Document:

Execution Version

        

      

      Exhibit 10.3

      

        

    

    
      CO-CHIEF EXECUTIVE OFFICER

      EMPLOYMENT AGREEMENT

      

      

      This CO-CHIEF EXECUTIVE OFFICER EMPLOYMENT AGREEMENT (the “Agreement”)

        is entered into as of this 18th day of March 2021 (the “Effective Date”) by and between Tronox Holdings plc (together with its successors and assigns, the “Company”), and Jean François Turgeon, an individual (the “Executive” or “you”).

      

      

      WHEREAS, you are currently employed as the Interim Co-Chief Executive Officer of the Company pursuant to a
        Letter Appointment dated December 27, 2020 and an Employment Agreement dated July 25, 2013 that was extended dated July 13, 2016 (collectively the “Prior Employment Agreement”); and

      

      

      WHEREAS, you and the Company desire to terminate the Prior Employment Agreement and to enter into this
        Agreement to set out the terms and conditions for the continued employment relationship between you and the Company.

      

      

      NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good
        and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows:

      

      

      1.            Start Date.  Your new position with the Company as described in this Agreement will be effective as of the Effective Date.

      

      

      2.            Place of Employment.  During your employment pursuant to this Agreement, you may maintain your personal residence at a location of your own choice and work from such location, provided that:  (i) you are present at the Company’s corporate headquarters, currently located at One Stamford Plaza, 263 Tresser Boulevard, Stamford, Connecticut 06901 (the “Corporate
            Headquarters”), and/or at the Company’s offices in New York City (the “NYC Office”), as necessary or advisable to effectively manage and execute the business of the Company; and (ii) subject to paragraph 31, you bear all responsibility for
            personal income taxes in connection with your personal residence decisions.

      

      

      3.            Position and Duties.  You will be employed by the Company as its Co-Chief Executive Officer, and together with the other Co-Chief Executive Officer, you will serve as the most
            senior executive officers of the Company, reporting directly to the Board of Directors of the Company (the “Board”). You will have the normal duties, responsibilities and authority
            implied by such position, subject to the power of the Board to expand such duties or limit such duties (subject to your rights as set forth in this Agreement, including your right to resign for Good Reason as set forth herein).  The Board will
            elect you as a member of the Board as soon as it can do so subject to ensuring that a majority of the members of the Board meet the independence rules of the New York Stock Exchange.  In addition, the Company and the Board shall take such
            action as may be necessary or appropriate to nominate you for re-election as a member of the Board at the expiration of the then current term. Notwithstanding the foregoing, if you are requested to resign from the Board at any time, you agree
            to do so immediately upon receiving such a written request from the Chair of the Board or the Lead Director as the case may be.

       

          

      
        
          

      

      
      4.            Exclusive Service.  You will devote your work time, efforts and attention to the business and affairs of the Company; provided
            that you may serve on the boards of directors of philanthropic or civic organizations and on the board of directors of one for-profit company; provided such service or participation
            does not interfere with your employment or duties under this Agreement and that you have advised the Board prior to commencing and the Board has consented in writing (which consent shall not be unreasonably withheld or delayed) to such outside
            activities.

      

      

      5.            Termination of Prior Employment Agreement.  Upon the Effective Date of this Agreement, it shall supersede and replace your Prior Employment Agreement, which shall be of no further
            force or effect.  Notwithstanding the foregoing, within ten (10) business days of the Effective Date, the Company shall pay you the one-time special bonus of $500,000 as set forth in paragraph (b) of your Letter Appointment dated December 27,
            2020.

      

      

      6.            Base Salary.  During your employment pursuant to this Agreement, the Company will pay you a base salary at a rate of no less than $900,000/year, which amount may be increased (but
            not decreased) from time to time by the Human Resources and Compensation Committee of the Board (the “HRCC”) (the annual base salary as increased from time to time, the “Annual Base Salary”). The Annual Base Salary will be payable in accordance with the Company’s normal payroll practices, with such deductions and withholdings as are required by law.

      

      

      7.            Bonus.  During your employment pursuant to this Agreement, you will be eligible to receive a cash bonus under the Company’s Annual Incentive Plan (“AIP”) or other similar bonus plan adopted by the Board or the HRCC (an “Annual Bonus”) in an amount targeted on an annual basis at no less than 100%
            of your Annual Base Salary (or such higher amount for any fiscal year as may be determined by the HRCC from time to time) (the “Target Bonus”), with a maximum Annual Bonus opportunity
            of up to 200% of the Target Bonus, in each case, based upon your and/or the Company’s attainment of one or more objective performance criteria established in writing by the Board or HRCC. The Company will pay your Annual Bonus, if any, in the
            year following the year to which such Annual Bonus relates at the same time such AIP bonuses are paid to similarly situated executives of the Company.  If terminated for Cause, the Annual Bonus shall not be deemed to be earned until the date on
            which it is paid by the Company.

      

      

      8.            Long-Term Incentive Compensation.  During your employment pursuant to this Agreement, you will be eligible to receive an annual grant of long-term compensation under the Company’s
            Management Equity Incentive Plan. Your aggregate 2021 Long Term Incentive Plan (“LTIP”) grant, including all such grants provided pursuant to your Prior Employment Agreement, shall be
            $2,200,000. Your annual grant will be made to you at the same time that other executives of the Company receive their LTIP grants, and it will be made in a form and on terms no less favorable than LTIP grants made to other executives of the
            Company.

       

          

      
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      9.            Employee Benefits.  You shall be eligible to participate in all employee benefit plans and arrangements, including, but not limited to, medical, dental, vision, life insurance and
            disability insurance benefits and arrangements and 401(k) plan, as are made available by the Company to its other senior executives, subject to the terms and conditions thereof. In addition, to the extent applicable, you will be entitled to
            participate in the Company’s relocation program on a basis that is no less favorable to you than any other participant (current or former) in such program.

      

      

      10.          Vacation.  You will be entitled to paid vacation and holidays pursuant to the terms of the Company’s vacation policy as may be in effect from time to time, but in no event less
            than five weeks of paid vacation per calendar year.

       

          

      11.          Financial Advisory Services.  The Company will provide you with a stipend of $10,000 annually toward the cost of personal financial advisory or tax preparation services.

      

      

      12.          Business Expenses.  You will be reimbursed for all out-of-pocket business, travel, marketing, entertainment and other similar expenses reasonably incurred in the performance of
            your duties on behalf of the Company following presentation by you of reasonable substantiation of such expenses.

      

      

      13.          Termination and Change in Control.

      

      

      	

            	a.	
              Termination for Any Reason.  Upon termination of your
                  employment with the Company for any reason, you will receive payment for any unpaid Annual Base Salary through the date of termination; any Annual Bonus earned but unpaid with respect to a performance period ending on or preceding the
                  date of termination; reimbursement for any unreimbursed business expenses incurred through the date of termination; payment for any accrued but unused vacation time and sick time;  and all other vested payments, benefits or fringe
                  benefits to which you may be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement (collectively the “Accrued Benefits”).

            

       

      

      
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            	b.	
              Termination Without Cause or Resignation for Good Reason Prior to a Change in Control.  Except as provided in the paragraph immediately below, if your employment with the Company is terminated without Cause or you resign for Good Reason, in addition to the Accrued Benefits, the Company will pay or
                  provide you with the following: (i)(A) an aggregate dollar amount equal to the product of (x) 2.0 multiplied by (y) the sum of (I) your Annual Base Salary in effect immediately prior to your termination of employment or the occurrence of
                  Good Reason (whichever is higher) plus (II) the Target Bonus, payable in cash in equal installments over the 24 month period immediately following the date of termination of employment; (B) reimbursement (on an after-tax basis) of all of
                  your premiums for continuing your health care coverage and the coverage of your dependents who are covered at the time of your termination or resignation, under the applicable provisions of the Consolidated Omnibus Budget Reconciliation
                  Act of 1985 (COBRA) for a period ending on the earlier of the date that is eighteen (18) months after the date of termination or resignation or the date on which you become eligible to be covered by the health care plans of another
                  employer (“COBRA Continuation”); (C) a pro-rata portion of your Annual Bonus for the fiscal year in which your termination occurs based on actual results for such year
                  (determined by multiplying the amount of such bonus which would be due for the full fiscal year by a fraction, the numerator of which is the number of days during the fiscal year of termination that you are employed by the Company and the
                  denominator of which is 365), payable at the same time bonuses for such year are paid to other senior executives of the Company (the “Pro-Rata Bonus”) (collectively, “Severance Payments”) and (ii) with respect to any unvested equity-based incentive awards, such awards shall continue to be governed by the terms of the applicable plan and award
                  agreement under which they were granted; provided that, to the extent such terms or concepts are included in any such plan or award agreement, the definitions of “Cause” and
                  “Good Reason” set forth herein shall apply and control. The Company’s obligation to make Severance Payments is conditioned upon your execution and delivery of the Release (as defined herein). The Company will commence payment (or
                  reimbursement) of the Severance Payments 60 days following the date of termination of your employment, provided that prior to such date, the Release has become effective in
                  accordance with its terms. The first payment will include a catch-up payment covering the amount that would have otherwise been paid during the period between the date of your termination of employment and the first payment date but for
                  the application of the preceding sentence, and the balance of the installments will be payable in accordance with the schedule set forth herein. In the event of your death prior to payment in full of the Severance Payments, the Company
                  shall pay your estate the remaining unpaid Severance Payments.

