Document:

EX-4.7

 

Exhibit 4.7

 

Stock Purchase Contract Agreement

between

NATIONAL CITY CORPORATION

and

NATIONAL CITY PREFERRED CAPITAL TRUST I,

acting through The Bank of New York Trust Company, N.A.,

as Property Trustee

Dated as of January 30, 2008

 

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I

	 	 	 
	 	 	 	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

	 	 	 
	 	 	 	 
	Section 1.1	 	Definitions
	 	 	1	 
	Section 1.2	 	Form of Documents Delivered to Property Trustee
	 	 	6	 
	Section 1.3	 	Notices
	 	 	6	 
	Section 1.4	 	Effect of Headings and Table of Contents
	 	 	7	 
	Section 1.5	 	Successors and Assigns
	 	 	7	 
	Section 1.6	 	Separability Clause
	 	 	7	 
	Section 1.7	 	Benefits of Agreement
	 	 	7	 
	Section 1.8	 	Governing Law; Submission to Jurisdiction
	 	 	7	 
	Section 1.9	 	Legal Holidays
	 	 	7	 
	Section 1.10	 	No Waiver
	 	 	8	 
	Section 1.11	 	No Consent to Assumption
	 	 	8	 
	Section 1.12	 	No Recourse
	 	 	8	 
	Section 1.13	 	Incorporation by Reference
	 	 	8	 
	Section 1.14	 	Force Majeure
	 	 	9	 
	 	 	 
	 	 	 	 
	ARTICLE II

	 	 	 
	 	 	 	 
	THE STOCK PURCHASE CONTRACTS

	 	 	 
	 	 	 	 
	Section 2.1	 	Issuance of Stock Purchase Contracts; Transferability; Assignment; Amendment
	 	 	9	 
	Section 2.2	 	Purchase of Preferred Stock; Payment of Purchase Price
	 	 	9	 
	Section 2.3	 	Issuance of Preferred Stock
	 	 	10	 
	Section 2.4	 	Termination Event; Redemption Prior to Stock Purchase Date; Notice
	 	 	10	 
	Section 2.5	 	Charges and Taxes
	 	 	11	 
	Section 2.6	 	Contract Payments
	 	 	11	 
	Section 2.7	 	Deferral of Contract Payments
	 	 	14	 
	 	 	 
	 	 	 	 
	ARTICLE III

	 	 	 
	 	 	 	 
	REMEDIES

	 	 	 
	 	 	 	 
	Section 3.1	 	Unconditional Right of the Property Trustee to Receive Contract Payments and
to Purchase Shares of Preferred Stock; Direct Action by Holders of Normal APEX or
Stripped APEX
	 	 	16	 
	Section 3.2	 	Restoration of Rights and Remedies
	 	 	16	 
	Section 3.3	 	Rights and Remedies Cumulative
	 	 	17	 
	Section 3.4	 	Waiver of Stay or Extension Laws
	 	 	17	 

Stock Purchase Contract Agreement

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE IV

	 	 	 
	 	 	 	 
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

	 	 	 
	 	 	 	 
	Section 4.1	 	Covenant Not to Consolidate, Merge, Convey, Transfer or Lease Property Except
under Certain Conditions
	 	 	17	 
	Section 4.2	 	Rights and Duties of Successor Corporation
	 	 	18	 
	Section 4.3	 	Officers’ Certificate and Opinion of Counsel Given to Property Trustee
	 	 	18	 
	 	 	 
	 	 	 	 
	ARTICLE V

	 	 	 
	 	 	 	 
	COVENANTS

	 	 	 
	 	 	 	 
	Section 5.1	 	Performance under Stock Purchase Contracts
	 	 	18	 
	Section 5.2	 	Company to Reserve Preferred Stock
	 	 	18	 
	Section 5.3	 	Covenants as to Preferred Stock
	 	 	18	 
	Section 5.4	 	Statements of Officers of the Company as to Default
	 	 	18	 

Stock Purchase Contract Agreement

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          This Stock Purchase Contract Agreement, dated as of January 30, 2008, between
National City Corporation, a Delaware corporation (the “Company”), having its principal
office at 1900 East Ninth Street, Cleveland, Ohio 44114, and National City Preferred Capital
Trust I, a Delaware statutory trust (the “Issuer Trust”), acting through The Bank of New
York Trust Company, N.A., a national banking association organized and existing under the laws
of the United States, not in its individual capacity but solely as Property Trustee of the Issuer
Trust (the “Property Trustee”).

Recitals of the Company

          The Company has duly authorized the execution and delivery of this Agreement.

          All things necessary to make the Stock Purchase Contracts (as defined herein) the valid
obligations of the Company and to constitute these presents a valid agreement of the Company, in
accordance with its terms, have been done.

          Now, therefore, this Stock Purchase Contract Agreement witnesseth:  For and in
consideration of the agreements and obligations set forth herein and for other good and valuable
consideration the receipt and sufficiency of which is hereby acknowledged, it is mutually agreed as
follows:

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1 Definitions.

          For all purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires:

     (a) The terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular.

     (b) All accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles, and the term “generally
accepted accounting principles” with respect to any computation required or permitted
hereunder shall mean such accounting principles that are generally accepted in the United
States at the date or time of such computation; provided that when two or more principles
are so generally accepted, it shall mean that set of principles consistent with those in use
by the Company.

     (c) The words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Article, Section or other
subdivision.

     (d) Unless the context otherwise requires, any references to an “Article,” a “Section”
or another subdivision refers to an Article, a Section or another subdivision, as the case
may be, of this Stock Purchase Contract Agreement.

          “Additional
Subordinated Notes” means the junior subordinated notes of the Company that may be issued
to the Property Trustee as provided in Section 2.7(c).

          “Administrative Trustee” has the meaning specified in the Trust Agreement.

Stock Purchase Contract Agreement

 

 

          “Agreement” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more agreements supplemental hereto entered into pursuant to the
applicable provisions hereof.

          “APEX” has the meaning specified in the Trust Agreement.

          “Bankruptcy Code” means the Bankruptcy Reform Act of 1978, Title 11 of the United States Code,
as amended from time to time, or any other law of the United States that from time to time provides
a uniform system of bankruptcy laws.

          “Board of Directors” means the board of directors of the Company or any committee of that
board duly authorized to act hereunder.

          “Business Day” means any day other than a Saturday, Sunday or any other day on which banking
institutions and trust companies in New York, New York, Cleveland, Ohio or Wilmington, Delaware are
permitted or required by any applicable law to close.

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

          “Collateral” has the meaning specified in the Collateral Agreement.

