01(b)
	 
	 	7.02
	315(e)
	 	6.07
	316(a)
	 	6.06
	 
	 	8.04
	316(b)
	 	6.04
	316(c)
	 	8.01
	317(a)
	 	6.02
	317(b)
	 	4.03
	318(a)
	 	13.07

 

			
	1	 	This Cross-Reference Table does not constitute part of the Indenture and shall not
have any bearing on the interpretation of any of its terms or provisions.

 

 

TABLE OF CONTENTS (2)

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	DEFINITIONS

	 
	 	 	 	 
	SECTION 1.01 Definitions of Terms
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

	 
	 	 	 	 
	SECTION 2.01 Designation and Terms of Securities
	 	 	3	 
	SECTION 2.02 Form of Securities and Trustee’s Certificate
	 	 	4	 
	SECTION 2.03 Denominations; Provisions for Payment
	 	 	5	 
	SECTION 2.04 Execution and Authentications
	 	 	6	 
	SECTION 2.05 Registration of Transfer and Exchange
	 	 	6	 
	SECTION 2.06 Temporary Securities
	 	 	7	 
	SECTION 2.07 Mutilated, Destroyed, Lost or Stolen Securities
	 	 	7	 
	SECTION 2.08 Cancellation
	 	 	8	 
	SECTION 2.09 Benefits of Indenture
	 	 	8	 
	SECTION 2.10 Authenticating Agent
	 	 	8	 
	SECTION 2.11 Global Securities
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

	 
	 	 	 	 
	SECTION 3.01 Redemption
	 	 	9	 
	SECTION 3.02 Notice of Redemption
	 	 	9	 
	SECTION 3.03 Payment Upon Redemption
	 	 	10	 
	SECTION 3.04 Sinking Fund
	 	 	10	 
	SECTION 3.05 Satisfaction of Sinking Fund Payments with Securities
	 	 	10	 
	SECTION 3.06 Redemption of Securities for Sinking Fund
	 	 	10	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	COVENANTS

	 
	 	 	 	 
	SECTION 4.01 Payment of Principal, Premium and Interest
	 	 	11	 
	SECTION 4.02 Maintenance of Office or Agency
	 	 	11	 
	SECTION 4.03 Paying Agents
	 	 	11	 
	SECTION 4.04 Appointment to Fill Vacancy in Office of Trustee
	 	 	12	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

	 
	 	 	 	 
	SECTION 5.01 Company to Furnish Trustee Names and Addresses of Securityholders
	 	 	12	 
	SECTION 5.02 Preservation Of Information; Communications With Securityholders
	 	 	12	 
	SECTION 5.03 Reports by the Company
	 	 	12	 
	SECTION 5.04 Reports by the Trustee
	 	 	13	 

 

 

	 	 	 	 	 
	 	 	Page
	ARTICLE VI

	 
	 	 	 	 
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

	 
	 	 	 	 
	SECTION 6.01 Events of Default
	 	 	13	 
	SECTION 6.02 Suits for Enforcement by Trustee
	 	 	14	 
	SECTION 6.03 Application of Moneys Collected
	 	 	15	 
	SECTION 6.04 Limitation on Suits
	 	 	15	 
	SECTION 6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver
	 	 	16	 
	SECTION 6.06 Control by Securityholders
	 	 	16	 
	SECTION 6.07 Undertaking to Pay Costs
	 	 	16	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	CONCERNING THE TRUSTEE

	 
	 	 	 	 
	SECTION 7.01 Certain Duties and Responsibilities of Trustee
	 	 	16	 
	SECTION 7.02 Certain Rights of Trustee
	 	 	17	 
	SECTION 7.03 Trustee Not Responsible for Recitals or Issuance or Securities
	 	 	18	 
	SECTION 7.04 May Hold Securities
	 	 	18	 
	SECTION 7.05 Moneys Held in Trust
	 	 	18	 
	SECTION 7.06 Compensation and Reimbursement
	 	 	18	 
	SECTION 7.07 Reliance on Officers’ Certificate
	 	 	19	 
	SECTION 7.08 Disqualification; Conflicting Interests
	 	 	19	 
	SECTION 7.09 Corporate Trustee Required; Eligibility
	 	 	19	 
	SECTION 7.10 Resignation and Removal; Appointment of Successor
	 	 	19	 
	SECTION 7.11 Acceptance of Appointment By Successor
	 	 	20	 
	SECTION 7.12 Merger, Conversion, Consolidation or Succession to Business
	 	 	21	 
	SECTION 7.13 Preferential Collection of Claims Against the Company
	 	 	21	 
	 
	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 
	CONCERNING THE SECURITYHOLDERS

	 
	 	 	 	 
	SECTION 8.01 Evidence of Action by Securityholders
	 	 	21	 
	SECTION 8.02 Proof of Execution by Securityholders
	 	 	22	 
	SECTION 8.03 Who May be Deemed Owners
	 	 	22	 
	SECTION 8.04 Certain Securities Owned by Company Disregarded
	 	 	22	 
	SECTION 8.05 Actions Binding on Future Securityholders
	 	 	22	 
	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	SUPPLEMENTAL INDENTURES

	 
	 	 	 	 
	SECTION 9.01 Supplemental Indentures Without the Consent of Securityholders
	 	 	23	 
	SECTION 9.02 Supplemental Indentures With Consent of Securityholders
	 	 	23	 
	SECTION 9.03 Effect of Supplemental Indentures
	 	 	23	 
	SECTION 9.04 Securities Affected by Supplemental Indentures
	 	 	24	 
	SECTION 9.05 Execution of Supplemental Indentures
	 	 	24	 
	 
	 	 	 	 
	ARTICLE X

	 
	 	 	 	 
	SUCCESSOR ENTITY

	 
	 	 	 	 
	SECTION 10.01 Company May Consolidate, Etc.
	 	 	24	 
	SECTION 10.02 Successor Entity Substituted
	 	 	25	 
	SECTION 10.03 Evidence of Consolidation, Etc. to Trustee
	 	 	25	 

ii

 

	 	 	 	 	 
	 	 	Page
	ARTICLE XI

	 
	 	 	 	 
	SATISFACTION AND DISCHARGE

	 
	 	 	 	 
	SECTION 11.01 Satisfaction and Discharge of Indenture
	 	 	25	 
	SECTION 11.02 Discharge of Obligations
	 	 	25	 
	SECTION 11.03 Deposited Moneys to be Held in Trust
	 	 	26	 
	SECTION 11.04 Payment of Moneys Held by Paying Agents
	 	 	26	 
	SECTION 11.05 Repayment to Company
	 	 	26	 
	 
	 	 	 	 
	ARTICLE XII

	 
	 	 	 	 
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

	 
	 	 	 	 
	SECTION 12.01 No Recourse
	 	 	26	 
	 
	 	 	 	 
	ARTICLE XIII

	 
	 	 	 	 
	MISCELLANEOUS PROVISIONS

	 
	 	 	 	 
	SECTION 13.01 Effect on Successors and Assigns
	 	 	26	 
	SECTION 13.02 Actions by Successor
	 	 	27	 
	SECTION 13.03 Notices
	 	 	27	 
	SECTION 13.04 Governing Law
	 	 	27	 
	SECTION 13.05 Compliance Certificates and Opinions
	 	 	27	 
	SECTION 13.06 Payments on Business Days
	 	 	27	 
	SECTION 13.07 Conflict with Trust Indenture Act
	 	 	27	 
	SECTION 13.08 Counterparts
	 	 	28	 
	SECTION 13.09 Separability
	 	 	28	 
	SECTION 13.10 Assignment
	 	 	28	 

 

			
	(2)	 	This Table of Contents does not constitute part of the Indenture and shall not have
any bearing on the interpretation of any of its terms or provisions.

iii

 

     INDENTURE, dated as of [          ], 200[ ], between Independent Bank Corp., a
Massachusetts corporation (the “Company”), and [          
], as trustee (the “Trustee”):

     WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance of unsecured debt securities (hereinafter
referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time
to time in one or more series as in this Indenture provided, as registered Securities without
coupons, to be authenticated by the certificate of the Trustee;

     WHEREAS, to provide the terms and conditions upon which the Securities are to be
authenticated, issued and delivered, the Company has duly authorized the execution of this
Indenture; and

     WHEREAS, all things necessary to make this Indenture a valid agreement of the Company, in
accordance with its terms, have been done.

     NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the
holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit
of the holders of Securities:

ARTICLE I

DEFINITIONS

SECTION 1.01 Definitions of Terms.

     The terms defined in this Section (except as in this Indenture otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture and of any indenture
supplemental hereto shall have the respective meanings specified in this Section and shall include
the plural as well as the singular. All other terms used in this Indenture that are defined in the
Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the
Securities Act of 1933, as amended (except as herein otherwise expressly provided or unless the
context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture
Act and in said Securities Act as in force at the date of the execution of this instrument.

     “Authenticating Agent” means an authenticating agent with respect to all or any of the series
of Securities appointed with respect to all or any series of the Securities by the Trustee pursuant
to Section 2.10.

     “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief
of debtors.

     “Board of Directors” means the Board of Directors of the Company or any duly authorized
committee of such Board.

     “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification.

     “Business Day” means, with respect to any series of Securities, any day other than a day on
which Federal or State banking institutions in the Borough of Manhattan, The City of New York, are
authorized or obligated by law, executive order or regulation to close.

     “Certificate” means a certificate signed by the principal executive officer, the principal
financial officer or the principal accounting officer of the Company. The Certificate need not
comply with the provisions of Section 13.05.

