Document:

exv4w2

Exhibit
4.2

 

 

Healthcare Realty Trust Incorporated

and

Regions Bank 

as Trustee

 

Third Supplemental Indenture

Dated as of December 4, 2009

 

Supplement to Indenture dated as of May 15, 2001

 

 

 

 

Third Supplemental Indenture

     Third Supplemental Indenture, dated as of December 4, 2009, between Healthcare
Realty Trust Incorporated, a Maryland corporation (hereinafter called the “Company”), having
its principal office at 3310 West End Avenue, Suite 700, Nashville, Tennessee 37203, and
Regions Bank, an Alabama banking corporation, as Trustee (hereafter called the
“Trustee”), having a Corporate Trust Office at 315 Deaderick St., 4th Floor, Nashville,
Tennessee 37237, as Trustee under the Indenture (as hereinafter defined).

Recitals

     Whereas, the Company and the Trustee are parties to an Indenture, dated as of May 15,
2001, a copy of which is attached hereto as Exhibit A and which is incorporated herein by
reference (hereinafter called the “Indenture”) providing for the issuance by the Company from time
to time of its senior debt securities evidencing its unsecured and unsubordinated indebtedness (the
“Securities”);

     Whereas, the Company desires to issue a series of senior debt securities under the
Indenture designated as its 6.50% Senior Notes due 2017 (the “Notes”), and has duly authorized the
creation of the Notes and the execution and delivery of this Third Supplemental Indenture to modify
the Indenture and provide certain additional provisions as hereinafter described; and

     Whereas, the Company and the Trustee deem it advisable to enter into this Third
Supplemental Indenture for the purposes of providing for the rights, obligations and duties of the
Company and the Trustee with respect to the Notes and to set forth certain specific provisions with
respect thereto.

     Now, Therefore, This Third Supplemental Indenture Witnesseth:

     For and in consideration of the premises, the Company and the Trustee covenant and agree, for
the equal and proportionate benefit of all Holders of the Notes, as follows:

Article One

Relation to Indenture; Definitions

     Section 1.01. This Third Supplemental Indenture constitutes an integral part of the Indenture.

     Section 1.02. Pursuant to Section 301(25) of the Indenture, so long as any of the Notes are
Outstanding, the following definitions shall be applicable to the Notes, be included as defined
terms with respect to the Notes for all purposes and, to the extent inconsistent with the
definition of such term contained in Section 101 of the Indenture, shall replace such definition
with respect to the Notes:

     “Annual Consolidated Interest Expense” for any twelve-month period means the Consolidated
Interest Expense for such period in accordance with GAAP.

 

 

     “Capital Lease” means at any time a lease with respect to which the lessee is required
concurrently to recognize the acquisition of any asset and the incurrence of a liability in
accordance with GAAP.

     “Capitalized Lease Obligations” means, with respect to any Person and a Capital Lease, the
amount of the obligation of such Person as the lessee under such Capital Lease which would, in
accordance with GAAP, appear as a liability on a balance sheet of such Person.

     “Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes.

     “Comparable Treasury Price” means (i) the average of five Reference Treasury Dealer Quotations
for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

     “Consolidated Income Available for Debt Service” for any period means Earnings from Operations
plus amounts which have been deducted, and minus amounts which have been added, for (i)
Consolidated Interest Expense, (ii) provision for taxes of the Company and its Subsidiaries based
on income, (iii) amortization (other than amortization of debt discount) and depreciation, (iv)
provisions for gains and losses from sales or joint ventures, (v) increases in deferred taxes and
other non-cash items, (vi) charges resulting from a change in accounting principles, and (vii)
charges for early extinguishment of debt.

     “Consolidated Interest Expense” means, for any period, and without duplication, all interest
(including the interest component of rentals on capitalized leases, letter of credit fees,
commitment fees and other like financial charges) and all amortization of debt discount on all Debt
(including, without limitation, payment-in-kind, zero coupon and other like securities) of the
Company and its Subsidiaries, but excluding legal fees, title insurance charges and other
out-of-pocket fees and expenses incurred in connection with the issuance of Debt, all determined in
accordance with GAAP, and the amount of dividends which are payable during such period in respect
of any Disqualified Stock.

     “Consolidated Net Income” for any period means the amount of net income (or loss) of the
Company and its Subsidiaries for such period determined in accordance with GAAP after eliminating
intercompany accounts and transactions.

     “Corporate Trust Office” means the office of the Trustee at which, at any particular time, its
service as Trustee hereunder shall be principally administered, which office at the date hereof is
located at 315 Deaderick St., 4th Floor, Nashville, Tennessee 37237 and, for purposes of
the Place of Payment provisions of Sections 305 and 1002 of the Indenture, is located at 315
Deaderick St., 4th Floor, Nashville, Tennessee 37237.

     “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which
by the terms of such Capital Stock (or by the terms of any security into which it is convertible or
for

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which it is exchangeable or exercisable), upon the happening of any event or otherwise (i)
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other
than Capital Stock which is redeemable solely in exchange for common stock), (ii) is convertible
into or exchangeable or exercisable for Debt or Disqualified Stock or (iii) is redeemable at the
option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable
solely in exchange for Capital Stock which is not Disqualified Stock or the redemption price of
which may, at the option of such Person, be paid in Capital Stock which is not Disqualified Stock),
in each case on or prior to the Stated Maturity of the Notes.

     “Earnings from Operations” for any period means the net earnings determined in accordance with
GAAP, excluding gains and losses on sales of investments, extraordinary items and property
valuation losses.

     “Independent Investment Banker” means either J.P. Morgan Securities Inc. or Banc of America
Securities LLC, as specified by the Company, or, if these firms are unwilling or unable to select
the Comparable Treasury Issue, an independent investment banking institution of national standing
appointed by the Company.

     “Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security
interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other
secured party to or of such Person under any conditional sale or other title retention agreement or
Capital Lease, upon or with respect to any property or asset of such Person (including, in the case
of stock, stockholder agreements, voting trust agreements and all similar arrangements).

     “Make-Whole Amount” means, in connection with any optional redemption or accelerated payment
of any Notes, the excess, if any, of (i) the sum of the present values as of the date of such
redemption or accelerated payment of the remaining scheduled payments of principal and interest on
the Notes to be redeemed or repaid (not including any portion of such payments of interest accrued
to the date of redemption or repayment) discounted to the date of redemption on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate
(determined on the third Business Day preceding the date such notice of redemption is given or
declaration of acceleration is made) plus 50 basis points, over (ii) 100% of the principal amount
of Notes then outstanding to be redeemed or repaid ( the “Outstanding Principal Amount”).

     “Mortgage Debt” means Debt of the Company or any Subsidiary secured by a Lien on one or more
parcels of their real property.

     “Notes” means the Company’s 6.50% Senior Notes due 2017.

     “Reference Treasury Dealer” means (i) J.P. Morgan Securities Inc. and Banc of America
Securities LLC and their respective successors, provided, however, that if either of the foregoing
shall cease to be a primary U.S. government securities dealer in New York City (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer and (ii) any three
other Primary Treasury Dealers selected by the Company after consultation with the Independent
Investment Banker.

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     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Independent Investment Banker, of the
bid and asked prices for the comparable treasury issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York
City time, on the third Business Day preceding such Redemption Date.

     “Secured Debt” means Debt secured by any mortgage, trust deed, deed of trust, deed to secure
debt, security agreement, pledge, conditional sale or other title retention agreement, capitalized
lease, or other like agreement granting or conveying security title to or a security interest in
real property or other tangible assets, other than those relating to intercompany debt. For
purposes hereof, such Debt shall become Secured Debt at the time it first becomes secured by
execution of any of the documents, instruments or agreements described in the immediately preceding
sentence.

     “Total Assets” as of any date means the sum of (i) Undepreciated Real Estate Assets and (ii)
all other assets of the Company determined in accordance with GAAP (but excluding intangibles).

     “Total Unencumbered Assets” as of any date means the sum of (i) those Undepreciated Real
Estate Assets not securing any portion of Secured Debt and (ii) all other assets of the Company and
its Subsidiaries not securing any portion of Secured Debt determined in accordance with GAAP (but
excluding intangibles) after eliminating intercompany accounts and transactions.

     “Treasury Rate” means, with respect to any Redemption Date:

	 	•	 	the yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated “H.15(519)” or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes yields
on actively traded U.S. Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after
the remaining term of the Notes to be redeemed, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month); or
	 
	 	•	 	if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per annum
equal to the semiannual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such
Redemption Date.

     “Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital
improvements) of any real estate assets of the Company and its Subsidiaries on such date, before
depreciation and amortization, determined on a consolidated basis in accordance with GAAP.

     “Unsecured Debt” means at any time the aggregate unpaid principal amount of all Debt of the
Company and its Subsidiaries other than (i) Debt of a Subsidiary owing to the Company or to a
Wholly-Owned Subsidiary, (ii) Mortgage Debt and (iii) Secured Debt.

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     “Wholly-Owned Subsidiary” means, at any time, any Subsidiary 100% of all of the equity
interests (except directors’ qualifying shares) and voting interests and all Debt of which are
owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such
time.

Article Two

Creation of the Notes

     Section 2.01. Pursuant to the terms hereof and the Indenture, the Company hereby creates a
series of its Notes known as the “6.50% Senior Notes due 2017” each of which shall be deemed
Securities for all purposes of the Indenture.

     Section 2.02. The definitive form of the Notes shall be substantially in the form set forth in
Exhibit B attached hereto, which is incorporated herein and made part hereof.

