Document:

Fourth Supplemental Indenture

 Exhibit 4.5 
  

 FOURTH SUPPLEMENTAL INDENTURE 
 between 
 WACHOVIA CORPORATION 
 and 
 U.S. BANK NATIONAL ASSOCIATION

 Dated as of November 21, 2007 
 Supplement to Indenture, 
 dated as of February 1, 2006 
  

 TABLE OF CONTENTS 
  

					
	ARTICLE I DEFINITIONS	  	1
			
	Section 1.1.	  	Definitions	  	1
		
	ARTICLE II GENERAL TERMS AND CONDITIONS OF THE LOTSSM	  	8
			
	Section 2.1.	  	Designation, Principal Amount and Authorized Denomination	  	8
	Section 2.2.	  	Repayment	  	9
	Section 2.3.	  	Form	  	12
	Section 2.4.	  	Rate of Interest; Interest Payment Date	  	12
	Section 2.5.	  	Interest Deferral	  	12
	Section 2.6.	  	Dividend and Other Payment Stoppages during Deferral Period	  	13
	Section 2.7.	  	Alternative Payment Mechanism	  	15
	Section 2.8.	  	Redemption of the LoTSSM	  	17
	Section 2.9.	  	Events of Default	  	17
	Section 2.10.	  	Securities Registrar; Paying Agent; Delegation of Trustee Duties	  	18
	Section 2.11.	  	Obligation to Seek Shareholder Approval to Increase Authorized Share	  	18
	Section 2.12.	  	Limitation on Claims in the Event of Bankruptcy, Insolvency or Receivership	  	18
	Section 2.13.	  	 Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct Action by Holders of Trust Preferred
Securities.
	  	19
		
	ARTICLE III REPAYMENT OF LOTSSM	  	19
			
	Section 3.1.	  	Repayments	  	19
	Section 3.2.	  	Selection of the LoTSSM to be Repaid	  	19
	Section 3.3.	  	Notice of Repayment	  	20
	Section 3.4.	  	Deposit of Repayment Amount	  	20
	Section 3.5.	  	Repayment of LoTSSM	  	20
		
	ARTICLE IV EXPENSES	  	21
			
	Section 4.1.	  	Expenses	  	21
		
	ARTICLE V FORM OF LOTSSM	  	22
			
	Section 5.1.	  	Form of LoTSSM	  	22
		
	ARTICLE VI ORIGINAL ISSUE OF LOTSSM	  	28
			
	Section 6.1.	  	Original Issue of LoTSSM	  	28
	Section 6.2.	  	Calculation of Original Issue Discount	  	28

  

					
		 	-i-	 	FOURTH SUPPLEMENTAL INDENTURE

					
	ARTICLE VII SUBORDINATION	  	28
			
	Section 7.1.	  	Senior Debt	  	28
	Section 7.2.	  	Compliance with Federal Reserve Rules	  	29
		
	ARTICLE VIII MISCELLANEOUS	  	29
			
	Section 8.1.	  	Effectiveness	  	29
	Section 8.2.	  	Modification of Supplemental Indenture	  	29
	Section 8.3.	  	Miscellaneous	  	29
	Section 8.4.	  	Successors and Assigns	  	30
	Section 8.5.	  	Further Assurances	  	30
	Section 8.6.	  	Effect of Recitals	  	30
	Section 8.7.	  	Ratification of Indenture	  	30
	Section 8.8.	  	Governing Law	  	30

  

					
		 	-ii-	 	FOURTH SUPPLEMENTAL INDENTURE

 FOURTH SUPPLEMENTAL INDENTURE, dated
as of November 21, 2007 (the “Fourth Supplemental Indenture”), between WACHOVIA CORPORATION, a North Carolina corporation (the “Company”), having its
principal office at 301 South College Street, Charlotte, North Carolina 28288, and U.S. BANK NATIONAL ASSOCIATION, as trustee (hereinafter called the “Trustee”).

 RECITALS OF THE COMPANY 
 The Company and the Trustee entered into an Indenture, dated as of February 1, 2006 (the “Indenture”). 
 Wachovia Capital Trust X, a Delaware statutory trust (the “Trust”), has offered
to the public its trust preferred securities known as 7.85% Trust Preferred Securities (the “Trust Preferred Securities”), which are beneficial interests in the Trust, and proposes to invest the proceeds from such offering, together
with the proceeds of the issuance and sale by the Trust to the Company of its common securities (the “Trust Common Securities” and, together with the Trust Preferred Securities, the “Trust Securities”), in the
LoTSSM (as defined herein). 
 Section 9.1 of the Indenture provides that the Company and the Trustee may, without the consent of any Holder, enter into a supplemental indenture to establish the form or terms of securities of any series as permitted by
Section 2.1 or 3.1 thereof. 
 Pursuant to Sections 2.1 and 3.1 of the Indenture, the Company desires to provide for the establishment
of a new series of Securities under the Indenture, the form and substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Fourth Supplemental Indenture. 
 The Company has delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate pursuant to Section 9.3 of the Indenture to the
effect that all conditions precedent provided for in the Indenture to the Trustee’s execution and delivery of this Fourth Supplemental Indenture have been complied with. 
 The Company has requested that the Trustee execute and deliver this Fourth Supplemental Indenture
and satisfy all requirements necessary to make this Fourth Supplemental Indenture a valid instrument in accordance with its terms, and to make the LoTSSM,
when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company and all acts and things necessary have been done and performed to make this Fourth Supplemental Indenture enforceable in accordance
with its terms, and the execution and delivery of this Fourth Supplemental Indenture has been duly authorized in all respects. 
 NOW, THEREFORE, THIS FOURTH
SUPPLEMENTAL INDENTURE WITNESSETH: For and in consideration of the premises and the purchase of the LoTSSM
by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the LoTSSM, as follows: 

 ARTICLE I 
 DEFINITIONS 
  

	 	Section 1.1.	Definitions 

 For all purposes of this Fourth
Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) Terms defined
in the Indenture or the Trust Agreement (as defined herein) have the same meaning when used in this Fourth Supplemental Indenture unless otherwise specified herein. 
  

					
		 		 	FOURTH SUPPLEMENTAL INDENTURE

 (b) The terms defined in this Article have the meanings assigned to them in this Article,
and include the plural as well as the singular. 
 (c) The words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Fourth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision, and any reference to an Article, Section or other subdivision refers to
an Article, Section or other subdivision of this Fourth Supplemental Indenture. 
 (d) Any reference herein to
“interest” includes any Additional Interest. 
 “APM
Period” means, with respect to any Deferral Period, the period commencing on the earlier of (i) the first Interest Payment Date following the commencement of such Deferral Period on which the Company pays any current interest on the
LoTSSM from any source of funds or (ii) the fifth anniversary of the commencement of the Deferral Period, and ending on the next Interest Payment Date
on which the Company has raised an amount of Eligible Proceeds at least equal to the aggregate amount of accrued and unpaid deferred interest on the LoTSSM, and has paid such interest on the LoTSSM. 
 “Business Combination” means a merger, consolidation, amalgamation or conveyance, transfer or lease of assets substantially as an entirety by one Person to any other Person. 
 “Commercially Reasonable Efforts” to sell Qualifying Capital Securities means commercially reasonable efforts to complete the offer and
sale of Qualifying Capital Securities to Persons other than Subsidiaries in public offerings or private placements. The Company will not be considered to have made Commercially Reasonable Efforts to effect a sale of Qualifying Capital Securities if
it determines not to pursue or complete such sale due to pricing, coupon, dividend rate or dilution considerations. 
 “Common
Stock” means the common stock of the Company. 
 “Common Equity Issuance Cap” has the meaning specified in
Section 2.7(a). 
 “Company” has the meaning specified in the Recitals. 
 “Creditor” has the meaning specified in Section 4.1. 
 “Current Stock Market Price” means, with respect to Common Stock on any date, (i) the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices
or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions by the New York Stock Exchange or if Common Stock is not then listed on the New York Stock Exchange,
as reported by the principal U.S. securities exchange on which Common Stock is traded or quoted on the relevant date, (ii) if Common Stock is not listed on any U.S. securities exchange on the relevant date the last quoted bid price for Common
Stock in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization, or (iii) if Common Stock is not so quoted the average of the mid-point of the last bid and ask prices for Common
Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. 
 “Deferral Period” means the period commencing on an Interest Payment Date with respect to which the Company elects to defer interest pursuant to Section 2.5 and ending on the earlier of
(i) the tenth 

  

					
		 	-2-	 	FOURTH SUPPLEMENTAL INDENTURE

 
anniversary of that Interest Payment Date and (ii) the next Interest Payment Date on which the Company has paid the amount deferred, all deferred
amounts with respect to any subsequent period and all other accrued and unpaid interest on the LoTSSM. 
 “Eligible Proceeds” means, for each relevant Interest Payment Date, the net proceeds (after deducting underwriters’ or placement
agents’ fees, commissions or discounts and other expenses relating to the issuance or sale) the Company has received during the 180-day period prior to such Interest Payment Date from the issuance or sale of Qualifying APM Securities (in the
case of Qualifying Preferred Stock, up to the Preferred Stock Issuance Cap) to Persons that are not the Company’s Subsidiaries. 
 “Extension Date” has the meaning specified in Section 2.2(b). 
 “Final Repayment Date” has
the meaning specified in Section 2.2(b). 
 “Fourth Supplemental Indenture” means this instrument as originally
executed or as it may from time to time be supplemented or amended by one or more agreements supplemental hereto entered into pursuant to the applicable provisions hereof. 
 “Guarantee Agreement” means the Guarantee Agreement between the Company, as guarantor, and U.S. Bank National Association, as guarantee
trustee, dated as of November 21, 2007. 
 “Indenture” has the meaning specified in the Recitals. 
 “Intent-Based Replacement Disclosure” has the meaning specified in the Replacement Capital Covenant. 
 “Interest Payment Date” has the meaning specified in Section 2.4. 
 “Interest Period” means the period from, and including, any Interest Payment Date (or, in the case of the first Interest Payment Date,
November 21, 2007) to but excluding the next Interest Payment Date. 
 “Investment Company Event” means the receipt by
the Trust of an opinion of counsel experienced in such matters to the effect that, as a result of any amendment to, or change (including any announced prospective change) in, the laws (or any regulations thereunder) of the United States or any
political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which
pronouncement or decision is announced on or after the date of issuance of the Trust Preferred Securities, there is more than an insubstantial risk that the Trust is or will be considered an “investment company” that is required to be
registered under the Investment Company Act of 1940, as amended. 
 “LoTSSM” has the meaning specified in Section 2.1. 
 “Make-Whole Redemption Price” is equal to (x) 100% of the principal amount
of the LoTSSM being redeemed or (y) if greater, the sum of the present values of the remaining scheduled payments of principal (discounted from
December 15, 2012) and interest that would have been payable to and including December 15, 2012 (discounted from their respective Interest Payment Dates) on the LoTSSM to be redeemed (not including any portion of such payments of interest accrued to the Redemption Date) to the Redemption Date on a quarterly basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 50 basis points, as calculated by the Premium Calculation Agent, in each case plus accrued and unpaid interest to the Redemption Date. 
  

					
		 	-3-	 	FOURTH SUPPLEMENTAL INDENTURE

 “Market Disruption Event” means, with respect to the issuance or sale of Qualifying
Capital Securities pursuant to Section 2.2 or Qualifying APM Securities pursuant to Section 2.7, the occurrence or existence of any of the following events or sets of circumstances: 
 (i) Trading in securities generally (or in the Common Stock or Preferred Stock specifically) on the New York Stock Exchange or any other
national securities exchange or over-the-counter market on which Common Stock or Preferred Stock is then listed or traded shall have been suspended or the settlement of such trading generally shall have been materially disrupted or minimum prices
shall have been established on any such exchange or market by the relevant exchange or by any other regulatory body or governmental body having jurisdiction, and the establishment of such minimum prices materially disrupts or otherwise has a
material adverse effect on trading in, or the issuance and sale of, Qualifying APM Securities or Qualifying Capital Securities, as the case may be; 
 (ii) The Company would be required to obtain the consent or approval of a regulatory body (including, without limitation, any securities exchange) or governmental authority to issue or sell Qualifying Capital
Securities or Qualifying APM Securities, as the case may be, and such consent or approval has not yet been obtained notwithstanding the Company’s commercially reasonable efforts to obtain such consent or approval; 
 (iii) The number of shares of Common Stock necessary to raise sufficient proceeds to pay the deferred interest payments would exceed the
Shares Available for Issuance and consent of the Company’s shareholders to increase the amount of authorized shares has not been obtained despite the Company having used commercially reasonable efforts to obtain such consent; provided
that this Market Disruption Event will not relieve the Company of its obligation to issue the number of Shares Available for Issuance and to apply the proceeds thereof in partial payment of deferred interest; 
 (iv) A banking moratorium shall have been declared by the federal or state authorities of the United States and such moratorium materially
disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, the Qualifying APM Securities or Qualifying Capital Securities, as the case may be; 
 (v) A material disruption shall have occurred in commercial banking or securities settlement or clearance services in the United States
and such disruption materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of, the Qualifying APM Securities or Qualifying Capital Securities, as the case may be; 
 (vi) The United States shall have become engaged in hostilities, there shall have been an escalation in hostilities involving the United
States, there shall have been a declaration of a national emergency or war by the United States or there shall have occurred any other national or international calamity or crisis and such event materially disrupts or otherwise has a material
adverse effect on trading in, or the issuance and sale of, the Qualifying APM Securities or Qualifying Capital Securities, as the case may be; 
 (vii) There shall have occurred such a material adverse change in general domestic or international economic, political or financial conditions, including without limitation as a result of terrorist activities, and
such change materially disrupts or otherwise has a material adverse effect on the issuance and sale of the Qualifying APM Securities or Qualifying Capital Securities, as the case may be; 
  

