Document:

2007 Stock Option Plan

 Exhibit 10.1 
 SENSUS METERING SYSTEMS 
 2007 STOCK OPTION PLAN 

 (as amended by the Board of Directors on October 21, 2009) 
 SECTION 1 
 GENERAL 
 1.1 Establishment of the Plan. As of July 19, 2007 (the “Effective Date”), Sensus (Bermuda 1), Ltd. (f/k/a
Sensus Metering Systems (Bermuda 1), Ltd.), a Bermuda exempted company (hereinafter referred to as the “Company”) established the Sensus Metering Systems 2007 Stock Option Plan. The Sensus Metering Systems 2007 Stock Option
Plan was amended by the Board of Directors of the Company on October 21, 2009. As so amended, the Sensus Metering Systems 2007 Stock Option Plan is hereinafter referred to as the “Plan”. The Plan shall remain in effect as
provided in Section 3.1 hereof. The Plan permits the grant of Nonqualified Stock Options and, subject to Section 3.1, Incentive Stock Options. The Plan has been established by the Company to: 
  

	 	(a)	attract and retain employees, directors and other persons providing services to the Company and the Related Companies (as defined below); 

  

	 	(b)	motivate Participants (as defined in Section 1.2), by means of appropriate incentives, to achieve long range goals; 

  

	 	(c)	provide incentive compensation opportunities that are competitive with those of other companies; and 

  

	 	(d)	further identify Participants’ interests with those of the Company’s other shareholders through compensation that is based on the value of the Company’s
common shares; 

 and thereby promote the long term financial interests of the Company and the Related Companies, including the
growth in value of the Company’s equity and enhancement of long term shareholder return. The term “Related Company” means any company during any period in which it is a “subsidiary corporation” (as that term is
defined in section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”)), with respect to the Company or any Affiliate of the Company which is designated as a Related Company by the Committee. 
 1.2 Participation. Subject to the terms and conditions of the Plan, the Committee (as described in Section 4) shall
determine and designate, from time to time, from among the Eligible Individuals (as defined below), those persons who will be granted one or more Awards under Section 4 of the Plan, and thereby become “Participants” in
the Plan. In the discretion of the Committee, and subject to the terms of the Plan, a Participant may be granted any Award permitted under the provisions of the Plan, and more than one Award may be granted to a Participant. Except as otherwise
agreed by the Company and the Participant, or except as otherwise provided in the Plan, an Award under the Plan shall not affect any previous Award under the Plan or an award under any other plan maintained by the Company or the Related Companies.
For purposes of the Plan, the term “Eligible Individual” shall mean any Employee, Consultant or Director of the Company or a Related Company or other person providing services thereto. 

 SECTION 2 
 DEFINITIONS 
 Wherever used in the Plan, the following
terms shall have the meanings set forth below, and, when the meaning is intended, the initial letter of the word shall be capitalized. 
 2.1 “5% Owner” means an Employee who, immediately after the grant of an Option, owns shares possessing more than 5% of the total combined voting power or value of all classes of shares of the Company or a parent or
subsidiary corporation (as defined in Code Sections 424(e) and 424(f), respectively). 
 2.2 “Affiliate”
shall mean any person or entity which, at the time of reference, directly, or indirectly through one or more intermediaries, is controlled by the Company. 
 2.3 “Award” shall mean, individually or collectively, a grant under this Plan of Nonqualified Stock Options or Incentive Stock Options. 
 2.4 “Award Agreement” shall have the meaning set forth in Section 3.8. 
 2.5 “Board” shall mean the Board of Directors of the Company. 
 2.6 “Code” shall have the meaning set forth in Section 1.1. 
 2.7 “Committee” shall have the meaning set forth in Section 4.1. 
 2.8 “Company” shall have the meaning set forth in Section 1.1. 
 2.9 “Consultant” shall mean an independent contractor who is performing consulting services for the Company or a Related
Company. 
 2.10 “Director” shall mean a member of the Board or a member of the board of directors of a Related
Company. 
 2.11 “Effective Date” shall have the meaning set forth in Section 1.1 hereof.

 2.12 “Eligible Individual” shall have the meaning set forth in Section 1.2. 
 2.13 “Employee” shall mean any employee of the Company or a Related Company, including any employees who are also Directors
and individuals who are employees of Affiliates or other entities that become Related Companies after the Effective Date. Nonemployee Directors and Consultants shall not be considered Employees under this Plan. For purposes of the grant of ISOs
under the Plan, an Employee shall be any person who is employed by the Company or a parent or subsidiary corporation (as defined in Code Sections 424(e) and 424(f), respectively). 
  

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 2.14 “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended from time to time, or any successor act thereto. 
 2.15 “Exercise Price” shall mean the price at which
a Share may be purchased by a Participant pursuant to an Option. 
 2.16 “Fair Market Value”. For purposes of
determining the “Fair Market Value” of a Share as of any date, the following rules shall apply: 
  

	 	(a)	If, at that time, the principal market for the Share is the New York Stock Exchange or another national securities exchange or the Nasdaq stock market, then the
“Fair Market Value” shall be the mean between the lowest and highest reported sale prices of the Share on that date on the principal exchange or market on which the Share is then listed or admitted to trading. 

  

	 	(b)	If, at that time, the sale prices are not available or the principal market for the Share is not the New York Stock Exchange or another national securities exchange and
the Share is not quoted on the Nasdaq stock market, then the “Fair Market Value” shall be the mean between the highest bid and lowest asked prices for the Share on such day as reported on the Nasdaq OTC Bulletin Board Service or by the
National Quotation Bureau, Incorporated or a comparable service. 

  

	 	(c)	If the day is not a business day, and as a result, subclauses (a) and (b) next above are inapplicable, the Fair Market Value of the Share shall be determined
as of the business day immediately preceding such day. 

  

	 	(d)	If, in accordance with rules established by the Board, a determination of “Fair Market Value” is required as of any date and, as of that date,
subclauses (a) and (b) next above are inapplicable for reasons other than those specified in subclause (c) next above, then the “Fair Market Value” as of that date shall be determined by the Board in good faith by reasonable
application of a valuation method that is reasonable taking into account the facts and circumstances as of the applicable date. 

 2.17 “Incentive Stock Option” or “ISO” shall mean an option to purchase Shares granted under Section 5 herein and which is designated as an Incentive Stock
Option intended to meet the requirements of Code Section 422. 
 2.18 “Nonemployee Director” shall have
the meaning ascribed to such term in Rule 16b-3 of the Exchange Act. 
 2.19 “Nonqualified Stock Option”
or “NQSO” shall mean an option to purchase Shares granted under Section 5 herein and which is not intended to meet the requirements of Code Section 422. 
  

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 2.20 “Option” shall mean an Incentive Stock Option or a Nonqualified Stock
Option, as described in Section 5 herein. 
 2.21 “Outside Director” shall have the meaning
ascribed to such term under the regulations promulgated with respect to Code Section 162(m). 
 2.22
“Participant” shall mean a current or former Employee, Director, or Consultant who has outstanding an Award granted under the Plan. 
 2.23 “Plan” shall have the meaning set forth in Section 1.1. 
 2.24 “Related Company” shall have the meaning set forth in Section 1.2. 
 2.25
“Shares” shall mean the Class B Common Shares of the Company, par value US$0.01 per share. 
 SECTION 3 
 OPERATION AND ADMINISTRATION 
 3.1 Effective Date. The Plan shall be effective as of the Effective Date. The Plan shall be unlimited in duration and, in the event
of Plan termination, shall remain in effect as long as any Awards awarded under it are outstanding. Notwithstanding the foregoing, (i) in no event shall any Award of Incentive Stock Options be made hereunder until such time as the Plan is it is
approved by the shareholders of the Company and (ii) in no event shall an Award of Incentive Stock Options be granted under the Plan after the tenth anniversary of the Effective Date. 
 3.2 Number of Shares Available for Grants. 
  

	 	(a)	Subject to adjustment as provided in Section 3.3 herein, the maximum number of Shares available for grants to Participants under the Plan shall be two
million (2,000,000). In the event any Award under the Plan is forfeited or if any outstanding Award for any reason expires, is terminated, or canceled without exercise, the Shares subject to such Award shall again be available for grant or issuance
under the Plan. Except for purposes of determining the maximum number of Shares that may be subject to ISOs, Shares tendered by a Participant to satisfy applicable tax withholding obligations or Exercise Price shall again be available for grant or
issuance under the Plan. 

  

	 	(b)	Subject to the approval of the Plan by the shareholders of the Company, the maximum aggregate number of Shares with respect to which ISOs may be granted under the Plan
shall be determined by the Board of Directors of the Company. 

 3.3 Adjustments to Shares. 
  

	 	(a)	 If the Company shall effect any subdivision or consolidation of Shares or other capital readjustment, payment of share dividend, share split,
combination of Shares or recapitalization or other increase or reduction of the number of Shares

  

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outstanding without receiving compensation therefor in money, services or property, then the Committee shall adjust, as the Committee determines equitable in its sole discretion, any of
(i) the number and or type of Shares available under the Plan, (ii) the number and or type of Shares available under any individual or other limits, (iii) the number and or type of Shares subject to outstanding Awards, and
(iv) the Exercise Price applicable to outstanding Awards. 

  

	 	(b)	If the Company is reorganized, amalgamated, merged or consolidated or is party to a plan of exchange with another corporation, pursuant to which reorganization,
amalgamation, merger, consolidation or plan of exchange, the shareholders of the Company receive any shares of stock or other securities or property, or the Company shall distribute securities of another corporation to its shareholders, there shall
be substituted for the Shares for which outstanding Awards are exercisable an appropriate number of shares of each class of share or amount of other securities or property which were distributed to the shareholders of the Company in respect of such
Shares, subject to the following: 

  

	 	(i)	If the Committee determines that the substitution described in accordance with the foregoing provisions of this paragraph would not be fully consistent with the
purposes of the Plan or the purposes of the outstanding Awards under the Plan, the Committee may make such other equitable adjustments to the Awards to the extent that the Committee determines in good faith such adjustments are consistent with the
purposes of the Plan and of the affected Awards. 

  

	 	(ii)	All or any of the Awards may be canceled by the Committee on or immediately prior to the effective date of the applicable transaction, but only if the Committee gives
reasonable advance notice of the cancellation to each affected Participant and only if the Participant receives payment or other benefits that the Committee determines to be reasonable compensation for the value of all canceled Awards (without
regard to whether such Awards would otherwise be vested). 

  

	 	(iii)	Upon the occurrence of a reorganization of the Company or any other event described in this paragraph (b), any successor to the Company shall be substituted for
the Company to the extent that the Company and the successor agree to such substitution. 

  

	 	(c)	Upon (or, in the discretion of the Committee, immediately prior to) the sale to (or exchange with) a third party unrelated to the Company of all or substantially all of
the assets of the Company, all Awards may be canceled in the discretion of the Committee. If Awards are canceled under this paragraph (c), then, with respect to any affected Participant, the Participant shall receive payment or other
benefits that the Committee determines to be reasonable compensation for the value of all canceled Awards (without regard to whether such canceled Awards would otherwise be vested). 

  

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 The foregoing provisions of this paragraph shall also apply to the sale of all or
substantially all of the assets of the Company to a related party, if the Committee determines such application is appropriate. Notwithstanding the foregoing provisions of this paragraph (c), in lieu of cancellation of outstanding
Awards, the Committee and the purchaser of all or substantially all of the Company’s assets may provide that an appropriate number of shares or securities of the purchaser or its affiliates shall be substituted for Shares with respect to
outstanding Awards under the Plan, provided that such substituted awards shall be comparable in value and contain terms and conditions similar to the Awards. 
  

	 	(d)	In determining what action, if any, is necessary or appropriate under the foregoing provisions of this Section 3.3, the Committee shall act in a manner that
it determines to be consistent with the purposes of the Plan and of the affected Awards and, where applicable or otherwise appropriate, in a manner that it determines to be necessary to preserve the benefits and potential benefits of the affected
Awards for the Participants and the Company. 

  

	 	(e)	The existence of this Plan and the Awards granted hereunder shall not affect in any way the right or power of the Company or its shareholders to make or authorize any
or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of bonds, debentures, preferred or prior preference shares ahead
of or affecting the Company’s Shares or the rights thereof, the dissolution or liquidation of the Company, any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise. 

  

	 	(f)	Except as expressly provided by the terms of this Plan, the issue by the Company of shares of any class, or securities convertible into shares of any class, for cash or
property or for labor or services, either upon direct sale, upon the exercise of rights or warrants to subscribe therefor or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect,
and no adjustment by reason thereof, shall be made with respect to Awards then outstanding hereunder. 

  

	 	(g)	Awards under the Plan are subject to adjustment under this subsection only during the period in which they are considered to be outstanding under the Plan. For purposes
of this subsection, an Award is considered “outstanding” on any date if the Participant’s ability to obtain all benefits with respect to the Award is subject to limits imposed by the Plan (including any limits imposed by the Agreement
reflecting the Award). The determination of whether an Award is outstanding shall be made by the Committee. 

 3.4
Subordination. In accordance with the Company’s Bye-Laws, all Shares issued upon exercise of Options shall be subordinated in right of payment upon any liquidation or winding up of the Company or other distribution of capital of the
Company to the prior payment in full of the liquidation preferences of the Series A Preference Shares, Series B Preference

  

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Shares, Series C Preference Shares and Class A Common Shares of the Company and any other class or series of shares of the Company ranking senior to the Company’s Class B Common Shares
in respect of the right to receive dividends and/or assets upon a liquidation of the Company in accordance with the Bye-Laws of the Company as in effect from time to time. 
 3.5 Limit on Distribution. Notwithstanding any other provision of the Plan, the Company shall have no obligation to deliver any
Shares under the Plan or make any other distribution of benefits under the Plan unless such delivery or distribution would comply with all applicable laws. 
 3.6 Notices. Any notice or document required to be filed with the Committee under the Plan will be properly filed if delivered or mailed by registered mail, postage prepaid, to the Committee, in
care of the Company, at its principal executive offices. The Committee may, by advance written notice to affected persons, revise such notice procedure from time to time. Any notice required under the Plan (other than a notice of election) may be
waived by the person entitled to notice. 
 3.7 Form and Time of Elections. Unless otherwise specified herein, each
election required or permitted to be made by any Participant or other person entitled to benefits under the Plan, and any permitted modification or revocation thereof, shall be in writing filed with the Committee at such times, in such form, and
subject to such restrictions and limitations, not inconsistent with the terms of the Plan, as the Committee shall require. 
 3.8 Agreement With Company. At the time of an Award to a Participant under the Plan, the Committee shall require a Participant to enter into an agreement with the Company (the “Award Agreement”) in a form specified
by the Committee, agreeing to the terms and conditions of the Plan and to such additional terms and conditions, not inconsistent with the Plan, as the Committee may, in its sole discretion, prescribe. 
 3.9 Limitation of Implied Rights. 
  

	 	(a)	Neither a Participant nor any other person shall, by reason of the Plan, acquire any right in or title to any assets, funds or property of the Company or any Related
Company whatsoever, including, without limitation, any specific funds, assets, or other property which the Company or any Related Company, in its sole discretion, may set aside in anticipation of a liability under the Plan. A Participant shall have
only a contractual right to the amounts, if any, payable under the Plan, unsecured by any assets of the Company and any Related Company. Nothing contained in the Plan shall constitute a guarantee by the Company or any Related Company that the assets
of such companies shall be sufficient to pay any benefits to any person. 

  

	 	(b)	The Plan does not constitute a contract of employment, and selection as a Participant will not give any employee the right to be retained in the employ of the Company
or any Related Company, nor any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan. Except as otherwise provided in the Plan, no Award under the Plan shall confer upon the
holder thereof any right as a shareholder of the Company prior to the date on which he fulfills all service requirements and other conditions for receipt of such rights and Shares are registered in his name. 

  

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 3.10 Evidence. Evidence required of anyone under the Plan may be by certificate,
affidavit, document or other information which the person acting on it considers pertinent and reliable, and signed, made or presented by the proper party or parties. 
 3.11 Action by Company or Related Company. Any action required or permitted to be taken by the Company or any Related Company shall be by resolution of its board of directors or trustees, as
applicable, or by action of one or more members of the board (including a committee of the board) who are duly authorized to act for the board or (except to the extent prohibited by applicable law or the rules of any share exchange) by a duly
authorized officer of the Company. 
 3.12 Gender and Number. Where the context admits, words in any gender shall include
any other gender, words in the singular shall include the plural and the plural shall include the singular. 
 SECTION 4 

 COMMITTEE 
 4.1 Administration. The authority to control and manage the operation and administration of the Plan shall be vested in the Compensation Committee of the Board (the “Committee”) in
accordance with this Section 4. 
 4.2 Selection of Committee. The Committee shall be selected by the Board
and shall consist of not fewer than two members of the Board, none of whom shall be eligible to receive Awards under the Plan. 
 4.3 Powers of Committee. The authority to manage and control the operation and administration of the Plan shall be vested in the Committee, subject to the following: 
  

	 	(a)	Subject to the provisions of the Plan, the Committee will have the authority and discretion to select individuals to receive Awards, to determine the time or times of
receipt and vesting, to determine the types of Awards and the number of Shares covered by Awards, to establish the terms, conditions, performance criteria, restrictions, and other provisions of such Awards, and to cancel or suspend Awards. In making
such Award determinations, the Committee may take into account the nature of services rendered by the intended recipient, the individual’s present and potential contribution to the Company’s success and such other factors as the Committee
deems relevant. 