     Section 2.03. (a) The Notes will bear interest at a rate of 6.50% per annum, from December 4,
2009 or from the immediately preceding Interest Payment Date (as defined below) to which interest
has been paid or duly provided for, payable semi-annually in arrears on January 17 and July 17 of
each year, commencing July 17, 2010 (each, an “Interest Payment Date”), to the Person in whose name
such Note is registered at the close of business on January 2 or July 2 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date (each, a “Regular Record
Date”). Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve
30-day months.

     (b) The interest so payable on any Note which is not punctually paid or duly provided for on
any Interest Payment Date (“Defaulted Interest”) shall forthwith cease to be payable to the Person
in whose name such Note is registered on the relevant Regular Record Date, and such Defaulted
Interest shall instead be payable either (i) to the Person in whose name such Note is registered on
the Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice of which shall be given to the Holder of such Note not less than ten days prior to such
Special Record Date or (ii) may be paid at any time in any other lawful manner in accordance with
the Indenture.

     (c) If any Interest Payment Date or Stated Maturity falls on a day that is not a Business Day,
the required payment shall be made on the next Business Day as if it were made on the date such
payment was due and no interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date or Stated Maturity, as the case may be.

     (d) The Notes will mature on January 17, 2017.

     Section 2.04. The Notes shall initially not exceed $300,000,000 in aggregate principal amount,
and may, upon the execution and delivery of this Third Supplemental Indenture or from time to time
thereafter, be executed by the Company and delivered to the Trustee for authentication, and the
Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the
Company, signed by its President or a Vice President and by its Treasurer or an Assistant Treasurer
or its Secretary or an Assistant Secretary, without further action by the Company. The series of
Securities comprised of the Notes may be reopened and additional Notes forming a part of the same
series may be issued in the future.

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     Section 2.05. The Trustee’s certificate of authentication to be borne by the Notes shall be
substantially of the tenor and purport as provided in the Indenture.

     Section 2.06. The Notes may be redeemed at any time in whole or from time to time in part, at
the option of the Company, at a redemption price equal to the sum of (i) the Outstanding Principal
Amount, (ii) accrued and unpaid interest on the Outstanding Principal Amount and (iii) the
Make-Whole Amount, if any (the “Redemption Price”). The Company shall calculate the Redemption
Price to be paid pursuant to this Section 2.06 and, together with any notice of redemption required
by Section 1102 of the Indenture, shall provide the Trustee an Officer’s Certificate setting forth
the Redemption Price, upon which Certificate the Trustee shall be entitled to rely.

     Section 2.07. The Place of Payment where the Notes may be presented or surrendered for
payment, where the Notes may be surrendered for registration of transfer or exchange and where
notices and demands to and upon the Company in respect of the Notes and the Indenture may be served
shall be in the City of Nashville, Tennessee, and the office or agency for such purpose shall
initially be located at 315 Deaderick St., 4th Floor, Nashville, Tennessee 37237.

     Section 2.08. Payment of the principal of and interest on the Notes will be made at the office
or agency of the Company maintained for that purpose (which shall initially be an office or agency
of the Trustee), in Dollars; provided, however, that, at the option of the Company, payments of
principal and interest on the Notes (other than payments of principal and interest due at Stated
Maturity) may be made (i) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register or (ii) by wire transfer to an account maintained by
the Person entitled thereto located within the United States, provided, that such Person owns Notes
in an aggregate principal amount of at least $1,000,000 and such Person makes a written request
therefor for the appropriate Interest Payment Date.

     Section 2.09. Principal and interest on the Notes shall be payable in Dollars.

     Section 2.10. The Notes shall be issuable and transferable in fully registered form as
Registered Securities, without coupons. The Notes shall each be issued in global form. The
depository for the Notes shall be The Depository Trust Company (“DTC”). The Notes shall not be
issuable in definitive form except as provided in the Indenture.

     Section 2.11. The Trustee shall initially serve as Registrar and Paying Agent for the Notes.

     Section 2.12. The provisions of Section 1402 and 1403 of the Indenture, together with the
other provisions of Article Fourteen of the Indenture, shall be applicable to the Notes. The
provisions of Section 1403 of the Indenture shall apply to the covenants set forth in Article Four
of this Third Supplemental Indenture and to those covenants specified in Section 1403 of the
Indenture.

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Article Three

Appointment of the Trustee for the Notes

     Section 3.01. Pursuant and subject to the Indenture, the Company hereby appoints the Trustee
as trustee to act on behalf of the Holders of the Notes, effective upon execution and delivery of
this Third Supplemental Indenture. By execution, acknowledgement and delivery of this Third
Supplemental Indenture, the Trustee hereby accepts appointment as trustee with respect to the
Notes, and agrees to perform such trusts upon the terms and conditions in the Indenture and in this
Third Supplemental Indenture set forth.

     Section 3.02. Any rights, powers, duties and obligations by any provisions of the Indenture
conferred or imposed upon the Trustee shall, insofar as permitted by law, be conferred or imposed
upon and exercised or performed by the Trustee with respect to the Notes.

Article Four

Covenants of the Company

     The covenants provided for by Article Ten of the Indenture will be applicable to the Notes.
In addition, pursuant to Section 301(15) of the Indenture, so long as any of the Notes are
Outstanding, the Company covenants and agrees as follows:

     Section 4.01. Limitations on Incurrence of Total Debt. The Company will not, and will not
permit any Subsidiary to, incur any Debt if, immediately after giving effect to the incurrence of
such additional Debt and the application of the proceeds thereof, the aggregate principal amount of
all outstanding Debt of the Company and its Subsidiaries (determined on a consolidated basis in
accordance with GAAP) is greater than 60% of the sum of (without duplication) (i) the Total Assets
of the Company and its Subsidiaries as of the end of the calendar quarter covered in the Company’s
Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently
filed with the Commission (or, if such filing is not permitted under the Exchange Act, with the
Trustee) prior to the incurrence of such additional Debt and (ii) the purchase price of any real
estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds
received (to the extent that such proceeds were not used to acquire real estate assets or mortgages
receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such calendar
quarter, including those proceeds obtained in connection with the incurrence of such additional
Debt.

     Section 4.02. Limitation on Incurrence of Debt Secured by any Lien. The Company will not, and
will not permit any Subsidiary to, incur any Debt secured by any Lien upon any of the property of
the Company or any Subsidiary if, immediately after giving effect to the incurrence of such
additional Debt and the application of the proceeds thereof, the aggregate principal amount of all
outstanding Debt of the Company and its Subsidiaries (determined on a consolidated basis in
accordance with GAAP) which is secured by any Lien on property of the Company or any Subsidiary is
greater than 40% of the sum of (without duplication) (i) the Total Assets of the Company and its
Subsidiaries as of the end of the calendar quarter covered in the Company’s Annual Report on Form
10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission
(or, if such filing is not permitted

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under the Exchange Act, with the Trustee) prior to the incurrence of such additional Debt and (ii)
the purchase price of any real estate assets or mortgages receivable acquired, and the amount of
any securities offering proceeds received (to the extent that such proceeds were not used to
acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any
Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection
with the incurrence of such additional Debt.

     Section 4.03. Maintenance of Total Unencumbered Assets. The Company and its Subsidiaries will
not at any time own Total Unencumbered Assets equal to less than 150% of the aggregate outstanding
principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

     Section 4.04. Debt Service Coverage. The Company will not, and will not permit any Subsidiary
to, incur any Debt if the ratio of Consolidated Income Available for Debt Service to the
Consolidated Interest Expense for the four consecutive fiscal quarters most recently ended prior to
the date on which such additional Debt is to be incurred shall have been less than 1.5:1 on a pro
forma basis after giving effect thereto and to the application of the proceeds therefrom, and
calculated on the assumption that (i) such Debt and any other Debt incurred by the Company and its
Subsidiaries since the first day of such four-quarter period and the application of the proceeds
therefrom, including to refinance other Debt, had occurred at the beginning of such period; (ii)
the repayment or retirement of any other Debt by the Company and its Subsidiaries since the first
day of such four-quarter period had been repaid or retired at the beginning of such period (except
that, in making such computation, the amount of Debt under any revolving credit facility shall be
computed based upon the average daily balance of such Debt during such period); (iii) in the case
of Acquired Debt or Debt incurred in connection with any acquisition since the first day of such
four-quarter period, the related acquisition had occurred as of the first day of such period with
the appropriate adjustments with respect to such acquisition being included in such pro forma
calculation; and (iv) in the case of any acquisition or disposition by the Company or its
Subsidiaries of any asset or group of assets since the first day of such four-quarter period,
whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or
disposition or any related repayment of Debt had occurred as of the first day of such period with
the appropriate adjustments with respect to such acquisition or disposition being included in such
pro forma calculation.

Article Five

Miscellaneous

     Section 5.01. Each and every term and condition contained in the Indenture shall apply to this
Third Supplemental Indenture with the same force and effect as if the same were herein set forth in
full, with such omissions, variations and modifications thereof as may be appropriate to make the
same conform to this Third Supplemental Indenture. As supplemented by this Third Supplemental
Indenture, the Indenture shall be read, taken and construed as one and the same instrument;
provided, however, that the rights, duties and obligations of the Trustee in this Third
Supplemental Indenture shall be limited to those matters expressly relating to the Notes. The
permissive rights of the Trustee to take any action under this Third Supplemental Indenture or the
Indenture shall not be construed as duties.

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     Section 5.02. Nothing contained in this Third Supplemental Indenture shall be construed to
confer upon any person other than a Holder of the Notes, the Company and the Trustee any right or
interest to avail itself or himself, as the case may be, of any benefit under any provision of the
Indenture or this Third Supplemental Indenture.

     Section 5.03. All capitalized terms which are used herein and not otherwise defined herein are
defined in the Indenture and are used herein with the same meanings as set forth in the Indenture.

