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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the “Agreement”), entered into and effective as of July 1, 2021 (the “Effective Date”), by and between First Financial Bank, N.A. (the “Bank”), a national banking association organized under the laws of the United States of America, First Financial Corporation (the “Corporation”), a corporation formed under the laws of the State of Indiana and a financial holding company (jointly referred to herein as the “Company”) and Steven H. Holliday (the “Employee”), a resident of the State of Indiana.
WHEREAS, the Employee has heretofore been employed by the Corporation and the Bank as Senior Vice President and Chief Credit Officer and has performed valuable services for both the Bank and the Corporation; and
WHEREAS, the Company desires to enter into this Agreement with the Employee in order to assure continuity of management and to reinforce and encourage the continued attention and dedication of the Employee to his assigned duties; and
WHEREAS, the parties desire, by this writing, to set forth the continuing employment relationship between the Company and the Employee.
NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Employee and the Company agree as follows:
1.Employment.  The Employee is employed as the Senior Vice President and Chief Financial Officer of the Bank and the Corporation. The Employee shall render such administrative and management services for the Company as are currently rendered and as are currently performed by persons situated in a similar executive capacity.  The Employee shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company.  The Employee’s other duties shall be such as the boards of directors of the Bank or the Corporation may, from time to time, reasonably direct, including normal duties as an officer of the Bank and the Corporation.
2.Base Compensation.  The Company agrees to pay the Employee during the term of this Agreement a base salary at the rate of $265,981.92 per annum, payable in cash not less frequently than monthly.  Such base salary shall be effective and calculated commencing as of the Effective Date.  The Company may consider and declare from time to time increases in the base salary it pays the Employee.  Prior to a Change in Control (as hereinafter defined), the Company may also declare decreases in the base salary it pays the Employee if the operating results of the Company are significantly less favorable than those for the fiscal year ending December 31, 2020, and the Company makes similar decreases in the base salary it pays to other executive officers of the Company.  After a Change in Control, the Company shall consider and declare salary increases in base salary based upon the following standards:
(a)Inflation;
(b)Adjustments to the base salaries of other senior management personnel;
(c)Past performance of the Employee; and

(d)The contribution which the Employee makes to the business and profits of the Company during the term of this Agreement.
3.Bonuses.  The Employee shall participate, in an equitable manner with all other senior management employees of the Company in any bonus that the Company may award.  The Employee shall further participate in any discretionary bonuses, bonus, incentive or performance-based compensation that the Company may award from time to time to Senior Management.  No other compensation provided for in this Agreement shall be deemed a substitute for the Employee’s right to participate in such awards.  All the compensation referenced in this subsection is referred to individually hereinafter as “Bonus” and collectively referred to hereinafter as “Bonuses.”
4.Benefits.
(a)Participation in Retirement, Medical and Other Benefit Plans.  During the term of this Agreement, the Employee shall be eligible to participate in the following benefit plans: group hospitalization, disability, health, dental, sick leave, retirement, supplemental retirement, pension, 401(k), employee stock ownership plan, and all other present or future qualified and/or nonqualified plans provided by the Company generally, or to executive officers of the Bank or the Corporation, which benefits, taken as a whole, must be at least as favorable as those in effect on the Effective Date, unless the continued operation of such plans or changes in the accounting, legal or tax treatment of such plans would adversely affect the Company’s operating results or financial condition in a material way, and the Company concludes that modifications to such plans are necessary to avoid such adverse effects and such modifications apply consistently to all employees participating in the affected plans.  In addition, the Employee shall be eligible to participate in any fringe benefits which are or may become available to the Company’s senior management employees, including, for example, any insurance programs (including, but not limited to, any group and executive life insurance programs), payment of country club dues (if applicable),  and any other benefits which are commensurate with the responsibilities and functions to be performed by the Employee under this Agreement.  All the employee benefits referenced in this subsection are collectively referred to hereinafter as “Employee Benefits.”
(b)Vacation, Sick Leave and Disability.  The Employee shall be entitled to 20 days vacation annually and shall be entitled to the same sick leave and disability leave as other executive employees.  The Employee shall not receive any additional compensation on account of his failure to take a vacation or sick leave, and the Employee shall not accumulate unused vacation or sick leave from one fiscal year to the next, except in either case to the extent authorized by the Company or permitted for other executive employees.
In addition to the aforesaid paid vacations, the Employee shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Company may determine including time for professional development and continuing education.  Further, the Company may grant to the Employee a leave or leaves of absence, with or without pay, at such time or times and upon such terms and conditions as the board of directors of the Bank or the Company in its discretion may determine.
(c)Other Policies.  All other matters relating to the employment of the Employee not specifically addressed in this Agreement shall be subject to the general policies regarding executive employees of the Company as in effect from time to time.

5.Term of Employment.  The Company hereby employs the Employee, and the Employee hereby accepts such employment under the terms of this Agreement, for the period commencing on the Effective Date and ending at 11:59 p.m. on June 30, 2023 (or such earlier date as is determined in accordance with Section 8).  The Employee’s term of employment may be extended for additional one-year periods beyond the Agreement’s expiration date if the Compensation Committee of the Board of Directors of the Corporation so determines in a duly adopted resolution. The initial term of this Agreement and all extensions thereof are hereinafter referred to individually and collectively as the “Term.”
6.Covenants.
(a)Loyalty.
(i)During the period of his employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Employee shall devote all of his full business time, attention, skill and efforts to the faithful performance of his duties hereunder; provided, however, from time to time, the Employee may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations.  “Full business time” is hereby defined as that amount of time usually devoted to like companies by similarly situated executive officers.  During the term of his employment under this Agreement, the Employee shall not engage in any business or activity contrary to the business affairs or interests of the Company, or be gainfully employed in any other position or job other than as provided above.
(ii)Nothing contained in this Section shall be deemed to prevent or limit the Employee’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company, or, solely as a passive or minority investor, in any business.
(b)Nonsolicitation.  The Employee hereby understands and acknowledges that, by virtue of his position with the Company, he will have advantageous familiarity and personal contacts with the Company’s customers, wherever located, and the business, operations and affairs of the Company.  Accordingly, while the Employee is employed by the Company and for a period of one year after the Employee’s Separation from Service (as defined in Section 8(h)(ii) of this Agreement) for any reason (whether with or without cause or whether by the Company or the Employee) or the expiration of the Term, the Employee shall not, directly or indirectly, or individually or jointly, (i) solicit any business of any party which is a customer of the Company at the time of such Separation from Service or any party which was a customer of the Company during the one year period immediately preceding such Separation from Service, (ii) request or advise any customers or suppliers of the Company to terminate, reduce, limit or change their business or relationship with the Company, or (iii) induce, request or attempt to influence any employee of the Company to terminate his employment with the Company.
For purposes of this Agreement, the term “solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, which encourages or requests any person or entity, in any manner, to cease doing business with the Company.
(c)Noncompetition.  In the event the Employee incurs a Separation from Service by the Company without Just Cause or terminates for Good Reason (as such terms are defined in Section 8(c) and Section 8(e), respectively) the provisions of this Section 6(c) will not apply. However, if the Employee incurs a Separation from Service for Just Cause or terminates without 

Good Reason during the period of his employment hereunder, and for a period of one year following the termination hereof, the Employee shall not, directly or indirectly:
(i)As owner, officer, director, stockholder, investor, proprietor, organizer or otherwise, engage in the same trade or business as the Company, as conducted on the date hereof, which would conflict with the interests of the Company or in a trade or business competitive with that of the Company, which would conflict with the interests of the Company, as conducted on the date hereof; or
(ii)Offer or provide employment (whether such employment is with the Employee or any other business or enterprise), either on a full-time or part-time or consulting basis, to any person who then currently is, or who within one (1) year prior to such offer or provision of employment has been, a management-level employee of the Bank or Corporation.  This subsection 6(c)(ii) shall only apply in the event the Employee has a voluntary Separation from Service.
The restrictions contained in this paragraph upon the activities of the Employee following Separation from Service shall be limited to the following geographic areas (hereinafter referred to as “Restricted Geographical Area”):
(1)Terre Haute, Indiana; and
(2)The 30-mile radius of Terre Haute, Indiana.
Nothing contained in this subsection shall prevent or limit the Employee’s right to invest in the capital stock or other securities of any business dissimilar from that of the Bank or the Corporation, or, solely as a passive or minority investor, in any business.
If the Employee does not comply with the provisions of this Section, the one-year period of non-competition provided herein shall be tolled and deemed not to run during any period(s) of noncompliance, the intention of the parties being to provide one full year of non-competition by the Employee after the termination or expiration of this Agreement.
(d)Nondisclosure.  The term “Confidential Information” as used herein shall mean any and all customer lists, computer hardware, software and related material, trade secrets (as defined in I.C. 24-2-3-2), know-how, skills, knowledge, ideas, knowledge of customer’s commercial requirements, pricing methods, sales and marketing techniques, dealer relationships and agreements, financial information, intellectual property, codes, research, development, research and development programs, processes, documentation, or devices used in or pertaining to the Company’s business (i) which relate in any way to the Company’s business, products or processes; or (ii) which are discovered, conceived, developed or reduced to practice by the Employee, either alone or with others either during the Term, at the Company’s expense, or on the Company’s premises.
(i)During the course of his services hereunder the Employee may become knowledgeable about, or become in possession of, Confidential Information.  If such Confidential Information were to be divulged or become known to any competitor of the Company or to any other person outside the employ of the Company, or if the Employee were to consent to be employed by any competitor of the Company or to engage in competition with the Company, the Company would be irreparably harmed.  In addition, 

the Employee has or may develop relationships with the Company’s customers which could be used to solicit the business of such customers away from the Company.  The Company and the Employee have entered into this Agreement to guard against such potential harm.
(ii)The Employee shall not, directly or indirectly, use any Confidential Information for any purpose other than the benefit of the Company or communicate, deliver, exhibit or provide any Confidential Information to any person, firm, partnership, corporation, organization or entity, except as required in the normal course of the Employee’s service as a consultant or as an employee of the Company.  The covenant contained in this subsection shall be binding upon the Employee during the Term and following the termination hereof until either (i) such Confidential Information becomes obsolete; or (ii) such Confidential Information becomes generally known in the Company’s trade or industry by means other than a breach of this covenant.
(iii)The Employee agrees that all Confidential Information and all records, documents and materials relating to such Confidential Information, shall be and remain the sole and exclusive property of the Company.
Nothing in this Section, or any other provision of the Agreement, is intended or shall be construed to prohibit Employee from reporting conduct to, providing information to, or participating in any investigation or proceeding brought or conducted by, any federal, state or local governmental agency or self-regulatory organization.
(e)Remedies.  The Employee agrees that the Company will suffer irreparable damage and injury and will not have an adequate remedy at law in the event of any breach by the Employee of any provision of this Section.  Accordingly, in the event the Company seeks, under law or in equity, a temporary restraining order, permanent injunction or a decree of specific performance of the provisions of this Section, no bond or other security shall be required.  The Company shall be entitled to recover from the Employee, reasonable attorneys’ fees and expenses incurred in any action wherein the Company successfully enforces any of the provisions of this Section against the breach or threatened breach of those provisions by the Employee.  The remedies described in this Section are not exclusive and are in addition to all other remedies the Company may have at law, in equity, or otherwise.
(i)The Employee and the Company acknowledge and agree that in the event of the Employee’s Separation from Service for any reason whatsoever, the Employee can obtain other engagements or employment of a kind and nature similar to that contemplated herein outside the Restricted Geographical Area and that the issuance of an injunction to enforce the provisions of this Section will not prevent him from earning a livelihood.
(ii)The covenants on the part of the Employee contained in this Section are essential terms and conditions to the Company entering into this Agreement, and shall be construed as independent of any other provision in this Agreement.
(f)Surrender of Records.  Upon the Employee’s Separation from Service for any reason, the Employee shall immediately surrender to the Company any and all computer hardware, software and related materials, records, notes, documents, forms, manuals, photographs, instructions, lists, drawings, blueprints, programs, diagrams or other written or printed material (including any and all copies made at any time whatsoever) in his possession or control which 

pertain to the business of the Company including any Confidential Information in the Employee’s personal notes, address books, calendars, rolodexes, personal data assistants, etc.
7.Standards.  The Employee shall perform his duties under this Agreement in accordance with such reasonable standards as the Board may establish from time to time.  The Company will provide the Employee with the working facilities and staff commensurate with his position or positions and necessary or advisable for him to perform his duties.
8.Separation from Service and Termination Pay.  Subject to Section 10 hereof, the Employee may experience a Separation from Service under the following circumstances:
(a)Death.  The Employee shall experience a Separation from Service upon his death during the Term of this Agreement, in which event the Employee’s estate or designated beneficiaries shall be entitled to receive the base salary, Bonuses, vested rights, and Employee Benefits due the Employee through the last day of the calendar month in which his death occurred.  Any benefits payable under insurance, health, retirement, Bonus or other plans as a result of the Employee’s participation in such plans through such date shall be paid when and as due under those plans.
(b)Disability.
(i)The Company may terminate the Employee’s employment, resulting in a Separation from Service, as a result of the Employee’s Disability, in a manner consistent with the Company’s and the Employee’s rights and obligations under the Americans with Disabilities Act or other applicable state and federal laws concerning disability.  For the purpose of this Agreement, “Disability” means the Employee is:
(1)Unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or 
(2)By reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Employer.
(i)During any period that the Employee shall receive disability benefits and to the extent that the Employee shall be physically and mentally able to do so, he shall furnish such information, assistance and documents so as to assist in the continued ongoing business of the Company.
(ii)In the event of the Employee’s Separation from Service due to Disability, the Employee shall be entitled to receive the base salary, Bonuses, vested rights, and Employee Benefits due the Employee through his date of termination.  Any benefits payable under insurance, health, retirement, Bonus, incentive, performance or other plans as a result of the Employee’s participation in the plans through the date of termination shall be paid when and as due under those plans. 