            

       

      

      
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            	c.	
              Termination Following a Change in Control.  If, at any
                  time during the 90 day period preceding, or 24 month period following, a Change in Control, your employment with the Company is terminated without Cause or you resign for Good Reason, in addition to the Accrued Benefits, the Company will
                  pay or provide you with the following: (i)(A) an aggregate dollar amount equal to the product of (x) 3.0 multiplied by (y) the sum of (I) your Annual Base Salary in effect immediately prior to your termination of employment or the
                  occurrence of Good Reason (whichever is higher) plus (II) the Target Bonus, payable as follows: (1) if the Change in Control is also a “change in control event” for purposes of Code Section 409A, the amount in this clause (i)(A) will be
                  paid in a single lump sum within the 60-day period following the date your employment ends (or if later, the date of such Change in Control) or (2) if the Change in Control does not constitute a “change in control event” for purposes of
                  Code Section 409A, the amount in this clause (i)(A) will be paid in equal installments over the 24 month period immediately following the date of termination of employment; (B) COBRA Continuation; (C) the Pro-Rata Bonus (collectively, “CIC Severance Payments”) and (ii)(A) with respect to any unvested equity-based incentive awards subject to time-based vesting, you will immediately become fully vested in, and all
                  options shall immediately become exercisable or cash or shares will be immediately settled or distributed with respect to, all such awards, and (B) with respect to any unvested equity-based incentive awards subject to performance-based
                  vesting, you will vest in, and options shall become exercisable, or cash or shares will be settled or distributed, assuming performance at target levels applicable to all such awards had been achieved (regardless of actual performance)
                  (collectively, “CIC Equity Vesting”). The Company’s obligation to make CIC Severance Payments or provide the CIC Equity Vesting is conditioned upon your execution and delivery of
                  the Release. To the extent any equity grant agreement or other agreement between the Company and you contains provisions accelerating the vesting of unvested equity awards upon a Change in Control (or similar term) or termination of your
                  employment without Cause or a resignation for Good Reason that are more favorable to you than the CIC Equity Vesting, then the vesting provisions of such equity grant or other agreement will govern. The Company will commence payment (or
                  reimbursement, to the extent required by Code Section 409A) of the Severance Payments 60 days following the date of termination of your employment, provided that prior to such
                  date, the Release has become effective in accordance with its terms. The first payment will include a catch-up payment covering the amount that would have otherwise been paid during the period between the date of your termination of
                  employment and the first payment date but for the application of the preceding sentence, and the balance of the installments will be payable in accordance with the schedule set forth herein. In the event of your death prior to payment in
                  full of the CIC Severance Payments, the Company shall pay your estate the remaining unpaid CIC Severance Payments. In no event shall you be obligated to seek other employment or take any other action by way of mitigation of the amounts
                  payable to you under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by you as a result of employment by a subsequent employer, except to the limited extent
                  provided with respect to COBRA Continuation.

            

       

      

      
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      14.          No Excise Tax Gross-Up; Possible Reduction in Parachute Payments.  Notwithstanding any restrictions set forth in any Company plan or arrangement, if any portion of your Severance
            Payments, CIC Severance Payments, Equity Vesting, CIC Equity Vesting or any other payments in the nature of compensation provided to you (each, a “Payment”) constitutes “parachute
            payments” within the meaning of Section 280G of the Code and, but for this subsection, would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then
            your Payments will be payable either in full or in such lesser amount as would result, after taking into account the applicable federal, state and local income taxes and the Excise Tax, in your receipt on an after-tax basis of the greater
            amount of Payments. Any reduction in the Payments pursuant to the preceding sentence shall be effected first by reducing or eliminating Severance Payments or CIC Severance Payments, as applicable, and then by reducing or eliminating the Equity
            Vesting or CIC Equity Vesting, and then by reducing other compensation and benefits. Such reductions shall be allocated pro rata between amounts that are subject to Section 409A of the Code and amounts that are not subject to Section 409A of
            the Code. Any determination required under this section shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose determination shall be
            conclusive and binding upon you and the Company for all purposes. For purposes of making the calculations required by this section, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on
            reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and you shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to
            make a determination under this section. The Company shall bear all costs and fees of the Accountants in connection with any calculations contemplated by this section. No less than five days prior to a change in ownership, the Company shall
            provide you, or permit the Accountants to provide you, with all calculations and supporting documentation related to the determination of the Excise Tax. The Company’s obligations under this section shall survive your termination of employment.

      

      

      15.          Indemnification.  If you are made or threatened to be made a party to or a participant in any actual, threatened, pending, or completed action, claim, or proceeding of any type,
            the Company shall indemnify, defend, and hold you harmless to the fullest extent authorized or permitted by applicable law, by its Certificate of Incorporation, and by its By-Laws, as the foregoing may be amended from time to time, and
            including any and all expenses (including, without limitation, advancement and payment of attorneys’ fees) and losses arising out of or relating to any of your actual or alleged acts, omissions, negligence or active or passive wrongdoing,
            including the advancement of expenses you incur. In addition, without limiting the foregoing, the Company shall provide you with indemnification protection under any separate written indemnification agreement entered into with executives and
            directors of the Company on terms no less favorable than provided to any other Company executive officer or director. Further, in the event you prevail on any material issue in connection with any controversy, dispute or claim which arises out
            of or relates to this Agreement, any other agreement or arrangement between you and the Company, your employment with the Company, or the termination thereof, then the Company shall reimburse you (and your beneficiaries) for any and all costs
            and expenses (including without limitation attorneys’ fees) incurred by you (or any of your beneficiaries) in connection with such controversy, dispute or claim. In addition, during your employment with the Company and while potential liability
            exists (but in no event less than six years thereafter), the Company or any successor to the Company shall purchase and maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to you on terms that are no
            less favorable than the coverage provided to other directors and officers of Company.

       

          

      
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      16.          Confidential Information; Work Product.

      

      

      	

            	a.	
              Definition of Confidential Information.  As used in this
                  Agreement, “Confidential Information” includes, but is not limited to, any type of trade secret or other information, whether in hard-copy or electronic format or communicated
                  orally, relating to the business of the Company that you acquire or have acquired through employment with the Company, and that has value such that the Company designates or treats the information as confidential through its policies,
                  procedures and/or practices. Confidential Information is limited to information that is not generally known to competitors or that is not in the public domain through lawful means. Confidential Information does not include information
                  that has been voluntarily disclosed to the public by the Company (except where such public disclosure has been made in breach of a duty of confidentiality); information known to you prior to first receipt of or access to such information
                  in the course of your employment with the Company; or information that has been independently developed and disclosed by, or rightfully received by you outside the course of your employment with the Company from, a third party who does
                  not owe the Company, as applicable, a duty of confidentiality with respect to such information. Subject to the foregoing, examples of Confidential Information include, without limitation, the following: (i) any files, lists or other
                  information relating to customers; (ii) non-published pricing and financial information and data; (iii) strategic, marketing and research information including, without limitation, business plans, strategies and market research data; (iv)
                  technical information including, without limitation, software, source code, object code and other non-public intellectual property; and (v) product research and development including, without limitation, testing data, formulas, products
                  in development and all other research data.

