Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (the “Amendment”), dated as of May 26, 2020, is made by and among
NUVASIVE, INC., a Delaware corporation (the “Borrower”), the other Loan Parties (as defined in the Credit Agreement (as defined below)) signatory hereto, BANK OF AMERICA, N.A., in its capacity as administrative agent
for the Lenders (as defined in the Credit Agreement) (in such capacity, the “Administrative Agent”), and as Swingline Lender and L/C Issuer, and each of the Lenders signatory hereto. Each capitalized term used and not otherwise
defined in this Amendment has the definition specified in the Credit Agreement. 
 W I T N E S S E T H: 

WHEREAS, the Borrower, the Administrative Agent and the Lenders have entered into that certain Second Amended and Restated Credit
Agreement dated as of February 24, 2020 (as hereby amended and as from time to time hereafter further amended, modified, supplemented, restated, or amended and restated, the “Credit Agreement”), pursuant to which the Lenders
have made available to the Borrower a revolving credit facility; 
 WHEREAS, the Borrower and the other Loan Parties have requested
that the Credit Agreement be amended as set forth herein; 
 WHEREAS, the Administrative Agent and certain of the Lenders
(representing the Required Lenders) are willing to make such amendments on the terms and conditions contained in this Amendment; and 

NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 1. Additional Restrictions and Provisions Pending Certain Occurrences.
Notwithstanding anything in the Credit Agreement or the other Loan Documents to the contrary, each of the Loan Parties agrees, solely for the benefit of the Lenders: 

(a) From and after the First Amendment Effective Date (as defined below) and until the Restricted Period End Date (as defined below), the
following restrictions and provisions in addition to those set forth in the Credit Agreement shall apply: 
 (i) The Borrower and its
Subsidiaries shall not request any Incremental Facilities pursuant to Section 2.16(a) of the Credit Agreement in an amount to exceed $275,000,000; 

(ii) The Borrower and its Subsidiaries shall not create, incur, assume or otherwise become directly or indirectly liable with respect to any
Indebtedness (for the avoidance of doubt, excluding any Intercompany Debt) after the First Amendment Effective Date in reliance on Section 7.02(h) of the Credit Agreement in an amount exceeding (i) $10,000,000 in the
aggregate for any such individual Subsidiary and (ii) $25,000,000 in the aggregate for all such Subsidiaries; 
  

 (iii) The aggregate principal amount of Investments made by the Borrower and its
Subsidiaries pursuant to Section 7.03(c)(i)(E) of the Credit Agreement shall not exceed $25,000,000 in the aggregate for all such Investments; and 

(iv) The Borrower and its Subsidiaries shall not declare or make any Restricted Payment in reliance on
Section 7.06(c)(iii) of the Credit Agreement in excess of $50,000,000 in the aggregate (plus an additional $50,000,000 to the extent such additional amount is used to purchase treasury stock with the proceeds of Swap
Contracts upon the payout, maturity or termination thereof) if the Consolidated Total Net Leverage Ratio (determined on a Pro Forma Basis after giving effect to such Restricted Payment) is equal to or greater than 2.50 to 1.00. 

2. Amendments to Credit Agreement. Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as
follows: 
 (a) The definition of “Applicable Rate” set forth in Section 1.01 of the Credit
Agreement is amended to delete the grid set forth therein and replace such grid with the following new grid as follows: 
  

															
	Applicable Rate	 
	 Level
	  	 Consolidated Total Net Leverage Ratio
	  	Eurocurrency Rate
& Letter of Credit
Fee	 	 	Base
Rate	 	 	Commitment
Fee	 
	 1
	  	Less than 1.00 to 1.00	  	 	1.50	% 	 	 	0.50	% 	 	 	0.35	% 
	 2
	  	Greater than or equal to 1.00 to 1.00 but less than 2.00 to 1.00	  	 	1.75	% 	 	 	0.75	% 	 	 	0.40	% 
	 3
	  	Greater than or equal to 2.00 to 1.00 but less than 3.00 to 1.00	  	 	2.00	% 	 	 	1.00	% 	 	 	0.45	% 
	 4
	  	Greater than or equal to 3.00 to 1.00	  	 	2.25	% 	 	 	1.25	% 	 	 	0.50	% 

 (b) The definition of “Consolidated Funded Net Indebtedness” set forth in
Section 1.01 of the Credit Agreement is amended in its entirety, so that as amended it shall read as follows: 

“Consolidated Funded Net Indebtedness” means, Consolidated Funded Indebtedness net of unrestricted cash and Cash Equivalents
of the Loan Parties maintained in the United States (i) from and after the First Amendment Effective Date to the earlier of (x) March 31, 2021 and (y) the repayment in full of the 2021 Convertible Notes, for amounts greater than
the Dollar Equivalent of $100,000,000 but not exceeding $500,000,000 plus the net increase in unsecured Convertible Notes or other unsecured Indebtedness issued after the First Amendment Effective Date but prior to the maturity date of the
2021 Convertible Notes and (ii) thereafter, for amounts greater than the Dollar Equivalent of $100,000,000 but not exceeding $500,000,000. 

  
 2 

 (c) The definition of “Consolidated Senior Leverage Ratio” in
Section 1.01 of the Credit Agreement is hereby amended by adding the following proviso to the end of clause (b) of such definition: 

“; provided, that solely with respect to Section 7.11(b), for the fiscal quarters ending June 30,
2020 and September 30, 2020, “Consolidated Senior Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Senior Funded Indebtedness as of such date to (b) Consolidated Compliance EBITDA
for the most recently completed Measurement Period.” 
 (d) The definition of “Consolidated Total Net Leverage Ratio”
in Section 1.01 of the Credit Agreement is hereby amended by adding the following proviso to the end of clause (b) of such definition: 

“; provided, that solely with respect to Section 7.11(c), for the fiscal quarters ending June 30,
2020 and September 30, 2020, “Consolidated Total Net Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Funded Net Indebtedness as of such date to (b) Consolidated Compliance EBITDA
for the most recently completed Measurement Period.” 
 (e) The definition of “Eurocurrency Rate” set forth in
Section 1.01 of the Credit Agreement is hereby amended by deleting clause (ii) of the proviso located in the final sentence of such definition and replacing with the following: 

“(ii) in no event shall the Eurocurrency Rate be less than 1.00% per annum.” 

(f) The following definitions are hereby added to Section 1.01 of the Credit Agreement in the appropriate
alphabetical order: 
 “2025 Convertible Notes” means the 0.375% Convertible Senior Notes due 2025. 

“Consolidated Compliance EBITDA” shall mean, with respect to the fiscal quarters ending June 30, 2020 and
September 30, 2020, the greater of (A) Consolidated EBITDA for such Measurement Period and (B) (x) for the fiscal quarter ending June 30, 2020, an amount equal to $66,484,800 or (y) for the fiscal quarter ending
September 30, 2020, an amount equal to $65,746,800. 
 “First Amendment” means the Amendment No. 1 to the Credit
Agreement dated as of First Amendment Effective Date. 
 “First Amendment Effective Date” means May 26, 2020. 

“Restricted Period End Date” means from and after the First Amendment Effective Date and until such time as the Borrower has
delivered a Compliance Certificate for the fiscal quarter ending September 30, 2021 to the Agent, for distribution to the Lenders, in accordance with Section 6.02(a). 

  
 3 

 (g) Section 3.03(c) of the Credit Agreement is hereby amended by
deleting the reference to “zero” in such section and replacing such reference with “1.00%”. 
 (h)
Section 4.02(a) of the Credit Agreement is amended by adding the following new proviso at the end of such section: 

“; provided that solely in connection with any Borrowing of Revolving Loans from and after the First Amendment Effective Date
until the Restricted Period End Date, solely with respect to clause (a) of the definition of “Material Adverse Effect”, the impact of the Coronavirus (also known as COVID-19) pandemic on the
financial condition or business operations of the Borrower and its Subsidiaries, on a consolidated basis, that occurred, or was otherwise in existence, and was either disclosed by the Borrower to the Agent or the Lenders in writing or publicly
disclosed in filings with the SEC, in each case, prior to the First Amendment Effective Date will be disregarded for purposes of the representation set forth in Section 5.05(c) (for the avoidance of doubt, clauses (b) and (c) of the
definition of Material Adverse Effect shall not be impacted in any way by the impact of the Coronavirus pandemic for purposes of such representation).” 