     Section 5.04. This Third Supplemental Indenture shall be effective as of the date first above
written and upon the execution and delivery hereof by each of the parties hereto.

     Section 5.05. This Third Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York.

     Section 5.06. This Third Supplemental Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original but all such counterparts shall
together constitute but one and the same instrument.

     Section 5.07. This Third Supplemental Indenture shall cease to be of further effect upon
compliance with Section 401 of the Indenture with respect to the Notes created hereby.

     Section 5.08. The provisions of this Third Supplemental Indenture shall only be applicable
with respect to, and govern the terms of, the Notes and shall not apply to any other Securities
that may be issued by the Company under the Indenture.

     Section 5.09. In case any one or more of the provisions contained in this Third Supplemental
Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Third Supplemental Indenture or of the Notes, but this Third Supplemental Indenture and the
Notes shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein or therein.

(signature page follows)

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     In Witness Whereof, the parties hereto have caused this Third Supplemental Indenture
to be duly executed by their respective officers hereunto duly authorized, all as of the day and
year first above written.

	 	 	 	 	 
	 	Healthcare Realty Trust Incorporated

 	 
	Dated:  December 4, 2009 	By:  	 	 
	 	 	Name:  	Scott W. Holmes 	 
	 	 	Title:  	Executive Vice President and
Chief Financial Officer 	 
	 
	 	Regions Bank, as Trustee

 	 
	Dated:  December 4, 2009 	By:  	 	 
	 	 	Name:  	Caroline Oakes 	 
	 	 	Title:  	Senior Vice President 	 

10

 

	 	 	 	 	 

Acknowledgment

State of Tennessee

) SS:

County of Davidson

     On the fourth day of December, 2009, before me personally came Scott W. Holmes, to me known,
who, being by me duly sworn, did depose and say that he is the Executive Vice President and Chief
Financial Officer of Healthcare Realty Trust Incorporated, one of the parties described in
and which executed the foregoing instrument, and that he signed his name thereto by authority of
the Board of Directors.

[Notarial Seal]

                                                            

Notary Public

Commission Expires

State of Tennessee

) SS:

County of Davidson

     On the ___ day of ___, 2009, before me personally came                     , to me known, who,
being by me duly sworn, did depose and say that he/she is a                      of Regions Bank,
one of the parties described in and which executed the foregoing instrument, and that he/she signed
his/her name thereto by authority of the Board of Directors.

[Notarial Seal]

                                                            

Notary Public

Commission Expires

11

 

Exhibit A

Indenture

     
Incorporated by reference to the exhibit to the Company’s Form 8-K filed with the Securities and Exchange
Commission on May 17, 2001.

 

 

Exhibit B

Form of Note

[Form of Face of Note]

     Unless this Note is presented by an authorized representative of The Depository Trust
Company, a New York Corporation (“DTC”), to the Company or its agent for registration of transfer,
exchange or payment and any Note 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.

     Except as otherwise provided in Section 305 of the Indenture, this Security may be
transferred, in whole but not in part, only to another nominee of the depositary or to a successor
depositary or to a nominee of such successor depositary.

Healthcare Realty Trust Incorporated

6.50% Senior Note due 2017

			
	 	 	 
	No. ___	 	[Date] 
	$                    
	 	CUSIP: 42225B AA4

     For Value Received, the undersigned, Healthcare Realty Trust Incorporated
(herein called the “Company”), a corporation organized and existing under the laws of the State of
Maryland, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of                                          Dollars on                     , with interest (computed on the
basis of a 360-day year of twelve 30-day months) at the rate of 6.50% per annum (a) on the unpaid
balance thereof from the date hereof, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, payable semi-annually in arrears on January 17 and
July 17 each year, commencing July 17, 2010, until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole
Amount, payable semi-annually as aforesaid. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture referred to below, be
paid to the Person in whose name this Note is registered at the close of business on January 2
or July 2 (whether or not a Business Day), as the case may be, preceding such Interest
Payment Date.

     Payments of principal of, interest on and any Make Whole Amount with respect to this Note are
to be made in Dollars at the principal office of Regions Bank (herein called the “Trustee,” which
term includes any successor trustee under the Indenture with respect to the series of which this
Note is a part)

 

 

in Nashville, Tennessee or at such other place as the Company shall have designated by written
notice to the holder of this Note as provided in the Indenture referred to below.

     This Note is one of a series of 6.50% Senior Notes due 2017 (herein called the “Notes”) issued
pursuant to the Third Supplemental Indenture, dated as of December 4, 2009 (as from time to time
supplemented or amended, the “Third Supplemental Indenture”), and the related Indenture dated as of
May 15, 2001 (as from time to time supplemented or amended, and as amended by the Third
Supplemental Indenture, the “Indenture”), each between the Company and the Trustee, and is entitled
to the benefits thereof. All terms used in this Note not defined herein which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

     This Note is a registered Note and, as provided in the Indenture, upon surrender of this Note
for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer
duly executed, by the registered holder hereof or such holder’s attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and registered in the name of,
the transferee. Prior to due presentment for registration of transfer, the Company may treat the
person in whose name this Note is registered as the owner hereof for the purpose of receiving
payment and for all other purposes, and the Company will not be affected by any notice to the
contrary.

     The Company will make required prepayments of principal on the dates and in the amounts
specified in the Indenture. This Note may be redeemed at the option of the Company, in whole at
any time or from time to time in part, upon the payment of the Redemption Price with respect to
that part of the Note to be redeemed.

     If an Event of Default occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any applicable Make-Whole
Amount) and with the effect provided in the Indenture.

     This Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles of the
law of such State that would require the application of the laws of a jurisdiction other than such
State.

     This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been executed by the Trustee under the Indenture referred to
herein.

 

 

     In Witness Whereof, Healthcare Realty Trust Incorporated has caused this instrument
to be duly executed.

     Dated:

	 	 	 	 	 
	 	Healthcare Realty Trust Incorporated

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Attest:
 	 
	 	By:  	 	 
	 	 	Rita Hicks Todd, Secretary 	 
	 	 	 	 
	 

	 	 	 	 	 
	Certificate of Authentication

This is one of the Securities of the series

designated therein referred to in the

within-mentioned Indenture.

Regions Bank, as Trustee

 	 
	By:  	 	 
	 	Authorized Signatory 	 
	 	 	 
	 

 

 

[Reverse of Note]

6.50% SENIOR NOTE DUE 2017

     This Note is one of a duly authorized issue of securities of the Company designated as the
6.50% Senior Notes due 2017, issued and to be issued in one or more series under the Indenture
between the Company and the Trustee, to which the Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms
upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the
series designated on the first page hereof, initially limited in aggregate principal amount to
$300,000,000.00.

     The covenants set forth in Article Four of the Third Supplemental Indenture and Article Ten of
the Indenture shall be fully applicable to this Note.

     The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of
the Company on this Note and (b) certain restrictive covenants and the related defaults and Events
of Default applicable to the Company, in each case, upon compliance by the Company with certain
conditions set forth in the Indenture, which provisions apply to this Note.

     If any Event of Default with respect to the Notes of this series shall occur and be
continuing, the principal of, accrued interest and the Make-Whole Amount, if any, on, the Notes of
this series may be declared due and payable in the manner and with the effect provided in the
Indenture.

     As provided in and subject to the provisions of the Indenture, the Holder of this Note shall
not have the right to institute any proceeding with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default with respect to the
Notes of this series, the Holders of not less than 25% in principal amount of the Notes of this
series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee, offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of not less than a
majority in principal amount of Notes of this series at the time Outstanding a direction
inconsistent with such request, and the Trustee shall have failed to institute any such proceeding
for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Note for the enforcement of any payment of
principal hereof (and the Make-Whole Amount, if any) or any interest thereon on or after the
respective due dates expressed herein.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be effected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in principal amount of the
Securities of each series at the time Outstanding affected thereby. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note
shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of
any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Note.

 

 

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of, Make-Whole Amount, if any, on, and interest on this Note at the times, place and
rate, and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Security Register, upon surrender of this Note for
registration of transfer at the office or agency of the Company in any Place of Payment where the
principal of, Make-Whole Amount, if any, on, and interest on this Note are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.

     The Notes of this series are issuable only in registered form without coupons in denominations
of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal
amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

     Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused “CUSIP” numbers to be printed on the Notes of this series as a
convenience to the Holders of such Notes. No representation is made as to the correctness or
accuracy of such CUSIP numbers as printed on the Notes, and reliance may be placed only on the
other identification numbers printed hereon.

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

 

Abbreviations

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

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ten Com	 	-	 	as tenants in common	 	 
	Ten Ent	 	-	 	as tenants by the entireties	 	 
	JT Ten	 	-	 	as joint tenants with right of survivorship and not as tenants in common	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Unif Gift Min Act -	 	 	 	 	 	Custodian	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	(Cust)
	 	 	 	(Minor)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Under Uniform Gifts to Minor Act  	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(State)	 	 	 	 	 	 

     Additional abbreviations may also be used though not in the above list

 

 

Assignment Form

     To assign this Note, fill in the form below:

     For Value Received, the undersigned hereby sell(s), assign(s) and transfer(s) unto

 

[Please insert Social Security or other Identifying number of Assignee]

 

 

[Please print or type name and address including zip code, of Assignee]

 

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing such
person attorney to transfer such Note on the books of the Company, with full power of substitution
in the premises.

	Notice: 	 	The signature to this assignment must correspond with
the name as written upon the face of the within Note in
every particular without alteration or enlargement or any
change whatsoever.