     “Company” means Independent Bank Corp., a corporation duly organized and existing under the
laws of the Commonwealth of Massachusetts, and, subject to the provisions of Article Ten, shall
also include its successors and assigns.

     “Corporate Trust Office” means the office of the Trustee at which, at any particular time, its
corporate trust business shall be principally administered, which office at the date hereof is
located at [               ].

     “Custodian” means any receiver, trustee, assignee, liquidator, or similar official under any
Bankruptcy Law.

     “Default” means any event, act or condition that with notice or lapse of time, or both, would
constitute an Event of Default.

1

 

     “Depositary” means, with respect to Securities of any series, for which the Company shall
determine that such Securities will be issued as a Global Security, the Depositary Trust Company,
New York, New York, another clearing agency, or any successor registered as a clearing agency under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or other applicable statute
or regulation, which, in each case, shall be designated by the Company pursuant to either Section
2.01 or 2.11.

     “Event of Default” means, with respect to Securities of a particular series any event
specified in Section 6.01, continued for the period of time, if any, therein designated.

     “Global Security” means, with respect to any series of Securities, a Security executed by the
Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction,
all in accordance with the Indenture, which shall be registered in the name of the Depositary or
its nominee.

     “Governmental Obligations” means securities that are (i) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (ii) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America, the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America that, in either case, are not callable or redeemable at
the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to
any such Governmental Obligation or a specific payment of principal of or interest on any such
Governmental Obligation held by such custodian for the account of the holder of such depositary
receipt; provided, however, that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

     “Herein”, “hereof” and “hereunder”, and other words of similar import, refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision.

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into in accordance
with the terms hereof.

     “Interest Payment Date”, when used with respect to any installment of interest on a Security
of a particular series, means the date specified in such Security or in a Board Resolution or in an
indenture supplemental hereto with respect to such series as the fixed date on which an installment
of interest with respect to Securities of that series is due and payable.

     “Officers’ Certificate” means a certificate signed by the President or a Vice President and by
the Treasurer or an Assistant Treasurer or the Controller or an Assistant Controller or the
Secretary or an Assistant Secretary of the Company that is delivered to the Trustee in accordance
with the terms hereof. Each such certificate shall include the statements provided for in Section
13.05, if and to the extent required by the provisions thereof.

     “Opinion of Counsel” means an opinion in writing of legal counsel, who may be an employee of
or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof.
Each such opinion shall include the statements provided for in Section 13.05, if and to the extent
required by the provisions thereof.

     “Outstanding”, when used with reference to Securities of any series, means, subject to the
provisions of Section 8.04, as of any particular time, all Securities of that series theretofore
authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore
canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for
cancellation or that have previously been canceled; (b) Securities or portions thereof for the
payment or redemption of which moneys or Governmental Obligations in the necessary amount shall
have been deposited in trust with the Trustee or with any paying agent (other than the Company) or
shall have been set aside and segregated in trust by the Company (if the Company shall act as its
own paying agent); provided, however, that if such Securities or portions of such Securities are to
be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in
Article Three provided, or provision satisfactory to the Trustee shall have been made for giving
such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have
been authenticated and delivered pursuant to the terms of Section 2.07.

     “Person” means any individual, corporation, partnership, joint venture, joint-stock company,
unincorporated organization or government or any agency or political subdivision thereof.

2

 

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost,
destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or
stolen Security.

     “Responsible Officer” when used with respect to the Trustee means any trust officer, any
assistant trust officer or any other officer or assistant officer of the Trustee customarily
performing functions similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred because of his or her
knowledge of and familiarity with the particular subject.

     “Securities” means the debt Securities authenticated and delivered under this Indenture.

     “Securityholder”, “holder of Securities”, “registered holder” or other similar term, means the
Person or Persons in whose name or names a particular Security shall be registered on the books of
the Company kept for that purpose in accordance with the terms of this Indenture.

     “Subsidiary” means, with respect to any Person, (i) any corporation at least a majority of
whose outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person
or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii)
any general partnership, joint venture or similar entity, at least a majority of whose outstanding
partnership or similar interests shall at the time be owned by such Person, or by one or more of
its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a general partner.

     “Trustee” means [           ], and, subject to the provisions of
Article Seven, shall also include its successors and assigns, and, if at any time there is more
than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term
“Trustee” as used with respect to a particular series of the Securities shall mean the trustee with
respect to that series.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, or any successor
statute.

     “Voting Stock”, as applied to stock of any Person, means shares, interests, participations or
other equivalents in the equity interest (however designated) in such Person having ordinary voting
power for the election of a majority of the directors (or the equivalent) of such Person, other
than shares, interests, participations or other equivalents having such power only by reason of the
occurrence of a contingency.

ARTICLE II

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

SECTION 2.01 Designation and Terms of Securities.

     (a) The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate
principal amount of Securities of that series from time to time authorized by or pursuant to a
Board Resolution of the Company or pursuant to one or more indentures supplemental hereto. Prior to
the initial issuance of Securities of any series, there shall be established in or pursuant to a
Board Resolution, and set forth in an Officers’ Certificate, or established in one or more
indentures supplemental hereto:

     (1) the title of the Security of the series (which shall distinguish the Securities of
the series from all other Securities);

     (2) any limit upon the aggregate principal amount of the Securities of that series that
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of that series);

     (3) the date or dates on which the principal of the Securities of the series is payable
and the place(s) of payment;

3

 

     (4) the rate or rates at which the Securities of the series shall bear interest or the
manner of calculation of such rate or rates, if any;

     (5) the date or dates from which such interest shall accrue, the Interest Payment Dates
on which such interest will be payable or the manner of determination of such Interest
Payment Dates, the place(s) of payment, and the record date for the determination of holders
to whom interest is payable on any such Interest Payment Dates;

     (6) the right, if any, to extend the interest payment periods and the duration of such
extension;

     (7) the period or periods within which, the price or prices at which and the terms and
conditions upon which, Securities of the series may be redeemed, in whole or in part, at the
option of the Company;

     (8) the obligation, if any, of the Company to redeem or purchase Securities of the
series pursuant to any sinking fund or analogous provisions (including payments made in cash
in satisfaction of future sinking fund obligations) or at the option of a holder thereof and
the period or periods within which, the price or prices at which, and the terms and
conditions upon which, Securities of the series shall be redeemed or purchased, in whole or
in part, pursuant to such obligation;

     (9) the form of the Securities of the series including the form of the certificate of
authentication for such series;

     (10) if other than denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, the denominations in which the Securities of the series shall be issuable;

     (11) any and all other terms with respect to such series (which terms shall not be
inconsistent with the terms of this Indenture, as amended by any supplemental indenture)
including any terms which may be required by or advisable under United States laws or
regulations or advisable in connection with the marketing of Securities of that series;

     (12) whether the Securities are issuable as a Global Security and, in such case, the
identity of the Depositary for such series;

     (13) whether the Securities will be convertible into shares of common stock or other
securities of the Company and, if so, the terms and conditions upon which such Securities
will be so convertible, including the conversion price and the conversion period;

     (14) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the
maturity thereof pursuant to Section 6.01; and

     (15) any additional or different Events of Default or restrictive covenants provided for
with respect to the Securities of the series.

     All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to any such Board Resolution or in any
indentures supplemental hereto.

     If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Officers’ Certificate setting forth the terms of the series.

     Securities of any particular series may be issued at various times, with different dates on
which the principal or any installment of principal is payable, with different rates of interest,
if any, or different methods by which rates of interest may be determined, with different dates on
which such interest may be payable and with different redemption dates.

SECTION 2.02 Form of Securities and Trustee’s Certificate.

     The Securities of any series and the Trustee’s certificate of authentication to be borne by
such Securities shall be substantially of the tenor and purpose as set forth in one or more
indentures supplemental hereto or as provided in a Board Resolution and as set forth in an
Officers’ Certificate and may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the
Company may deem appropriate and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange on which
Securities of that series may be listed, or to conform to usage.

4

 

SECTION 2.03 Denominations; Provisions for Payment.

     The Securities shall be issuable as registered Securities and in the denominations of one
thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(10). The
Securities of a particular series shall bear interest payable on the dates and at the rate
specified with respect to that series. The principal of and the interest on the Securities of any
series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be
payable in the coin or currency of the United States of America that at the time is legal tender
for public and private debt, at the office or agency of the Company maintained for that purpose.
Each Security shall be dated the date of its authentication. Interest on the Securities shall be
computed on the basis of a 360-day year composed of twelve 30-day months.

     The interest installment on any Security that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date for Securities of that series shall be paid to the
Person in whose name said Security (or one or more Predecessor Securities) is registered at the
close of business on the regular record date for such interest installment. In the event that any
Security of a particular series or portion thereof is called for redemption and the redemption date
is subsequent to a regular record date with respect to any Interest Payment Date and prior to such
Interest Payment Date, interest on such Security will be paid upon presentation and surrender of
such Security, except as provided in Section 3.03.

     Any interest on any Security that is payable, but is not punctually paid or duly provided for,
on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered holder on the relevant regular record date by
virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its
election, as provided in clause (1) or clause (2) below:

     (1) The Company may make payment of any Defaulted Interest on Securities to the Persons
in whose names such Securities (or their respective Predecessor Securities) are registered at
the close of business on a special record date for the payment of such Defaulted Interest,
which shall be fixed in the following manner: the Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each such Security and the date of
the proposed payment, and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such
Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit
prior to the date of the proposed payment, such money when deposited to be held in trust for
the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a special record date for the payment of such Defaulted
Interest which shall not be more than 15 nor less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of
the proposed payment. The Trustee shall promptly notify the Company of such special record
date and, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the special record date therefor to be mailed, first
class postage prepaid, to each Securityholder at his or her address as it appears in the
Security Register (as hereinafter defined), not less than 10 days prior to such special
record date. Notice of the proposed payment of such Defaulted Interest and the special record
date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the
Persons in whose names such Securities (or their respective Predecessor Securities) are
registered on such special record date.