					
		 	-4-	 	FOURTH SUPPLEMENTAL INDENTURE

 (viii) An event occurs and is continuing as a result of which the offering document for
such offer and sale of Qualifying APM Securities or Qualifying Capital Securities, as the case may be, would, in the reasonable judgment of the Company, contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and either (a) the disclosure of that event at such time, in the reasonable judgment of the Company, is not otherwise required by law and would have a material adverse
effect on the business of the Company or (b) the disclosure relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which would impede the ability of the Company to consummate such transaction,
provided that no single suspension period contemplated by this paragraph (viii) shall exceed 90 consecutive days and multiple suspension periods contemplated by this paragraph (viii) shall not exceed an aggregate of 90 days in any
180-day period; or 
 (ix) The Company reasonably believes that the offering document for such offer and sale of Qualifying
APM Securities or Qualifying Capital Securities, as the case may be, would not be in compliance with a rule or regulation of the Commission (for reasons other than those referred to in paragraph (viii) above) and the Company is unable to comply
with such rule or regulation or such compliance is unduly burdensome, provided that no single suspension period contemplated by this paragraph (ix) shall exceed 90 consecutive days and multiple suspension periods contemplated by this
paragraph (ix) shall not exceed an aggregate of 90 days in any 180-day period. 
 “Parity Securities” means debt securities or guarantees of the Company that rank upon liquidation on a parity with the LoTSSM,
and includes the LoTSSM. 
 “Paying Agent” means, with respect to the LoTSSM, U.S. Bank National Association or any other Person authorized by the Company to pay the principal of or interest on the LoTSSM on behalf of the Company. 
 “Paying Agent Office” means the office of the applicable Paying Agent at which at any particular time its corporate agency business will principally be administered in a Place of Payment, which office
at the date hereof in the case of U.S. Bank National Association, in its capacity as Paying Agent with respect to the LoTSSM under the Indenture, is
located at 300 Delaware Avenue, 9th Floor, Wilmington, DE 19801, Attention: Corporate Trust Services Division. 
 “Permitted Remedies” has the meaning specified in the Replacement Capital Covenant. 
 “Preferred Stock” means the preferred stock of the Company. 
 “Preferred Stock Issuance Cap” has the meaning specified in Section 2.7(a). 
 “Premium calculation agent” means Wachovia Capital Markets, LLC, or if that firm is unwilling or unable to select the comparable
treasury issue, an investment banking institution of national standing appointed by the Property Trustee after consultation with the Company. 
 “Qualifying APM Securities” means Common Stock, Qualifying Preferred Stock and Qualifying Warrants. 
  

					
		 	-5-	 	FOURTH SUPPLEMENTAL INDENTURE

 “Qualifying Capital Securities” has the meaning specified in the Replacement Capital
Covenant. 
 “Qualifying Preferred Stock” has the meaning specified in the Replacement Capital Covenant. 
 “Qualifying Replacement Capital Covenant” has the meaning specified in the Replacement Capital Covenant. 
 “Qualifying Warrants” means net share settled warrants to purchase Common Stock that (a) have an exercise price greater than the
Current Stock Market Price and (b) the Company is not entitled to redeem for cash and the holders of which are not entitled to require it to repurchase for cash in any circumstances. 
 A “Rating Agency Event” means an amendment, clarification or change has occurred
in the equity credit criteria for securities such as the LoTSSM of any nationally recognized statistical rating organization within the meaning of
Section 3(a)(62) of the Exchange Act that then publishes a rating for the Company (in this definition, a “rating agency”), which amendment, clarification or change results in (i) the length of time for which such current
criteria are scheduled to be in effect being shortened with respect to the LoTSSM or (ii) a lower equity credit being given to the Company than the
then respective equity credit assigned by such rating agency on the date hereof. 
 “Repayment Date” means the Scheduled Maturity Date and each Interest Payment Date thereafter until the Company shall have repaid or redeemed all of the LoTSSM. 
 “Replacement Capital Covenant” means the
Replacement Capital Covenant, dated as of November 21, 2007, by the Company, as the same may be amended or supplemented from time to time in accordance with the provisions thereof and Section 2.2(a)(vii). 
 “Responsible Officer” means, with respect to U.S. Bank National Association in its capacity as Paying Agent, any officer within the
Corporate Trust Department (or any successor department, unit or division of U.S. Bank National Association) assigned to the Paying Agent Office of U.S. Bank National Association, in its capacity as Paying Agent, who has direct responsibility for
the administration of the Paying Agent functions of the Indenture. 
 “Scheduled Maturity Date” has the meaning specified in
Section 2.2(a). 
 “Securities Registrar” means, with respect to
the LoTSSM, U.S. Bank National Association, or any other firm appointed by the Company, acting as securities registrar for the LoTSSM. 
 “Securities Registrar Office” means the office of the applicable Securities Registrar at which at any particular time its corporate agency business will principally be administered, which office at
the date hereof in the case of U.S. Bank National Association, in its capacity as Securities Registrar under the Indenture, is located at 300 Delaware Avenue, 9th Floor, Wilmington, DE 19801, Attention: Corporate Trust Services Division. 
 “Shares Available for
Issuance” will be determined, at any time, by (i) deducting from the number of authorized and unissued shares of Common Stock the maximum number of shares of Common Stock that can be issued under existing reservations and commitments
under which the Company is able to determine such maximum number and (ii) allocating remaining authorized and unissued shares of Common Stock on a pro rata basis or such other basis as the Company determines is appropriate to the
alternative payment mechanism described in Section 2.7 and to any other similar commitment that is of an indeterminate nature and under which the Company is then required to issue shares. 
  

					
		 	-6-	 	FOURTH SUPPLEMENTAL INDENTURE

 A “Supervisory
Event” will commence on the date the Company has notified the Federal Reserve of its intention and affirmatively requested Federal Reserve approval both (1) to sell Qualifying APM Securities and (2) to apply the net
proceeds of such sale to pay deferred interest on the LoTSSM, and the Company has been notified that the Federal Reserve disapproves of either of these
actions. A Supervisory Event will cease on the Business Day following the earlier to occur of (i) the 10th anniversary of the commencement of any
Deferral Period or (ii) the day on which the Federal Reserve notifies the Company in writing that it no longer disapproves of the Company’s intention to both (1) issue or sell Qualifying APM Securities and (2) apply the net
proceeds from such sale to pay deferred interest on the LoTSSM. 
 “Tax Event” means that the Company has requested and received an opinion of counsel experienced in such matters to the effect that, as a
result of any: 
 (i) amendment to or change (including any announced prospective change) in the laws or regulations of the
United States or any political subdivision or taxing authority of or in the United States that is enacted or issued or becomes effective after the initial issuance of the Trust Preferred Securities; 
 (ii) proposed change in those laws or regulations that is announced after the initial issuance of the Trust Preferred Securities;

 (iii) official administrative decision or judicial decision or administrative action or other official pronouncement
interpreting or applying those laws or regulations that is announced after the initial issuance of the Trust Preferred Securities; or 
 (iv) threatened challenge asserted in connection with an audit of the Trust, the
Company or its Subsidiaries, or a threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the LoTSSM or the Trust Preferred Securities; 
 there is more than an insubstantial increase
in risk that: 
 (i) the Trust is or will be subject to United States
federal income tax with respect to income received or accrued on the LoTSSM; 
 (ii) interest payable by the Company on the LoTSSM is not, or will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes; or 
 (iii) the Trust is or will be subject to more than a de minimis amount of other taxes, duties or other governmental charges.

 “Trading Day” means a day on which Common Stock is traded on the New York Stock Exchange, or if not then listed on the
New York Stock Exchange, a day on which Common Stock is traded or quoted on the principal U.S. securities exchange on which it is listed or quoted, or if not then listed or quoted on a U.S. securities exchange, a day on which Common Stock is quoted
in the over-the-counter market. 
 “Treasury Rate” means the semi-annual equivalent yield to maturity of the Treasury
Security that corresponds to the Treasury Price (calculated in accordance with standard market practice and computed as of the second trading day preceding the Redemption Date). 
  

					
		 	-7-	 	FOURTH SUPPLEMENTAL INDENTURE

 “Treasury Security” means the
United States Treasury security that the Treasury Dealer determines would be appropriate to use, at the time of determination and in accordance with standard market practice, in pricing the LoTSSM
 being redeemed in a tender offer based on a spread to United States Treasury yields. 
 “Treasury Price” means the bid-side price for the Treasury Security as of the third trading day preceding the Redemption Date, as set forth in the daily statistical release (or any successor release) published in the Wall
Street Journal in the table entitled “Treasury Bonds, Notes, and Bills,” as determined by the treasury dealer, except that: (i) if that release (or any successor release) is not published or does not contain that price information on
that trading day; or (ii) if the Treasury Dealer determines that the price information is not reasonably reflective of the actual bid-side price of the Treasury Security prevailing at 3:30 p.m., New York City time, on that trading day, then
Treasury Price will instead mean the bid-side price for the Treasury Security at or around 3:30 p.m., New York City time, on that trading day (expressed on a next trading day settlement basis) as determined by the Treasury Dealer through such
alternative means as the Treasury Dealer considers to be appropriate under the circumstances. 
 “Treasury Dealer” means
U.S. Bank National Association (or its successor) or, if U.S. Bank National Association (or its successor) refuses to act as treasury dealer for this purpose or ceases to be a primary U.S. Government securities dealer, another nationally recognized
investment banking firm that is a primary U.S. Government securities dealer specified by us for these purposes. 
 “Trust”
has the meaning specified in the Recitals. 
 “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of
November 21, 2007, among the Company, as Sponsor of the Trust, U.S. Bank National Association, as the Property Trustee, U.S. Bank Trust National Association, as the Delaware Trustee, and the Administrative Trustees. 
 “Trust Common Securities” has the meaning specified in the Recitals. 
 “Trustee” has the meaning specified in the Recitals. 
 “Trust Preferred Securities” has the meaning specified in the Recitals. 
 “Trust
Securities” has the meaning specified in the Recitals. 
 “Underwriting Agreement” means the Underwriting
Agreement, dated November 14, 2007, among the Trust, the Company and the underwriters named therein. 
 ARTICLE II 
 GENERAL TERMS AND CONDITIONS
OF THE LOTSSM 
  

	 	Section 2.1.	Designation, Principal Amount and Authorized Denomination 

 There is hereby authorized a series of Securities designated the Extendible Long Term Subordinated
Notes (the “LoTSSM”), the amount of which to be issued will be as set forth in any Company
Order for the authentication and delivery of LoTSSM pursuant to the Indenture. The denominations in which LoTSSM will be issuable are $25 principal amount and integral multiples thereof. The initial aggregate principal amount of LoTSSM that may be authenticated and delivered under the Indenture and this Fourth Supplemental Indenture is $750,010,000 (except for LoTSSM authenticated and delivered upon registration of transfer of, or exchange for, or in lieu of, other LoTSSM pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.6 of the Indenture or Section 3.5 of this Fourth Supplemental Indenture). 
  

					
		 	-8-	 	FOURTH SUPPLEMENTAL INDENTURE

	 	Section 2.2.	Repayment 

 (a) Scheduled
Maturity Date. 
 (i) The principal amount of, and all accrued and
unpaid interest on, the LoTSSM will be payable in full on December 15, 2047 or, if such day is not a Business Day, the following Business Day (the
“Scheduled Maturity Date”); provided, however, that in the event the Company has delivered an Officers’ Certificate to the Trustee pursuant to clause (v) of this Section 2.2(a) in connection with the Scheduled
Maturity Date, (x) the principal amount of LoTSSM payable on the Scheduled Maturity Date, if any, will be the principal amount set forth in the notice
of repayment, if any, accompanying such Officers’ Certificate, (y) such principal amount of LoTSSM will be repaid on the Scheduled Maturity Date
pursuant to Article III, and (z) subject to clause (ii) of this Section 2.2(a), the remaining LoTSSM will remain outstanding and will be
payable on the immediately succeeding Interest Payment Date or such earlier date on which they are redeemed pursuant to Section 2.8 or become due and payable pursuant to Section 5.2 of the Indenture. The entire principal amount of the
LoTSSM outstanding will be due and payable on the Scheduled Maturity Date in the event the Company does not deliver an Officers’ Certificate to the
Trustee on or before the 10th Business Day immediately preceding the Scheduled Maturity Date. 
 (ii) In the event the Company has delivered an Officers’ Certificate to the
Trustee pursuant to clause (v) of this Section 2.2(a) in connection with any Interest Payment Date after the Scheduled Maturity Date, the principal amount of LoTSSM repayable on such Interest Payment Date will be the principal amount set forth in the notice of repayment, if any, accompanying such Officers’ Certificate, and will be repaid on such Interest Payment Date
pursuant to Article III, and the remaining LoTSSM will remain outstanding and will be payable on the immediately succeeding Interest Payment Date or such
earlier date on which they are redeemed pursuant to Section 2.8 or will become due and payable pursuant to Section 5.2 of the Indenture. The entire principal amount of the LoTSSM outstanding will be due and payable on any Interest Payment Date after the Scheduled Maturity Date in the event the Company does not deliver an Officers’ Certificate to the Trustee on or before the 10th Business Day immediately preceding such Interest Payment Date. 
 (iii) The obligation of the Company to repay the LoTSSM pursuant to this Section 2.2(a) on any date before the Final Repayment Date will be subject to (x) its obligations under Article XIII of the Indenture to the holders of
Senior Debt and (y) its obligations under Section 2.5 with respect to the payment of deferred interest on the LoTSSM. 