	 	 	 	 	 
	Your Signature:

	 	 	 	 
	 

	 	 	 
	 

	 	(Sign exactly as your name appears on the other side of this Note)	 	 

Signature Guarantee:

	 	 	 	 	 
	 	 	 
	(Authorized Officer)

Signature must be guaranteed by an institution which is a participant in the Securities Transfer Agent Medallion Program (STAMP) or similar program.

 	 	 

 

 

	 	 	 	 	 

Schedule A

Schedule of Principal Amount

     The initial principal amount of this Global Note shall be $_______________. The following
increases or decreases in the principal amount of this Global Note have been made:

	 	 	 	 	 	 	 	 	 
	Amount of 	 	Amount of 	 	 	 	Signature of 	 	Date of 
	decrease in 	 	increase in 	 	 	 	authorized 	 	exchange 
	principal 	 	principal 	 	Principal 	 	officer of 	 	following such 
	amount of this 	 	amount of this 	 	amount of this 	 	Trustee or 	 	decrease or 
	Global Note	 	Global Note	 	Global Note	 	Notes Custodian	 	increaseexv4w1

Exhibit 4.1

FORM OF

BANK OF AMERICA CORPORATION

COMMON EQUIVALENT JUNIOR PREFERRED STOCK, SERIES S

DEPOSIT AGREEMENT

among

BANK OF AMERICA CORPORATION,

COMPUTERSHARE INC.,

and

COMPUTERSHARE TRUST COMPANY, N.A.,

collectively acting as Depository,

and

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

Dated as of                     , 2009

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I
	 	 	 	 
	DEFINED TERMS
	 	 	 	 
	 
	 	 	 	 
	Section 1.1. Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; 
	 	 	 	 
	DEPOSIT OF PREFERRED STOCK; EXECUTION AND DELIVERY; TRANSFER,
	 	 	 	 
	SURRENDER AND REDEMPTION OF RECEIPTS
	 	 	 	 
	 
	 	 	 	 
	Section 2.1. Appointment of Depository
	 	 	3	 
	 
	Section 2.2. Book-Entry System; Form and Transfer of Receipts
	 	 	3	 
	 
	Section 2.3. Deposit of Preferred Stock; Execution and Delivery of Receipts
	 	 	5	 
	 
	Section 2.4. Treatment of Depositary Shares Before and After Separation
	 	 	6	 
	 
	Section 2.5. Registration of Transfer of Receipts
	 	 	6	 
	 
	Section 2.6. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Preferred Stock
	 	 	6	 
	 
	Section 2.7. Limitations on Execution and Delivery, Transfer, Surrender and
Exchange of Receipts
	 	 	7	 
	 
	Section 2.8. Lost Receipts, etc
	 	 	8	 
	 
	Section 2.9. Cancellation and Destruction of Surrendered Receipts
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	CERTAIN
OBLIGATIONS OF HOLDERS OF RECEIPTS AND OF 
THE CORPORATION
	 	 	 	 
	 
	 	 	 	 
	Section 3.1. Filing Proofs; Certificates and Other Information
	 	 	8	 
	 
	Section 3.2. Payment of Taxes or Other Governmental Charges
	 	 	8	 
	 
	Section 3.3. Warranty as to Preferred Stock
	 	 	9	 
	 
	Section 3.4. Warranty as to Receipts
	 	 	9	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	THE DEPOSITED SECURITIES; NOTICES
	 	 	 	 
	 
	 	 	 	 
	Section 4.1. Cash Distributions
	 	 	9	 
	 
	Section 4.2. Distributions Other than Cash, Rights, Preferences or Privileges
	 	 	10	 
	 
	Section 4.3. Subscription Rights, Preferences or Privileges
	 	 	11	 
	 
	Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	 	 	12	 
	 
	Section 4.5. Voting Rights
	 	 	12	 
	 
	Section 4.6. Changes Affecting Deposited Securities and Reclassifications,
Recapitalizations, etc
	 	 	13	 

i

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	Section 4.7. Delivery of Reports
	 	 	13	 
	 
	Section 4.8. Lists of Receipt Holders
	 	 	13	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	THE
DEPOSITORY, THE DEPOSITORY’S AGENTS, THE REGISTRAR AND THE 
CORPORATION
	 	 	 	 
	 
	 	 	 	 
	Section 5.1. Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s
Agents
	 	 	14	 
	 
	Section 5.2. Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the
Registrar or the Corporation
	 	 	15	 
	 
	Section 5.3. Obligations of the Depository, the Depository’s Agents, the
Registrar and the Corporation
	 	 	15	 
	 
	Section 5.4. Resignation and Removal of the Depository;
Appointment of Successor Depository
	 	 	17	 
	 
	Section 5.5. Corporate Notices and Reports
	 	 	18	 
	 
	Section 5.6. Indemnification by the Corporation
	 	 	18	 
	 
	Section 5.7. Fees, Charges and Expenses
	 	 	18	 
	 
	Section 5.8. Tax Compliance
	 	 	19	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	AMENDMENT AND TERMINATION
	 	 	 	 
	 
	 	 	 	 
	Section 6.1. Amendment
	 	 	19	 
	 
	Section 6.2. Termination
	 	 	20	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 7.1. Counterparts
	 	 	20	 
	 
	Section 7.2. Exclusive Benefit of Parties
	 	 	20	 
	 
	Section 7.3. Invalidity of Provisions
	 	 	20	 
	 
	Section 7.4. Notices
	 	 	20	 
	 
	Section 7.5. Appointment of Registrar, Dividend
Disbursing Agent and Redemption Agent
	 	 	21	 
	 
	Section 7.6. Holders of Receipts Are Parties
	 	 	22	 
	 
	Section 7.7. Governing Law
	 	 	22	 
	 
	Section 7.8. Headings
	 	 	22	 
	 
	Exhibit A Form of Receipt
	 	 	A-1	 

ii

 

     THIS DEPOSIT AGREEMENT dated as of                     , 2009 (this “Agreement”), among (i) BANK OF
AMERICA CORPORATION, a Delaware corporation (the “Corporation”), (ii) COMPUTERSHARE INC., a
Delaware corporation (“Computershare”), and COMPUTERSHARE TRUST COMPANY, N.A., a national banking
association and the wholly-owned subsidiary of Computershare (the “Trust Company” and collectively
with Computershare, the “Depository”), and (iii) the Holders from time to time of the Receipts
described in this Agreement.

RECITALS

     WHEREAS, the parties desire to provide, as set forth in this Agreement, for the deposit of
shares of the Corporation’s Common Equivalent Junior Preferred Stock, Series S, $0.01 par value,
from time to time with the Depository for the purposes set forth in this Agreement and for the
issuance hereunder of Receipts (as defined herein) evidencing Depositary Shares (as defined herein)
in respect of the Preferred Stock (as defined herein) so deposited; and

     WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto,
with appropriate insertions, modifications and omissions, as hereinafter provided in this
Agreement;

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

ARTICLE I

DEFINED TERMS

          Section 1.1. Definitions.

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

     “Certificate” shall mean the Certificate of Designations filed with the Secretary of State of
the State of Delaware establishing the Preferred Stock as a series of preferred stock of the
Corporation.

     “Common Equivalent Securities” shall mean the securities of the Corporation, each comprised of
one Depositary Share and one Contingent Warrant, which will be issued and sold pursuant to the
Underwriting Agreement.

     “Common Stock” shall mean the Corporation’s common stock, par value $0.01 per share.

     “Contingent Warrant” shall mean a warrant to purchase [___] of a share of Common Stock.

     “Conversion Agent” shall mean the Trust Company and Computershare, acting collectively, as
described in the Conversion Agency Agreement.

1

 

     “Conversion Agency Agreement” shall mean the agreement of even date herewith among the
Corporation and the Conversion Agent, relating to the conversion of the Preferred Stock into Common
Stock.

     “Corporation” shall mean Bank of America Corporation, a Delaware corporation, and its
successors.

     “Deposit Agreement” shall mean this Agreement, as amended or supplemented from time to time in
accordance with the terms hereof.

     “Depository” shall have the meaning set forth in the Preamble of this Agreement.

     “Depositary Shares” shall mean the depositary shares, each representing one 1/1,000th of a
share of the Preferred Stock and evidenced by a Receipt.

     “Depository’s Agent” shall mean an agent appointed by the Depository pursuant to Section 5.1.

     “Depository’s Office” shall mean the principal office of the Depository in New York, New York,
at which at any particular time its depositary receipt business shall be administered.

     “Preferred Stock” shall mean the shares of the Corporation’s Common Equivalent Junior
Preferred Stock, Series S, $0.01 par value, designated in the Certificate and having the
Liquidation Preference, as defined in the Certificate.

     “Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the
form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing
the number of Depositary Shares held of record by the Record Holder of those Depositary Shares and
shall include the DTC Receipt, as defined in Section 2.2, where appropriate.

     “Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name that
Receipt is registered on the books of the Depository maintained for such purpose.

     “Registrar” shall mean the Depository or such other successor bank or trust company which
shall be appointed by the Corporation to register ownership and transfers of Receipts as herein
provided, and, if a successor Registrar shall be so appointed, references herein to “the books” of
or maintained by the Depository shall be deemed, as applicable, to refer as well to the register
maintained by such successor Registrar for such purpose.

     “Securities Act” shall mean the Securities Act of 1933, as amended.

     “Underwriting Agreement” means the agreement dated the date hereof among the Corporation,
Merrill, Lynch, Pierce, Fenner & Smith Incorporated and the other underwriters named therein.

     Capitalized terms used and not defined in this Agreement shall have the respective meanings
assigned to such terms in the Certificate.