(i) Section 7.02(n) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“(n) (i) the 2025 Convertible Notes issued after the Closing Date but prior to the First Amendment Effective Date, and
(ii) from and after the First Amendment Effective Date, issuance of new unsecured Convertible Notes or other unsecured Indebtedness in an amount with respect to this clause (ii) not to exceed at any time outstanding $650,000,000 in the
aggregate; and” 
 (j) Section 7.11(b) of the Credit Agreement is hereby amended and restated in its entirety
to read as follows: 
 “(b) Consolidated Senior Leverage Ratio. Permit the Consolidated Senior Leverage Ratio at any time during
any Measurement Period ending as of the end of any fiscal quarter of the Borrower (commencing with the fiscal quarter ending March 31, 2020) to be greater than 3.00 to 1.00; provided, however, notwithstanding the foregoing, following the
Restricted Period End Date, following any Material Acquisition by a Loan Party, and following the delivery of a Material Acquisition Leverage Ratio Notice, the Loan Parties shall have the ability, not more than twice during the term of this
Agreement, to increase the Consolidated Senior Leverage Ratio to be less than or equal to 3.50 to 1.00 with respect to the fiscal quarter during which such Material Acquisition occurs and the next three (3) fiscal quarters thereafter (such
period referred to herein as the “Increased Senior Leverage Period”); provided, further, that at least two (2) complete fiscal quarters must have elapsed between the end of the first Increased Senior Leverage Period and the beginning
of the second Increased Senior Leverage Period.” 

  
 4 

 (k) Section 7.11(c) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows: 
 “(c) Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net
Leverage Ratio at any time during any Measurement Period ending as of the end of any fiscal quarter of the Borrower (commencing with the fiscal quarter ending March 31, 2020) to be greater than 4.50 to 1.00; provided, however,
notwithstanding the foregoing, following the Restricted Period End Date, following any Material Acquisition by a Loan Party, and following the delivery of a Material Acquisition Leverage Ratio Notice, the Loan Parties shall have the ability,
not more than twice during the term of this Agreement, to increase the Consolidated Total Net Leverage Ratio to be less than or equal to 5.00 to 1.00 with respect to the fiscal quarter during which such Material Acquisition occurs and the next three
(3) fiscal quarters thereafter (such period referred to herein as the “Increased Total Net Leverage Period”); provided, further, that at least two (2) complete fiscal quarters must have elapsed between the
end of the first Increased Total Net Leverage Period and the beginning of the second Increased Total Net Leverage Period.” 
 3.
Amendment Fee. In consideration of the Lenders’ agreements set forth in this Amendment, the Borrower agrees to pay to the Administrative Agent, for the account of each Consenting Lender (defined below), an amendment fee (the
“Amendment Fee”) in an amount equal to 10 basis points (0.10%) of the outstanding principal amount of such Lender’s Revolving Commitments as of the First Amendment Effective Date. The Amendment Fee shall be fully- earned,
payable and nonrefundable as of the First Amendment Effective Date (as defined herein). As used herein, “Consenting Lender” means a Lender that executes and delivers to the Administrative Agent a signature page to this Amendment on
or prior to 3:00 p.m. Eastern time on May 22, 2020 (or, as to any Lender, such later time or date as may be agreed by the Administrative Agent and the Borrower) and that does not revoke or otherwise withdraw such signature page prior to the
effectiveness of this Amendment on the First Amendment Effective Date. 
 4. Effectiveness; Conditions Precedent. The effectiveness of
this Amendment and the amendments provided in Section 2 are subject to the satisfaction of the following conditions precedent: 

(a) the Administrative Agent shall have received each of the following documents or instruments in form and substance reasonably acceptable to
the Administrative Agent: 
 (i) counterparts of this Amendment, duly executed by the Borrower, the other Loan Parties, the
Administrative Agent, and the Required Lenders, together with all schedules thereto duly completed; 

  
 5 

 (ii) counterparts of the First Amendment Fee Letter, duly executed by the
Borrower and the Administrative Agent; and 
 (iii) such other documents, instruments, opinions, certifications,
undertakings, further assurances and other matters as the Administrative Agent shall reasonably request; 
 (b) all fees and expenses payable
to the Administrative Agent and the Lenders (including the fees and expenses of counsel to the Administrative Agent) due and payable shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses). 

5. Consent of the Loan Parties. Each Loan Party hereby consents, acknowledges and agrees to the amendments set forth herein and hereby
confirms and ratifies in all respects the Loan Documents to which it is a party (including without limitation the continuation of payment and performance obligations of such Loan Party and the effectiveness and priority of any Liens granted
thereunder, in each case upon and after the effectiveness of this Amendment and the amendments contemplated hereby) and the enforceability of such Loan Documents against such Loan Party in accordance with its terms. 

6. Representations and Warranties. In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the
Borrower and each other Loan Party represents and warrants to the Administrative Agent as follows: 
 (a) At the time of and immediately
after giving effect to this Amendment, the representations and warranties made by each of the Borrower and each other Loan Party in Article V of the Credit Agreement, and in each of the other Loan Documents to which it is a party, are true
and correct on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date; 

(b) No Default or Event of Default has occurred and is continuing or will exist after giving effect to this Amendment; 

(c) Since the date of the most recent financial reports of the Borrower delivered pursuant to Section 6.01 of the
Credit Agreement, no act, event, condition or circumstance has occurred or arisen which, singly or in the aggregate with one or more other acts, events, occurrences or conditions (whenever occurring or arising), has had or could reasonably be
expected to have a Material Adverse Effect; and 
 (d) This Amendment has been duly authorized, executed and delivered by the Borrower and
each other Loan Party and constitutes the legal, valid and binding obligations of such Loan Party enforceable against such Loan Party in accordance with its terms, subject to effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and subject to the effect of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  
 6 

 7. Entire Agreement. This Amendment, together with the Loan Documents (collectively,
the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such
subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each
of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to any other party in relation to the subject
matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 11.01 of the Credit Agreement.

 8. Full Force and Effect of Credit Agreement. Except as hereby specifically amended, modified or supplemented, the Credit Agreement
and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to their respective terms. The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the
effectiveness of this Amendment, this Amendment shall for all purposes constitute a Loan Document. 
 9. Counterparts. This Amendment
may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Amendment by telecopy, facsimile or other electronic transmission (including .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment. 

10. Governing Law. This Amendment and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise)
based upon, arising out of or relating to this amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed and performed entirely within such State, and shall
be further subject to the provisions of Sections 11.14 and 11.15 of the Credit Agreement. 
 11. Enforceability. Should
any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. 

12. References. From and after the date hereof, all references in the Credit Agreement and any of the other Loan Documents to the
“Credit Agreement” shall mean the Credit Agreement, as amended hereby and as from time to time hereafter further amended, modified, supplemented, restated or amended and restated. 

  
 7 

 13. Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the Borrower, each other Loan Party, the Administrative Agent, each Lender and their respective successors and assignees to the extent such assignees are permitted assignees as provided in Section 11.06 of the
Credit Agreement. 
 [Signature pages follow.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment Agreement to be
duly executed by their duly authorized officers, all as of the day and year first above written. 
  

									
	BORROWER:	 		 	NUVASIVE, INC.
				
		 		 	By:	 	/s/ Matthew K. Harbaugh
		 		 	Name:	 	Matthew K. Harbaugh
		 		 	Title: 	 	Executive Vice President and Chief Financial Officer

  

									
	GUARANTORS:	 		 	NUVASIVE CLINICAL SERVICES
		 		 	MONITORING, INC.
				
		 		 	By:	 	/s/ Matthew K. Harbaugh
		 		 	Name:	 		 	Matthew K. Harbaugh
		 		 	Title: 	 	Executive Vice President and Chief Financial Officer
			
		 		 	NUVASIVE CLINICAL SERVICES, INC.
				
		 		 	By:	 	/s/ Matthew K. Harbaugh
		 		 	Name: 	 	Matthew K. Harbaugh
		 		 	Title: 	 	Executive Vice President and Chief Financial Officer
			
		 		 	NUVASIVE SPECIALIZED ORTHOPEDICS, INC.
				