(iv) Until the LoTSSM are paid in full, the Company shall use Commercially Reasonable Efforts, subject to a Market Disruption Event: 
 (A) to raise sufficient net proceeds from the issuance of Qualifying Capital Securities during a 180-day period ending on the date, not
more than 15 and not less than 10 Business Days before the Scheduled Maturity Date, on which 

  

					
		 	-9-	 	FOURTH SUPPLEMENTAL INDENTURE

 
the Company delivers the notice required by clause (v) of this Section 2.2(a) and Section 3.1, to permit repayment of the LoTSSM in full on the Scheduled Maturity Date pursuant to clause (i) of this Section 2.2(a); and 
 (B) if the Company is unable for any reason to raise sufficient proceeds from the
issuance of Qualifying Capital Securities to permit repayment in full of the LoTSSM on the Scheduled Maturity Date (as required by clause (A) above)
or any subsequent Interest Payment Date, to raise sufficient net proceeds from the issuance of Qualifying Capital Securities during a 90-day period ending on the date, not more than 15 and not less than 10 Business Days before the following Interest
Payment Date, on which the Company delivers the notice required by clause (v) of this Section 2.2(a) and Section 3.1, to permit repayment of the LoTSSM in full on such following Interest Payment Date pursuant to clause (i)(z) of this Section 2.2(a). 
 (v) The Company shall, if it has not raised sufficient net proceeds from the
issuance of Qualifying Capital Securities pursuant to clause (iv) of this Section 2.2(a) in connection with any Repayment Date, deliver an Officers’ Certificate to the Trustee (which the Trustee will promptly forward upon receipt to
the Property Trustee) no more than 15 and no less than 10 Business Days in advance of such Repayment Date stating the amount of net proceeds, if any, raised pursuant to clause (iv) above in connection with such Repayment Date and the
corresponding principal amount of the LoTSSM represented thereby. The Company will be excused from its obligation to use Commercially Reasonable Efforts to
sell Qualifying Capital Securities pursuant to clause (iv) above if such Officers’ Certificate further certifies that: (A) a Market Disruption Event was existing during the 180-day period preceding the date of such Officers’
Certificate or, in the case of any Repayment Date after the Scheduled Maturity Date, the 90-day period preceding the date of such Officers’ Certificate; and (B) either (1) the Market Disruption Event continued for the entire 180-day
period or 90-day period, as the case may be, or (2) the Market Disruption Event continued for only part of the period, but the Company was unable after Commercially Reasonable Efforts to raise sufficient net proceeds during the rest of that
period to permit repayment of the LoTSSM in full pursuant to clause (iv) of this Section 2.2(a). Each Officers’ Certificate delivered
pursuant to this clause (v), unless no principal amount of LoTSSM is to be repaid on the applicable Repayment Date, will be accompanied by a notice of
repayment pursuant to Section 3.1 setting forth the principal amount of the LoTSSM to be repaid on such Repayment Date, if any, which amount will be
determined after giving effect to clause (vi) of this Section 2.2(a). 
 (vi) Payments in respect of the LoTSSM on any Repayment Date will be applied, first, to deferred interest to the extent of Eligible Proceeds raised pursuant to Section 2.7, second, to pay current interest to the
extent not paid from other sources and, third, to repay the principal of the LoTSSM; provided that if the Company is obligated to sell Qualifying
Capital Securities and make payments of principal on any outstanding securities in addition to the LoTSSM in respect thereof, then on any date and for any
period such payments will be made first on any Parity Securities having an earlier scheduled maturity date than the LoTSSM and then on the LoTSSM and those other securities having the same scheduled maturity date as the LoTSSM pro rata in accordance with their respective outstanding principal amounts and no such payments will be made on any other securities having a later scheduled maturity date until the principal of the LoTSSM has been paid in full, except to the extent permitted under Section 2.6 and Section 2.7(c). If the 

  

					
		 	-10-	 	FOURTH SUPPLEMENTAL INDENTURE

 
Company raises less than $5 million of net proceeds from the sale of Qualifying Capital Securities during the relevant 180-day or 90-day period, the Company
will not be required to repay any LoTSSM on the applicable Repayment Date. On the next Interest Payment Date as of which the Company has raised at least $5
million of net proceeds from the sale of Qualifying Capital Securities during the 180-day period preceding the applicable notice date (or, if shorter, the period since it last delivered to the trustee a notice of repayment of any principal amount of
LoTSSM), it will be required to repay a principal amount of the LoTSSM equal to the entire net proceeds from the sale of Qualifying Capital Securities during such 180-day or shorter period together with accrued and unpaid interest thereon, subject in the case of deferred interest to Section 2.5(b).

 (vii) The Company will not amend the
Replacement Capital Covenant to impose additional restrictions on the type or amount of Qualifying Capital Securities that the Company may include for purposes of determining when repayment, redemption or purchase of the LoTSSM or the Trust Preferred Securities is permitted, except with the consent of holders of a majority by liquidation amount of the Trust Preferred Securities or,
if the LoTSSM have been distributed by the Trust to the holders of the Trust Preferred Securities, a majority by principal amount of the LoTSSM. Except as aforesaid, the Company may amend or supplement the Replacement Capital Covenant in accordance with its terms and without the consent of the holders
of the Trust Preferred Securities or the LoTSSM. 
 (b) Final Repayment Date. The principal of, and all accrued and unpaid
interest on, all outstanding LoTSSM will be due and payable on the Final Repayment Date, regardless of the amount of Qualifying Capital Securities or
Qualifying APM Securities the Company may have issued and sold by that time. Initially, the Final Repayment Date will be December 1, 2067. The Company may elect to extend the initial Final Repayment Date up to two times in ten-year increments
on either or both of December 15, 2017 and December 15, 2027 (each such date, an “Extension Date”), and as a result the Final Repayment Date may be extended to December 1, 2077 (if the election is made on only one
Extension Date) or December 1, 2087 (if the election is made on both Extension Dates), if all the following criteria are satisfied: 
 (i) On the applicable Extension Date the LoTSSM are rated at least Baa3 by Moody’s Investors Service, Inc. or BBB- by either of Standard & Poor’s Ratings Services, a division of McGraw Hill, Inc., or Fitch
Ratings or, if any of Moody’s Investors Service, Inc., Standard & Poor’s Ratings Services and Fitch Ratings (or their respective successors) is no longer in existence, the equivalent rating by any other nationally recognized
statistical rating organization within the meaning of Section 3(a)(62) of the Securities Exchange Act of 1934, as amended. 
 (ii) During the three years prior to the applicable Extension Date: 
 (A) no event of
default has occurred or is occurring in respect of any payment obligation on, or financial covenant in, any of the Company’s then outstanding debt for money borrowed having an aggregate principal amount of $100 million or greater; and

 (B) the Company did not have (and does not currently have) any outstanding deferred payments under any of its then
outstanding Preferred Stock or debt for money borrowed. 
  

					
		 	-11-	 	FOURTH SUPPLEMENTAL INDENTURE

 From and after the applicable Extension Date the Final Repayment Date will be the Final Repayment Date as so extended,
provided that if any date that would be the Final Repayment Date as determined pursuant to this Section 2.2(b) is not a Business Day, the Final Repayment Date will be the next following Business Day. 
  

	 	Section 2.3.	Form 

 The LoTSSM will be issued in fully registered definitive form without interest coupons. Principal of and interest on the LoTSSM issued in definitive form will be payable, the transfer of such LoTSSM will be registrable and such LoTSSM will be exchangeable for LoTSSM bearing identical terms and provisions and notices and demands to or upon the Company in respect of the LoTSSM and the
Indenture may be served at the Corporate Trust Office of the Trustee, and the Company appoints the Trustee as its agent for the foregoing purposes, provided that payment of interest may be made at the option of the Company by check mailed to
the Holder at such address as will appear in the Securities Register or by wire transfer in immediately available funds to the bank account number of the Holder specified in writing by the Holder not less than 10 days before the relevant Interest
Payment Date and entered in the Securities Register by the Securities Registrar, provided, further, that if the Property Trustee, on behalf of the Trust, is the sole Holder of the LoTSSM then payment of interest will be made by wire transfer in immediately available funds to a bank account number specified by the Property Trustee. The LoTSSM may be presented for registration of transfer or exchange at the Securities Registrar Office.

  

	 	Section 2.4.	Rate of Interest; Interest Payment Date 

 (a) Rate of Interest. The LoTSSM will bear interest at the rate of 7.85% per annum, from November 21, 2007 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, as the case may be, until the principal thereof is paid or made available for payment. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. Accrued interest that is not paid on the applicable
Interest Payment Date, including interest deferred pursuant to Section 2.5, will bear Additional Interest, to the extent permitted by law, at the rate of 7.85% per annum from the relevant Interest Payment Date, compounded on each
subsequent Interest Payment Date. 
 (b) Interest Payment
Date. Subject to the other provisions hereof, interest on the LoTSSM will be payable quarterly in arrears on
March 15, June 15, September 15 and December 15 of each year, commencing on March 15, 2008 (each such date, an “Interest Payment Date”). 
  

	 	Section 2.5.	Interest Deferral 

 (a) Option to Defer Interest Payments. The following provisions shall apply
to the LoTSSM in lieu of Section 3.11 and the first paragraph of Section 10.7 of the Indenture: 
 (i) The Company will have the right at any time and from time to time, to defer the
payment of interest on the LoTSSM for up to 40 consecutive Interest Periods; provided that no Deferral Period will extend beyond the Final Repayment
Date or the earlier repayment or redemption in full of the LoTSSM. Upon termination of any Deferral Period and upon the payment of all deferred interest
then due on any Interest Payment Date, the Company may elect to begin a new Deferral Period pursuant to this Section 2.5. 
 (ii) At the end of any Deferral Period, the Company will pay all deferred interest
on the LoTSSM to the Persons in whose names the LoTSSM are
registered in the Securities Register at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such Deferral Period. 
  

					
		 	-12-	 	FOURTH SUPPLEMENTAL INDENTURE

 (iii) The Company may elect to pay interest on any Interest Payment Date during any
Deferral Period to the extent permitted by Section 2.5(b). 
 (b)
Payment of Deferred Interest. The Company will not pay deferred interest on the LoTSSM before the Final Repayment Date or at any time an Event of
Default has occurred and is continuing from any source other than Eligible Proceeds. Notwithstanding the foregoing, (i) the Company may pay current interest during a Deferral Period or at any other time from any available funds and (ii) if
a Supervisory Event has occurred and is continuing, then the Company may (but is not obligated to) pay deferred interest with cash from any source. In addition, if the Company sells Qualifying APM Securities pursuant to Section 2.7 but a
Supervisory Event arises from the Federal Reserve disapproving the use of the proceeds to pay deferred interest, the Company may use the proceeds for other purposes and continue to defer interest on the LoTSSM. 
 (c) Business Combination
Exception. If the Company is involved in a Business Combination where immediately after its consummation more than 50% of the voting stock of the Person formed by such Business Combination, or the Person that is the surviving entity of such
Business Combination, or the Person to whom such properties and assets are conveyed, transferred or leased in such Business Combination, is owned by the shareholders of the other party to such Business Combination, then Section 2.5(b) and
Section 2.7 will not apply to any Deferral Period that is terminated on the next Interest Payment Date following the date of consummation of such Business Combination (or if later, at any time within 90 days following the date of consummation
of the Business Combination). The settlement of deferred interest, whether it occurs on an Interest Payment Date or another date will immediately terminate the Deferral Period. The Company will establish a Special Record Date for the payment of any
deferred interest pursuant to this Section 2.5(c) on a date other than an Interest Payment Date. 
 (d) Notice of Deferral. The Company will give written notice of its election
to begin or extend any Deferral Period, (x) if the Property Trustee, on behalf of the Trust, is the sole Holder of the LoTSSM, to the Property Trustee
at least five Business Days before the earlier of (A) the next succeeding date on which the distributions on the Trust Preferred Securities are payable and (B) the date the Property Trustee is required to give notice to holders of the
Trust Preferred Securities of the record or payment date for the related distribution, or (y) if the Property Trustee, on behalf of the Trust, is not the sole Holder of the LoTSSM, to Holders of the LoTSSM and the Trustee at least five Business Days before the next Interest Payment Date. Notice of the
Company’s election of a Deferral Period will be given by the Property Trustee by first-class mail, postage prepaid, mailed not less than three Business Days after the Property Trustee receives written notice from the Company to each holder of
Trust Securities at such holder’s address appearing in the Security Register. 
  