     (2) The Company may make payment of any Defaulted Interest on any Securities in any
other lawful manner not inconsistent with the requirements of any securities exchange on
which such Securities may be listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

     Unless otherwise set forth in a Board Resolution or one or more indentures supplemental hereto
establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term
“regular record date” as used in this Section with respect to a series of Securities with respect
to any Interest Payment Date for such series shall mean either the fifteenth day of the month
immediately preceding the month in which an Interest Payment Date established for such series
pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a
month, or the last day of the month immediately preceding the month in which an Interest Payment
Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest
Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

5

 

     Subject to the foregoing provisions of this Section, each Security of a series delivered under
this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series
shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such
other Security.

SECTION 2.04 Execution and Authentications.

     The Securities shall be signed on behalf of the Company by its President, or one of its Vice
Presidents, or its Treasurer, or one of its Assistant Treasurers, or its Secretary, or one of its
Assistant Secretaries, under its corporate seal attested by its Secretary or one of its Assistant
Secretaries. Signatures may be in the form of a manual or facsimile signature. The Company may use
the facsimile signature of any Person who shall have been a President or Vice President thereof, or
of any Person who shall have been a Secretary or Assistant Secretary thereof, notwithstanding the
fact that at the time the Securities shall be authenticated and delivered or disposed of such
Person shall have ceased to be the President or a Vice President, or the Secretary or an Assistant
Secretary, of the Company. The seal of the Company may be in the form of a facsimile of such seal
and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. The Securities
may contain such notations, legends or endorsements required by law, stock exchange rule or usage.
Each Security shall be dated the date of its authentication by the Trustee.

     A Security shall not be valid until authenticated manually by an authorized signatory of the
Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the
Security so authenticated has been duly authenticated and delivered hereunder and that the holder
is entitled to the benefits of this Indenture. At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series executed
by the Company to the Trustee for authentication, together with a written order of the Company for
the authentication and delivery of such Securities, signed by its President or any Vice President
and its Secretary or any Assistant Secretary, and the Trustee in accordance with such written order
shall authenticate and deliver such Securities.

     In authenticating such Securities and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to
Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form
and terms thereof have been established in conformity with the provisions of this Indenture.

     The Trustee shall not be required to authenticate such Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities
under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable
to the Trustee.

SECTION 2.05 Registration of Transfer and Exchange.

     (a) Securities of any series may be exchanged upon presentation thereof at the office or
agency of the Company designated for such purpose, for other Securities of such series of
authorized denominations, and for a like aggregate principal amount, upon payment of a sum
sufficient to cover any tax or other governmental charge in relation thereto, all as provided in
this Section. In respect of any Securities so surrendered for exchange, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the
Security or Securities of the same series that the Securityholder making the exchange shall be
entitled to receive, bearing numbers not contemporaneously outstanding.

     (b) The Company shall keep, or cause to be kept, at its office or agency designated for such
purpose or such other location designated by the Company a register or registers (herein referred
to as the “Security Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall register the Securities and the transfers of Securities as in this
Article provided and which at all reasonable times shall be open for inspection by the Trustee. The
registrar for the purpose of registering Securities and transfer of Securities as herein provided
shall be appointed as authorized by Board Resolution (the “Security Registrar”).

     Upon surrender for transfer of any Security at the office or agency of the Company designated
for such purpose, the Company shall execute, the Trustee shall authenticate and such office or
agency shall deliver in the name of the transferee or transferees a new Security or Securities of
the same series as the Security presented for a like aggregate principal amount.

     All Securities presented or surrendered for exchange or registration of transfer, as provided
in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by
a written instrument or instruments of transfer, in form satisfactory to the Company or the
Security Registrar, duly executed by the registered holder or by such holder’s duly authorized
attorney in writing.

6

 

     (c) No service charge shall be made for any exchange or registration of transfer of
Securities, or issue of new Securities in case of partial redemption of any series, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge in relation
thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not
involving any transfer.

     (d) The Company shall not be required (1) to issue, exchange or register the transfer of any
Securities during a period beginning at the opening of business 15 days before the day of the
mailing of a notice of redemption of less than all the Outstanding Securities of the same series
and ending at the close of business on the day of such mailing, nor (2) to register the transfer of
or exchange any Securities of any series or portions thereof called for redemption. The provisions
of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

SECTION 2.06 Temporary Securities.

     Pending the preparation of definitive Securities of any series, the Company may execute, and
the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or
typewritten) of any authorized denomination. Such temporary Securities shall be substantially in
the form of the definitive Securities in lieu of which they are issued, but with such omissions,
insertions and variations as may be appropriate for temporary Securities, all as may be determined
by the Company. Every temporary Security of any series shall be executed by the Company and be
authenticated by the Trustee upon the same conditions and in substantially the same manner, and
with like effect, as the definitive Securities of such series. Without unnecessary delay the
Company will execute and will furnish definitive Securities of such series and thereupon any or all
temporary Securities of such series may be surrendered in exchange therefor (without charge to the
holders), at the office or agency of the Company designated for the purpose, and the Trustee shall
authenticate and such office or agency shall deliver in exchange for such temporary Securities an
equal aggregate principal amount of definitive Securities of such series, unless the Company
advises the Trustee to the effect that definitive Securities need not be executed and furnished
until further notice from the Company. Until so exchanged, the temporary Securities of such series
shall be entitled to the same benefits under this Indenture as definitive Securities of such series
authenticated and delivered hereunder.

SECTION 2.07 Mutilated, Destroyed, Lost or Stolen Securities.

     In case any temporary or definitive Security shall become mutilated or be destroyed, lost or
stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s
written request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for the Security so
destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to
the Company and the Trustee such security or indemnity as may be required by them to save each of
them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish
to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of
the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such
substituted Security and deliver the same upon the written request or authorization of any officer
of the Company. Upon the issuance of any substituted Security, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith. In case any Security that has matured or is about to mature shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or
authorize the payment of the same (without surrender thereof except in the case of a mutilated
Security) if the applicant for such payment shall furnish to the Company and the Trustee such
security or indemnity as they may require to save each of them harmless, and, in case of
destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the
destruction, loss or theft of such Security and of the ownership thereof.

     Every replacement Security issued pursuant to the provisions of this Section shall constitute
an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost
or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities
of the same series duly issued hereunder. All Securities shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and
all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of negotiable instruments or other
securities without their surrender.

7

 

SECTION 2.08 Cancellation.

     All Securities surrendered for the purpose of payment, redemption, exchange or registration of
transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall
be issued in lieu thereof except as expressly required or permitted by any of the provisions of
this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver
to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee
may dispose of canceled Securities in accordance with its standard procedures and deliver a
certificate of disposition to the Company. If the Company shall otherwise acquire any of the
Securities, however, such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Securities unless and until the same are delivered to the Trustee
for cancellation.

SECTION 2.09 Benefits of Indenture.

     Nothing in this Indenture or in the Securities, express or implied, shall give or be construed
to give to any Person, other than the parties hereto and the holders of the Securities, any legal
or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant,
condition or provision herein contained; all such covenants, conditions and provisions being for
the sole benefit of the parties hereto and of the holders of the Securities.

SECTION 2.10 Authenticating Agent.

     So long as any of the Securities of any series remain Outstanding there may be an
Authenticating Agent for any or all such series of Securities which the Trustee shall have the
right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series issued upon exchange, transfer or partial redemption
thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and
shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All
references in this Indenture to the authentication of Securities by the Trustee shall be deemed to
include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall
be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as
most recently reported or determined by it, sufficient under the laws of any jurisdiction under
which it is organized or in which it is doing business to conduct a trust business, and that is
otherwise authorized under such laws to conduct such business and is subject to supervision or
examination by Federal or State authorities. If at any time any Authenticating Agent shall cease to
be eligible in accordance with these provisions, it shall resign immediately. The Company shall be
responsible to pay the fees, costs and expenses of any Authenticating Agent appointed by it or the
Trustee, if the Trustee is not the Authenticating Agent.

     Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall)
terminate the agency of any Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility
of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent
acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder
as if originally named as an Authenticating Agent pursuant hereto.

SECTION 2.11 Global Securities.

     (a) If the Company shall establish pursuant to Section 2.01 that the Securities of a
particular series are to be issued as a Global Security, then the Company shall execute and the
Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that
(1) shall represent, and shall be denominated in an amount equal to the aggregate principal amount
of, all of the Outstanding Securities of such series, (2) shall be registered in the name of the
Depositary or its nominee, (3) shall be delivered by the Trustee to the Depositary or pursuant to
the Depositary’s instruction and (4) shall bear a legend substantially to the following effect:
“Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred,
in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or
to a nominee of such successor Depositary.”

     (b) Notwithstanding the provisions of Section 2.05, the Global Security of a series may be
transferred, in whole but not in part and in the manner provided in Section 2.05, only to another
nominee of the Depositary for such series, or to a successor Depositary for such series selected or
approved by the Company or to a nominee of such successor Depositary.