(c)Just Cause.  The Company may, by written notice to the Employee, immediately terminate his employment at any time, resulting in a Separation from Service, for Just Cause.  The Employee shall have no right to receive any base salary, Bonuses or other Employee Benefits, except as provided by law, whatsoever, for any period after his Separation from Service for Just Cause.  However, the vested rights of the Employee as of his Separation from Service shall not be affected.  Any benefits payable under insurance, health, retirement, Bonus, or other plans as a result of the Employee’s participation in such plans through such date of Separation of Service shall be paid when and as due under those plans.  Separation from Service for “Just Cause” shall mean termination because of:
(i)An intentional act of fraud, embezzlement, theft, or personal dishonesty; willful misconduct, or breach of fiduciary duty involving personal profit by the Employee in the course of his employment or director service.  No act or failure to act shall be deemed to have been intentional or willful if it was due primarily to an error in judgment or negligence.  An act or failure to act shall be considered intentional or willful if it is not in good faith and if it is without a reasonable belief that the action or failure to act is in the best interest of the Company;
(ii)Intentional wrongful damage by the Employee to the business or property of the Company, causing material harm to the Company;
(iii)Breach by the Employee of any confidentiality or non-disclosure agreement in effect from time to time with the Company;
(iv)Gross negligence or insubordination by the Employee in the performance of his duties; or
(v)Removal or permanent prohibition of the Employee from participating in the conduct of Bank’s affairs by an order issued under Section 8(e)(iv) or 8(g)(i) of the Federal Deposit Insurance Act, 12 USC 1818(e)(4) and (g)(1).
Notwithstanding the foregoing, in the event of Separation from Service for Just Cause there shall be delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the disinterested directors of the Bank and the Corporation at meetings of the boards called and held for that purpose (after reasonable notice to the Employee and an opportunity for the Employee, together with the Employee’s counsel, to be heard before the boards), such meetings and the opportunity to be heard to be held prior to, or as soon as reasonably practicable following, termination, but in no event later than 60 days following such termination, finding that in the good faith opinion of the boards the Employee was guilty of conduct constituting Just Cause and specifying the particulars thereof in detail.  If, following such meetings, the Employee is reinstated, he shall be entitled to receive the base salary, Bonuses, all Employee Benefits, and all other fringe benefits provided for under this Agreement for the period following Separation from Service and continuing through reinstatement as though he was never terminated.
(d)Without Just Cause.  The Company may, by written notice to the Employee, immediately terminate his employment at any time, resulting in a Separation from Service, for a reason other than Just Cause, in which event the Employee shall be entitled to receive the following compensation and benefits (unless such Separation from Service occurs within the time 

period set forth in subsection 10(a) hereof, in which event the benefits and compensation provided for in Section 10 shall apply):
(i)The base salary provided pursuant to Section 2 hereof, as in effect on the date of Separation from Service, through the Expiration Date of this Agreement as determined pursuant to Section 5 hereof (including any renewal or extension of this Agreement) (the "Expiration Date");
(ii)An amount equal to the Bonuses received by or payable to the Employee in the calendar year prior to the calendar year of the Employee's Separation from Service, for each year remaining through the Expiration Date; and
(iii)Cash reimbursement to the Employee in an amount equal to the cost to the Employee (demonstrated by submission to the Company of invoices, bills, or other proof of payment by the Employee) of (A) all other Employee Benefits (all as defined in subsection 4(a) excluding Bonuses which will be made in accordance with the terms and conditions of the applicable plans or agreements) and (B) professional and club dues the Employee would otherwise have been eligible to participate in or receive, through the Expiration Date, based upon the benefit levels substantially equal to those provided for the Employee at the date of the Employee’s Separation from Service.  The Employee shall also be entitled to receive an amount necessary to provide any cash payments received under this subsection 8(d)(ii) net of all income and payroll taxes that would not have been payable by the Employee had he continued participation in the benefit plan or program instead of receiving cash reimbursement.
Notwithstanding the foregoing, but only to the extent required under federal banking law, the amount payable under subsection 8(d) shall be reduced to the extent that on the date of the Employee’s Separation from Service, the present value of the benefits payable under subsection 8(d) exceeds any limitation on severance benefits that is imposed by the Office of the Comptroller of the Currency (the “OCC”) on such benefits.
All amounts payable to the Employee under subsections 8(d)(i) and 8(d)(ii) shall be paid in one lump sum within ten days of such Separation from Service.  All amounts payable to the Employee under subsection 8(d)(iii) shall be paid on the first day of each month following the Employee’s Separation from Service, in an amount equal to the total reimbursable amount (demonstrated by invoices, bills or other proof of payment submitted by the Employee).  Such amounts must be submitted for reimbursement no later than the earlier of: (i) six months after the date such amounts are paid by the Employee; or (ii) March 15th of the year following the year in which the Employee paid the amount.
(e)Voluntary for Good Reason.  The Employee may voluntarily Separate from Service under this Agreement at any time for Good Reason.  In the event that the Employee has a Separation from Service for Good Reason, the Employee will first deliver to the Company a written notice which will (A) indicate the specific provisions of this Agreement relied upon for such Separation from Service, (B) set forth in reasonable detail the facts and circumstances claimed to provide a basis for such Separation from Service, and (C) describe the steps, actions, events or other items that must be taken, completed or followed by the Company to correct or cure the basis for such Separation from Service.  The Company will then have 30 days following the effective date of such notice to fully correct and cure the basis for the Separation from Service.  If the Company does not fully correct and cure the basis for the Employee’s Separation from Service 

within such 30-day period, then the Employee will have the right to Separate from Service with the Company for Good Reason immediately upon delivering to the Company a written Notice of Termination and without any further cure period.  Notwithstanding the foregoing, the Company will be entitled to so correct and cure only a maximum of two times during any calendar year.  The Employee shall thereupon be entitled to receive the same amount payable under subsections 8(d)(i) and 8(d)(ii) hereof, within 30 days following his date of Separation from Service and under subsection 8(d)(iii) as provided in subsection 8(d).
For purposes of this Agreement, “Good Reason” means the occurrence of any of the following events, which has not been consented to in advance by the Employee in writing (unless such voluntary Separation from Service occurs within the time period set forth in subsection 10(b) hereof, in which event the benefits and compensation provided for in Section 10 shall apply):
(i)The requirement that the Employee perform his executive functions more than 50 miles from his Terre Haute, Indiana office;
(ii)A reduction of ten percent or more in the Employee’s base salary, unless part of an institution-wide reduction and similar to the reduction in the base salary of all other executive officers of the Company;
(iii)The removal of the Employee from participation in any Bonuses unless the Company terminates participation in the Bonuses with respect to all other executive officers of the Company;
(iv)A material failure by the Company to continue to provide the Employee with the base salary, Bonuses or benefits provided for under subsections 4(a) and 4(b) of this Agreement, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under those Sections or under any benefit plan or program in which the Employee now or hereafter becomes eligible to participate, or the taking of any action by the Company which would directly or indirectly reduce in a material manner any such benefits or deprive the Employee to a material degree of any such benefit enjoyed by him, unless part of an institution-wide reduction and applied similarly to all other executive officers of the Company;
(v)The assignment to the Employee of duties and responsibilities materially different from those normally associated with his position as referenced in Section 1; or
(vi)A material diminution or reduction in the Employee’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company.
Notwithstanding the foregoing, but only to the extent required under federal banking law, the amount payable under this subsection shall be reduced to the extent that on the date of the Employee’s Separation from Service, the present value of the benefits payable under subsections 8(d)(i), 8(d)(ii) and 8(d)(iii) exceed any limitation on severance benefits that is imposed by the OCC on such benefits.
(f)Voluntary Separation from Service.  Subject to subsection Section 10, the Employee may voluntarily Separate from Service with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Company, in which case, effective as of the Separation from Service, the Employee shall receive only his base salary, Bonuses, vested 

rights and benefits up to the date of his Separation from Service, such benefits to be paid when and as due under those plans (unless such Separation from Service occurs pursuant to subsection 10(b) hereof, in which event the benefits, Bonuses and base salary provided for in subsection 10(a) shall apply).
(g)Termination or Suspension Under Federal Law.
(i)If the Employee is removed and/or permanently prohibited from participating in the conduct of the Company’s affairs by an order issued under Sections 8(e)(iv) or 8(g)(i) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Company under this Agreement shall terminate, as of the effective date of the order, but vested rights of the Employee shall not be affected.
(ii)If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as of the date of default; but the vested rights of the Employee shall not be affected.
(iii)All obligations under this Agreement shall terminate, except to the extent it is determined that the continuation of this Agreement is necessary for the continued operation of the Bank; (A) by the OCC or its designee, at the time that the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of FDIA; or (B) by the OCC, or its designee, at the time that the OCC or its designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the OCC to be in an unsafe or unsound condition.  Such action shall not affect any vested rights of the Employee.
(iv)If a notice served under Section 8(e)(3) or (g)(1) of the FDIA suspends and/or temporarily prohibits the Employee from participating in the conduct of the Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings.  However, the vested rights of the Employee as of the date of suspension will not be affected.  If the charges in the notice are dismissed, the Bank may in its discretion (A) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (B) reinstate (in whole or in part) any of its obligations which were suspended.
(h)Separation from Service.  If the Employee qualifies as a Key Employee (as defined in subsection 8(h)(i)) at the time of his Separation from Service (as defined in subsection 8(h)(ii)), the Company may not make a payment pursuant to subsections 8(d) (disregarding subsection 8(d)(ii)(A)), 8(e) or Section 10 (disregarding subsection 10(a)(1)(ii)(C)) earlier than six months following the date of the Employee’s Separation from Service (or, if earlier, the date of the Employee’s death) to the extent such a payment would constitute deferred compensation that is not exempt from the requirements of Code Section 409A or Treasury Regulations 1.409A-1 et. seq.  Payments to which the Key Employee would otherwise be entitled during the first six months following the date of his Separation from Service will be accumulated and paid to the Employee on the first day of the seventh month following the Employee’s Separation from Service.
(i)Key Employee means an employee who is:

(1)An officer of the Bank or Corporation having annual compensation greater than $185,000;
(2)A five percent owner of the Corporation; or
(3)A one percent owner of the Corporation having an annual compensation from the employer of more than $150,000.
The $185,000 amount in subsection 8(h)(i)(1) will be adjusted at the same time and in the same manner as under Code Section 415(d), except that the base period shall be the calendar quarter beginning July 1, 2001, and any increase under this sentence which is not a multiple of $5,000 shall be rounded to the next lower multiple of $5,000.
(ii)Separation from Service means the date on which the Employee dies, retires or otherwise experiences a “Termination of Employment” with the Company (as defined below).  Provided, however, a Separation from Service does not occur if the Employee is on military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Employee retains a right to reemployment with the Company under an applicable statute or by contract.  For purposes of this subsection 8(h)(ii), a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Employee will return to perform services for the Bank or Corporation.  If the period of leave exceeds six months and the Employee does not retain the right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately following such six-month period.  Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the Employee to be unable to perform the duties of his position of employment or any substantially similar position of employment, a 29-month period of absence may be substituted for such six-month period.  The Employee shall incur a “Termination of Employment” for purposes of this subsection 8(h)(ii) when a termination of employment has occurred under Treasury Regulation 1.409A-1(h)(1)(ii).
9.No Mitigation.  The Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Employee in any subsequent employment.
10.Change in Control.
(a)Change in Control; Involuntary Separation from Service.
(1)Notwithstanding any provision herein to the contrary, if the Employee’s employment under this Agreement is terminated by the Company, resulting in a Separation from Service, without the Employee’s prior written consent and for a reason other than Just Cause, in connection with or within 12 months after a Change in Control, as defined in subsection 10(a)(3), the Employee shall be paid (subject to subsection 10(a)(2)) the greater of:

(i)The total amount payable under subsection 8(d); or
(ii)The product of 2.00 times the sum of: (A) his base salary in effect as of the date of the Change in Control; (B) an amount equal to any Bonus received by or payable to the Employee in the calendar year prior to the year in which the Change in Control occurs; and (C) cash reimbursement to the Employee in an amount equal to the cost to the Employee (demonstrated by submission to the Company of invoices, bills or other proof of payment by the Employee) of obtaining all Employee Benefits (all as defined in subsection 4(a), excluding Bonuses which will be paid in accordance with the terms and conditions of the applicable plans or agreements and excluding pension benefits), all professional and club dues the Employee would otherwise have been eligible to participate in or receive, through the first anniversary of the Employee’s Separation from Service, based upon the benefit levels substantially equal to those that the Company provided for the Employee at the date of the Employee’s Separation from Service. The Employee shall also be entitled to receive an amount necessary to provide any cash payments received under this subsection 10(a)(1)(ii) net of all income and payroll taxes that would not have been payable by the Employee had he continued participation in the benefit plan or program instead of receiving cash reimbursement.
(2)To the extent payments that would be received based on the Employee’s Separation from Service in connection with a Change in Control or within 12 months after a Change in Control would be considered “excess parachute payments” pursuant to the Code Section 280G, the benefit payment to the Employee under this Agreement, when combined with all other parachute payments to the Employee, shall be the greater of:
(i)the Employee’s benefit under the Agreement reduced to the maximum amount payable to the Employee such that when it is aggregated with payments and benefits under all other plans and arrangements it will not result in an “excess parachute payment;” or
(ii)the Employee’s benefit under the Agreement after taking into account the amount of the excise tax imposed on the Employee under Code Section 280G due to the benefit payment.
The determination of whether any reduction in the rights or payments under this Plan is to apply will be made by the Company in good faith after consultation with the Employee, and such determination will be conclusive and binding on the Employee.  The Employee will cooperate in good faith with the Company in making such determination and providing the necessary information for this purpose.
(3)“Change in Control” shall be deemed to have occurred if one of the following events takes place:
(i)Change in Ownership.  A change in the ownership of the Bank or the Corporation occurs on the date that any person, or group of persons, as defined below, acquires ownership of stock of the Bank or the Corporation that, together 

with stock held by the person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Bank or the Corporation.  However, if any person or group is considered to own more than 50 percent of the total fair market value or total voting power of the stock, the acquisition of additional stock by the same person or group is not considered to cause a change in the ownership of the Bank or the Corporation (or to cause a change in the effective control of the Bank or the Corporation as defined in subsection 10(a)(3)(ii)).  An increase in the percentage of stock owned by any person or group, as a result of a transaction in which the Bank or the Corporation acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this subsection.  This subsection only applies when there is a transfer of stock of the Bank or the Corporation (or issuance of stock of a corporation) and stock in the Bank or the Corporation remains outstanding after the transaction.
For purposes of subsections 10(a)(3)(i) and 10(a)(3)(ii), persons will not be considered to be acting as a group solely because they purchase or own stock of the Bank or the Corporation at the same time, or as a result of the same public offering.  However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock or similar business transaction with the Bank or the Corporation.  If a person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock or similar transaction, such shareholder is considered to be acting as a group with other shareholders only with respect to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.
(ii)Change in the Effective Control.  A change in the effective control of the Bank or the Corporation will occur when: (i) any person or group (as defined in subsection 10(a)(3)(i)) acquires, or has acquired during the 12-month period ending on the date of the most recent acquisition by such person(s), ownership of stock of the Bank or the Corporation possessing 30 percent or more of the total voting power; or (ii) a majority of members of the board of the Bank or the Corporation is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Bank’s or Corporation’s board prior to the date of the appointment or election.  However, if any person or group is considered to effectively control the Bank or Corporation, the acquisition of additional control of the Bank or Corporation by the same person(s) is not considered to cause a change in the effective control.
(iii)Change in the Ownership of a Substantial Portion of the Bank’s or Corporation’s Assets.  A change in the ownership of a substantial portion of the Bank’s or Corporation’s assets occurs on the date that any person or group acquires, or has acquired during the 12-month period ending on the date of the most recent acquisition by such person(s), assets from the Bank or Corporation that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Bank or Corporation immediately prior to such acquisition(s).  Gross fair market value means the value of the assets of the Bank or Corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