2

 

ARTICLE II

APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS;

DEPOSIT OF PREFERRED STOCK; EXECUTION AND DELIVERY; TRANSFER,

SURRENDER AND REDEMPTION OF RECEIPTS

			
	          Section 2.1.	 	Appointment of Depository

     The Corporation hereby appoints (i) the Trust Company, and the Trust Company hereby accepts
such appointment, (A) as depository for the Preferred Stock and (B) until the date on which the
Common Equivalent Securities cease to exist and the Depositary Shares and the Contingent Warrants
automatically separate and become separately transferable (the “Separation Date”), as depository
for the Depositary Shares, and (b) Computershare, and Computershare hereby accepts such
appointment, as services agent for the Trust Company, all on the terms and conditions set forth in
this Agreement.

			
	          Section 2.2.	 	Book-Entry System; Form and Transfer of Receipts.

     Following the Separation Date, the Corporation and the Depository shall make application to
The Depository Trust Company (“DTC”) for acceptance of all of the Receipts for its book-entry
settlement system. The Corporation hereby appoints the Depository acting through any authorized
officer thereof as its attorney-in-fact, with full power to delegate, for purposes of executing any
agreements, certifications or other instruments or documents necessary or desirable in order to
effect the acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible
for book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares with
book-entry settlement through DTC shall be represented by a single receipt or receipts (referred to
herein as the “DTC Receipt”), which shall be deposited with DTC (or its designee) evidencing all
such Depositary Shares and registered in the name of the nominee of DTC (initially expected to be
Cede & Co.). The Depository or such other entity as is agreed to by DTC may hold the DTC Receipt
as custodian for DTC. Ownership of beneficial interests in the DTC Receipt shall be shown on, and
the transfer of such ownership shall be effected through, records maintained by (i) DTC or its
nominee for such DTC Receipt or (ii) institutions that have accounts with DTC. The DTC Receipt
shall bear such legend or legends as may be required by DTC in order for it to accept the
Depositary Shares for its book-entry settlement system.

     If DTC subsequently ceases to make its book-entry settlement system available for the
Receipts, the Corporation may instruct the Depository regarding making other arrangements for
book-entry settlement. If the Receipts are not eligible for book-entry form, the Depository shall
provide written instructions to DTC to deliver the DTC Receipt to the Depository for cancellation,
and the Corporation shall instruct the Depository to deliver to the beneficial owners of the
Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical form
evidencing such Depositary Shares.

     Beneficial owners of Depositary Shares through DTC will not be entitled to receive Receipts in
physical, certificated form or have Depositary Shares registered in their name, except in the event
DTC ceases to make its book-entry settlement system available, as described in the preceding
paragraph.

3

 

     Receipts shall be in denominations of any number of whole Depositary Shares. The Corporation
shall deliver to the Depository from time to time such quantities of Receipts as the Depository may
request to enable the Depository to perform its obligations under this Agreement.

     The DTC Receipt and definitive Receipts, if any, shall be substantially in the form set forth
in Exhibit A annexed to this Agreement and incorporated herein by reference, with
appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved
or otherwise prepared so as to comply with applicable rules of the New York Stock Exchange Inc.
(the “NYSE”) or any other securities exchange on which the Depositary Shares are then listed, if
applicable. In the event DTC ceases to make its book-entry system of settlement available and the
Corporation and the Depository are unable to make other arrangements for book-entry settlement, the
Depository, pending preparation of definitive Receipts and upon the written order of the
Corporation, delivered in compliance with Section 2.3, shall execute and deliver temporary Receipts
which may be printed, lithographed or otherwise substantially of the tenor of the definitive
Receipts in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the persons executing such Receipts may determine, as
evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation
and the Depository will cause definitive Receipts to be prepared without unreasonable delay. After
the preparation of definitive Receipts, the temporary Receipts shall be exchangeable by the Holder
for definitive Receipts upon surrender of the temporary Receipts at an office described in the
first paragraph of Section 2.3, without charge to the Holder. Upon surrender for cancellation of
any one or more temporary Receipts, the Depository shall execute and deliver in exchange therefor
definitive Receipts representing the same number of Depositary Shares as represented by the
surrendered temporary Receipt or Receipts. Such exchange shall be made at the Corporation’s
expense and without any charge therefor to the Holder or the Depository. Until so exchanged, the
temporary Receipts shall in all respects be entitled to the same benefits under this Agreement as
definitive Receipts.

     Receipts shall be executed by the Depository by the manual signature of a duly authorized
officer of the Depository; provided, that such signature may be a facsimile if a Registrar for the
Receipts (other than the Depository) shall have been appointed and such Receipts are countersigned
by manual signature by a duly authorized officer of the Registrar. No Receipt shall be entitled to
any benefits under this Agreement or be valid or obligatory for any purpose unless it shall have
been executed manually by a duly authorized officer of the Depository or, if a Registrar for the
Receipts (other than the Depository) shall have been appointed, by manual or facsimile signature of
a duly authorized officer of the Depository and countersigned by manual signature by a duly
authorized officer of such Registrar. The Depository shall record on its books each Receipt so
signed and delivered as hereinafter provided.

     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 Agreement all as may be required
by the Corporation or required to comply with any applicable law or any regulation thereunder or
with the rules and regulations of the NYSE or any other securities exchange upon which the
Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any

4

 

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 Depository as provided in Section 2.5,
the Depository 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 of securities, cash or other property or to any
notice provided for in this Agreement and for all other purposes.

			
	          Section 2.3.	 	Deposit of Preferred Stock; Execution and Delivery of Receipts.

     Subject to the terms and conditions of this Agreement, the Corporation may from time to time
deposit shares of Preferred Stock under this Agreement by delivery to the Depository of a
certificate or certificates for such shares of Preferred Stock to be deposited, properly endorsed
or accompanied, if required by the Depository, by a duly executed instrument of transfer or
endorsement, in form satisfactory to the Depository, together with (i) all such certifications as
may be required by the Depository in accordance with the provisions of this Agreement, including
the resolutions of the Board of Directors of the Corporation or a committee of the Board of
Directors, as certified by the Secretary or any Assistant Secretary of the Corporation on the date
thereof as being complete, accurate and in effect, relating to issuance of the Preferred Stock and
the issuance and sale of the Common Equivalent Securities, (ii) a letter of counsel to the
Corporation authorizing reliance on such counsel’s opinions delivered to the underwriters pursuant
to the terms of the Underwriting Agreement as to (A) the existence and good standing of the
Corporation, (B) the due authorization of the Depositary Shares and the status of the Depositary
Shares as validly issued, fully paid and non-assessable, and (C) the effectiveness of any
registration statement under the Securities Act relating to the Common Equivalent Securities,
Depositary Shares and Preferred Stock, and (iii) a written order of the Corporation, directing the
Depository to execute and deliver to, or upon the written order of, the person or persons stated in
such order a Receipt or Receipts for the number of Depositary Shares representing such deposited
Preferred Stock. Deposited Preferred Stock shall be held by the Depository at the Depository’s
Office or at such other place or places as the Depository shall determine.

     Upon receipt by the Depository of a certificate or certificates for Preferred Stock deposited
in accordance with the provisions of this Section 2.3, together with the other documents required
as above specified, and upon recordation of the Preferred Stock on the books of the Corporation (or
its duly appointed transfer agent) in the name of the Depository or its nominee, the Depository,
subject to the terms and conditions of this Agreement, shall execute and deliver to, or upon the
order of, the person or persons named in the written order delivered to the Depository referred to
in the first paragraph of this Section 2.3, a Receipt or Receipts evidencing in the aggregate the
number of Depositary Shares representing the Preferred Stock so deposited and registered in such
name or names as may be requested by such person or persons. The Depository shall execute and
deliver such Receipt or Receipts at the Depository’s Office or

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such other offices, if any, as the Depository may designate. Delivery at other offices shall
be at the risk and expense of the person requesting such delivery.

			
	          Section 2.4.	 	Treatment of Depositary Shares Before and After Separation

     The Depositary Shares are not separable from the Common Equivalent Securities or the
Contingent Warrants prior to the Separation Date. As a result, prior to the Separation Date, the
Receipts evidencing the Depositary Shares will be held in the name of the Trust Company, as
Depository for the Depositary Shares, and will not be transferable to any other party, unless so
directed in writing by the Company. Following the Separation Date, the Company shall instruct the
Trust Company to prepare the DTC Receipt and to cancel and destroy the Receipt originally issued in
the name of the Trust Company, the DTC Receipt shall be deposited with DTC as described in Section
2.3, and the Depositary Shares and all rights thereunder shall be separately transferable via DTC’s
book-entry system as provided in this Agreement.

			
	          Section 2.5.	 	Registration of Transfer of Receipts.

     Subject to the terms and conditions of this Agreement, the Depository 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, including a guarantee of the signature thereon by a participant in a signature guarantee
medallion program approved by the Securities Transfer Association, Inc. (the “Signature
Guarantee”). Thereupon, the Depository 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.

			
	          Section 2.6.	 	Split-ups and Combinations of Receipts; Surrender of Receipts and
Withdrawal of Preferred Stock.

     Upon surrender of a Receipt or Receipts at the Depository’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 Agreement, the Depository 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.