            

      

      

      	

            	b.	
              Non-Disclosure of Confidential Information.  You
                  acknowledge that the Company has spent considerable time, effort and expense developing its Confidential Information and has taken reasonable measures to protect its secrecy. You therefore acknowledge and agree that you will not, except
                  in the normal course of your duties on behalf of the Company, disclose or use, or enable anyone else to disclose or use, either during your employment with the Company or at any time subsequent thereto, any Confidential Information
                  without prior written approval from the Company.

            

      

      

      	

            	c.	
              Return of Company Property.  You agree that all
                  documents and other materials of any kind pertaining to the business of the Company (including Confidential Information in any format) in your possession at any time during your employment are and shall be the property of the Company and
                  that all such property, including all copies thereof and all such information contained on your personal computer(s), your personal smart phone, your other personal devices, or any other storage devices (electronic or otherwise) shall be
                  surrendered by you to the Company upon the Company’s request from time to time during your employment, and with or without request upon, or within a reasonable period following, the termination of your employment.

            

       

      

      
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      17.          Ownership of Property.  You acknowledge that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, processes, programs, designs,
            analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any confidential information) and all registrations or applications related thereto, all other proprietary information and all similar
            or related information (whether or not patentable) that relate to the Company’s actual or anticipated business, research and development, or existing or future products or services and that are conceived, developed, contributed to, made or
            reduced to practice by you (either solely or jointly with others) while employed by the Company (including any of the foregoing that constitutes any proprietary information or records) (“Work
                Product”) belong to the Company and you hereby assign, and agree to assign, all of the above Work Product to the Company. Any copyrightable work prepared in whole or in part by you in the course of your work for any of the
            foregoing entities shall be deemed a “work made for hire” under the copyright laws and the Company shall own all rights therein. To the extent that any such copyrightable work is not a “work made for hire,” you hereby assign and agree to assign
            to the Company all right, title, and interest, including without limitation, copyright in and to such copyrightable work. You understand, however, that there is no obligation being imposed on you to assign any invention falling within the
            definition of Work Product for which no equipment, supplies, facility, or trade secret information of the Company was used and that was developed entirely on your own time, unless (i) such Work Product relates (a) to the Company’s businesses or
            (b) to the Company’s actual or demonstrably anticipated research or development, or (ii) the Work Product results from any work performed by you under this Agreement.

      

      

      18.          Non-Disparagement.  You agree that you will not at any time make, publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks,
            comments, or statements concerning the Company, other than in the performance of your duties for the Company. The Company and its respective officers and directors, respectively, agree that it and they will not at any time make, publish or
            communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments, or statements concerning you. The foregoing shall not be violated by truthful statements in response to legal process, required
            governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

      

      

      19.          Non-Competition.  You covenant and agree that at all times during your employment by the Company and for a period of 24 months following termination of your employment for any
            reason or no reason, you shall not, directly or indirectly, individually or jointly, own any interest in, operate, or participate as a partner, advisor, board member, director, principal, officer or agent of, enter into the employment of, act
            as a consultant to, or perform any services for any person or entity (other than the Company), that engages in the Business in the Restricted Area (as those terms are defined herein). Notwithstanding anything herein to the contrary, this
            section shall not prevent you from owning not more than five percent (5%) in the aggregate of any class of equity of any company if such equity is publicly traded and listed on any national or regional stock exchange. In addition, the
            provisions of this section shall not be violated by you commencing employment with a subsidiary, division or unit of any entity that engages in the Business so long as you and such subsidiary, division or unit do not engage in the Business.

       

          

      
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      20.          Non-Solicitation.  During your employment by the Company and for a period of 24 months following termination of your employment for any reason or no reason: (a) you, except as
            part of your duties to the Company, shall not directly or indirectly, for your own benefit or on behalf of any other person or entity, for the purpose of entering into a Restricted Transaction, solicit, call on, service or enter into any
            agreement with any customer with whom the Company did any business within the 12 month period preceding the termination of your employment with the Company, and with whom you had contact for the purpose of a Restricted Transaction, for whom you
            had supervisory responsibility or about whom you had access to and used Confidential Information; (b) you shall not, directly or indirectly, for your own benefit or on behalf of any other person or entity, solicit, induce or encourage any
            employee of the Company with whom you had material contact to leave such employee’s employment with the Company or to cease such employee’s relationship with the Company; and (c) you shall not, directly or indirectly, for your own benefit or on
            behalf of any other person or entity encourage (or assist another in encouraging) any supplier, business partner, or vendor of the Company with whom you had any contact on behalf of the Company within the last 12 months of your employment with
            the Company to terminate or diminish its relationship with the Company. For purposes of this section, “Restricted Transaction” means the marketing, selling and/or providing of products
            or services of the type marketed, sold, actively developed or provided by the Company during the 12 month period prior to the termination of your employment. Notwithstanding the foregoing, the provisions of this section shall not be violated by
            (a) general advertising or solicitation not specifically targeted at Company-related persons or entities, (b) you serving as a reference, upon request, for any employee of the Company, or (c) actions taken by any person or entity with which you
            are associated if you are not personally involved in any manner in the matter and have not identified such Company-related person or entity for soliciting or hiring.

      

      

      21.          Enforcement.  You agree and acknowledge that the Restrictive Covenant Provisions do not preclude you from earning a livelihood, nor do they unreasonably impose limitations on your
            ability to earn a living. You acknowledge that you have carefully read this Agreement and have given careful consideration to the restraints imposed on you by this Agreement, and you are in full accord as to their necessity for the reasonable
            and proper protection of confidential and proprietary information of the Company now existing or to be developed in the future. You expressly acknowledge and agree that each and every restraint imposed by this agreement is reasonable with
            respect to subject matter, time period and geographical area. In the event you breach any provision hereof, the Company shall be entitled to entry of an injunction prohibiting the same, in addition to any other remedy or relief that may be
            available to the Company at law or in equity. If you breach any provision herein, the time periods relating to the restrictions in the Restrictive Covenant Provisions shall be extended for a period of time equal to that period of time during
            which you are determined to be in breach.

       

          

      
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      22.          Definitions.

      

      

      	

            	a.	
              “Business” means the business of (i) developing, acquiring, managing, producing, marketing, providing and selling
                titanium ore and titanium dioxide and (ii) mining and beneficiating mineral sands.

            

      

      

      	

            	b.	
              “Cause” means (i) the arrest, indictment, conviction or plea of guilty or no contest for any felony or any
                misdemeanor involving acts of dishonesty or moral turpitude which in the estimation of the Board, acting reasonably, would disqualify you from serving as an executive officer of the Company; (ii) the willful commission of an act involving
                misappropriation, embezzlement or fraud which involves a material matter with respect to the Company or any of its customers or suppliers; (iii) substantial and repeated failure to perform duties of the office you hold as reasonably
                directed by the Board; (iv) gross negligence or willful misconduct with respect to the Company that is or could reasonably be expected to be harmful to the Company in any material respect; (v) willful conduct bringing the Company into
                substantial public disgrace or disrepute, and (vi) any material breach by you of this Agreement or any of the Company’s material policies. Any determination of Cause by the Company will be made by a resolution approved by a two-thirds
                majority of the members of the Board, provided that no such determination of Cause may be made until you have been given written notice detailing the specific Cause event (which
                such notice must be provided to you within 30 days of the occurrence of the alleged event constituting Cause), and you have been given a period of at least 30 days following receipt of such notice to cure such event (if susceptible to
                cure). To the extent an event is not so cured or deemed not susceptible to cure, the Board shall provide you with an opportunity on at least ten days advance written notice to appear (with legal counsel) before the full Board to discuss the
                specific circumstances alleged to constitute a Cause event. For purposes of this definition, an act, or a failure to act, shall not be deemed willful or intentional, as those terms are defined herein, unless it is done, or omitted to be
                done, by you in bad faith or without a reasonable belief that your action or omission was in the best interest of the Company.

            

      

      

      	

            	c.	
              “Change in Control” means a “Change of Control” as that term is defined in the Tronox Holdings plc Management Equity
                Incentive Plan, as amended, as in effect on the date hereof.

            

      

      

      	

            	d.	
              “Code” means the Internal Revenue Code of 1986, as amended.