  

	 	(b)	The Committee will have the authority and discretion to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, to determine
the terms and provisions of any agreements made pursuant to the Plan and to make all other determinations that may be necessary or advisable for the administration of the Plan. 

  

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	 	(c)	Any interpretation of the Plan by the Committee and any decision made by it under the Plan is final and binding on all persons. 

  

	 	(d)	Except as otherwise expressly provided in the Plan, where the Committee is authorized to make a determination with respect to any Award, such determination shall be
made at the time the Award is made, except that the Committee may reserve the authority to have such determination made by the Committee in the future (but only if such reservation is made at the time the Award is granted and is expressly stated in
the Agreement reflecting the Award). 

 4.4 Delegation by Committee. The Committee may allocate all or any
portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the
Committee at any time. 
 4.5 Information to be Furnished to Committee. The Company and Related Companies shall furnish
the Committee such data and information as may be required for it to discharge its duties. The records of the Company and Related Companies as to an employee’s or Participant’s employment (or other provision of services), termination of
employment (or cessation of the provision of services), leave of absence, reemployment and compensation shall be conclusive on all persons unless determined to be incorrect. Participants and other persons entitled to benefits under the Plan must
furnish the Committee such evidence, data or information as the Committee considers desirable to carry out the terms of the Plan. 
 4.6 Liability and Indemnification of Committee. No member or authorized delegate of the Committee shall be liable to any person for any action taken or omitted in connection with the administration of the Plan unless attributable to
his own fraud, dishonesty, or willful misconduct; nor shall the Company or any Related Company be liable to any person for any such action unless attributable to fraud, dishonesty, or willful misconduct on the part of a Director or employee of the
Company or Related Company. The Committee, the individual members thereof, and persons acting as the authorized delegates of the Committee under the Plan, shall be indemnified by the Company against any and all liabilities, losses, costs and
expenses (including legal fees and expenses) of whatsoever kind and nature which may be imposed on, incurred by or asserted against the Committee or its members or authorized delegates by reason of the performance of a Committee function if the
Committee or its members or authorized delegates did not act fraudulently, dishonestly or in willful violation of the law or regulation under which such liability, loss, cost or expense arises. This indemnification shall not duplicate but may
supplement any coverage available under any applicable insurance. 
 SECTION 5 
 OPTIONS 
 5.1 Grant of Options. Subject to the terms and provisions of the Plan, Options may be granted to Participants in such number (subject to Section 3.2 hereof), and upon such terms, and at any time and from time to time as
shall be determined by the Committee; provided, however, that ISOs may be granted only to Employees. 
  

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 5.2 Award Agreement. Each Option grant shall be evidenced by an Award Agreement that
shall specify the Exercise Price, the duration of the Option, the number of Shares to which the Option pertains, the vesting schedule in respect of such Shares, and such other provisions as the Committee shall determine. The Award Agreement also
shall specify whether the Option is intended to be an ISO. 
 5.3 Exercise Price. The Exercise Price for each grant of an
Option under this Plan shall be established by the Committee or shall be determined by a method established by the Committee at the time the Option is granted; provided, however, that the Exercise Price shall not be less than 100% of the Fair Market
Value of a Share on the date of grant (110% in the case of the grant of an ISO to a 5% Owner); and further provided that the Exercise Price of an Option shall not be less than the par value of a Share. 
 5.4 Duration of Options. Each Option granted to a Participant shall expire at such time as the Committee shall determine at the time
of grant; provided, however, that no Option shall be exercisable later than the tenth (10th) anniversary of its grant (or the fifth (5th) anniversary date in the case of an ISO granted to a 5% Owner). 
 5.5 Exercise of Options. Options granted under this Section 5 shall be exercisable at such times and be subject to such
restrictions and conditions as set forth in the Award Agreement and as the Committee shall in each instance approve, which need not be the same for each grant or for each Participant. 
 5.6 Procedure for Exercise; Payment. 
  

	 	(a)	Options granted under this Section 5 which have become exercisable in accordance with the Plan and the Award Agreement applicable thereto shall be exercised
by the delivery of a written notice of exercise to the Company, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment of the Exercise Price for the Shares. 

  

	 	(b)	The Exercise Price of any Option shall be payable to the Company in full (i) in cash or its equivalent, (ii) if permitted by the Committee, by tendering
previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Exercise Price (provided that the Shares, other than Shares purchased by the Participant on the open market, must have been held by the
Participant for at least six (6) months prior to their tender), or (iii) by a combination of (i) and (ii). 

  

	 	(c)	If the Company’s shares are publicly traded, an Option may be exercised by means of a cashless exercise with the assistance of a broker or by any other means
permitted by the Committee in accordance with such terms and conditions as the Committee, in its sole discretion, shall determine to be consistent with the Plan’s purpose and applicable law. 

  

	 	(d)	Subject to any governing rules or regulations and subject to obtaining the consent of the Bermuda Monetary Authority (if applicable), as soon as practicable after
receipt of a written notification of exercise and full payment, the Company shall deliver to the Participant, in the Participant’s name, either individually or jointly, Shares in an appropriate amount based upon the number of Shares purchased
under the Option(s). 

  

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 5.7 Nontransferability of Options. 
  

	 	(a)	No ISO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and
distribution. Further, during the lifetime of a Participant, all ISOs granted to such Participant under the Plan shall be exercisable only by such Participant. 

  

	 	(b)	Except as otherwise provided in a Participant’s Award Agreement, no NQSO granted under this Section 5 may be sold, transferred, pledged, assigned, or
otherwise charged, alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, during the lifetime of a Participant, all NQSOs granted to
such Participant under the Plan shall be exercisable only by such Participant. 

 SECTION 6 
 TERMINATION OF SERVICE 
 Each Award Agreement shall set forth the extent to which the Participant shall have the right to exercise Options following termination of such Participant’s termination of service to the Company and
the Related Companies. Such provisions shall be determined in the sole discretion of the Committee, shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Awards issued pursuant to the Plan, and
may reflect distinctions based on the reasons for such termination of service. 
 SECTION 7 
 AMENDMENT AND TERMINATION 
 Subject to obtaining such approvals as may be required under the Code or Bermuda corporate law, the Board may, at any time, amend or terminate the Plan; provided, that subject to
Section 3.3 (relating to certain adjustments to shares), no amendment or termination may materially adversely affect the rights of any Participant or beneficiary under any Award made under the Plan prior to the date such amendment is
adopted by the Board. 
 SECTION 8 
 WITHHOLDING 
 8.1 Tax Withholding. The Company shall have the power
and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy any taxes required by federal, state, or local law or regulation of any applicable jurisdiction to be withheld with respect to any
taxable event arising as a result of this Plan. 
  

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 8.2 Share Withholding. Participants may elect, subject to the approval of the Board,
to satisfy all or part of such withholding requirement by having the Company withhold Shares having a Fair Market Value equal to the minimum statutory total tax which could be imposed on the transaction. All such elections shall be irrevocable, made
in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Board, in its sole discretion, deems appropriate. 
  

 12Form of Amended and Restated Trust Agreement

 Exhibit 4.1 
 FORM OF AMENDED AND RESTATED 
 TRUST AGREEMENT 
 among 
 JPMORGAN
CHASE & CO., as Depositor, 
 THE BANK OF NEW YORK MELLON, 
 as Property Trustee, 
 BNY MELLON TRUST OF DELAWARE,

 as Delaware Trustee, 
 THE ADMINISTRATIVE TRUSTEES NAMED HEREIN, 
 and 
 THE SEVERAL HOLDERS (AS DEFINED HEREIN) 
 Dated as of [                    , 20    ] 
 JPMORGAN CHASE CAPITAL [            ] 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	 ARTICLE I Defined Terms
	  	1
	 Section 1.1.
	  	Definitions	  	1
		
	 ARTICLE II Continuation of the Trust
	  	9
	 Section 2.1.
	  	Name	  	9
	 Section 2.2.
	  	Office of the Delaware Trustee; Principal Place of Business	  	9
	 Section 2.3.
	  	Initial Contribution of Trust Property; Organizational Expenses	  	9
	 Section 2.4.
	  	Issuance of the Capital Securities	  	10
	 Section 2.5.
	  	Issuance of the Common Securities; Subscription and Purchase of Debentures	  	10
	 Section 2.6.
	  	Declaration of Trust	  	11
	 Section 2.7.
	  	Authorization to Enter into Certain Transactions	  	11
	 Section 2.8.
	  	Assets of Trust	  	14
	 Section 2.9.
	  	Title to Trust Property	  	14
		
	 ARTICLE III Payment Account
	  	15
	 Section 3.1.
	  	Payment Account	  	15
		
	 ARTICLE IV Distributions; Redemption
	  	15
	 Section 4.1.
	  	Distributions	  	15
	 Section 4.2.
	  	Redemption	  	16
	 Section 4.3.
	  	Subordination of Common Securities	  	18
	 Section 4.4.
	  	Payment Procedures	  	19
	 Section 4.5.
	  	Tax Returns and Reports	  	19
	 Section 4.6.
	  	Payment of Expenses of the Trust	  	19
	 Section 4.7.
	  	Payments under Indenture or Pursuant to Direct Actions	  	19
	 Section 4.8.
	  	Exchanges of Securities	  	19
		
	 ARTICLE V Trust Securities Certificates
	  	20
	 Section 5.1.
	  	Initial Ownership	  	20
	 Section 5.2.
	  	The Trust Securities Certificates	  	20
	 Section 5.3.
	  	Execution and Delivery of Trust Securities Certificates	  	21
	 Section 5.4.
	  	Registration of Transfer and Exchange of Capital Securities Certificate	  	21
	 Section 5.5.
	  	Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates	  	22
	 Section 5.6.
	  	Persons Deemed Securityholders	  	22
	 Section 5.7.
	  	Access to List of Securityholders’ Names and Addresses	  	22
	 Section 5.8.
	  	Maintenance of Office or Agency	  	22
	 Section 5.9.
	  	Appointment of Paying Agent	  	23
	 Section 5.10.
	  	Ownership of Common Securities by Depositor	  	23
	 Section 5.11.
	  	Book-Entry Capital Securities Certificates; Common Securities Certificate	  	23
	 Section 5.12.
	  	Notices to Clearing Agency	  	24

  

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	 	  	 	  	 Page

			
	 Section 5.13.
	  	Definitive Capital Securities Certificates	  	24
	 Section 5.14.
	  	Rights of Securityholders	  	25
	 Section 5.15.
	  	CUSIP Numbers	  	27
		
	 ARTICLE VI Acts of Securityholders; Meetings; Voting
	  	27
	 Section 6.1.
	  	Limitations on Voting Rights	  	27
	 Section 6.2.
	  	Notice of Meetings	  	29
	 Section 6.3.
	  	Meetings of Capital Securityholders	  	29
	 Section 6.4.
	  	Voting Rights	  	29
	 Section 6.5.
	  	Proxies, etc.	  	29
	 Section 6.6.
	  	Securityholder Action by Written Consent	  	29
	 Section 6.7.
	  	Record Date for Voting and Other Purposes	  	30
	 Section 6.8.
	  	Acts of Securityholders	  	30
	 Section 6.9.
	  	Inspection of Records	  	31
		
	 ARTICLE VII Representations and Warranties
	  	31
	 Section 7.1.
	  	Representations and Warranties of the Property Trustee and the Delaware Trustee	  	31
	 Section 7.2.
	  	Representations and Warranties of Depositor	  	32
		
	 ARTICLE VIII The Trustees
	  	33
	 Section 8.1.
	  	Certain Duties and Responsibilities	  	33
	 Section 8.2.
	  	Certain Notices	  	34
	 Section 8.3.
	  	Certain Rights of Property Trustee	  	34
	 Section 8.4.
	  	Not Responsible for Recitals or Issuance of Securities	  	37
	 Section 8.5.
	  	May Hold Securities	  	37
	 Section 8.6.
	  	Compensation; Indemnity; Fees	  	37
	 Section 8.7.
	  	Corporate Property Trustee Required; Eligibility of Trustees	  	38
	 Section 8.8.
	  	Conflicting Interests	  	39
	 Section 8.9.
	  	Co-Trustees and Separate Trustee	  	39
	 Section 8.10.
	  	Resignation and Removal; Appointment of Successor	  	40
	 Section 8.11.
	  	Acceptance of Appointment by Successor	  	41
	 Section 8.12.
	  	Merger, Conversion, Consolidation or Succession to Business	  	42
	 Section 8.13.
	  	Preferential Collection of Claims Against Depositor or Trust	  	42
	 Section 8.14.
	  	Reports by Property Trustee	  	43
	 Section 8.15.
	  	Reports to the Property Trustee	  	43
	 Section 8.16.
	  	Evidence of Compliance with Conditions Precedent	  	43
	 Section 8.17.
	  	Number of Trustees	  	43
	 Section 8.18.
	  	Delegation of Power	  	44
		
	 ARTICLE IX Termination, Liquidation and Merger
	  	44
	 Section 9.1.
	  	Termination Upon Expiration Date	  	44
	 Section 9.2.
	  	Early Termination	  	44
	 Section 9.3.
	  	Termination	  	45
	 Section 9.4.
	  	Liquidation	  	45
	 Section 9.5.
	  	Mergers, Consolidations, Amalgamations or Replacements of the Trust	  	46

  

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	 ARTICLE X Miscellaneous Provisions
	  	47
	 Section 10.1.
	  	Limitation of Rights of Securityholders	  	47
	 Section 10.2.
	  	Liability of the Common Securityholder	  	47
	 Section 10.3.
	  	Amendment	  	47
	 Section 10.4.
	  	Separability	  	49
	 Section 10.5.
	  	Governing Law	  	49
	 Section 10.6.
	  	Payments Due on Non-Business Day	  	49
	 Section 10.7.
	  	Successors	  	49
	 Section 10.8.
	  	Headings	  	49
	 Section 10.9.
	  	Reports, Notices and Demands	  	49
	 Section 10.10.
	  	Agreement Not to Petition	  	50
	 Section 10.11.
	  	Trust Indenture Act; Conflict with Trust Indenture Act	  	50
	 Section 10.12.
	  	Acceptance of Terms of Trust Agreement, Guarantee and Indenture	  	50
	 Section 10.13.
	  	Holders are Parties	  	51
	 Section 10.14.
	  	Treatment of Trust as Grantor Trust and Debentures as Debt for Federal Income Tax Purposes	  	51
	 Section 10.15.
	  	Counterparts	  	52
	 Section 10.16.
	  	Delaware Trustee	  	52
	 Section 10.17.
	  	Waiver of Jury Trial	  	52
	 Section 10.18.
	  	Force Majeure	  	52

  

 iii 

 AMENDED AND RESTATED TRUST AGREEMENT, dated as of
[                    , 20    ], among (i) JPMorgan Chase & Co., a Delaware corporation (including any successors or
assigns, the “Depositor”), (ii) The Bank of New York Mellon, a New York banking corporation, as property trustee (in each such capacity, the “Property Trustee” and, in its separate corporate capacity and not in its capacity
as Property Trustee, the “Bank”), (iii) BNY Mellon Trust of Delaware, a banking corporation organized under the laws of the State of Delaware, as Delaware trustee (the “Delaware Trustee”),
(iv) [                    ], an individual, and
[                    ], an individual, each of whose address is c/o JPMorgan Chase & Co., 270 Park Avenue, New York, NY 10017 (each an
“Administrative Trustee” and collectively the “Administrative Trustees”) (the Property Trustee, the Delaware Trustee and the Administrative Trustees referred to collectively as the “Trustees”) and (v) the several
Holders, as hereinafter defined. 
 W I T N E S S E T H

 WHEREAS, the Depositor and certain of the trustees have heretofore duly declared and established a statutory
trust pursuant to the Delaware Statutory Trust Act by the entering into that certain Trust Agreement, dated as of [                    ,
20    ] (the “Original Trust Agreement”), and by the execution and filing with the Secretary of State of the State of Delaware of the Certificate of Trust, filed on
[                    , 20    ] (the “Certificate of Trust”), each attached as Exhibit A; 
 WHEREAS, the parties hereto desire to amend and restate the Original Trust Agreement in its entirety as set forth herein to
provide for, among other things, (i) the issuance of the Common Securities by the Trust to the Depositor, (ii) the issuance and sale of the Capital Securities by the Trust pursuant to the Underwriting Agreement and (iii) the
acquisition by the Trust from the Depositor of all of the right, title and interest in the Debentures; and 
 NOW
THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, each party, for the benefit of the other parties and for
the benefit of the Securityholders, hereby amends and restates the Original Trust Agreement in its entirety and agrees as follows: 
 ARTICLE I 
 DEFINED TERMS 
 Section 1.1. Definitions. For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 (b) all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference thereto, have
the meanings assigned to them therein; 
 (c) unless the context otherwise requires, any reference to an “Article” or
a “Section” refers to an Article or a Section, as the case may be, of this Trust Agreement; and 

 (d) the words “herein”, “hereof” and “hereunder” and other
words of similar import refer to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision. 
 “1940 Act” means the Investment Company Act of 1940, as amended. 
 “Act” has the
meaning specified in Section 6.8. 
 “Additional Amount” means, with respect to Trust Securities of a
given Liquidation Amount and/or a given period, the amount of Additional Interest (as defined in the Indenture) paid by the Depositor on a Like Amount of Debentures for such period. 
 “Administrative Trustee” means each of the individuals identified as an “Administrative Trustee” in the preamble
to this Trust Agreement solely in such individual’s capacity as Administrative Trustee of the Trust and not in such individual’s individual capacity, or such Administrative Trustee’s successor in interest in such capacity, or any
successor or additional administrative trustee appointed as herein provided. 
 “Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. 
 “Bank” has the meaning specified in the preamble to this Trust
Agreement. 
 “Bankruptcy Event” means, with respect to any Person: 
 (a) the entry of a decree or order for relief in respect to such Person by a court having jurisdiction in the premises in an involuntary
case under any applicable bankruptcy, insolvency or reorganization law now or hereafter in effect of the United States of America or any political subdivision thereof, and such decree or order shall have continued unstayed and in effect for a period
of 60 consecutive days; 
 (b) the commencement by such Person of a voluntary case under any applicable bankruptcy, insolvency
or reorganization law now or hereafter in effect of the United States of America or a political subdivision thereof, or consent to the entry of an order for relief in an involuntary case under any such law. 
 “Bankruptcy Laws” has the meaning specified in Section 10.10. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Depositor to
have been duly adopted by the Depositor’s Board of Directors, or such committee of the Board of Directors or officers of the Depositor to which authority to act on behalf of the Board of Directors has been delegated, and to be in full force and
effect on the date of such certification, and delivered to the Trustees. 
  