		 		 	By:	 	/s/ Matthew K. Harbaugh
		 		 	Name:	 	Matthew K. Harbaugh
		 		 	Title: 	 	Executive Vice President and Chief Financial Officer

 NUVASIVE, INC. 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

  

 
					
	BANK OF AMERICA, N.A., as Administrative Agent 
		
	By:	 	/s/ Henry C. Pennell
	Name: 	 	Henry C. Pennell
	Title: 	 	Vice President

 NUVASIVE, INC. 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

 
					
	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
		
	By:	 	/s/ Sebastian Lurie
	Name: 	 	Sebastian Lurie
	Title: 	 	Senior Vice President

 NUVASIVE, INC. 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

 
					
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	/s/ Christopher Winthrop
	Name: 	 	Christopher Winthrop
	Title: 	 	Authorized Signatory

 NUVASIVE, INC. 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

 
					
	MUFG Union Bank, N.A., as a Lender
		
	By:	 	/s/ Edmund Ozorio
	Name: 	 	Edmund Ozorio
	Title: 	 	Vice President

 NUVASIVE, INC. 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

 
					
	DNB CAPITAL LLC, as a Lender
		
	By:	 	/s/ Samantha Stone
	Name:	 	Samantha Stone
	Title: 	 	Vice President

 
					
		
	By:	 	/s/ Mita Zalavadia
	Name:	 	Mita Zalavadia
	Title: 	 	Assistant Vice President

 NUVASIVE, INC. 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Maria Massimino

	Name: Maria Massimino
	Title:   Vice President

 NUVASIVE, INC. 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Scott MacVicar

	Name: Scott MacVicar
	Title:   Authorized Signatory

 NUVASIVE, INC. 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

 
			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	 /s/ Robb Gass

	Name: Robb Gass
	Title:   Managing Director

 NUVASIVE, INC. 

AMENDMENT NO. 1 TO CREDIT AGREEMENTEX-4.1

 Exhibit 4.1 

DEPOSIT AGREEMENT 

among 
 COMERICA
INCORPORATED, 
 COMPUTERSHARE INC. AND COMPUTERSHARE TRUST COMPANY, N.A., 

and 
 THE HOLDERS FROM
TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of May 26, 2020 
  

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE I DEFINED TERMS
	  	 	1	 
			
	 Section 1.1
	  	Definitions	  	 	1	 
		
	 ARTICLE II FORM OF RECEIPTS, DEPOSIT OF SERIES A PREFERRED STOCK, EXECUTION AND
DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
	  	 	3	 
			
	 Section 2.1
	  	Appointment of Depositary	  	 	3	 
	 Section 2.2
	  	Form and Transfer of Receipts	  	 	4	 
	 Section 2.3
	  	Deposit of Series A Preferred Stock; Execution and Delivery of Receipts in Respect Thereof	  	 	5	 
	 Section 2.4
	  	Registration of Transfer of Receipts	  	 	6	 
	 Section 2.5
	  	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series A Preferred Stock	  	 	6	 
	 Section 2.6
	  	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	  	 	7	 
	 Section 2.7
	  	Lost Receipts, etc.	  	 	7	 
	 Section 2.8
	  	Cancellation and Destruction of Surrendered Receipts	  	 	8	 
	 Section 2.9
	  	Redemption of Series A Preferred Stock	  	 	8	 
	 Section 2.10
	  	Receipt of Funds	  	 	9	 
	 Section 2.11
	  	Receipts Issuable in Global Registered Form	  	 	10	 
		
	 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION
	  	 	11	 
			
	 Section 3.1
	  	Filing Proofs, Certificates and Other Information	  	 	11	 
	 Section 3.2
	  	Payment of Taxes or Other Governmental Charges	  	 	11	 
	 Section 3.3
	  	Warranty as to Series A Preferred Stock	  	 	12	 
	 Section 3.4
	  	Warranty as to Receipts	  	 	12	 
		
	 ARTICLE IV THE DEPOSITED SECURITIES; NOTICES
	  	 	12	 
			
	 Section 4.1
	  	Cash Distributions	  	 	12	 
	 Section 4.2
	  	Distributions Other than Cash, Rights, Preferences or Privileges	  	 	12	 
	 Section 4.3
	  	Subscription Rights, Preferences or Privileges	  	 	13	 
	 Section 4.4
	  	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts	  	 	14	 
	 Section 4.5
	  	Voting Rights	  	 	14	 
	 Section 4.6
	  	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	15	 
	 Section 4.7
	  	Delivery of Reports	  	 	15	 
	 Section 4.8
	  	Lists of Receipt Holders	  	 	16	 
		
	 ARTICLE V THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE
CORPORATION
	  	 	16	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page	 
			
	 Section 5.1
	  	Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar	  	 	16	 
	 Section 5.2
	  	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation	  	 	17	 
	 Section 5.3
	  	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation	  	 	17	 
	 Section 5.4
	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	21	 
	 Section 5.5
	  	Corporate Notices and Reports	  	 	22	 
	 Section 5.6
	  	Indemnification by the Corporation	  	 	22	 
	 Section 5.7
	  	Fees, Charges and Expenses	  	 	23	 
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  	 	23	 
			
	 Section 6.1
	  	Amendment	  	 	23	 
	 Section 6.2
	  	Termination	  	 	24	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	24	 
			
	 Section 7.1
	  	Counterparts	  	 	24	 
	 Section 7.2
	  	Exclusive Benefit of Parties	  	 	24	 
	 Section 7.3
	  	Invalidity of Provisions	  	 	24	 
	 Section 7.4
	  	Notices	  	 	25	 
	 Section 7.5
	  	Depositary’s Agents	  	 	25	 
	 Section 7.6
	  	Appointment of Registrar, Dividend Disbursing Agent, Transfer Agent and Redemption Agent in Respect of Receipts	  	 	26	 
	 Section 7.7
	  	Holders of Receipts Are Parties	  	 	26	 
	 Section 7.8
	  	Governing Law	  	 	26	 
	 Section 7.9
	  	Inspection of Deposit Agreement	  	 	26	 
	 Section 7.10
	  	Headings	  	 	26	 
	 Section 7.11
	  	Force Majeure	  	 	26	 
	 Section 7.12
	  	Further Assurances	  	 	27	 
	 Section 7.13
	  	Confidentiality	  	 	27	 

  

			
		
	EXHIBIT A	  	Form of Receipt
	EXHIBIT B	  	Form of Officer’s Certificate

  

  
 ii 

 DEPOSIT AGREEMENT dated as of May 26, 2020, among (i) Comerica
Incorporated, a Delaware corporation, (ii) Computershare Inc., a Delaware corporation, and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, and (iii) the Holders from time to time of the
Receipts described herein. 
 WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit
of shares of 5.625% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A of the Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the
issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series A Preferred Stock so deposited; and 
 WHEREAS,
the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 

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

ARTICLE I 
 DEFINED
TERMS 
 Section 1.1 Definitions. 

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

 “Certificate of Designations” shall mean the relevant Certificate of Designations filed with the Secretary of State of the State
of Delaware establishing the Series A Preferred Stock as a series of preferred stock of the Corporation, as such certificate may be amended or restated from time to time. 

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

“Corporation” shall mean Comerica Incorporated, a Delaware corporation, and its successors. 

“Deposit Agreement” shall mean this Deposit Agreement, as amended, modified or supplemented from time to time in accordance with the
terms hereof. 
 “Depositary” shall mean Computershare and the Trust Company, acting jointly, and any successor as Depositary
hereunder. 
 “Depositary Shares” shall mean the depositary shares, each representing 1/100th of one share of the Series A
Preferred Stock, and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Series A Preferred Stock and held under this Deposit Agreement, all as evidenced by the Receipts issued
hereunder. Subject to the 

 
terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Series A Preferred Stock represented by such
Depositary Share (including the dividend, voting, redemption and liquidation rights contained in the Certificate of Designations). 

“Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5. 

“Depositary’s Office” shall mean the office of the Depositary at which at any particular time its depositary receipt business
shall be administered, which is currently located at 150 Royall Street, Canton, MA 02021 or such other office as the Depositary may designate for the purposes contemplated under this Deposit Agreement. 

“Dividend Disbursing Agent” shall mean Computershare. 

“DTC” shall mean The Depository Trust Company. 

“Effective Date” shall mean the date first stated above. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

(1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the
Corporation that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Exchange Act, and (B) the Corporation has not
appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or 

(2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or
issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts. 

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as Global
Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Exchange Act. 

“Global Registered Receipts” shall mean a global registered Receipt, in definitive or book-entry form, registered in the name of a
nominee of DTC. 
 “Letter of Representations” shall mean any applicable agreement among the Corporation, the Depositary and a
Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any
successor agreement thereto. 