     In the event DTC ceases to make its book-entry system of settlement available, and the
Corporation and the Depository are unable to make other arrangements for book-entry settlement and
definitive Receipts have been issued, as further described in Section 2.2, any Holder of a Receipt
or Receipts may withdraw the number of whole shares of Preferred Stock and all money represented
thereby by surrendering such Receipt or Depositary Shares represented by the Receipts at the
Depository’s Office or at such other offices as the Depository may designate for such withdrawals.
Thereafter, without unreasonable delay, the Depository shall deliver to such Holder, or to the
person or persons designated by such Holder as hereinafter provided, the number of whole shares of
Preferred Stock and all money represented by the Receipt or Receipts,

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or Depositary Shares represented by such Receipt or Receipts, so surrendered for withdrawal,
but Holders of such whole shares of Preferred Stock will not thereafter be entitled to deposit such
Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a
Receipt delivered by the Holder to the Depository 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 Preferred Stock to be withdrawn, the Depository shall at the same time, in
addition to such number of whole shares of Preferred Stock and such money to be so withdrawn,
deliver to such Holder, or subject to Section 2.5 upon his order, a new Receipt evidencing such
excess number of Depositary Shares; provided, however, that the Depository shall not issue any
Receipt evidencing a fractional Depositary Share.

     Delivery of the Preferred Stock and money being withdrawn may be made by the delivery of such
certificates, documents of title and other instruments as the Depository may deem appropriate,
which, if required by the Depository, shall be properly endorsed or accompanied by proper
instruments of transfer including, but not limited to, a Signature Guarantee.

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

     Delivery of the Preferred Stock and the money represented by Receipts surrendered for
withdrawal shall be made by the Depository at the Depository’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 2.7.	 	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 Depository, any of the Depository’s Agents
or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event
that the Depository or the Corporation shall have made such payment, the reimbursement to it) of
any charges or expenses payable by the Holder of a Receipt pursuant to Sections 3.2 and 5.7, may
require the production of evidence satisfactory to it as to the identity and genuineness of any
signature, including a Signature Guarantee, and may also require compliance with such regulations,
if any, as the Depository or the Corporation may establish consistent with the provisions of this
Agreement and applicable law.

     The deposit of the Preferred Stock may be refused, the delivery of Receipts against Preferred
Stock may be suspended, the registration of transfer of Receipts may be refused and the
registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i)

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during any period when the register of stockholders of the Corporation is closed or (ii) if
any such action is deemed necessary or advisable by the Depository, any of the Depository’s Agents
or the Corporation at any time or from time to time because of any requirement of law or of any
government or governmental body or commission or under any provision of this Agreement.

			
	          Section 2.8.	 	Lost Receipts, etc.

     In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depository in its
discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution
for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such
destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depository of
evidence satisfactory to the Depository of such destruction or loss or theft of such Receipt, of
the authenticity thereof and of his or her ownership thereof; (ii) the Holder thereof furnishing of
the Depository with reasonable indemnification satisfactory to the Depository and the provision of
an open penalty surety bond satisfactory to the Depository and holding it and the Corporation
harmless; and (iii) the payment of any reasonable expense (including reasonable fees, charges and
expenses of the Depository) in connection with such execution and delivery.

			
	          Section 2.9.	 	Cancellation and Destruction of Surrendered Receipts.

     All Receipts surrendered to the Depository or any Depository’s Agent, including Receipts
surrendered in connection with any conversion of the Preferred Stock, as described in the
Certificate and the Conversion Agency Agreement, shall be cancelled by the Depository. Except as
prohibited by applicable law or regulation, the Depository is authorized and directed to destroy
all Receipts so cancelled.

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF

RECEIPTS AND OF THE CORPORATION

			
	          Section 3.1.	 	Filing Proofs; Certificates and Other Information.

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

			
	          Section 3.2.	 	Payment of Taxes or Other Governmental Charges.

     Holders of Receipts shall be obligated to make payments to the Depository of certain fees,
charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any
withdrawal of Preferred Stock and all money represented by the Depositary Shares evidenced by such
Receipt may be refused until any such payment due is made, and any

8

 

dividends, interest payments or other distributions may be withheld or any part of or all the
Preferred Stock represented by the Depositary Shares evidenced by such Receipt and not theretofore
sold may be sold for the account of the Holder thereof (after attempting by reasonable means to
notify such Holder prior to such sale), and such dividends, interest payments or other
distributions or the proceeds of any such sale may be applied to any payment of such charges or
expenses, the Holder of such Receipt remaining liable for any deficiency.

			
	          Section 3.3.	 	Warranty as to Preferred Stock.

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

			
	          Section 3.4.	 	Warranty as to Receipts.

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

ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES

			
	          Section 4.1.	 	Cash Distributions.

     Whenever Computershare, as distribution agent, shall receive any cash dividend or other cash
distribution on the Preferred Stock, Computershare shall, subject to Sections 3.1 and 3.2,
distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such
amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided,
however, that in case the Corporation or Computershare shall be required to withhold, and shall
withhold, from any cash dividend or other cash distribution in respect of the Preferred Stock an
amount on account of taxes, the amount made available for distribution or distributed in respect of
Depositary Shares shall be reduced accordingly. In the event that the calculation of any such cash
dividend or other cash distribution to be paid to any Record Holder on the aggregate number of
Depositary Shares held by such Record Holder results in an amount that is a fraction of a cent and
that fraction of a cent is equal to or greater than $0.005, the amount Computershare shall
distribute to such record holder shall be rounded up to the next highest whole cent; otherwise,
such fractional amount shall be disregarded by the Depository; provided, however, upon the
Depository’s request, the Corporation shall pay the additional amount to the Depository for
distribution.

     Each Holder of a Receipt shall provide Computershare 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 Computershare of a portion of any of the
distributions to be made hereunder.

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     The Corporation acknowledges that the bank accounts maintained by Computershare in connection
with the services performed hereunder will be in Computershare’s name and that Computershare may
receive investment earnings in connection with the investment at Computershare’s risk and for its
benefit of funds held in those accounts from time to time.

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

     Whenever Computershare shall receive any distribution other than cash, rights, preferences or
privileges upon the Preferred Stock, Computershare 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 Computershare may deem equitable and practicable for accomplishing such
distribution. The distribution described in the preceding sentence applies to any distribution by
Computershare of shares of the Corporation’s Common Stock deliverable to the holders of Depositary
Shares, as a result of the conversion of the Preferred Stock into Common Stock in accordance with
the terms of the Certificate and the procedures described in the Conversion Agency Agreement. If
in the opinion of Computershare such distribution cannot be made proportionately among such Record
Holders, or if for any other reason (including any requirement that the Corporation or
Computershare withhold an amount on account of taxes or governmental charges) Computershare deems,
after consultation with the Corporation, such distribution not to be feasible, Computershare may,
with the approval of the Corporation, adopt such method as it deems equitable and practicable for
the purpose of effecting such distribution, including the sale (at public or private sale) of the
securities or property thus received, or any part thereof, in a commercially reasonable manner.
The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made
available for distribution, as the case may be, by Computershare to Record Holders of Receipts as
provided by Section 4.1 in the case of a distribution received in cash. The Corporation shall not
make any distribution of such securities or property to Computershare, and Computershare shall not
make any distribution of such securities or property to the Holders of Receipts, unless the
Corporation shall have provided an opinion of counsel stating that such securities or property have
been registered under the Securities Act or do not need to be registered in connection with such
distributions.

     In the event of a distribution of securities, whether on conversion of the Preferred Stock or
otherwise, fractional shares of such securities will not be distributed to the Record Holders.
Instead, a Record Holder that otherwise would have been entitled to receive a fraction of a
security will receive an amount in cash, rounded to the nearest cent, equal to such Record Holder’s
proportionate interest in the net proceeds from the sale in the open market by Computershare, or an
agent of Computershare or other entity as so instructed in writing by the Corporation, on behalf of
all such Record Holders, of the aggregate fractional shares of the securities that would otherwise
have been issued. The sale described in the previous sentence shall occur as soon as practicable
following the distribution date for such securities. In the event that such sale of the aggregate
fractional shares of the securities that otherwise would have been issued is completed and a
fraction of a share of such security still remains (the “Remaining Fractional Share”),
Computershare shall immediately notify the Corporation in writing of the Remaining Fractional
Share, which notice may be delivered via electronic mail to the address set forth in Section 7.4.
Upon receipt of such notice, the Corporation shall determine the cash

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equivalent of the Remaining Fractional Share (the “Remaining Fractional Share Amount”), which
Remaining Fractional Share Amount shall be equal to the Remaining Fractional Share multiplied by
the per security closing price of such securities as reported on the securities exchange on which
those securities are then listed (or based on the per security closing trading price in the open
market for securities that are not listed on any securities exchange) on the trading day, or
business day, as applicable, immediately prior to the date of the distribution of such securities.
The determination of the Remaining Fractional Share Amount by the Corporation shall be binding on
the parties hereto and on the Record Holders. The Corporation shall promptly transfer funds for
the Remaining Fractional Share Amount to an account selected by Computershare, and Computershare
shall add the Remaining Fractional Share Amount to the net proceeds from the sale described above
for distribution to the Record Holders otherwise entitled to receive the fractional shares of the
securities.

			
	          Section 4.3.	 	Subscription Rights, Preferences or Privileges.

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

     The Corporation shall notify the Depository whether registration under the Securities Act of
the securities to which any rights, preferences or privileges relate is required in order for
Holders of Receipts to be offered or sold the securities to which such rights, preferences or
privileges relate, and the Corporation agrees with the Depository 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 Depository make available to the Holders of Receipts any right,
preference or privilege to subscribe for or to purchase any securities unless and until such
registration statement shall have become effective, or the Corporation shall have provided to the

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Depository an opinion of counsel to the effect that the offering and sale of such securities
to the Holders are exempt from registration under the provisions of the Securities Act.

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

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

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

			
	          Section 4.5.	 	Voting Rights.