     (c) If at any time the Depositary for a series of the Securities notifies the Company that it
is unwilling or unable to continue as Depositary for such series or if at any time the Depositary
for such series shall no longer be registered or in good standing under the

8

 

Exchange Act, or other applicable statute or regulation, and a successor Depositary for such
series is not appointed by the Company within 90 days after the Company receives such notice or
becomes aware of such condition, as the case may be, this Section 2.11 shall no longer be
applicable to the Securities of such series and the Company will execute and, subject to Section
2.05, the Trustee will authenticate and deliver the Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of the Global Security of such series in exchange for such Global
Security. In addition, the Company may at any time determine that the Securities of any series
shall no longer be represented by a Global Security and that the provisions of this Section 2.11
shall no longer apply to the Securities of such series. In such event the Company will execute and,
subject to Section 2.05, the Trustee, upon receipt of an Officers’ Certificate evidencing such
determination by the Company, will authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange
for such Global Security. Upon the exchange of the Global Security for such Securities in
definitive registered form without coupons, in authorized denominations, the Global Security shall
be canceled by the Trustee. In addition, in the case of an Event of Default with respect to the
Securities of a series represented by a Global Security that has not been cured or waived, the
provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such
event the Company will execute and, subject to Section 2.05, the Trustee, upon receipt of an
Officers’ Certificate evidencing such determination by the Company, will authenticate and deliver
the Securities of such series in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal amount of the Global
Security of such series in exchange for such Global Security. Upon the exchange of the Global
Security for such Securities in definitive registered form without coupons, in authorized
denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive
registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall
be registered in such names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The
Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names
such Securities are so registered.

ARTICLE III

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

SECTION 3.01 Redemption.

     The Company may redeem the Securities of any series issued hereunder on and after the dates and in
accordance with the terms established for such series pursuant to Section 2.01 hereof.

SECTION 3.02 Notice of Redemption.

     (a) In case the Company shall desire to exercise such right to redeem all or, as the case may
be, a portion of the Securities of any series in accordance with the right reserved so to do, the
Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the
Securities of such series to be redeemed by mailing, first class postage prepaid, a notice of such
redemption not less than 30 days and not more than 90 days before the date fixed for redemption of
that series to such holders at their last addresses as they shall appear upon the Security Register
unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in
the manner herein provided shall be conclusively presumed to have been duly given, whether or not
the registered holder receives the notice. In any case, failure duly to give such notice to the
holder of any Security of any series designated for redemption in whole or in part, or any defect
in the notice, shall not affect the validity of the proceedings for the redemption of any other
Securities of such series or any other series. In the case of any redemption of Securities prior to
the expiration of any restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with any such restriction.

     Each such notice of redemption shall specify the date fixed for redemption and the redemption
price at which Securities of that series are to be redeemed, and shall state that payment of the
redemption price of such Securities to be redeemed will be made at the office or agency of the
Company, upon presentation and surrender of such Securities, that interest accrued to the date
fixed for redemption will be paid as specified in said notice, that from and after said date
interest will cease to accrue and that the redemption is for a sinking fund, if such is the case.
If less than all the Securities of a series are to be redeemed, the notice to the holders of
Securities of that series to be redeemed in whole or in part shall specify the particular
Securities to be so redeemed. In case any Security is to be redeemed in part only, the notice that
relates to such Security shall state the portion of the principal amount thereof to be redeemed,
and shall state that on and after the redemption date, upon surrender of such Security, a new
Security or Securities of such series in principal amount equal to the unredeemed portion thereof
will be issued.

9

 

     (b) If less than all the Securities of a series are to be redeemed, the Company shall give the
Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate
principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall
select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and
that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars
($1,000) or any integral multiple thereof) of the principal amount of such Securities of a
denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify
the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The
Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by
its President or any Vice President, instruct the Trustee or any paying agent to call all or any
part of the Securities of a particular series for redemption and to give notice of redemption in
the manner set forth in this Section, such notice to be in the name of the Company or its own name
as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption
is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be
delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such
Security Register, transfer books or other records, or suitable copies or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any notice by mail that may be
required under the provisions of this Section.

SECTION 3.03 Payment Upon Redemption.

     (a) If the giving of notice of redemption shall have been completed as above provided, the
Securities or portions of Securities of the series to be redeemed specified in such notice shall
become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption and interest on
such Securities or portions of Securities shall cease to accrue on and after the date fixed for
redemption, unless the Company shall default in the payment of such redemption price and accrued
interest with respect to any such Security or portion thereof. On presentation and surrender of
such Securities on or after the date fixed for redemption at the place of payment specified in the
notice, said Securities shall be paid and redeemed at the applicable redemption price for such
series, together with interest accrued thereon to the date fixed for redemption (but if the date
fixed for redemption is an interest payment date, the interest installment payable on such date
shall be payable to the registered holder at the close of business on the applicable record date
pursuant to Section 2.03).

     (b) Upon presentation of any Security of such series that is to be redeemed in part only, the
Company shall execute and the Trustee shall authenticate and the office or agency where the
Security is presented shall deliver to the holder thereof, at the expense of the Company, a new
Security of the same series of authorized denominations in principal amount equal to the unredeemed
portion of the Security so presented.

SECTION 3.04 Sinking Fund.

     The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the
retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01
for Securities of such series. The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”, and
any payment in excess of such minimum amount provided for by the terms of Securities of any series
is herein referred to as an “optional sinking fund payment”. If provided for by the terms of
Securities of any series, the cash amount of any sinking fund payment may be subject to reduction
as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such series.

SECTION 3.05 Satisfaction of Sinking Fund Payments with Securities.

     The Company (a) may deliver Outstanding Securities of a series (other than any Securities
previously called for redemption) and (b) may apply as a credit Securities of a series that have
been redeemed either at the election of the Company pursuant to the terms of such Securities or
through the application of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such series required to be made pursuant to the terms of such
Securities, provided that such Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at the redemption price specified in
such Securities for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

SECTION 3.06 Redemption of Securities for Sinking Fund.

     Not less than 45 days prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms of the series, the portion
thereof, if any, that is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 3.05

10

 

and the basis for such credit and will, together with such Officers’ Certificate, deliver to
the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund
payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment
date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given
in the name of and at the expense of the Company in the manner provided in Section 3.02. Such
notice having been duly given, the redemption of such Securities shall be made upon the terms and
in the manner stated in Section 3.03.

ARTICLE IV

COVENANTS

SECTION 4.01 Payment of Principal, Premium and Interest.

     The Company will duly and punctually pay or cause to be paid the principal of (and premium, if
any) and interest on the Securities of that series at the time and place and in the manner provided
herein and established with respect to such Securities.

SECTION 4.02 Maintenance of Office or Agency.

     So long as any series of the Securities remain Outstanding, the Company agrees to maintain an
office or agency in the town of Rockland, in the Commonwealth of Massachusetts, with respect to
each such series and at such other location or locations as may be designated as provided in this
Section 4.02, where (a) Securities of that series may be presented for payment, (b) Securities of
that series may be presented as herein above authorized for registration of transfer and exchange,
and (c) notices and demands to or upon the Company in respect of the Securities of that series and
this Indenture may be given or served, such designation to continue with respect to such office or
agency until the Company shall, by written notice signed by its President or a Vice President and
delivered to the Trustee, designate some other office or agency for such purposes or any of them.
If at any time the Company shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, notices and demands.

SECTION 4.03 Paying Agents.

     (a) If the Company shall appoint one or more paying agents for all or any series of the
Securities, other than the Trustee, the Company will cause each such paying agent to execute and
deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to
the provisions of this Section:

     (1) that it will hold all sums held by it as such agent for the payment of the principal
of (and premium, if any) or interest on the Securities of that series (whether such sums have
been paid to it by the Company or by any other obligor of such Securities) in trust for the
benefit of the Persons entitled thereto;

     (2) that it will give the Trustee notice of any failure by the Company (or by any other
obligor of such Securities) to make any payment of the principal of (and premium, if any) or
interest on the Securities of that series when the same shall be due and payable;

     (3) that it will, at any time during the continuance of any failure referred to in the
preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to
the Trustee all sums so held in trust by such paying agent; and

     (4) that it will perform all other duties of paying agent as set forth in this
Indenture.

     (b) If the Company shall act as its own paying agent with respect to any series of the
Securities, it will on or before each due date of the principal of (and premium, if any) or
interest on Securities of that series, set aside, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or
interest so becoming due on Securities of that series until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or
any failure (by it or any other obligor on such Securities) to take such action. Whenever the
Company shall have one or more paying agents for any series of Securities, it will, prior to each
due date of the principal of (and premium, if any) or interest on any Securities of that series,
deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or
interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to
such principal,

11

 

premium or interest, and (unless such paying agent is the Trustee) the Company will promptly
notify the Trustee of this action or failure so to act.

     (c) Notwithstanding anything in this Section to the contrary, (1) the agreement to hold sums
in trust as provided in this Section is subject to the provisions of Section 11.05, and (2) the
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums
held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the
same terms and conditions as those upon which such sums were held by the Company or such paying
agent; and, upon such payment by any paying agent to the Trustee, such paying agent shall be
released from all further liability with respect to such money.

SECTION 4.04 Appointment to Fill Vacancy in Office of Trustee.

     The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will
appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a
Trustee hereunder.

ARTICLE V

SECURITYHOLDERS’ LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

SECTION 5.01 Company to Furnish Trustee Names and Addresses of Securityholders.