However, there is no Change in Control under this subsection when there is a transfer to an entity that is controlled by the shareholders of the Bank or Corporation immediately after the transfer.  A transfer of assets by the Bank or Corporation is not treated as a change in the ownership of such assets if the assets are transferred to: (i) a shareholder of the Bank or Corporation (immediately before the asset transfer) in exchange for or with respect to its stock; (ii) an entity, 50 percent or more of the total value or voting power of which is owned, directly or indirectly, by the Bank or Corporation; (iii) a person, or group of persons, that owns, directly or indirectly, 50 percent or more of the total value or voting power of all the outstanding stock of the Bank or Corporation or (iv) an entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person described in (iii).  For purposes of this subsection, except as otherwise provided, a person’s status is determined immediately after the transfer of the assets.  For example, a transfer to a company in which the Bank or Corporation has no ownership interest before the transaction, but which is a majority-owned subsidiary of the Bank or Corporation after the transaction, is not treated as a change in the ownership of the assets of the transferor Bank or Corporation.
For purposes of this subsection 10(a)(3)(iii), persons will not be considered to be acting as a group solely because they purchase assets of the Bank or Corporation at the same time.  However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of assets, or similar business transaction with the Bank or Corporation.  If a person, including an entity shareholder, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of assets, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only to the extent of the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation.
Notwithstanding the foregoing, the acquisition of Bank or Corporation stock by any retirement plan sponsored by the Bank or an affiliate of the Bank will not constitute a Change in Control.  Additionally, notwithstanding the foregoing, but only to the extent required under federal banking law, the amount payable under subsection 10(a) shall be reduced to the extent that on the date of the Employee’s Separation from Service, the amount payable under subsection 10(a) exceeds any limitation on severance benefits that is imposed by the OCC.
(b)Change in Control; Voluntary for Good Reason.  Notwithstanding any other provision of this Agreement to the contrary, the Employee may Separate from Service under this Agreement for Good Reason within 12 months following a Change in Control of the Bank or Corporation, as defined in subsection 10(a)(3).  In the event that the Employee has a Separation from Service for Good Reason within 12 months following a Change in Control of the Bank or Corporation, the Employee will first deliver to the Company a written notice which will (A) indicate the specific provisions of this Agreement relied upon for such Separation from Service, (B) set forth in reasonable detail the facts and circumstances claimed to provide a basis for such Separation from Service, and (C) describe the steps, actions, events or other items that must be taken, completed or followed by the Company to correct or cure the basis for such Separation from 

Service.  The Company will then have 30 days following the effective date of such notice to fully correct and cure the basis for the Separation from Service.  If the Company does not fully correct and cure the basis for the Employee’s Separation from Service within such 30-day period, then the Employee will have the right to Separate from Service with the Company for Good Reason immediately upon delivering to the Company a written Notice of Termination and without any further cure period.  Notwithstanding the foregoing, the Company will be entitled to so correct and cure only a maximum of two times during the calendar year.
The Employee shall thereupon be entitled to receive the payment described in subsections 10(a)(1), 10(a)(2) and 10(a)(3) of this Agreement, within 30 days.  During such 30-day period, the Bank shall not allow the Employee’s participation in any Employee Benefits to lapse and shall continue to provide the Employee with reimbursement of professional and club dues and the cost of continuing education or professional development.  In the event subsection 8(h) applies at the time of the Employee’s termination, the six month suspension period shall not prevent the Employee from continuing to receive reimbursement of health and life insurance premiums for himself, his spouse and any dependent at the level of coverage in place at that time.
For purposes of this subsection 10(b), “Good Reason” means, the occurrence of any of the following events, which has not been consented to in advance by the Employee in writing:
(i)The requirement that the Employee perform his principal executive functions more than 50 miles from his Terre Haute, Indiana office.
(ii)A reduction of ten percent or more in the Employee’s base salary as in effect on the date of the Change in Control or as the same may be changed by mutual agreement from time to time, unless part of an institution-wide reduction and similar to the reduction in the base salary of all other executive officers of the Company;
(iii)The removal of the Employee from participation in any Bonus unless the Company terminates participation in the Bonuses with respect to all other executive officers of the Company;
(iv)A material failure by the Company to continue to provide the Employee with the base salary, Bonuses or benefits provided for under subsections 4(a) and 4(b) of this Agreement, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under those subsections or under any benefit plan or program in which the Employee now or hereafter becomes eligible to participate, or the taking of any action by the Company which would directly or indirectly reduce in a material manner any such benefits or deprive the Employee to a material degree of any such benefit enjoyed by him, unless part of an institution-wide reduction and applied similarly to all other executive officers of the Company;
(v)The assignment to the Employee of duties and responsibilities materially different from those normally associated with his position as referenced in Section 1; or
(vi)A material diminution or reduction in the Employee’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company.

Notwithstanding the foregoing, but only to the extent required under federal banking law, the amount payable under subsection 10(b) shall be reduced to the extent that on the date of the Employee’s Separation from Service, the amount payable under subsection 10(b) exceeds any limitation on severance benefits that is imposed by the OCC.
(c)Compliance with 12 U.S.C. Section 1828(k).  Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder.
(d)Trust.
(1)Within five business days before or after a Change in Control which was not approved in advance by a resolution of a majority of the directors of the Corporation, the Company shall (i) deposit, or cause to be deposited, in a grantor trust (the “Trust”), designed to conform with Revenue Procedure 92-64 (or any successor) and having a trustee independent of the Bank, an amount equal to the amounts which would be payable in a lump sum under subsections 10(a)(1), 10(a)(2) and 10(a)(3) hereof if those payment provisions become applicable, and (ii) provide the trustee of the Trust with a written direction to hold said amount and any investment return thereon in a segregated account for the benefit of the Employee, and to follow the procedures set forth in the next paragraph as to the payment of such amounts from the Trust.
(2)During the 12 consecutive month period following the date on which the Company makes the deposit referred to in the preceding paragraph, the Employee may provide the trustee of the Trust with a written notice requesting that the trustee pay to the Employee, in a single sum, the amount designated in the notice as being payable pursuant to subsections 10(a)(1), 10(a)(2) and 10(a)(3).  Within three business days after receiving said notice, the trustee of the Trust shall send a copy of the notice to the Company via overnight and registered mail, return receipt requested.  On the tenth business day after mailing said notice to the Company, the trustee of the Trust shall pay the Employee the amount designated therein in immediately available funds, unless prior thereto the Company provides the trustee with a written notice directing the trustee to withhold such payment.  In the latter event, the trustee shall submit the dispute, within ten days of receipt of the notice from the Company, to non-appealable binding arbitration for a determination of the amount payable to the Employee pursuant to subsections 10(a)(1), (2) and (3), and the party responsible for the payment of the costs of such arbitration (which may include any reasonable legal fees and expenses incurred by the Employee) shall be determined by the arbitrator.  The Company and the Employee shall choose the arbitrator to settle the dispute, and such arbitrator shall be bound by the rules of the American Arbitration Association in making his or her determination.  If the Employee and the Company cannot agree on an arbitrator, then the arbitrator shall be selected under the rules of the American Arbitration Association.  The Employee, the Company and the trustee shall be bound by the results of the arbitration and, within three days of the determination by the arbitrator, the trustee shall pay from the Trust the amounts required to be paid to the Employee and/or the Company, and in no event shall the trustee be liable to either party for making the payments as determined by the arbitrator.
(3)Upon the earlier of (i) any payment from the Trust to the Employee, or (ii) the date twelve months after the date on which the Company makes the deposit referred to in subsection 10(d)(1)(i), the trustee of the Trust shall pay to the Company the entire 

balance remaining in the segregated account maintained for the benefit of the Employee, if any.  The Employee shall thereafter have no further interest in the Trust pursuant to this Agreement.  However, the termination of the Trust shall not operate as a forfeiture or relinquishment of any of the Employee’s rights under the terms of this Agreement.  Furthermore, in the event of a dispute under subsection 10(d)(2), the trustee of the Trust shall continue to hold, in trust, the deposit referred to in subsection 10(d)(1)(i) until a final decision is rendered by the arbitrator pursuant to subsection 10(d)(2).
(e)In the event that any dispute arises between the Employee and the Company as to the terms or interpretation of this Agreement or the obligations thereunder, including this Section, whether instituted by formal legal proceedings or submitted to arbitration pursuant to subsection 10(d)(2), including any action that the Employee takes to enforce the terms of this Section or to defend against any action taken by the Company, the Employee shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Employee shall obtain a final judgment by a court of competent jurisdiction in favor of the Employee or, in the event of arbitration pursuant to subsection 10(d)(2), a determination is made by the arbitrator that the expenses should be paid by the Company.  Such reimbursement shall be paid within ten days of Employee’s furnishing to the Company written evidence, which may be in the form, among other things, of a canceled check or receipt, of any costs or expenses incurred by the Employee.
Should the Employee fail to obtain a final judgment in favor of the Employee and a final judgment or arbitration decision is entered in favor of the Company and if decided by arbitration, the arbitrator, pursuant to subsection 10(d)(2), determines the Employee to be responsible for the Company’s expenses, then the Company shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees arising from such dispute, proceedings or actions.  Such reimbursement shall be paid within ten days of the Company furnishing to the Employee written evidence, which may be in the form, among other things, of a canceled check or receipt, of any costs or expenses incurred by the Company.
11.Bonus Awards.  Any awards to the Employee under a Bonus arrangement that are outstanding at the time of a Separation from Service will be governed by the terms of the Bonus arrangement.
12.Federal Income Tax Withholding.  The Bank may withhold all federal and state income or other taxes from any benefit payable under this Agreement as shall be required pursuant to any law or governmental regulation or ruling.
13.Successors and Assigns.
(a)Company.  This Agreement shall not be assignable by the Bank or Corporation, provided that this Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank or Corporation which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Bank or Corporation.
(b)Employee.  Because the Company is contracting for the unique and personal skills of the Employee, the Employee shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company; provided, however, that nothing in this paragraph shall preclude (i) the Employee from designating a beneficiary to receive 

any benefit payable hereunder upon his death, or (ii) the executors, administrators, or other legal representatives of the Employee or his estate from assigning any rights hereunder to the person or persons entitled thereunto.
(c)Attachment.  Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation or to exclusion, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect.
14.Amendments.  No amendments or additions to this Agreement shall be binding unless made in writing and signed by the Bank, the Corporation and the Employee, except as herein otherwise specifically provided.
15.Applicable Law.  Except to the extent preempted by federal law, the laws of the State of Indiana, without regard to that State’s choice of law principles, shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise.
16.Severability.  The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.  Should any particular covenant, provision or clause of this Agreement be held unreasonable or unenforceable for any reason, including without limitation, the time period, geographic area and/or scope of activity covered by such covenant, provision or clause, the Company and Employee acknowledge and agree that such covenant, provision or clause shall be given effect and enforced to whatever extent would be reasonable and enforceable under applicable law.
17.Entire Agreement.  This Agreement: (a) supersedes all other understandings and agreements, oral or written, between the parties with respect to the subject matter of this Agreement; and (b) constitutes the sole agreement between the parties with respect to this subject matter; provided, however, that the benefit plans and arrangements referred to in this Agreement are not superseded or replaced unless this Agreement specifically so states and such benefit plans and arrangements may be set forth in separate plan documents stating their terms.
18.Construction.  The rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.
19.Headings.  The headings in this Agreement have been inserted solely for ease of reference and shall not be considered in the interpretation, construction or enforcement of this Agreement.

20.Notices.  For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been given (a) if hand delivered, upon delivery to the party, or (b) if mailed, two days following deposit of the notice or communication with the United States Postal Service by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
						
	If to the Employee:	Steven H. Holliday
7261 Augusta Court
Terre Haute, Indiana 47802
		
	If to the Bank:	First Financial Bank, N.A.
Attn: Chief Executive Officer
One First Financial Plaza
P.O. Box 540
Terre Haute, Indiana 47808-0540
		
	If to First Financial Corporation:	First Financial Corporation
Attn: Chief Executive Officer
One First Financial Plaza
P.O. Box 540
Terre Haute, Indiana 47808-0540

or to such other address as either party hereto may have furnished to the other party in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
21.Waiver.  The waiver by either party of a breach of any provision of this Agreement, or failure to insist upon strict compliance with the terms of this Agreement, shall not be deemed a waiver of any subsequent breach or relinquishment of any right or power under this Agreement.
22.Review and Consultation.  Employee acknowledges and agrees he (a) has read this Agreement in its entirety prior to executing it, (b) understands the provisions and effects of this Agreement and (c) has consulted with such attorneys, accountants and financial or other advisors as he has deemed appropriate in connection with the execution of this Agreement.  Employee understands, acknowledges and agrees that he has not received any advice, counsel or recommendation with respect to this Agreement from Employer’s attorneys.
[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Agreement on this 1st day of July, 2021.
ATTEST                            FIRST FINANCIAL BANK, N.A.

/s/ Norman D. Lowery                    /s/ Norman L. Lowery                                                    Norman D. Lowery, SVP and                     Norman L. Lowery, President and 
Chief Operating Officer                    Chief Executive Officer
                    

ATTEST                            FIRST FINANCIAL CORPORATION

/s/ Norman D. Lowery                    /s/ Norman L. Lowery                                                    Norman D. Lowery, SVP and                    Norman L. Lowery, President and
Chief Operating Officer                    Chief Executive Officer

        EMPLOYEE

                                /s/ Steven H. Holliday
                                Steven H. HollidayExhibit 4.2

 

Execution
Version

 

DEPOSIT AGREEMENT

 

among

 

CMS Energy Corporation,

as Issuer

 

Equiniti Trust Company,

as Depositary,

 

and

 

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

 

Dated as of July 1, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article
    I	 	 
	 	 	 
		DEFINED
    TERMS	3
	 	 	 
	Section
    1.1.	Definitions	3
	 	 	 
	Article
    II	 	 
	 	 	 
		FORM
    OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS	6
	 	 	 
	Section
    2.1.	Form
    and Transfer of Receipts	6
	Section
    2.2.	Deposit
    of Stock; Execution and Delivery of Receipts in Respect Thereof	7
	Section
    2.3.	Registration
    of Transfer of Receipts	8
	Section
    2.4.	Split-ups
    and Combinations of Receipts; Surrender of Receipts and Withdrawal of Stock	8
	Section
    2.5.	Limitations
    on Execution and Delivery, Transfer, Surrender and Exchange of Receipts	9
	Section
    2.6.	Lost
    Receipts, etc.	10
	Section
    2.7.	Cancellation
    and Destruction of Surrendered Receipts	10
	Section
    2.8.	Redemption
    of Stock	10
	Section
    2.9.	Receipts
    Issuable in Global Registered Form	12
	Section
    2.10.	Bank
    Accounts	13
	 	 	 
	Article
    III	 	 
	 	 	 
		CERTAIN
    OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY	13
	 	 	 
	Section
    3.1.	Filing
    Proofs, Certificates and Other Information	13
	Section
    3.2.	Payment
    of Taxes or Other Governmental Charges	14
	Section
    3.3.	Warranty
    as to Stock	14
	Section
    3.4.	Warranty
    as to Receipts	14
	Section
    3.5.	Corporate
    Existence and Authority of the Depositary	14
	 	 	 