     Subject to the provisions of the Certificate, upon receipt of notice of any meeting at which
the holders of the Preferred Stock are entitled to vote, the Depository shall, as soon as
practicable thereafter, mail to the Record Holders of Receipts, determined on the record date as
set forth in Section 4.4, a notice prepared by the Corporation which shall contain (i) such
information as is contained in such notice of meeting and (ii) a statement that the Holders may,
subject to any applicable restrictions, instruct the Depository as to the exercise of the voting
rights pertaining to the amount of Preferred Stock represented by their respective Depositary
Shares (including an express indication that instructions may be given to the Depository to give a
discretionary proxy to a person designated by the Corporation) and a brief statement as to the
manner in which such instructions may be given. Upon the written request of the Holders of
Receipts on the relevant record date, the Depository shall endeavor insofar as practicable to vote
or cause to be voted, in accordance with the instructions set forth in such requests, the maximum
number of whole shares of Preferred Stock represented by the Depositary Shares evidenced by all
Receipts as to which any particular voting instructions are received. The Corporation hereby
agrees to take all reasonable action which may be deemed necessary by the Depository in order to
enable the Depository to vote such Preferred Stock or cause such Preferred Stock to be voted. In
the absence of specific instructions from Holders of Receipts, the Depository will vote the

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Preferred 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.

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

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

			
	          Section 4.7.	 	Delivery of Reports.

     The Depository shall furnish to Holders of Receipts any reports and communications received
from the Corporation which are received by the Depository, as the holder of the Preferred Stock,
and which the Corporation is required to furnish to the holders of the Preferred Stock.

			
	          Section 4.8.	 	Lists of Receipt Holders.

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

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ARTICLE V

THE DEPOSITORY, THE DEPOSITORY’S

AGENTS, THE REGISTRAR AND THE CORPORATION

			
	          Section 5.1.	 	Maintenance of Offices, Agencies and Transfer Books by the Depository;
Registrar; Depository’s Agents.

     Upon execution of this Agreement, the Depository shall maintain at the Depository’s Office,
facilities for the execution and delivery, registration and registration of transfer, surrender and
exchange of Receipts, and at the offices of the Depository’s Agents, if any, facilities for the
delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the
provisions of this Agreement; provided that, to the extent provisions of this Agreement regarding
transfer or registration functions performed by the Depository conflict with the terms of any
transfer agency agreement between the Corporation and the Depository, the terms of such transfer
agency agreement shall control.

     The Depository shall keep books at the Depository’s Office for the registration and transfer
of Receipts. Upon direction by the Corporation and with reasonable notice to the Depository, the
Depository shall open its books for inspection by the Record Holders of Receipts as directed by the
Corporation; provided that any Holder shall be granted such right by the Corporation only after
certifying 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 Depository may close such books, at any time or from time to time, when deemed expedient
by it in connection with the performance of its duties hereunder.

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

     The Depository may from time to time appoint Depository’s Agents to act in any respect for the
Depository for the purposes of this Agreement and may from time to time appoint additional
Depository’s Agents and vary or terminate the appointment of such Depository’s Agents, provided
that the Depository will notify the Corporation of any such appointment or variation or termination
of such appointment.

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

     Neither the Depository nor any Depository’s Agent nor any Registrar nor the Corporation shall
incur any liability to any Holder of a 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 Depository, the Depository’s Agent or the Registrar, by reason of
any provision, present or future, of the Corporation’s Amended and Restated Certificate of
Incorporation (including the Certificate) or by reason of any act of God or war or other
circumstance beyond the control of the relevant party, the Depository, the Depository’s Agent, the
Registrar or the Corporation shall be prevented, delayed or forbidden from, or subjected to any
penalty on account of, doing or performing any act or thing which the terms of this Agreement
provide shall be done or performed. Nor shall the Depository, any Depository’s Agent, any
Registrar or the Corporation incur liability to any Holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the
terms of this 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 Agreement except, in case
of any such exercise or failure to exercise discretion not caused as aforesaid, if cause by the
gross negligence or willful misconduct of the party chares with such exercise or failure to
exercise, or as otherwise explicitly set forth in this Agreement.

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

     Neither the Depository nor any Depository’s Agent nor any Registrar nor the Corporation
assumes any obligation or shall be subject to any liability under this Agreement to Holders of
Receipts other than for its gross negligence, willful misconduct or bad faith.

     Neither the Depository nor any Depository’s Agent nor any Registrar nor the Corporation shall
be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in
respect of the Preferred Stock, the Depositary Shares or the Receipts, which, in its opinion, may
involve it in expense or liability, unless indemnity satisfactory to it against all expense and
liability be furnished as often as may be reasonably required.

     Neither the Depository nor any Depository’s Agent nor any Registrar nor the Corporation shall
be liable for any action or any failure to act by it in reliance upon the written advice of legal
counsel or accountants, or information from any person presenting Preferred Stock for deposit, any
Holder of a Receipt or any other person believed by it in good faith to be competent to give such
information. The Depository, any Depository’s Agent, any Registrar and the Corporation may each
rely, and shall each be protected in acting upon or omitting to act upon any written notice,
request, direction or other document believed by it to be genuine and to have been signed or
presented by the proper party or parties.

     The Depository shall indemnify the Corporation against any liability which may directly arise
out of acts performed or omitted by the Depository or any Depository’s Agent due to its or their
gross negligence, willful misconduct or bad faith.

15

 

     The Depository shall not be responsible for any failure to carry out any instruction to vote
any of the shares of Preferred Stock or for the manner or effect of any such vote made, as long as
any such action or inaction is not taken in bad faith. The Depository undertakes, and any
Registrar shall be required to undertake, to perform such duties and only such duties as are
specifically set forth in this Agreement, and no implied covenants or obligations shall be read
into this Agreement against the Depository or any Registrar.

     The Depository, its parent, affiliates or subsidiaries, the Depository’s Agents and the
Registrar may own, buy, sell and deal in any class of securities of the Corporation and its
affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction
in which the Corporation or its affiliates may be interested or contract with or lend money to any
such person or otherwise act as fully or as freely as if it were not the Depository, the parent,
affiliate or subsidiary or the Depository’s Agent or the Registrar hereunder. The Depository may
also act as trustee, transfer agent or registrar of any of the securities of the Corporation and
its affiliates.

     It is intended that neither the Depository nor any Depository’s Agent nor the Registrar,
acting as the Depository’s Agent or Registrar, as the case may be, shall be deemed to be an
“issuer” of the securities under the federal securities laws or applicable state securities laws,
it being expressly understood and agreed that the Depository, any Depository’s Agent and the
Registrar are acting only in a ministerial capacity as Depository or Registrar for the Preferred
Stock.

     Neither the Depository (or its officers, directors, employees or agents) nor any Depository’s
Agent nor the Registrar makes any representation or has any responsibility as to the validity of
the registration statement pursuant to which the Depositary Shares are registered under the
Securities Act, the Preferred Stock, the Depositary Shares or the Receipts (except for its
counter-signatures thereon) or any instruments referred to therein or herein, or as to the
correctness of any statement made therein or herein.

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

     Notwithstanding anything to the contrary herein, no party to this Agreement shall be liable
for any incidental, indirect, special or consequential damages of any nature whatsoever, including,
but not limited to, loss of anticipated profits, occasioned by breach of any provision of this
Agreement even if apprised of the possibility of such damages.

     The Depository shall not be under any liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement or of the Receipts, the
Depositary Shares or the Preferred Stock nor shall it be obligated to segregate such monies from

16

 

other monies held by it, except as required by law. The Depository shall not be responsible
for advancing funds on behalf of the Corporation and shall have no duty or obligation to make any
payments if it has not timely received sufficient funds to make timely payments.

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

     The Depository undertakes not to issue any Receipt other than to evidence the Depositary
Shares that have been delivered to and are then on deposit with the Depository. The Depository
also undertakes not to sell, except as provided herein, pledge or lend Depositary Shares by it as
Depository.

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

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

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

     In case at any time the Depository acting hereunder shall resign or be removed, the
Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as
the case may be, appoint a successor Depository, which shall be a bank or trust company having its
principal office in the United States of America and having a combined capital and surplus of at
least $50,000,000. If no successor Depository shall have been so appointed and have accepted
appointment within 60 days after delivery of such notice, the resigning or removed Depository may
petition any court of competent jurisdiction for the appointment of a successor Depository. Every
successor Depository shall execute and deliver to its predecessor and to the Corporation an
instrument in writing accepting its appointment hereunder, and thereupon such successor Depository,
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 Depository under this Agreement,
and such predecessor, upon payment of all sums due it and on the written request of the
Corporation, shall promptly execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Preferred Stock and any moneys held hereunder to such successor,

17

 

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
Depository shall promptly mail notice of its appointment to the Record Holders of Receipts.

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

			
	          Section 5.5.	 	Corporate Notices and Reports.

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

			
	          Section 5.6.	 	Indemnification by the Corporation.

     Subject to Section 5.3, the Corporation shall indemnify the Depository, any Depository’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 costs and expenses of defending itself) which may arise out of acts performed,
suffered or omitted to be taken in connection with this Agreement and the Receipts by the
Depository, any Registrar or any of their respective agents (including any Depository’s Agent) and
any transactions or documents contemplated hereby, except for any liability arising out of
negligence, willful misconduct or bad faith on the respective parts of any such person or persons.
The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of
any Depository, Registrar or Depository’s Agent.

			
	          Section 5.7.	 	Fees, Charges and Expenses.