 2 

 “Book-Entry Capital Securities Certificates” means a beneficial interest in
the Capital Securities Certificates, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 5.11. 
 “Business Day” means a day other than (a) a Saturday or Sunday or (b) a day on which banking institutions in The City of New York are authorized or required by law or executive
order to remain closed or a day on which the corporate trust office of the Property Trustee or the Debenture Trustee is closed for business. 
 “Capital Securities Certificate” means a certificate evidencing ownership of Capital Securities, substantially in the form attached as Exhibit B. 
 “Capital Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of
$[            ] and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a Liquidation Distribution as provided herein. 

“Capital Securityholder” means a Holder of Capital Securities. 
 “Capital Treatment Event” means the reasonable determination by the Depositor that, as a result of any amendment to, or
change (including any proposed change) in, the laws or any regulations of the United States or any political subdivision thereof or therein, or as a result of any official or administrative decision or judicial decision or administrative action or
other official pronouncement interpreting or applying such laws or regulations, which amendment or change is enacted or becomes effective or such proposed change, pronouncement, action or decision is announced after the date of issuance of the
Capital Securities hereunder, there is more than an insubstantial risk that the Depositor will not be entitled to treat an amount equal to the Liquidation Amount of the Capital Securities as “Tier 1 Capital” (or its equivalent) for
purposes of the capital adequacy guidelines of the Federal Reserve, as then in effect and applicable. 
 “Certificate
Depository Agreement” means the agreement among the Trust, the Depositor and The Depository Trust Company, as the initial Clearing Agency, dated as of the Closing Date, relating to the Trust Securities Certificates, as the same may be
amended and supplemented from time to time. 
 “Certificate of Trust” has the meaning specified in the recitals
hereof, as amended from time to time. 
 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Securities Exchange Act of 1934, as amended. The Depository Trust Company will be the initial Clearing Agency. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and
pledges of securities deposited with the Clearing Agency. 
 “Closing Date” means the date of execution and
delivery of this Trust Agreement. 
  

 3 

 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such
time. 
 “Common Securities Certificate” means a certificate evidencing ownership of Common Securities,
substantially in the form attached as Exhibit C. 
 “Common Security” means an undivided beneficial interest in
the assets of the Trust, having a Liquidation Amount of $[            ] and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a
Liquidation Distribution as provided herein. 
 “Common Securityholder” means a Holder of Common Securities.

 “Corporate Trust Office” means (i) when used with respect to the Property Trustee, the principal office
of the Property Trustee located in New York, New York, and (ii) when used with respect to the Debenture Trustee, the principal office of the Debenture Trustee located in New York, New York. 
 “Debenture Event of Default” means an “Event of Default” as defined in the Indenture. 
 “Debenture Maturity Date” means the date specified pursuant to the terms of the Debentures as the date on which the
principal of the Debentures is due and payable. 
 “Debenture Redemption Date” means, with respect to any
Debentures to be redeemed under the Indenture, the date fixed for redemption under the Indenture. 
 “Debenture
Trustee” means The Bank of New York Mellon, a New York banking corporation, as trustee under the Indenture, and any successor trustee appointed as provided therein. 
 “Debentures” means the $[            ] aggregate principal
amount of the Depositor’s [    %] Junior Subordinated Deferrable Interest Debentures, Series [    ], issued pursuant to the Indenture, a form of which is attached as Exhibit D. 
 “Definitive Capital Securities Certificates” means either or both (as the context requires) of (a) Capital Securities
Certificates issued as Book-Entry Capital Securities Certificates as provided in Section 5.11(a) and (b) Capital Securities Certificates issued in certificated, fully registered form as provided in Section 5.13. 
 “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. 3801, et seq., as it
may be amended from time to time. 
  

 4 

 “Delaware Trustee” means the Person identified as the “Delaware
Trustee” in the preamble to this Trust Agreement solely in its capacity as Delaware Trustee of the Trust and not in its individual capacity, or its successor in interest in such capacity, or any successor Delaware Trustee appointed as herein
provided. 
 “Depositor” has the meaning specified in the preamble to this Trust Agreement. 
 “Depositor Affiliated Owner” has the meaning specified in Section 4.8. 
 “Distribution Date” has the meaning specified in Section 4.1(a). 
 “Distributions” means amounts payable in respect of the Trust Securities as provided in Section 4.1. 
 “Early Termination Event” has the meaning specified in Section 9.2. 
 “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) the occurrence of a Debenture Event of Default; or 
 (b) default by the Property Trustee in the payment of any Distribution when it becomes due and payable, and continuation of such default for a period of 30 days; or 
 (c) default by the Property Trustee in the payment of any Redemption Price of any Trust Security when it becomes due and payable; or

 (d) default in the performance, or breach, in any material respect, of any covenant or warranty of the Trustees in this Trust
Agreement (other than a covenant or warranty a default in the performance or breach of which is dealt with in clause (b) or (c) above) and continuation of such default or breach for a period of 90 days after there has been given, by
registered or certified mail, to the defaulting Trustee or Trustees by the Holders of at least 25% in aggregate Liquidation Amount of the Outstanding Capital Securities, a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (e) the occurrence of a Bankruptcy
Event with respect to the Property Trustee and the failure by the Depositor to appoint a successor Property Trustee within 90 days thereof. 
 “Expiration Date” has the meaning specified in Section 9.1. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to time constituted, or if at any time after the execution of this Trust Agreement the Federal Reserve is not existing and
performing the duties now assigned to it, then the body performing such duties at such time. 
  

 5 

 “Guarantee” means the Guarantee Agreement executed and delivered by the
Depositor and The Bank of New York Mellon, as trustee, contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the Holders of the Trust Securities, as amended from time to time. 
 “Indenture” means the Junior Subordinated Indenture, dated as of December 1, 1996, between the Depositor and the
Debenture Trustee, as trustee, as amended or supplemented from time to time. 
 “Lien” means any lien, pledge,
charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment, security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever. 
 “Like Amount” means (a) with respect to a redemption of Trust Securities, Trust Securities having a Liquidation Amount
equal to the principal amount of Debentures to be contemporaneously redeemed in accordance with the Indenture the proceeds of which will be used to pay the Redemption Price of such Trust Securities, (b) with respect to a distribution of
Debentures to Holders of Trust Securities in connection with a dissolution or liquidation of the Trust, Debentures having a principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Debentures are
distributed and (c) with respect to the delivery to the Property Trustee for exchange any Capital Securities beneficially owned by a Depositor Affiliated Owner pursuant to Section 4.8, Debentures having a principal amount equal to the
Liquidation Amount of the Capital Securities of the Depositor Affiliated Owner so delivered by the Depositor Affiliated Owner. 
 “Liquidation Amount” means the stated amount of $[            ] per Trust Security. 
 “Liquidation Date” means the date on which Debentures are to be distributed to Holders of Trust Securities in connection with a dissolution and liquidation of the Trust pursuant to
Section 9.4(a). 
 “Liquidation Distribution” has the meaning specified in Section 9.4(d).

 “Officers’ Certificate” means a certificate signed by the Chairman and Chief Executive Officer,
President, Managing Director or a Vice President, and by the Treasurer, an Associate Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary, of the Depositor, and delivered to the appropriate Trustee. Any
Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Trust Agreement shall include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the Officers’
Certificate; 
  

 6 

 (c) a statement that each such officer has made such examination or investigation as, in
such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each such officer, such condition or covenant has been complied with. 
 “Opinion of Counsel” means a written opinion reasonably acceptable to the Property Trustee of counsel, who may be counsel
for the Trust, the Property Trustee or the Depositor, and who shall be reasonably acceptable to the Property Trustee. 
 “Original Trust Agreement” has the meaning specified in the recitals to this Trust Agreement. 
 “Outstanding”, when used with respect to Trust Securities, means, as of the date of determination, all Trust Securities represented by Trust Securities Certificates theretofore executed and delivered under this Trust
Agreement, except: 
 (a) Trust Securities represented by Trust Securities Certificates theretofore cancelled by the
Securities Registrar or delivered to the Securities Registrar for cancellation; 
 (b) Trust Securities for whose payment or
redemption money in the necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent for the Holders of such Trust Securities; provided that, if such Trust Securities are to be redeemed, notice of such
redemption has been duly given pursuant to this Trust Agreement; and 
 (c) Trust Securities which have been paid or that are
represented by Trust Securities Certificates in exchange for or in lieu of which other Trust Securities Certificates have been executed and delivered pursuant to this Trust Agreement, including pursuant to Sections 5.4, 5.5, 5.11 and 5.13;
provided, however, that in determining whether the Holders of the requisite Liquidation Amount of the Outstanding Capital Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Capital
Securities owned by the Depositor, any Trustee or any Affiliate of the Depositor or any Trustee shall be disregarded and deemed not to be Outstanding, except that (a) in determining whether any Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Capital Securities that such Trustee actually knows to be so owned shall be so disregarded and (b) the foregoing shall not apply at any time when all of the
Outstanding Capital Securities are owned by the Depositor, one or more of the Trustees and/or any such Affiliate. Capital Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to such Capital Securities and that the pledgee is not the Depositor or any Affiliate of the Depositor. 
 “Owner” means each Person who is the beneficial owner of a Book-Entry Capital Securities Certificate as reflected in the
records of the Clearing Agency or, if a Clearing Agency Participant is not the beneficial owner, then as reflected in the records of a Person maintaining an account with such Clearing Agency (directly or indirectly, in accordance with the rules of
such Clearing Agency). 
  

 7 

 “Paying Agent” means any paying agent or co-paying agent appointed pursuant
to Section 5.9 and shall initially be the Bank. 
 “Payment Account” means a segregated
non-interest-bearing corporate trust account maintained by the Property Trustee with the Bank in its corporate trust department for the benefit of the Securityholders in which all amounts paid in respect of the Debentures will be held and from which
the Property Trustee, through the Paying Agent, shall make payments to the Securityholders in accordance with Sections 4.1 and 4.2. 
 “Person” means any individual, corporation, partnership, joint venture, trust, limited liability company or corporation, unincorporated organization or government or any agency or political subdivision thereof. 

“Purchase Price Percentage” has the meaning specified in Section 2.4. 
 “Property Trustee” means the Person identified as the “Property Trustee” in the preamble to this Trust Agreement
solely in its capacity as Property Trustee of the Trust heretofore created and continued hereunder and not in its individual capacity, or its successor in interest in such capacity, or any successor property trustee appointed as herein provided.

 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for such
redemption by or pursuant to this Trust Agreement; provided that each Debenture Redemption Date and the Debenture Maturity Date shall be a Redemption Date for a Like Amount of Trust Securities. 
 “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount of such Trust Security, plus
accumulated and unpaid Distributions to the Redemption Date, paid by the Depositor upon the concurrent redemption of a Like Amount of Debentures, allocated on a pro rata basis (based on Liquidation Amounts) among the Trust Securities. 
 “Relevant Trustee” shall have the meaning specified in Section 8.10. 
 “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 5.4. 
 “Securityholder” or “Holder” means a Person in whose name a Trust
Security or Trust Securities is registered in the Securities Register; any such Person shall be a beneficial owner within the meaning of the Delaware Statutory Trust Act; provided, however, that in determining whether the Holders of the requisite
amount of Capital Securities have voted on any matter provided for in this Trust Agreement, then for the purpose of any such determination, so long as Definitive Capital Securities Certificates have not been issued, the term Securityholders or
Holders as used herein shall refer to the Owners. 
 “Trust” means the Delaware statutory trust continued
hereby and identified on the cover page to this Trust Agreement. 
 “Trust Agreement” means this Amended and
Restated Trust Agreement, as the same may be modified, amended or supplemented in accordance with the applicable provisions hereof,

  

 8 

 
including (i) all exhibits hereto and (ii) for all purposes of this Trust Agreement and any such modification, amendment or supplement, the provisions of the Trust Indenture Act that
are deemed to be a part of and govern this Trust Agreement and any such modification, amendment or supplement, respectively. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such
date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
 “Trust Property” means (a) the Debentures, (b) any cash on deposit in, or owing to, the Payment Account and (c) all proceeds and rights in respect of the foregoing.

 “Trust Securities Certificate” means any one of the Common Securities Certificates or the Capital Securities
Certificates. 
 “Trust Security” means any one of the Common Securities or the Capital Securities. 

“Trustees” means, collectively, the Property Trustee, the Delaware Trustee and the Administrative Trustees. 

“Underwriting Agreement” means the Pricing Agreement, dated as of
[                    , 20    ], among the Trust, the Depositor and
[                                        ], as
representative[s] of the underwriters named therein, incorporating the Standard Provisions dated [                    , 20    ].

 “U.S. Person” means a United States person as defined in Section 7701(a)(30) of the Code. 

ARTICLE II 
 CONTINUATION OF THE TRUST 
 Section 2.1. Name. The Trust continued hereby shall be known as
“JPMorgan Chase Capital [                    ],” as such name may be modified from time to time by the Administrative Trustees following
written notice to the Holders of Trust Securities and the other Trustees, in which name the Trustees engage in the transactions contemplated hereby, make and execute contracts and other instruments on behalf of the Trust and sue and be sued.

 Section 2.2. Office of the Delaware Trustee; Principal Place of Business. The address of the Delaware
Trustee in the State of Delaware is c/o BNY Mellon Trust of Delaware, White Clay Center, Route 273, Newark, Delaware 19711, Attention: Corporate Trust Department, or such other address in the State of Delaware as the Delaware Trustee may designate
by written notice to the Securityholders and the Depositor. The principal executive office of the Trust is c/o JPMorgan Chase & Co., 270 Park Avenue, New York, NY 10017. 
 Section 2.3. Initial Contribution of Trust Property; Organizational Expenses. The Property Trustee acknowledges receipt in
trust from the Depositor in connection with the

  

 9 

 
Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of any
Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses. 
 Section 2.4. Issuance of the Capital Securities. The Depositor, on behalf of the Trust and pursuant to the Original Trust
Agreement, executed and delivered the Underwriting Agreement. Contemporaneously with the execution and delivery of this Trust Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver
to the Underwriters named in the Underwriting Agreement Capital Securities Certificates, registered in the name of the nominee of the initial Clearing Agency, in an aggregate amount of
[                    ] Capital Securities having an aggregate Liquidation Amount of
$[            ], against receipt of an aggregate purchase price plus accrued distributions from
[                    , 20    ], if any, on such Capital Securities of
$[            ] which amount such Administrative Trustee shall promptly deliver to the Property Trustee. On any one or more dates after the execution and delivery of this Trust Agreement
additional Capital Securities Certificates representing Capital Securities may be issued in accordance with Section 5.2, registered in the name of the nominee of the initial Clearing Agency against receipt by the Property Trustee of the
purchase price that is determined by the Depositor. Such additional Capital Securities may be issued at a different offering price and accrue distributions from a different date than the Capital Securities being issued hereby. 
 Section 2.5. Issuance of the Common Securities; Subscription and Purchase of Debentures. Contemporaneously with the
execution and delivery of this Trust Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.2 and deliver to the Depositor Common Securities Certificates, registered in the name of the
Depositor, in an aggregate amount of [    ] Common Securities having an aggregate Liquidation Amount of $[            ] against payment by the Depositor of an aggregate
purchase price of $[            ], plus accrued distributions from [                    ,
20    ], if any, on such Common Securities, which amount such Administrative Trustee shall promptly deliver to the Property Trustee. Contemporaneously therewith, an Administrative Trustee, on behalf of the Trust, shall subscribe
to and purchase from the Depositor Debentures, registered in the name of the Trust and having an aggregate principal amount equal to $[            ], and, in satisfaction of the purchase
price plus accrued interest from [                    , 20    ], if any, for such Debentures, the Property Trustee, on behalf of
the Trust, shall deliver to the Depositor the sum of $[            ] (being the sum of the amounts delivered to the Property Trustee pursuant to (i) the second sentence of
Section 2.4 and (ii) the first sentence of this Section 2.5). In connection with any subsequent issuance of Capital Securities as set forth in the third sentence of Section 2.4, an Administrative Trustee, on behalf of the Trust,
shall (a) execute in accordance with Section 5.2 and deliver to the Depositor Common Securities Certificates, registered in the name of the Depositor, representing Common Securities having an aggregate Liquidation Amount as shall be
determined by the Depositor, against payment by the Depositor of the purchase price therefor determined by the Depositor and (b) contemporaneously with any such additional issuance, shall subscribe to and purchase from the Depositor Debentures,
registered in the name of the Trust, having an aggregate principal amount equal to the aggregate Liquidation Amount of Capital Securities and Common Securities being issued by the Trust pursuant to the third sentence of Section 2.4 and this
third sentence of