	Article
    IV	 	 
	 	 	 
		THE
    DEPOSITED SECURITIES; NOTICES	15 
	 	 	 
	Section
    4.1.	Cash
    Distributions	15
	Section
    4.2.	Distributions
    Other than Cash, Rights, Preferences or Privileges	15
	Section
    4.3.	Subscription
    Rights, Preferences or Privileges	16
	Section
    4.4.	Notice
    of Dividends, etc.; Fixing Record Date for Holders of Receipts	17
	Section
    4.5.	Voting
    Rights	17
	Section
    4.6.	Changes
    Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.	18
	Section
    4.7.	Delivery
    of Reports	18
	Section
    4.8.	Lists
    of Receipt Holders	18

 

    1 

     

    

 

	Article
    V	 	 
	 	 	 
		THE
    DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE COMPANY	19
	 	 	 
	Section
    5.1.	Appointment,
    Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar.	19
	Section
    5.2.	Prevention
    of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company	19
	Section
    5.3.	Obligations
    of the Depositary, the Depositary’s Agents, the Registrar and the Company	20
	Section
    5.4.	Resignation
    and Removal of the Depositary; Appointment of Successor Depositary	21
	Section
    5.5.	Corporate
    Notices and Reports	22
	Section
    5.6.	Indemnification	22
	Section
    5.7.	Fees,
    Charges and Expenses	24
	Section
    5.8.	Tax
    Compliance	24
	 	 	 
	Article
    VI	 	 
	 	 	 
		AMENDMENT
    AND TERMINATION	25
	 	 	 
	Section
    6.1.	Amendment	25
	Section
    6.2.	Termination	25
	 	 	 
	Article
    VII	 	 
	 	 	 
		MISCELLANEOUS	26 
	 	 	 
	Section
    7.1.	Counterparts;
    Electronic Signatures	26
	Section
    7.2.	Exclusive
    Benefit of Parties	26
	Section
    7.3.	Invalidity
    of Provisions	26
	Section
    7.4.	Notices	27
	Section
    7.5.	Depositary’s
    Agents	28
	Section
    7.6.	Appointment
    of Registrar in Respect of the Receipts	28
	Section
    7.7.	Holders
    of Receipts Are Parties.	28
	Section
    7.8.	Governing
    Law	28
	Section
    7.9.	Inspection
    of Deposit Agreement	28
	Section
    7.10.	Headings	28
	Section
    7.11.	Confidentiality	29
	Section
    7.12.	Force
    Majeure	29
	Section
    7.13.	Certificate
    of Designation	29
	 	 	 

 

	Exhibit
    A	Form
    of Receipt	 

 

    2 

     

    

 

 

Exhibit B      Certificate of Designation

 

DEPOSIT AGREEMENT, dated as of July 1, 2021, among
(i) CMS Energy Corporation, a Michigan corporation, (ii) Equiniti Trust Company, a limited liability trust company formed 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 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C, of
the Company 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 attached hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit
Agreement; and

 

WHEREAS, the terms and conditions of the 4.200%
Cumulative Redeemable Perpetual Preferred Stock, Series C, of the Company are substantially set forth in the Certificate of Designation
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:

 

“Certificate of Designation”
shall mean the Certificate of Designation filed with the Michigan Department of Licensing and Regulatory Affairs, Bureau of Commercial
Services, establishing the Stock as a series of preferred stock of the Company, 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.

 

“Company” shall mean CMS Energy
Corporation, a Michigan 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 liability trust company formed under the laws of the State of New York, and any successor as Depositary hereunder.

 

    3 

     

    

 

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

 

“Depositary Shares” shall mean
the security representing a 1/1,000th 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 Designation).

 

“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.

 

“DTC” shall mean The Depository
Trust Company.

 

“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 Company 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 to serve as Global Receipt Depository or such Global Receipt Depository
ceases to be a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934,
as amended, when it is required to be so registered, and (B) the Company has not appointed a qualified successor Global Receipt Depository
within ninety (90) calendar days after the Company received such notice, or

 

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

 

“Funds” shall have the meaning
set forth in Section 2.10.

 

“Global Receipt Depository”
shall mean, with respect to any Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Company
in, or pursuant to, this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing
agency registered under the Securities Exchange Act of 1934, as amended.

 

“Global Registered Receipts”
shall mean a global registered Receipt registered in the name of a nominee of the Global Receipt Depository.

 

    4 

     

    

 

“Indemnified Party” shall mean
a party seeking indemnification under this Deposit Agreement.

 

“Indemnifying Party” shall mean
a party receiving notification of an indemnification claim from an Indemnified Party.

 

“Letter of Representations”
shall mean any applicable agreement between the Company 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.

 

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

 

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

 

“Redemption Price” shall mean
the “redemption price” as determined in accordance with Section 5 of the Certificate of Designation.

 

“Registrar” shall mean the Depositary
or such other successor bank or trust company which shall be appointed by the Company to register ownership and transfers of Receipts
or the Depositary Shares, as the case may be, 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.

 

“Signature Guarantee” shall
have the meaning set forth in Section 2.3.

 

“Stock” shall mean shares of
the Company’s 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C, $0.01 par value per share, $25,000 liquidation preference
per share, designated and described in the Certificate of Designation.

 

    5 

     

    

 

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 attached to this Deposit Agreement, in each case with appropriate insertions, modifications and omissions,
as hereinafter provided (but which do not affect the rights, duties, liabilities or responsibilities of the Depositary). Pending the preparation
of definitive Receipts, the Depositary, upon the written order of the Company, delivered in compliance with Section 2.2, shall
execute and deliver temporary Receipts which may be printed, lithographed, typewritten or otherwise substantially of the same tenor of
the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations
as the persons executing such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued,
the Company and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive
Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described
in the penultimate paragraph of Section 2.2, without charge to the holder. Upon surrender for cancellation of any one or more temporary
Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary
Shares as represented by the surrendered temporary Receipt or Receipts registered in the name (and only in the name) of the holder of
the temporary Receipt; provided, however, the Depositary has been provided with all necessary information that it may reasonably request
in order to execute and deliver such definitive Receipt or Receipts. Such exchange shall be made at the Company’s expense and without
any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Deposit
Agreement as definitive Receipts.

 

Receipts shall be executed by the Depositary by
the manual or facsimile signature of a duly authorized officer of the Depositary. No Receipt shall be entitled to any benefits under this
Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed by manual or facsimile signature of a duly
authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by manual
or facsimile signature of a duly authorized officer of the Depositary and countersigned by manual or facsimile signature of 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 Company or required to comply with any applicable law or any regulation thereunder or with the rules
and regulations of any securities exchange upon which the 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.

 

    6 

     

    

 

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 Company may from time to time deposit shares of the Stock under this Deposit Agreement by delivery to the Depositary or
its nominee by book entry on the books and records of the Company’s transfer agent, or otherwise, 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 Company authorizing the Depositary to register such shares of the Stock in book-entry
form, each in form reasonably 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 Company 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. Concurrently
with the execution of this Deposit Agreement, the Company is delivering 9,200 shares of Stock to the Depositary and the Depositary hereby
acknowledges receipt of such 9,200 shares of Stock and all related documentation and information required to be delivered to the Depositary
under this Section 2.2 and agrees to hold such deposited Stock in accordance with this Deposit Agreement.

 

Deposited Stock shall be held by the Depositary
or its nominee in an account to be established by the Depositary at the Depositary’s Office or at such other place or places, as
the Depositary shall determine. The Company hereby appoints the Depositary as registrar for the Stock and the Depositary hereby accepts
such appointment and, as such, will reflect changes in the number of shares of deposited Stock held by it by notation, book-entry or other
appropriate method. 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 Company 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 Company (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 written request 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.

 

    7 

     

    

 

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 which shall be
affixed with the signature guarantee of a guarantor institution which is a participant in a signature medallion guarantee program approved
by the Securities Transfer Association (a “Signature Guarantee”), together with any evidence of the payment of any taxes,
assessments or charges as may be required by law. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing the same
aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts
to or upon the order of the person entitled thereto.

 

The Depositary shall not be required (a) to issue,
transfer or exchange any Receipts for a period beginning at the opening of business fifteen (15) 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 (unless
the related Depositary Shares have previously been called for redemption) 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.

 

    8 

     

    

 

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.

 

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 Company may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company 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 (which evidence will include
a Signature Guarantee), and any other reasonable evidence of authority that may be required by the Depositary and may also require compliance
with such regulations, if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement,
the requirements of any securities exchange on which the deposited Stock, the Depositary Shares or the Receipts may be included for quotation
or listed 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 Company
is closed or (ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company
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.

 

    9 

     

    

 

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, (ii) the holder thereof furnishing the Depositary with an affidavit and an open
penalty surety bond reasonably satisfactory to the Depositary and (iii) the payment of any reasonable expense (including reasonable fees,
charges and expenses of the Depositary). Applicants for substitute receipts shall also comply with such other reasonable regulations and
pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial Code in effect
in the State of New York.

 

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 Company shall be permitted and shall
elect to redeem shares of Stock in accordance with the provisions of the Certificate of Designation (including on account of a Ratings
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 of Stock held by the Depositary to be so redeemed and the Depositary Share Redemption Price,
which notice shall be accompanied by a certificate from the Company stating that such redemption of Stock is in accordance with the provisions
of the Certificate of Designation. On the date of such redemption, provided that the Company shall then have paid or caused to be paid
in full to the Depositary the Redemption Price per share of Stock to be redeemed, in accordance with and as required by the provisions
of the Certificate of Designation, the Depositary shall redeem the number of Depositary Shares representing such Stock. The Depositary
shall mail notice of the Company’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, at the respective last addresses as they appear on the records
of the Depositary, or transmit in accordance with the applicable procedures of any Global Receipt Depository or by such other method approved
by the Depositary, in its reasonable discretion subject to Section 2.9 below, in either case not less than 30 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 or transmit 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 Company 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 such 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 in such other manner as may be determined by the Depositary to be fair and equitable and provided that such methodology
is consistent with any applicable stock exchange rules. In any such case, the Depositary Shares shall only be redeemed in increments of
1,000 Depositary Shares and any integral multiple thereof.

 

    10 

     

    

 

Notice having been mailed or transmitted by the
Depositary as aforesaid, from and after the Redemption Date (unless the Company 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 (1) the right to receive the Redemption Price without
interest and (2) if the Redemption Date occurs subsequent to a record date fixed pursuant to Section 4.4 and on or prior to the next succeeding
dividend payment date, the right to receive accumulated and unpaid dividends in accordance with the proviso at the end of this sentence),
(ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer 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 (1) the right
to receive the Depositary Share Redemption Price without interest and (2) if the Redemption Date occurs subsequent to a record date fixed
pursuant to Section 4.4 and on or prior to the next succeeding dividend payment date, the right to receive accumulated and unpaid dividends
in accordance with the proviso at the end of this sentence), 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
equal to 1/1,000th of the Redemption Price per share of Stock so redeemed plus all money and other property, if any, represented
by such Depositary Shares, including dividends which on the Redemption Date have accumulated (whether or not declared) on the shares of
Stock to be so redeemed and have not theretofore been paid, in all cases without interest on such amounts (the “Depositary Share
Redemption Price”); provided, however, that if a Redemption Date occurs subsequent to a record date fixed pursuant to Section 4.4
and on or prior to the next succeeding dividend payment date, then the full amount of accumulated and unpaid dividends (whether or not
declared) on such shares of Stock to, but excluding, such dividend payment date will be paid on such dividend payment date to the persons
who were the holders of record of such shares at the close of business on such record date and such accumulated and unpaid dividends will
not be paid or required to be paid on the Redemption Date and will not constitute a part of the Depositary Share Redemption Price. Any
funds deposited by the Company with the Depositary for any Depositary Shares that the holders thereof fail to redeem will be returned
to the Company after a period of one year from the date such funds are so deposited.

 

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.

 

    11 

     

    

 

Section 2.9.         
Receipts Issuable in Global Registered Form.

 

If the Company 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 number of Depositary
Shares evidenced by, 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 Company 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 or obligations 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 Company, the Depositary and any director, officer, employee
or agent of the Company or the Depositary as the holder of such Global Registered Receipt for all purposes whatsoever.

 

Unless and until definitive Receipts are delivered
to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry
transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts
to such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment
or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Company and the Depositary
shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt
Depository.

 

If an Exchange Event has occurred with respect
to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Company 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 number equal to the
beneficial interest represented by such Global Registered Receipt surrendered in exchange for such Global Registered Receipt.

 

    12 

     

    

 

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 Company determine that the Receipts should be issued as a Global Registered Receipt, or that a Global Registered
Receipt should be issued in exchange for definitive registered Receipts, the parties hereto shall comply with the terms of each Letter
of Representations, if applicable.

 

Section 2.10.     
Bank Accounts.

 

All funds received by the Depositary under this
Agreement that are to be distributed or applied by the Depositary in the performance of services described herein (the “Funds”)
shall be held by the Depositary as agent for the Company and deposited in one or more bank accounts to be maintained by the Depositary
in its name as agent for the Company. Until paid pursuant to this Agreement, the Depositary will hold or invest the Funds solely as directed
by the Company in: (i) obligations of, or guaranteed by, the United States of America, (ii) commercial paper obligations rated A-1 or
P-1 or better by S&P Global Ratings or Moody’s Investors Service, respectively, (iii) money market funds that comply with Rule
2a-7 under the Investment Company Act of 1940, or (iv) demand deposit accounts, short term certificates of deposit, bank repurchase agreements
or bankers’ acceptances, of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment
grade by S&P Global Ratings (LT Local Issuer Credit Rating), Moody’s Investors Service (Long Term Rating) and Fitch Ratings,
Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.), in each case pursuant to the Company’s written instructions.
The Depositary shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment
made by the Depositary in accordance with this paragraph, except for any losses resulting from a default by any bank, financial institution
or other third party. The Depositary may from time to time receive interest, dividends or other earnings in connection with such deposits
or investments. The Depositary shall be obligated to pay such interest, dividends or earnings to the Company.

 

Article
III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

 

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 Company may reasonably deem necessary or proper. The Depositary or the Company may withhold the
delivery, or delay the registration of transfer or exchange 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.

 

    13 

     

    

 

 

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.

 

Section 3.3.         
Warranty as to Stock.

 

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

 

Section 3.4.         
Warranty as to Receipts.

 

The Company hereby represents and warrants that
the Receipts, when issued, will represent legal and valid interests in the Depositary Shares and each Depositary Share will represent
a legal and valid 1/1,000th fractional interest in a share of Stock represented by such Depositary Share. Such representation and warranty
shall survive the deposit of the Stock and the issuance of Receipts.

 

Section 3.5.         
Corporate Existence and Authority of the Depositary.

 

The Depositary hereby represents and warrants that
it: (i) has been duly incorporated and is validly existing in good standing under the laws of the jurisdiction of its formation; (ii)
has full power and authority and possesses all governmental or other franchises, licenses, permits, authorizations and approvals necessary
to enable it to own, lease or otherwise hold its properties and assets and to carry on its business as presently conducted; (iii) has
been duly qualified as a foreign entity for the transaction of business and is in good standing under the laws of each other jurisdiction
in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no material liability
or disability by reason of the failure to be so qualified in any such jurisdiction; and (iv) is a bank or trust company having its principal
office in the United States of America and having a combined capital and surplus, along with its affiliates, of at least $50,000,000.
The Depositary hereby agrees to promptly inform the Company in the event that any of the statements in the foregoing sentence cease to
be true and complete in all material respects.