            

       

      

      
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            	e.	
              “Good Reason” means (i) a reduction in your Annual Base Salary, (ii) a diminution in your title or a diminution in
                your duties or responsibilities inconsistent with your position including without limitation being asked to resign as a member from the Company’s Board of Directors (but, excluding an individual event resulting in a de minimis diminution in
                your duties or responsibilities), provided, however, that if you provide notice of resignation after such a diminution in your title, duties or responsibilities, you agree to provide the Company with continued service in a professional and
                capable manner for a period of up to six months after such notice (although such period may be reduced in the discretion of the Company), (iii) a material breach of this Agreement by the Company or a material breach by the Company of
                another material agreement between you and the Company, or (iv) the failure of the Company to obtain the assumption (by operation of law, the continuation of the corporate existence of the Company or otherwise) of this Agreement or
                substitution of a substantially similar agreement by any successors in a Change of Control, in each case without your prior written consent; provided that you must deliver written
                notice of your resignation to the Company within 90 days of your actual knowledge of any such event, the Company must be provided at least 30 days during which it may remedy the condition and you must terminate your employment within six
                months of the initial occurrence of Good Reason in order for such resignation to be with Good Reason for any purpose hereunder (except as set forth in (ii) above).

            

      

      

      	

            	f.	
              “Person” means an individual, a partnership, a limited liability company, a corporation, an association, a joint
                stock company, a trust, a joint venture, an unincorporated organization, investment fund, any other business entity and a governmental entity or any department, agency or political subdivision thereof.

            

      

      

      	

            	g.	
              “Release” means an agreement executed by you in a form mutually agreeable between you and the Company that contains:
                (i) an acknowledgement by the Company that it does not know (upon reasonable diligence) of any claims against you and (ii) a general release and waiver by you of any and all claims against the Company; provided that the Release shall specifically exclude: (a) any right to the benefits, including, without limitation, any severance benefits, to which you are entitled under this Agreement, (b) any claim relating to
                directors’ and officers’ liability insurance coverage or any right of indemnification under the Company’s or its affiliates’ organizational documents, applicable law or otherwise, (c) any rights you may have as a member or holder of equity
                or other securities of the Company or its affiliates, and (d) any rights or entitlements under any applicable sale or transaction agreement. For the sake of clarity, the Company may require that you re-affirm in the Release the Restrictive
                Covenants set forth herein, but the Company may not impose additional restrictive covenants on you.

            

      

      

      	

            	h.	
              “Restricted Area” means each country throughout the world in which the Company conducts the Business.

            

       

      

      
        - 11 - 

        
          

      

      	

            	i.	
              “Restrictive Covenants” means, collectively, the sections of this Agreement captioned “Confidential Information;
                Work Product;” “Ownership of Property;” “Non-Disparagement;” “Non-Competition;” and “Non-Solicitation.”

            

      

      

      	

            	j.	
              “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership,
                association, or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or
                trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association,
                or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person
                or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association, or other business entity (other than a corporation) if such
                Person or Persons shall be allocated a majority of limited liability company, partnership, association, or other business entity gains or losses or shall be or control any managing director or general partner of such limited liability
                company, partnership, association, or other business entity.

            

      

      

      23.          Compensation Recovery (Clawback).  Any amounts of compensation paid or awarded to you under this Agreement shall be subject to compensation recovery (clawback) to the extent
            required by applicable law or regulations in the event the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirements under the securities laws and the
            amounts received based on erroneous data was in excess of what would have been received by you had such noncompliance not occurred.

      

      

      24.          Representations.  You hereby represent to the Company that (a) you have the legal right to enter into this Agreement and to perform all of the obligations on your part to be
            performed hereunder in accordance with its terms, and (b) you are not a party to any agreement or understanding, written or oral, and are not subject to any restriction, which, in either case, could prevent you from entering into this Agreement
            or performing your duties and obligations hereunder.

       

          

      
        - 12 - 

        
          

      

      25.          Arbitration.  The parties agree that any controversy or claim arising out of or relating to this Agreement, or the alleged breach thereof, shall be submitted for resolution to the
            American Arbitration Association (“AAA”) and that three (3) neutral arbitrators will be selected to adjudicate such controversy or claim in a manner consistent with the AAA Employment
            Arbitration Rules then in effect (the “Rules”). The arbitration proceedings will allow for discovery according to the Rules.  All arbitration proceedings shall be conducted in
            Stamford, Connecticut. The parties are entitled to representation by an attorney or other representative of their choosing. The Company shall bear the costs of the arbitration filing and hearing fees and the cost of the arbitrators. Such
            arbitration shall be the sole, exclusive and final remedy for any dispute between you and the Company relating to this Agreement, the employment relationship between you and the Company and any disputes upon termination of employment, other
            than claims for workers’ compensation, unemployment insurance benefits, or alleged or threatened breaches of any of the Restrictive Covenants. Accordingly, you and the Company
              each acknowledges and agrees that each is waiving all respective rights to file an action in court or to receive a trial by jury with respect to any and all claims that are subject to arbitration as set forth herein. Either party may
            exercise the right to arbitrate by providing the other party with written notice of any and all claims forming the basis of such right in sufficient detail to inform the other party of the substance of such claims. Notwithstanding the
            foregoing, in the event you breach or threaten to breach any of the Restrictive Covenants, the Company shall be entitled to entry of an injunction prohibiting same, in addition to any other remedy or relief that may be available to Company at
            law or in equity. In the event of a breach or threatened breach of any such Restrictive Covenant, you agree that, in addition to any other remedies available at law or equity, the Company may file litigation against you seeking specific
            performance and temporary and/or preliminary injunctive relief, enjoining or restraining such breach or threatened breach, and you consent to the issuance of such injunctive relief without bond. You also agree that any action seeking such
            injunctive or equitable relief may be filed in any state or federal court located within Connecticut and that you shall be subject to personal jurisdiction in any such court.  Notwithstanding anything set forth herein, the parties’ arbitration
            agreement set forth in this section shall expire immediately following a Change in Control.  Following the arbitration expiration date, the parties agree that any controversy or claim arising out of or relating to this Agreement, or breach
            thereof, shall be submitted for resolution only to the state or federal courts located within Connecticut.

      

      

      26.          Code Section 409A.  This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance with Section 409A.
            Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from
            Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided
            under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment that are considered “nonqualified deferred compensation” for purposes of Section 409A shall only be made
            upon a “separation from service” under Section 409A. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to you in connection with your termination of employment is determined to constitute “nonqualified
            deferred compensation” within the meaning of Section 409A and you are determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following
            the six-month anniversary of the date of your termination of employment or, if earlier, on your death (the “Specified Employee Payment Date”). The aggregate of any payments that would
            otherwise have been paid before the Specified Employee Payment Date and interest on such amounts calculated based on the applicable federal rate published by the Internal Revenue Service for the month of your termination of employment shall be
            paid to you in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. To the extent required by Section 409A, each reimbursement or
            in-kind benefit provided under this Agreement shall be provided in accordance with the following (a) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible
            for reimbursement, or in-kind benefits to be provided, in any other calendar year; (b) any reimbursement of an eligible expense shall be paid to you on or before the last day of the calendar year following the calendar year in which the expense
            was incurred; and (c) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

       

          

      
        - 13 - 

        
          

      

      27.          Severability.  In the event that any part or provision of this Agreement shall be held to be invalid or unenforceable by any arbitrator or court of competent jurisdiction, the
            remaining provisions thereof shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable part or provision had not been included therein. Further, in the event that any part or provision hereof shall be
            declared by a court of competent jurisdiction to exceed the maximum time period, scope or activity restriction that such court deems reasonable and enforceable, then the parties expressly authorize the court to modify such part or provision so
            that it may be enforced to the maximum extent permitted by law.

      

      

      28.          No Waiver.  The failure by either party at any time to require performance or compliance by the other of any of its obligations or agreements shall in no way affect the right to
            require such performance or compliance at any time thereafter. The waiver by either party of a breach of any provision hereof shall not be taken or held to be a waiver of any preceding or succeeding breach of such provision or as a waiver of
            the provision itself. No waiver of any kind shall be effective or binding, unless it is in writing and is signed by the party against whom such waiver is sought to be enforced.