  

 10 

 
this Section 2.5, against payment of a purchase price equal to the aggregate purchase prices of the Capital Securities and Common Securities being so issued. 
 Section 2.6. Declaration of Trust. The exclusive purposes and functions of the Trust are (a) to issue and sell Trust
Securities, (b) to use the proceeds from such sale to acquire the Debentures and (c) to engage in those activities necessary or incidental thereto. The Depositor hereby appoints the Trustees as trustees of the Trust, to have all the
rights, powers and duties to the extent set forth herein, and the Trustees hereby accept such appointment. The Property Trustee hereby declares that it will hold the Trust Property in trust upon and subject to the conditions set forth herein for the
benefit of the Trust and the Securityholders. The Administrative Trustees shall have all rights, powers and duties set forth herein and in accordance with applicable law with respect to accomplishing the purposes of the Trust. The Delaware Trustee
shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities, of the Property Trustee or the Administrative Trustees set forth herein. The Delaware Trustee shall be one of the Trustees of
the Trust for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Statutory Trust Act. 
 Section 2.7. Authorization to Enter into Certain Transactions. 
 (a) The Trustees shall conduct the
affairs of the Trust in accordance with the terms of this Trust Agreement. Subject to the limitations set forth in paragraph (b) of this Section and Article VIII and in accordance with the following provisions (i) and (ii), the Trustees
shall have the authority to enter into all transactions and agreements determined by the Trustees to be appropriate in exercising the authority, express or implied, otherwise granted to the Trustees under this Trust Agreement, and to perform all
acts in furtherance thereof, including without limitation, the following: 
 (i) As among the Trustees, each
Administrative Trustee, acting singly or collectively, shall have the power and authority to act on behalf of the Trust with respect to the following matters: 
 (A) the issuance and sale of the Trust Securities; 
 (B) causing the Trust to enter into, and to execute, deliver and perform on behalf of the Trust, the Certificate Depository
Agreement and such other agreements as may be necessary or desirable in connection with the purposes and function of the Trust; 
 (C) assisting in the registration of the Capital Securities under the Securities Act of 1933, as amended, and under state securities or blue sky laws, and the qualification of this Trust Agreement as a
trust indenture under the Trust Indenture Act; 
 (D) assisting in the listing, if any, of the Capital Securities
upon such national securities exchange or exchanges or automated quotation system or systems as shall be determined by the Depositor and the registration of the Capital Securities under the Securities Exchange Act of 1934, as amended, and the

  

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preparation and filing of all periodic and other reports and other documents pursuant to the foregoing; 
 (E) the sending of notices (other than notices of default) and other information regarding the Trust Securities and the
Debentures to the Securityholders in accordance with this Trust Agreement; 
 (F) the appointment of a Paying
Agent and Securities Registrar in accordance with this Trust Agreement; 
 (G) registering transfer of the Trust
Securities in accordance with this Trust Agreement; 
 (H) to the extent provided in this Trust Agreement, the
winding up of the affairs of and liquidation of the Trust and the execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; 
 (I) unless otherwise required by the Delaware Statutory Trust Act or the Trust Indenture Act, executing on behalf of the
Trust (either acting alone or together with any or all of the Administrative Trustees) any documents that the Administrative Trustees have the power to execute pursuant to this Trust Agreement; and 
 (J) taking any action incidental to the foregoing as the Trustees may from time to time determine is necessary or advisable
to give effect to the terms of this Trust Agreement for the benefit of the Securityholders (without consideration of the effect of any such action on any particular Securityholder). 
 (ii) As among the Trustees, the Property Trustee shall have the power, duty and authority to act on behalf of the Trust with
respect to the following matters: 
 (A) the establishment of the Payment Account; 
 (B) the receipt of the Debentures; 
 (C) the collection of interest, principal and any other payments made in respect of the Debentures in the Payment Account;

 (D) the distribution through the Paying Agent of amounts owed to the Securityholders in respect of the Trust
Securities; 
 (E) the exercise of all of the rights, powers and privileges of a holder of the Debentures;

 (F) the sending of notices of default and other information regarding the Trust Securities and the Debentures
to the Securityholders in accordance with this Trust Agreement; 
  

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 (G) the distribution or exchange of the Trust Property in accordance with
the terms of this Trust Agreement; and 
 (H) to the extent provided in this Trust Agreement, the winding up of
the affairs of and liquidation of the Trust and the execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware. 
 Except as otherwise provided in this Section 2.7(a)(ii), the Property Trustee shall have none of the duties, liabilities, powers or the authority of the Administrative Trustees set forth in
Section 2.7(a)(i). 
 (b) So long as this Trust Agreement remains in effect, the Trust (or the Trustees acting on behalf of
the Trust) shall not undertake any business, activities or transaction except as expressly provided herein or contemplated hereby. In particular, the Trustees shall not (i) acquire any investments or engage in any activities not authorized by
this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including to Securityholders, except as expressly provided herein, (iii) take
any action that would cause the Trust to fail or cease to qualify as a “grantor trust” for United States federal income tax purposes, (iv) incur any indebtedness for borrowed money or issue any other debt, (v) take or consent to
any action that would result in the placement of a Lien on any of the Trust Property, (vi) invest any proceeds received by the Trust from holding the Debentures (it being understood that the Trust and Trustees shall distribute all such proceeds
to Holders of Trust Securities pursuant to the terms of this Trust Agreement and of the Trust Securities); (vii) acquire any assets other than the Trust Property, (viii) possess any power or otherwise act in such a way as to vary the Trust
Property except as expressly provided herein, (ix) possess any power or otherwise act in such a way as to vary the terms of the Trust Securities in any way whatsoever (except to the extent expressly authorized in this Trust Agreement or by the
terms of the Trust Securities) or (x) issue any securities or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than the Trust Securities. The Administrative Trustees shall defend all claims and demands of
all Persons at any time claiming any Lien on any of the Trust Property adverse to the interest of the Trust or the Securityholders in their capacity as Securityholders. 
 (c) In connection with the issue and sale of the Capital Securities, the Depositor shall have the right and responsibility to assist the Trust with respect to, or effect on behalf of the Trust, the
following (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust Agreement are hereby ratified and confirmed in all respects): 
 (i) the preparation and filing by the Trust with the Commission and the execution on behalf of the Trust of one or more
registration statements on the appropriate form in relation to the Capital Securities, including any amendments thereto; 
 (ii) the determination of the states in which to take appropriate action to qualify or register for sale all or part of the Capital Securities and the determination of any and all such acts, other than
actions which must be taken by or on behalf of the Trust, and the advice to the Trustees of actions they must take on behalf of the Trust, and the preparation for execution and filing of any documents to be executed and filed by the

  

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Trust or on behalf of the Trust, as the Depositor deems necessary or advisable in order to comply with the applicable laws of any such states; 
 (iii) the determination as to whether the Capital Securities will be listed on and the preparation for filing by the Trust
and execution on behalf of the Trust of an application to the New York Stock Exchange or any other national stock exchange or the Nasdaq National Market or any other automated quotation system for listing upon notice of issuance of any Capital
Securities and filing with such exchange or self-regulatory organization such notifications and documents as may be necessary from time to time to maintain such listing; 
 (iv) the negotiation of the terms of, and the execution and delivery of, the Underwriting Agreement or any additional
underwriting or distribution agreement in connection with any subsequent sale of Capital Securities after the Closing Date providing for the sale of the Capital Securities; and 
 (v) the taking of any other actions necessary or desirable to carry out any of the foregoing activities. 
 (d) Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed to conduct the affairs of the
Trust and to operate the Trust so that the Trust will not be deemed to be an “investment company” required to be registered under the 1940 Act, or fail to be classified as a grantor trust for United States federal income tax purposes and
so that the Debentures will be treated as indebtedness of the Depositor for United States federal income tax purposes. In this connection, the Depositor and the Administrative Trustees are authorized to take any action, not inconsistent with
applicable law, the Certificate of Trust or this Trust Agreement, that each of the Depositor and any Administrative Trustee determines in its discretion to be necessary or desirable for such purposes, as long as such action does not adversely affect
in any material respect the interests of the Holders of the Capital Securities. 
 Section 2.8. Assets of
Trust. 
 The assets of the Trust shall consist solely of the Trust Property. 
 Section 2.9. Title to Trust Property. 
 Legal title to all Trust Property shall be vested at all times in the Property Trustee (in its capacity as such) and shall be held and administered by the Property Trustee for the benefit of the Trust and
the Securityholders in accordance with this Trust Agreement. 
  

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 ARTICLE III 
 PAYMENT ACCOUNT 
 Section 3.1. Payment Account. 
 (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the
Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and
other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject
to) any priority of payments provided for herein. 
 (b) The Property Trustee shall deposit in the Payment Account, promptly
upon receipt, all payments of principal of or interest or premium on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Payment Account shall not be invested by the Property Trustee. 
 ARTICLE IV 
 DISTRIBUTIONS; REDEMPTION 
 Section 4.1. Distributions. 
 (a) The Trust Securities represent undivided beneficial ownership interests in the Trust Property, and Distributions (including of Additional
Amounts) will be made on the Trust Securities at the rate and on the dates that payments of interest (including of Additional Interest, as defined in the Indenture) are made on the Debentures. Accordingly: 
 (i) Distributions on the Trust Securities shall be cumulative, and will accumulate whether or not there are funds of the
Trust available for the payment of Distributions. Distributions shall accrue from [                    , 20    ], and, except in
the event (and to the extent) that the Depositor exercises its right to defer the payment of interest on the Debentures pursuant to the Indenture, shall be payable [semi-annually] in arrears on
[                    ] and [                    ]
of each year, commencing on [                    , 20    ]. [If any date on which a Distribution is otherwise payable on the
Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding day that is a Business Day (without any additional Distributions or other payment in respect of such delay)] (each date on which
Distributions are payable in accordance with this Section 4.1(a), a “Distribution Date”). 
 (ii)
Assuming payments of interest on the Debentures are made when due (and before giving effect to Additional Amounts, if applicable), Distributions on the Trust Securities shall be payable at the rate per annum provided for in the Debentures. The
amount of Distributions payable for any period shall be computed on the basis of a

  

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[360-day year of twelve 30 day months]. The amount of Distributions payable for any period shall include the Additional Amounts, if any. 
 (iii) Distributions on the Trust Securities shall be made by the Property Trustee from the Payment Account and shall be
payable on each Distribution Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
 (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable to the Holders thereof as they appear on the Securities Register for the Trust Securities on the relevant
record date, which shall be [one Business Day prior to such Distribution Date]; provided, however, that in the event that the Capital Securities do not remain in book-entry-only form, the relevant record date [shall be the first day of the
month in which the relevant Distribution Date occurs without giving effect to the third sentence of Section 4.1(a)(i) (whether or not such record date is a Business Day)]. 
 Section 4.2. Redemption. 
 (a) On each Debenture Redemption Date and on the Debenture Maturity Date, the Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. 
 (b) Notice of redemption shall be given by the Property Trustee by first-class mail, postage prepaid, mailed not less than 30 nor more than
60 days prior to the Redemption Date to each Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the Security Register. All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (iii) the CUSIP number; 
 (iv) if less than all the Outstanding Trust Securities are to be redeemed, the identification and the total Liquidation
Amount of the particular Trust Securities to be redeemed; 
 (v) that on the Redemption Date the Redemption Price
will become due and payable upon each such Trust Security to be redeemed and that Distributions thereon will cease to accrue on and after said date; and 
 (vi) if the Capital Securities are no longer in book-entry-only form, the place and address where the Holders shall surrender their Capital Securities Certificates. 
 (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption Price with the proceeds from the
contemporaneous redemption of the Debentures or payment on the Debenture Maturity Date. Redemptions of the Trust Securities shall be made and the Redemption Price shall be payable on each Redemption Date only to the extent that the Trust

  

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has funds then on hand and available in the Payment Account for the payment of such Redemption Price. 
 (d) If the Property Trustee gives a notice of redemption in respect of any Capital Securities, then, by 12:00 noon, New York City time, on the Redemption Date, subject to Section 4.2(c), the Property
Trustee will, so long as the Capital Securities are in book-entry-only form, irrevocably deposit with the Clearing Agency for the Capital Securities funds sufficient to pay the applicable Redemption Price and will give such Clearing Agency
irrevocable instructions and authority to pay the Redemption Price to the Holders thereof. If the Capital Securities are no longer in book-entry-only form, the Property Trustee, subject to Section 4.2(c), will irrevocably deposit with the
Paying Agent funds sufficient to pay the applicable Redemption Price and will give the Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders thereof upon surrender of their Capital Securities Certificates.
Notwithstanding the foregoing, Distributions payable on or prior to the Redemption Date for any Trust Securities called for redemption shall be payable to the Holders of such Trust Securities as they appear on the Securities Register for the Trust
Securities on the relevant record dates for the related Distribution Dates. If notice of redemption shall have been given and funds deposited as required, then upon the date of such deposit, all rights of Securityholders holding Trust Securities so
called for redemption will cease, except the right of such Securityholders to receive the Redemption Price and any Distribution payable on or prior to the Redemption Date, but without interest thereon, and such Trust Securities will cease to be
Outstanding. In the event that any date on which any Redemption Price is payable is not a Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding day that is a Business Day (and without any
interest or other payment in respect of any such delay). In the event that payment of the Redemption Price in respect of any Trust Securities called for redemption is improperly withheld or refused and not paid either by the Trust or by the
Depositor pursuant to the Guarantee, Distributions on such Trust Securities will continue to accrue, at the then applicable rate, from the Redemption Date originally established by the Trust for such Trust Securities to the date such Redemption
Price is actually paid, in which case the actual payment date will be the date fixed for redemption for purposes of calculating the Redemption Price. 
 (e) Payment of the Redemption Price on the Trust Securities shall be made to the recordholders thereof as they appear on the Securities Register for the Trust Securities on the relevant record date,
[which shall be one Business Day prior to the relevant Redemption Date; provided, however, that in the event that the Capital Securities do not remain in book-entry-only form, the relevant record date shall be the date fifteen days prior to
the relevant Redemption Date]. 
 (f) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to
be redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed shall be allocated on a pro rata basis (based on Liquidation Amounts) among the Common Securities and the Capital Securities. The particular
Capital Securities to be redeemed shall be selected on a pro rata basis (based upon Liquidation Amounts) not more than 60 days prior to the Redemption Date by the Property Trustee from the Outstanding Capital Securities not previously called for
redemption, by such method (including, without limitation, by lot) as the Property Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to
$[            ] or an integral multiple of $[            ] in excess thereof)

  

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of the Liquidation Amount of Capital Securities of a denomination larger than $[            ]. The Property Trustee shall promptly
notify the Security Registrar in writing of the Capital Securities selected for redemption and, in the case of any Capital Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this Trust
Agreement, unless the context otherwise requires, all provisions relating to the redemption of Capital Securities shall relate, in the case of any Capital Securities redeemed or to be redeemed only in part, to the portion of the Liquidation Amount
of Capital Securities that has been or is to be redeemed. 
 Section 4.3. Subordination of Common Securities.

 (a) Payment of Distributions (including Additional Amounts, if applicable) on, and the Redemption Price of, the Trust
Securities, as applicable, shall be made, subject to Section 4.2(f), pro rata among the Common Securities and the Capital Securities based on the Liquidation Amount of the Trust Securities; provided, however, that if on any
Distribution Date or Redemption Date any Event of Default resulting from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including Additional Amounts, if applicable) on, or Redemption Price of, any
Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including Additional Amounts, if
applicable) on all Outstanding Capital Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Capital Securities then
called for redemption, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including Additional Amounts, if applicable) on, or
the Redemption Price of, Capital Securities then due and payable. 
 (b) In the case of the occurrence of any Event of Default
resulting from any Debenture Event of Default, the Holder of Common Securities will be deemed to have waived any right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with
respect to the Capital Securities have been cured, waived or otherwise eliminated. Until any such Event of Default under this Trust Agreement with respect to the Capital Securities has been so cured, waived or otherwise eliminated, the Property
Trustee shall act solely on behalf of the Holders of the Capital Securities and not the Holder of the Common Securities, and only the Holders of the Capital Securities will have the right to direct the Property Trustee to act on their behalf.

  

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 Section 4.4. Payment Procedures. Payments of Distributions (including
Additional Amounts, if applicable) in respect of the Capital Securities shall be made by check mailed to the address of the Person entitled thereto as such address shall appear on the Securities Register or, if the Capital Securities are held by a
Clearing Agency, such Distributions shall be made to the Clearing Agency in immediately available funds, which shall credit the relevant Persons’ accounts at such Clearing Agency on the applicable Distribution Dates. Payments in respect of the
Common Securities shall be made in such manner as shall be mutually agreed in writing between the Property Trustee and the Common Securityholder. 
 Section 4.5. Tax Returns and Reports. The Administrative Trustees shall prepare (or cause to be prepared), at the Depositor’s expense, and file all United States federal, state and
local tax and information returns and reports required to be filed by or in respect of the Trust. In this regard, the Administrative Trustees shall (a) prepare and file (or cause to be prepared and filed) the appropriate Internal Revenue
Service Form required to be filed in respect of the Trust in each taxable year of the Trust and (b) prepare and furnish (or cause to be prepared and furnished) to each Securityholder the appropriate Internal Revenue Service form and the
information required to be provided on such form. The Administrative Trustees shall provide the Depositor and the Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. The Trustees shall comply with
United States federal withholding and backup withholding tax laws and information reporting requirements with respect to any payments to Securityholders under the Trust Securities. 
 Section 4.6. Payment of Expenses of the Trust. Pursuant to Section 10.6 of the Indenture, the Depositor, as borrower,
has agreed to pay to the Trust, and reimburse the Trust for, the full amount of any costs, expenses or liabilities of the Trust (other than obligations of the Trust to pay the Holders of any Capital Securities or other similar interests in the Trust
the amounts due such Holders pursuant to the terms of the Capital Securities or such other similar interests, as the case may be), including, without limitation, any taxes, duties or other governmental charges of whatever nature (other than
withholding taxes) imposed on the Trust by the United States or any other taxing authority. 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 termination of the Trust. 
 Section 4.7. Payments under Indenture or Pursuant to Direct Actions. Any amount
payable hereunder to any Holder of Capital Securities shall be reduced by the amount of any corresponding payment such Holder (or an Owner with respect to the Holder’s Capital Securities) has directly received pursuant to Section 5.8 of
the Indenture or Section 5.14 of this Trust Agreement. 
 Section 4.8. Exchanges of Securities.