 

This Deposit Agreement has been duly authorized,
executed and delivered by the Depositary and constitutes a legal, valid and binding obligation of the Depositary, enforceable against
the Depositary in accordance with its terms and this Deposit Agreement will be maintained continuously as part of the Depositary’s
official records, in accordance with law and its records management policy. The Depositary hereby agrees to perform its obligations under
this Deposit Agreement with the diligent care of a professional provider of such services, in a timely manner and in conformance with
all applicable laws, rules and regulations.

 

    14

     

    

 

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, including any cash received upon redemption of any 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 Company 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 or other governmental charges
or as otherwise required by law, regulation or court process, 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, with any
such fractional amounts to be rounded down to the nearest whole cent and so distributed to the record holders entitled thereto 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 its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable.
Each holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986,
as amended, may require withholding by the 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, subject to Sections 3.1 and 3.2, distribute to record
holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are,
as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such holders,
in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary,
after consultation with the Company, such distribution cannot be made proportionately among such record holders, or if for any other reason
(including any requirement that the Company or the Depositary withhold an amount on account of taxes or other governmental charges) the
Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of
the Company, 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 Company
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 Company 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.

 

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Section 4.3.         
Subscription Rights, Preferences or Privileges.

 

If the Company shall at any time offer or cause
to be offered to the persons in whose names Stock is recorded on the books of the Company 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 Company shall
instruct and the Depositary shall agree, subject to the applicable rules of the Global Receipt Depository, 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 Company
in its discretion with the acknowledgement of the Depositary; provided, however, that (i) if at the time of issue or offer of any
such rights, preferences or privileges the Company determines upon advice of its legal counsel that it is not lawful or 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
shall, if so directed by the Company, and 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 Company 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 Company agrees
with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences
or privileges and securities and use its best efforts and take all steps available to it to cause such registration statement to become
effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such
rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or
privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or
the Company 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 Company 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 Company agrees with the Depositary
that the Company 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.

 

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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 Company 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 Company 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
Designation, 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 Company, in its reasonable discretion, to the record holders
of Receipts, as determined on the record date fixed pursuant to Section 4.4, a notice prepared by the Company 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 Company) 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 to the extent possible 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. To the extent any such instructions request the voting of a
fractional interest of a deposited Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from
requests with the same voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance with
the instructions received in such requests. The Company 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, to the extent permitted by the rules of the New York Stock Exchange, 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.

 

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

 

Upon any change in liquidation preference, par
or stated value, split-up, combination or any other reclassification of the Stock, subject to the Certificate of Designation, or upon
any recapitalization, reorganization, merger or consolidation affecting the Company or to which it is a party, the Depositary shall, upon
the written instructions of the Company setting forth any adjustments, (i) make such adjustments as are certified by the Company in the
fraction of an interest represented by one Depositary Share in one share of Stock and in the ratio of the Depositary Share Redemption
Price to the Redemption Price, in each case as may be necessary fully to reflect the effects of such change in liquidation preference,
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 Company, 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 liquidation preference,
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 Company which are received by the Depositary and which the Company is required to furnish
to the holders of the Stock.

 

Section 4.8.         
Lists of Receipt Holders.

 

Reasonably promptly upon request from time to time
by the Company, 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 COMPANY

 

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

 

The Company 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, redemption, surrender and exchange of Receipts
and deposit and withdrawal of Stock, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration
of transfer, redemption, surrender and exchange of Receipts and deposit and withdrawal of Stock, 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 during
regular business hours shall be made available 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 or Registrar may close such books,
at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder, or because of
any requirement of law or any government, governmental body or commission, stock exchange or any applicable self-regulatory body.

 

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 Company will appoint
the Depositary as Registrar (with the prior written approval of the Depositary) 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 Company. 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 Company, 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 Company.

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Company 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 Company’s Restated
Articles of Incorporation, as amended (including the Certificate of Designation), 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 Company 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 Company 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.

 

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

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders
of Receipts other than for its gross negligence, willful misconduct, bad faith or fraud. Notwithstanding anything in this Deposit Agreement
to the contrary, neither the Depositary, nor the Depositary’s Agent nor any Registrar nor the Company 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 Company shall be under any obligation under this Deposit Agreement 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 reasonable opinion may involve
it in expense or liability unless indemnity reasonably satisfactory to it against all reasonable out-of-pocket expense and liability be
furnished as incurred.

 

Neither the Depositary nor any Depositary’s
Agent nor any Registrar nor the Company shall be liable for any action or any failure to act by it under this Deposit Agreement in good
faith 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 reasonably believed by it in good faith to be competent to give such information. The Depositary, any
Depositary’s Agent, any Registrar and the Company may each rely and shall each be protected in acting upon or omitting to act upon
any written notice, request, direction or other document reasonably believed by it to be genuine and to have been signed or presented
by the proper party or parties.

 

The Depositary shall not be responsible for any
failure to carry out any instruction to vote any of the shares of 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.

 

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

 

The Depositary shall not be responsible for advancing
funds on behalf of the Company 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 reasonably 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 reasonably 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 Company, refrain from taking any action and shall be
fully protected and shall not be liable in any way to the Company, 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 an authorized representative of
the Company 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 Company or any holder of Receipts, for any action
taken by it in accordance with the written instruction of the Company.

 

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 Company, such resignation to take effect upon the appointment of a successor
Depositary and its acceptance of such appointment as hereinafter provided.

 

The Depositary may at any time be removed by the
Company 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 Company 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, including with its affiliates, 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, the
Company or the holders of Receipts 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 Company an instrument in writing accepting its appointment
hereunder that is mutually acceptable to the predecessor, the successor and the Company, 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 Company, 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.

 

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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 execute 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 Company 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 Company’s Restated Articles of Incorporation, as amended (including the Certificate of Designation), to be furnished to the
record holders of Receipts. Such transmission will be at the Company’s expense and the Company 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 Company’s expense such other documents as may be requested by the Company.

 

From time to time and after the date hereof, the
Company agrees that it will perform, acknowledge and deliver or cause to be performed, acknowledged and delivered all such further and
other acts, documents, instruments and assurances as may be reasonably required by the Depositary for the carrying out or performing by
the Depositary of the provisions of this Deposit Agreement.

 

Section 5.6.         
Indemnification.

 

The Depositary will indemnify the Company
and hold it harmless from any loss, liability or expense actually incurred (including the reasonable and documented out-of-pocket costs
and expenses of defending itself) which may arise out of acts performed or omitted by the Depositary, including when such Depositary acts
as Registrar, or the Depositary’s Agents in connection with this Deposit Agreement due to its or their gross negligence, willful
misconduct or actual fraud (which gross negligence, willful misconduct or actual fraud must be determined by a final, non-appealable judgment
of a court of competent jurisdiction).

 

From time to time, the Company may provide
Depositary with instructions concerning the services performed by the Depositary hereunder. In addition, at any time Depositary may apply
to any authorized officer of Company for instruction, and may consult with legal counsel for Depositary or Company with respect to any
matter arising in connection with the services to be performed by the Depositary under this Deposit Agreement. Depositary and its agents
and subcontractors shall not be liable and shall be indemnified by Company for any action taken or omitted by Depositary in reliance upon
any Company instructions or upon the advice or opinion of such counsel. Depositary shall not be held to have notice of any change of authority
of any person, until receipt of written notice thereof from Company.

 

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Notwithstanding Section 5.3 to the contrary, the
Company 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
and documented out-of-pocket costs and expenses of defending itself) which may arise out of acts performed 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), except for any liability arising out of gross negligence, willful misconduct or actual fraud on the respective parts of any such
person or persons (which gross negligence, willful misconduct or actual fraud must be determined by a final, non-appealable judgment of
a court of competent jurisdiction).

 

Neither party to this Deposit Agreement shall be
liable to the other party for any consequential, indirect, punitive, special or incidental damages under any provisions of this Deposit
Agreement or for any consequential, indirect, punitive, special or incidental damages arising out of any act or failure to act hereunder
even if that party has been advised of or has foreseen the possibility of such damages.

 

Promptly following becoming aware of circumstances
that might give rise to a claim for indemnification under this Deposit Agreement, the Indemnified Party shall notify the Indemnifying
Party of the relevant claim; provided that failure to so notify shall not affect the Indemnified Party’s right to indemnification
hereunder, except to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party shall, at its own expense,
be entitled to (i) control and direct the investigation and defense of any claim; provided that if such claim is covered by an insurance
policy of the Indemnified Party and the applicable insurer assumes control of the investigation and defense of such claim, the Indemnifying
Party shall, at its own expense, be entitled to participate in the investigation and defense of such claim, and (ii) have the right to
settle any such claim without the consent of the Indemnified Party; provided that such settlement (A) fully and irrevocably releases the
Indemnified Party from any liability and provides no admission of wrongdoing, and (B) does not subject the Indemnified Party to any additional
obligation, whether financial or otherwise. In the event that any such settlement does not meet the requirements of (A) and (B) above,
then the Indemnified Party must consent to such settlement in writing, which consent shall not be unreasonably withheld, conditioned or
delayed. The Indemnified Party shall provide reasonable assistance to the Indemnifying Party in connection with the Indemnifying Party’s
defense of a claim and may participate in the defense of a claim with counsel of its own choosing at its own cost and expense, unless
the Indemnifying Party specifically authorizes the retaining of such counsel.

 

The rights and obligations of the Depositary and
the Company set forth in this Section 5.6 shall survive any termination of this Deposit Agreement and any resignation, removal or succession
of any Depositary, Registrar or Depositary’s Agent, in accordance with Section 6.2.

 

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Section 5.7.         
Fees, Charges and Expenses.

 

The Company agrees promptly to pay the Depositary
the compensation to be agreed upon with the Company 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 and documented by it (or such Depositary’s Agent) hereunder. The Company 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 Company. The Company shall pay
all transfer and other taxes, assessments and governmental charges arising solely from the existence of the depositary arrangements. All
other transfer and other taxes, assessments 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 Company 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 Company once every three months
or at such other intervals as the Company and the Depositary may agree. No charges and expenses of the Depositary or any Depositary’s
Agent hereunder shall be payable by any person, except as provided in this Section 5.7.

 

Section 5.8.         
Tax Compliance.

 

The Depositary, on its own behalf and on behalf
of the Company, will comply with all applicable certification, information reporting and withholding (including “backup” withholding)
requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made with respect
to the Depositary Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Receipts or the
Depositary Shares. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely
payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent.

 

The Depositary shall comply with any direction
received from the Company with respect to the application of such requirements to particular payments or holders or in other particular
circumstances, and may for purposes of this Deposit Agreement rely on any such direction in accordance with the provisions of Section
5.3 hereof.

 

The Depositary shall maintain all appropriate records
documenting compliance with such requirements and shall make such records available on request to the Company or to its authorized representatives.

 

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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 Company and the Depositary without the
consent of holders of Receipts 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 or would be materially and adversely inconsistent with the
rights of the holders of Stock shall be effective unless such amendment shall have been approved by the holders of Receipts representing
in the aggregate the amount of Receipts then outstanding necessary to approve any amendment that would alter or abrogate the special rights
of the Stock. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to
hold such Receipt, to consent and agree to such amendment and to be bound by this 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
Company at any time upon not less than 30 days prior written notice to the Depositary if the holders of Receipts evidencing a majority
of the Depositary Shares then outstanding consent to such termination, whereupon 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.

 

    25

     

    

 

This Deposit Agreement will terminate automatically
(i) if all outstanding Depositary Shares have been redeemed pursuant to Section 2.8 or (ii) if there shall have been made a final distribution
in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company 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 Company 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; provided, however, that Sections 5.2, 5.3, 5.6, 7.2, 7.3, 7.4, 7.7, 7.8 and 7.11 shall
survive the termination of this Deposit Agreement and any succession of any Depositary, Registrar or Depositary’s Agent.

 

Article
VII

MISCELLANEOUS

 

Section 7.1.         
Counterparts; Electronic Signatures.

 

This Deposit Agreement may be executed in counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
instrument. The words “execution,” “signed,” “signature,” and words of like import in this Deposit
Agreement or in any other certificate, agreement or document related to this Deposit Agreement shall include images of manually executed
signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or
 “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures
and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received,
or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use
of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including,
without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

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.

 

    26

     

    

 

Section 7.4.         
Notices.

 

Any and all notices to be given to the Company
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,
by electronic mail, overnight delivery or by facsimile, confirmed by letter, addressed to the Company at

 

CMS Energy Corporation

One Energy Plaza

Jackson, Michigan 49201

Attention: Vice President and Treasurer

Facsimile: 517-788-2186

Email: sri.maddipati@cmsenergy.com

 

or at any other addresses of which the Company 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,
by electronic mail, overnight delivery or by facsimile, 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 55120-4100

Attention:  Tracie Balach

Email: tracie.balach@equiniti.com

 

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

 

Except as otherwise provided herein, 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.

 

    27

     

    

 

Delivery of a notice sent by mail or by facsimile
transmission as provided in this Section 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; provided,
that notice to a Global Receipt Depository shall be deemed to be effected at the time such notice is delivered or made as provided in
this Section. The Depositary or the Company 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.

 

Notwithstanding anything to the contrary in this
Deposit Agreement, if Depositary Shares are held in book-entry form through a Global Receipt Depository, any notices to holders of Receipts
may be given to such holders in any manner permitted by such Global Receipt Depository.

 

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 Company in advance
of any such action.

 

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

 

The Company hereby appoints the Depositary as Registrar
in respect of the Receipts and the Depositary hereby accepts such appointment.

 

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.

 

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 without giving effect to applicable conflicts of law principles.

 

Section 7.9.         
Inspection of Deposit Agreement.

 

Copies of this Deposit Agreement shall be filed
with the Depositary and the Depositary’s Agents and shall be made available for inspection during business hours upon reasonable
notice to the Depositary 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.

 

    28

     

    

 

Section 7.11.       
Confidentiality.

 

The Depositary and the Company 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 contemplated by this Deposit Agreement and as may be required by
law or legal process.

 

Section 7.12.       
Force Majeure.

 

Notwithstanding anything to the contrary contained
herein, the Depositary will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control
including, without limitation, acts of God, terrorist acts, shortage of supply, pandemics or epidemics, breakdowns or malfunctions, interruptions
or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval
systems, labor difficulties, war, or civil unrest.

 

Section 7.13.       
Certificate of Designation.

 

The foregoing shall be further subject to the terms
and conditions of the Certificate of Designation. In the event of any conflict between the provisions of this Deposit Agreement and the
provisions of the Certificate of Designation, the provisions of the Certificate of Designation will govern and the Company will instruct
the Depositary in writing accordingly of such governing terms; provided, however, that under no circumstances will the Certificate of
Designation be deemed to change or modify any of the rights, duties or immunities of the Depositary contained herein.