          “Collateral Agent” means Wilmington Trust Company, as Collateral Agent under the Collateral
Agreement until a successor Collateral Agent shall have become such pursuant to the applicable
provisions of the Collateral Agreement, and thereafter “Collateral Agent” shall mean the Person who
is then the Collateral Agent thereunder.

          “Collateral Agreement” means the Collateral Agreement, dated as of the date hereof, among the
Company, the Issuer Trust (acting through the Property Trustee), the Collateral Agent, the
Custodial Agent, the Securities Intermediary and the Securities Registrar, as amended from time to
time.

          “Common Stock” has the meaning set forth in the Indenture.

          “Company” means the Person named as the “Company” in the first paragraph of this Agreement
until a successor shall have become such pursuant to the applicable provision of this Agreement,
and thereafter “Company” shall mean such successor.

          “Contract Payments” means the payments payable by the Company on the Payment Dates in respect
of each Stock Purchase Contract, at the rate of 3.271% per annum of the Stated Amount of each Stock
Purchase Contract.

          “Custodial Agent” means Wilmington Trust Company as Custodial Agent under the Collateral
Agreement until a successor Custodial Agent shall have become such pursuant to the applicable
provisions of the Collateral Agreement, and thereafter “Custodial Agent” shall mean the Person who
is then the Custodial Agent thereunder.

          “Deferred Contract Payments” has the meaning specified in Section 2.7(a).

          “Failed Remarketing” has the meaning specified in the Indenture.

          “Federal Reserve” means (i) the Board of Governors of the Federal Reserve System, as from time
to time constituted, or if at any time after the execution of this Agreement the Federal Reserve is

Stock Purchase Contract Agreement

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not existing and performing the duties now assigned to it, then the body or bodies performing
such duties at such time, or the Federal Reserve Bank of Cleveland, or (ii) any successor Federal
bank regulatory agency having primary jurisdiction over the Company.

          “Guarantee Agreement” means the Guarantee Agreement between the Company, as Guarantor and The
Bank of New York Trust Company, N.A., as Guarantee Trustee named thereunder, dated as of the date
hereof.

          “Holder” means a Holder (as such term is defined in the Trust Agreement) of Normal APEX or
Stripped APEX.

          “Indenture” means the Junior Subordinated Indenture, dated as of November 3, 2006, between the
Company and The Bank of New York Trust Company, N.A., as amended and supplemented by a First
Supplemental Indenture, dated November 3, 2006, a Second Supplemental Indenture, dated May 25, 2007
and a Third Supplemental Indenture, dated as of August 30, 2007, and as further amended or
supplemented from time to time with respect to the Notes.

          “Issuer Trust” means the Person named as the “Issuer Trust” in the first paragraph of this
Agreement.

          “National City Bank” means National City Bank, or its successor.

          “National City Bank Deposit” means an interest-bearing deposit of cash or cash equivalent with
National City Bank that (i) shall be made on the Remarketing Settlement Date, (ii) shall be payable
on the Stock Purchase Date, (iii) shall bear interest at a market rate of interest established
immediately prior to the first day of the applicable Remarketing Period and (iv) shall be
established in the name of the Collateral Agent pursuant to an agreement naming the Collateral
Agent as customer and providing that the bank’s jurisdiction for purposes of Article 9 of the
Uniform Commercial Code is New York.

          “Normal APEX” has the meaning specified in the Trust Agreement.

          “Notes” has the meaning specified in the Trust Agreement.

          “Officers’ Certificate” means a certificate signed by the Chairman and Chief Executive
Officer, President or a Vice President, and by the Treasurer, an Associate Treasurer, an Assistant
Treasurer, the Controller, the Secretary or an Assistant Secretary of the Company or the duly
authorized designee of the foregoing, and delivered to the Property Trustee.

          “Opinion of Counsel” means a written opinion of legal counsel, who may be counsel to the
Company (and who may be an employee of the Company), and who shall be reasonably acceptable to the
Property Trustee. An Opinion of Counsel may rely on certificates as to matters of fact.

          “Parity
Securities” has the meaning specified in the Indenture Section 2.7(d).

          “Paying Agent” has the meaning specified in the Trust Agreement.

          “Payment Account” has the meaning specified in the Trust Agreement.

          “Payment Date” means (i) each June 10 and December 10 of each year occurring prior to the
Stock Purchase Date, commencing in June 2008 and (ii) the Stock Purchase Date.

Stock Purchase Contract Agreement

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          “Person” means any individual, corporation, partnership, association, joint venture or limited
liability company, unincorporated organization, government or any agency or political subdivision
thereof or any other entity of a similar nature.

          “Pledged Notes” has the meaning specified in the Collateral Agreement.

          “Pledged Securities” means the Pledged Notes and the Pledged Treasury Securities.

          “Pledged Treasury Securities” has the meaning specified in the Collateral Agreement.

          “Preferred Stock” means the Non-Cumulative Perpetual Preferred Stock, Series E, $100,000
liquidation preference per share with no par value per share, of the Company.

          “Proceeds” has the meaning specified in the Collateral Agreement.

          “Property Trustee” means The Bank of New York Trust Company, N.A., not in its individual
capacity but solely as Property Trustee under the Trust Agreement until a successor Property
Trustee shall have become such pursuant to the applicable provisions of the Trust Agreement, and
thereafter “Property Trustee” shall mean the Person who is then Property Trustee thereunder.

          “Qualifying Treasury Securities” has the meaning specified in the Trust Agreement.

          “Redemption Price” has the meaning specified in the Trust Agreement.

          “Remarketing” means a remarketing of Notes pursuant to the Indenture.

          “Remarketing Agent” has the meaning specified in the Trust Agreement.

          “Remarketing Agreement” has the meaning specified in the Trust Agreement.

          “Remarketing Periods” has the meaning specified in the Indenture.

          “Remarketing Settlement Date” has the meaning specified in the Indenture.

          “Securities Act” means the Securities Act of 1933 and any successor statute thereto, in each
case as amended from time to time, and the rules and regulations promulgated thereunder.

          “Securities Intermediary” means Wilmington Trust Company, as Securities Intermediary under the
Collateral Agreement until a successor Securities Intermediary shall have become such pursuant to
the applicable provisions of the Collateral Agreement, and thereafter “Securities Intermediary”
shall mean such successor or any subsequent successor who is appointed pursuant to the Collateral
Agreement.

          “Securities Registrar” means Wilmington Trust Company, as Securities Registrar under the
Collateral Agreement until a successor Securities Registrar shall have become such pursuant to the
applicable provisions of the Collateral Agreement, and thereafter “Securities Registrar” shall mean
such successor or any subsequent successor who is appointed pursuant to the Collateral Agreement.