      

      

      29.          Assignment.  This Agreement and all rights hereunder are personal to you and may not be transferred or assigned by you at any time. The Company may assign its rights, together
            with its obligations hereunder, to any parent, subsidiary or successor, or in connection with any sale, transfer or other disposition of all or substantially all of its business and assets provided, however, that any such assignee assumes the
            Company’s obligations hereunder.

      

      

      30.          Tax Withholding and Equalization.  All sums payable to you hereunder shall be reduced by all federal, state, local and other withholding and similar taxes and payments required by
            applicable law.  The Company will tax equalize you for any personal income taxes in the United Kingdom that become due and payable from you in connection with business conducted in the United Kingdom due to your executive and/or Board
            activities on behalf of the Company.

      

      

      31.          Entire Agreement.  This Agreement constitutes the entire and only agreement and understanding between the parties relating to your employment with the Company. This Agreement
            supersedes any and all previous contracts, arrangements or understandings with respect to your employment with the Company, including the Prior Employment Agreement.

       

          

      
        - 14 - 

        
          

      

      32.          Amendment.  The parties understand and agree that this Agreement may not be amended, modified or waived, in whole or in part, except in a writing executed by you and the Chair of
            the Board or the Lead Director as the case may be.

      

      

      33.          Notices.  All notices, if any, and all other communications, if any, required or permitted under this Agreement shall be in writing and hand delivered, sent via facsimile, sent by
            registered first class mail, postage pre-paid, or sent by nationally recognized express courier service. Such notices and other communications shall be effective upon receipt if hand delivered or sent via facsimile, five (5) days after mailing
            if sent by mail, and one (1) day after dispatch if sent by express courier, to the following addresses, or such other addresses as any party shall notify the other parties:

      

      

      If to the Company:

      

      

      Tronox Holdings plc

      One Stamford Plaza

      263 Tresser Boulevard, Suite 1100

      Stamford, Connecticut 06901

      Attention: General Counsel

      

      

      If to you:

      

      

      Jean François Turgeon

      Contact information on file.

      

      

      34.          Counterparts.  This Agreement may be executed in multiple counterparts and delivered by facsimile or electronic (.pdf or .tiff) signature, each of which shall be considered an
            original and all of which, when taken together, shall be considered a single agreement.

       

          

      
        - 15 - 

        
          

      

      35.          Governing Law.  This Agreement and the rights and obligations of the parties hereto shall be construed in accordance with the laws of the State of Connecticut, without giving
            effect to the principles of conflict of laws.

      

      

      IN WITNESS WHEREOF, the Company and you have executed this Agreement as of the date set forth below.

       

      ACCEPTED and AGREED to by:

       

      
        	
                TRONOX HOLDINGS PLC

              	
                EXECUTIVE

              
	 	 
	
                By:  /s/ Ilan Kaufthal

              	
                By:  /s/ Jean François
                      Turgeon

              
	
                

                

              	Ilan Kaufthal	
                

                

              	
                Jean François Turgeon

              
	
                

                

              	Chair of the Board	 
	 	 
	
                Date: March 18, 2021

              	
                Date: March 18, 2021

              

      

      

      

      

      

      
        - 16 -EX-4.1

 Exhibit 4.1 
  

 
  

DEPOSIT AGREEMENT 
 among 

The Charles Schwab Corporation, 

as Issuer 
 Equiniti Trust Company

 as Depositary, 
 and 

THE HOLDERS FROM TIME TO TIME OF 

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of March 18, 2021 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINED TERMS
	  	 	1	
			
	Section 1.1.	  	Definitions.	  	 	1	
		
	 ARTICLE II FORM OF RECEIPTS,
DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF
RECEIPTS
	  	 	3	
			
	Section 2.1.	  	Form and Transfer of Receipts.	  	 	3	
			
	Section 2.2.	  	Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof.	  	 	4	
			
	Section 2.3.	  	Registration of Transfer of Receipts.	  	 	5	
			
	Section 2.4.	  	Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock.	  	 	5	
			
	Section 2.5.	  	Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.	  	 	6	
			
	Section 2.6.	  	Lost Receipts, etc.	  	 	6	
			
	Section 2.7.	  	Cancellation and Destruction of Surrendered Receipts.	  	 	7	
			
	Section 2.8.	  	Redemption of Stock.	  	 	7	
			
	Section 2.9.	  	Receipts Issuable in Global Registered Form.	  	 	8	
		
	 ARTICLE III CERTAIN OBLIGATIONS OF
HOLDERS OF RECEIPTS AND THE CORPORATION
	  	 	9	
			
	Section 3.1.	  	Filing Proofs, Certificates and Other Information.	  	 	9	
			
	Section 3.2.	  	Payment of Taxes or Other Governmental Charges.	  	 	9	
			
	Section 3.3.	  	Warranty as to Stock.	  	 	10	
			
	Section 3.4.	  	Warranty as to Receipts.	  	 	10	
		
	 ARTICLE IV THE DEPOSITED SECURITIES;
NOTICES
	  	 	10	
			
	Section 4.1.	  	Cash Distributions.	  	 	10	
			
	Section 4.2.	  	Distributions Other than Cash, Rights, Preferences or Privileges.	  	 	10	
			
	Section 4.3.	  	Subscription Rights, Preferences or Privileges.	  	 	11	
			
	Section 4.4.	  	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.	  	 	12	

  
 -i- 

							
	Section 4.5.	  	Voting Rights.	  	 	12	
			
	Section 4.6.	  	Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	  	 	13	
			
	Section 4.7.	  	Delivery of Reports.	  	 	13	
			
	Section 4.8.	  	Lists of Receipt Holders.	  	 	13	
		
	 ARTICLE V THE DEPOSITARY, THE
DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION
	  	 	14	 
			
	Section 5.1.	  	Appointment, Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.	  	 	14	
			
	Section 5.2.	  	Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation.	  	 	14	
			
	Section 5.3.	  	Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation.	  	 	15	
			
	Section 5.4.	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary.	  	 	16	
			
	Section 5.5.	  	Corporate Notices and Reports.	  	 	17	
			
	Section 5.6.	  	Indemnification by the Corporation.	  	 	18	
			
	Section 5.7.	  	Fees, Charges and Expenses.	  	 	18	
		
	 ARTICLE VI AMENDMENT AND
TERMINATION
	  	 	18	 
			
	Section 6.1.	  	Amendment.	  	 	18	
			
	Section 6.2.	  	Termination.	  	 	19	
		
	 ARTICLE VII MISCELLANEOUS
	  	 	20	 
			
	Section 7.1.	  	Counterparts.	  	 	20	
			
	Section 7.2.	  	Exclusive Benefit of Parties.	  	 	20	
			
	Section 7.3.	  	Invalidity of Provisions.	  	 	20	
			
	Section 7.4.	  	Notices.	  	 	20	
			
	Section 7.5.	  	Depositary’s Agents.	  	 	21	

  
 -ii- 

							
	Section 7.6.	  	Appointment of Registrar in Respect of the Receipts.	  	 	21	
			
	Section 7.7.	  	Holders of Receipts Are Parties.	  	 	21	
			
	Section 7.8.	  	Governing Law.	  	 	22	
			
	Section 7.9.	  	Inspection of Deposit Agreement.	  	 	22	
			
	Section 7.10.	  	Headings.	  	 	22	
			
	Section 7.11.	  	Confidentiality.	  	 	22	
			
	Exhibit A	  	Form of Receipt	  	 	A-1	 
			
	Exhibit B	  	Certificate of Designations	  	 	B-1	 

  
 -iii- 

 DEPOSIT AGREEMENT dated as of March 18, 2021, among (i) The Charles Schwab
Corporation, a Delaware corporation, (ii) Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, as Depositary and (iii) the holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I, of the Corporation with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Depositary Shares representing a
fractional interest in the Stock deposited and for the execution and delivery of Receipts evidencing Depositary Shares; 
 WHEREAS, the
Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; and 

WHEREAS, the terms and conditions of the 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred
Stock, Series I, of the Corporation are substantially set forth in the Certificate of Designations attached hereto as Exhibit B; 
 NOW,
THEREFORE, in consideration of the premises, the parties hereto agree as follows: 
 ARTICLE I 

DEFINED TERMS 
  

	 	Section 1.1.	 Definitions. 