 

[Signature Page Follows]

 

    29

     

    

 

IN WITNESS WHEREOF, the Company and the Depositary
have duly executed this Deposit Agreement as of the date 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.

 

	 	CMS ENERGY CORPORATION
	 	 
	 	 
	 	By:	/s/ Todd A. Wehner
	 	 	Name: Todd A. Wehner
	 	 	Title: Assistant Treasurer
	 	 
	 	EQUINITI TRUST COMPANY
	 	 
	 	 
	 	By:	/s/ Matthew D .Paseka
	 	 	Name: Matthew D .Paseka
	 	 	Title: SVP
	 	 

 

    

     

    

 

EXHIBIT A

 

[FORM OF FACE OF RECEIPT]

 

THE DEPOSITARY SHARES REPRESENTED
BY THIS RECEIPT ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENT AGENCY.

 

UNLESS THIS RECEIPT IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO CMS ENERGY CORPORATION
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

DEPOSITARY SHARES

 

[●]

 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH

REPRESENTING 1/1,000TH OF ONE SHARE OF 4.200% CUMULATIVE REDEEMABLE 

PERPETUAL PREFERRED STOCK, SERIES C

 

OF

 

CMS ENERGY CORPORATION

 

INCORPORATED UNDER THE LAWS OF THE STATE OF MICHIGAN

 

CUSIP 125896 837

SEE REVERSE FOR CERTAIN DEFINITIONS

 

DIVIDEND PAYMENT DATES: BEGINNING
OCTOBER 15, 2021, EACH JANUARY 15,

 APRIL 15, JULY 15 AND OCTOBER 15

 

Equiniti Trust Company, a limited liability trust
company formed under the laws of the State of New York, as Depositary (the “Depositary”), hereby certifies that Cede
 & Co. is the registered owner of [●] ([●]) DEPOSITARY SHARES (“Depositary Shares”), each Depositary
Share representing 1/1,000th of one share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C, $0.01 par value per share,
liquidation preference $25,000 per share (the “Stock”), of CMS Energy Corporation, a Michigan corporation (the “Company”),
on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement, dated as of July 1, 2021 (the
 “Deposit Agreement”), among the Company, the Depositary and the holders from time to time of the Depositary Receipts
issued thereunder. 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 is subject to all of the terms, provisions and conditions of the Deposit
Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and made a part hereof and to which Deposit
Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder
of the Depositary, the Company and the holders of the Depositary Receipts. This Depositary Receipt shall not be valid or obligatory for
any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual
or facsimile signature of a duly authorized officer.

 

    A-1 

     

    

 

This Depositary Receipt is transferable in New
York, New York.

 

Dated: July 1, 2021

 

Equiniti Trust Company, Depositary

 

	By:	 	 
	 	Authorized Officer	 

 

    A-2 

     

    

 

[FORM OF REVERSE OF RECEIPT]

 

CMS ENERGY CORPORATION

 

CMS ENERGY 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
DESIGNATION ESTABLISHING THE 4.200% CUMULATIVE REDEEMABLE PERPETUAL PREFERRED STOCK, SERIES C, OF CMS ENERGY CORPORATION. ANY SUCH REQUEST
IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE OF THIS RECEIPT.

 

EXPLANATION OF ABBREVIATIONS

 

The following abbreviations when used in the instructions
on the face of this receipt 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	 	 	 	 

 

    A-3 

     

    

 

ASSIGNMENT

 

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

 

Name:______________________________________________________________

 

SSN/EIN:___________________________________________________________

 

Address:____________________________________________________________

 

________________ 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 DESIGNATION

 

    B-1

     

    

 

 

     

     

    

 

	515	02 E3
	JUN 29 2021	 
	8004973535	 

 

	 	CERTIFICATE
                                            OF DESIGNATION OF

     

    4.200% CUMULATIVE
    REDEEMABLE PERPETUAL

    PREFERRED STOCK,
    SERIES C

    OF

    CMS ENERGY CORPORATION

     
	 

    FILED

     

    JUN
    29 2021

     

    ADMINISTRATOR

    CORPORATIONS
    DIVISION

 

CMS Energy Corporation, a corporation organized
and existing under the Business Corporation Act of the State of Michigan (the “Corporation”), in accordance with the
provisions of Section 302(3) thereof, does hereby certify:

 

The board of directors of the Corporation (the
 “Board of Directors”), in accordance with Article III of the Restated Articles of Incorporation, as amended, of the
Corporation, the Amended and Restated Bylaws of the Corporation and applicable law, authorized the issuance and sale by the Corporation
of shares of its Preferred Stock pursuant to resolutions adopted by the Board of Directors effective May 1, 2020 (collectively, the “Resolutions”)
and granted the Special Financing Committee of the Board of Directors (the “Committee”) the full authority to act on
behalf of the Board of Directors for the purposes stated in the Resolutions with respect to the proposed issuance and sale by the Corporation
of shares of its Preferred Stock, and pursuant to the authority conferred upon the Committee in accordance with Section 528(1)(a) of the
Business Corporation Act of the State of Michigan and the Resolutions, the Committee adopted the following resolution creating and setting
forth the terms of a series of Preferred Stock of the Corporation designated as the “4.200% Cumulative Redeemable Perpetual Preferred
Stock, Series C.”

 

RESOLVED, that pursuant to the authority vested
in the Committee and in accordance with the Resolutions, the provisions of the Restated Articles of Incorporation, as amended, of the
Corporation, the Amended and Restated Bylaws of the Corporation and applicable law, a series of Preferred Stock, par value $0.01 per share,
of the Corporation be and hereby is created, and that the designation and number of shares of such series, and the voting and other powers,
preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions, of the
shares of such series (in addition to the provisions of the Restated Articles of Incorporation, as amended, of the Corporation, which
are applicable to Preferred Stock regardless of series), are as follows:

 

SECTION 1.       Designation.
The distinctive serial designation of such series of Preferred Stock is “4.200% Cumulative Redeemable Perpetual Preferred Stock,
Series C” (the “Series C Preferred Stock”).
Each share of Series C Preferred Stock shall be identical in all respects to every other share of Series C Preferred Stock, except as
to the respective dates from which dividends thereon shall accumulate, to the extent such dates may differ as permitted pursuant to Section
4(a) below.

 

     

     

    

 

SECTION 2.       Number of Shares and Ranking.

 

(a)       The
authorized number of shares of Series C Preferred Stock shall be 9,200. Such number of shares may be decreased by resolution of the Board
of Directors; provided that no decrease shall reduce the number of shares of Series C Preferred Stock to a number that is less than that
of the shares of Series C Preferred Stock then outstanding. Any such decrease in the number of shares of Series C Preferred Stock shall
have the status of authorized but unissued shares of Preferred Stock undesignated as to series and may with any and all other authorized
but unissued shares of Preferred Stock be designated or redesignated and issued or reissued, as the case may be, as part of any series
of Preferred Stock.

 

(b)       The
Series C Preferred Stock shall rank, with respect to dividend rights and distribution rights upon the liquidation, winding-up or
dissolution of the Corporation: (i) senior to the Common Stock and each other class or series of Junior Stock; (ii) on parity with each
class or series of Parity Stock; and (iii) junior to each class or series of Senior Stock.

 

SECTION 3.       Definitions.
As used herein with respect to the Series C Preferred Stock:

 

“Articles” means the Restated
Articles of Incorporation of the Corporation, as amended and as the same may be amended, restated or amended and restated from time to
time.

 

“Board of Directors” means the Board of
Directors of the Corporation.

 

“Business Day” means any day
other than a Saturday or Sunday or any other day on which commercial banks in New York City are authorized or required by law or executive
order to close.

 

“Bylaws” means the Amended and
Restated Bylaws of the Corporation, as they may be amended, restated or amended and restated from time to time.

 

“Certificate of Designation”
means this Certificate of Designation establishing the terms of the Series C Preferred Stock.

 

The term “close of business” means 5:00
p.m., New York City time.

 

“Common Stock” means the common stock of
the Corporation.

 

“Corporation” means CMS Energy Corporation,
a Michigan corporation.

 

“Dividend Disbursing Agent” means
Equiniti Trust Company d/b/a EQ Shareowner Services, the Corporation’s duly appointed dividend disbursing agent for the Series C
Preferred Stock, or any successor appointed under Section 9.

 

“Dividend Payment Date” has the
meaning set forth in Section 4(a).

 

“Dividend Period” means the period
from, and including, a Dividend Payment Date to, but excluding, the next Dividend Payment Date, except that the initial Dividend Period
shall commence on, and include, the Initial Issue Date.

 

“DTC” has the meaning set forth
in Section 6.

 

     

     

    

 

“Holder” means each Person in
whose name any share of the Series C Preferred Stock is registered on the stock register of the Corporation, who shall be treated by the
Corporation and the Registrar as the absolute owner of such share of the Series C Preferred Stock.

 

“Initial Issue Date” means July
1, 2021, the original issue date of shares of the Series C Preferred Stock.

 

“Junior Stock” means: (a) the
Common Stock; and (b) each other class or series of capital stock of the Corporation established after the Initial Issue Date the terms
of which do not expressly provide that such class or series shall rank senior to or on parity with the Series C Preferred Stock as to
dividend rights and distribution rights upon the Corporation’s liquidation, winding-up or dissolution.

 

“Liquidation Dividend Amount”
shall have the meaning set forth in Section 7(a).

 

“Liquidation Preference” means,
as to the Series C Preferred Stock, $25,000 per share thereof, subject to adjustment as provided in Section 16(b).

 

“Nonpayment Event” shall have
the meaning set forth in Section 8(b)(i).

 

“Officer” shall have the meaning
set forth in Section 14(b).

 

“Parity Stock” means each class
or series of capital stock of the Corporation established after the Initial Issue Date the terms of which expressly provide that such
class or series shall rank on parity with the Series C Preferred Stock as to dividend rights and distribution rights upon the Corporation’s
liquidation, winding-up or dissolution.

 

“Person” means any individual,
partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture,
governmental authority or other entity of whatever nature.

 

“Preferred Directors” shall have the meaning
set forth in Section 8(b)(i).

 

“Preferred Stock” means the preferred stock
of the Corporation.

 

“Prospectus Supplement” means
the prospectus supplement dated June 24, 2021 relating to the initial offering and sale of the depositary shares each representing a 1/1,000th
interest in a share of the Series C Preferred Stock.

 

“Ratings Event” means that, and
shall be deemed to have occurred when, any nationally recognized statistical rating organization as defined in Section 3(a)(62) of the
Securities Exchange Act of 1934, as amended, or in any successor provision thereto, that then publishes a rating for the Corporation (a
 “Rating Agency”), amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the
Series C Preferred Stock, which amendment, clarification or change results in:

 

(a)       the
shortening of the length of time the Series C Preferred Stock is assigned a particular level of equity credit by that Rating Agency as
compared to the length of time the Series C Preferred Stock would have been assigned that level of equity credit by that Rating Agency
or its predecessor on the Initial Issue Date; or

 

     

     

    

 

(b)       the
lowering of the equity credit (including up to a lesser amount) assigned to the Series C Preferred Stock by that Rating Agency as compared
to the equity credit assigned by that Rating Agency or its predecessor on the Initial Issue Date.

 

“Record Date” has the meaning
set forth in Section 4(a).

 

“Redemption Date” means any date
fixed for redemption of any shares of Series C Preferred Stock pursuant to the provisions of Section 5.

 

“Registrar” means Equiniti Trust
Company d/b/a EQ Shareowner Services, the Corporation’s duly appointed registrar for the Series C Preferred Stock, or any successor
appointed under Section 9.

 

“Senior Stock” means each class
or series of capital stock of the Corporation established after the Initial Issue Date the terms of which expressly provide that such
class or series shall rank senior to the Series C Preferred Stock as to dividend rights or distribution rights upon the Corporation’s
liquidation, winding-up or dissolution.

 

“Series C Preferred Stock” has
the meaning set forth in Section 1.

 

“Share Dilution Amount” means
the increase in the number of diluted shares outstanding (determined in accordance with accounting principles generally accepted in the
United States, and as measured from the date of the Corporation’s consolidated financial statements most recently filed with the
Securities and Exchange Commission prior to the Initial Issue Date) resulting from the grant, vesting or exercise of equity-based compensation
to directors, employees, contractors and agents and equitably adjusted for any stock split, stock dividend, reverse stock split, reclassification
or similar event.

 

“Transfer Agent” means Equiniti
Trust Company d/b/a EQ Shareowner Services, the Corporation’s duly appointed transfer agent for the Series C Preferred Stock, or
any successor appointed under Section 9.

 

“Voting Preferred Stock” means
any series of Preferred Stock, other than the Series C Preferred Stock, ranking equally with the Series C Preferred Stock either as to
dividends or to the distribution of assets upon liquidation, dissolution or winding-up of the Corporation and upon which voting rights
similar to the voting rights of the Series C Preferred Stock in all material respects have been established for such series of Preferred
Stock and which are exercisable at the time of any vote of the Preferred Stock.

 

     

     

    

 

SECTION 4.       Dividends.

 

(a)       Rate.
Subject to the rights of holders of any class or series of capital stock of the Corporation ranking senior to the Series C Preferred Stock
with respect to dividends, Holders shall be entitled to receive, when, as and if declared by the Board of Directors (or an authorized
committee thereof) out of funds of the Corporation legally available for payment, cash dividends at the rate per annum of 4.200% on the
Liquidation Preference per share of the Series C Preferred Stock. Declared dividends on the Series C Preferred Stock will be
payable in arrears on January 15, April 15, July 15 and October 15 of each year, commencing on October 15, 2021 (each, a “Dividend
Payment Date”). Dividends on the Series C Preferred Stock shall accumulate daily from and including the most recent date as
to which dividends shall have been paid or, if no dividends have been paid, from the Initial Issue Date (or such other date as may be
set forth in the certificate evidencing the relevant shares of Series C Preferred Stock) without regard to whether funds are legally available
for the declaration or payment of such dividends. Declared dividends shall be payable on the relevant Dividend Payment Date to Holders
as they appear on the Corporation’s stock register at the close of business on the immediately preceding January 1, April 1, July
1 or October 1, as applicable (each, a “Record Date”). These Record Dates shall apply regardless of whether a particular
Record Date is a Business Day. If a Dividend Payment Date is not a Business Day, payment of declared dividends shall be made on the next
succeeding Business Day, without any interest, additional dividends, or other payment in lieu of interest or additional dividends accumulating
with respect to this delay.

 

Dividends accumulating or payable on the
Series C Preferred Stock for any Dividend Period (or portion thereof) shall be calculated on the basis of a 360-day year consisting of
twelve 30-day months. Accumulations of dividends on shares of the Series C Preferred Stock shall not bear interest or dividends on such
accumulated amount.

 

No dividend shall be declared or paid
on, or any sum of cash set aside for the payment of dividends on, any outstanding shares of Series C Preferred Stock with respect to any
Dividend Period unless all dividends for all preceding Dividend Periods have been declared and paid on, or a sufficient sum of cash has
been set aside for the payment of such dividends on, all outstanding shares of Series C Preferred Stock.