          “Senior and Subordinated Debt” has the meaning specified in the Indenture.

          “Stated Amount” means, with respect to any one Stock Purchase Contract, $100,000.

Stock Purchase Contract Agreement

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          “Stock Purchase Contract” means a contract having a Stated Amount of $100,000 obligating (i)
the Company to sell, and the Issuer Trust (acting through the Property Trustee) to purchase, one
share of Preferred Stock for $100,000 on the Stock Purchase Date and (ii) the Company to pay
Contract Payments to the Issuer Trust, in each case on the terms and subject to the conditions set
forth in Article II and Article V.

          “Stock Purchase Date” means the first to occur of any March 10, June 10, September 10 or
December 10, or if any such day is not a Business Day, the next Business Day, after (i) the
Remarketing Settlement Date or (ii) the Remarketing Period of a Failed Remarketing.

          “Stripped APEX” has the meaning specified in the Trust Agreement.

          “Successful” has the meaning specified in the Indenture.

          “Termination Date” means the date, if any, on which a Termination Event occurs or the Company
redeems all the Notes prior to the Stock Purchase Date in accordance with the Indenture.

          “Termination Event” means the occurrence of any of the following events at any time on or
prior to the Stock Purchase Date:

          (i) a judgment, decree or court order shall have been entered granting relief under the
Bankruptcy Code, adjudicating the Company to be insolvent, or approving as properly filed a
petition seeking reorganization or liquidation of the Company or any other similar applicable
federal or state law and if such judgment, decree or order shall have been entered more than 90
days prior to the Stock Purchase Date, such decree or order shall have continued undischarged and
unstayed for a period of 90 days;

          (ii) a judgment, decree or court order for the appointment of a receiver or liquidator or
trustee or assignee in bankruptcy or insolvency of the Company or of its property, or for the
termination or liquidation of its affairs, shall have been entered and if such judgment, decree or
order shall have been entered more than 90 days prior to the Stock Purchase Date, such judgment,
decree or order shall have continued undischarged and unstayed for a period of 90 days; or

          (iii) the Company shall file a petition for relief under the Bankruptcy Code, or shall consent
to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent
seeking reorganization or liquidation under the Bankruptcy Code or any other similar applicable
federal or state law, or shall consent to the filing of any such petition, or shall consent to the
appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or
of its property, or shall make an assignment for the benefit of creditors, or shall admit in
writing its inability to pay its debts generally as they become due.

          “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the date hereof,
among the Company, as Depositor, The Bank of New York Trust Company, N.A., as Property Trustee,
BNYM (Delaware), as Delaware Trustee and the Administrative Trustees (each as named therein) and
the several Holders (as defined therein).

          “Underwriting Agreement” means the Underwriting Agreement, dated January 23, 2008, as
supplemented by the Supplemental Underwriting Agreement, dated January 24, 2008, among the Company,
the Issuer Trust and Goldman, Sachs & Co.

          “Vice President” means any vice president, whether or not designated by a number or a word or
words added before or after the title “Vice President.”

Stock Purchase Contract Agreement

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Section 1.2 Form of Documents Delivered to Property Trustee.

          (a) In any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered by only
one document, but one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents. Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with respect to the matters
upon which its certificate or opinion is based are erroneous. Any such certificate or Opinion of
Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of,
or representations by, an officer or officers of the Company unless such counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or representations with
respect to such matters are erroneous.

          (b) Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Agreement, they may,
but need not, be consolidated and form one instrument.

Section 1.3 Notices.

          Any notice or communication is duly given if in writing and delivered in Person or mailed by
first-class mail (registered or certified, return receipt requested), telecopier (with receipt
confirmed) or overnight air courier guaranteeing next day delivery, to the others’ address;
provided that notice shall be deemed given to the Property Trustee only upon receipt thereof:

          If to the Issuer Trust or the Property Trustee:

The Bank of New York Trust Company, N.A.,

           as Property Trustee of National City Preferred Capital Trust I

2 North LaSalle St.

Suite 1020

Chicago, IL 60602

Attention: Corporate Trust Administration

          If to the Company:

National City Corporation

1900 East Ninth Street,

Cleveland,

Ohio 44114

Attention: General Counsel

Stock Purchase Contract Agreement

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          If to the Collateral Agent:

Wilmington Trust Company,

           as Collateral Agent

183Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: Corporate Trust Administration

Section 1.4 Effect of Headings and Table of Contents.

          The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

Section 1.5 Successors and Assigns.

          All covenants and agreements in this Agreement by the Company and the Issuer Trust shall bind
their respective successors and assigns, whether so expressed or not.

Section 1.6 Separability Clause.

          In case any provision in this Agreement shall be invalid, illegal or unenforceable by a court
of competent jurisdiction, the validity, legality and enforceability of the remaining provisions
hereof and thereof shall not in any way be affected or impaired thereby.

Section 1.7 Benefits of Agreement.

          Nothing contained in this Agreement, express or implied, shall give to any Person, other than
the parties hereto and their successors and assigns hereunder and, to the extent provided hereby,
the holders of Senior and Subordinated Debt and any Paying Agent, and in the case of Section 1.10
and 2.2(c) only the Collateral Agent any benefits or any legal or equitable right, remedy or claim
under this Agreement.

Section 1.8 Governing Law; Submission to Jurisdiction.

          This Agreement shall be governed by and construed in accordance with the laws of the State of
New York without regard to the conflict of law principles thereof. The Company and the Issuer
Trust hereby submit to the nonexclusive jurisdiction of the United States District Court for the
Southern District of New York and the courts of the State of New York (in each case sitting in New
York County) for the purposes of all legal proceedings arising out of or relating to this Agreement
or the transactions contemplated hereby. The Company and the Issuer Trust irrevocably waive, to
the fullest extent permitted by applicable law, any objection that they may now or hereafter have
to the laying of the venue of any such proceeding brought in such a court and any claim that any
such proceeding brought in such a court has been brought in an inconvenient forum.

Section 1.9 Legal Holidays. 

          (a) In any case where any Payment Date shall not be a Business Day (notwithstanding any other
provision of this Agreement), Contract Payments or other distributions shall not be paid on such
date, but Contract Payments or such other distributions shall be paid on the next succeeding
Business Day

Stock Purchase Contract Agreement

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with the same force and effect as if made on such Payment Date. No interest shall accrue or
be payable by the Company or to the Property Trustee (on behalf of the Issuer Trust) for the period
from and after any such Payment Date on such successive Business Day.