     The Company will furnish or cause to be furnished to the Trustee (a) on each regular record
date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of
the names and addresses of the holders of each series of Securities as of such regular record date,
provided that the Company shall not be obligated to furnish or cause to be furnished such list at
any time that the list shall not differ in any respect from the most recent list furnished to the
Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30
days after the receipt by the Company of any such request, a list of similar form and content as of
a date not more than 15 days prior to the time such list is furnished; provided, however, that, in
either case, no such list need be furnished for any series for which the Trustee shall be the
Security Registrar.

SECTION 5.02 Preservation Of Information; Communications With Securityholders.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of Securities contained in the most recent
list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of
Securities received by the Trustee in its capacity as Security Registrar (if acting in such
capacity).

     (b) The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt
of a new list so furnished.

     (c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act
with other Securityholders with respect to their rights under this Indenture or under the
Securities, subject to the conditions set forth in such Section 312(b). The Company, the Trustee,
the Security Registrar and any other Person shall have the protection of the Trust Indenture Act
Section 312(c).

SECTION 5.03 Reports by the Company.

     (a) The Company covenants and agrees to file with the Trustee, within 15 days after the
Company is required to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) that the Company may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act;
or, if the Company is not required to file information, documents or reports pursuant to either of
such sections, then to file with the Trustee and the Commission, in accordance with the rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic
information, documents and reports that may be required pursuant to Section 13 of the Exchange Act,
in respect of a security listed and registered on a national securities exchange as may be
prescribed from time to time in such rules and regulations.

     (b) The Company covenants and agrees to file with the Trustee and the Commission, in
accordance with the rules and regulations prescribed from to time by the Commission, such
additional information, documents and reports with respect to

12

 

compliance by the Company with the conditions and covenants provided for in this Indenture as
may be required from time to time by such rules and regulations.

     (c) The Company covenants and agrees to transmit by mail, first class postage prepaid, or
reputable overnight delivery service that provides for evidence of receipt, to the Securityholders,
as their names and addresses appear upon the Security Register, within 30 days after the filing
thereof with the Trustee, such summaries of any information, documents and reports required to be
filed by the Company pursuant to subsections (a) and (b) of this Section as may be required by
rules and regulations prescribed from time to time by the Commission.

SECTION 5.04 Reports by the Trustee.

     (a) On or before March 31 in each year in which any of the Securities are Outstanding, the
Trustee shall transmit by mail, first class postage prepaid, to the Securityholders, as their names
and addresses appear upon the Security Register, a brief report dated as of the preceding December
31, if and to the extent required under Section 313(a) of the Trust Indenture Act.

     (b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

     (c) A copy of each such report shall, at the time of such transmission to Securityholders, be
filed by the Trustee with the Company, with each stock exchange upon which any Securities are
listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when
any Securities become listed on any stock exchange.

     (d) If an Event of Default occurs and is continuing and the Trustee receives actual notice of
such Event of Default, the Trustee shall mail to each Securityholder notice of the uncured Event of
Default within 90 days after the occurrence thereof. Except in the case of an Event of Default in
payment of principal of, or interest on, any Securities, or in the payment of any sinking or
purchase fund installment, the Trustee may withhold the notice if and so long as the board of
directors, the executive committee or a trust committee of directors and/or Responsible Officers of
the Trustee in good faith determine that the withholding of such notice is in the interest of the
Securityholder.

ARTICLE VI

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

SECTION 6.01 Events of Default.

     (a) Whenever used herein with respect to Securities of a particular series, “Event of Default”
means any one or more of the following events that has occurred and is continuing:

     (1) the Company defaults in the payment of any installment of interest upon any of the
Securities of that series, as and when the same shall become due and payable, and such
default continues for a period of 30 days; provided, however, that a valid extension of an
interest payment period by the Company in accordance with the terms of any indenture
supplemental hereto, shall not constitute a default in the payment of interest for this
purpose;

     (2) the Company defaults in the payment of the principal of (or premium, if any, on) any
of the Securities of that series as and when the same shall become due and payable whether at
maturity, upon redemption, by declaration or otherwise, or in any payment required by any
sinking or analogous fund established with respect to that series; provided, however, that a
valid extension of the maturity of such Securities in accordance with the terms of any
indenture supplemental hereto shall not constitute a default in the payment of principal or
premium, if any;

     (3) the Company fails to observe or perform any other of its covenants or agreements
with respect to that series contained in this Indenture or otherwise established with respect
to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or
agreement that has been expressly included in this Indenture solely for the benefit of one or
more series of Securities other than such series) for a period of 90 days after the date on
which written notice of such failure, requiring the same to be remedied and stating that such
notice is a “Notice of Default” hereunder, shall have been given to the Company by the
Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of
at least 25% in principal amount of the Securities of that series at the time Outstanding;

13

 

     (4) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a
voluntary case, (ii) consents to the entry of an order for relief against it in an
involuntary case, (iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property or (iv) makes a general assignment for the benefit of its
creditors; or

     (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that (i)
is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the
Company for all or substantially all of its property or (iii) orders the liquidation of the
Company, and the order or decree remains unstayed and in effect for 90 days.

     (b) In each and every such case, unless the principal of all the Securities of that series
shall have already become due and payable, either the Trustee or the holders of not less than 25%
in aggregate principal amount of the Securities of that series then Outstanding hereunder, by
notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare
the principal of all the Securities of that series to be due and payable immediately, and upon any
such declaration the same shall become and shall be immediately due and payable.

     (c) At any time after the principal of the Securities of that series shall have been so
declared due and payable, and before any judgment or decree for the payment of the moneys due shall
have been obtained or entered as hereinafter provided, the holders of a majority in aggregate
principal amount of the Securities of that series then Outstanding hereunder, by written notice to
the Company and the Trustee, may rescind and annul such declaration and its consequences if: (1)
the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments
of interest upon all the Securities of that series and the principal of (and premium, if any, on)
all Securities of that series that shall have become due otherwise than by acceleration (with
interest upon such principal and premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that series to the date of such payment or deposit) and any amount
payable to the Trustee under Section 7.06, and (2) any and all other Events of Default under the
Indenture with respect to such series, other than the nonpayment of principal on Securities of that
series that shall not have become due by their terms, shall have been remedied or waived as
provided in Section 6.06.

No such rescission and annulment shall extend to or shall affect any subsequent default or impair
any right consequent thereon.

     (d) In case the Trustee shall have proceeded to enforce any right with respect to Securities
of that series under this Indenture and such proceedings shall have been discontinued or abandoned
because of such rescission or annulment or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case, subject to any determination in such
proceedings, the Company and the Trustee shall be restored respectively to their former positions
and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall
continue as though no such proceedings had been taken.

SECTION 6.02 Suits for Enforcement by Trustee.

     (a) If an Event of Default specified in Section 6.01(a)(1) or (2) hereof occurs and is
continuing, the Trustee, in its own name and as trustee of an express trust, shall be entitled and
empowered to institute any action or proceedings at law or in equity for the collection of the sums
so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and
may enforce any such judgment or final decree against the Company or other obligor upon the
Securities of that series and collect the moneys adjudged or decreed to be payable in the manner
provided by law out of the property of the Company or other obligor upon the Securities of that
series, wherever situated.

     (b) In case of any receivership, insolvency, liquidation, bankruptcy, reorganization,
readjustment, arrangement, composition or judicial proceedings affected the Company, or its
creditors or property, the Trustee shall have power to intervene in such proceedings and take any
action therein that may be permitted by the court and shall (except as may be otherwise provided by
law) be entitled to file such proofs of claim and other papers and documents as may be necessary or
advisable in order to have the claims of the Trustee and of the holders of Securities of a series
allowed for the entire amount due and payable by the Company under this Indenture at the date of
institution of such proceedings and for any additional amount that may become due and payable by
the Company after such date, and to collect and receive any moneys or other property payable or
deliverable on any such claim, and to distribute the same after the deduction of the amount payable
to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of Securities of such series to make
such payments to the Trustee, and, in the event that the Trustee shall consent to the making of
such payments directly to such Securityholders, to pay to the Trustee any amount due it under
Section 7.06.

14

 

     (c) All rights of action and of asserting claims under this Indenture, or under any of the
terms established with respect to Securities of a series, may be enforced by the Trustee without
the possession of any of such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable
benefit of the holders of the Securities of such series.

     In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or
in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

     Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities of that series or the rights of any holder
thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any
such proceeding.

SECTION 6.03 Application of Moneys Collected.

     Any moneys collected by the Trustee pursuant to this Article with respect to a particular
series of Securities shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such moneys on account of principal (or premium, if
any) or interest, upon presentation of the Securities of that series, and notation thereon the
payment, if only partially paid, and upon surrender thereof if fully paid:

     FIRST: To the payment of costs and expenses of collection and of all amounts payable to the
Trustee under Section 7.06; and

     SECOND: To the payment of the amounts then due and unpaid upon Securities of such series for
principal (and premium, if any) and interest, in respect of which or for the benefit of which such
money has been collected, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Securities for principal (and premium, if any) and interest,
respectively.

SECTION 6.04 Limitation on Suits.

     No holder of any Security of any series shall have any right by virtue or by availing of any
provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or
under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless (a) such holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof with respect to the Securities of such
series specifying such Event of Default, as hereinbefore provided; (b) the holders of not less than
25% in aggregate principal amount of the Securities of such series then Outstanding shall have made
written request upon the Trustee to institute such action, suit or proceeding in its own name as
trustee hereunder; (c) such holder or holders shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be incurred therein or
thereby; (d) the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity, shall have failed to institute any such action, suit or proceeding; and (e) during such
60-day period, the holders of a majority in principal amount of the Securities of that series shall
not have given the Trustee a direction inconsistent with the request.