 

(b)       Priority
of Dividends. So long as any share of the Series C Preferred Stock remains outstanding, no dividend or distribution shall be declared
or paid on Common Stock or any other Junior Stock, and no Common Stock or any other Junior Stock shall be repurchased, redeemed or otherwise
acquired for consideration by the Corporation or any of its subsidiaries unless, in each case, all accumulated and unpaid dividends for
all preceding Dividend Periods have been declared and paid, or a sufficient sum of cash has been set aside for the payment of such dividends,
on all outstanding shares of the Series C Preferred Stock. The foregoing limitation shall not apply to: (i) any dividend or distribution
payable in shares of Common Stock or other Junior Stock, together with cash in lieu of any fractional share; (ii) repurchases, redemptions
or other acquisitions of Common Stock or other Junior Stock in connection with the administration of any benefit or other incentive plan,
including any employment contract, including, without limitation, (x) purchases to offset the Share Dilution Amount pursuant to a publicly
announced repurchase plan; provided that any purchases to offset the Share Dilution Amount shall in no event exceed the Share Dilution
Amount, (y) the forfeiture of unvested shares of restricted stock or share withholdings or other surrender of shares to which the holder
may otherwise be entitled upon exercise, delivery or vesting of equity awards (whether in payment of applicable taxes, the exercise price
or otherwise), and (z) the payment of cash in lieu of fractional shares; (iii) purchases of fractional interests in shares of Common Stock
or other Junior Stock pursuant to the conversion or exchange provisions of such shares of other Junior Stock or any securities exchangeable
for or convertible into shares of Common Stock or other Junior Stock; (iv) any dividends or distributions of rights or Common Stock or
other Junior Stock in connection with a shareholders’ rights plan or any redemption or repurchase of rights pursuant to any shareholders’
rights plan; (v) repurchases of Common Stock or other Junior Stock pursuant to a contractually binding requirement to buy Common Stock
or other Junior Stock existing prior to the preceding Dividend Period, including under a contractually binding stock repurchase plan;
(vi) the deemed purchase or acquisition of fractional interests in shares of Common Stock or other Junior Stock pursuant to the conversion
or exchange provisions of such shares or the security being converted or exchanged; (vii) the acquisition by the Corporation or any of
its subsidiaries of record ownership in Common Stock or other Junior Stock for the beneficial ownership of any other Persons (other than
the Corporation or any of its subsidiaries), including as trustees or custodians, and the payment of cash in lieu of fractional shares;
and (viii) the exchange or conversion of Junior Stock for or into other Junior Stock and the payment of cash in lieu of fractional shares.

 

     

     

    

 

When dividends on shares of the Series C Preferred
Stock with respect to any previously completed Dividend Period (A) have not been declared and paid in full or (B) have been declared but
a sum of cash sufficient for payment thereof has not been set aside for the benefit of the Holders thereof on the applicable Record Date,
no dividends may be declared or paid on any Parity Stock unless dividends are declared on the shares of Series C Preferred Stock such
that the respective amounts of such dividends declared on the shares of Series C Preferred Stock and such Parity Stock shall bear the
same ratio to each other as all accumulated dividends and all declared and unpaid dividends per share on the shares of Series C Preferred
Stock and such Parity Stock bear to each other; provided, however, that any unpaid dividends will continue to accumulate. The foregoing
limitation shall not apply to (i) purchases of fractional interests in shares of Parity Stock pursuant to the conversion or exchange provisions
of such shares of Parity Stock or any securities exchangeable for or convertible into shares of Parity Stock, (ii) the deemed purchase
or acquisition of fractional interests in shares of Parity Stock pursuant to the conversion or exchange provisions of such shares or the
security being converted or exchanged, (iii) the acquisition by the Corporation or any of its subsidiaries of record ownership in Parity
Stock for the beneficial ownership of any other Persons (other than for the Corporation or any of its subsidiaries), including as trustees
or custodians, and the payment of cash in lieu of fractional shares and (iv) the exchange or conversion of Parity Stock for or into other
Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock and the payment of cash in lieu of fractional shares.

 

Subject only to the foregoing, and not otherwise,
such dividends (payable in cash, securities or other property) as may be determined by the Board of Directors (or an authorized committee
thereof) may be declared and paid on any securities, including Common Stock, from time to time out of any funds legally available for
such payment, and Holders shall not be entitled to participate in any such dividends declared on securities other than the Series C Preferred
Stock.

 

SECTION 5.       Optional Redemption.

 

The Corporation may, at its option, redeem the Series C Preferred
Stock:

 

(a)       in
whole or in part, from time to time, on or after July 15, 2026 at a redemption price in cash equal to $25,000 per share of Series C Preferred
Stock, subject to equitable adjustment as provided below; or

 

(b)       in
whole but not in part, at any time within 120 days after the conclusion of any review or appeal process instituted by the Corporation
following the occurrence of a Ratings Event, or, if no review or appeal process is available or sought with respect to such Ratings Event,
at any time within 120 days after the occurrence of such Ratings Event, at a redemption price in cash equal to $25,500 per share of Series
C Preferred Stock, subject to equitable adjustment as provided below,

 

plus, in each case, all accumulated and unpaid dividends (whether or
not declared) to, but excluding, such Redemption Date; provided that, notwithstanding the foregoing, if a Redemption Date for any
shares of Series C Preferred Stock occurs subsequent to a Record Date and on or prior to the next succeeding Dividend Payment Date, then
the full amount of accumulated and unpaid dividends (whether or not declared) on such shares of Series C Preferred Stock to, but excluding,
such Dividend Payment Date shall be paid on such Dividend Payment Date to the Persons who were the Holders of such shares at the close
of business on such Record Date and such accumulated and unpaid dividends shall not be paid or required to be paid on the Redemption Date
and shall not constitute a part of the redemption price of such shares.

 

The redemption price shall be subject to equitable adjustment whenever
there shall occur a stock split, combination, reclassification or other similar event involving the Series C Preferred Stock. Any such
adjustments shall be determined in good faith by the Board of Directors (or an authorized committee thereof) and submitted by the Board
of Directors (or such authorized committee thereof) to the Transfer Agent.

 

SECTION 6.       Redemption
Procedures.

 

If the Series C Preferred Stock is to be redeemed,
the notice of redemption shall be given by first class mail, postage prepaid, or by overnight air courier guaranteeing next day delivery,
to the Holders of the Series C Preferred Stock to be redeemed, mailed not less than 30 days, nor more than 60 days, prior to the Redemption
Date (provided that, if the Series C Preferred Stock is held in book-entry form evidenced by a global certificate held by
The Depository Trust Company (“DTC,” which term includes any successor thereto) or its nominee, the Corporation may
give such notice in any manner permitted or required by DTC. Each notice of redemption shall include a statement setting forth:

 

(a)       the
Redemption Date;

 

(b)       the
number of shares of Series C Preferred Stock to be redeemed and, if less than all the shares of Series C Preferred Stock held by such
Holder are to be redeemed, the number of such shares of Series C Preferred Stock to be redeemed from such Holder;

 

(c)       the
redemption price;

 

(d)       the
place or places where Holders may surrender certificates evidencing the Series C Preferred Stock for payment of the redemption price;
and

 

     

     

    

 

(e)       that
dividends on the shares of Series C Preferred Stock to be redeemed shall cease to accumulate from and after such Redemption Date.

 

If notice of redemption of any shares of Series
C Preferred Stock has been given, and if the funds necessary for such redemption have been set aside by the Corporation for the benefit
of the Holders of the shares of Series C Preferred Stock so called for redemption, then, from and after the Redemption Date, dividends
shall cease to accumulate on such shares of Series C Preferred Stock, and such shares of Series C Preferred Stock shall no longer be deemed
outstanding and all rights of the Holders of such shares of Series C Preferred Stock shall terminate, except for (i) the right of the
Holders thereof to receive the amount payable with respect to such redemption, without interest and (ii) if the Redemption Date occurs
subsequent to a Record Date and on or prior to the next succeeding Dividend Payment Date, the right of the Persons who were the Holders
of such shares at the close of business on such Record Date to receive, on such Dividend Payment Date, the full amount of accumulated
and unpaid dividends (whether or not declared) on such shares to, but excluding, such Dividend Payment Date. Any funds unclaimed at the
end of one year from the Redemption Date shall, to the extent permitted by law, be released by the Corporation, after which time the Holders
of such Series C Preferred Stock so called for redemption shall look only to the Corporation for payment of the redemption price of such
Series C Preferred Stock. If a Redemption Date is not a Business Day, payment shall be made on the next succeeding Business Day, without
any interest, additional dividends, or other payment in lieu of interest or additional dividends accumulating with respect to this delay.

 

In case of any redemption of only part of the Series
C Preferred Stock at the time outstanding, the Series C Preferred Stock to be redeemed shall be selected either pro rata or by lot. If
fewer than all the shares represented by any certificate are redeemed, a new certificate shall be issued representing the unredeemed shares
without charge to the Holder thereof.

 

SECTION 7.       Liquidation,
Winding-up or Dissolution.

 

(a)       In
the event of any liquidation, winding-up or dissolution of the Corporation, whether voluntary or involuntary, each Holder shall be entitled
to receive the Liquidation Preference per share of the Series C Preferred Stock, plus an amount (the “Liquidation Dividend Amount”)
equal to accumulated and unpaid dividends (whether or not declared) on such shares to (but excluding) the date fixed for liquidation,
winding-up or dissolution, to be paid out of the assets of the Corporation legally available for distribution to its shareholders, after
payment or provision for the Corporation’s debts, obligations and liabilities, including debt and other liabilities owed to the
Corporation’s creditors, as required by applicable law, and to holders of shares of any class or series of capital stock of the
Corporation ranking senior to the Series C Preferred Stock with respect to distribution rights upon the Corporation’s liquidation,
winding-up or dissolution and before any payment or distribution is made to holders of any Junior Stock (including, without limitation,
Common Stock).

 

(b)       If,
upon the voluntary or involuntary liquidation, winding-up or dissolution of the Corporation, the amounts payable with respect to (i) the
Liquidation Preference plus the Liquidation Dividend Amount on the shares of Series C Preferred Stock and (ii) the liquidation preference
of, and the amount of accumulated and unpaid dividends (to, but excluding, the date fixed for such liquidation, winding-up or dissolution)
on, all other Parity Stock are not paid in full, the Holders and all holders of any such other Parity Stock shall share equally and ratably
in any distribution of the Corporation’s assets in proportion to their respective liquidation preferences and amounts equal to the
accumulated and unpaid dividends to which they are entitled.

 

     

     

    

 

(c)       After
the payment to any Holder of the full amount of the Liquidation Preference and the Liquidation Dividend Amount for each of such Holder’s
shares of Series C Preferred Stock, such Holder as such shall have no right or claim to any of the remaining assets of the Corporation.

 

(d)       Neither
the sale, lease or exchange of all or substantially all of the Corporation’s assets, nor the Corporation’s merger or consolidation
into or with any other Person, shall be deemed to be the voluntary or involuntary liquidation, winding-up or dissolution of the Corporation.

 

SECTION 8.       Voting
Rights.

 

(a)       General.
Holders shall not have any voting rights except as set forth in this Section 8 and except as otherwise from time to time specifically
required by Michigan law. Without limitation to the foregoing, but subject to any limits and restrictions stated in the Articles, no vote
or consent of the Holders shall be required for the issuance of any additional shares of Series C Preferred Stock not exceeding the aggregate
number of shares authorized in this Certificate of Designation.

 

(b)       Voting
Rights.

 

(i)       Whenever
dividends on any shares of the Series C Preferred Stock or any other class or series of Preferred Stock that ranks on parity with the
Series C Preferred Stock as to payment of dividends, and upon which similar voting rights have been conferred and are exercisable, shall
have not been declared and paid for the equivalent of six quarterly dividend payments, whether or not for consecutive Dividend Periods
(a “Nonpayment Event”), the Holders of the Series C Preferred Stock (voting as a single class together with holders
of any and all other classes of authorized Preferred Stock having equivalent voting rights, whether or not the holders of such Preferred
Stock would be entitled to vote for the election of directors if such default in dividends did not exist) shall be entitled to vote as
a single class for the election of a total of two additional members of the Board of Directors (the “Preferred Directors”),
provided that the Board of Directors shall at no time include more than two Preferred Directors. In that event, the number of directors
on the Board of Directors shall automatically increase by two and, at the request of any Holder of Series C Preferred Stock or other Preferred
Stock with equivalent voting rights, a special meeting of the Holders of Series C Preferred Stock and the holders of any other class or
series of Preferred Stock that ranks on parity with Series C Preferred Stock as to payment of dividends and for which dividends have not
been paid shall be called for the election of the two directors (unless such request is received less than 90 days before the date fixed
for the next annual or special meeting of the shareholders, in which event such election shall be held at such next annual or special
meeting of shareholders), followed by such election at each subsequent annual meeting. These voting rights will continue until full dividends
have been paid regularly on the shares of the Series C Preferred Stock and any other class or series of Preferred Stock that ranks on
parity with the Series C Preferred Stock as to payment of dividends for at least four consecutive quarterly Dividend Periods or their
equivalent following the Nonpayment Event.

 

     

     

    

 

If and when full dividends have been paid
regularly on the Series C Preferred Stock and any other class or series of Preferred Stock that ranks on parity with the Series C Preferred
Stock as to payment of dividends for at least four consecutive quarterly Dividend Periods or their equivalent following a Nonpayment Event,
the Holders of the Series C Preferred Stock shall be divested of the foregoing voting rights (subject to revesting in the event of each
subsequent Nonpayment Event) and the term of office of each Preferred Director so elected shall terminate and the number of directors
on the Board of Directors shall automatically decrease by two. Any Preferred Director may be removed at any time without cause by the
Holders of a majority of the outstanding shares of the Series C Preferred Stock (together with holders of any and all other classes of
authorized Preferred Stock having equivalent voting rights, whether or not the holders of such Preferred Stock would be entitled to vote
for the election of directors if such default in dividends did not exist) when they have the voting rights described above. So long as
a Nonpayment Event continues, any vacancy in the office of a Preferred Director (other than prior to the initial election of the Preferred
Directors) may be filled by the written consent of the Preferred Director remaining in office or, if none remains in office, by a vote
of the Holders of the outstanding shares of Series C Preferred Stock (together with holders of any and all other class of authorized Preferred
Stock having equivalent voting rights, whether or not the holders of such Preferred Stock would be entitled to vote for the election of
directors if such default in dividends did not exist) to serve until the next annual meeting of shareholders. The Preferred Directors
shall each be entitled to one vote per director on any matter.