          (b) In any case where the Stock Purchase Date shall not be a Business Day (notwithstanding any
other provision of this Agreement), the Stock Purchase Contracts shall not be performed and shall
not be effected on such date, but the Stock Purchase Contracts shall be performed on the next
succeeding Business Day with the same force and effect as if made on such Stock Purchase Date.

Section 1.10 No Waiver.

          No failure on the part of the Company, the Property Trustee, the Collateral Agent, the
Securities Intermediary or any of their respective agents to exercise, and no course of dealing
with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise by the Company, the Property Trustee,
the Collateral Agent, the Securities Intermediary or any of their respective agents of any right,
power or remedy hereunder preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. The remedies herein are cumulative and are not exclusive of any
remedies provided by law.

Section 1.11 No Consent to Assumption.

          The Property Trustee for and on behalf of the Issuer Trust hereby expressly withholds any
consent to the assumption under Section 365 of the Bankruptcy Code or otherwise, of the Stock
Purchase Contract by the Company or its trustee, receiver, liquidator or a Person performing
similar functions in the event that the Company becomes the debtor under the Bankruptcy Code or
subject to other similar state or Federal law providing for reorganization or liquidation.

Section 1.12 No Recourse

          It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by The Bank of New York Trust Company, N.A., not individually or personally
but solely as Property Trustee of the Issuer Trust, in the exercise of the powers and authority
conferred and vested in it, (b) each of the representations, warranties, covenants, undertakings
and agreements herein made on the part of the Issuer Trust is made and intended not as personal
representations, warranties, covenants, undertakings and agreements by The Bank of New York Trust
Company, N.A. but is made and intended for the purpose of binding only the Issuer Trust, (c)
nothing herein contained shall be construed as creating any liability on the part of The Bank of
New York Trust Company, N.A., individually or personally, to perform any covenant either expressed
or implied contained herein, all such liability, if any, being expressly waived by the parties
hereto and by any Person claiming by, through or under the parties hereto and (d) under no
circumstances shall The Bank of New York Trust Company, N.A. be personally liable for the payment
of any indebtedness or expenses of the Issuer Trust or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the Issuer Trust under this
Agreement or any other related documents.

     Section 1.13 Incorporation by Reference.

          In connection with its appointment and acting hereunder, the Property Trustee is entitled to
all rights, privileges, protections, immunities, benefits and indemnities provided to it under the
Trust Agreement.

Stock Purchase Contract Agreement

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     Section 1.14 Force Majeure.

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

ARTICLE II

THE STOCK PURCHASE CONTRACTS

Section 2.1 Issuance of Stock Purchase Contracts; Transferability; Assignment; Amendment.

          (a) Contemporaneously with the execution and delivery of this Agreement, the Company hereby
issues 5,001 Stock Purchase Contracts having the terms and conditions set forth herein to the
Issuer Trust (acting through the Property Trustee), which by its execution and delivery of this
Agreement is entering into and agreeing to be bound by the Stock Purchase Contracts. No
certificates will be issued to evidence the Stock Purchase Contracts. On each date that the Issuer
Trust issues additional Normal APEX pursuant to the Underwriting Agreement, the Company shall issue
additional Stock Purchase Contracts having an aggregate stated amount equal to the liquidation
amount of such additional Normal APEX to the Issuer Trust. At no time will the number of Stock
Purchase Contracts exceed 5,751.

          (b) To the fullest extent permitted by law, other than a transfer in connection with (i) a
merger, consolidation, amalgamation or replacement of the Issuer Trust or (ii) any conveyance,
transfer or lease by the Issuer Trust of its properties and assets substantially as an entirety to,
and the assumption by, a successor entity pursuant to Section 9.5 of the Trust Agreement, any
attempted transfer of the Stock Purchase Contracts shall be void.

          (c) To the fullest extent permitted by law, any assignment by the Issuer Trust of its rights
hereunder, other than an assignment of this Agreement in connection with a merger, consolidation,
amalgamation or replacement of the Issuer Trust or any conveyance, transfer or lease by the Issuer
Trust of its properties and assets substantially as an entirety to, and the assumption by, a
successor entity pursuant to Section 9.5 of the Trust Agreement, shall be void.

          (d) No amendment, modification or waiver of any provision of this Agreement shall be effective
against either party hereto unless it is duly authorized by resolution of the Board of Directors of
the Company and permitted under Section 6.1(c) of the Trust Agreement.

Section 2.2 Purchase of Preferred Stock; Payment of Purchase Price.

          (a) Each Stock Purchase Contract shall obligate the Issuer Trust (acting through the Property
Trustee) to purchase, and the Company to sell, on the Stock Purchase Date at a price equal to the
Stated Amount, one share of Preferred Stock, unless a Termination Event shall have occurred or the
Company shall have redeemed all of the Notes prior to the Stock Purchase Date in accordance with
the Indenture.

          (b) The Issuer Trust will satisfy its obligations under Section 2.2(a) to pay the purchase
price in respect of the Stock Purchase Contracts out of (i) the Proceeds at maturity of the Pledged

Stock Purchase Contract Agreement

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Treasury Securities and (ii) if there has been a Successful Remarketing, to the extent of the
excess of the purchase price over the amount of the Proceeds at maturity of the Pledged Treasury
Securities, the National City Bank Deposit; provided that in the event that a receiver has been
appointed for the purpose of liquidating or winding up the affairs of National City Bank while
National City Bank is holding the National City Bank Deposit, in lieu of payment of the National
City Bank Deposit the Issuer Trust shall cause the Collateral Agent to assign its rights in the
National City Bank Deposit to the Company on the Stock Purchase Date to the extent of such amount
required in full satisfaction of the Issuer Trust’s obligation to pay the National City Bank
Deposit pursuant to this clause (ii).

          (c) If there is a Failed Remarketing, the Collateral Agent for the benefit of the Company
reserves all of its rights as a secured party with respect to the Pledged Notes and, subject to
applicable law and Section 2.2(d), may, among other things, (i) retain such Pledged Notes or their
Proceeds in full satisfaction of the Issuer Trust’s obligations under the Stock Purchase Contracts
or (ii) sell such Pledged Notes in one or more public or private sales as permitted by applicable
law, in order to satisfy the Issuer Trust’s obligations under Section 2.2(a) to pay the purchase
price in respect of the Stock Purchase Contracts to the extent not satisfied out of the Proceeds at
maturity of the Pledged Treasury Securities.

          (d) The obligations of the Issuer Trust to pay the purchase price in respect of the Stock
Purchase Contracts are non-recourse obligations and are payable solely out of the Proceeds of any
Collateral pledged to secure the obligations of the Issuer Trust and the assignment of the National
City Bank Deposit as set forth in this Section 2.2, and in no event will the Property Trustee be
liable for any deficiency between the Proceeds of the disposition of Collateral and the purchase
price in respect of the Stock Purchase Contracts.