The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms (in the singular and plural forms
of such terms) used in this Deposit Agreement and the Receipts: 
 “Certificate of Designations” shall mean the Certificate
of Designations filed with the Secretary of State of the State of Delaware establishing the Stock as a series of preferred stock of the Corporation, and setting forth the rights, preferences and privileges of the Stock, and attached hereto as
Exhibit B, and as such certificate may be amended or restated from time to time. 
 “Corporation” shall mean The Charles
Schwab Corporation, a Delaware corporation, and its successors. 
 “Deposit Agreement” shall mean this Deposit Agreement,
as the same may be amended, modified or supplemented from time to time in accordance with the terms hereof. 
 “Depositary”
shall mean Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, and any successor as Depositary hereunder. 

“Depositary Share Redemption Price” shall have the meaning set forth in Section 2.8. 

  
 1 

 “Depositary Shares” shall mean the security representing a 1/100th
fractional interest in a share of the Stock, and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Stock and held under this Deposit Agreement, all as evidenced by the Receipts
issued hereunder. Subject to the terms of this Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Stock represented by such Depositary Share (including the dividend,
voting, redemption and liquidation rights contained in the Certificate of Designations). 
 “Depositary’s Agent” shall
mean an agent appointed by the Depositary pursuant to Section 7.5. 
 “Depositary’s Office” shall mean the
principal office of the Depositary, at which at any particular time its depositary receipt business in respect of matters governed by this Deposit Agreement shall be administered. 

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

(1)    (A) the Global Receipt Depository which is the holder of such Global Registered Receipt or Receipts
notifies the Corporation that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended,
and (B) the Corporation has not appointed a qualified successor Global Receipt Depository within ninety (90) calendar days after the Corporation received such notice, or 

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

“Global Receipt Depository” shall mean, with respect to any Receipt issued hereunder, The Depository Trust Company
(“DTC”) or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which Person must be, to the extent required by any applicable law or regulation, a clearing agency
registered under the Securities Exchange Act of 1934, as amended. 
 “Global Registered Receipts” shall mean a global
registered Receipt registered in the name of a nominee of DTC. 
 “Letter of Representations” shall mean any applicable
agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented,
restated or otherwise modified from time to time and any successor agreement thereto. 
 “Receipt” shall mean a receipt
issued hereunder to evidence one or more Depositary Shares held of record by the record holder of such Depositary Shares, whether in definitive or temporary form, substantially in the form set forth as Exhibit A. 

  
 2 

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

“Redemption Date” shall have the meaning set forth in Section 2.8. 

“Redemption Price” shall have the meaning set forth in the Certificate of Designations. 

“Registrar” shall mean the Depositary or such other successor bank or trust company which shall be appointed by the
Corporation to register ownership and transfers of Receipts as herein provided and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depositary shall be deemed, as applicable, to refer
as well to the register maintained by such Registrar for such purpose. 
 “Securities Act” shall mean the Securities Act of
1933, as amended. 
 “Stock” shall mean shares of the Corporation’s 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I, $0.01 par value, $100,000 liquidation preference per share, designated and described in the Certificate of Designations. 

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

	 	Section 2.1.	 Form and Transfer of Receipts. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, in each case with appropriate
insertions, modifications and omissions, as hereinafter provided. 
 Receipts shall be executed by the Depositary by the manual signature of
a duly authorized officer of the Depositary; provided, that such signature may be a facsimile if a Registrar for the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by a duly authorized officer of
the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for the
Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by a duly authorized officer of such Registrar. The Depositary shall record on its
books each Receipt so signed and delivered as hereinafter provided. 
 Receipts shall be in denominations of any number of whole Depositary
Shares. All receipts shall be dated the date of their issuance. 
 Receipts may be endorsed with or have incorporated in the text thereof
such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Corporation or required to comply with any

  
 3 

 
applicable law or any regulation thereunder or with the rules and regulations of any securities exchange upon which the Stock, the Depositary Shares or the Receipts may be listed or to conform
with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied by a properly executed instrument of transfer,
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3,
the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to
any notice provided for in this Deposit Agreement and for all other purposes. 
  

	 	Section 2.2.	 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. 

Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of the Stock under this
Deposit Agreement by delivery to the Depositary of (i) a certificate or certificates for the Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement or
(ii) an instruction letter from the Corporation authorizing the Depositary to register such shares of the Stock in book-entry form, each in form satisfactory to the Depositary, together with all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement and all other information required to be set forth, and together with a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written
order of, the person or persons stated in such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Stock. 

Deposited Stock shall be held by the Depositary at the Depositary’s Office or at such other place or places as the Depositary shall
determine. The Depositary shall not lend any Stock deposited hereunder. 
 Upon receipt by the Depositary of (i) a certificate or
certificates for Stock deposited in accordance with the provisions of this Section or (ii) an instruction letter from the Corporation in accordance with the provisions of this Section, together with the other documents required as above
specified, and upon recordation of the Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall
execute and deliver to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary
Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices,
if any, as the Depositary may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 

  
 4 

	 	Section 2.3.	 Registration of Transfer of Receipts. 

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

The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business
fifteen days next preceding any selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any Receipt called
or being called for redemption in whole or in part except as provided in Section 2.8. 
  

	 	Section 2.4.	 Split-ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of Stock. 

 Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other
offices as it may designate for the purpose of effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a
new Receipt or Receipts in the authorized denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the
order of the holder of the Receipt or Receipts so surrendered. 
 Any holder of a Receipt or Receipts may withdraw the number of whole
shares of Stock and all money and other property, if any, represented thereby by surrendering such Receipt or Receipts, at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter,
without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the number of whole shares of Stock and all money and other property, if any, represented by the
Receipt or Receipts so surrendered for withdrawal, but holders of such whole shares of Stock will not thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the
holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Stock to be so withdrawn, the Depositary shall at the
same time, in addition to such number of whole shares of Stock and such money and other property, if any, to be so withdrawn, deliver to such holder, or subject to Section 2.3 upon such holder’s order, a new Receipt evidencing such excess
number of Depositary Shares. 
 Except as provided in Section 6.2, in no event will fractional shares of Stock (or any cash payment in
lieu thereof) be delivered by the Depositary. Delivery of the Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem
appropriate. 

  
 5 

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

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

	 	Section 2.5.	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.

 As a condition precedent to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the
event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it
as to the identity and genuineness of any signature, and any other reasonable evidence of authority that may be required by the Depositary and may also require compliance with such regulations, if any, as the Depositary or the Corporation may
establish consistent with the provisions of this Deposit Agreement and/or applicable law. 
 The deposit of Stock may be refused, the
delivery of Receipts against Stock may be suspended, the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the
register of stockholders of the Corporation is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any
requirement of law or of any government or governmental body or commission or under any provision of this Deposit Agreement. 
  

	 	Section 2.6.	 Lost Receipts, etc. 

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

  
 6 

	 	Section 2.7.	 Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 
  

	 	Section 2.8.	 Redemption of Stock. 

Whenever the Corporation shall be permitted and shall elect to redeem shares of Stock in accordance with the provisions of the Certificate of
Designations (including on account of a Regulatory Capital Treatment Event, as described therein), it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 30 days and not
more than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Stock and of the number of such shares held by the Depositary to be so redeemed and the Depositary Share Redemption Price,
which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Stock is in accordance with the provisions of the Certificate of Designations. On the date of such redemption, provided that the Corporation
shall then have paid or caused to be paid in full to the Depositary the Redemption Price (as defined in the Certificate of Designations) per share of Stock to be redeemed, in accordance with and as required by the provisions of the Certificate of
Designations, the Depositary shall redeem the number of Depositary Shares representing such Stock. The Depositary shall mail notice of the Corporation’s redemption of Stock and the proposed simultaneous redemption of the number of Depositary
Shares representing the Stock to be redeemed by first-class mail, postage prepaid, not less than 10 days and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary Shares (the “Redemption
Date”), to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed at the addresses of such holders as they appear on the records of the Depositary; but neither failure to mail any such notice of redemption of
Depositary Shares to one or more such holders nor any defect in any notice of redemption of Depositary Shares to one or more such holders shall affect the sufficiency of the proceedings for redemption as to the other holders. Each such notice shall
be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such
Depositary Shares held by such holder to be so redeemed; (iii) the Depositary Share Redemption Price; (iv) the place or places where Receipts evidencing Depositary Shares are to be surrendered for payment of the Depositary Share Redemption
Price and (v) that dividends on such shares of Stock represented by the Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary
Shares to be so redeemed shall be selected either pro rata or by lot. 
 Notice having been mailed by the Depositary as aforesaid,
from and after the Redemption Date (unless the Corporation shall have failed to provide the funds necessary to redeem the Stock evidenced by the Depositary Shares called for redemption) (i) all shares of Stock called for redemption shall cease
to be outstanding and any rights with respect to such shares shall cease and terminate (except for the right to receive the Preferred Stock Redemption Price without interest), (ii) the Depositary Shares being redeemed from such proceeds shall
cease to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares shall, to the extent of such Depositary Shares, cease and terminate (except the right to receive the

  
 7 

 
Depositary Share Redemption Price without interest), and (iii) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for
redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share (the “Depositary Share
Redemption Price”) equal to one one-hundredth of the Preferred Stock Redemption Price per share of Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares.