  
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 “Officer’s Certificate” shall mean a certificate in substantially the form
set forth as Exhibit B hereto, which is signed by an officer of the Corporation and which shall include the terms and conditions of the Series A Preferred Stock to be issued by the Corporation and deposited with the Depositary from time to time in
accordance with the terms hereof. 
 “Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the
form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series A Preferred Stock held of record by the Record Holder of such Depositary Shares. 

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is registered on the
books of the Depositary maintained for such purpose. 
 “Redemption Agent” shall mean Computershare and the Trust Company. 

“Redemption Date” shall have the meaning set forth in Section 2.9. 

“Registrar” shall mean the Trust Company or such other successor bank or trust company which shall be appointed by the Corporation
to register ownership and transfers of Receipts as herein provided; and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Trust Company shall be deemed, as applicable, to refer as well
to the register maintained by such Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of 1933, as
amended. 
 “Series A Preferred Stock” shall mean the shares of the Corporation’s 5.625% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, without par value, with a liquidation preference of $100,000 per share, designated in the Certificate of Designations and described in the Officer’s
Certificate delivered pursuant to Section 2.3 hereof. 
 “Transfer Agent” shall mean the Trust Company
or such other successor bank or trust company which shall be appointed by the Corporation to transfer the Receipts, as herein provided. 

“Trust Company” shall mean Computershare Trust Company, N.A., a federally chartered trust company, and its successors. 

ARTICLE II 
 FORM OF
RECEIPTS, DEPOSIT OF SERIES A PREFERRED STOCK, EXECUTION 
 AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS 

Section 2.1 Appointment of Depositary 

The Corporation hereby appoints the Depositary as depositary for the Series A Preferred Stock, and the Depositary hereby accepts such
appointment, on the express terms and conditions set forth in this Deposit Agreement. 

  
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 Section 2.2 Form and Transfer of Receipts. 

The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered in compliance with Section 2.3, shall
execute and deliver temporary Receipts which may be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the persons executing such Receipts may determine (but which do not affect the rights, duties, liabilities or responsibilities of the Depositary), as evidenced by their execution of such Receipts. If temporary
Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon
surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.3, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Receipts, the Depositary
shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s expense and
without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit Agreement as definitive Receipts. 

Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. No Receipt
shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile signature by a duly authorized officer of the Depositary or, if a Registrar for the
Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by manual or facsimile signature by a duly authorized officer of such Registrar. The
Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. Receipts bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the
Depositary shall bind the Depositary, notwithstanding that such signatory ceased to hold such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 

Receipts shall be in denominations of any number of whole Depositary Shares. All receipts shall be dated the date of their issuance. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement (but which do not affect the rights, duties, liabilities or responsibilities of the Depositary) all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable
law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Series A Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to
indicate any special limitations or restrictions to which any particular Receipts are subject. 

  
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 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied
by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument in accordance with the Depositary’s procedures; provided, however, that until transfer of any
particular Receipt shall be registered on the books of the Depositary as provided in Section 2.4, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute
owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 

The Corporation shall provide an opinion of counsel to the Depositary at the Effective Date in form and substance reasonably satisfactory to
the Depositary. 
 Section 2.3 Deposit of Series A Preferred Stock; Execution and Delivery of
Receipts in Respect Thereof. 
 Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time
deposit shares of Series A Preferred Stock under this Deposit Agreement by delivering to the Depositary, including via electronic book-entry, such shares of Series A Preferred Stock to be deposited, properly endorsed or accompanied, if applicable
and required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this
Deposit Agreement and an executed Officer’s Certificate attaching the Certificate of Designations and all other information required to be set forth therein, and together with a written order of the Corporation directing the Depositary to
execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Series A Preferred Stock. Each
Officer’s Certificate delivered to the Depositary in accordance with the terms of this Deposit Agreement shall be deemed to be incorporated into this Deposit Agreement and shall be binding on the Corporation, the Depositary and the Holders of
Receipts to which such Officer’s Certificate relates. 
 The Series A Preferred Stock that is deposited shall be held by the Depositary
at the Depositary’s Office. The Depositary shall not lend any Series A Preferred Stock deposited hereunder. 
 Upon receipt by the
Depositary of Series A Preferred Stock deposited in accordance with the provisions of this Section 2.3, together with the other documents required as above specified, and upon recordation of the Series A Preferred Stock on
the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the
person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.3, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing
the Series A Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office. Delivery at other
offices shall be at the risk and expense of the person requesting such delivery. 

  
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 Section 2.4 Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer which shall be affixed with the signature guarantee of a guarantor institution
which is a participant in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Depositary, together with evidence of the payment by the applicable
party of any taxes or charges as may be required by law. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and
deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 
 The Depositary shall not be required
(a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business 15 days next preceding any selection of Depositary Shares and Series A Preferred Stock to be redeemed and ending at the close of business on the
day of the mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt called or being called for redemption in whole or in part except as provided in Section 2.9. 

Section 2.5 Split-ups and Combinations of Receipts; Surrender of Receipts
and Withdrawal of Series A Preferred Stock. 
 Upon surrender of a Receipt or Receipts at the Depositary’s Office, and
subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the
Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered. 

Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series A Preferred Stock and all money and other property, if
any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office. Thereafter, without unreasonable delay, the Depositary shall deliver to such Holder, or to the person or persons designated by such Holder as
hereinafter provided, the number of whole shares of Series A Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for withdrawal, but Holders of such whole shares of Series A Preferred Stock
will not thereafter be entitled to deposit such Series A Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall
evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series A Preferred Stock, the Depositary shall at the same time, in addition to such number of whole shares of Series A
Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.4 upon his order, a new Receipt evidencing such excess number of Depositary Shares. 

In no event will fractional shares of Series A Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery
of the Series A Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, 

  
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 documents of title and other instruments as the Depositary may deem appropriate, which, if required by the
Depositary, shall be properly endorsed or accompanied by proper instruments of transfer including, but not limited to, a signature guarantee. 

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

Delivery of the Series A Preferred Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal shall be
made by the Depositary at the Depositary’s Office. 
 Section 2.6 Limitations on Execution and Delivery,
Transfer, Surrender and Exchange of Receipts. 
 As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event
that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence
satisfactory to it as to the identity and genuineness of any signature, including a signature guarantee, and any other reasonable evidence of authority that may be required by the Depositary, and may also require compliance with such regulations, if
any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 

The deposit of the Series A Preferred Stock may be refused, the delivery of Receipts against Series A Preferred Stock may be suspended, the
registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Corporation is closed or
(ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or
commission or under any provision of this Deposit Agreement. 
 Section 2.7 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like
form and tenor in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of
evidence satisfactory to the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof, (ii) the Holder thereof furnishing the

  
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Depositary with an affidavit and a bond satisfactory to the Depositary, and (iii) the payment of any reasonable expense (including reasonable fees, charges and expenses of the Depositary) in
connection with such execution and delivery. Applicants for such substitute Receipts shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code. 
 Section 2.8
Cancellation and Destruction of Surrendered Receipts. 
 All Receipts surrendered to the Depositary or any Depositary’s Agent
shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 

Section 2.9 Redemption of Series A Preferred Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Series A Preferred Stock in accordance with the terms of the
Certificate of Designations (including on account of a Regulatory Capital Treatment Event, as described therein) (a “Redemption Event”), it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the
Depositary, not less than 10 days and not more than 60 days prior to the Redemption Date (as defined below), notice of such redemption, which shall state: (i) the Redemption Date; (ii) the number of shares of Series A Preferred Stock to be
redeemed and, if less than all the shares of Series A Preferred Stock are to be redeemed, the number of such shares of Series A Preferred Stock held by the Depositary to be so redeemed; (iii) the redemption price; and (iv) the place or
places where the certificates evidencing shares of Series A Preferred Stock, if any, are to be surrendered for payment of the redemption price. In case less than all the outstanding shares of Series A Preferred Stock are to be redeemed, the shares
of Series A Preferred Stock to be so redeemed shall be selected either pro rata or by lot or in such other manner determined by the Corporation to be fair and equitable. On the date of such redemption, the Depositary shall redeem the number
of Depositary Shares representing such Series A Preferred Stock, provided that the Corporation shall then have paid or caused to be paid in full to Computershare the redemption price of the Series A Preferred Stock to be redeemed, plus an
amount equal to any declared and unpaid dividends thereon, without regard to any undeclared dividends, to, but excluding, the date fixed for redemption in accordance with the provisions of the Certificate of Designations. The Depositary shall mail
notice of the Corporation’s redemption of Series A Preferred Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Series A Preferred Stock to be redeemed by first-class mail, postage prepaid (or
another reasonably acceptable transmission method), not less than 10 days and not more than 60 days prior to the date fixed for redemption of such Series A Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record
Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last addresses as they appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary Shares to one or
more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. In case less than all the outstanding Depositary
Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot or in such other manner determined by the Corporation to be fair and equitable. 