          (e) The Company shall not be obligated to cause the issuance of any share of Preferred Stock
in respect of a Stock Purchase Contract or deliver any certificates therefor to the Property
Trustee unless the Company shall have received payment for the share of Preferred Stock to be
purchased thereunder in the manner herein set forth.

Section 2.3 Issuance of Preferred Stock.

          Unless a Termination Event shall have occurred or the Company shall have redeemed all the
Notes prior to the Stock Purchase Date in accordance with the Indenture, on the Stock Purchase Date
upon receipt of the aggregate purchase price payable on all Stock Purchase Contracts, the Company
shall cause to be issued and deposited with the Property Trustee (or its nominee), one or more
certificates representing newly issued shares of Preferred Stock registered in the name of the
Property Trustee (or its nominee) as custodian for the Issuer Trust to which the Issuer Trust is
entitled hereunder.

Section 2.4 Termination Event; Redemption Prior to Stock Purchase Date; Notice.

          (a) The Stock Purchase Contracts and all obligations and rights of the Company and the Issuer
Trust (including the obligations and rights of the Property Trustee acting on behalf of the Issuer
Trust) thereunder, including, without limitation, the right of the Issuer Trust to receive and the
obligation of the Company to pay any Contract Payments (including any accrued and unpaid Contract
Payments), and the rights and obligations of the Issuer Trust to purchase shares of Preferred
Stock, shall immediately and automatically terminate, without the necessity of any notice or action
by the Issuer Trust, the Property Trustee or the Company, if a Termination Event shall have
occurred on or prior to the Stock Purchase Date.

          (b) The Stock Purchase Contracts and all obligations and rights of the Company and the Issuer
Trust (including the obligations and rights of the Property Trustee acting on behalf of the Issuer
Trust) thereunder, including, without limitation, the right of the Issuer Trust to receive and the
obligation of

Stock Purchase Contract Agreement

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the Company to pay any Contract Payments, except as provided in this Section 2.4(b), and the
rights and obligations of the Issuer Trust to purchase shares of Preferred Stock, shall also
terminate automatically upon the redemption of all the Notes by the Company prior to the Stock
Purchase Date in accordance with the Indenture. Upon any such termination, the Company shall pay
to the Issuer Trust for distribution to the Holders of the Normal APEX and the Stripped APEX all
accrued and unpaid Contract Payments.

          (c) Upon the occurrence of a Termination Event or the redemption of all the Notes by the
Company prior to the Stock Purchase Date in accordance with the Indenture, the Company shall
promptly but in no event later than five Business Days thereafter give written notice to the
Property Trustee and the Collateral Agent of such event.

Section 2.5 Charges and Taxes.

          The Company will pay all stock transfer and similar taxes attributable to the initial issuance
and delivery of the shares of Preferred Stock pursuant to the Stock Purchase Contracts; provided
that the Company shall not be required to pay any such tax or taxes that may be payable in respect
of any issuance of a share of Preferred Stock in a name other than in the name of the Property
Trustee or its nominee, as custodian for the Issuer Trust, and the Company shall not be required to
issue or deliver such share certificates unless or until the Person or Persons requesting the
issuance thereof shall have paid to the Company, in addition to any Stated Amount, the amount of
such tax or shall have established to the satisfaction of the Company that such tax has been paid.

Section 2.6 Contract Payments.

          (a) Subject to Section 2.7, the Company shall pay, in arrears on each Payment Date, the
Contract Payments payable in respect of each Stock Purchase Contract to the Property Trustee or
upon its order. The Contract Payments will be payable by wire transfer to the Payment Account
established under the Trust Agreement by Wilmington Trust Company, as Paying Agent, and the
Property Trustee so directs. The Contract Payments will accrue from and including January 30, 2008
or from and including the most recent Payment Date on which Contract Payments have been paid or
duly provided for (subject to deferral as set forth in Section 2.7) to but excluding the next
succeeding Payment Date. Contract Payments will be calculated on the basis of a 360-day year
consisting of twelve 30-day months.

          (b) The Company’s obligations with respect to Contract Payments, if any, will be subordinated
and junior in right of payment to the Company’s obligations under any Senior and Subordinated Debt
to the extent and in the manner set forth in Sections 2.6(c) through (m).

          (c) No payment or distribution in respect of any Contract Payments shall be made by the
Company unless full payment of amounts then due for principal (and premium, if any), sinking funds,
and interest on Senior and Subordinated Debt of the Company has been made or duly provided for in
money or money’s worth in accordance with its terms. No payment or distribution in respect of any
Contract Payments shall be made by the Company if, at the time of such payment or immediately after
giving effect thereto, there shall have occurred a default in payment with respect to any Senior
and Subordinated Debt of the Company or in any instrument under which the same is outstanding, or
an event of default with respect to any Senior and Subordinated Debt of the Company resulting in
the acceleration of the maturity thereof, or if any judicial proceedings are pending with respect
to any such default.

          (d) Upon the occurrence of any default referred to in Section 2.6(c) that shall not have been
cured or waived:

Stock Purchase Contract Agreement

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     (i) all Senior and Subordinated Debt (including any interest thereon accruing after the
commencement of any such proceedings) shall first be paid in full before any payment or
distribution, whether in cash, securities or other property, shall be made to the Property
Trustee in respect of Contract Payments;

     (ii) any payment or distribution, whether in cash, securities or other property that
would otherwise (but for these subordination provisions) be payable or deliverable in
respect of Contract Payments shall be paid or delivered directly to the holders of Senior
and Subordinated Debt in accordance with the priorities then existing among such holders
until all Senior and Subordinated Debt (including any interest thereon accruing after the
commencement of any such proceedings) shall have been paid in full;

     (iii) after payment in full of all sums owing with respect to Senior and Subordinated
Debt, the Property Trustee, together with the holders of any obligations of the Company
ranking on a parity with the Contract Payments, shall be entitled to be paid from the
remaining assets of the Company the amounts at the time due and owing on account of unpaid
Contract Payments and interest thereon and such other obligations before any payment or
other distribution, whether in cash, securities or other property, shall be made on account
of any capital stock of the Company or any obligations of the Company ranking junior to the
Company’s obligations to make Contract Payments under the Stock Purchase Contracts and such
other obligations; and

     (iv) in the event that, notwithstanding the foregoing, any payment or distribution of
any character or any security, whether in cash, securities or other property, shall be
received by the Property Trustee or the Issuer Trust in contravention of any of the terms
hereof such payment or distribution or security shall be received in trust for the benefit
of, and shall be paid over or delivered and transferred back to the transferor for
distribution, or to the holders of the Senior and Subordinated Debt at the time outstanding
in accordance with the priorities then existing among such holders for application to the
payment of all Senior and Subordinated Debt remaining unpaid, to the extent necessary to pay
all such Senior and Subordinated Debt in full. In the event of the failure of the Property
Trustee or the Issuer Trust to endorse or assign any such payment, distribution or security,
each holder of Senior and Subordinated Debt is hereby irrevocably authorized to endorse or
assign the same.