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

 

	 	Section 2.9.	 Receipts Issuable in Global Registered Form. 

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

  
 8 

 
Agreement, the Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 

If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt
of a written order from the Corporation for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, execute and deliver, individual definitive registered Receipts, in authorized
denominations and of like tenor and terms in an aggregate principal amount equal to the principal amount of the Global Registered Receipt surrendered in exchange for such Global Registered Receipt. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names
and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the
persons in whose names such Receipts are so registered. 
 Notwithstanding anything to the contrary in this Deposit Agreement, should the
Corporation determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of each Letter of Representations, if applicable. 

ARTICLE III 

CERTAIN OBLIGATIONS OF 

HOLDERS OF RECEIPTS AND THE CORPORATION 

 

	 	Section 3.1.	 Filing Proofs, Certificates and Other Information. 

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

	 	Section 3.2.	 Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends or other
distributions may be withheld or any part of or all the Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the holder thereof (after attempting by reasonable
means to notify such holder prior to such sale), and such dividends or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the holder of such Receipt remaining liable for any deficiency.

  
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	 	Section 3.3.	 Warranty as to Stock. 

The Corporation hereby represents and warrants that the Stock, when issued, will be duly authorized, validly issued, fully paid and
nonassessable (subject to 12 U.S.C. § 55). Such representation and warranty shall survive the deposit of the Stock and the issuance of Receipts. 
  

	 	Section 3.4.	 Warranty as to Receipts. 

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

THE DEPOSITED SECURITIES; NOTICES 

 

	 	Section 4.1.	 Cash Distributions. 

Whenever the Depositary shall receive any cash dividend or other cash distribution on Stock, the Depositary shall, subject to Sections 3.1 and
3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders; provided, however, that in case the Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Stock an amount on
account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such
amount, however, as can be distributed without attributing to any holder of Depositary Shares a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to
and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. Each holder of a Receipt shall provide the Depositary with a properly completed Form
W-8 or W-9, as may be applicable. Each holder of a Receipt acknowledges that, in the event of non-compliance with the preceding
sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder. 
  

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

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon Stock, the Depositary shall, at
the direction of the Corporation, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Corporation may deem equitable and 

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

	 	Section 4.3.	 Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names Stock is recorded on the books of the
Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by
the Depositary to the record holders of Receipts in such manner as the Corporation shall instruct the Depositary in writing, either by the issue to such record holders of warrants representing such rights, preferences or privileges or by such other
method as may be approved by the Corporation; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it is not lawful or (after consultation with the
Corporation) not feasible to make such rights, preferences or privileges available to holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by holders of Receipts who do not desire to exercise
such rights, preferences or privileges, then the Depositary, in its discretion (with approval of the Corporation, in any case where the Depositary has determined that it is not feasible to make such rights, preferences or privileges available), may,
if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 

The Corporation shall notify the Depositary whether registration under the Securities Act of the securities to which any rights, preferences
or privileges relate is required in order for holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation agrees with the Depositary that it will file promptly a registration
statement pursuant to such Act with respect to such rights, preferences or privileges and securities and use its reasonable best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in
advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 

  
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In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration
statement shall have become effective, or the Corporation shall have provided to the Depositary an opinion of counsel to the effect that the offering and sale of such securities to such holders are exempt from registration under the provisions of
the Securities Act. 
 The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use
its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or
privileges. 
  

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

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

 

	 	Section 4.5.	 Voting Rights. 

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

  
 12 

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

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

 

	 	Section 4.7.	 Delivery of Reports. 

The Depositary shall furnish to holders of Receipts any reports and communications received from the Corporation which are received by the
Depositary and which the Corporation is required to furnish to the holders of the Stock. 
  

	 	Section 4.8.	 Lists of Receipt Holders. 

Promptly upon request from time to time by the Corporation, the Depositary shall furnish to it a list, as of the most recent practicable date,
of the names, addresses and holdings of Depositary Shares of all record holders of Receipts. 

  
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 ARTICLE V 

THE DEPOSITARY, THE DEPOSITARY’S 

AGENTS, THE REGISTRAR AND THE CORPORATION 

 

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

 The Corporation hereby appoints Equiniti Trust Company, as Depositary for the Stock, and Equiniti Trust Company hereby
accepts such appointment as Depositary for the Stock, on the terms and conditions set forth in this Deposit Agreement. Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office, facilities for the
execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of
Receipts, all in accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s
Office for the registration and registration of transfer, surrender and exchange of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise
such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder. 
 The Corporation may appoint a Registrar for registration of the Receipts or the Depositary Shares evidenced thereby. If
the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more national stock exchanges, the Corporation will appoint a Registrar for registration of such Receipts or
Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be removed and a substitute Registrar appointed by the Depositary upon
the request or with the approval of the Corporation. If the Receipts, such Depositary Shares or such Stock are listed on one or more other stock exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for the
delivery, registration, registration of transfer, surrender and exchange of such Receipts, such Depositary Shares or such Stock as may be required by law or applicable stock exchange regulation. 

 

	 	Section 5.2.	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Corporation. 

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the
Corporation shall incur any liability to any holder of any Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in the case of the
Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Fifth Restated Certificate of 

  
 14 

 
Incorporation, as amended (including the Certificate of Designations), or by reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the
Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or
performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any holder of a Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or
thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly
set forth in this Deposit Agreement. 
  

	 	Section 5.3.	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Corporation. 

 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes
any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts other than for its gross negligence or willful misconduct. Notwithstanding anything in this Deposit Agreement to the contrary, neither the
Depositary, nor the Depositary’s Agent nor any Registrar nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost
profits). 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under any obligation to
appear in, prosecute or defend any action, suit or other proceeding in respect of the Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense
and liability be furnished as often as may be required. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the
Corporation shall be liable for any action or any failure to act by it in reasonable reliance upon the written advice of legal counsel or accountants, or information from any person presenting Stock for deposit, any holder of a Receipt or any other
person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any written
notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

The Depositary will indemnify the Corporation against any liability which may directly arise out of acts performed or omitted by the
Depositary due to its gross negligence or willful misconduct, however, in no event shall the Depositary be liable for consequential, special or indirect damages of any kind regardless of whether the Depositary is put on notice of the possibility of
such damages. The Depositary shall not be liable for the acts or omissions due to the gross negligence or willful misconduct of any Depositary’s Agent, so long as such Depositary’s Agent was appointed with due care. Notwithstanding
anything to the contrary in this Agreement or otherwise, the Depositary’s aggregate liability to the Corporation, or any of the Corporation’s representatives or agents, under this Section 5.3, or under any other term or provision of
this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any circumstances, one year’s fees received by the Depositary as fees and 

  
 15 

 
charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Depositary by the Corporation hereunder, provided that such limitation on liability shall not
apply to any act or omission finally adjudicated to have been caused by the willful misconduct or gross negligence of the Depositary. It is understood that such limitation in the preceding sentence will be applicable only to claims arising out of
the Depositary’s role as Depositary and Registrar for the Receipts, and shall not be applicable to any other relationship that the Depositary may have with the Corporation, or to any other agreement. 