 

(ii)       So
long as any shares of the Series C Preferred Stock are outstanding, in addition to any other vote or consent of shareholders required
by law or by the Articles, the affirmative vote or consent of the holders of not less than two-thirds of the total stated liquidation
preference (excluding accumulated and unpaid dividends thereon, and premiums or other similar amounts, if any) of all outstanding shares
of Series C Preferred Stock and all outstanding shares of any other series of Voting Preferred Stock (subject to Section 8(b)(iii)) at
the time outstanding and entitled to vote thereon, voting together as a single class, given in person or by proxy, either in writing without
a meeting or by vote at an annual or special meeting of such shareholders, shall be necessary for the Corporation to effect:

 

(A)       any
amendment of the Articles, including this Certificate of Designation, so as to authorize, or increase the authorized amount of, any class
or series of Senior Stock;

 

(B)       any
amendment of any provision of the Articles, other than this Certificate of Designation, so as to adversely affect the special rights,
preferences, privileges, restrictions, or voting powers of the Series C Preferred Stock; or

 

     

     

    

 

(C)       any
consummation of a binding share exchange or reclassification involving the shares of the Series C Preferred Stock, or of a merger or consolidation
of the Corporation with or into another entity, unless in each case (x) the shares of the Series C Preferred Stock remain outstanding
or, in the case of any such merger or consolidation with respect to which the Corporation is not the surviving or resulting entity (or
the Series C Preferred Stock is otherwise exchanged or reclassified), are converted or reclassified into or exchanged for preferred stock
of the surviving or resulting entity or its ultimate parent, and (y) the shares of the Series C Preferred Stock that remain outstanding
or such shares of preferred stock, as the case may be, have rights, preferences, privileges and voting powers that, taken as a whole,
are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, taken as a whole,
of the Series C Preferred Stock immediately prior to the consummation of such transaction;

 

provided, however, that, for the avoidance
of doubt, (1) any increase in the amount of the Corporation’s authorized but unissued shares of Preferred Stock, (2) any increase
in the amount of the Corporation’s authorized Series C Preferred Stock or the issuance of any additional shares of the Series C
Preferred Stock or (3) the authorization or creation of any class or series of Parity Stock or Junior Stock, any increase in the amount
of authorized but unissued shares of such class or series of Parity Stock or Junior Stock or the issuance of any shares of such class
or series of Parity Stock or Junior Stock shall be deemed not to adversely affect (or to otherwise cause to be materially less favorable)
the rights, preferences, privileges, restrictions or voting powers of the Series C Preferred Stock, and shall not require the affirmative
vote or consent of the Holders, except as required pursuant to Michigan law.

 

(iii)       If
any amendment, share exchange, reclassification, merger or consolidation specified in this Section 8(b) would adversely affect (or cause
to be materially less favorable, as applicable) the rights, preferences, privileges, restrictions or voting powers of one or more but
not all series of Voting Preferred Stock, then only the series of Voting Preferred Stock adversely affected (or the terms of which would
be materially less favorable, as applicable) and entitled to vote shall vote as a class in lieu of all other series of Voting Preferred
Stock.

 

(iv)       Without
the consent of the Holders, to the fullest extent permitted by applicable law and so long as such action does not adversely affect the
special rights, preferences, privileges, restrictions or voting powers of the Series C Preferred Stock, the Corporation may amend, alter,
supplement, or repeal any terms of the Series C Preferred Stock, including by way of amendment to this Certificate of Designation, for
the following purposes:

 

(A)       to
cure any ambiguity or mistake, or to correct or supplement any provision contained in this Certificate of Designation that may be defective
or inconsistent with any other provision contained in this Certificate of Designation;

 

(B)       to
make any provision with respect to matters or questions relating to the Series C Preferred Stock that is not inconsistent with the provisions
of the Articles, including this Certificate of Designation; or

 

(C)       to
waive any of the Corporation’s rights with respect thereto.

 

     

     

    

 

(v)       Without
the consent of the Holders, to the fullest extent permitted by applicable law, the Corporation may amend, alter, supplement or repeal
any terms of the Series C Preferred Stock, including by way of amendment to this Certificate of Designation, in order to conform the terms
thereof to the description of the terms of the Series C Preferred Stock set forth under “Certain Terms of the Series C Preferred
Stock” in the Prospectus Supplement.

 

(c)       Procedures
for Voting and Consents. The rules and procedures for calling and conducting any meeting of the Holders (including, without limitation,
the fixing of a Record Date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written
consents and any other procedural aspect or matter with regard to such a meeting or such consents shall be governed by any rules the Board
of Directors, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Articles,
the Bylaws, applicable law and the rules of any national securities exchange or other trading facility on which the Series C Preferred
Stock is listed or traded at the time.

 

SECTION 9.       Transfer
Agent, Registrar, and Dividend Disbursing Agent. The duly appointed Transfer Agent, Registrar and Dividend Disbursing Agent for the
Series C Preferred Stock shall be Equiniti Trust Company d/b/a EQ Shareowner Services. The Corporation may, in its sole discretion, remove
any Person serving as the Transfer Agent, Registrar or Dividend Disbursing Agent; provided,
however, that prior to the effectiveness of any such removal the
Corporation shall appoint a successor Transfer Agent, Registrar or Dividend Disbursing Agent, as the case may be, who shall accept such
appointment prior to the effectiveness of such removal. Upon any such removal or appointment, the Corporation shall send notice thereof
to the Holders.

 

SECTION 10.       Record Holders. To the fullest
extent permitted by applicable law, the Corporation and the Transfer Agent may deem and treat the Holder of any shares of the Series C
Preferred Stock as the true and lawful owner thereof for all purposes.

 

SECTION 11.       Notices. The Corporation shall
send all notices or communications to Holders of the Series C Preferred Stock pursuant to this Certificate of Designation in writing by
first class mail, postage prepaid, or by overnight air courier guaranteeing next day delivery, to the Holders’ respective addresses
shown on the register for the Series C Preferred Stock (provided that, if the Series C Preferred Stock is held in book-entry
form evidenced by a global certificate held by DTC or its nominee, the Corporation shall be permitted to send notices or communications
to Holders pursuant to the procedures of DTC, and notices and communications that the Corporation sends in this manner will be deemed
to have been properly sent to such Holders in writing).

 

SECTION 12.       No Preemptive Rights. The
Holders shall have no preemptive or preferential rights to purchase or subscribe for any stock, obligations, warrants or other securities
of the Corporation of any class or series.

 

SECTION13.       Other Rights. The shares of
the Series C Preferred Stock shall not have any rights, preferences, privileges or voting powers or relative, participating, optional
or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in the Articles or
as provided by applicable law.

 

     

     

    

 

SECTION 14.       Stock Certificates.

 

(a)       Shares
of the Series C Preferred Stock shall initially be represented by stock certificates substantially in the form set forth as Exhibit A
hereto.

 

(b)       Stock
certificates representing shares of the Series C Preferred Stock shall be signed by the President or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary (each, an “Officer”), in accordance with the Bylaws
and applicable Michigan law, by manual or facsimile signature.

 

(c)       A
stock certificate representing shares of the Series C Preferred Stock shall not be valid until manually countersigned by an authorized
signatory of the Transfer Agent and Registrar. Each stock certificate representing shares of the Series C Preferred Stock shall be dated
the date of its countersignature.

 

(d)       If
any Officer of the Corporation who has signed a stock certificate no longer holds that office at the time the Transfer Agent and Registrar
countersigns the stock certificate, the stock certificate shall be valid nonetheless.

 

SECTION 15.       Replacement Certificates.
If physical certificates are issued, and any of the Series C Preferred Stock certificates shall be mutilated, lost, stolen or destroyed,
the Corporation shall, at the expense of the Holder, issue, in exchange and in substitution for and upon cancellation of the mutilated
Series C Preferred Stock certificate, or in lieu of and substitution for the Series C Preferred Stock certificate lost, stolen or destroyed,
a new Series C Preferred Stock certificate of like tenor and representing an equivalent Liquidation Preference of shares of the Series
C Preferred Stock, but only upon receipt of evidence of such loss, theft or destruction of such Series C Preferred Stock certificate and
indemnity, if requested, reasonably satisfactory to the Corporation and the Transfer Agent.

 

SECTION 16.       Miscellaneous.

 

(a)       The
Corporation shall pay any and all stock transfer and documentary stamp taxes that may be payable in respect of any initial issuance or
delivery of shares of the Series C Preferred Stock or certificates representing such shares.

 

(b)       The
Liquidation Preference shall be subject to equitable adjustment whenever there shall occur a stock split, combination, reclassification
or other similar event involving the Series C Preferred Stock. Such adjustments shall be determined in good faith by the Board of Directors
(or an authorized committee thereof) and submitted by the Board of Directors (or such authorized committee thereof) to the Transfer Agent.

 

     

     

    

 

(c)       Shares
of Series C Preferred Stock that are redeemed, purchased or otherwise acquired by the Corporation shall be cancelled and shall revert
to authorized but unissued shares of Series C Preferred Stock which may be reissued from time to time by the Corporation, unless the Board
of Directors determines by resolution that the shares shall have the status of authorized but unissued shares of Preferred Stock undesignated
as to series and may with any and all other authorized but unissued shares of Preferred Stock be designated or redesignated and issued
or reissued, as the case may be, as part of any series of Preferred Stock.

 

SECTION 17.       Withholding Taxes. Notwithstanding
anything to the contrary, if the Corporation or other applicable withholding agent pays withholding taxes or backup withholding on behalf
of the Holder or beneficial owner, the Corporation or other applicable withholding agent may, at its option, set off such payments against
payments of cash on the Series C Preferred Stock.

 

     

     

    

 

Exhibit A

 

[FORM OF FACE OF

4.200% CUMULATIVE REDEEMABLE PERPETUAL PREFERRED

STOCK, SERIES C CERTIFICATE]

 

THE SHARES OF 4.200% CUMULATIVE REDEEMABLE PERPETUAL PREFERRED
STOCK, SERIES C ARE SUBJECT TO REDEMPTION AT THE OPTION OF THE CORPORATION (AS DEFINED BELOW) AT THE TIMES AND REDEMPTION PRICES, AND
ON TERMS AND CONDITIONS, SET FORTH IN THE CERTIFICATE OF DESIGNATION (AS DEFINED BELOW).

 

	Certificate Number [ ]	[Number] Shares of 4.200% Cumulative
	 	Redeemable Perpetual Preferred Stock, Series C

CUSIP: 125896 829

ISIN: US1258968296

 

CMS ENERGY CORPORATION

(Formed under the laws of the State of Michigan)

 

4.200% Cumulative Redeemable Perpetual Preferred
Stock, Series C

(Liquidation Preference as specified below)

 

CMS Energy Corporation, a Michigan corporation
(the “Corporation”), hereby certifies that [_________] (the “Holder”) is the registered owner of
[_______] shares of fully paid and non-assessable shares of the Corporation’s designated 4.200% Cumulative Redeemable Perpetual
Preferred Stock, Series C, with a Liquidation Preference of $25,000.00 per share (the “Series C Preferred Stock”).
The shares of the Series C Preferred Stock are transferable on the books and records of the Registrar, in person or by a duly authorized
attorney, upon surrender of this certificate duly endorsed and in proper form for transfer. The rights, privileges, restrictions and other
terms and provisions of the Series C Preferred Stock represented hereby are and shall in all respects be subject to the provisions of
the Certificate of Designation of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C of CMS Energy Corporation dated June
28, 2021, as the same may be amended from time to time (the “Certificate of Designation”). Capitalized terms used herein
but not defined shall have the meanings given them in the Certificate of Designation. The Corporation will provide a copy of the Certificate
of Designation to the Holder without charge upon written request to the Corporation at its principal place of business.

 

Reference is hereby made to the provisions
of the Series C Preferred Stock set forth on the reverse hereof and in the Certificate of Designation, which provisions shall for all
purposes have the same effect as if set forth at this place. If the terms of this certificate conflict with the terms of the Certificate
of Designation, then the terms of the Certificate of Designation will control to the extent of such conflict.

 

Upon receipt of this executed certificate,
the Holder is bound by the Certificate of Designation and is entitled to the benefits thereunder.

 

     

     

    

 

Unless the Transfer Agent and Registrar
have properly countersigned this certificate, these shares of the Series C Preferred Stock shall not be entitled to any benefit under
the Certificate of Designation or be valid or obligatory for any purpose.

 

[Remainder of Page Intentionally Left Blank]

 

     

     

    

 

 

Witness the facsimile seal of the Corporation and
the facsimile signatures of its duly authorized officers.

 

	Dated:                                                                                            	 	 
	 	 	 
	CMS
    ENERGY CORPORATION	 	CMS ENERGY CORPORATION
	 	 	 
	By:
                                                                                                    	 	By:	         
	Name:	 	Name
	Title:
    [President or Vice President]	 	Title: [Treasurer, Assistant Treasurer,

                    Secretary or Assistant Secretary]

 

[Impression or Facsimile of Corporation Seal]

 

     

     

    

 

COUNTERSIGNATURE

 

These are shares of the Series C Preferred Stock referred
to in the within-mentioned Certificate of Designation.

 

Dated: [__], [__]

 

	Equiniti
    Trust Company d/b/a EQ Shareowner Services,	 
	 	 
	as Transfer
    Agent and Registrar	 
	 	 
	By:	 	 
	 	 
	Name:	 
	 	 
	Title:	 

 

     

     

    

 

[FORM OF REVERSE OF

 

CERTIFICATE FOR SERIES C PREFERRED STOCK]

 

Cumulative cash dividends on each share of the Series C Preferred
Stock shall be payable at the rate provided in the Certificate of Designation.

 

The Corporation shall furnish without charge to
each Holder who so requests a full statement of the designation, relative rights, preferences and limitations of each class and series
of stock of the Corporation authorized to be issued, including the Series C Preferred Stock, in so far as the same shall have been prescribed
and the authority of the Board of Directors of the Corporation to designate and prescribe the relative rights, preferences and limitations
of other series. Such statement may be obtained from the Corporation at the Corporation’s principal executive offices, which, on
the Initial Issue Date of shares of the Series C Preferred Stock, were located at One Energy Plaza, Jackson, Michigan 49201.

 

     

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned assigns and transfers
the shares of the Series C Preferred Stock evidenced hereby to:

 

	 
	(Insert assignee’s social security or taxpayer identification number, if any)
	 
	 
	 
	 
	(Insert address and zip code of assignee)

 

	and

                           irrevocably

                           appoints:
	
     

     

    __________________________
	as agent to transfer the shares of the Series C Preferred Stock evidenced hereby on the books of the Transfer Agent and Registrar. The agent may substitute another to act for him or her.

 

 

Date:

 

	Signature:	 
	 	(Sign exactly as your name appears on the other side of this Certificate)

 

	Signature Guarantee:	 
	 	(Signature
    must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker, savings and loan association or
    credit union meeting the requirements of the Transfer Agent, which requirements include membership or participation in the Securities
    Transfer Agents Medallion Program (“STAMP”)
    or such other “signature guarantee program” as may be determined by the Transfer Agent in addition to, or in substitution
    for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.)

 

     

     

    

 

IN WITNESS WHEREOF, CMS ENERGY CORPORATION has
caused this Certificate of Designation to be signed by its Assistant Secretary on this 28th day of June, 2021.

 

	 	CMS ENERGY CORPORATION
	 	 
	 	By:	/s/ TERRY L. CHRISTIAN
	 	Name:	Terry L. Christian
	 	Title:	Assistant Secretary and authorized agent

 

[Signature Page to Series C Certificate of Designation]

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