          (e) For purposes of Sections 2.6(c) through (p), the words “cash, securities or other
property” shall not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other Person provided for by a plan of
reorganization or readjustment, the payment of which is subordinated at least to the extent
provided in Sections 2.6(b) through (m) with respect to such Contract Payments on the Stock
Purchase Contracts to the payment of all Senior and Subordinated Debt that may at the time be
outstanding; provided that (i) the indebtedness or guarantee of indebtedness, as the case may be,
that constitutes Senior and Subordinated Debt is assumed by the Person, if any, resulting from any
such reorganization or readjustment, and (ii) the rights of the holders of the Senior and
Subordinated Debt are not, without the consent of each such holder adversely affected thereby,
altered by such reorganization or readjustment.

          (f) Any failure by the Company to make any payment on or perform any other obligation under
Senior and Subordinated Debt, other than any indebtedness incurred by the Company or assumed or
guaranteed, directly or indirectly, by the Company for money borrowed (or any deferral, renewal,
extension or refunding thereof) or any indebtedness or obligation as to which the provisions of
Sections 2.6(b) through (m) shall have been waived by the Company in the instrument or instruments
by which the Company incurred, assumed, guaranteed or otherwise created such indebtedness or
obligation, shall not be deemed a default or event of default if (i) the Company shall be disputing
its obligation to make

Stock Purchase Contract Agreement

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such payment or perform such obligation and (ii) either (A) no final judgment relating to such
dispute shall have been issued against the Company that is in full force and effect and is not
subject to further review, including a judgment that has become final by reason of the expiration
of the time within which a party may seek further appeal or review, or (B) in the event a judgment
that is subject to further review or appeal has been issued, the Company shall in good faith be
prosecuting an appeal or other proceeding for review and a stay of execution shall have been
obtained pending such appeal or review.

          (g) Subject to the irrevocable payment in full of all Senior and Subordinated Debt, the
Property Trustee on behalf of the Issuer Trust shall be subrogated (equally and ratably with the
holders of all obligations of the Company that by their express terms are subordinated to Senior
and Subordinated Debt of the Company to the same extent as payment of the Contract Payments in
respect of the Stock Purchase Contracts is subordinated and that are entitled to like rights of
subrogation) to the rights of the holders of Senior and Subordinated Debt to receive payments or
distributions of cash, securities or other property of the Company applicable to the Senior and
Subordinated Debt until all such Contract Payments owing on the Stock Purchase Contracts shall be
paid in full, and as between the Company, its creditors other than holders of such Senior and
Subordinated Debt and the Property Trustee, no such payment or distribution made to the holders of
Senior and Subordinated Debt by virtue of Sections 2.6(b) through (m) that otherwise would have
been made to the Property Trustee shall be deemed to be a payment by the Company on account of such
Senior and Subordinated Debt, it being understood that the provisions of Sections 2.6(b) through
(m) are intended solely for the purpose of defining the relative rights of the Property Trustee, on
the one hand, and the holders of Senior and Subordinated Debt, on the other hand.

          (h) Nothing contained in Sections 2.6(b) through (m) or elsewhere in this Agreement is
intended to or shall impair, as among the Company, its creditors other than the holders of Senior
and Subordinated Debt and the Property Trustee, the obligation of the Company, which is absolute
and unconditional, to pay to the Property Trustee such Contract Payments on the Stock Purchase
Contracts as and when the same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the Property Trustee and creditors of the
Company other than the holders of Senior and Subordinated Debt, nor shall anything herein or
therein prevent the Property Trustee from exercising all remedies otherwise permitted by applicable
law upon default under this Agreement, subject to the rights, if any, under Sections 2.6(b) through
(m), of the holders of Senior and Subordinated Debt in respect of cash, securities or other
property of the Company received upon the exercise of any such remedy.

          (i) Upon payment or distribution of assets of the Company referred to in Sections 2.6(b)
through (m), the Property Trustee shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which any such dissolution, winding up, liquidation or
reorganization proceeding affecting the affairs of the Company is pending or upon a certificate of
the trustee in bankruptcy, receiver, conservator, assignee for the benefit of creditors,
liquidating trustee or other Person making any payment or distribution, delivered to the Property
Trustee, for the purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior and Subordinated Debt and other indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to Sections 2.6(b) through (m); provided that the
foregoing shall not be construed as creating any duty on the part of the Property Trustee.

          (j) The Property Trustee shall be entitled to rely on the delivery to it of a written notice
by a Person representing himself to be a holder of Senior and Subordinated Debt (or a trustee or
representative on behalf of such holder) to establish that such notice has been given by a holder
of Senior and Subordinated Debt or a trustee or representative on behalf of any such holder or
holders. In the event that the Property Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of Senior and Subordinated Debt to
participate in any payment or distribution pursuant to Section 2.6(b) through (m), the Property
Trustee may request such Person to furnish evidence to

Stock Purchase Contract Agreement

-13-

 

the reasonable satisfaction of the Property Trustee as to the amount of Senior and
Subordinated Debt held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of such Person under
Sections 2.6(b) through (m), and, if such evidence is not furnished, the Property Trustee may defer
payment to such Person pending judicial determination as to the right of such Person to receive
such payment, provided that the foregoing shall not be construed as imposing any obligation or duty
on the part of the Property Trustee.

          (k) Nothing contained in Sections 2.6(b) through (m) shall affect the obligations of the
Company to make, or prevent the Company from making, payment of the Contract Payments, except as
otherwise provided in Sections 2.6(b) through (m).

          (l) The Bank of New York Trust Company, N.A., or any successor Property Trustee, in its
individual capacity shall be entitled to all the rights set forth in this Section with respect to
any Senior and Subordinated Debt at the time held by it, to the same extent as any other holder of
Senior and Subordinated Debt and nothing in this Agreement shall deprive The Bank of New York Trust
Company, N.A., or any successor Property Trustee of any of its rights as such holder.