  
 8 

 Notice having been mailed or transmitted by the Depositary as aforesaid, from and after the
Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Series A Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Series A Preferred Stock so
called for Redemption shall cease to accrue from and after such date and all shares of Series A Preferred Stock called for redemption shall cease to be outstanding and any rights with respect to such shares shall cease and terminate (except for the
right to receive the redemption price without interest), (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares
(except the right to receive the redemption price without interest) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such
Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal
to 1/100th of the redemption price per share of Series A Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares, including all amounts declared and paid by the Corporation in respect of
dividends, without accumulation of any undeclared dividends, in accordance with the provisions of the Certificate of Designations. 
 If
fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing
the Depositary Shares evidenced by such prior Receipt and not called for redemption. In any such case, the Corporation shall redeem Depositary Shares only in increments of 100 Depositary Shares and any multiple thereof. 

Prior to a Redemption Event, the Corporation and the Redemption Agent shall enter into a mutually agreed upon redemption agreement setting
forth the operational procedures and compensation of the Redemption Agent (the terms of which shall be consistent with the provisions of this Section 2.9). 

Section 2.10 Receipt of Funds. 

All funds received by Computershare under this Deposit Agreement that are to be distributed or applied by Computershare in the performance of
its services hereunder (the “Funds”) shall be held by Computershare as agent for the Corporation and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Corporation. Until paid pursuant to
this Deposit Agreement, Computershare may hold or invest the Funds through such accounts in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated
A-1 or P-1 or better by Standard & Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”),
respectively, (iii) money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase
agreements or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch
Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). 

  
 9 

 The Corporation shall have no responsibility or liability for any diminution of the Funds
that may result from any deposit or investment made by Computershare in accordance with this paragraph, except for any losses resulting from a default by any bank, financial institution or other third party. Computershare shall have no
responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or
other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments. Computershare shall not be obligated to pay such interest, dividends or earnings to the
Corporation, any holder or any other party. 
 Section 2.11 Receipts Issuable in Global Registered Form.

 If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the
form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing such Receipts, which (i) shall
represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts and (ii) shall be registered in the name of the Global Receipt Depository
therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the
Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such
Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt
selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of
the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global
Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the Depositary as the
holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will
make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable procedures and arrangements,
and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary shall give all such notices, payments and communications
specified herein to be given to such holders to the applicable Global Receipt Depository. 
 If an Exchange Event has occurred with respect
to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the 

  
 10 

 execution and delivery of individual definitive registered Receipts in exchange for such Global Registered
Receipt, execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt in exchange for such
Global Registered Receipt. 
 Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to
Section 2.11 shall be registered in such names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the
Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose names such Receipts are so registered. 

Notwithstanding anything to the contrary in this Deposit Agreement, should the Corporation determine that the Receipts should be issued as a
Global Registered Receipt, the parties hereto shall comply with the terms of any Letter of Representations. 
 ARTICLE III 

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION 

Section 3.1 Filing Proofs, Certificates and Other Information. 

Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute
such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or
redemption, of any Receipt or the withdrawal of the Series A Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds
thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

Section 3.2 Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain charges, taxes and expenses, as provided in
Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series A Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until
any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Series A Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not
theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be
applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. The Depositary shall have no duty or obligation to take any action under any Section of this Deposit Agreement which requires the
payment of applicable taxes and/or governmental charges unless and until it is reasonably satisfied that all such taxes and/or governmental charges have been paid. 

  
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 Section 3.3 Warranty as to Series A Preferred Stock.

 The Corporation hereby represents and warrants that the Series A Preferred Stock, when issued, will be duly authorized, validly issued,
fully paid and nonassessable. Such representation and warranty shall survive the deposit of the Series A Preferred Stock and the issuance of the related Receipts. 

Section 3.4 Warranty as to Receipts. 

The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Series A
Preferred Stock. Such representation and warranty shall survive the deposit of the Series A Preferred Stock and the issuance of the Receipts. 

ARTICLE IV 
 THE
DEPOSITED SECURITIES; NOTICES 
 Section 4.1 Cash Distributions. 

Whenever Computershare shall receive any cash dividend or other cash distribution on the Series A Preferred Stock, Computershare shall, at the
written instruction of the Corporation, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution
as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or Computershare shall be required to
withhold and shall withhold from any cash dividend or other cash distribution in respect of the Series A Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall
be reduced accordingly, and such withheld cash shall be treated for all purposes of this Deposit Agreement as having been paid to the Holder of Receipts in respect of which the Corporation or Computershare made such withholding. Computershare shall
distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent. Each Holder of a Receipt shall provide the Depositary with its
certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Corporation or Computershare of a portion of any of the distributions to be made hereunder.

 Section 4.2 Distributions Other than Cash, Rights, Preferences or Privileges. 

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series A Preferred Stock,
the Depositary shall, at the direction of the Corporation, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the
securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Corporation (in consultation with the
Depositary) may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Corporation such distribution cannot be made proportionately among such Record 

  
 12 

 
Holders, or if for any other reason (including any requirement that the Corporation or the Depositary withhold an amount on account of taxes) the Corporation deems, after consultation with the
Depositary, such distribution not to be feasible, the Corporation may adopt (and will notify the Depositary of its adoption of) such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at
public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available
for distribution, as the case may be, by Computershare to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not make any distribution of such
securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the Holders of Receipts unless the Corporation shall have provided an opinion of counsel stating that such securities or
property have been registered under the Securities Act or do not need to be registered in connection with such distributions. 

Section 4.3 Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series A Preferred Stock is recorded on the
books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be
communicated promptly to the Depositary and thereafter such rights, options or privileges shall be made available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall instruct the Depositary in writing, either
by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as may be approved by the Depositary in its discretion with the approval of the Corporation; provided, however,
that (i) if at the time of issue or offer of any such rights, preferences or privileges the Corporation determines that it is not lawful or (after consultation with the Depositary) not feasible to make such rights, preferences or privileges
available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Corporation, in its
discretion (with written notice to the Depositary, in any case where the Corporation has determined that it is not feasible to make such rights, preferences or privileges available), may, if applicable laws or the terms of such rights, preferences
or privileges permit such transfer, sell (or cause to be sold) such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to
Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. The Depositary shall not be
required to make any distribution of such rights, preferences or privileges, unless the Corporation shall have provided to the Depositary an opinion of counsel stating that such rights, preferences or privileges have been registered under the
Securities Act or do not need to be registered. 
 The Corporation shall notify the Depositary whether registration under the Securities Act
of the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the
Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause such
registration statement to 

  
 13 

 
become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall
the Depositary make available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have
provided to the Depositary an opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 

The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative
authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable best efforts to
take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 

Section 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to the Series A Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series A Preferred Stock are entitled to vote or of which
holders of the Series A Preferred Stock are entitled to notice, or whenever the Corporation shall decide it is appropriate, upon written notice from the Corporation to the Depositary, the Depositary shall in each such instance fix a record date
(which shall be the same date as the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series A Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive
such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any
other appropriate reasons. 
 Section 4.5 Voting Rights. 

Subject to the provisions of the Certificate of Designations, upon receipt of notice of any meeting at which the holders of the Series A
Preferred Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail or transmit by such other method approved by the Depositary, in its reasonable discretion, to the Record Holders of Receipts a notice prepared by the
Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to any applicable restrictions, instruct the Depositary as to the exercise of the voting
rights pertaining to the amount of Series A Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a person designated by
the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause
to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series A Preferred Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular

  
 14 

 
voting instructions are received; provided, that the Depositary receives such instructions sufficiently in advance of such voting to enable it to so vote or cause such Series A Preferred Stock to
be voted. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to vote such Series A Preferred Stock or cause such Series A Preferred Stock to be voted. In the
absence of specific instructions from the Holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any meeting with respect to such Series A Preferred Stock unless directed to the contrary by the Holders of all the
Receipts) to the extent of the Series A Preferred Stock represented by the Depositary Shares evidenced by such Receipt. 