	 	Section 2.6.	Dividend and Other Payment Stoppages during Deferral Period 

 (a) Dividend and Other Payment Stoppages. So long as any LoTSSM remain outstanding, if the Company has given notice of its election to defer interest payments on the LoTSSM
 but the related Deferral Period has not yet commenced or a Deferral Period is continuing, the Company will not, and will not permit any Subsidiary to: 
 (i) declare or pay any dividends or distributions, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares
of capital stock of the Company; 
  

					
		 	-13-	 	FOURTH SUPPLEMENTAL INDENTURE

 (ii) make any payment of principal
of or interest or premium, if any, on or repay, purchase or redeem any Parity Securities or any debt securities of the Company that rank junior in interest upon liquidation to the LoTSSM; or 
 (iii) make any payments under any guarantee by the Company that ranks junior
upon the Company’s liquidation to the Guarantee Agreement; 
 provided, however, the
restrictions in clauses (i), (ii) and (iii) above do not apply to: (1) any purchase, redemption or other acquisition of shares of its capital stock by the Company in connection with (A) any employment contract, benefit plan or
other similar arrangement with or for the benefit of any one or more of its employees, officers, directors, consultants or independent contractors, (B) the satisfaction of the Company’s obligations pursuant to any contract entered into in
the ordinary course before the beginning of the applicable Deferral Period, (C) a dividend reinvestment or shareholder purchase plan, or (D) the issuance of the Company’s capital stock, or securities convertible into or exercisable
for such capital stock, as consideration in an acquisition transaction entered into before the applicable Deferral Period, (2) any exchange, redemption or conversion of any class or series of the Company’s capital stock, or the capital
stock of one of its Subsidiaries, for any other class or series of its capital stock, or of any class or series of its indebtedness for any class or series of its capital stock, (3) any purchase of fractional interests in shares of the
Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the securities being converted or exchanged, (4) any declaration of a dividend in connection with any shareholder rights plan, or the
issuance of rights, stock or other property under any shareholder rights plan, or the redemption or purchase of rights pursuant thereto, (5) payments by the Company under any guarantee agreement executed for the benefit of the holders of the
Trust Preferred Securities, (6) any dividend in the form of stock, warrants, options or other rights where the dividend stock or stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the
dividend is being paid or ranks equally with or junior to such stock, (7) any payment of current or deferred interest on Parity Securities that is made pro rata to the amounts due on such Parity Securities (including the LoTSSM), provided that such payments are made in accordance with Section 2.7(c) to the extent it applies, and any payments of deferred interest on Parity
Securities outstanding on November 14, 2007 that, if not made, would cause the Company to breach the terms of the instrument governing such Parity Securities, or (8) any payment of principal in respect of Parity Securities having an
earlier scheduled maturity date than the LoTSSM or the same
scheduled maturity date as the LoTSSM, as required under a provision of such other Parity Securities that is substantially the same as the provision
described under Section 2.2, and, in the case of Parity Securities having the same scheduled maturity date as the LoTSSM, that is made on a pro
rata basis among such Parity Securities (including the LoTSSM). The distribution restrictions and exceptions in this Section 2.6 will be in lieu
of the distribution restrictions and exceptions in Section 3.11 of the Indenture. 
 (b) Additional Limitation on Deferral Over One Year. If any Deferral Period
lasts longer than one year, neither the Company nor any of its Subsidiaries will repurchase or acquire any securities ranking pari passu with or junior to any Qualifying APM Securities the proceeds of which were used to settle deferred
interest during the relevant Deferral Period before the first anniversary of the date on which all deferred interest on the LoTSSM has been paid, subject
to the exceptions listed in the proviso of Section 2.6(a). However, if the Company is involved in a Business Combination where immediately after its consummation more than 50% of the voting stock of the Person formed by such Business
Combination, or the Person that is the surviving entity of such Business Combination, or the Person to whom such properties and assets are conveyed, transferred or leased in such Business Combination, is owned by the shareholders of the other party

  

					
		 	-14-	 	FOURTH SUPPLEMENTAL INDENTURE

 
to such Business Combination, then the limitation set forth in this Section 2.6(b) will not apply to any Deferral Period that is terminated on the next
Interest Payment Date following the date of consummation of such Business Combination. 
  

	 	Section 2.7.	Alternative Payment Mechanism 

 (a) Obligation to Issue Qualifying APM Securities. During the APM Period,
the Company shall, subject to the occurrence and continuation of a Supervisory Event or a Market Disruption Event as described under Section 2.7(b) and subject to Section 2.5(c), issue one or more types of Qualifying APM Securities until
the Company has raised an amount of Eligible Proceeds at least equal to the aggregate amount of accrued and unpaid deferred interest on the LoTSSM and
applied such Eligible Proceeds on the next Interest Payment Date to the payment of deferred interest in accordance with Section 2.6, provided that: 
 (i) the foregoing obligations will not apply during the first five years of any
Deferral Period, to the extent that the net proceeds of any issuance of Common Stock (or Qualifying Warrants if the definition of Qualifying APM Securities has been modified to exclude Common Stock), together with the net proceeds of all prior
issuances of Common Stock and Qualifying Warrants applied during such Deferral Period to pay interest on the LoTSSM pursuant to this Section 2.7,
would exceed an amount equal to 2% of the product of the average of the Current Stock Market Prices of the Common Stock on the 10 consecutive Trading Days ending on the second Trading Day immediately preceding the date of issuance multiplied by the
total number of issued and outstanding shares of Common Stock as of the date of the Company’s then most recent publicly available consolidated financial statements (the “Common Equity Issuance Cap”); and provided,
further, that if the Common Equity Issuance Cap is reached during a Deferral Period and the Company subsequently repays all deferred interest, the Common Equity Issuance Cap will cease to apply at the termination of such Deferral Period and
will not apply again unless and until the Company starts a new Deferral Period; and 
 (ii) the foregoing obligations will not apply to the extent that the net proceeds of any issuance of Qualifying Preferred Stock applied to pay interest on the LoTSSM
 pursuant to this Section 2.7, together with the net proceeds of all prior issuances of Preferred Stock so applied during the current and all prior Deferral Periods, would exceed 25% of the aggregate
principal amount of the LoTSSM issued under the Indenture (the “Preferred Stock Issuance Cap”). 
 For the avoidance of doubt, (x) once the Company reaches the Common Equity Issuance Cap for a
Deferral Period, the Company will not be required to issue more Common Stock (or Qualifying Warrants if the definition of Qualifying APM Securities has been modified to exclude Common Stock) during the first five years of such Deferral Period
pursuant to this Section 2.7, even if the amount referred to in clause (i) of this Section 2.7 subsequently increases because of a subsequent increase in the Current Stock Market Price of Common Stock or the number of outstanding
shares of Common Stock, and (y) so long as the definition of Qualifying APM Securities has not been amended to eliminate Common Stock, the sale of Qualifying Warrants to pay deferred interest is an option that may be exercised at the
Company’s sole discretion and the Company is not obligated to sell Qualifying Warrants or to apply the proceeds of any such sale to pay deferred interest on the LoTSSM, and no class of investors of the Company’s securities, or any other party, may require the Company to issue Qualifying Warrants. The Company will be required to use commercially reasonable efforts, subject to
the Common Equity Issuance Cap, to set the terms of the Qualifying Warrants so as to raise sufficient proceeds from their issuance to pay all deferred interest on the LoTSSM in accordance with Section 2.7. 
  

					
		 	-15-	 	FOURTH SUPPLEMENTAL INDENTURE

 (b) Market Disruption Event and
Supervisory Event. Section 2.7(a) will not apply with respect to any Interest Payment Date if the Company shall have provided to the Trustee (and to the Property Trustee to the extent the Trust is the sole Holder of the LoTSSM) no more than 15 and no less than 10 Business Days before such Interest Payment Date an Officers’ Certificate stating that (i) a Market Disruption
Event was existing after the immediately preceding Interest Payment Date and (ii) either (x) the Market Disruption Event continued for the entire period from the Business Day immediately following the preceding Interest Payment Date to the
Business Day immediately preceding the date on which such Officers’ Certificate is provided or (y) the Market Disruption Event continued for only part of such period but the Company was unable to raise sufficient Eligible Proceeds during
the rest of that period to pay all accrued and unpaid interest due on the Interest Payment Date with respect to which such Officers’ Certificate is being delivered. Section 2.7(a) will not apply with respect to any Interest Payment Date if
the Company shall have provided to the Trustee (and to the Property Trustee to the extent the Trust is the sole Holder of the LoTSSM) on or before such
Interest Payment Date an Officers’ Certificate stating that (i) a Supervisory Event was existing after the immediately preceding Interest Payment Date and (ii) either (x) the Supervisory Event prevented the sale of Qualifying APM
Securities for the entire period from the Business Day immediately following the preceding Interest Payment Date to the Business Day immediately preceding the date on which such Officers’ Certificate is provided or (y) the Supervisory
Event prevented the sale of Qualifying APM Securities for only part of such period but the Company was unable to raise sufficient Eligible Proceeds during the rest of that period to pay all accrued and unpaid interest due on the Interest Payment
Date with respect to which such Officers’ Certificate is being delivered or (z) the Supervisory Event prevents the Company from applying the net proceeds of sales of Qualifying APM Securities to pay deferred interest on such Interest
Payment Date. 
 (c) Partial Payment of Deferral Interest. 
 (i) If the Company has raised some but not all Eligible Proceeds necessary to pay all deferred interest on any Interest Payment Date
pursuant to this Section 2.7, such Eligible Proceeds will be allocated to pay accrued and unpaid interest on the applicable Interest Payment Date in chronological order based on the date each payment was first deferred, subject to the Common
Equity Issuance Cap and the Preferred Stock Issuance Cap, and payment on each installment of deferred interest will be distributed to Holders on a pro rata basis. 
 (ii) If the Company has outstanding Parity Securities under which it is obligated
to sell securities that are Qualifying APM Securities and apply the net proceeds to the payment of deferred interest or distributions, then on any date and for any period the amount of net proceeds received by the Company from those sales and
available for payment of the deferred interest and distributions will be applied to the LoTSSM and those other Parity Securities on a pro rata basis
up to the Common Equity Issuance Cap or the Preferred Stock Issuance Cap (or comparable provisions in the instruments governing those other Parity Securities) in proportion to the total amounts of accrued and unpaid interest that are due on the
LoTSSM and such other Parity Securities at such time, or on such other basis as the Federal Reserve may approve. 
  

					
		 	-16-	 	FOURTH SUPPLEMENTAL INDENTURE

 (d) Qualifying APM Securities Definition Change. The Company shall send written
notice to the Trustee (which notice the Trustee will promptly forward upon receipt to the Administrative Trustees, who shall forward such notice to each holder of record of Trust Preferred Securities) in advance of any change in the definition of
Qualifying APM Securities to eliminate Common Stock or Qualifying Warrants. 
  

	 	 Section 2.8.
	 Redemption of the LoTSSM 

 (a) Redemption. Section 11.7 of the Indenture shall not apply to the LoTSSM. The LoTSSM shall be redeemable, in whole or in part, at the Company’s option at any time on or after December 15, 2012, including on or after the Scheduled
Maturity Date, or in whole but not in part after the occurrence of a Tax Event, Capital Treatment Event, Investment Company Event or Rating Agency Event. The redemption price of the LoTSSM will be equal to (i) 100% of the principal amount of the LoTSSM being redeemed plus accrued and unpaid interest to
the Redemption Date or (ii) in the case of a redemption after the occurrence of a Rating Agency Event, the Make-Whole Redemption Price. The Company will notify the Trust of the Make-Whole Redemption Price (if applicable) promptly after the
calculation thereof and the Trust will have no responsibility for calculating the Make-Whole Redemption Price. The Company may not redeem the LoTSSM in
part if the principal amount of the LoTSSM has been accelerated and such acceleration has not been rescinded unless all accrued and unpaid interest
including deferred interest has been paid in full on all outstanding LoTSSM for all Interest Periods terminating on or before the Redemption Date. 

 (b) Sinking Fund.
The LoTSSM are not entitled to any sinking fund payments or similar provisions. 
  

	 	Section 2.9.	Events of Default 

 (a) The default in the payment of interest, including Additional Interest, in full
on the LoTSSM for a period of 30 days after the conclusion of a 10-year Deferral Period following the commencement of any Deferral Period shall be an Event
of Default with respect to the LoTSSM. 
 (b) Sections 5.1(1) through 5.1(3) of the Indenture will not apply to the LoTSSM, and the occurrence of an event described therein will not be an Event of Default with respect to the LoTSSM
. 
 (c) So
long as any LoTSSM are held by or on behalf of the Trust, the Trustee will provide to the holders of the Trust Preferred Securities such notices as it will
from time to time provide under Section 6.2 of the Indenture. In addition, the Trustee will provide to the holders of the Trust Preferred Securities notice of any Event of Default or event that, with the giving of notice or lapse of time, or
both, would become an Event of Default with respect to the LoTSSM within 30 days after the actual knowledge of a Responsible Officer of the Trustee of such
Event of Default or other event. 
 (d) For the avoidance
of doubt, and without prejudice to any other remedies that may be available to the Trustee, the Holders of the LoTSSM or the holders of the Trust Preferred
Securities under the Indenture, no breach by the Company of any covenant or obligation under the Indenture or the terms of the LoTSSM will be an Event of
Default with respect to the LoTSSM other than those specified as Events of Default in Sections 5.1(4) through (7) of the Indenture and
Section 2.9(a). 
  