     Notwithstanding anything contained herein to the contrary, the right of any holder of any
Security to receive payment of the principal of (and premium, if any) and interest on such
Security, as therein provided, on or after the respective due dates expressed in such Security (or
in the case of redemption, on the redemption date), or to institute suit for the enforcement of any
such payment on or after such respective dates or redemption date, shall not be impaired or
affected without the consent of such holder except as otherwise provided in Section 316(b) of the
Trust Indenture Act. By accepting a Security hereunder it is expressly understood, intended and
covenanted by the taker and holder of every Security of such series with every other such taker and
holder and the Trustee, that no one or more holders of Securities of such series shall have any
right in any manner whatsoever by virtue or by availing of any provision of this Indenture to
affect, disturb or prejudice the rights of the holders of any other of such Securities, or to
obtain or seek to obtain priority over or preference to any other such holder, or to enforce any
right under this Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all holders of Securities of such series. For the protection and enforcement of
the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to
such relief as can be given either at law or in equity.

15

 

SECTION 6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver.

     (a) Except as otherwise provided in Section 13.07, all powers and remedies given by this
Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any other powers and remedies available to the Trustee or the
holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or otherwise established
with respect to such Securities.

     (b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise
any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall
impair any such right or power, or shall be construed to be a waiver of any such default or on
acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given
by this Article or by law to the Trustee or the Securityholders may be exercised from time to time,
and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

SECTION 6.06 Control by Securityholders.

     The holders of a majority in aggregate principal amount of the Securities of any series at the
time Outstanding, determined in accordance with Section 8.01, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule of law or with this Indenture
or be unduly prejudicial to the rights of holders of Securities of any other series at the time
Outstanding determined in accordance with Section 8.01. Subject to the provisions of Section 7.01,
the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so
directed would involve the Trustee in personal liability. The holders of a majority in aggregate
principal amount of the Securities of any series at the time Outstanding affected thereby,
determined in accordance with Section 8.01, may on behalf of the holders of all of the Securities
of such series waive any past default in the performance of any of the covenants contained herein
or established pursuant to Section 2.01 with respect to such series and its consequences, except a
default in the payment of the principal of (or premium, if any) or interest on, any of the
Securities of that series as and when the same shall become due by the terms of such Securities
otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all
matured installments of interest and principal and any premium has been deposited with the Trustee
(in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be
deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders
of the Securities of such series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default or impair any
right consequent thereon.

SECTION 6.07 Undertaking to Pay Costs.

     All parties to this Indenture agree, and each holder of any Securities by such holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities
of any series, or to any suit instituted by any Securityholder for the enforcement of the payment
of the principal of (or premium, if any) or interest on any Security of such series, on or after
the respective due dates expressed in such Security or established pursuant to this Indenture.

ARTICLE VII

CONCERNING THE TRUSTEE

SECTION 7.01 Certain Duties and Responsibilities of Trustee.

     (a) The Trustee, prior to the occurrence of an Event of Default with respect to the Securities
of a series and after the curing of all Events of Default with respect to the Securities of that
series that may have occurred, shall undertake to perform with respect to the Securities of such
series such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants shall be read into this Indenture against the Trustee. In case an Event of
Default with respect to the Securities of a series has occurred (that has not been cured or
waived), the Trustee shall exercise with respect to Securities of that series such of the rights
and powers vested

16

 

in it by this Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of his own affairs.

     (b) No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:

     (1) prior to the occurrence of an Event of Default with respect to the Securities of a
series and after the curing or waiving of all such Events of Default with respect to that
series that may have occurred:

     (i) the duties and obligations of the Trustee shall with respect to the
Securities of such series be determined solely by the express provisions of this
Indenture, and the Trustee shall not be liable with respect to the Securities of such
series except for the performance of such duties and obligations as are specifically
set forth in this Indenture, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

     (ii) in the absence of bad faith on the part of the Trustee, the Trustee may with
respect to the Securities of such series conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee
shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture;

     (2) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts;

     (3) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the holders of not less than a
majority in principal amount of the Securities of any series at the time Outstanding relating
to the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture
with respect to the Securities of that series; and

     (4) none of the provisions contained in this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers, if there
is reasonable ground for believing that the repayment of such funds or liability is not
reasonably assured to it under the terms of this Indenture or adequate indemnity against such
risk is not reasonably assured to it.

SECTION 7.02 Certain Rights of Trustee.

Except as otherwise provided in Section 7.01:

     (a) The Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, bond, security or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties;

     (b) Any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company, by
the President or any Vice President and by the Secretary or an Assistant Secretary or the Treasurer
or an Assistant Treasurer thereof (unless other evidence in respect thereof is specifically
prescribed herein);

     (c) The Trustee may consult with counsel and the written advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken
or suffered or omitted hereunder in good faith and in reliance thereon;

     (d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders, pursuant to
the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities that may be incurred
therein or

17

 

thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon
the occurrence of an Event of Default with respect to a series of the Securities (that has not been
cured or waived) to exercise with respect to Securities of that series such of the rights and
powers vested in it by this Indenture, and to use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of his
own affairs;

     (e) The Trustee shall not be liable for any action taken or omitted to be taken by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture;

     (f) The Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond, security or other papers or documents, unless requested in writing so to do
by the holders of not less than a majority in principal amount of the Outstanding Securities of the
particular series affected thereby (determined as provided in Section 8.04); provided, however,
that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities
as a condition to so proceeding. The reasonable expense of every such examination shall be paid by
the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and

     (g) The Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder.

SECTION 7.03 Trustee Not Responsible for Recitals or Issuance or Securities.

     (a) The recitals contained herein and in the Securities shall be taken as the statements of
the Company, and the Trustee assumes no responsibility for the correctness of the same.

     (b) The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Securities.

     (c) The Trustee shall not be accountable for the use or application by the Company of any of
the Securities or of the proceeds of such Securities, or for the use or application of any moneys
paid over by the Trustee in accordance with any provision of this Indenture or established pursuant
to Section 2.01, or for the use or application of any moneys received by any paying agent other
than the Trustee.

SECTION 7.04 May Hold Securities.

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may
become the owner or pledgee of Securities with the same rights it would have if it were not
Trustee, paying agent or Security Registrar.

SECTION 7.05 Moneys Held in Trust.

     Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until
used or applied as herein provided, be held in trust for the purposes for which they were received,
but need not be segregated from other funds except to the extent required by law. The Trustee shall
be under no liability for interest on any moneys received by it hereunder except such as it may
agree with the Company to pay thereon.

SECTION 7.06 Compensation and Reimbursement.

     (a) The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled
to, such reasonable compensation (which shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust), as the Company and the Trustee may from time to
time agree in writing, for all services rendered by it in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable
compensation and the expenses and disbursements of its counsel and of all Persons not regularly in
its employ) except any such expense, disbursement or advance as may arise from its negligence or
bad faith. The Company also covenants to indemnify the Trustee (and its officers, agents, directors
and employees) for, and to hold it harmless against, any loss, liability or expense incurred

18

 

without negligence or bad faith on the part of the Trustee and arising out of or in connection
with the acceptance or administration of this trust, including the costs and expenses of defending
itself against any claim of liability in the premises.

     (b) The obligations of the Company under this Section to compensate and indemnify the Trustee
and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to
that of the Securities upon all property and funds held or collected by the Trustee as such, except
funds held in trust for the benefit of the holders of particular Securities.

SECTION 7.07 Reliance on Officers’ Certificate.

     Except as otherwise provided in Section 7.01, whenever in the administration of the provisions
of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering or omitting to take any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee and such certificate, in the
absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture
upon the faith thereof.

SECTION 7.08 Disqualification; Conflicting Interests.

     If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section
310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with
the provisions of Section 310(b) of the Trust Indenture Act.

SECTION 7.09 Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee with respect to the Securities issued hereunder which
shall at all times be a corporation organized and doing business under the laws of the United
States of America or any State or Territory thereof or of the District of Columbia, or a
corporation or other Person permitted to act as trustee by the Commission, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus of at least 50
million U.S. dollars ($50,000,000), and subject to supervision or examination by Federal, State,
Territorial or District of Columbia authority. If such corporation publishes reports of condition
at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. The Company may not, nor may any Person directly or indirectly
controlling, controlled by or under common control with the Company, serve as Trustee. In case at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

SECTION 7.10 Resignation and Removal; Appointment of Successor.

     (a) The Trustee or any successor hereafter appointed, may at any time resign with respect to
the Securities of one or more series by giving written notice thereof to the Company and by
transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of
such series, as their names and addresses appear upon the Security Register. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee with respect to
Securities of such series by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to
the successor trustee. If no successor trustee shall have been so appointed and have accepted
appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a successor trustee with
respect to Securities of such series, or any Securityholder of that series who has been a bona fide
holder of a Security or Securities for at least six months may on behalf of himself and all others
similarly situated, petition any such court for the appointment of a successor trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.

     (b) In case at any time any one of the following shall occur:

     (1) the Trustee shall fail to comply with the provisions of Section 7.08 after written
request therefor by the Company or by any Securityholder who has been a bona fide holder of a
Security or Securities for at least six months; or

19

 

     (2) the Trustee shall cease to be eligible in accordance with the provisions of Section
7.09 and shall fail to resign after written request therefor by the Company or by any such
Securityholder; or

     (3) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of
its property shall be appointed or consented to, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then, in any such case, the Company may remove the Trustee with
respect to all Securities and appoint a successor trustee by written instrument, in
duplicate, executed by order of the Board of Directors, one copy of which instrument shall be
delivered to the Trustee so removed and one copy to the successor trustee, or any
Securityholder who has been a bona fide holder of a Security or Securities for at least six
months may, on behalf of that holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint a successor trustee.