          (m) No right of any present or future holder of any Senior and Subordinated Debt to enforce
the subordination herein shall at any time or in any way be prejudiced or impaired by any act or
failure to act on the part of the Company or by any noncompliance by the Company with the terms,
provisions and covenants of this Agreement, regardless of any knowledge thereof that any such
holder may have or be otherwise charged with.

          (n) Nothing in this Section 2.6 shall apply to claims of, or payments to, the Property Trustee
under or pursuant to Section 2.7.

          (o) With respect to the holders of Senior and Subordinated Debt, (i) the Property Trustee
shall not be liable to any such holders if it shall pay over or distribute to the Holders or to the
Company or any other Person cash, securities or other property received by it to which any holders
of Senior and Subordinated Debt shall be entitled by virtue of this Section 2.6 or otherwise; (ii)
no implied covenants or obligations shall be read into this Agreement against the Property Trustee;
and (iii) the Property Trustee shall owe no duties, fiduciary or otherwise, to such holders.

          (p) Nothing in this Section 2.6 shall apply to any payment or distribution, whether in cash,
securities or other property, made to, or paid over or distributed by, any Paying Agent in respect
of Contract Payments or otherwise. The Paying Agent shall owe no duty, fiduciary or otherwise, to
any holder of Senior and Subordinated Debt and shall not be liable to any holders of Senior and
Subordinated Debt if it shall pay over or distribute to the Holders or to the Company or any other
Person cash, securities or other property to which any holders of Senior and Subordinated Debt
shall otherwise be entitled by virtue of this Section 2.6 or otherwise; and no implied covenants or
obligations shall be read into this Agreement against the Paying Agent.

Section 2.7 Deferral of Contract Payments.

          (a) The Company shall have the right (which will be exercised if so directed by the Federal
Reserve), at any time prior to the Stock Purchase Date, to defer the payment of any or all of the
Contract Payments otherwise payable on any Payment Date, but only if the Company shall give the
Property Trustee (with a copy to the Paying Agent) written notice of its election with respect to
each deferral of a Contract Payment (specifying the amount to be deferred) at least ten Business
Days prior to the earlier of (i) the next succeeding Payment Date or (ii) the date the Property
Trustee and the Administrative Trustees are required to give notice of any record date or Payment
Date with respect to any series of APEX

Stock Purchase Contract Agreement

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to the New York Stock Exchange, any other national securities exchange, automated interdealer
quotation system or other applicable self regulatory organization or to the Holders, but in any
event not less than one Business Day prior to such record date. Any Contract Payments so deferred
shall, to the extent permitted by law, accrue interest thereon at the rate originally applicable to
the Notes (calculated on the same basis as originally applicable to the Notes), compounding on each
succeeding Payment Date, until paid in full (such deferred installments of Contract Payments, if
any, together with the additional Contract Payments, if any, accrued thereon, being referred to
herein as the “Deferred Contract Payments”). Deferred Contract Payments, if any, shall be due on
the next succeeding Payment Date except to the extent that payment is deferred pursuant to this
Section 2.7, except as provided under Section 1.9. No Contract Payments may be deferred to a date
that is after the Stock Purchase Date and no such deferral period may end other than on a Payment
Date, except as provided under Section 1.9. If the Stock Purchase Contracts are terminated upon
the occurrence of a Termination Event or the redemption of all the Notes by the Company prior to
the Stock Purchase Date in accordance with the Indenture, the Issuer Trust’s right to receive any
Contract Payments and any Deferred Contract Payments will terminate.

          (b) In the event that the Company elects to defer the payment of Contract Payments until a
Payment Date prior to the Stock Purchase Date, then all Deferred Contract Payments, if any, shall
be payable to the Property Trustee on behalf of the Issuer Trust on such Payment Date, except as
provided under Section 1.9.

          (c) In the event that the Company elects to defer the payment of Contract Payments on the
Stock Purchase Contracts and such deferral is continuing on the Stock Purchase Date, the Property
Trustee on behalf of the Issuer Trust will receive on the Stock Purchase Date in lieu of a cash
payment, in addition to the shares of Preferred Stock to be issued pursuant to Section 2.3,
Additional Subordinated Notes that will (i) have a principal amount equal to the aggregate amount
of Deferred Contract Payments at the Stock Purchase Date, (ii) mature on the later of December 10,
2016 and five years after the first Payment Date on which any of such Deferred Contract Payments
was payable, (iii) bear interest at the rate per annum equal to the originally applicable rate of
interest on the Notes (subject to deferral on the same basis as the Notes; provided that the
reference in clause (i)(2) of Section 2.7(d) to the beginning of the deferral period shall be
deemed to refer to the beginning of the deferral period with respect to the Notes), (iv) be
subordinate and rank junior in right of payment to all of the Company’s Senior and Subordinated
Debt on the same basis as the Contract Payments and (v) be redeemable at the option of the Company
at any time or from time to time prior to their stated maturity at a redemption price equal to the
principal amount thereof plus any accrued and unpaid interest to the date of redemption; provided
that the Company shall register such Additional Subordinated Notes under the Securities Act prior
to the delivery thereof to the Property Trustee unless they may be so delivered pursuant to an
exemption or exception from registration thereunder.

          (d) In the event the Company exercises its option to defer the payment of Contract Payments
then, until the earlier of (x) the Termination Date or (y) the date on which the Company shall have
either paid all Deferred Contract Payments to the Property Trustee in cash or repaid all amounts
outstanding on the Additional Subordinated Notes, the Company shall not (i) declare or pay any
dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with
respect to, any shares of its capital stock, including Preferred Stock; (ii) make any payment of
principal of or interest or premium, if any, on or repay, repurchase or redeem any Parity
Securities or any debt securities of the Company that rank junior to the Notes; or (iii) make any
guarantee payments with respect to any guarantee by the Company of the debt securities of any
subsidiary of the Company that by its terms ranks junior in interest to the Company’s guarantee
related to the APEX other than, in each case:

     (i) dividends or distributions in shares of Common Stock;

Stock Purchase Contract Agreement

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     (ii) any declaration of a dividend in connection with the implementation of a rights
plan or the issuance of stock under any such plan or the redemption or repurchase of any
such rights pursuant thereto;

     (iii) payments under the Company’s guarantee related to the APEX;

     (iv) purchases of Common Stock related to the issuance of Common Stock or rights under
any of the Company’s benefit plans for its directors, officers or employees;

     (v) any payment of current or deferred interest on Parity Securities (including the
Additional Subordinated Notes and the Notes) that is made pro rata to the amounts due on
such Parity Securities Securities (including the Additional Subordinated Notes and the
Notes) and the amount of the Deferred Contract Payments, and any payments of principal of or
deferred interest on Parity Securities that, if not made, would cause the Company to breach
the terms of the instrument governing such Parity Securities; or

     (vi) payments of interest on Parity Securities (including the Additional Subordinated
Notes and the Notes) in additional Parity Securities and any repurchase of Parity Securities
(including the Notes) in exchange for preferred stock (including the Preferred Stock), in
each case in connection with a Failed Remarketing or similar event).