The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or
effect of any such vote made, as long as any such action or non-action is not due to the willful misconduct or gross negligence of the Depositary. The Depositary undertakes, and any Registrar shall be required
to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 

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

The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of
this Deposit Agreement or of the Receipts, the Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds on
behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

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

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

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 

  
 16 

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

In case at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery
of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the United States of America and having a combined capital and surplus of at least
$50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the
appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any
further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it
and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest
in the Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a list of the record holders of all outstanding Receipts and such records, books and other information in its possession relating thereto.
Any successor Depositary shall promptly mail or transmit by such other method approved by such successor Depositary, in its reasonable discretion, notice of its appointment to the record holders of Receipts. 

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

  

	 	Section 5.5.	 Corporate Notices and Reports. 

The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the record
holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon
which the Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Fifth Restated Certificate of Incorporation, as amended (including the Certificate of Designations), to be furnished to the record holders of Receipts.
Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the
record holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation. 

  
 17 

	 	Section 5.6.	 Indemnification by the Corporation. 

Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar
(including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable out-of-pocket costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any
Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any liability arising out of gross negligence or willful misconduct on the respective parts of any
such person or persons. The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of any Depositary, Registrar or Depositary’s Agent. 

 

	 	Section 5.7.	 Fees, Charges and Expenses. 

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

AMENDMENT AND TERMINATION 

 

	 	Section 6.1.	 Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Corporation and the Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the holders of Receipts shall be effective unless such
amendment shall have been approved by holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the
time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such 

  
 18 

 
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of
any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply
with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable stock exchange. 
  

	 	Section 6.2.	 Termination. 

This Deposit Agreement may be terminated by the Corporation at any time upon not less than 60 days prior written notice to the Depositary,
in which case, at least 30 days prior to the date fixed in such notice for such termination, the Depositary will mail notice of such termination to the record holders of all Receipts then outstanding. 

If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Depositary thereafter shall discontinue
the transfer of Receipts, shall suspend the distribution of dividends to the holders thereof and shall not give any further notices (other than notice of such termination) or perform any further acts under this Deposit Agreement, except that the
Depositary shall continue to collect dividends and other distributions pertaining to Stock, shall sell rights, preferences or privileges as provided in this Deposit Agreement and shall deliver the number of whole or fractional shares of Stock and
any money and other property, if any, represented by Receipts upon surrender thereof by the holders thereof. At any time after the expiration of two years from the date of termination, the Depositary may sell Stock then held hereunder at public or
private sale, at such places and upon such terms as it deems proper and may thereafter hold the net proceeds of any such sale, together with any money and other property held by it hereunder, without liability for interest, for the benefit, pro rata
in accordance with their holdings, of the holders of Receipts that have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement except to account for such net
proceeds and money and other property; provided, that Sections 5.3 and 5.6 shall survive the termination of this Deposit Agreement. 
 This
Deposit Agreement will terminate automatically if (i) all outstanding Depositary Shares have been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final distribution in respect of the Stock in connection with any
liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to the holders of Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 

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

  
 19 

 ARTICLE VII 

MISCELLANEOUS 
  

	 	Section 7.1.	 Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by
facsimile or electronic mail shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. 
  

	 	Section 7.2.	 Exclusive Benefit of Parties. 

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

	 	Section 7.3.	 Invalidity of Provisions. 

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

 

	 	Section 7.4.	 Notices. 

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

The Charles Schwab Corporation 

211 Main Street 
 San Francisco,
California 94105 
 Attention: Chief Financial Officer 

Facsimile: (415) 667-9731 

Email: peter.crawford@schwab.com 

Attention: Treasurer 
 Facsimile: 415-667-8565 
 Email: bill.quinn@schwab.com 

Attention: General Counsel 

Facsimile: 415-667-9814 

Email: peter.morgan@schwab.com 

  
 20 

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

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

Equiniti Trust Company 
 1110
Centre Pointe Curve, Suite 101 
 Mendota Heights, MN 55120 

Attention: Relationship Manager 

Facsimile No.: 651-552-6942 

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

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

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

	 	Section 7.5.	 Depositary’s Agents. 

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

 

	 	Section 7.6.	 Appointment of Registrar in Respect of the Receipts. 

The Corporation hereby appoints the Depositary as Registrar in respect of the Receipts and the Depositary hereby accepts such appointments.

  

	 	Section 7.7.	 Holders of Receipts Are Parties. 

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

  
 21 

	 	Section 7.8.	 Governing Law. 

This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and
construed in accordance with, the laws of the State of New York, not including the conflict or choice of law rules other than Section 5-1401 of the General Obligations Law. Each party hereby agrees
that any action, suit or proceeding arising out of or relating to this Deposit Agreement or the Receipts, or such rights or provisions, may be brought in or removed to the U.S. District Court for the Southern District of New York or, if that court
does not have subject matter jurisdiction, any state court located in The City and County of New York. Each party hereby accepts, for itself and in respect of its property, generally and unconditionally, to submit to the non-exclusive jurisdiction of, and venue in, such courts (and courts of appeals therefrom) with respect to any such action, suit or proceeding, and hereby waives the defenses of improper venue or inconvenient forum
with respect thereto. 
  

	 	Section 7.9.	 Inspection of Deposit Agreement. 

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

	 	Section 7.10.	 Headings. 

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

 

	 	Section 7.11.	 Confidentiality.  

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

  
 22 

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

 

					
	THE CHARLES SCHWAB CORPORATION
		
	By:	 	     /s/ Peter Crawford

		 	Name:	 	Peter Crawford
		 	Title:	 	 Executive Vice President and
 Chief Financial
Officer

  

					
	EQUINITI TRUST COMPANY
		
	By:	 	     /s/ Mathew D. Paseka

		 	Name:	 	Matthew D. Paseka
		 	Title:	 	 Senior Vice President and

Relationship Director

 Exhibit A 

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

DEPOSITARY SHARES 
 2,250,000 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH 

REPRESENTING 1/100TH OF ONE SHARE OF 4.000% FIXED-RATE RESET 

NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES I 

OF 
 THE CHARLES SCHWAB
CORPORATION 
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

CUSIP 808513 BK0 
 SEE REVERSE FOR
CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning on June 1, 2021, March 1, June 1, September 1 and
December 1 of each year. 
 Equiniti Trust Company, a limited trust company organized under the laws of the State of New York, as
Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of Two Million Two Hundred Fifty Thousand (2,250,000) DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing
1/100th of one share of 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I, $0.01 par value, liquidation preference $100,000 per share (the “Stock”), of The
Charles Schwab Corporation, a Delaware corporation (the “Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of March 18, 2021 (the “Deposit
Agreement”), among the Corporation, the Depositary and the holders from time to time of the Depositary Receipts. By accepting this Depositary Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and
conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a
duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof. 

  
 A-1 

 This Depositary Receipt is transferable in New York, New York and Saint Paul, Minnesota.

 Dated: March 18, 2021 
 Equiniti Trust Company,
Depositary 
  

			
	 By:
	 	  

		 	 Authorized Officer

  
 A-2 

 [FORM OF REVERSE OF RECEIPT] 

THE CHARLES SCHWAB CORPORATION 

THE CHARLES SCHWAB CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A
COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS ESTABLISHING THE 4.000% FIXED-RATE RESET NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES I, OF THE CHARLES SCHWAB CORPORATION. ANY SUCH REQUEST IS TO BE
ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT. 
  

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

EXPLANATION OF ABBREVIATIONS 

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

							
	 Abbreviation
	  	 Equivalent Phrase
	  	 Abbreviation
	  	 Equivalent Phrase

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

  

											
	 Abbreviation
	  	 Equivalent Word
	  	Abbreviation	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

	ADM	  	 Administrator(s),

Administratrix
	  	EX	  	 Executor(s),
 Executrix
	  	PAR	  	Paragraph
						
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	PL	  	Public Law
						
	ART	  	Article	  	FDN	  	Foundation	  	TR	  	(As) trustee(s), for, of
						
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	U	  	Under
						
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UA	  	Under agreement
						
	DEC	  	Declaration	  	MIN	  	Minor(s)	  	UW	  	Under will of, Of will of, Under last will & testament
						
	EST	  	Estate, of Estate of	  		  		  		  	

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

 

					
		 	  
	 	
		 	 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

  
 A-3 

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

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

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

  
 A-4 

 Exhibit B 

Certificate of Designations 
 [See
attached] 

  
 B-1

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