     (c) The holders of a majority in aggregate principal amount of the Securities of any series at
the time Outstanding may at any time remove the Trustee with respect to such series by so notifying
the Trustee and the Company and may appoint a successor Trustee for such series with the consent of
the Company.

     (d) Any resignation or removal of the Trustee and appointment of a successor trustee with
respect to the Securities of a series pursuant to any of the provisions of this Section shall
become effective upon acceptance of appointment by the successor trustee as provided in Section
7.11.

     (e) Any successor trustee appointed pursuant to this Section may be appointed with respect to
the Securities of one or more series or all of such series, and at any time there shall be only one
Trustee with respect to the Securities of any particular series.

SECTION 7.11 Acceptance of Appointment By Successor.

     (a) In case of the appointment hereunder of a successor trustee with respect to all
Securities, every such successor trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the request of the Company or the successor
trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor trustee all the rights, powers and trusts of the retiring
Trustee and shall duly assign, transfer and deliver to such successor trustee all property and
money held by such retiring Trustee hereunder.

     (b) In case of the appointment hereunder of a successor trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee
with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor trustee shall accept such appointment and which (1)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor
trustee relates, (2) shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee and that no Trustee shall be responsible for any
act or failure to act on the part of any other Trustee hereunder; and upon the execution and
delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such successor trustee relates have
no further responsibility for the exercise of rights and powers or for the performance of the
duties and obligations vested in the Trustee under this Indenture, and each such successor trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor trustee relates; but, on request of the Company or any
successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor
trustee, to the extent contemplated by such supplemental indenture, the property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those series to which the
appointment of such successor trustee relates.

20

 

     (c) Upon request of any such successor trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor trustee all
such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may
be.

     (d) No successor trustee shall accept its appointment unless at the time of such acceptance
such successor trustee shall be qualified and eligible under this Article.

     (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the
Company shall transmit notice of the succession of such trustee hereunder by mail, first class
postage prepaid, to the Securityholders, as their names and addresses appear upon the Security
Register. If the Company fails to transmit such notice within ten days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.

SECTION 7.12 Merger, Conversion, Consolidation or Succession to Business.

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09,
without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such successor Trustee had
itself authenticated such Securities.

SECTION 7.13 Preferential Collection of Claims Against the Company.

     The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the
extent included therein.

ARTICLE VIII

CONCERNING THE SECURITYHOLDERS

SECTION 8.01 Evidence of Action by Securityholders.

     Whenever in this Indenture it is provided that the holders of a majority or specified
percentage in aggregate principal amount of the Securities of a particular series may take any
action (including the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), the fact that at the time of taking any such action the holders
of such majority or specified percentage of that series have joined therein may be evidenced by any
instrument or any number of instruments of similar tenor executed by such holders of Securities of
that series in Person or by agent or proxy appointed in writing.

     If the Company shall solicit from the Securityholders of any series any request, demand,
authorization, direction, notice, consent, waiver or other action, the Company may, at its option,
as evidenced by an Officers’ Certificate, fix in advance a record date for such series for the
determination of Securityholders entitled to give such request, demand, authorization, direction,
notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such
a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or
other action may be given before or after the record date, but only the Securityholders of record
at the close of business on the record date shall be deemed to be Securityholders for the purposes
of determining whether Securityholders of the requisite proportion of Outstanding Securities of
that series have authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities
of that series shall be computed as of the record date; provided, however, that no such
authorization, agreement or consent by such Securityholders on the record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date.

21

 

SECTION 8.02 Proof of Execution by Securityholders.

     Subject to the provisions of Section 7.01, proof of the execution of any instrument by a
Securityholder (such proof will not require notarization) or his agent or proxy and proof of the
holding by any Person of any of the Securities shall be sufficient if made in the following manner:

     (a) The fact and date of the execution by any such Person of any instrument may be proved in
any reasonable manner acceptable to the Trustee.

     (b) The ownership of Securities shall be proved by the Security Register of such Securities or
by a certificate of the Security Registrar thereof.

     (c) The Trustee may require such additional proof of any matter referred to in this Section as
it shall deem necessary.

SECTION 8.03 Who May be Deemed Owners.

     Prior to the due presentment for registration of transfer of any Security, the Company, the
Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name
such Security shall be registered upon the books of the Company as the absolute owner of such
Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership
or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving
payment of or on account of the principal of (and premium, if any) and (subject to Section 2.03)
interest on such Security and for all other purposes; and neither the Company nor the Trustee nor
any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

SECTION 8.04 Certain Securities Owned by Company Disregarded.

     In determining whether the holders of the requisite aggregate principal amount of Securities
of a particular series have concurred in any direction, consent or waiver under this Indenture, the
Securities of that series that are owned by the Company or any other obligor on the Securities of
that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded
and deemed not to be Outstanding for the purpose of any such determination, except that for the
purpose of determining whether the Trustee shall be protected in relying on any such direction,
consent or waiver, only Securities of such series that the Trustee actually knows are so owned
shall be so disregarded. The Securities so owned that have been pledged in good faith may be
regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or
indirect common control with the Company or any such other obligor. In case of a dispute as to such
right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the
Trustee.

SECTION 8.05 Actions Binding on Future Securityholders.

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of
the taking of any action by the holders of the majority or percentage in aggregate principal amount
of the Securities of a particular series specified in this Indenture in connection with such
action, any holder of a Security of that series that is shown by the evidence to be included in the
Securities the holders of which have consented to such action may, by filing written notice with
the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as
concerns such Security. Except as aforesaid any such action taken by the holder of any Security
shall be conclusive and binding upon such holder and upon all future holders and owners of such
Security, and of any Security issued in exchange therefor, on registration of transfer thereof or
in place thereof, irrespective of whether or not any notation in regard thereto is made upon such
Security. Any action taken by the holders of the majority or percentage in aggregate principal
amount of the Securities of a particular series specified in this Indenture in connection with such
action shall be conclusively binding upon the Company, the Trustee and the holders of all the
Securities of that series.

22

 

ARTICLE IX

SUPPLEMENTAL INDENTURES

SECTION 9.01 Supplemental Indentures Without the Consent of Securityholders.

     In addition to any supplemental indenture otherwise authorized by this Indenture, the Company
and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in
effect), without the consent of the Securityholders, for one or more of the following purposes:

     (a) to cure any ambiguity, defect or inconsistency herein or in the Securities of any series;

     (b) to comply with Article Ten;

     (c) to provide for uncertificated Securities in addition to or in place of certificated
Securities;

     (d) to add to the covenants of the Company for the benefit of the holders of all or any series
of Securities (and if such covenants are to be for the benefit of less than all series of
Securities, stating that such covenants are expressly being included solely for the benefit of such
series) or to surrender any right or power herein conferred upon the Company;

     (e) to add to, delete from or revise the conditions, limitations and restrictions on the
authorized amount, terms, purposes of issue, authentication and delivery of Securities, as herein
set forth;

     (f) to make any change that does not adversely affect the rights of any Securityholder in any
material respect; or

     (g) to provide for the issuance of and establish the form and terms and conditions of the
Securities of any series as provided in Section 2.01, to establish the form of any certifications
required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to
add to the rights of the holders of any series of Securities.

     The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, and to make any further appropriate agreements and stipulations that may be
therein contained, but the Trustee shall not be obligated to enter into any such supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

Any supplemental indenture authorized by the provisions of this Section may be executed by the
Company and the Trustee without the consent of the holders of any of the Securities at the time
Outstanding, notwithstanding any of the provisions of Section 9.02.

SECTION 9.02 Supplemental Indentures With Consent of Securityholders.

     With the consent (evidenced as provided in Section 8.01) of the holders of not less than a
majority in aggregate principal amount of the Securities of each series affected by such
supplemental indenture or indentures at the time Outstanding, the Company, when authorized by Board
Resolutions, and the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
then in effect) for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of
such series under this Indenture; provided, however, that no such supplemental indenture shall,
without the consent of the holders of each Security then Outstanding and affected thereby, (i)
extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof,
or reduce the rate of interest thereon, or reduce any premium payable upon the redemption thereof
or (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent
to any such supplemental indenture.

     It shall not be necessary for the consent of the Securityholders of any series affected
thereby under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such consent shall approve the substance thereof.

SECTION 9.03 Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture pursuant to the provisions of this Article or
of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be
modified and amended in accordance therewith and the respective

23

 

rights, limitations of rights, obligations, duties and immunities under this Indenture of the
Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all purposes.

SECTION 9.04 Securities Affected by Supplemental Indentures.

     Securities of any series affected by a supplemental indenture, authenticated and delivered
after the execution of such supplemental indenture pursuant to the provisions of this Article or of
Section 10.01, may bear a notation in form approved by the Company, provided such form meets the
requirements of any exchange upon which such series may be listed, as to any matter provided for in
such supplemental indenture. If the Company shall so determine, new Securities of that series so
modified as to conform, in the opinion of the Board of Directors, to any modification of this
Indenture contained in any such supplemental indenture may be prepared by the Company,
authenticated by the Trustee and delivered in exchange for the Securities of that series then
Outstanding.

SECTION 9.05 Execution of Supplemental Indentures.