 (a) If at any time the Depositor or any of its Affiliates is the Owner of any Capital Securities (in either case, a
“Depositor Affiliated Owner”), such Depositor Affiliated Owner shall have the right to deliver to the Property Trustee or its designee all or such portion of its Capital Securities as it elects and receive, in exchange therefor, a Like
Amount of Debentures. Such election (i) shall be exercisable by such Depositor Affiliated Owner delivering to the Property Trustee a written notice of such election (A) specifying the Liquidation Amount of the

  

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Capital Securities with respect to which such election is being made, (B) containing the broker participant number through which such Capital Securities will be delivered to the Property
Trustee via The Depository Trust Company and (C) specifying the date on which such exchange shall occur, which may be any date other than the record date for any Distribution or a date from such record date to and including the Distribution
Date for such Distribution, and (ii) shall be conditioned upon such Depositor Affiliated Owner having delivered or caused to be delivered to the Property Trustee or its designee the Capital Securities that are the subject of such election by
10:00 A.M. New York time, on the date on which such exchange is to occur. After the exchange, such Capital Securities shall be cancelled and shall no longer be deemed to be Outstanding and all rights of the Depositor Affiliated Owner with respect to
such Capital Securities shall cease, including the right to receive accumulated but unpaid Distributions thereon. In the event such Capital Securities are Book-Entry Capital Securities, upon such exchange the Property Trustee, in its capacity as
Securities Registrar, shall cause an annotation to be made on the Book-Entry Capital Securities Certificate or Certificates evidencing such Book-Entry Capital Securities to evidence the reduction in the Liquidation Amount thereof resulting from such
cancellation. 
 (b) Notwithstanding anything else in this Trust Agreement to the contrary, in order to effectuate any exchange
contemplated by Section 4.8(a) above, the Trust is hereby authorized to execute, deliver and perform, and the Depositor or any Administrative Trustee, on behalf of the Trust, acting singly or collectively, is hereby authorized to execute and
deliver on behalf of the Trust, an exchange agreement, cancellation letter, and any and all other documents, agreements, or certificates contemplated by or related to any exchange made pursuant to Section 4.8(a) above, in each case without
further action or approval of any other Person. 
 ARTICLE V 
 TRUST SECURITIES CERTIFICATES 
 Section 5.1. Initial Ownership. Upon the creation of the Trust and the contribution by the Depositor pursuant to Section 2.3 and until the issuance of the Trust Securities, and at any time during which no Trust
Securities are Outstanding, the Depositor shall be the sole beneficial owner of the Trust. 
 Section 5.2. The
Trust Securities Certificates. The Capital Securities Certificates shall be issued in minimum denominations of $[            ] Liquidation Amount and integral multiples of
$[            ] in excess thereof, and the Common Securities Certificates shall be issued in denominations of $[            ]
Liquidation Amount and integral multiples thereof. The Trust Securities Certificates shall be executed on behalf of the Trust by manual or facsimile signature of at least one Administrative Trustee and, if executed on behalf of the Trust by
facsimile, countersigned by a transfer agent or its agent. The Capital Securities Certificates shall be authenticated by the Property Trustee by manual or facsimile signature of an authorized signatory thereof and, if executed by such authorized
signatory of the Property Trustee by

  

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facsimile, countersigned by a transfer agent or its agent. Trust Securities Certificates bearing the manual signatures of individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Trust or, if executed on behalf of the Trust by facsimile, countersigned by a transfer agent or its agent, shall be validly issued and entitled to the benefits of this Trust Agreement, notwithstanding
that such individuals or any of them shall have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices at the date of delivery of such Trust Securities Certificates. A transferee of a
Trust Securities Certificate shall become a Securityholder, and shall be entitled to the rights and subject to the obligations of a Securityholder hereunder, upon due registration of such Trust Securities Certificate in such transferee’s name
pursuant to Sections 5.4, 5.11 and 5.13. 
 Section 5.3. Execution and Delivery of Trust Securities
Certificates. On the Closing Date (or on the closing date in connection with any subsequent sale of Capital Securities), the Administrative Trustees shall cause Trust Securities Certificates, in an aggregate Liquidation Amount as provided in
Sections 2.4 and 2.5 (or, in the case of any such subsequent sale, in the amount specified in the purchase or underwriting agreement with respect to such subsequent sale), to be executed on behalf of the Trust and delivered to or upon the written
order of the Depositor, signed by its chairman of the board, its president, any executive vice president, any managing director or any vice president, treasurer or assistant treasurer or controller without further corporate action by the Depositor,
in authorized denominations. 
 Section 5.4. Registration of Transfer and Exchange of Capital Securities
Certificate. The Depositor shall keep or cause to be kept, at the office or agency maintained pursuant to Section 5.8, a register or registers for the purpose of registering Trust Securities Certificates and transfers and exchanges of
Capital Securities Certificates (the “Securities Register”) in which the transfer agent and registrar designated by the Depositor (the “Securities Registrar”), subject to such reasonable regulations as it may prescribe, shall
provide for the registration of Capital Securities Certificates and Common Securities Certificates (subject to Section 5.10 in the case of the Common Securities Certificates) and registration of transfers and exchanges of Capital Securities
Certificates as herein provided. The Bank shall be the initial Securities Registrar. 
 Upon surrender for registration of
transfer of any Capital Securities Certificate at the office or agency maintained pursuant to Section 5.8, the Administrative Trustees or any one of them shall execute on behalf of the Trust (and if executed on behalf of the Trust by a
facsimile signature, such certificate shall be countersigned by a transfer agent or its agent) and deliver, in the name of the designated transferee or transferees, one or more new Capital Securities Certificates in authorized denominations of a
like aggregate Liquidation Amount dated the date of execution by such Administrative Trustee or Trustees. The Securities Registrar shall not be required to register the transfer of any Capital Securities that have been called for redemption during a
period beginning at the opening of business 15 days before the day of selection for such redemption. 
 At the option of a
Holder, Capital Securities Certificates may be exchanged for other Capital Securities Certificates in authorized denominations of the same class and of a like aggregate Liquidation Amount upon surrender of the Capital Securities Certificates to be
exchanged at the office or agency maintained pursuant to Section 5.8. 
 Every Capital Securities Certificate presented or
surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to an

  

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Administrative Trustee and the Securities Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Capital Securities Certificate surrendered for registration of
transfer or exchange shall be cancelled and subsequently disposed of by an Administrative Trustee or the Securities Registrar in accordance with such Person’s customary practice. 
 No service charge shall be made for any registration of transfer or exchange of Capital Securities Certificates, but the Securities
Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Capital Securities Certificates. 
 Section 5.5. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates. If (a) any mutilated Trust Securities
Certificate shall be surrendered to the Securities Registrar, or if the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Trust Securities Certificate and (b) there shall be delivered to
the Securities Registrar and the Administrative Trustees such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Trust Securities Certificate shall have been acquired by a bona
fide or protected purchaser, the Administrative Trustees, or any one of them, on behalf of the Trust shall execute by manual or facsimile signature and, if executed on behalf of the Trust by facsimile signature, such certificate shall be
countersigned by a transfer agent, and make available for delivery, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities Certificate of like class, tenor and denomination.
In connection with the issuance of any new Trust Securities Certificate under this Section, the Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith. Any duplicate Trust Securities Certificate issued pursuant to this Section shall constitute conclusive evidence of an undivided beneficial interest in the Trust Property, as if originally issued, whether or not the
lost, stolen or destroyed Trust Securities Certificate shall be found at any time. 
 Section 5.6. Persons Deemed
Securityholders. The Trustees or the Securities Registrar shall treat the Person in whose name any Trust Securities Certificate shall be registered in the Securities Register as the owner of such Trust Securities Certificate for the purpose of
receiving Distributions and for all other purposes whatsoever, and neither the Trustees nor the Securities Registrar shall be bound by any notice to the contrary. 
 Section 5.7. Access to List of Securityholders’ Names and Addresses. Each Holder and each Owner shall be deemed to have agreed not to hold the Depositor, the Property Trustee or the
Administrative Trustees accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 Section 5.8. Maintenance of Office or Agency. The Administrative Trustees shall maintain an office or offices or agency or agencies where Capital Securities Certificates may be
surrendered for registration of transfer or exchange and where notices and demands to or upon the Trustees in respect of the Trust Securities Certificates may be served. The Administrative Trustees initially designate The Bank of New York Mellon,
101 Barclay Street, Floor 8 West, New York, New York 10286, Attn: Corporate Trust Administration, as its principal corporate trust office for such purposes. The Administrative Trustees shall give prompt written notice to

  

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the Depositor, the Property Trustee and to the Securityholders of any change in the location of the Securities Register or any such office or agency. 
 Section 5.9. Appointment of Paying Agent. The Paying Agent shall make Distributions to Securityholders from the Payment
Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account for the purpose of making the
Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent if such Trustees determine in their sole discretion that the Paying Agent shall have failed to perform its obligations under this Trust
Agreement in any material respect. The Paying Agent shall initially be the Bank, and any co-paying agent chosen by the Bank, and acceptable to the Administrative Trustees and the Depositor. Any Person acting as Paying Agent shall be permitted to
resign as Paying Agent upon 30 days’ written notice to the Administrative Trustees, the Property Trustee and the Depositor. In the event that the Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority
to act be revoked, the Administrative Trustees shall appoint a successor that is acceptable to the Property Trustee and the Depositor to act as Paying Agent (which shall be a bank or trust company). The Administrative Trustees shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Administrative Trustees to execute and deliver to the Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trustees that as
Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Securityholders in trust for the benefit of the Securityholders entitled thereto until such sums shall be paid to such
Securityholders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon resignation or removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of
Sections 8.1, 8.3 and 8.6 herein shall apply to the Bank also in its role as Paying Agent, for so long as the Bank shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder, and any Paying Agent shall be
bound by the requirements with respect to paying agents of securities issued pursuant to the Trust Indenture Act. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

 Section 5.10. Ownership of Common Securities by Depositor. On the Closing Date, the Depositor shall acquire
and retain beneficial and record ownership of the Common Securities. To the fullest extent permitted by law, other than a transfer in connection with a consolidation or merger of the Depositor into another Person, or any conveyance, transfer or
lease by the Depositor of its properties and assets substantially as an entirety to any Person, pursuant to Section 8.1 of the Indenture, any attempted transfer of the Common Securities shall be void. The Administrative Trustees shall cause
each Common Securities Certificate issued to the Depositor to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE TO ANY PERSON OTHER THAN AS SET FORTH IN THE TRUST AGREEMENT (AS DEFINED BELOW)”. 
 Section 5.11. Book-Entry Capital Securities Certificates; Common Securities Certificate. 
  

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 (a) The Capital Securities Certificates, upon original issuance, will be issued in the form
of a typewritten Capital Securities Certificate or Certificates representing Book-Entry Capital Securities Certificates, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Trust. Such Capital
Securities Certificate or Certificates shall initially be registered on the Securities Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Owner will receive a Definitive Capital Securities Certificate
representing such Owner’s interest in such Capital Securities, except as provided in Section 5.13. Unless and until Definitive Capital Securities Certificates have been issued to Owners pursuant to Section 5.13: 
 (i) the provisions of this Section 5.11(a) shall be in full force and effect; 
 (ii) the Securities Registrar and the Trustees shall be entitled to deal with the Clearing Agency for all purposes of this
Trust Agreement relating to the Book-Entry Capital Securities Certificates (including the payment of the Liquidation Amount of and Distributions on the Capital Securities evidenced by Book-Entry Capital Securities Certificates and the giving of
instructions or directions to Owners of Capital Securities evidenced by Book-Entry Capital Securities Certificates) as the sole Holder of Capital Securities evidenced by Book-Entry Capital Securities Certificates and shall have no obligations to the
Owners thereof; 
 (iii) to the extent that the provisions of this Section 5.11 conflict with any other
provisions of this Trust Agreement, the provisions of this Section 5.11 shall control; and 
 (iv) the
rights of the Owners of the Book-Entry Capital Securities Certificates shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Owners and the Clearing Agency and/or the
Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless and until Definitive Capital Securities Certificates are issued pursuant to Section 5.13, the initial Clearing Agency will make book-entry transfers among
the Clearing Agency Participants and receive and transmit payments on the Capital Securities to such Clearing Agency Participants. 
 (b) A single Common Securities Certificate representing the Common Securities shall be issued to the Depositor in the form of a definitive Common Securities Certificate. 
 Section 5.12. Notices to Clearing Agency. To the extent that a notice or other communication to the Owners is required
under this Trust Agreement, unless and until Definitive Capital Securities Certificates shall have been issued to Owners pursuant to Section 5.13, the Trustees shall give all such notices and communications specified herein to be given to
Owners to the Clearing Agency, and shall have no obligations to the Owners. 
 Section 5.13. Definitive Capital
Securities Certificates. If (a) the Depositor advises the Trustees in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Capital Securities Certificates, and the
Depositor is unable to

  

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locate a qualified successor, (b) the Depositor at its option on behalf of the Trust advises the Trustees in writing that it elects to terminate the book-entry system through the Clearing
Agency or (c) after the occurrence of a Debenture Event of Default, Owners of Capital Securities Certificates representing beneficial interests aggregating at least a majority of the Liquidation Amount advise the Administrative Trustees in
writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interest of the Owners of Capital Securities Certificates, then the Administrative Trustees shall notify other Trustees and the Clearing
Agency, and the Clearing Agency, in accordance with its customary rules and procedures, shall notify all Clearing Agency Participants for whom it holds Capital Securities of the occurrence of any such event and of the availability of the Definitive
Capital Securities Certificates to Owners of such class or classes, as applicable, requesting the same. Upon surrender to the Administrative Trustees of the typewritten Capital Securities Certificate or Certificates representing the Book-Entry
Capital Securities Certificates by the Clearing Agency, accompanied by registration instructions, the Administrative Trustees, or any one of them, shall execute the Definitive Capital Securities Certificates in accordance with the instructions of
the Clearing Agency or, if executed on behalf of the Trust by facsimile, countersigned by a transfer agent or its agent. Neither the Securities Registrar nor the Trustees shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Capital Securities Certificates, the Trustees shall recognize the Holders of the Definitive Capital Securities Certificates as
Securityholders. The Definitive Capital Securities Certificates shall be typewritten, printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Administrative Trustees that meets the requirements of
any stock exchange or automated quotation system on which the Capital Securities are then listed or approved for trading, as evidenced by the execution thereof by the Administrative Trustees or any one of them. 
 Section 5.14. Rights of Securityholders. 
 (a) The legal title to the Trust Property is vested exclusively in the Property Trustee (in its capacity as such) in accordance with Section 2.9, and the Securityholders shall not have any right or
title therein other than the undivided beneficial ownership interest in the assets of the Trust conferred by their Trust Securities and they shall have no right to call for any partition or division of property, profits or rights of the Trust except
as described below. The Trust Securities shall be personal property giving only the rights specifically set forth therein and in this Trust Agreement. The Trust Securities shall have no preemptive or similar rights and when issued and delivered to
Securityholders against payment of the purchase price therefor will be fully paid and nonassessable by the Trust. The Holders of the Capital Securities, in their capacities as such, shall be entitled to the same limitation of personal liability
extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
 (b) For so long as any Capital Securities remain Outstanding, if, upon a Debenture Event of Default described in Section 5.1(6) of the Indenture, the Debenture Trustee fails or the holders of not less than 25% in principal amount of
the outstanding Debentures fail to declare the principal of all of the Debentures to be immediately due and payable, the Holders of at least 25% in Liquidation Amount of the Capital Securities then Outstanding shall have such right by a notice in
writing to the Depositor and the Debenture Trustee; and upon any such declaration such principal amount of and the accrued interest on all of the Debentures shall become immediately

  

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due and payable as set forth in the Indenture, provided that the payment of principal and interest on such Debentures shall remain subordinated to the extent provided in the Indenture.