					
		 	-17-	 	FOURTH SUPPLEMENTAL INDENTURE

	 	Section 2.10.	Securities Registrar; Paying Agent; Delegation of Trustee Duties 

 (a) The Company appoints U.S. Bank National Association as Securities Registrar and
Paying Agent with respect to the LoTSSM. 
 (b) Notwithstanding any provision contained herein, to the extent permitted by applicable law, the Trustee may delegate its duty to provide such notices and to perform such other duties as may be required to be
provided or performed by the Trustee under the Indenture, and, to the extent such obligation has been so delegated, the Trustee will not be responsible for monitoring the compliance of, nor be liable for the default or misconduct of, any such
designee. 
  

	 	Section 2.11.	Obligation to Seek Shareholder Approval to Increase Authorized Shares 

 (a) Obligation to Seek Shareholder Approval. The Company will use
commercially reasonable efforts to seek shareholder approval to amend its articles of incorporation to increase the number of its authorized shares if, at any date, the Shares Available for Issuance fall below the greater of (i) 110 million
shares, or if Wachovia has amended the definition of “qualifying APM securities” to eliminate common stock, 220 million shares (as adjusted for any stock split, reverse stock split, stock dividend, reclassification, recapitalization,
split-up, combination, exchange of shares or similar transaction) and (ii) three times the number of shares that the Company would need to issue to raise sufficient proceeds to pay (assuming a price per share equal to the average trading price
of the shares over the 10 Trading Day period preceding such date) (x) any then outstanding deferred interest on the LoTSSM plus (y) twelve
additional months of deferred interest on the LoTSSM. If the Trust issues additional Trust Preferred Securities after the Time of Delivery (as defined in
the Trust Agreement) pursuant to Section 5.3 of the Trust Agreement, the number of shares referred to under clause (i) above will be increased proportionately to the number of such additional Trust Preferred Securities.

 (b) Amendment to Shares Available for Issuance
Provisions. (i) The Company may modify the definition of Shares Available for Issuance and the related provisions hereof without the consent of holders of the Trust Preferred Securities or LoTSSM; provided that (i) the Company has determined, in its reasonable discretion, that such modification is not materially adverse to such holders, (ii) the rating
agencies then rating the Trust Preferred Securities confirm the then current ratings of the Trust Preferred Securities, and (iii) the number of Shares Available for Issuance after giving effect to such modification will not fall below the then
applicable threshold set forth in Section 2.11(a) above. 
  

	 	Section 2.12.	Limitation on Claims for Deferred Interest in the Event of Bankruptcy, Insolvency or Receivership 

 Each Holder, by such Holder’s acceptance of the LoTSSM, agrees that if a Bankruptcy Event of the Company will occur before the redemption or repayment of such LoTSSM, such Holder will have no claim for, and thus no right to receive, any deferred interest pursuant to Section 2.5 that has not been paid pursuant to Sections 2.5 and 2.7 to the extent the amount of such interest
exceeds the sum of (x) two years of accumulated and unpaid interest on such Holder’s LoTSSM and (y) an amount equal to such Holder’s
pro rata share of the excess, if any, of the Preferred Stock Issuance Cap over the aggregate amount of net proceeds from the sale of Qualifying Preferred Stock that the Company has applied to pay such deferred interest pursuant to the
Alternative Payment Mechanism. Each Holder of LoTSSM is deemed to agree, however, that, to the extent the claim for such deferred interest exceeds the
amount set forth in clause (x), the amount it receives in respect of such excess shall not exceed the amount it would have received had the claim for such excess ranked pari passu with the interests of the Holders, if any, of Qualifying
Preferred Stock. 
  

					
		 	-18-	 	FOURTH SUPPLEMENTAL INDENTURE

	 	Section 2.13.	Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct Action by Holders of Trust Preferred Securities. 

 Section 5.8 of the Indenture will not apply to the LoTSSM. 
 Notwithstanding any other provision in the Indenture, each Holder of the LoTSSM shall have the right, which is absolute and unconditional, to
receive payment of the principal of (and premium, if any) and (subject to Section 3.7 of the Indenture) interest (including any Additional Interest) on the LoTSSM on the Final Repayment Date (or, in the case of redemption or repayment, on the Redemption Date or the Repayment Date, as the case may be) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder. So long as any LoTSSM are held by or on behalf of the Trust, any holder of the Trust Preferred
Securities issued by the Trust shall have the right, upon (i) the breach by the Company of its obligations under Section 2.2(a)(iv) to issue Qualifying Capital Securities or Section 2.7(a) to issue Qualifying APM Securities or
(ii) the occurrence of an Event of Default described in Section 2.9(a), to institute a suit directly against the Company (a) in the case of (i) above, to enforce such obligations or for such other remedies as may be available and
(b) in the case of (ii) above, for enforcement of payment to such Holder of principal of (premium, if any) and (subject to Section 3.7 of the Indenture) interest (including any Additional Interest) on the LoTSSM having a principal amount equal to the aggregate Liquidation Amount (as defined in the Trust Agreement) of such Trust Preferred Securities. 

 ARTICLE III 
 REPAYMENT OF LOTSSM 
  

	 	Section 3.1.	Repayments 

 The Company will, not less than 15 nor more than 10 Business Days before each Repayment Date (unless a shorter notice will be satisfactory to the Trustee), notify the Trustee of the principal amount of LoTSSM to be repaid on such date pursuant to Section 2.2(a). 
  

	 	 Section 3.2.
	 Selection of the LoTSSM
to be Repaid 

 If less than all the LoTSSM are to be repaid on any Repayment Date (unless the LoTSSM are issued in the form of a Global Security or held by the Property Trustee), the particular LoTSSM to be repaid will be
selected not more than 60 days before such Repayment Date by the Trustee, from the Outstanding LoTSSM not previously repaid or called for redemption, by
lot or such other method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any LoTSSM; provided that the portion of the principal amount of any LoTSSM not repaid will be in an authorized denomination
(which will not be less than the minimum authorized denomination). 
 The Trustee shall promptly notify the Company in writing of the LoTSSM selected for partial repayment and the principal
amount thereof to be repaid. For all purposes hereof, unless the context otherwise requires, all provisions relating to the repayment of LoTSSM will
relate, in the case of any LoTSSM repaid or to be repaid only in part, to the portion of the principal amount of such LoTSSM that has been or is to be repaid. LoTSSM registered in the name of the Company, any
Affiliate or any Subsidiary thereof will not be included in the LoTSSM selected for repayment except to the extent no other LoTSSM remain or would remain outstanding. 
  

					
		 	-19-	 	FOURTH SUPPLEMENTAL INDENTURE

	 	Section 3.3.	Notice of Repayment 

 Notice of repayment will be given by first-class mail, postage prepaid, mailed not earlier than the 15th, and not later
than the 10th, Business Day before the Repayment Date, to each Holder of LoTSSM to be repaid, at the address of such Holder as it appears in the Security Register. 
 Each notice of repayment will identify the LoTSSM
 to be repaid (including CUSIP number, if a CUSIP number has been assigned to the LoTSSM) and will state:

 (a) the Repayment Date; 
 (b) if less than all Outstanding LoTSSM are to be repaid, the identification (and, in the case of partial repayment, the respective principal amounts) of the particular LoTSSM to be repaid; 
 (c) that on the Repayment Date, the principal amount of the LoTSSM to be repaid will become due and payable upon each such
LoTSSM or portion thereof, and that interest thereon, if any, will cease to accrue on and after said date; and 
 (d) the place or places where such LoTSSM are to be surrendered for payment of the principal amount thereof. 
 Notice of repayment will be given by the Company or, at the Company’s request, by the Trustee
in the name and at the expense of the Company and will be irrevocable. The notice if mailed in the manner herein provided will be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, a failure
to give such notice by mail or any defect in the notice to the Holder of any LoTSSM designated for repayment as a whole or in part will not affect the
validity of the proceedings for the repayment of any other LoTSSM. 
  

	 	Section 3.4.	Deposit of Repayment Amount 

 Before 10:00 a.m., New York City time, on the Repayment Date specified in the notice of repayment given as provided in Section 3.3, the Company will deposit with the Trustee or with one or more Paying Agents (or
if the Company is acting as its own Paying Agent, the Company will segregate and hold in trust as provided in Section 10.3 of the Indenture) an amount of money sufficient to pay the principal amount of, and any accrued interest on, all the
LoTSSM that are to be repaid on that date. 
  

	 	 Section 3.5.
	 Repayment of LoTSSM
 

 If any
notice of repayment has been given as provided in Section 3.3, the LoTSSM or portion of the LoTSSM
 with respect to which such notice has been given will become due and payable on the date and at the place or places stated in such notice. On presentation and surrender of such LoTSSM at a Place of Payment in said notice specified, the said securities or the specified portions thereof will be paid by the Company at their principal amount,
together with accrued interest to the Repayment Date; provided that, except in the case of a repayment in full of all Outstanding LoTSSM,
installments of interest whose Stated Maturity is on or before the Repayment Date will be payable to the Holders of such LoTSSM, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of Section 3.7 of the Indenture. 
 Upon presentation of any LoTSSM repaid in part only, the Company will execute and the Trustee will authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new LoTSSM, of authorized denominations, in aggregate principal amount equal to the portion of the LoTSSM not repaid and so presented and having the same Scheduled Maturity Date and other terms. If a Global Security is so surrendered, such new LoTSSM
will also be a new Global Security. 
  

					
		 	-20-	 	FOURTH SUPPLEMENTAL INDENTURE

 If any LoTSSM required to be repaid will not be so repaid upon surrender thereof, the principal of such LoTSSM will, until paid, bear interest from the applicable Repayment Date at the rate prescribed therefore in the LoTSSM.

 ARTICLE IV 
 EXPENSES 
  

	 	Section 4.1.	Expenses 

 In connection with the offering, sale and issuance of the LoTSSM to the Property Trustee on behalf of the Trust and in
connection with the sale of the Trust Securities by the Trust, the Company, in its capacity as borrower with respect to the LoTSSM, will: 

 (a) pay, and reimburse the Trust in full for, all costs and expenses
relating to the offering, sale and issuance of the LoTSSM, including commissions to the underwriters payable pursuant to the Underwriting Agreement and
compensation and indemnification of the Trustee under this Fourth Supplemental Indenture in accordance with the provisions of this Fourth Supplemental Indenture; 
 (b) be responsible for and will pay, and reimburse the Trust in full for, all debts
and obligations (except for any amounts owed to holders of the LoTSSM in their respective capacities as holders) and all costs and expenses of the Trust
(including, but not limited to, costs and expenses relating to the organization, maintenance and dissolution of the Trust), the offering, sale and issuance of the Trust Securities (including commissions to the underwriters in connection therewith),
the indemnities, fees and expenses (including reasonable counsel fees and expenses) of the Property Trustee, the Delaware Trustee, the Administrative Trustees, the Securities Registrar and the Paying Agent, the costs and expenses relating to the
operation of the Trust, including, without limitation, costs and expenses of accountants, attorneys, statistical or bookkeeping services, expenses for printing and engraving and computing or accounting equipment, paying agent(s), registrar(s),
transfer agent(s), duplicating, travel and telephone and other telecommunications expenses and costs and expenses incurred in connection with the acquisition, financing, and disposition of Trust assets and the enforcement by the Property Trustee of
the rights of the Holders of the LoTSSM; and 
 (c) pay, and reimburse the Trust in full for, any and all taxes (other than United States withholding taxes attributable to the Trust or its assets) and all liabilities, costs and other expenses with respect to such
taxes of the Trust. 
 Such payment obligation includes any such costs, expenses or liabilities of the Trust that are required by applicable
law to be satisfied in connection with a dissolution of the Trust. 
 Notwithstanding
any provision contained herein, Section 10.6 of the Indenture will not apply for the purposes of the LoTSSM. 
 The Company’s obligations under this Section 4.1 will be for the benefit of, and will be enforceable by, any Person to whom such debts,
obligations and costs are owed (a “Creditor”) whether or not such Creditor has received notice hereof. Any such Creditor may enforce the Company’s obligations under this 

  

					
		 	-21-	 	FOURTH SUPPLEMENTAL INDENTURE

 
Section 4.1 directly against the Company and the Company irrevocably waives any right or remedy to require that any such Creditor take any action
against the Trust or any other Person before proceeding against the Company. The Company agrees to execute such additional agreements as may be necessary or desirable in order to give full effect to the provisions of this Section 4.1.