Section 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 

Upon any change in par or stated value, split-up, combination or any other reclassification of the
Series A Preferred Stock, subject to the provisions of the Certificate of Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary shall upon the written
instructions of the Corporation, and (in either case) in such manner as the Corporation may deem equitable, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one
share of Series A Preferred Stock and in the ratio of the redemption price per Depositary Share to the redemption price per share of Series A Preferred Stock, in each case as may be necessary fully to reflect the effects of such change in par or
stated value, split-up, combination or other reclassification of the Series A Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which
shall be received by the Depositary in exchange for or upon conversion of or in respect of the Series A Preferred Stock as new deposited securities so received in exchange for or upon conversion of or in respect of such Series A Preferred Stock. In
any such case the Depositary may, upon the written instruction of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new
deposited securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up,
combination or other reclassification of the Series A Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series A
Preferred Stock represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Series A Preferred Stock represented by such Receipts might have been converted or for
which such Series A Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

Section 4.7 Delivery of Reports. 

Upon the written instruction of the Corporation, the Depositary shall furnish to Holders of Receipts any reports and communications received
from the Corporation which are received by the Depositary and which the Corporation is required to furnish to the holders of the Series A Preferred Stock. 

  
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 Section 4.8 Lists of Receipt Holders. 

Reasonably promptly upon request from time to time by the Corporation, at the sole expense of the Corporation, the Depositary shall furnish to
it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all Record Holders of Receipts. 

ARTICLE V 
 THE
DEPOSITARY, THE DEPOSITARY’S AGENTS, 
 THE REGISTRAR AND THE CORPORATION 

Section 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 

Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in
accordance with the provisions of this Deposit Agreement. 
 The Registrar shall keep books at the Depositary’s Office for the
registration and registration of transfer, surrender or exchange of Receipts, which books at all reasonable times during regular business hours shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting
to exercise such right shall certify to the Registrar that such inspection shall be for a proper purpose reasonably related to such Holder’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Registrar may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder, or because of any requirement of law or of any government, governmental body or commission, stock exchange or any applicable self-regulatory body. 

The Depositary may, with the approval of the Corporation, appoint a Registrar for registration of the Receipts or the Depositary Shares
evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series A Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depositary will appoint a Registrar
(acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be
removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Series A Preferred Stock are listed on one or more other securities exchanges, the
Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration or registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Series A Preferred Stock as may be required by law
or applicable securities exchange regulation. 

  
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 Section 5.2 Prevention of or Delay in Performance by the
Depositary, the Depositary’s Agents, the Registrar or the Corporation. 
 Neither the Depositary nor any
Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation shall incur any liability to any Holder of a Receipt or any beneficial owner thereof if by reason of any provision of any present or future law, or regulation
thereunder, of the United States of America or of any other governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar or any Transfer Agent, by reason of any provision, present or future, of the
Corporation’s Amended and Restated Certificate of Incorporation, as amended (including the Certificate of Designations), or by reason of any act of God or war, epidemic or pandemic or other circumstance beyond the control of the relevant party,
the Depositary, the Depositary’s Agent, the Registrar, any Transfer Agent, or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Deposit
Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar, any Transfer Agent, or the Corporation incur liability to any Holder of a Receipt or any beneficial owner thereof (i) by reason
of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise,
any discretion provided for in this Deposit Agreement except in the event of the bad faith, gross negligence or willful misconduct (each as determined by a final non-appealable judgment, order, decree or
ruling of a court of competent jurisdiction) of the party charged with such exercise or failure to exercise. 

Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the
Registrar and the Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the
Corporation assumes any obligation or shall be subject to any liability to Holders of Receipts other than for its gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable
judgment, order, decree or ruling of a court of competent jurisdiction) in the performance of the such duties as are specifically set forth in this Deposit Agreement. Notwithstanding anything in this Deposit Agreement to the contrary, excluding the
Depositary’s willful misconduct or bad faith, any liability of the Depositary and any Depositary’s Agent, Registrar or Transfer Agent under this Deposit Agreement, whether in contract, tort, or otherwise, will be limited to the amount of
annual fees paid by the Corporation to the Depositary in the 12 months preceding the event for which recovery is sought. 
 Notwithstanding
anything in this Deposit Agreement to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or
damages of any kind whatsoever (including but not limited to lost profits) even if they have been advised of the likelihood of such loss or damage and regardless of the form of action. 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor any Transfer Agent nor the Corporation shall be under any
obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of the Series A Preferred Stock, the Depositary Shares 

  
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 or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to
it against all expense and liability be furnished as often as may be required. 
 Neither the Depositary nor any Depositary’s Agent nor
any Registrar nor any Transfer Agent shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series A Preferred Stock for deposit, any
Holder of a Receipt or any other person believed by it in in the absence of bad faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar or Transfer Agent may each rely and shall each be protected in
acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series A Preferred Stock or
for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith (as determined in an final, non-appealable judgment of
a court of competent jurisdiction). The Depositary undertakes, and any Registrar and Transfer Agent shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied
covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar or any Transfer Agent. 
 The
Depositary, the Depositary’s Agents, and any Registrar and Transfer Agent may own and deal in any class of securities of the Corporation and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of
the securities of the Corporation and its affiliates. 
 The Depositary shall not be under any liability for interest on any monies at any
time received by it pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series A Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except as
required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

It is intended that none of the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent, as the case may be, shall be
deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary, any Depositary’s Agent, any Registrar and any Transfer
Agent are acting only in a ministerial capacity as Depositary, Registrar or Transfer Agent, as applicable, for the deposited Depositary Shares; provided, however, that the Depositary agrees to comply with, in all material respects, all
information reporting and withholding requirements required to be complied by it under applicable law or as expressly provided in this Deposit Agreement in its capacity as Depositary. 

Neither the Depositary, any Depositary’s Agent, any Registrar nor any Transfer Agent (or their respective officers, directors, employees
or agents) makes any representation or has any responsibility as to the validity of any registration statement pursuant to which the any securities may be registered under the Securities Act, the deposited Series A Preferred Stock, the Depositary

  
 18 

 
Shares, the Receipts (except its countersignature thereon) or any instruments referred to therein or herein, or as to the correctness of any statement made in any such registration statement or
herein; provided, however, that the Depositary is responsible for any information provided by the Depositary to the Corporation in writing for the purpose of including such information in any such registration statement. 

The Depositary assumes no responsibility for the correctness of the description that appears in the Receipts. Notwithstanding any other
provision herein or in the Receipts, the Depositary makes no warranties or representations as to the validity or genuineness of any Series A Preferred Stock at any time deposited with the Depositary hereunder or of the Depositary Shares, as to the
validity or sufficiency of this Deposit Agreement (except as to due authorization and due execution by the Depositary), as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the
Depositary Shares. The Depositary shall not be accountable for the use or application by the Corporation of the Depositary Shares or the Receipts or the proceeds thereof. 

In the event the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent believes any ambiguity or uncertainty exists
hereunder or in any notice, instruction, direction, request or other communication, paper or document received by it hereunder, or in the administration of any of the provisions of this Deposit Agreement, the Depositary, the Depositary’s Agent,
any Registrar or any Transfer Agent shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, each of the Depositary, the Depositary’s Agent, any Registrar
or any Transfer Agent may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other person
or entity for refraining from taking such action, unless the Depositary, the Depositary’s Agent, the Registrar or Transfer Agent, as applicable, receives written instructions or a certificate signed by the Corporation which eliminates such
ambiguity or uncertainty to the satisfaction of the Depositary, the Depositary’s Agent, any Registrar or any Transfer Agent or which proves or establishes the applicable matter to its satisfaction. 

In the event the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent shall receive conflicting claims, requests or
instructions from any Holders of Receipts, on the one hand, and the Corporation, on the other hand, the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent, shall be entitled to act on such claims, requests or instructions
received from the Corporation, and shall be entitled to the indemnification set forth in Section 5.6 hereof in connection with any action so taken. 

From time to time, the Corporation may provide the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent with
instructions concerning the services performed by the Depositary under this Deposit Agreement. In addition, at any time, the Depositary, any Depositary’s Agent, any Registrar or any Transfer Agent may apply to any officer of the Corporation for
instruction, and may consult with legal counsel for the Depositary or the Corporation with respect to any matter arising in connection with the services to be performed by the Depositary, Depositary’s Agent, Registrar or Transfer Agent, as
applicable, under this Deposit Agreement. The Depositary, Depositary’s Agent, Registrar, Transfer Agent and their respective agents and subcontractors shall not be liable and shall be indemnified by the Corporation for any

  
 19 

 
action taken or omitted by them in reliance upon any Corporation instructions or upon the advice or opinion of such counsel. None of the Depositary, any Depositary’s Agent, any Registrar or
any Transfer Agent shall be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Corporation. 