 At any time after such a declaration of acceleration with respect to the Debentures has been made and before a judgment or
decree for payment of the money due has been obtained by the Debenture Trustee as described in the Indenture, the Holders of a majority in Liquidation Amount of the Capital Securities, by written notice to the Property Trustee, the Depositor and the
Debenture Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Depositor has paid
or deposited with the Debenture Trustee a sum sufficient to pay: 
 (A) all overdue installments of interest
(including any Additional Interest (as defined in the Indenture)) on all of the Debentures, 
 (B) the principal
of any Debentures which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Debentures, and 
 (C) all sums paid or advanced by the Debenture Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Debenture Trustee and the Property Trustee, their
agents and counsel; and 
 (ii) all Events of Default with respect to the Debentures, other than the non-payment
of the principal of the Debentures which has become due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Indenture. 
 The Holders of a majority in aggregate Liquidation Amount of the Capital Securities may, on behalf of the Holders of all the Capital Securities, waive any past default under the Indenture, except a
default in the payment of principal or interest (unless all Events of Default with respect to the Debentures, other than the non-payment of the principal of the Debentures which has become due solely by such acceleration, have been cured or annulled
as provided in Section 5.3 of the Indenture and the Depositor has paid or deposited with the Debenture Trustee a sum sufficient to pay all overdue installments of interest (including any Additional Interest (as defined in the Indenture)) on the
Debentures, the principal of any Debentures which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Debentures, and all sums paid or advanced by the Debenture Trustee under the Indenture
and the reasonable compensation, expenses, disbursements and advances of the Debenture Trustee and the Property Trustee, their agents and counsel) or a default in respect of a covenant or provision which under the Indenture cannot be modified or
amended without the consent of the holder of each outstanding Debenture. No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 Upon receipt by the Property Trustee of written notice declaring such an acceleration, or rescission and annulment thereof, by Holders of the Capital Securities all or part of which are represented by
Book-Entry Capital Securities Certificates, a record date shall be established for determining Holders of Outstanding Capital Securities entitled to join in such notice, which

  

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record date shall be at the close of business on the day the Property Trustee receives such notice. The Holders of Outstanding Capital Securities on such record date, or their duly designated
proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date; provided, that, unless such declaration of acceleration, or rescission and annulment, as the case may be,
shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day which is 90 days after such record date, such notice of declaration of acceleration, or rescission and annulment, as the case may be,
shall automatically and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new written notice of
declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a written notice which has been canceled pursuant to the proviso to the preceding sentence, in which event a new record date shall be
established pursuant to the provisions of this Section 5.14(b). 
 (c) For so long as any Capital Securities remain
Outstanding, to the fullest extent permitted by law and subject to the terms of this Trust Agreement and the Indenture, upon a Debenture Event of Default specified in Section 5.1(1), 5.1(2) or 5.1(6) of the Indenture, any Holder of Capital
Securities shall have the right to institute a proceeding directly against the Depositor, pursuant to Section 5.8 of the Indenture, for enforcement of payment to such Holder of the principal amount of or interest on Debentures having a
principal amount equal to the Liquidation Amount of the Capital Securities of such Holder (a “Direct Action”). Except as set forth in Section 5.14(b) and this Section 5.14(c), the Holders of Capital Securities shall have no right
to exercise directly any right or remedy available to the holders of, or in respect of, the Debentures. 
 Section 5.15.
CUSIP Numbers. The Administrative Trustees in issuing the Capital Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices of redemption as a
convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Capital Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Capital Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Administrative Trustees will promptly notify the Property
Trustee of any change in the CUSIP numbers. 
 ARTICLE VI 
 ACTS OF SECURITYHOLDERS; MEETINGS; VOTING 
 Section 6.1. Limitations on Voting Rights. 
 (a) Except as provided in this Section, in Sections 5.14,
8.10 and 10.3 and in the Indenture and as otherwise required by law, no Holder of Capital Securities shall have any right to vote or in any manner otherwise control the administration, operation and management of the Trust or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms of the Trust Securities Certificates, be construed so as to constitute the Securityholders from time to time as partners or members of an association. 
  

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 (b) So long as any Debentures are held by the Property Trustee, the Trustees shall not
(i) direct the time, method and place of conducting any proceeding for any remedy available to the Debenture Trustee, or executing any trust or power conferred on the Debenture Trustee with respect to such Debentures, (ii) waive any past
default which is waivable under Section 5.13 of the Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of all the Debentures shall be due and payable or (iv) consent to any amendment, modification
or termination of the Indenture or the Debentures, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders of at least a majority in Liquidation Amount of all Outstanding Capital Securities,
provided, however, that where a consent under the Indenture would require the consent of each holder of Debentures affected thereby, no such consent shall be given by the Property Trustee without the prior written consent of each Holder of
Capital Securities. The Trustees shall not revoke any action previously authorized or approved by a vote of the Holders of Capital Securities, except by a subsequent vote of the Holders of Capital Securities. The Property Trustee shall notify all
Holders of the Capital Securities of any notice of default received from the Debenture Trustee with respect to the Debentures. In addition to obtaining the foregoing approvals of the Holders of the Capital Securities, prior to taking any of the
foregoing actions, the Administrative Trustees shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced in such matters to the effect that such action shall not cause the Trust to fail to be classified as a grantor trust for
United States federal income tax purposes. 
 (c) If any proposed amendment to the Trust Agreement provides for, or the Trustees
otherwise propose to effect, (i) any action that would adversely affect in any material respect the powers, preferences or special rights of the Capital Securities, whether by way of amendment to the Trust Agreement or otherwise, or
(ii) the dissolution, winding-up or termination of the Trust, other than pursuant to the terms of this Trust Agreement, then the Holders of Outstanding Capital Securities as a class will be entitled to vote on such amendment or proposal and
such amendment or proposal shall not be effective except with the approval of the Holders of at least a majority in Liquidation Amount of the Outstanding Capital Securities. Notwithstanding any other provision of this Trust Agreement, no amendment
to this Trust Agreement may be made if, as a result of such amendment, it would cause the Trust to fail to be classified as a grantor trust for United States federal income tax purposes. 
  

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 Section 6.2. Notice of Meetings. Notice of all meetings of the Capital
Securityholders, stating the time, place and purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.9 to each Capital Securityholder of record, at his registered address, at least 15 days and not more than 90 days
before the meeting. At any such meeting, any business properly before the meeting may be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be held as adjourned without further notice. 
 Section 6.3. Meetings of Capital Securityholders. No annual meeting of Securityholders is required to be held. The
Administrative Trustees, however, shall call a meeting of Capital Securityholders to vote on any matter upon the written request of the Capital Securityholders of record of 25% of the Outstanding Capital Securities (based upon their Liquidation
Amount) and the Administrative Trustees or the Property Trustee may, at any time in their discretion, call a meeting of Capital Securityholders to vote on any matters as to which Capital Securityholders are entitled to vote. 
 Capital Securityholders of record of 50% of the Outstanding Capital Securities (based upon their Liquidation Amount), present in person or
by proxy, shall constitute a quorum at any meeting of Capital Securityholders. 
 If a quorum is present at a meeting, an
affirmative vote by the Capital Securityholders of record present, in person or by proxy, holding a majority of the Outstanding Capital Securities (based upon their Liquidation Amount) held by holders of record of Outstanding Capital Securities
present, either in person or by proxy, at such meeting shall constitute the action of the Capital Securityholders, unless this Trust Agreement requires a greater number of affirmative votes. 
 Section 6.4. Voting Rights. Securityholders shall be entitled to one vote for each
$[            ] of Liquidation Amount represented by their Trust Securities in respect of any matter as to which such Securityholders are entitled to vote. 
 Section 6.5. Proxies, etc. At any meeting of Securityholders, any Securityholder entitled to vote thereat may vote by
proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Administrative Trustees, or with such other officer or agent of the Trust as the Administrative Trustees may direct, for verification prior
to the time at which such vote shall be taken. Pursuant to a resolution of the Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the Property Trustee. Only Securityholders of record shall be
entitled to vote. When Trust Securities are held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one of them shall be present at such meeting in person
or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to be executed by or on behalf of a Securityholder shall be
deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. No proxy shall be valid more than three years after its date of execution. 
 Section 6.6. Securityholder Action by Written Consent. Any action which may be taken by Securityholders at a meeting may be
taken without a meeting and without prior notice if

  

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Securityholders holding a majority of all Outstanding Trust Securities (based upon their Liquidation Amount) entitled to vote in respect of such action (or such larger proportion thereof as shall
be required by any express provision of this Trust Agreement) shall consent to the action in writing. 
 Section 6.7. Record Date for Voting and Other Purposes. For the purposes of determining the Securityholders who are entitled to notice of and to vote at any meeting or by written consent, or to participate in any
Distribution on the Trust Securities in respect of which a record date is not otherwise provided for in this Trust Agreement, or for the purpose of any other action, the Administrative Trustees may from time to time fix a date, not more than 90 days
prior to the date of any meeting of Securityholders or the payment of a Distribution or other action, as the case may be, as a record date for the determination of the identity of the Securityholders of record for such purposes. 
 Section 6.8. Acts of Securityholders. Any request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Trust Agreement to be given, made or taken by Securityholders or Owners may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Securityholders or Owners in
person or by an agent duly appointed in writing; and, except as otherwise expressly provided herein, such action shall become effective when such instrument or instruments are delivered to an Administrative Trustee. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Securityholders or Owners signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Trust Agreement and (subject to Section 8.1) conclusive in favor of the Trustees, if made in the manner provided in this Section. 
 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of
the Person executing the same, may also be proved in any other manner which any Trustee receiving the same deems sufficient. 
 The ownership of Capital Securities shall be proved by the Securities Register. 
 Any request, demand, authorization,
direction, notice, consent, waiver or other Act of the Securityholder of any Trust Security shall bind every future Securityholder of the same Trust Security and the Securityholder of every Trust Security issued upon the registration of transfer
thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustees or the Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security. 
 Without limiting the foregoing, a Securityholder entitled hereunder to take any action hereunder with regard to any particular Trust
Security may do so with regard to all or any part of

  

 30 

 
the Liquidation Amount of such Trust Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such Liquidation
Amount. 
 If any dispute shall arise between the Securityholders and the Administrative Trustees or among such Securityholders
or Trustees with respect to the authenticity, validity or binding nature of any request, demand, authorization, direction, consent, waiver or other Act of such Securityholder or Trustee under this Article VI, then the determination of such matter by
the Property Trustee shall be conclusive with respect to such matter. 
 Section 6.9. Inspection of Records.
Upon reasonable notice to the Administrative Trustees and the Property Trustee, the records of the Trust shall be open to inspection by Securityholders during normal business hours for any purpose reasonably related to such Securityholder’s
interest as a Securityholder. 
 ARTICLE VII 
 REPRESENTATIONS AND WARRANTIES 
 Section 7.1. Representations and
Warranties of the Property Trustee and the Delaware Trustee. The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself, hereby represents and warrants for the benefit of the Depositor and the Securityholders
that: 
 (a) the Property Trustee is a New York banking corporation duly organized, validly existing and in good standing under
the laws of the State of New York; 
 (b) the Property Trustee has full corporate power, authority and legal right to execute,
deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 (c) the Delaware Trustee is a Delaware banking corporation duly organized, validly existing and in good standing under the laws of the State
of Delaware; 
 (d) the Delaware Trustee has full corporate power, authority and legal right to execute, deliver and perform its
obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 (e) this Trust Agreement has been duly authorized, executed and delivered by the Property Trustee and the Delaware Trustee and constitutes the valid and legally binding agreement of each of the Property
Trustee and the Delaware Trustee enforceable against each of them in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles; 
 (f) the execution, delivery and performance of this Trust Agreement
has been duly authorized by all necessary corporate or other action on the part of the Property Trustee and the

  

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Delaware Trustee and does not require any approval of stockholders of the Property Trustee and the Delaware Trustee and such execution, delivery and performance will not (i) violate the
charter or by-laws of the Property Trustee or the Delaware Trustee, (ii) violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of, any Lien on any properties
included in the Trust Property pursuant to the provisions of, any indenture, mortgage, credit agreement, license or other agreement or instrument to which the Property Trustee or the Delaware Trustee is a party or by which it is bound, or
(iii) violate any law, governmental rule or regulation of the State of New York or the State of Delaware, as the case may be, governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee (as appropriate in
context) or any order, judgment or decree applicable to the Property Trustee or the Delaware Trustee; 
 (g) neither the
authorization, execution or delivery by the Property Trustee or the Delaware Trustee of this Trust Agreement nor the consummation of any of the transactions by the Property Trustee or the Delaware Trustee (as appropriate in context) contemplated
herein or therein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with respect to any governmental authority or agency under any existing New York or Delaware law governing the
banking, trust or general powers of the Property Trustee or the Delaware Trustee, as the case may be; and 
 (h) there are no
proceedings pending or, to each of the Property Trustee’s and the Delaware Trustee’s knowledge without independent investigation, threatened against or affecting the Property Trustee or the Delaware Trustee in any court or before any
governmental authority, agency or arbitration board or tribunal which, individually or in the aggregate, would materially and adversely affect the Trust or would question the right, power and authority of the Property Trustee or the Delaware
Trustee, as the case may be, to enter into or perform its obligations as one of the Trustees under this Trust Agreement. 
 Section 7.2. Representations and Warranties of Depositor. The Depositor hereby represents and warrants for the benefit of the Securityholders that: 
 (a) the Trust Securities Certificates issued at the Closing Date on behalf of the Trust have been duly authorized and will have been, duly
and validly executed, issued and delivered by the Trustees pursuant to the terms and provisions of, and in accordance with the requirements of, this Trust Agreement and the Securityholders will be, as of such date, entitled to the benefits of this
Trust Agreement; and 
 (b) there are no taxes, fees or other governmental charges payable by the Trust (or the Trustees on
behalf of the Trust) under the laws of the State of Delaware or any political subdivision thereof in connection with the execution, delivery and performance by the Property Trustee or the Delaware Trustee, as the case may be, of this Trust
Agreement. 
  

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 ARTICLE VIII 
 THE TRUSTEES 
 Section 8.1. Certain Duties and Responsibilities.

 (a) The duties and responsibilities of the Trustees shall be as provided by this Trust Agreement and, in the case of the
Property Trustee, by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Trust Agreement shall require the Trustees to expend or risk their own funds or otherwise incur any financial liability in the performance of any of
their duties hereunder, or in the exercise of any of their rights or powers, if they shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to them.
Whether or not therein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of or affording protection to the Trustees shall be subject to the provisions of this Section. Nothing in this
Trust Agreement shall be construed to release an Administrative Trustee from liability for its own gross negligent action, its own gross negligent failure to act, or its own willful misconduct. To the extent that, at law or in equity, an
Administrative Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to the Securityholders, such Administrative Trustee shall not be liable to the Trust or to any Securityholder for such Trustee’s
good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Administrative Trustees otherwise existing at law or in equity, are agreed by
the Depositor and the Securityholders to replace such other duties and liabilities of the Administrative Trustees. 
 (b) All
payments made by the Property Trustee or a Paying Agent in respect of the Trust Securities shall be made only from the revenue and proceeds from the Trust Property and only to the extent that there shall be sufficient revenue or proceeds from the
Trust Property to enable the Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each Securityholder, by its acceptance of a Trust Security, agrees that it will look solely to the revenue and proceeds from the
Trust Property to the extent legally available for distribution to it as herein provided and that the Trustees are not personally liable to it for any amount distributable in respect of any Trust Security or for any other liability in respect of any
Trust Security. This Section 8.1(b) does not limit the liability of the Trustees expressly set forth elsewhere in this Trust Agreement or, in the case of the Property Trustee, in the Trust Indenture Act. 
 (c) No provision of this Trust Agreement shall be construed to relieve the Property Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that: 
 (i) the Property Trustee shall not
be liable for any error of judgment made in good faith by an authorized officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
 (ii) the Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of not less than a majority in Liquidation Amount of the Trust Securities relating

  

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to the time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or power conferred upon the Property Trustee under this Trust
Agreement; 
 (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and physical
preservation of the Debentures and the Payment Account shall be to deal with such property in a similar manner as the Property Trustee deals with similar property for its own account, subject to the protections and limitations on liability afforded
to the Property Trustee under this Trust Agreement and the Trust Indenture Act; 
 (iv) the Property Trustee
shall not be liable for any interest on any money received by it except as it may otherwise agree in writing with the Depositor; and money held by the Property Trustee need not be segregated from other funds held by it except in relation to the
Payment Account maintained by the Property Trustee pursuant to Section 3.1 and except to the extent otherwise required by law; and 
 (v) the Property Trustee shall not be responsible for monitoring the compliance by the Administrative Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall the
Property Trustee be liable for the default or misconduct of the Administrative Trustees or the Depositor. 
 Section 8.2. Certain Notices. Within ten Business Days after the occurrence of any Event of Default actually known to the Property Trustee, the Property Trustee shall transmit, in the manner and to the extent provided in
Section 10.9, notice of such Event of Default to the Securityholders, the Administrative Trustees and the Depositor, unless such Event of Default shall have been cured or waived. 
 Within five Business Days after the receipt of notice of the Depositor’s exercise of its right to defer the payment of interest on the
Debentures pursuant to the Indenture, the Administrative Trustee shall transmit, in the manner and to the extent provided in Section 10.9, notice of such exercise to the Securityholders and the Property Trustee, unless such exercise shall have
been revoked. 
 Section 8.3. Certain Rights of Property Trustee. Subject to the provisions of
Section 8.1: 
 (a) the Property Trustee may conclusively rely and shall be fully protected in acting or refraining from
acting in good faith upon any resolution, Opinion of Counsel, certificate, written representation of a Holder or transferee, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order,
appraisal, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) if (i) in performing its duties under this Trust Agreement the Property Trustee is required to decide between alternative courses
of action or (ii) in construing any of the provisions of this Trust Agreement the Property Trustee finds the same ambiguous or inconsistent with any other provisions contained herein or (iii) the Property Trustee is unsure of the
application of any provision of this Trust Agreement, then, except as to any matter as to

  

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which the Capital Securityholders are entitled to vote under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor requesting written instructions of the
Depositor as to the course of action to be taken and the Property Trustee shall take such action, or refrain from taking such action, as the Property Trustee shall be instructed in writing to take, or to refrain from taking, by the Depositor;
provided, however, that if the Property Trustee does not receive such instructions of the Depositor within ten Business Days after it has delivered such notice, or such reasonably shorter period of time set forth in such notice (which to the
extent practicable shall not be less than two Business Days), it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Trust Agreement as it shall deem advisable and in the best interests of the
Securityholders, in which event the Property Trustee shall have no liability except for its own gross negligence or willful misconduct; 
 (c) any direction or act of the Depositor or the Administrative Trustees contemplated by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate; 
 (d) whenever in the administration of this Trust Agreement, the Property Trustee shall deem it desirable that a matter be established before
undertaking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officers’ Certificate which, upon
receipt of such request, shall be promptly delivered by the Depositor or the Administrative Trustees; 
 (e) the Property
Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing or continuation statement or any filing under tax or securities laws) or any rerecording, refiling or reregistration thereof;

 (f) the Property Trustee may consult with counsel of its selection (which counsel may be counsel to the Depositor or any of
its Affiliates, and may include any of its employees) and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon
and in accordance with such advice; the Property Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
 (g) the Property Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the
request or direction of any of the Securityholders pursuant to this Trust Agreement, unless such Securityholders shall have offered to the Property Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction; 
 (h) the Property Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other
paper or document, unless requested in writing to do so by one or more Securityholders, but the Property Trustee may make such further inquiry or investigation into such facts or

  

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matters as it may see fit at the expense of the Depositor and shall incur no liability of any kind by reason of such inquiry or investigation; 
 (i) the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
its agents or attorneys and shall not be responsible for the negligence or recklessness with respect to any agent or attorney appointed by it hereunder in good faith with due care; 
 (j) whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable to receive written instructions with
respect to enforcing any remedy or right or taking any other action hereunder the Property Trustee (i) may request written instructions from the Holders of the Trust Securities which written instructions may only be given by the Holders of the
same proportion in Liquidation Amount of the Trust Securities as would be entitled to direct the Property Trustee under the terms of the Trust Securities in respect of such remedy, right or action, (ii) may refrain from enforcing such remedy or
right or taking such other action until such written instructions are received, and (iii) shall be protected in acting in accordance with such written instructions; and 
 (k) except as otherwise expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation to take any
action that is discretionary under the provisions of this Trust Agreement. 
 (l) the Property Trustee shall not be liable for
any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Trust Agreement. 
 (m) in no event shall the Property Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Property Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (n) the rights, privileges, protections, immunities and benefits given to the Property Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Property Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
 No provision of this Trust Agreement shall be deemed to impose any duty or obligation on the Property Trustee to perform any act or acts or
exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such
act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Property Trustee shall be construed to be a duty. 
  