 ARTICLE V 
 FORM OF LOTSSM 
  

	 	 Section 5.1.
	 Form of LoTSSM 

 The LoTSSM are to be substantially in the following form and will bear any legend required by Section 2.4 of the Indenture and include the
Trustee’s certificate of authentication in the form required by Section 2.5 of the Indenture: 
  

			
	No.	  	Principal Amount: $            
	Issue Date:	  	

 WACHOVIA CORPORATION 
 7.85% EXTENDIBLE LONG TERM SUBORDINATED NOTES 
 WACHOVIA CORPORATION, a corporation organized and existing under the laws of North Carolina (hereinafter called the “Company”,
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     ($                    ) and
all accrued and unpaid interest thereof on December 1, 2067, or if such day is not a Business Day, the following Business Day (the “Final Repayment Date”). The Company may elect to extend the Final Repayment Date one or two
times in ten-year increments on either or both of December 15, 2017 and December 15, 2027 (each such date, an “Extension Date”), if certain conditions are met as set forth in Section 2.2(b) of the Fourth Supplemental
Indenture hereinafter referred to, and as a result the Final Repayment Date of the Security may be extended to December 1, 2077 (if the election is made on only one Extension Date) or December 1, 2087 (if the election is made on both
Extension Dates). 
 The Company further promises to pay interest on said principal sum from and including November 21, 2007, or from
and including the most recent Interest Payment Date on which interest has been paid or duly provided for, quarterly (subject to deferral as set forth herein) in arrears on March 15, June 15, September 15 and December 15
of each year (each such date, an “Interest Payment Date”), commencing March 15, 2008, at the rate of 7.85% per annum (computed on the basis of a 360-day year comprised of twelve 30-day months), plus Additional
Interest, if any, until the principal hereof is paid or duly provided for or made available for payment. Accrued interest that is not paid on the applicable Interest Payment Date, including interest deferred pursuant to Section 2.5 of the
Fourth Supplemental Indenture, will bear Additional Interest, to the extent permitted by law, at the rate of 7.85% per annum, from the relevant Interest Payment Date, compounded on each subsequent Interest Payment Date. In the event that
any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (without any interest or other payment in respect of any
such delay) with the same force and effect as if made on the date the payment was originally payable. A “Business Day” will mean any day other than a Saturday, Sunday, or any other day on which banking institutions and trust
companies in New York, New York, Wilmington, 

  

					
		 	-22-	 	FOURTH SUPPLEMENTAL INDENTURE

 
Delaware or Charlotte, North Carolina, are permitted or required by any applicable law to close. The interest installment so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest installment, which will be the date that is the last day of the month immediately preceding the month in which such Interest Payment Date falls (whether or not a Business Day). Any such interest installment not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof will be given to Holders of Securities of this series not less than 10 days before such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
 So long as no Event of Default has occurred and is continuing, the Company has the right at any time or from time to time during the term of this
Security to defer payment of interest on this Security for up to 40 consecutive interest payment periods; provided, however, that no Deferral Period will extend beyond the Final Repayment Date or the earlier repayment or redemption in full of
the Securities. Upon the termination of any Deferral Period and upon the payment of all deferred interest then due, the Company may elect to begin a new Deferral Period, subject to the above requirements. Except as provided in Section 2.7 of
the Fourth Supplemental Indenture, no interest will be due and payable during an Deferral Period except at the end thereof. 
 So long as any
Securities remain outstanding, if the Company has given notice of its election to defer interest payments on the Securities but the related Deferral Period has not yet commenced or a Deferral Period is continuing, the Company will not, and will not
permit any Subsidiary of the Company to, (i) declare or pay any dividends or distributions, or redeem, purchase, acquire or make a liquidation payment with respect to any shares of the Company’s capital stock, (ii) make any payment of
principal of or interest or premium, if any, on or repay, purchase or redeem any debt securities or guarantees of the Company that rank upon the Company’s liquidation on a parity with this Security (including this Security, the “Parity
Securities“), or any debt securities ranking junior in interest to this Security (except for partial payments of interest with respect to the Security) or (iii) make any payments under any guarantee by the Company that ranks junior to
the Guarantee Agreement (other than (a) any purchase, redemption or other acquisition of shares of the Company’s capital stock in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the
benefit of any one or more of its employees, officers, directors, consultants or independent contractors, (2) the satisfaction of the Company’s obligations pursuant to any contract entered into in the ordinary course before the beginning
of the Deferral Period, (3) a dividend reinvestment or stockholder purchase plan, or (4) the issuance of the Company’s capital stock, or securities convertible into or exercisable for such capital stock, as consideration in an
acquisition transaction entered into before the applicable Deferral Period; (b) any exchange, redemption or conversion of any class or series of the Company’s capital stock, or the capital stock of one of its subsidiaries, for any other
class or series of the Company’s capital stock, or any class or series of the Company’s indebtedness for any class or series of its capital stock; (c) any purchase of fractional interests in shares of the Company’s capital stock
pursuant to the conversion or exchange provisions of such capital stock or the securities being converted or exchanged; (d) any declaration of a dividend in connection with any rights plan, or the issuance of rights, stock or other property
under any rights plan, or the redemption or purchase of rights pursuant thereto; (e) payments under any Wachovia Guarantee executed for the benefit of the holders of the Trust Preferred Securities; (f) any dividend in the form of stock,
warrants, options or other rights where the dividend stock or stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock);
(g) any payment of 

  

					
		 	-23-	 	FOURTH SUPPLEMENTAL INDENTURE

 
current or deferred interest on Parity Securities that is made pro rata to the amounts due on such Parity Securities (including this Security),
provided that such payments are made in accordance with Section 2.7(c) of the Fourth Supplemental Indenture to the extent it applies, and any payments of deferred interest on Parity Securities outstanding on November 14, 2007, if
not made, would cause the Company to breach the terms of the instrument governing such Parity Securities, or (h) any payment of principal in respect of Parity Securities having an earlier scheduled maturity date than this Security or the same
scheduled maturity date as this Security, as required under a provision of such Parity Securities that is substantially the same as the provision described in Section 2.2 of the Fourth Supplemental Indenture, and, in the case of Parity
Securities having the same scheduled maturity date as this Security that is made on a pro rata basis among one or more series of Parity Securities having such a provision). The distribution restrictions and exceptions in Section 2.6 of
the Fourth Supplemental Indenture will be in lieu of the distribution restrictions and exceptions in Section 3.11 of the Indenture. If any Deferral Period lasts longer than one year, neither the Company nor any of its Subsidiaries will
repurchase or acquire any securities ranking pari passu with or junior to any Qualifying APM Securities the proceeds of which were used to settle deferred interest during the relevant Deferral Period before the first anniversary of the date
on which all deferred interest on the LoTSSM has been paid, subject to the exceptions listed in the proviso of Section 2.6(a) of the Fourth
Supplemental Indenture. However, if the Company is involved in a Business Combination where immediately after its consummation more than 50% of the voting stock of the Person formed by such Business Combination, or the Person that is the surviving
entity of such Business Combination, or the Person to whom such properties and assets are conveyed, transferred or leased in such Business Combination, is owned by the shareholders of the other party to such Business Combination, then the limitation
set forth in the Section 2.6(b) of the Fourth Supplemental Indenture will not apply to any Deferral Period that is terminated on the next Interest Payment Date following the date of consummation of such Business Combination. 

The Company will give written notice of its election to begin or extend any Deferral Period, (x) if the Property Trustee, on behalf of the Trust,
is the sole holder of the Securities, to the Property Trustee at least five Business Days before the earlier of (A) the next succeeding date on which the distributions on the Trust Preferred Securities are payable and (B) the date the
Property Trustee is required to give notice to holders of the Trust Preferred Securities of the record or payment date for the related distribution, or (y) if the Property Trustee, on behalf of the Trust, is not the sole Holder of the
Securities, to Holders of the Securities and the Trustee at least five Business Days before the next Interest Payment Date. Notice of such election will be given by the Property Trustee by first-class mail, postage prepaid, mailed not less than
three Business Days after the Property Trustee receives written notice from the Company to each holder of Trust Securities at such holder’s address appearing in the Security Register. 
 Payment of the principal of and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the United
States, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made
(i) by check mailed to the address of the Person entitled thereto as such address will appear in the Securities Register or (ii) by wire transfer in immediately available funds at the bank account number as may be designated by the Person
entitled thereto as specified in the Securities Register in writing not less than ten days before the relevant Interest Payment Date. 
 The
indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinate and junior in right of payment to the prior payment in full of all Senior Debt, and this Security is issued subject to the provisions of the Indenture
with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and will be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to
effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. Each Holder 

  

					
		 	-24-	 	FOURTH SUPPLEMENTAL INDENTURE

 
hereof, by his acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of
Senior Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions will for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
will not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

			
	WACHOVIA CORPORATION
		
	By:	 	  

		 	PRESIDENT OR VICE PRESIDENT

  

			
	 Attest:
	 	
	
	 SECRETARY OR ASSISTANT SECRETARY

 (FORM OF REVERSE OF LoTSSM) 
 This Security is one of a duly
authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under the Indenture, dated as of February 1, 2006 (herein called the “Base
Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”), as amended and supplemented by the Fourth Supplemental Indenture, dated as of November 21, 2007, between the Company and
the Trustee (the “Fourth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), to which Indenture and all other indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. By the terms of
the Indenture, the Securities are issuable in series that may vary as to amount, date of maturity, rate of interest, rank and in any other respect provided in the Indenture. 
 All terms used in this Security that are defined in the Indenture or in the Amended and Restated Trust Agreement, dated as of November 21, 2007, as
amended (the “Trust Agreement”), for Wachovia Capital Trust X among Wachovia Corporation, as Sponsor, U.S. Bank National Association, as the Property Trustee, U.S. Bank Trust National Association, as the Delaware Trustee, and the
Administrative Trustees, will have the meanings assigned to them in the Indenture or the Trust Agreement, as the case may be. 
 This
Security will be redeemable at the option of the Company in accordance with the terms of the Indenture. In particular, this Security is redeemable at a Redemption Price equal to 100% of its principal amount plus accrued and unpaid interest to the
Redemption Date (i) in whole or in part at the option of the Company at any time on or after December 15, 2012 and (ii) in whole but not in part at any time after the occurrence of and during the continuation of a Tax Event, a Rating
Agency Event, an Investment Company Event or a Capital Treatment Event. Securities of this series shall be subject to partial redemption only in the amount of $25 or integral multiples thereof. 
  

					
		 	-25-	 	FOURTH SUPPLEMENTAL INDENTURE

 No sinking fund is provided for the Securities. 
 The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of this Security upon compliance by the Company with certain
conditions set forth in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at
any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities, with the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities to be affected by such supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Securities at the time Outstanding, on behalf
of the Holders of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security will be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As provided in and subject to the provisions of the Indenture, if an Event of Default (other than an Event of
Default specified in Section 5.1(4) or 5.1(6) of the Base Indenture) with respect to the Securities at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities may declare the entire principal amount and all accrued but unpaid interest of all the Securities to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders);
provided that, in the case of the Securities issued to and held by Wachovia Capital Trust X, or any trustee thereof or agent therefor, if upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities fails to declare the entire principal and all accrued but unpaid interest of all the Securities to be immediately due and payable, the holders of at least 25% in aggregate Liquidation Amount of the Trust Preferred Securities
then outstanding shall have such right by a notice in writing to the Company and the Trustee; and upon any such declaration the principal amount of and the accrued but unpaid interest (including any Additional Interest); and on all the Securities
will become immediately due and payable; provided that the payment of principal and interest (including any Additional Interest) on such Securities will remain subordinated to the extent provided in Article XIII of the Base Indenture.

 So long as any Securities are held by or on behalf of Wachovia Capital Trust X, any holder of the Trust Preferred Securities issued by the
Wachovia Capital Trust X shall have the right, upon (i) the failure to pay principal or interest on this Security when due, or the breach by the Company of its obligations under Section 2.2(a)(iv) of the Fourth Supplemental Indenture to
issue Qualifying Capital Securities or Section 2.7(a) of the Fourth Supplemental Indenture to issue Qualifying APM Securities or (ii) the occurrence of an Event of Default described in Section 2.9(a) of the Fourth Supplemental
Indenture, to institute a suit directly against the Company (a) in the case of (i) above, to enforce such obligations or for such other remedies as may be available and (b) in the case of (ii) above, for enforcement of payment to
such holder of principal of (premium, if any) and (subject to Section 3.7 of the Base Indenture) interest (including any Additional Interest) on the Securities having a principal amount equal to the aggregate Liquidation Amount (as defined in
the Trust Agreement) of such Trust Preferred Securities. 
 No reference herein to the Indenture and no provision of this Security or of the
Indenture will alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
  

					
		 	-26-	 	FOURTH SUPPLEMENTAL INDENTURE

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Base Indenture duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge will be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith. 
 Before due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee will treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company,
the Trustee nor any such agent will be affected by notice to the contrary. 
 The Securities are issuable only in registered form without
coupons in minimum denominations of $25 and integral multiples thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for a like aggregate principal amount of Securities of a different
authorized denomination, as requested by the Holder surrendering the same. 
 The Company and, by its acceptance of this Security or a
beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, this Security agree to treat for United States Federal income tax purposes (i) the Securities as indebtedness of the Company, and (ii) the
stated interest on the Securities as ordinary interest income that is includible in the Holder’s or beneficial owner’s gross income at the time the interest is paid or accrued in accordance with the Holder’s or beneficial owner’s
regular method of tax accounting, and otherwise to treat the Securities as described in the Prospectus. 
 The Indenture and this Security
will be governed by and construed in accordance with the laws of the State of New York. 
 This is one of the Securities referred to in
the within mentioned Indenture. 
 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Security to: 
  

  

  

 (Insert assignee’s social security or tax identification number) 
  

  

  

 (Insert address and zip code of assignee) 
 agent to transfer this Security on the books of the Securities Registrar. The agent may substitute another to act for him or her. 
  