     Upon the request of the Company, accompanied by Board Resolutions authorizing the execution of
any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of
Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company
in the execution of such supplemental indenture unless such supplemental indenture affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture.
The Trustee, subject to the provisions of Section 7.01, may receive an Opinion of Counsel as
conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized
or permitted by, and conforms to, the terms of this Article and that it is proper for the Trustee
under the provisions of this Article to join in the execution thereof; provided, however, that such
Opinion of Counsel need not be provided in connection with the execution of a supplemental
indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.

     Promptly after the execution by the Company and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage
prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to
the Securityholders of all series affected thereby as their names and addresses appear upon the
Security Register. Any failure of the Trustee to mail such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental indenture.

ARTICLE X

SUCCESSOR ENTITY

SECTION 10.01 Company May Consolidate, Etc.

     Nothing contained in this Indenture or in any of the Securities shall prevent any
consolidation or merger of the Company with or into any other Person (whether or not affiliated
with the Company) or successive consolidations or mergers in which the Company or its successor or
successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other
disposition of the property of the Company or its successor or successors as an entirety, or
substantially as an entirety, to any other corporation (whether or not affiliated with the Company
or its successor or successors) authorized to acquire and operate the same; provided, however, the
Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if
the Company is not the survivor of such transaction), sale, conveyance, transfer or other
disposition, the due and punctual payment of the principal of (premium, if any) and interest on all
of the Securities of all series in accordance with the terms of each series, according to their
tenor and the due and punctual performance and observance of all the covenants and conditions of
this Indenture with respect to each series or established with respect to such series pursuant to
Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental
indenture (which shall conform to the provisions of the Trust Indenture Act as then in effect)
satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by
such consolidation, or into which the Company shall have been merged, or by the entity which shall
have acquired such property.

24

 

SECTION 10.02 Successor Entity Substituted.

     (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition
and upon the assumption by the successor entity by supplemental indenture, executed and delivered
to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the
principal of (and premium, if any) and interest on all of the Securities of all series Outstanding
and the due and punctual performance of all of the covenants and conditions of this Indenture or
established with respect to each series of the Securities pursuant to Section 2.01 to be performed
by the Company with respect to each series, such successor entity shall succeed to and be
substituted for the Company with the same effect as if it had been named as the Company herein, and
thereupon the predecessor corporation shall be relieved of all obligations and covenants under this
Indenture and the Securities.

     (b) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition
such changes in phraseology and form (but not in substance) may be made in the Securities
thereafter to be issued as may be appropriate.

     (c) Nothing contained in this Article shall apply to limit or impose any requirements upon the
consolidation or merger of any Person into the Company where the Company is the survivor of such
transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the
property of any other Person (whether or not affiliated with the Company).

SECTION 10.03 Evidence of Consolidation, Etc. to Trustee.

     The Trustee, subject to the provisions of Section 7.01, may receive an Opinion of Counsel as
conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other
disposition, and any such assumption, comply with the provisions of this Article.

ARTICLE XI

SATISFACTION AND DISCHARGE

SECTION 11.01 Satisfaction and Discharge of Indenture.

     If at any time: (a) the Company shall have delivered to the Trustee for cancellation all
Securities of a series theretofore authenticated (other than any Securities that have been
destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.07) and
Securities for whose payment money or Governmental Obligations have theretofore been deposited in
trust or segregated and held in trust by the Company (and thereupon repaid to the Company or
discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a
particular series not theretofore delivered to the Trustee for cancellation shall have become due
and payable, or are by their terms to become due and payable within one year or are to be called
for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as
trust funds the entire amount in moneys or Governmental Obligations or a combination thereof,
sufficient in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon
redemption all Securities of that series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to become due to such date of
maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder with respect to such series by the Company then
this Indenture shall thereupon cease to be of further effect with respect to such series except for
the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until
the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that
shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the
cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and
discharging this Indenture with respect to such series.

SECTION 11.02 Discharge of Obligations.

     If at any time all such Securities of a particular series not heretofore delivered to the
Trustee for cancellation or that have not become due and payable as described in Section 11.01
shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds
moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption
all such Securities of that series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to become due to such date of
maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company with respect to such series, then
after the date such moneys or Governmental Obligations, as the case may be, are deposited with the
Trustee the obligations of the Company under this Indenture

25

 

with respect to such series shall cease to be of further effect except for the provisions of
Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.06, 7.10 and 11.05 hereof that shall survive until
such Securities shall mature and be paid. Thereafter, Sections 7.06 and 11.05 shall survive.

SECTION 11.03 Deposited Moneys to be Held in Trust.

     All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01
or 11.02 shall be held in trust and shall be available for payment as due, either directly or
through any paying agent (including the Company acting as its own paying agent), to the holders of
the particular series of Securities for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the Trustee.

SECTION 11.04 Payment of Moneys Held by Paying Agents.

     In connection with the satisfaction and discharge of this Indenture all moneys or Governmental
Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand
of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all
further liability with respect to such moneys or Governmental Obligations.

SECTION 11.05 Repayment to Company.

     Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then
held by the Company, in trust for payment of principal of (and premium, if any) or interest on the
Securities of a particular series that are not applied but remain unclaimed by the holders of such
Securities for at least two years after the date upon which the principal of (and premium, if any)
or interest on such Securities shall have respectively become due and payable, shall be repaid to
the Company or (if then held by the Company) shall be discharged from such trust; and thereupon the
paying agent and the Trustee shall be released from all further liability with respect to such
moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive
such payment shall thereafter, as an unsecured general creditor, look only to the Company for the
payment thereof.

ARTICLE XII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

SECTION 12.01 No Recourse.

     No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any
Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director, past, present or future as such, of the Company or
of any predecessor or successor corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that this Indenture and the obligations issued hereunder are solely corporate obligations, and that
no such personal liability whatever shall attach to, or is or shall be incurred by, the
incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or
successor corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this
Indenture or in any of the Securities or implied therefrom; and that any and all such personal
liability of every name and nature, either at common law or in equity or by constitution or
statute, of, and any and all such rights and claims against, every such incorporator, stockholder,
officer or director as such, because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in this Indenture or in
any of the Securities or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance of such
Securities.

ARTICLE XIII

MISCELLANEOUS PROVISIONS

SECTION 13.01 Effect on Successors and Assigns.

     All the covenants, stipulations, promises and agreements in this Indenture contained by or on
behalf of the Company shall bind its successors and assigns, whether so expressed or not.

26

 

SECTION 13.02 Actions by Successor.

     Any act or proceeding by any provision of this Indenture authorized or required to be done or
performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the corresponding board, committee or officer of any corporation that
shall at the time be the lawful successor of the Company.

SECTION 13.03 Notices.

     Except as otherwise expressly provided herein any notice or demand that by any provision of
this Indenture is required or permitted to be given or served by the Trustee or by the holders of
Securities to or on the Company may be given or served by being deposited first class postage
prepaid in a post-office letterbox addressed (until another address is filed in writing by the
Company with the Trustee), as follows: Independent Bank Corp., 288 Union Street, Rockland,
Massachusetts 02370, Attention: General Counsel. Any notice, election, request or demand by the
Company or any Securityholder to or upon the Trustee shall be deemed to have been sufficiently
given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the
Trustee.

SECTION 13.04 Governing Law.

     This Indenture and each Security shall be deemed to be a contract made under the internal laws
of the State of New York, and for all purposes shall be construed in accordance with the laws of
said State.

SECTION 13.05 Compliance Certificates and Opinions.

     (a) Upon any application or demand by the Company to the Trustee to take any action under any
of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent have been complied with, except that in the case of any
such application or demand as to which the furnishing of such documents is specifically required by
any provision of this Indenture relating to such particular application or demand, no additional
certificate or opinion need be furnished.

     (b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant in this Indenture shall include (1) a
statement that the Person making such certificate or opinion has read such covenant or condition;
(2) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; (3) a statement that, in
the opinion of such Person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not, in the opinion of such Person, such
condition or covenant has been complied with.

     (c) The Company shall furnish to the Trustee, within 120 days after the end of each fiscal
year, a brief certificate from the principal executive officer, principal financial officer or
principal accounting officer as to his or her knowledge of such obligor’s compliance with all
conditions and covenants under this Indenture. For purposes of this subsection, such compliance
shall be determined without regard to any period of grace or requirement of notice provided
hereunder.

SECTION 13.06 Payments on Business Days.

     Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and as set forth
in an Officers’ Certificate, or established in one or more indentures supplemental to this
Indenture, in any case where the date of maturity of interest or principal of any Security or the
date of redemption of any Security shall not be a Business Day, then payment of interest or
principal (and premium, if any) may be made on the next succeeding Business Day with the same force
and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue
for the period after such nominal date.

SECTION 13.07 Conflict with Trust Indenture Act.

     If and to the extent that any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed
duties shall control.

27

 

SECTION 13.08 Counterparts.

     This 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.

SECTION 13.09 Separability.

     In case any one or more of the provisions contained in this Indenture or in the Securities of
any series shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this
Indenture or of such Securities, but this Indenture and such Securities shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.

SECTION 13.10 Assignment.

     The Company will have the right at all times to assign any of its rights or obligations under
this Indenture to a direct or indirect wholly owned Subsidiary of the Company, provided that, in
the event of any such assignment, the Company will remain liable for all such obligations. Subject
to the foregoing, the Indenture is binding upon and inures to the benefit of the parties thereto
and their respective successors and assigns. This Indenture may not otherwise be assigned by the
parties thereto.

[Remainder of Page Left Blank – Signature Page Follows]

28

 

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

	 	 	 	 	 
	 	INDEPENDENT BANK CORP.

 	 
	 	By:  	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 
	 	[                    ],

as Trustee

 	 
	 	By:  	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

29

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]