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 Section 8.4. Not Responsible for Recitals or Issuance of Securities. The
recitals contained herein and in the Trust Securities Certificates shall be taken as the statements of the Trust, and the Trustees do not assume any responsibility for their correctness. The Trustees shall not be accountable for the use or
application by the Depositor of the proceeds of the Debentures. 
 Section 8.5. May Hold Securities. Any
Trustee or any other agent of any Trustee or the Trust, in its individual or any other capacity, may become the owner or pledgee of Trust Securities and, subject to Sections 8.8 and 8.13, except as provided in the definition of the term
“Outstanding” in Article I, may otherwise deal with the Trust with the same rights it would have if it were not a Trustee or such other agent. 
 Section 8.6. Compensation; Indemnity; Fees. Pursuant to Section 10.6 of the Indenture, the Depositor, as borrower, agrees: 
 (a) to pay to the Trustees from time to time such compensation as shall be agreed in writing with the Depositor for all services rendered by
them hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (b) except as otherwise expressly provided herein, to reimburse the Trustees upon request for all reasonable expenses, disbursements and advances incurred or made by the Trustees in accordance with any
provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall have been caused by its own negligence or willful
misconduct; and 
 (c) to the fullest extent permitted by applicable law, to indemnify and hold harmless (i) each Trustee,
(ii) any Affiliate of any Trustee, (iii) any officer, director, shareholder, employee, representative or agent of any Trustee, and (iv) any employee or agent of the Trust or its Affiliates, (referred to herein as an “Indemnified
Person”) from and against any and all loss, damage, liability, tax, penalty, expense or claim of any kind or nature whatsoever incurred by such Indemnified Person by reason of the creation, operation or termination of the Trust or any act or
omission performed or omitted by such Indemnified Person in good faith on behalf of the Trust and in a manner such Indemnified Person reasonably believed to be within the scope of authority conferred on such Indemnified Person by this Trust
Agreement, except that no Indemnified Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Indemnified Person by reason of negligence or willful misconduct with respect to such acts or omissions. When
the Property Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.1(4) or Section 5.1(5) of the Indenture, the expenses (including the reasonable charges and expenses of its counsel) and
the compensation for the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. 
 The provisions of this Section 8.6 shall survive the termination of this Trust Agreement. 
 No Trustee may claim any lien or charge on any Trust Property as a result of any amount due pursuant to this Section 8.6. 
  

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 The Depositor and any Trustee (in the case of the Property Trustee, subject to
Section 8.8 hereof) may engage in or possess an interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of the Trust, and the Trust and the Holders of Trust
Securities shall have no rights by virtue of this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Trust, shall not be
deemed wrongful or improper. Neither the Depositor, nor any Trustee, shall be obligated to present any particular investment or other opportunity to the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken
by the Trust, and the Depositor or any Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any Trustee may engage or be
interested in any financial or other transaction with the Depositor or any Affiliate of the Depositor, or may act as depository for, trustee or agent for, or act on any committee or body of holders of, securities or other obligations of the
Depositor or its Affiliates. 
 Section 8.7. Corporate Property Trustee Required; Eligibility of Trustees.

 (a) There shall at all times be a Property Trustee hereunder with respect to the Trust Securities. The Property Trustee shall
be (i) a bank as defined in Section 581 of the Code or (ii) a United States government-owned agency or United States government-sponsored enterprise. The Property Trustee shall be a Person that is eligible pursuant to the Trust
Indenture Act to act as such, has a combined capital and surplus of at least $50,000,000, and is a U.S. Person. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the
Property Trustee with respect to the Trust Securities shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 (b) There shall at all times be one or more Administrative Trustees hereunder with respect to the Trust Securities. Each Administrative
Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more persons authorized to bind that entity, and, in either case, shall be a U.S. Person. 
 (c) There shall at all times be a Delaware Trustee with respect to the Trust Securities. The Delaware Trustee shall either be (i) a
natural person who is at least 21 years of age and a resident of the State of Delaware or (ii) a legal entity with its principal place of business in the State of Delaware and that otherwise meets the requirements of applicable Delaware law
that shall act through one or more persons authorized to bind such entity, and, in either case, shall be a U.S. Person. 
  

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 Section 8.8. Conflicting Interests. If the Property Trustee has or shall
acquire a conflicting interest within the meaning of the Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act
and this Trust Agreement. 
 Section 8.9. Co-Trustees and Separate Trustee. Unless an Event of Default shall
have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Depositor and the
Administrative Trustees, by agreed action of the majority of such Trustees, shall have power to appoint, and upon the written request of the Administrative Trustees, the Depositor shall for such purpose join with the Administrative Trustees in the
execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such
Trust Property, or to the extent required by law to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid,
any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a
Debenture Event of Default has occurred and is continuing, the Property Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall either be (i) a natural person who is
at least 21 years of age and a resident of the United States or (ii) a legal entity with its principal place of business in the United States that shall act through one or more persons authorized to bind such entity, and, in either case, shall
be a U.S. Person. 
 Should any written instrument from the Depositor be required by any co-trustee or separate trustee so
appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Depositor. 
 Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following
terms, namely: 
 (a) The Trust Securities shall be executed and delivered and all rights, powers, duties, and obligations
hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder shall be exercised solely by such Trustees and not by such co-trustee or
separate trustee. 
 (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in
respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the
instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such act, in
which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee. 
  

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 (c) The Property Trustee at any time, by an instrument in writing executed by it, with the
written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case a Debenture Event of Default has occurred and is continuing, the Property Trustee shall have
power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution,
delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this
Section. 
 (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the
Property Trustee or any other trustee hereunder. 
 (e) The Property Trustee shall not be liable by reason of any act of a
co-trustee or separate trustee. 
 (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been
delivered to each such co-trustee and separate trustee. 
 Section 8.10. Resignation and Removal; Appointment of
Successor. No resignation or removal of any Trustee (the “Relevant Trustee”) and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 8.11. 
 Subject to the immediately preceding paragraph, the
Relevant Trustee may resign at any time by giving written notice thereof to the Securityholders. If the instrument of acceptance by the successor Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 30
days after the giving of such notice of resignation, the Relevant Trustee may petition, at the expense of the Trust, any court of competent jurisdiction for the appointment of a successor Relevant Trustee. 
 Unless a Debenture Event of Default shall have occurred and be continuing, any Trustee may be removed at any time by Act of the Common
Securityholder. If a Debenture Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed at such time by Act of the Holders of a majority in Liquidation Amount of the
Capital Securities, delivered to the Relevant Trustee (in its individual capacity and on behalf of the Trust). An Administrative Trustee may be removed by the Common Securityholder at any time. If the instrument of acceptance by the successor
Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within 30 days after such removal, the Relevant Trustee may petition, at the expense of the Trust, any court of competent jurisdiction for the appointment of
a successor Relevant Trustee. 
 If any Trustee shall resign, be removed or become incapable of acting as Trustee, or if a
vacancy shall occur in the office of any Trustee for any cause, at a time when no Debenture Event of Default shall have occurred and be continuing, the Common Securityholder, by Act of the Common Securityholder delivered to the retiring Trustee,
shall promptly appoint a successor Trustee or Trustees, and the retiring Trustee shall comply with the applicable requirements of

  

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Section 8.11. If the Property Trustee or the Delaware Trustee shall resign, be removed or become incapable of continuing to act as the Property Trustee or the Delaware Trustee, as the case
may be, at a time when a Debenture Event of Default shall have occurred and be continuing, the Capital Securityholders, by Act of the Securityholders of a majority in Liquidation Amount of the Capital Securities then Outstanding delivered to the
retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee or Trustees, and such successor Trustee shall comply with the applicable requirements of Section 8.11. If an Administrative Trustee shall resign, be removed or
become incapable of acting as Administrative Trustee, at a time when a Debenture Event of Default shall have occurred and be continuing, the Common Securityholder by Act of the Common Securityholder delivered to the Administrative Trustee shall
promptly appoint a successor Administrative Trustee or Administrative Trustees and such successor Administrative Trustee or Trustees shall comply with the applicable requirements of Section 8.11. If no successor Relevant Trustee shall have been
so appointed by the Common Securityholder or the Capital Securityholders and accepted appointment in the manner required by Section 8.11, any Securityholder who has been a Securityholder of Trust Securities for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Relevant Trustee. 
 The Property Trustee shall give notice of each resignation and each removal of the Property Trustee or the Delaware Trustee and each appointment of a successor Property Trustee or Delaware Trustee to all
Securityholders in the manner provided in Section 10.9 and shall give notice to the Depositor. Each notice shall include the name of the successor Property Trustee or Delaware Trustee, as the case may be, and the address of its Corporate Trust
Office if it is the Property Trustee. 
 Notwithstanding the foregoing or any other provision of this Trust Agreement, in the
event any Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the Depositor, incompetent or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by
(a) the unanimous act of the remaining Administrative Trustees if there are at least two of them or (b) otherwise by the Depositor (with the successor in each case being a Person who satisfies the eligibility requirement for Administrative
Trustees or Delaware Trustee, as the case may be, set forth in Section 8.7). 
 A successor Trustee must be a U.S. Person
to be appointed as such. 
 Section 8.11. Acceptance of Appointment by Successor. In case of the appointment
hereunder of a successor Relevant Trustee, the retiring Relevant Trustee (if requested by the Depositor) and each successor Relevant Trustee with respect to the Trust Securities shall execute and deliver an amendment hereto wherein each successor
Relevant Trustee shall accept such appointment and which (a) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties
of the retiring Relevant Trustee with respect to the Trust Securities and the Trust and (b) shall add to or change any of the provisions of this Trust Agreement as shall be necessary to provide for or facilitate the administration of the Trust
by more than one Relevant Trustee, it being understood that nothing herein or in such amendment shall constitute such Relevant Trustees co-trustees and upon the execution and delivery of such amendment the resignation or removal of the retiring
Relevant Trustee shall become effective to the extent provided therein

  

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and each such successor Relevant Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Relevant Trustee; but, on
written request of the Trust or any successor Relevant Trustee such retiring Relevant Trustee shall duly assign, transfer and deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof and money held by such retiring
Relevant Trustee hereunder with respect to the Trust Securities and the Trust. 
 Upon written request of any such successor
Relevant Trustee, the Trust shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Relevant Trustee all such rights, powers and trusts referred to in the preceding paragraph. 
 No successor Relevant Trustee shall accept its appointment unless at the time of such acceptance such successor Relevant Trustee shall be
qualified and eligible under this Article. 
 Section 8.12. Merger, Conversion, Consolidation or Succession to
Business. Any Person into which the Property Trustee or the Delaware Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Relevant Trustee
shall be a party, or any Person succeeding to all or substantially all the corporate trust business of such Relevant Trustee, shall be the successor of such Relevant Trustee hereunder, provided such Person shall be otherwise qualified and eligible
under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 Section 8.13. Preferential Collection of Claims Against Depositor or Trust. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
similar judicial proceeding relative to the Trust or any other obligor upon the Trust Securities or the property of the Trust or of such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the Trust
Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Property Trustee shall have made any demand on the Trust for the payment of any past due Distributions) shall be entitled
and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
 (a) to file and prove
a claim for the whole amount of any Distributions owing and unpaid in respect of the Trust Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Property Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Property Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel, and any other
amounts due the Property Trustee. 
  

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 Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of
the claim of any Holder in any such proceeding. 
 Section 8.14. Reports by Property Trustee. 
 (a) The Property Trustee shall transmit to Securityholders such reports concerning the Property Trustee and its actions under this Trust
Agreement as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Property Trustee shall, within sixty days after each
[                ] following the date of this Trust Agreement deliver to Securityholders a brief report, dated as of such
[                ], which complies with the provisions of such Section 313(a). 
 (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Property Trustee with each national stock exchange, the Nasdaq National Market or such other interdealer
quotation system or self-regulatory organization upon which the Capital Securities are listed or traded, if any, with the Commission and with the Depositor. The Depositor will promptly notify the Property Trustee of any such listing or trading.

 Section 8.15. Reports to the Property Trustee. The Depositor and the Administrative Trustees on behalf of
the Trust shall provide to the Property Trustee such documents, reports and information as required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required by Section 314(a) of the Trust Indenture Act in
the form, in the manner and at the times required by Section 314 of the Trust Indenture Act. Delivery of such reports, information and documents to the Property Trustee is for informational purposes only and the Property Trustee’s receipt
of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Trust’s compliance with any of its covenants hereunder (as to which the Property Trustee is
entitled to rely exclusively on Officers’ Certificates). 
 Section 8.16. Evidence of Compliance with
Conditions Precedent. Each of the Depositor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such evidence of compliance with any conditions precedent, if any, provided for in this Trust Agreement that
relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) of the Trust Indenture Act shall be given in the form of an
Officers’ Certificate. 
 Section 8.17. Number of Trustees. The number of Trustees shall be four, provided
that the Holder of all of the Common Securities by written instrument may increase or decrease the number of Administrative Trustees. The Property Trustee and the Delaware Trustee may be the same Person. 
 (a) If a Trustee ceases to hold office for any reason and the number of Administrative Trustees is not reduced pursuant to
Section 8.17(a), or if the number of Trustees is increased

  

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pursuant to Section 8.17(a), a vacancy shall occur. The vacancy shall be filled with a Trustee appointed in accordance with Section 8.10. 
 (b) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to perform the duties of a Trustee shall not operate
to dissolve, terminate or annul the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 8.10, the Administrative
Trustees in office, regardless of their number (and notwithstanding any other provision of this Trust Agreement), shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative
Trustees by this Trust Agreement. 
 Section 8.18. Delegation of Power. 
 (a) Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of
21 (provided such person is a U.S. Person) his or her power for the purpose of executing any documents contemplated in Section 2.7(a), including any registration statement or amendment thereto filed with the Commission, or making any other
governmental filing; and 
 (b) The Administrative Trustees shall have power to delegate from time to time to such of their
number or to the Depositor the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of this Trust Agreement, as set forth herein. 
 ARTICLE IX 
 TERMINATION, LIQUIDATION AND MERGER 
 Section 9.1. Termination Upon Expiration Date. Unless earlier dissolved, the Trust shall automatically dissolve on
[                    , 20    ] (the “Expiration Date”). Upon such a dissolution, after satisfaction of the liabilities
of the Trust, as provided by applicable law, the Trust Property shall be distributed in accordance with Section 9.4. 
 Section 9.2. Early Termination. The first to occur of any of the following events is an “Early Termination Event”, the occurrence of which shall cause a dissolution of the Trust: 
 (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of, the Holder of the Common Securities;

 (b) the written direction to the Property Trustee from the Depositor at any time to dissolve the Trust and, after
satisfaction of liabilities to creditors of the Trust as provided by applicable law, distribute Debentures to Securityholders in exchange for the Capital Securities (which direction is optional and wholly within the discretion of the Depositor);

  

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 (c) the redemption of all of the Capital Securities in connection with the redemption of all
of the Debentures; and 
 (d) the entry of an order for dissolution of the Trust by a court of competent jurisdiction.