					
		 	-27-	 	FOURTH SUPPLEMENTAL INDENTURE

			
	Dated:	 	Signature:
		
		 	Signature Guarantee:

 (Sign exactly as your name appears on the other side of this Security) 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Securities Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Securities Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
 ARTICLE VI 
 ORIGINAL ISSUE OF LOTSSM 
  

	 	 Section 6.1.
	 Original Issue of LoTSSM 

 LoTSSM in the aggregate principal amount of $750,010,000 may, upon execution of this Fourth Supplemental Indenture, be executed by the Company and
delivered to the Trustee or an Authenticating Agent for authentication, and the Trustee or an Authenticating Agent will thereupon authenticate and deliver said LoTSSM in accordance with a Company Order. From time to time after the execution of this Fourth Supplemental Indenture, additional LoTSSM having the same terms (provided that such LoTSSM, if issued on or after the first Interest Payment Date, shall bear interest from the most
recent Interest Payment Date) may be executed by the Company and delivered to the Trustee or an Authenticating Agent for authentication, and the Trustee or an Authenticating Agent will thereupon authenticate and deliver said LoTSSM in accordance with a Company Order. Any such LoTSSM shall become
part of the same series as the LoTSSM originally issued hereunder. 
  

	 	Section 6.2.	Calculation of Original Issue Discount 

 If during any calendar year any original issue discount shall have accrued on the LoTSSM, the Company will file with each Paying Agent (including the Trustee if it is a Paying Agent) promptly at the end of each calendar year (i) a written
notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific information relating to such original issue discount
as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. Neither the Company nor the Trust would make actual payments on the LoTSSM, or on the Trust Preferred Securities, as the case may be, during a Deferral Period. 
 ARTICLE
VII 
 SUBORDINATION 
  

	 	Section 7.1.	Senior Debt 

 The subordination provisions of Article XIII of the Indenture will apply to the LoTSSM, except that for the purposes of the
LoTSSM (but not for the purposes of any other Securities unless specifically set forth in the terms of such Securities): 
  

					
		 	-28-	 	FOURTH SUPPLEMENTAL INDENTURE

 (a) the definition of “Senior Debt” in the Indenture is hereby amended to
delete clauses (ii), (iii) and (v), renumber clause (iv) as clause (ii), and add the following: 
 “(iii) (x) indebtedness that (a) qualifies or is issued to financing vehicles issuing securities that qualify as tier 1 capital of the Company under the capital guidelines of the Federal Reserve or does
not at the time of issuance prevent the Company’s 7.85% Extendible Long Term Subordinated Notes (the “LoTSSM”) from qualifying as tier 1
capital of the Company under the capital guidelines of the Federal Reserve and (b) by its terms is not superior in right of payment to the LoTSSM or
to other debt that is pari passu with or junior to the LoTSSM; and (y) guarantees of indebtedness described in clause (x) or securities
issued by one or more financing vehicles described in clause (x).” 
 (b) Notwithstanding the foregoing or any other provision of the Indenture or of this Fourth Supplemental Indenture, provided that the Company is not subject to a bankruptcy, insolvency, liquidation or similar
proceeding, the priority of the LoTSSM in right of payment as to Parity Securities is subject to the provisions of Section 2.6 and the Company will be
permitted to pay interest or principal on Parity Securities in accordance with Section 2.6. 
  

	 	Section 7.2.	Compliance with Federal Reserve Rules 

 The Company will not incur any additional indebtedness for borrowed money that ranks pari passu
with or junior to the LoTSSM (if then subject to Article XIII of the Indenture), except in compliance with applicable regulations and guidelines of the
Federal Reserve. 
 ARTICLE VIII 
 MISCELLANEOUS 
  

	 	Section 8.1.	Effectiveness 

 This Fourth Supplemental Indenture
will become effective upon its execution and delivery. 
  

	 	Section 8.2.	Modification of Supplemental Indenture 

 Without the consent of any Holders of the LoTSSM
, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee,
(i) to add to or change any terms of this Fourth Supplemental Indenture or the LoTSSM to conform the terms of the Indenture (as supplemented by this
Fourth Supplemental Indenture) or the LoTSSM to the description of the LoTSSM in the prospectus, dated February 7, 2007, of the Sponsor and the Trust relating to the offering of the Trust Preferred Securities, as supplemented by the prospectus supplement, dated November 14, 2007, or
(ii) to eliminate Common Stock or Qualifying Warrants (but not both) from the definition of “Qualifying APM Securities” if an accounting standard or interpretive guidance of an existing standard issued by an organization or regulator
that has responsibility for establishing or interpreting accounting standards in the United States becomes effective such that there is more than an insubstantial risk of a reduction in the Company’s earnings per share as calculated in
accordance with generally accepted accounting principles in the United States. 
  

	 	Section 8.3.	Miscellaneous 

 The Company will promptly give
notice to Holders, in the manner provided for in the Indenture, of (i) any extension of the Final Repayment Date pursuant to Section 2.2(b) and (ii) any amendment to the definition of “Qualifying APM Securities” eliminating
Common Stock or Qualifying Warrants pursuant to Section 8.2. 
  

					
		 	-29-	 	FOURTH SUPPLEMENTAL INDENTURE

	 	Section 8.4.	Successors and Assigns 

 All covenants and
agreements in the Indenture, as supplemented and amended by this Fourth Supplemental Indenture, by the Company will bind its successors and assigns, whether so expressed or not. 
  

	 	Section 8.5.	Further Assurances 

 The Company will, at its own
cost and expense, execute and deliver any documents or agreements, and take any other actions that the Trustee or its counsel may from time to time request in order to assure the Trustee of the benefits of the rights granted to the Trustee under the
Indenture, as supplemented and amended by this Fourth Supplemental Indenture. 
  

	 	Section 8.6.	Effect of Recitals 

 The recitals contained herein and in the LoTSSM, except the Trustee’s certificates of authentication, will be taken as
the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fourth Supplemental Indenture or of
the LoTSSM. Neither the Trustee nor any Authenticating Agent will be accountable for the use or application by the Company of the LoTSSM or the proceeds thereof. 
  

	 	Section 8.7.	Ratification of Indenture 

 The Indenture as
supplemented by this Fourth Supplemental Indenture, is in all respects ratified and confirmed, and this Fourth Supplemental Indenture will be deemed part of the Indenture in the manner and to the extent herein and therein provided. 
  

	 	Section 8.8.	Governing Law 

 This Fourth Supplemental Indenture and the LoTSSM will be governed by and construed in accordance with the laws of the
State of New York. 
 * * * * 
 This instrument may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  

					
		 	-30-	 	FOURTH SUPPLEMENTAL INDENTURE

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

			
	WACHOVIA CORPORATION
		
	By:	 	 /s/ Kim Zwier

	Name:	 	Kim Zwier
	Title:	 	Senior Vice President

  

			
	Attest:	 	
		
	By:	 	 /s/ Ross E. Jeffries, Jr.

  

			
	U.S. BANK NATIONAL ASSOCIATION,
	 as Trustee

		
	By:	 	 /s/ Mildred F. Smith

	Name:	 	Mildred F. Smith
	Title:	 	Vice President

  

			
	Attest:	 	
		
	By:	 	 /s/ Joanne Wright

  

					
		 		 	FOURTH SUPPLEMENTAL INDENTUREForm of senior debt security -- medium-term note (Buffered REN Linked to Global)

 Exhibit 4.01 
 LEHMAN BROTHERS HOLDINGS INC. 
 Buffered Return Enhanced Notes Linked to a Basket of Global Indices Due November 16,
2011 
  

			
	 Number R-1
	  	$1,590,000
	 ISIN US525217P6M80
	  	CUSIP 52517P6M8

 See Reverse for Certain Definitions 
 THIS SECURITY (THIS “SECURITY”) IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO SUCH DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO LEHMAN BROTHERS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), 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. 
 LEHMAN BROTHERS
HOLDINGS INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, at the
office or agency of the Company in the Borough of Manhattan, The City of New York, on the Maturity Date, in such coin or currency of the United States of America at the time of payment shall be legal tender for the payment of public and private
debts, for each $1,000 principal amount of the Securities represented hereby, an amount equal to the Payment at Maturity. THE SECURITIES REPRESENTED HEREBY SHALL NOT BEAR ANY INTEREST. 
 Any amount payable on the Maturity Date hereon will be paid only upon presentation and surrender of this Security. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE
THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

 IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed by its
Chairman of the Board, its President, its Vice Chairman, its Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual or facsimile signature under its corporate seal, attested by its Secretary or one of its Assistant
Secretaries by manual or facsimile signature. 
  

							
	Dated: November 16, 2007	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	[SEAL]	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.
 as
Trustee

		
	By:	 	  

		 	    Authorized Officer

  

 2 

 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as Buffered Return Enhanced Notes Linked to a Basket of Global Indices Due November 16, 2011 (herein called the
“Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the Securities and otherwise similar in all respects so that such additional
securities shall be consolidated and form a single series with the Securities; provided that no additional securities can be issued if an Event of Default has occurred with respect to the Securities. This series of Securities is one of an indefinite
number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the “Indenture”), duly executed and delivered by the Company and Citibank,
N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The
Payment at Maturity at the request of the Trustee shall be determined by the Calculation Agent pursuant to the Calculation Agency Agreement. The Trustee shall fully rely on the determination by the Calculation Agent of the Payment at Maturity and
shall have no duty to make any such determination. The Calculation Agent will provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, of the Payment at Maturity on or prior to 11:00 a.m. on
the Business Day preceding the Maturity Date. 
 All calculations with respect to the Basket Ending Level and the Basket Return will be
rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., .876545 would be rounded to .87655); all dollar amounts related to determination of the payment per $1,000 principal amount Security at maturity
will be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate principal amount of Securities per Holder will be
rounded to the nearest cent, with one-half cent rounded upward. 
 This Security is not subject to any sinking fund. 
 If an Event of Default with respect to the Securities shall occur and be continuing, the amounts payable on all of the Securities may be declared due
and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Payment at Maturity calculated as though the date of
acceleration were the Maturity Date and the third Business Day immediately preceding the date of acceleration were the Valuation Date. If the maturity of the Securities is accelerated because of an Event of Default, the Company shall, or shall cause
the Calculation Agent to, provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, and to The Depository Trust Company of the cash amount due with respect to the Securities as promptly as
possible and in no event later than two Business Days after the date of acceleration. 

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the
holders of not less than 66 2/3% in aggregate principal amount of each series of Securities at the time
Outstanding to be affected (each series voting as a class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to, or changing in any manner or eliminating any of the provisions of the Indenture or of
any supplemental indenture or modifying in any manner the rights of the holders of the Securities of all such series; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed
maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, if any, or reduce any premium payable on redemption, or make the principal thereof, or premium, if any, or
interest thereon, if any, payable in any coin or currency other than that hereinabove provided, without the consent of the holder of each Security so affected, or (ii) change the place of payment on any Security, or impair the right to
institute suit for payment on any Security, or reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, without the consent of the holders of each Security so affected. It is
also provided in the Indenture that, prior to any declaration accelerating the maturity of any series of Securities, the holders of a majority in aggregate principal amount of the Securities of such series Outstanding may on behalf of the holders of
all the Securities of such series waive any past default or Event of Default under the Indenture with respect to such series and its consequences, except a default in the payment of interest, if any, or the principal of, or premium, if any, on any
of the Securities of such series, or in the payment of any sinking fund installment or analogous obligation with respect to Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future holders and owners of this Security and any Securities which may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Security or such other Securities.

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the Payment at Maturity with respect to this Security. 
 The Securities are
issuable in denominations of $1,000 and any whole multiples of $1,000. 
 The Company, the Trustee, and any agent of the Company or of the
Trustee may deem and treat the registered holder (the “Holder”) hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for
the purpose of receiving payment hereof, or on account hereof, and for all other purposes and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made
to or upon the order of such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Security. 
 No recourse for the payment of the principal of, premium, if any, or interest on this Security, or for any claim based hereon or otherwise in respect
hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any indebtedness represented 

  

 2 

 
thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the
acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment for
this Security, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and
thereupon one or more new Securities of this series or of like tenor and of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Company intends to treat, and by purchasing this Security, the Holder agrees to treat, for all tax purposes, this Security as a cash-settled
financial contract, rather than as a debt instrument. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the terms used in this Security. 
 “Basket” shall mean
the basket of three indices to which the Securities are linked. The Basket consists of the Dow Jones EURO STOXX 50® Index, the Nikkei 225SM
 Index and the FTSE 100 Index®. 
 “Basket Ending Level”, as calculated by the Calculation Agent, is calculated as follows: 
 Basket Starting Level
× [1 + (the sum of (Basket Index Return × Index Weighting) 
 for all Basket Indices)] 
 “Basket Index” refers to each of the Dow Jones EURO STOXX 50® Index, the
Nikkei 225SM Index and the FTSE 100 Index® or any successor to any of the foregoing. 

 “Basket Index Ending Level” of a Basket Index is the Closing Level of that Basket Index on the Valuation Date.