None of the Depositary, Depositary’s Agent, Transfer Agent, or Registrar will be under any duty or responsibility to ensure compliance
with any applicable federal or state securities laws in connection with the issuance, transfer or exchange of the Receipts, Series A Preferred Stock or Depositary Shares; provided, however, that subject to the foregoing limitation,
each of the Depositary, the Depositary’s Agent, the Transfer Agent and the Registrar agrees to comply in all material respects with all federal and state securities laws required to be complied by it in its respective capacity as Depositary,
Depositary’s Agent, the Transfer Agent and Registrar. 
 Notwithstanding anything herein to the contrary, no amendment to the
Certificate of Designation shall affect the rights, duties, obligations or immunities of the Depositary, Transfer Agent, the Depositary’s Agent or Registrar hereunder. 

The Depositary, any Depositary’s Agent, Transfer Agent, and Registrar hereunder: 

(i) shall have no duties or obligations other than those specifically set forth herein (and no implied duties or obligations),
or as may subsequently be agreed to in writing by the parties; 
 (ii) shall have no obligation to make payment hereunder
unless the Corporation shall have provided the necessary federal or other immediately available funds or securities or property, as the case may be, to pay in full amounts due and payable with respect thereto; 

(iii) shall not be obligated to take any legal or other action hereunder; if, however, the Depositary, any Depositary’s
Agent, the Transfer Agent or the Registrar determines to take any legal or other action hereunder, and, where the taking of such action might in such Person’s reasonable judgment subject or expose it to any expense or liability, it shall not be
required to act unless it shall have been furnished with an indemnity satisfactory to it; 
 (iv) may rely on and shall be
authorized and protected in acting or omitting to act upon any certificate, instrument, opinion, notice, letter, facsimile transmission or other document or security delivered to it and believed by it to be genuine and to have been signed by the
proper party or parties, and shall have no responsibility for determining the accuracy thereof; 
 (v) may rely on and shall
be authorized and protected in acting or omitting to act upon the written, telephonic, electronic and oral instructions given in accordance with this Deposit Agreement, with respect to any matter relating to its actions as Depositary, Transfer Agent
or Registrar covered by this Deposit Agreement (or supplementing or qualifying any such actions), of officers of the Corporation; 

(vi) may consult counsel satisfactory to it (who may be counsel to the Corporation), and the advice of such counsel shall be
full and complete authorization and 

  
 20 

 protection in respect of any action taken, suffered or omitted to be taken by it hereunder
in accordance with the advice of such counsel; 
 (vii) shall not be called upon at any time to advise any Person with
respect to the Series A Preferred Stock, Depositary Shares or Receipts; 
 (viii) shall not be liable or responsible for any
recital or statement contained in any documents relating hereto or to the Series A Preferred Stock, the Depositary Shares or Receipts; 

(ix) shall not be liable in any respect on account of the identity, authority or rights of the parties (other than the
Depositary) executing or delivering or purporting to execute or deliver this Agreement or any documents or papers deposited or called for under this Agreement; 

(x) shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it to
expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory to it. 

The obligations of the Corporation and the rights of the Depositary, the Depositary’s Agent, Transfer Agent or Registrar set forth in
this Section 5.3 shall survive the replacement, removal or resignation of any Depositary, Registrar, Transfer Agent or Depositary’s Agent or termination of this Deposit Agreement. 

Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided but in no event later than 30 days after delivery of such written notice. 

The Depositary may at any time be removed by the Corporation by upon 30 day’s written notice of such removal delivered to the Depositary.

 In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 30 days after the delivery
of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be (i) a bank or trust company having its principal office in the United States of America and having a combined capital and surplus, along
with its affiliates, of at least $50,000,000 or (ii) an Affiliate of any such bank or trust company. 
 If no successor Depositary
shall have been so appointed and have accepted appointment within 30 days after delivery of such notice, any Record Holder of Receipts hereunder or the resigning or removed Depositary may petition any court of competent jurisdiction for the
appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any
further act or deed, shall become 

  
 21 

 
fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment
of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Series A Preferred Stock and any monies or property held hereunder to such successor, and shall deliver to such successor a list of the Record Holders of all outstanding Receipts and such records, books and other
information in its possession relating thereto. Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the Record Holders of
Receipts at the Corporation’s sole expense. 
 Any entity into or with which the Depositary may be merged, consolidated or converted
shall be the successor of the Depositary without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor
Depositary or its own name as successor Depositary. 
 The provisions of this Section 5.4 as they apply to the Depositary apply to the
Registrar and Transfer Agent, as if specifically enumerated herein. 
 Section 5.5 Corporate Notices and
Reports. 
 The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof,
transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national
securities exchange upon which the Series A Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Amended and Restated Certificate of Incorporation, as amended (including the Certificate of Designations), to
be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In
addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation. Unless otherwise required by law, the requirements set forth in this
Section 5.5 with respect to notice to the Record Holders of Receipts (but not to the Depositary) may be satisfied by publicly filing or furnishing such information with or to the U.S. Securities and Exchange Commission.

 Section 5.6 Indemnification by the Corporation. 

Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s
Agent, any Registrar, and any Transfer Agent (including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and
expenses of defending itself) which may arise out of acts performed, suffered or omitted to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar, any Transfer Agent or any of their respective agents
(including any Depositary’s Agent) and any 

  
 22 

 
transactions or documents contemplated hereby, except for any liability arising out of gross negligence, willful misconduct or bad faith (in each case as determined by a final, non-appealable judgment of a court of competent jurisdiction) on the respective parts of any such person or persons. The obligations of the Corporation set forth in this Section 5.6 shall
survive the replacement, removal, resignation or any succession of any Depositary, Registrar, Transfer Agent or Depositary’s Agent, or termination of this Deposit Agreement. 

Section 5.7 Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depositary the compensation in accordance with a mutually agreed upon fee schedule for all services
rendered by the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred
by the Depositary in connection with the services rendered by it (or such agent or Depositary’s Agent) hereunder. The Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Series A Preferred Stock and
the initial issuance of the Depositary Shares, all withdrawals of shares of Series A Preferred Stock by owners of Depositary Shares, and any redemption or exchange of the Series A Preferred Stock at the option of the Corporation. The Corporation
shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares
evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however,
that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement
for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 

Section 6.1 Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the
Holders of Receipts unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every
Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event
shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions
to deliver to the Holder the Series A Preferred Stock and all money and other property, if any, represented thereby, except in order to 

  
 23 

 
comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. As a condition precedent
to the Depositary’s execution of any amendment, the Corporation shall deliver to the Depositary a certificate from a duly authorized officer of the Corporation that states that a proposed amendment complies with this Section 6.1. 

Section 6.2 Termination. 

This Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding Depositary Shares issued
hereunder have been redeemed pursuant to Section 2.8, (ii) there shall have been made a final distribution in respect of the Series A Preferred Stock in connection with any liquidation, dissolution or winding up of the
Corporation and such distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable or (iii) upon the consent of Holders of
Receipts representing in the aggregate not less than two-thirds of the Depositary Shares outstanding. 

Upon the termination of this Deposit Agreement, the Corporation shall be discharged from all obligations under this Deposit Agreement except
for its obligations to the Depositary, any Depositary’s Agent, any Registrar, and any Transfer Agent under Sections 5.3, 5.6 and 5.7. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the same
authority, effect, and enforceability as an original signature. 
 Section 7.2 Exclusive Benefit of
Parties. 
 This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and
shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

Section 7.3 Invalidity of Provisions. 

In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby; provided, however, that if such provision affects the
rights, duties, liabilities or obligations of the Depositary, the Depositary shall be entitled to resign immediately. 

  
 24 

 Section 7.4 Notices. 

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

Comerica Incorporated 
 Comerica
Bank Tower, 3rd Floor 
 1717 Main Street 

Dallas, Texas 75201 
 Attention:
Treasurer 
 or at any other addresses of which the Corporation shall have notified the Depositary in writing. 

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

Computershare Inc. 
 150 Royall
Street 
 Canton, MA 02021 

Attn: General Counsel 

Facsimile: (781) 575-2916 

or at any other addresses of which the Depositary shall have notified the Corporation in writing. 