 Section 9.3. Termination. 
 The respective obligations and responsibilities of the Trustees and the Trust created and continued hereby shall terminate upon the latest to occur of the following: (a) the distribution by the
Property Trustee to Securityholders upon the liquidation of the Trust pursuant to Section 9.4, or upon the redemption of all of the Trust Securities pursuant to Section 4.2, of all amounts required to be distributed hereunder upon the
final payment of the Trust Securities; (b) the payment of any expenses owed by the Trust; and (c) the discharge of all administrative duties of the Administrative Trustees, including the performance of any tax reporting obligations with
respect to the Trust or the Securityholders. 
 Section 9.4. Liquidation. 
 (a) If an Early Termination Event specified in clause (a), (b) or (d) of Section 9.2 occurs or upon the Expiration Date, the
Trust shall be liquidated by the Trustees as expeditiously as the Trustees determine to be possible by distributing, after satisfaction or the making of reasonable provisions for the payment of liabilities to creditors of the Trust as provided by
applicable law, to each Securityholder a Like Amount of Debentures, subject to Section 9.4(d). Notice of liquidation shall be given by the Property Trustee by first-class mail, postage prepaid mailed not later than 30 nor more than 60 days
prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address appearing in the Securities Register. All notices of liquidation shall: 
 (i) state the CUSIP Number of the Trust Securities; 
 (ii) state the Liquidation Date; 
 (iii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any
Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and 
 (iv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or if Section 9.4(d) applies receive a Liquidation Distribution, as the Administrative Trustees or
the Property Trustee shall deem appropriate. 
 (b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the
liquidation of the Trust and distribution of the Debentures to Securityholders, the Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting
as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates.

  

 45 

 (c) Except where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date,
(i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will be issued to Holders of Trust Securities Certificates, upon surrender of such certificates to the
Administrative Trustees or their agent for exchange, (iii) if the Capital Securities are then listed or traded on the New York Stock Exchange or other exchange, interdealer quotation system or self-regulatory organization, the Depositor shall
use its best efforts to have the Debentures listed on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed or traded, (iv) any Trust Securities Certificates not so
surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates
until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (v) all rights of
Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive Debentures upon surrender of Trust Securities Certificates. 
 (d) In the event that, notwithstanding the other provisions of this Section 9.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of
the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee. In such event, Securityholders will be entitled
to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus
accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). If the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in
full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common
Securities will be entitled to receive Liquidation Distributions upon any such winding-up or termination pro rata (determined as aforesaid) with Holders of Capital Securities, except that, if a Debenture Event of Default has occurred and is
continuing, the Capital Securities shall have a priority over the Common Securities. 
 Section 9.5. Mergers,
Consolidations, Amalgamations or Replacements of the Trust. The Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to any corporation
or other Person, except pursuant to this Article IX. At the request of the Depositor, with the consent of the Administrative Trustees and without the consent of the Holders of the Capital Securities, the Property Trustee or the Delaware Trustee, the
Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to a trust organized as such under the laws of any State; provided, that
(i) such successor entity either (a) expressly assumes all of the obligations of the Trust with respect to the Capital Securities or (b) substitutes for the Capital Securities other securities having substantially the same terms as
the Capital Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Capital Securities rank in priority with respect to distributions and payments upon liquidation, redemption and otherwise,
(ii) the Depositor

  

 46 

 
expressly appoints a trustee of such successor entity possessing the same powers and duties as the Property Trustee as the holder of the Debentures, (iii) the Successor Securities are listed
or traded, or any Successor Securities will be listed upon notification of issuance, on any national securities exchange or other organization on which the Capital Securities are then listed or traded, if any, (iv) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not cause the Capital Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization, (v) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Capital Securities (including any Successor Securities) in any material respect, (vi) such successor
entity has a purpose substantially identical to that of the Trust, (vii) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Depositor has received an Opinion of Counsel to the effect that
(a) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Capital Securities (including any Successor Securities) in any
material respect, and (b) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor such successor entity will be required to register as an investment company under the 1940 Act and
(viii) the Depositor owns all of the common securities of such successor entity and guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the Guarantee. Notwithstanding the
foregoing, the Trust shall not, except with the consent of Holders of 100% in Liquidation Amount of the Capital Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to any other Person or permit any other Person to consolidate, amalgamate, merge with or into, or replace it if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust
or the successor entity to be classified as other than a grantor trust for United States federal income tax purposes. 
 ARTICLE
X 
 MISCELLANEOUS PROVISIONS 
 Section 10.1. Limitation of Rights of Securityholders. The death, incapacity, liquidation, dissolution, termination or bankruptcy of any Person having an interest, beneficial or
otherwise, in Trust Securities shall not operate to terminate this Trust Agreement, nor dissolve, terminate or annul the Trust, nor entitle the legal representatives or heirs of such Person or any Securityholder for such Person, to claim an
accounting, take any action or bring any proceeding in any court for a partition or winding up of the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
 Section 10.2. Liability of the Common Securityholder. The Holder of the Common Securities shall be liable for all of the
debts and obligations of the Trust (other than with respect to the Trust Securities) to the extent not satisfied out of the Trust’s assets. 
 Section 10.3. Amendment. (a) This Trust Agreement may be amended from time to time by the Property Trustee, the Administrative Trustees and the Depositor, without the consent of

  

 47 

 
any Securityholders, (i) to cure any ambiguity, correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Trust Agreement, which shall not be inconsistent with the other provisions of this Trust Agreement, (ii) to effect any amendment required in order to make this Trust Agreement consistent with
the description of the Trust Agreement contained in the Prospectus, dated [                    , 20    ], as supplemented by the
Prospectus Supplement, dated [                    , 20    ], relating to the Capital Securities or (iii) to modify,
eliminate or add to any provisions of this Trust Agreement to such extent as shall be necessary to ensure that the Trust will be classified for United States federal income tax purposes as a grantor trust at all times that any Trust Securities are
Outstanding or to ensure that the Trust will not be required to register as an investment company under the 1940 Act; provided, however, that in the case of clause (i), clause (ii) or clause (iii), such action shall not adversely affect
in any material respect the interests of any Securityholder, and any such amendments of this Trust Agreement shall become effective when notice thereof is given to the Securityholders. 
 (b) Except as provided in Section 10.3(c) hereof, any provision of this Trust Agreement may be amended by the Trustees and the
Depositor (i) with the consent of Trust Securityholders representing not less than a majority (based upon Liquidation Amounts) of the Trust Securities then Outstanding and (ii) upon receipt by the Trustees of an Opinion of Counsel to the
effect that such amendment or the exercise of any power granted to the Trustees in accordance with such amendment will not affect the Trust’s status as a grantor trust for United States federal income tax purposes or the Trust’s exemption
from status of an investment company under the 1940 Act. 
 (c) In addition to and notwithstanding any other provision in this
Trust Agreement, without the consent of each affected Securityholder, this Trust Agreement may not be amended to (i) change the amount or timing of any Distribution on the Trust Securities or otherwise adversely affect the amount of any
Distribution required to be made in respect of the Trust Securities as of a specified date or (ii) restrict the right of a Securityholder to institute suit for the enforcement of any such payment on or after such date. Notwithstanding any other
provision herein, without the unanimous consent of the Securityholders, this paragraph (c) of this Section 10.3 may not be amended. 
 (d) Notwithstanding any other provisions of this Trust Agreement, no Trustee shall enter into or consent to any amendment to this Trust Agreement which would cause the Trust to fail or cease to qualify
for the exemption from status of an investment company under the 1940 Act or fail or cease to be classified as a grantor trust for United States federal income tax purposes. 
 (e) Notwithstanding anything in this Trust Agreement to the contrary, without the consent of the Depositor, this Trust Agreement may not be
amended in a manner which imposes any additional obligation on the Depositor. 
 (f) In the event that any amendment to this
Trust Agreement is made, the Administrative Trustees shall promptly provide to the Depositor a copy of such amendment. 
 (g)
Neither the Property Trustee nor the Delaware Trustee shall be required to enter into any amendment to this Trust Agreement which affects its own rights, duties or immunities under this Trust Agreement. The Property Trustee shall be entitled to
receive an Opinion of Counsel

  

 48 

 
and an Officers’ Certificate stating that any amendment to this Trust Agreement is in compliance with this Trust Agreement. 
 Section 10.4. Separability. In case any provision in this Trust Agreement or in the Trust Securities Certificates shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.5. Governing Law. THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE
TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES). 
 Section 10.6. Payments Due on Non-Business Day. If the date fixed for any payment on any Trust Security shall be a day that is not a Business Day, then such payment need not be made on
such date but may be made on the next succeeding day that is a Business Day (except as otherwise provided in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made on the date fixed for such payment, and no interest shall accrue
thereon for the period after such date. 
 Section 10.7. Successors. This Trust Agreement shall be binding upon
and shall inure to the benefit of any successor to the Depositor, the Trust or the Relevant Trustee, including any successor by operation of law. Except in connection with a consolidation, merger or sale involving the Depositor that is permitted
under Article Eight of the Indenture and pursuant to which the assignee agrees in writing to perform the Depositor’s obligations hereunder, the Depositor shall not assign its obligations hereunder. 
 Section 10.8. Headings. The Article and Section headings are for convenience only and shall not affect the construction of
this Trust Agreement. 
 Section 10.9. Reports, Notices and Demands. Any report, notice, demand or other
communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon any Securityholder or the Depositor may be given or served in writing by deposit thereof, first-class postage prepaid, in the
United States mail, hand delivery or facsimile transmission, in each case, addressed, (a) in the case of a Capital Securityholder, to such Capital Securityholder as such Securityholder’s name and address may appear on the Securities
Register; and (b) in the case of the Common Securityholder or the Depositor, to JPMorgan Chase & Co., 270 Park Avenue, New York, New York 10017, Attention:
[                ], facsimile no.: [            ]. Such notice, demand or other communication to or upon a
Securityholder shall be deemed to have been sufficiently given or made, for all purposes, upon hand delivery, mailing or transmission. 
 Any notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon the Trust, the Property Trustee, the Delaware Trustee or the Administrative Trustees shall be
given in writing addressed (until another address is published by the Trust) as follows: (a) with respect to the Property

  

 49 

 
Trustee to The Bank of New York Mellon, 101 Barclay Street, New York, New York 10286, Attention: Corporate Trust Administration; (b) with respect to the Delaware Trustee, to BNY Mellon Trust
of Delaware, White Clay Center, Route 273, Newark, Delaware 19711, with a copy to the Property Trustee at the address set forth in Clause (a); and (c) with respect to the Administrative Trustees, to them at the address above for notices to the
Depositor, marked “Attention Administrative Trustees of JPMorgan Chase Capital [        ].” Such notice, demand or other communication to or upon the Trust or the Property Trustee shall be deemed to
have been sufficiently given or made only upon actual receipt of the writing by the Trust or the Property Trustee. 
 Section 10.10. Agreement Not to Petition. Each of the Trustees and the Depositor agree for the benefit of the Securityholders that, until at least one year and one day after the Trust has been terminated in accordance with
Article X, they shall not file, or join in the filing of, a petition against the Trust under any bankruptcy, insolvency, reorganization or other similar law (including, without limitation, the United States Bankruptcy Code) (collectively,
“Bankruptcy Laws”) or otherwise join in the commencement of any proceeding against the Trust under any Bankruptcy Law. In the event the Depositor takes action in violation of this Section 10.10, the Property Trustee agrees, for the
benefit of Securityholders, that at the expense of the Depositor, it shall file an answer with the bankruptcy court or otherwise properly contest the filing of such petition by the Depositor against the Trust or the commencement of such action and
raise the defense that the Depositor has agreed in writing not to take such action and should be stopped and precluded therefrom and such other defenses, if any, as counsel for the Property Trustee or the Trust may assert. The provisions of this
Section 10.10 shall survive the termination of this Trust Agreement. 
 Section 10.11. Trust Indenture Act;
Conflict with Trust Indenture Act. (a) This Trust Agreement is subject to the provisions of the Trust Indenture Act that are required or deemed to be part of this Trust Agreement and shall, to the extent applicable, be governed by such
provisions. 
 (b) The Property Trustee shall be the only Trustee which is a trustee for the purposes of the Trust Indenture
Act. 
 (c) If any provision hereof limits, qualifies or conflicts with another provision hereof which is required or deemed to
be included in this Trust Agreement by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control. If any provision of this Trust Agreement modifies or excludes any provision of the Trust Indenture Act which
may be so modified or excluded, the latter provision shall be deemed to apply to this Trust Agreement as so modified or excluded, as the case may be. 
 (d) The application of the Trust Indenture Act to this Trust Agreement shall not affect the nature of the Trust Securities as equity securities representing undivided beneficial interests in the assets of
the Trust. 
 Section 10.12. Acceptance of Terms of Trust Agreement, Guarantee and Indenture. THE RECEIPT AND
ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL

  

 50 

 
OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE SECURITYHOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST
SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH SECURITYHOLDER AND SUCH OTHERS
THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH SECURITYHOLDER AND SUCH OTHERS. 
 Section 10.13. Holders are Parties. Notwithstanding that Holders have not executed and delivered this Trust Agreement or any counterpart thereof, Holders shall be deemed to be parties to
this Trust Agreement and shall be bound by all of the terms and conditions hereof and of the Trust Securities by acceptance and delivery of the Trust Securities. 
 Section 10.14. Treatment of Trust as Grantor Trust and Debentures as Debt for Federal Income Tax Purposes. 
 (a) Holders of Trust Securities by virtue of accepting delivery thereof, agree that the arrangement created by this Trust Agreement shall be treated as a grantor trust under Subpart E of the Code for
United States federal income tax purposes and that the Depositor and the Trustees shall be authorized to take any action consistent with such treatment. Neither the Trustees nor the Depositor shall make any check-the-box election for the Trust to be
treated as an association under Treas. Reg. § 301.7701-3 or take any other action inconsistent with the treatment of the Trust as a grantor trust for all tax purposes. 
 (b) Holders of Capital Securities, by virtue of accepting delivery thereof, agree to treat the Debentures as debt for United States federal
income tax purposes. 
  

 51 

 Section 10.15. Counterparts. This Trust Agreement may contain more than one
counterpart of the signature page and this Trust Agreement may be executed by the affixing of the signature of each of the Trustees of one of such counterpart signature pages. All of such counterpart signature pages shall be read as though one, and
they shall have the same force and effect as though all of the signers had signed a single signature page. 
 Section 10.16. Delaware Trustee. In connection with its appointment and acting hereunder, the Delaware Trustee is entitled to all rights, privileges, benefits, protections, immunities and indemnities provided to the
Property Trustee. 
 Section 10.17. Waiver of Jury Trial. EACH OF THE DEPOSITOR AND THE PROPERTY TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS TRUST AGREEMENT, THE TRUST SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 Section 10.18. Force Majeure. In no event shall the Property Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Property Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

 52 

			
	JPMORGAN CHASE & CO.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON,
 as Property Trustee

		
	By:	 	  

		 	Name:
		 	Title:
	
	 BNY MELLON TRUST OF DELAWARE,
 as Delaware Trustee

		
	By:	 	  

		 	Name:
		 	Title:
	
	[                    ], as Administrative Trustee
	
	  

	
	[                    ], as Administrative Trustee
	
	  

 JPMORGAN CHASE CAPITAL
[            ] 
 Certain Sections of this Trust Agreement relating
to 
 Sections 310 through 318 of the 
 Trust Indenture Act of 1939: 
  

											
	 Trust Indenture
 Act Section
	 	 	 	 Trust Agreement
 Section

	(§)310	 	(a)(1)	 		 		 		 	8.7
		 	(a)(2)	 		 		 		 	8.7
		 	(a)(3)	 		 		 		 	8.9
		 	(a)(4)	 		 		 		 	2.7(a)(ii)
		 	(b)	 		 		 		 	8.8
	(§)311	 	(a)	 		 		 		 	8.13
		 	(b)	 		 		 		 	8.13
	(§)312	 	(a)	 		 		 		 	5.7
		 	(b)	 		 		 		 	5.7
		 	(c)	 		 		 		 	5.7
	(§)313	 	(a)	 		 		 		 	8.14(a)
		 	(a)(4)	 		 		 		 	8.14(b)
		 	(b)	 		 		 		 	8.14(b)
		 	(c)	 		 		 		 	10.9
		 	(d)	 		 		 		 	8.14(c)
	(§)314	 	(a)	 		 		 		 	8.15
		 	(b)	 		 		 		 	Not Applicable
		 	(c)(1)	 		 		 		 	8.16
		 	(c)(2)	 		 		 		 	8.16
		 	(c)(3)	 		 		 		 	Not Applicable
		 	(d)	 		 		 		 	Not Applicable
		 	(e)	 		 		 		 	1.1, 8.16
	(§)315	 	(a)	 		 		 		 	8.1(a), 8.3(a)
		 	(b)	 		 		 		 	8.2, 10.9
		 	(c)	 		 		 		 	8.1(a)
		 	(d)	 		 		 		 	8.1, 8.3
		 	(e)	 		 		 		 	Not Applicable
	(§)316	 	(a)	 		 		 		 	Not Applicable
		 	(a)(1)(A)	 		 		 		 	Not Applicable
		 	(a)(1)(B)	 		 		 		 	Not Applicable
		 	(a)(2)	 		 		 		 	Not Applicable
		 	(b)	 		 		 		 	5.14
		 	(c)	 		 		 		 	6.7
	(§)317	 	(a)(1)	 		 		 		 	Not Applicable
		 	(a)(2)	 		 		 		 	Not Applicable
		 	(b)	 		 		 		 	5.9
	(§)318	 	(a)	 		 		 		 	10.11

 Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to be a part of the
Trust

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