 “Basket Index Return”, as calculated by the Calculation Agent, is calculated as follows for each Basket Index:

  

 3 

	
	Basket Index Ending Level — Basket Index Starting Level
	Basket Index Starting Level

 “Basket Index Starting Level” for each of the three Basket Indices is as
follows: 
  

			
	 Dow Jones EURO STOXX 50® Index
	  	4,311.98
	 FTSE 100 Index®
	  	6,362.40
	 Nikkei 225SM Index
	  	15,126.63

 “Basket Index Sponsors” shall be as follows: (A) with respect to the Dow
Jones EURO STOXX 50® Index (SX5E), STOXX Limited, (B) the FTSE 100 Index® (UKX), FTSE International Limited, (C) the
Nikkei 225 SM Index (NKY), Nikkei Inc. The Calculation Agent, in its sole discretion, may select new Index Sponsors as described under
“Discontinuation of a Basket Index; Alteration of Method of Calculation.” 
 “Basket Return”, as
calculated by the Calculation Agent, is calculated as follows: 
  

	
	Basket Ending Level — Basket Starting Level
	Basket Starting Level

 “Basket Starting Level” shall equal 1,000. 
 “Buffer Amount” shall equal 7.50%. 
 “Business Day”, notwithstanding any provision in the Indenture, shall mean any day that is not a Saturday or Sunday and that is not a day on which banking institutions in the City of New York are
authorized or obligated by law to close. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement,
dated as of December 21, 2006 between the Company and the Calculation Agent, as amended from time to time, or any successor calculation agency agreement. 
 “Calculation Agent” shall mean the person that has entered into an agreement with the Company providing for, among other things, the determination of the Payment at Maturity, which term shall, unless
the context otherwise requires, include its successors and assigns. The initial Calculation Agent shall be Lehman Brothers Inc. 
 “Closing Level” of a Basket Index on any Trading Day will equal the official closing level of such Basket Index, or any Successor Index thereto, published following the regular official weekday close of trading for such
Basket Index on that Trading Day. 
 “Closing Price” of a security, on any particular day, means the last reported sales
price for that security on the Relevant Exchange at the scheduled weekday closing time of the regular trading session of the Relevant Exchange. If, however, the security is not listed or traded on a bulletin board, then the Closing Price of the
security will be determined using the average 

  

 4 

 
execution price per share that an affiliate of the Company pays or receives upon the purchase or sale of the security used to hedge the Company’s
obligations under the Securities. 
 “Company” shall have the meaning set forth on the face of this Security. 

“Holder” shall have the meaning set forth on the reverse of this Security. 
 “Indenture” shall have the meaning set forth on the reverse of this Security. 
 “Index Weighting” shall mean, with respect to each Basket Index, the weighting for such Basket Index. The Index Weightings of the three
Basket Indices are as follows: 
  

				
	 Dow Jones EURO STOXX 50® Index
	  	50.00	%
	 Nikkei 225SM Index
	  	30.00	%
	 FTSE 100 Index®
	  	20.00	%

 “Market Disruption Event”, with respect to any of the Basket Indices (or any
Successor Index), means: 
  

	 	•	 	 a suspension, absence or material limitation of trading of stocks then constituting 20% or more of the level of such Basket Index (or the relevant Successor Index)
on the Relevant Exchanges for such securities at any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange; 

  

	 	•	 	 a breakdown or failure in the price and trade reporting systems of the primary market of any Relevant Exchange as a result of which the reported trading prices for
stocks then constituting 20% or more of the level of such Basket Index (or the relevant Successor Index) at any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange are materially inaccurate;

  

	 	•	 	 a suspension, absence or material limitation of trading on any major securities exchange for trading in futures or options contracts or exchange traded funds
related to such Basket Index (or the relevant Successor Index) at any time during the one hour period preceding the close of the principal trading session on such exchange; or 

  

	 	•	 	 a decision to permanently discontinue trading in the relevant futures or options contracts or exchange traded funds; 

 in each case as determined by the Calculation Agent in its sole discretion. 
 For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in a Basket Index (or the relevant Successor Index) is materially suspended or materially limited
at that time, then the relevant percentage contribution 

  

 5 

 
of that security to the level of such Basket Index (or the relevant Successor Index) shall be based on a comparison of: 
  

	 	•	 	 the portion of the level of such Basket Index (or the relevant Successor Index) attributable to that security relative to 

  

	 	•	 	 the overall level of such Basket Index (or the relevant Successor Index), 

 in each case immediately before that suspension or limitation. 
 For purposes of determining whether a
Market Disruption Event has occurred: 
  

	 	•	 	 a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the regular business
hours of the Relevant Exchange or market; 

  

	 	•	 	 limitations pursuant to the rules of any Relevant Exchange similar to NYSE Rule 80B (or any applicable rule or regulation enacted or promulgated by any other
self-regulatory organization or any government agency of scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading during significant market fluctuations will constitute a suspension, absence or
material limitation of trading; 

  

	 	•	 	 a suspension of trading in futures or options contracts on a Basket Index (or the relevant Successor Index) by the primary securities market trading in such
contracts by reason of: 

  

	 	•	 	 a price change exceeding limits set by such exchange or market, 

  

	 	•	 	 an imbalance of orders relating to such contracts, or 

  

	 	•	 	 a disparity in bid and ask quotes relating to such contracts 

 will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to such Basket Index (or the relevant Successor Index); and 
  

	 	•	 	 a suspension, absence or material limitation of trading on any Relevant Exchange or on the primary market on which futures or options contracts related to a Basket
Index (or the relevant Successor Index) are traded will not include any time when such market is itself closed for trading under ordinary circumstances. 

 “Maturity Date” shall mean November 16, 2011, unless that day is not a Business Day, in which case the amount equal to the Payment
at Maturity that would otherwise be due on the scheduled Maturity Date will instead be due on the next succeeding Business Day following such scheduled Maturity Date, with the same effect as if paid on the scheduled Maturity Date; provided that if
due to a non-Trading Day or a Market Disruption Event, the Valuation Date is postponed so that it falls less than three Business Days prior to the scheduled Maturity Date, the Maturity Date will be the third Business Day following the Valuation
Date, as postponed. 
  

 6 

 “Participation Rate” shall equal 160%. 
 “Payment at Maturity”, as calculated by the Calculation Agent for each $1,000 principal amount Security, shall equal: 
  

	 	•	 	 If the Basket Return is positive, $1,000 + [$1,000 × (Basket Return × Participation Rate)] 

  

	 	•	 	 If the Basket Return is equal to or less than zero, and the absolute value of the Basket Return is less than or equal to the Buffer Amount, $1,000.

  

	 	•	 	 If the Basket Return is negative and the absolute value of the Basket Return is greater than the Buffer Amount, $1,000 + [$1,000 × (Basket Return + Buffer
Amount)]. 

 “Place of Payment” shall mean the place or places where the Payment at Maturity on the
Securities is payable. 
 “Pricing Date” shall mean November 13, 2007. 
 “Relevant Exchange” for any security (or any combination thereof) then included in a Basket Index or any Successor Index, means the
primary exchange, quotation system (which includes bulletin board services) or other market of trading for such security. 
 “Securities” shall have the meaning set forth on the reverse of this Security. 
 “Successor
Index” shall have the meaning specified under “Discontinuation of a Basket Index; Alteration of Method of Calculation” with respect to each Basket Index. 
 “Trading Day” means a day, as determined by the Calculation Agent, on which trading is generally conducted (i) on the Relevant
Exchanges for securities included in the Basket Index (or the relevant Successor Index) and (ii) the exchanges on which futures or options contracts related to the Basket Index (or the relevant Successor Index) are traded, other than a day on
which trading on such Relevant Exchange or exchange on which such securities, futures or options contracts are traded is scheduled to close prior to its scheduled weekday closing time. 
 “Trustee” shall have the meaning set forth on the reverse of this Security. 
 “Valuation Date” shall mean November 11, 2011; provided, however, that if the Valuation Date is not a Trading Day or if there is a
Market Disruption Event on such day, with respect to a Basket Index, the Calculation Agent will: 
  

	 	•	 	 with respect to each Basket Index for which such day is a Trading Day and for which a Market Disruption Event has not occurred, determine the Closing
Level of such Basket Index for use in calculating the Basket Index Ending Level by reference to the Closing Level of such Basket Index on that Trading Day; and 

  

 7 

	 	•	 	 with respect to each Basket Index for which such day is not a Trading Day or for which a Market Disruption Event has occurred, determine the Closing
Level of such Basket Index for use in calculating the Basket Index Ending Level by reference to the Closing Level of such Basket Index on the next Trading Day for such Basket Index on which there is not a Market Disruption Event; provided,
however, if a Market Disruption Event with respect to such Basket Index occurs on each of the eight Trading Days following the originally scheduled Valuation Date, then the Calculation Agent shall determine the Closing Level of such Basket Index
for use in calculating the Basket Index Ending Level in accordance with the formula for and method of calculating the Closing Level of such Basket Index last in effect prior to commencement of the Market Disruption Event (or prior to the non-Trading
Day), using the closing price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation or non-Trading
Day) on such eighth scheduled Trading Day of each security most recently included in the Basket Index. 

 All terms used
but not defined in this Security are used herein as defined in the Calculation Agency Agreement or the Indenture. 
 Calculation Agent 
 The Calculation Agent will determine, among other things, the Basket Ending Level (including each Basket Index Return and each Basket Index Ending
Level), the Basket Return and the Payment at Maturity, if any, on the Securities. In addition, the Calculation Agent will determine whether there has been a Market Disruption Event or a discontinuation of any Basket Index (or the relevant Successor
Index) and whether there has been a material change in the method of calculating any of the Basket Indices. All calculations, determinations and adjustments made by the Calculation Agent will be at the sole discretion of the Calculation Agent and
will, in the absence of manifest error, be conclusive for all purposes and binding on Holders and on the Company. The Company may appoint a different Calculation Agent from time to time after the date of the original issue of the Securities without
Holders’ consent and without notifying Holders. 
 Discontinuation of a Basket Index; Alteration of Method of Calculation 
 If a Basket Index Sponsor discontinues publication of the related Basket Index and such Basket Index Sponsor or another entity publishes a successor or
substitute index that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued Basket Index (a “Successor Index”), then the Closing Level of such Basket Index will be determined by reference to the
level of such Successor Index at the close of trading on the Relevant Exchange or market for the Successor Index on any Trading Day. Upon any selection by the Calculation Agent of a Successor Index, the Calculation Agent will cause written notice
thereof to be promptly furnished to the Trustee, to the Company and to the Holders. 
 If a Basket Index Sponsor discontinues publication of
the related Basket Index, and such discontinuation is continuing on any Trading Day, and the Calculation Agent determines, in its sole discretion, that no Successor Index for such Basket Index is available at such time, or if the Calculation Agent
has previously selected a Successor Index for such Basket Index and publication of such Successor Index is discontinued, and such discontinuation is continuing on any Trading Day, or if the Basket Index Sponsor (or the publisher of any Successor
Index) fails to 

  

 8 

 
calculate and publish an Closing Level for such Basket Index (or any Successor Index) on any date when it would ordinarily do so in accordance with its
customary practice, then the Calculation Agent will determine such Closing Level for such Trading Day or such date. The Closing Level for such Basket Index will be computed by the Calculation Agent in accordance with the formula for and method of
calculating the Basket Index or Successor Index, as applicable, last in effect on the date prior to such discontinuation or failure to calculate or publish a Closing Level for the Basket Index or Successor Index, as applicable, using the Closing
Price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the Closing Price that would have prevailed but for such suspension or limitation) at the close of the principal trading
session on such date of each security most recently included in the Basket Index or Successor Index, as applicable. 
 If at any time the
method of calculating the Basket Index or a Successor Index, or the level thereof, is changed in a material respect, or if the Basket Index or a Successor Index is in any other way modified so that the Basket Index or such Successor Index does not,
in the opinion of the Calculation Agent, fairly represent the level of the Basket Index or such Successor Index in the absence of such changes or modifications, then the Calculation Agent will, at the close of business in New York City on each date
on which the Closing Level for such Basket Index is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a level of a stock index comparable to the
Basket Index or such Successor Index, as the case may be, as if such changes or modifications were not made, and the Calculation Agent will calculate the Closing Level with reference to the Basket Index or such Successor Index, as adjusted.
Accordingly, if the method of calculating the Basket Index or a Successor Index is modified so that the level of the Basket Index or such Successor Index is a fraction of what it would have been if there had been no such modification (e.g.,
due to a split in the Index), then the Calculation Agent will adjust its calculation of the Basket Index or such Successor Index in order to arrive at a level of the Basket Index or the Successor Index as if there had been no such modification
(e.g., as if such split had not occurred). 
  

 9 

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

							
	TEN COM -	    	as tenants in common	    	UNIF GIFT MIN ACT - _________ Custodian  _________
		    		    	                          (Cust)             
     (Minor)

	TEN ENT -	    	as tenants by the entireties	    	under Uniform Gifts to Minors
	JT TEN -	    	as joint tenants with right of	    	Act	  	  

		    	Survivorship and not as tenants in common	    		  	(State)

 Additional abbreviations may also be used though not in the above list. 
                                       
                   
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

			
	 	 	
	 	 	
	 	 	

  
  

	
	
	 

 (Name and Address of Assignee, including zip code, must be printed or typewritten.) 
  

	
	 

 the within Security, and all rights thereunder, hereby irrevocably constituting and appointing 
  

	
	 

 to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated: 
 __________________________________________ 
 NOTICE: The signature to this assignment must correspond with the name as it appears
upon the face of the within Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 

__________________________ 
 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 MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
  

 10

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