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

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

Section 7.5 Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit
Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary shall notify the Corporation of any such appointment or variation or

  
 25 

 
termination of such appointment. The Depositary shall not be answerable or accountable for any act, default, neglect or misconduct of any such Depositary’s Agent or for any loss to the
Corporation or any other Person resulting from any such act, default, neglect or misconduct, absent willful misconduct, gross negligence or bad faith in the selection and continued employment thereof (each as determined by a final non-appealable order of a court of competent jurisdiction). 
 Section 7.6
Appointment of Registrar, Dividend Disbursing Agent, Transfer Agent and Redemption Agent in Respect of Receipts. 
 The
Corporation hereby appoints the Trust Company as Transfer Agent and Registrar, Computershare as the Dividend Disbursing Agent and Computershare and the Trust Company, jointly, as Redemption Agent in respect of the Receipts, and Computershare and the
Trust Company hereby accepts such respective appointments, on the express terms and conditions set forth in this Deposit Agreement and shall be entitled to the rights and immunities granted to the Depositary under Article V of this Agreement. 

Section 7.7 Holders of Receipts Are Parties. 

The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts and of the Officer’s Certificate by acceptance of delivery thereof. 
 Section 7.8
Governing Law. 
 This Deposit Agreement and the Receipts of each series and all rights hereunder and thereunder and provisions
hereof and thereof shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 

Section 7.9 Inspection of Deposit Agreement. 

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

Section 7.10 Headings. 

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

Section 7.11 Force Majeure. 

Notwithstanding anything to the contrary contained herein, the Depositary, any Depositary’s Agent, any Transfer Agent, and any Registrar
will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, epidemics, pandemics, terrorist acts, shortage of supply, breakdowns or 

  
 26 

 malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or
mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 

Section 7.12 Further Assurances. 

The Corporation agrees that it will perform, acknowledge, and deliver or cause to be performed, acknowledged or delivered, all such further and
other acts, documents, instruments and assurances as the Depositary may reasonably require to perform the provisions of this Deposit Agreement. 

Section 7.13 Confidentiality. 

The Depositary and the Corporation agree that all books, records, information and data pertaining to the business of the other party, including
inter alia, personal, non-public Holder information and the fees for services, which are exchanged or received pursuant to the negotiation or the carrying out of this Deposit Agreement, shall remain
confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law or legal process or to its officers, directors, employees or agents related to the performance of the services under this Deposit Agreement.

 [Remainder of page intentionally left blank; signature page follows.] 

  
 27 

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

 

			
	COMERICA INCORPORATED
		
	By:	 	 /s/ James J. Herzog

	Name:	 	     James J. Herzog
	Title:	 	     Executive Vice President and
		 	     Chief Financial Officer

 [Signature Page to Deposit Agreement] 

 
			
	COMPUTERSHARE INC., as Depositary
		
	By:	 	 /s/ Dennis V. Moccia

	Name:	 	     Dennis V. Moccia
	Title:	 	     Senior Manager, Contract Operations
	
	COMPUTERSHARE TRUST COMPANY, N.A., as Depositary, Transfer Agent and Registrar
		
	By:	 	 /s/ Dennis V. Moccia

	Name:	 	     Dennis V. Moccia
	Title:	 	     Senior Manager, Contract Operations

 [Signature Page to Deposit Agreement] 

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 

Unless this receipt is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to
Comerica Incorporated or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein. 
 DEPOSITARY SHARES 

 
  

DEPOSITARY RECEIPT NO. FOR DEPOSITARY SHARES, EACH REPRESENTING 

1/100TH OF ONE SHARE OF 5.625% FIXED-RATE RESET NON-CUMULATIVE 

PERPETUAL PREFERRED STOCK, SERIES A 

OF 
 COMERICA INCORPORATED 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

CUSIP 200340AU1 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning on October 1, 2020, January 1, April 1, July 1 and
October 1 of each year. 
 COMPUTERSHARE INC. AND COMPUTERSHARE TRUST COMPANY, N.A., jointly as Depositary (the
“Depositary”), hereby certify that Cede & Co. is the registered owner of FOUR HUNDRED THOUSAND (400,000,000) DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing 1/100th of one share of 5.625%
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, without par value, liquidation preference $100,000 per share, (the “Series A Preferred Stock”), of Comerica Incorporated, a
Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of May 26, 2020 (the “Deposit Agreement”), among the Corporation,
the Depositary and the Holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary
Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if executed
in facsimile by the Depositary, countersigned 

  
 A-1 

 by a Registrar in respect of the Depositary Receipts by the manual or facsimile signature of a duly
authorized officer thereof. 

  
 A-2 

			
	Dated:	 	 
	
	Computershare Inc., as Depositary
		
	By:	 	              

		 	Authorized Signatory
	
	Computershare Trust Company, N.A., as Depositary
		
	By:	 	          

		 	Authorized Signatory

  
 A-3 

 [FORM OF REVERSE OF RECEIPT] 

COMERICA INCORPORATED 
 COMERICA
INCORPORATED WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF 5.625% FIXED-RATE RESET NON-CUMULATIVE
PERPETUAL PREFERRED STOCK, SERIES A OF COMERICA INCORPORATED. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 

The Corporation will furnish without charge to each receipt holder who so requests the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the
Registrar. 
 EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written
out in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Abbreviation
	  	 Abbreviation
	  	 Equivalent Word

	JT TEN	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
				
	TEN IN COM	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts to Minors Act

  

											
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

	ADM	  	Administrator(s), Administratrix	  	EX	  	Executor(s), Executrix	  	PL	  	Public Law
						
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	TR	  	(As) trustee(s), for, of
						
	ART	  	Article	  	FDN	  	Foundation	  	U	  	Under
						
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	UA	  	Under Agreement
						
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UW	  	 Under will of,
 Of will of,

Under last will & testament

						
	DEC	  	Declaration	  	MIN	  	Minor(s)	  		  	
						
	EST	  	Estate, of Estate of	  	PAR	  	Paragraph	  		  	

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

INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

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

  
 A-4 

 Depositary Shares represented by the within Depositary Receipt, and do(es) hereby
irrevocably constitute and appoint Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full power of substitution in the premises. 

 

			
	Dated:	 	 

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

NOTICE: If applicable, the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended. 

  
 A-5 

 EXHIBIT B 

I, James J. Herzog, Executive Vice President and Chief Financial Officer of Comerica Incorporated (the “Corporation”), hereby
certify, in my official capacity and not in my personal capacity, that pursuant to the terms of the Certificate of Designations, effective May 26, 2020, filed with the Secretary of State of the State of Delaware on May 26, 2020 (the
“Certificate of Designations”), and pursuant to resolutions adopted by Board of Directors of the Corporation on April 28, 2020 and the resolutions adopted by a duly authorized committee of the Board of Directors of the Corporation
(the “Special Preferred Securities Committee”) on May 20, 2020, the Corporation has established the Series A Preferred Stock which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms
and conditions of the Deposit Agreement, dated as of May 26, 2020, by and among the Corporation, Computershare Inc., Computershare Trust Company, N.A., and the Holders of Receipts issued thereunder from time to time (the “Deposit
Agreement”). In connection therewith, the Special Preferred Securities Committee has authorized the terms and conditions with respect to the Series A Preferred Stock as described in the Certificate of Designations attached as Annex A
hereto. Any terms of the Series A Preferred Stock that are not so described in the Certificate of Designations and any terms of the Receipts representing such Series A Preferred Stock that are not described in the Deposit Agreement are described
below: 
 Aggregate number of shares of Series A Preferred Stock issued on the day hereof: 4,000 

CUSIP Number for Receipt: 200340AU1 

Denomination of Depositary Share per share of Series A Preferred Stock (if different than 1/100th of a share of Series A Preferred Stock): N/A

 Redemption Provisions (if different than as set forth in the Deposit Agreement): N/A 

Name of Global Receipt Depositary: The Depository Trust Company 

All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 

Comerica Incorporated 
 This certificate is dated:
                        ,
2020                                     

By:
                                        
             
 Name: James J. Herzog 

Title:   Executive Vice President and Chief Financial Officer 

  
 B-1 

			
	 Agreed and Accepted by Computershare Inc.

and Computershare Trust Company, N.A.,
 jointly as
Depositary:

	
	Computershare Inc.
		
	By:	 	              

	Name:	 	
                 

	Title:	 	
                 

	
	Computershare Trust Company, N.A.
		
	By:	 	
                 

	Name:	 	
                 

	Title:	 	              

  
 B-2

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