     The Corporation agrees promptly to pay the Depository the compensation to be agreed upon with
the Corporation for all services rendered by the Depository hereunder and to reimburse the
Depository for its reasonable out-of-pocket expenses (including reasonable counsel fees and
expenses) incurred by the Depository without negligence, willful misconduct or bad faith on its
part (or on the part of any agent or Depository’s Agent) in connection with the services rendered
by it (or such agent or Depository’s Agent) hereunder. The Corporation shall pay all charges of
the Depository in connection with the initial deposit of the Preferred Stock and the initial
issuance of the Depositary Shares and any redemption or exchange of the Preferred

18

 

Stock at the option of the Corporation. The Corporation shall pay all transfer and other
taxes and governmental charges arising solely from the existence of the depository arrangements.
All other transfer and other taxes and governmental charges shall be at the expense of Holders of
Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the
Depository incurs charges or expenses for which the Corporation is not otherwise liable hereunder,
such Holder will be liable for such charges and expenses; provided, however, that the Depository
may, at its sole option, request that the Corporation direct a Holder of a Receipt to prepay the
Depository any charge or expense the Depository has been asked to incur at the request of such
Holder of Receipts. The Depository shall present its statement for charges and expenses to the
Corporation at such intervals as the Corporation and the Depository may agree.

			
	          Section 5.8.	 	Tax Compliance.

     Computershare and, where applicable, the Trust Company, on its own behalf and on behalf of the
Corporation, 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
Depositary 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 Depository shall comply with any direction received from the Corporation with respect to
the application of such requirements to particular payments or holders or in other particular
circumstances, and may for purposes of this Agreement rely on any such direction in accordance with
the provisions of Section 5.3 hereof.

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

ARTICLE VI

AMENDMENT AND TERMINATION

			
	          Section 6.1.	 	Amendment.

     The form of the Receipts and any provisions of this Agreement may at any time and from time to
time be amended by agreement between the Corporation and the Depository in any respect which they
may deem necessary or desirable; provided, however, that the no such amendment (other than a change
in fees) which shall materially and adversely alter the rights of the Holders of Receipts shall be
effective unless such amendment shall have been approved by the holders of at least a majority of
the Depositary Shares then outstanding. Every Holder of an outstanding receipt at the time any
such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent
and agree to such amendment and to be bound by this Agreement.

19

 

     Notwithstanding the foregoing, in no event shall the Corporation be required to execute any
amendment which may impair the right, subject to the provisions of Sections 2.6 and 2.7 and Article
III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares
to the Depository with instructions to deliver to the Holder the Preferred Stock and all money
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, the NYSE or any other
applicable securities exchange.

			
	          Section 6.2.	 	Termination.

     This Agreement may be terminated by the Corporation or the Depository only if (i) all
outstanding Depositary Shares issued hereunder have been cancelled, upon conversion of the
Preferred Stock or otherwise, or (ii) there shall have been made a final distribution in respect of
the Preferred Stock in connection with any liquidation, dissolution or winding up of the
Corporation and such distribution shall have been distributed to the Holders of Receipts
representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable.

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

ARTICLE VII

MISCELLANEOUS

			
	          Section 7.1.	 	Counterparts.

     This Agreement may be executed in any number of counterparts, and by each of the parties
hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall
be deemed an original, but all such counterparts taken together shall constitute one and the same
instrument.

			
	          Section 7.2.	 	Exclusive Benefit of Parties.

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

			
	          Section 7.4.	 	Notices.

     Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if personally delivered or sent by

20

 

mail, or by facsimile transmission or electronic mail, confirmed by letter, addressed to the
Corporation at

Bank of America Corporation

NC1-002-29-01

101 South Tryon Street

Charlotte, North Carolina 28255

Attn: Jane R. Smith, Shareholder Relations

Facsimile: 980-386-0420

Email: jane.r.smith@bankofamerica.com

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

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

Computershare Trust Company, N.A.

c/o Computershare Inc.

250 Royall Street

Canton, Massachusetts 02021

Attention: General Counsel

Facsimile: 781-575-4210

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

     The Depository shall give any and all notices directed to be given by the Corporation to any
Record Holder of a Receipt in writing, and such notices shall be deemed to have been duly given if
personally delivered or sent by mail or facsimile transmission or confirmed by letter, addressed to
such Record Holder at the address of such Record Holder as it appears on the books of the
Depository.

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

			
	          Section 7.5.	 	Appointment of Registrar, Dividend Disbursing Agent and Redemption
Agent.

     Unless otherwise set forth on a certificate duly executed by an authorized officer of the
Corporation, the Corporation hereby appoints the Trust Company as registrar and Computershare as
dividend disbursing agent and redemption agent in respect of the Preferred Stock deposited with the
Depository hereunder, and the Trust Company and Computershare hereby accept their

21

 

respective appointments. With respect to the appointments of the Trust Company as registrar
and Computershare as dividend disbursing agent and redemption agent in respect of the Preferred
Stock, each of the Corporation, the Trust Company and Computershare, in their respective capacities
under such appointments, shall be entitled to the same rights, indemnities, immunities and benefits
as the Corporation and Depository hereunder, respectively, as if explicitly named in each such
provision.

			
	          Section 7.6.	 	Holders of Receipts Are Parties.

     The Holders of Receipts from time to time shall be parties to this Agreement and shall be
bound by all of the terms and conditions hereof and of the Receipts. The provisions of this
Agreement are intended to benefit only the parties hereto and their respective permitted successors
and assigns, and no rights shall be granted to any other person by virtue of this Agreement.

			
	          Section 7.7.	 	Governing Law.

     This Agreement and the Receipts of each series and all rights hereunder and thereunder and
provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of
the State of New York without giving effect to applicable conflicts of law principles.

          Section 7.8. Headings.

     The headings of articles and sections in this 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 Agreement or the Receipts or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts.

[Signatures on following page.]

22

 

     IN WITNESS WHEREOF, the Corporation, Computershare and the Trust Company have duly executed
this Agreement as of the day and year first above set forth.

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	COMPUTERSHARE INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	COMPUTERSHARE TRUST COMPANY, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Deposit Agreement

Signature Page

 

EXHIBIT A
[FORM OF FACE OF RECEIPT]

THE DEPOSITARY SHARES REPRESENTED BY THIS RECEIPT ARE NOT SAVINGS ACCOUNTS, 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 COMPUTERSHARE TRUST COMPANY, N.A. 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 SUCH 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.

			
	 	 	 
	Number DR-___
	 	                     Depositary Shares

(CUSIP 060505 427)                 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,

EACH REPRESENTING ONE ONE-THOUSANDTH OF ONE SHARE OF

COMMON EQUIVALENT JUNIOR PREFERRED STOCK, SERIES S, OF

BANK OF AMERICA CORPORATION

Incorporated under the laws of the State of Delaware

(See reverse for certain definitions.)

     Computershare Trust Company, N.A., a national banking association, as depository (the
“Depository”), hereby certifies that CEDE & CO. is the registered owner of                     
(                    ) DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing one
one-thousandth of a share of Common Equivalent Junior Preferred Stock, Series S, par value $0.01
per share (the “Preferred Stock”), of BANK OF AMERICA CORPORATION, a Delaware corporation (the
“Corporation”), on deposit with the Depository, subject to the terms and entitled to the benefits
of the Deposit Agreement dated as of December ___, 2009 (the “Deposit Agreement”), among the
Corporation, Computershare Inc., the Depository and the Holders from time to time of the Depositary
Receipts. The powers, designations, preferences and rights of the Preferred Stock are set forth in
a Certificate of Designations filed with the Secretary of State of the State of Delaware. This
Depositary Receipt is issuable to Cede & Co. as the registered owner of the Depositary Shares on
the Separation Date (as defined in the Deposit Agreement). By accepting this Depositary Receipt,
the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the
Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any purpose or
entitled to any benefits under the Deposit Agreement unless it shall have been executed by the
Depository by the manual signature of a duly authorized officer or, if executed in facsimile by the
Depository, countersigned by a Registrar in respect of the Depositary Receipts by the manual
signature of a duly authorized officer thereof.

	 	 	 	 	 	 	 
	Dated: December __, 2009	 	Computershare Trust Company, N.A., Depository
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 

	 	 	 	 	 
	Countersigned and Registered:

Computershare Trust Company, N.A., Transfer Agent and Registrar
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Signatory	 	 

 

[REVERSE OF RECEIPT]

BANK OF AMERICA CORPORATION

     UPON REQUEST, BANK OF AMERICA CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A
DEPOSITARY RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE
CERTIFICATE OF DESIGNATIONS OF THE COMMON EQUIVALENT JUNIOR PREFERRED STOCK, SERIES S, OF BANK OF
AMERICA CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITORY NAMED ON THE FACE OF
THIS RECEIPT.

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

KEEP THIS RECEIPT IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED THE CORPORATION WILL REQUIRE
A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT RECEIPT.

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

	 	 	 
	TEN COM — as tenants in common

	 	UNIF GIFT MIN ACT - _______ Custodian _________
	TEN ENT —  as tenants by the entireties

	 	              
                 
            (Cust)         
                 (Minor)
	JT TEN —     as joint tenants with right of
survivorship 

        and not as tenants in
Common

	 	                                             Under Uniform Gifts to Minors

Act                     

      (State)

Additional abbreviations may also be used though not in the above list.

For value received,                                          hereby sell, assign and transfer unto

 
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

      

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

                                         Depositary Shares represented by the within receipt, and do hereby irrevocably constitute and
appoint
                          Attorney to transfer the Depositary Shares on the books of the within named
Depository with full power of substitution in the premises.

Dated                                         

	 	 	 	 	 
	 

	 	 	 	 
	NOTICE:	 	THE SIGNATURE TO THIS ASSIGNMENT
MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE RECEIPT
IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY
CHANGE WHATEVER.
	 
	 	 	 	 
	 

	 	 	 	 
	SIGNATURE(S) GUARANTEED:	 	THE SIGNATURE(S) SHOULD BE
GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS,
SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN
APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO SEC
RULE 14Ad-15.

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