ARTICLE III

REMEDIES

Section 3.1 Unconditional Right of the Property Trustee to Receive Contract Payments and to
Purchase Shares of Preferred Stock; Direct Action by Holders of Normal APEX or Stripped APEX.

          The Property Trustee on behalf of the Issuer Trust shall have the right, which is absolute and
unconditional, (i) subject to Article II, to receive each Contract Payment with respect to each
Stock Purchase Contract on the respective Payment Date and (ii) except upon and following a
Termination Event or the redemption of all the Notes by the Company prior to the Stock Purchase
Date in accordance with the Indenture, to purchase one share of Preferred Stock pursuant to such
Stock Purchase Contract and, in each such case, to institute suit for the enforcement of any such
right to receive Contract Payments and the right to purchase such share of Preferred Stock, and
such rights shall not be impaired without its consent. Up to and including the Stock Purchase
Date, or the earlier termination of the Stock Purchase Contracts, any Holder shall have the right,
upon default in the payment of any Contract Payment with respect to any Stock Purchase Contract on
the respective Payment Date (subject to Article II), to institute a suit directly against the
Company for enforcement of payment to such Holder of Contract Payments on Stock Purchase Contracts
(or interests therein) having a stated amount equal to the aggregate Liquidation Amount (as defined
in the Trust Agreement) of the APEX held by such Holder.

Section 3.2 Restoration of Rights and Remedies.

          If the Property Trustee on behalf of the Issuer Trust has instituted any proceeding to enforce
any right or remedy under this Agreement and such proceeding has been discontinued or abandoned for
any reason, or has been determined adversely to the Issuer Trust, then and in every such case,
subject to any determination in such proceeding, the Company and the Issuer Trust shall be restored
severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Property Trustee on behalf of the Issuer Trust shall continue as though no such
proceeding had been instituted.

Stock Purchase Contract Agreement

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Section 3.3 Rights and Remedies Cumulative.

          No right or remedy herein conferred upon or reserved to the Property Trustee on behalf of the
Issuer Trust is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. Every right and
remedy given by this Article III or by law to the Property Trustee may be exercised from time to
time, and as often as may be deemed expedient, by the Property Trustee.

Section 3.4 Waiver of Stay or Extension Laws.

          The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Agreement; and the Company (to the extent that it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Property Trustee, but
will suffer and permit the execution of every such power as though no such law had been enacted.

ARTICLE IV

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 4.1 Covenant Not to Consolidate, Merge, Convey, Transfer or Lease Property Except under
Certain Conditions.

          The Company covenants that it will not consolidate with, convert into, or merge with and into,
any other entity or sell, assign, transfer, lease or convey all or substantially all of its
properties and assets to any Person or entity, unless:

          (a) the successor shall be a corporation organized and existing under the laws of the United
States of America or a State thereof or the District of Columbia and such corporation shall
expressly assume all the obligations of the Company under the Stock Purchase Contracts, this
Agreement, the Collateral Agreement, the Trust Agreement, the Indenture, the Guarantee Agreement
and the Remarketing Agreement by one or more supplemental agreements in form reasonably
satisfactory to the Property Trustee, executed and delivered to the Property Trustee by such
corporation;

          (b) such successor corporation shall not, immediately after such consolidation, conversion,
merger, sale, assignment, transfer, lease or conveyance, be in default of payment obligations under
the Stock Purchase Contracts, this Agreement, the Collateral Agreement, the Trust Agreement or the
Remarketing Agreement or in material default in the performance of any other covenants under any of
the foregoing agreements; and

          (c) the successor entity shall have reserved sufficient authorized and unissued shares of
preferred stock having substantially the same terms and conditions as the Preferred Stock such that
the Issuer Trust will receive, on the Stock Purchase Date, shares of preferred stock having
substantially the same rights as the Preferred Stock that the Issuer Trust would have received had
such merger, consolidation or other transaction not occurred.

Stock Purchase Contract Agreement

-17-

 

Section 4.2 Rights and Duties of Successor Corporation.

          In case of any such merger, consolidation, share exchange, sale, assignment, transfer, lease
or conveyance and upon any such assumption by a successor corporation in accordance with Section
4.1, such successor entity shall succeed to and be substituted for the Company with the same effect
as if it had been named herein as the Company.

Section 4.3 Officers’ Certificate and Opinion of Counsel Given to Property Trustee.

          The Property Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as
conclusive evidence that any such merger, consolidation, share exchange, sale, assignment,
transfer, lease or conveyance, and any such assumption, complies with the provisions of this
Article IV and that all conditions precedent to the consummation of any such merger, consolidation,
share exchange, sale, assignment, transfer, lease or conveyance have been met.

ARTICLE V

COVENANTS

Section 5.1 Performance under Stock Purchase Contracts.

          The Company covenants and agrees for the benefit of the Issuer Trust that it will duly and
punctually perform its obligations under the Stock Purchase Contracts in accordance with the terms
of the Stock Purchase Contracts and this Agreement.

Section 5.2 Company to Reserve Preferred Stock.

          The Company shall at all times prior to the Stock Purchase Date reserve and keep available,
free from preemptive rights, out of its authorized but unissued Preferred Stock the full number of
shares of Preferred Stock issuable against tender of payment for such shares of Preferred Stock in
respect of all Stock Purchase Contracts.

Section 5.3 Covenants as to Preferred Stock.

          The Company covenants that all shares of Preferred Stock that may be issued against tender of
payment for such shares of Preferred Stock in respect of any Stock Purchase Contract will, upon
issuance, be duly authorized, validly issued, fully paid and nonassessable.

Section 5.4 Statements of Officers of the Company as to Default.

          The Company will deliver to the Property Trustee, within 120 days after the end of each fiscal
year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not
to the knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions hereof, and if the Company shall be in default,
specifying all such defaults and the nature and status thereof of which they may have knowledge.

* * * *

          This instrument 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.

Stock Purchase Contract Agreement

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          In Witness Whereof, the parties hereto have caused this Agreement to be duly executed
as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	 	 	National City Corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ Thomas A. Richlovsky	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:   Thomas A. Richlovsky	 	 
	 	 	 	 	Title:     Senior Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	National City Preferred Capital Trust I	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	The Bank of New York Trust Company, N.A., not in its individual capacity
but solely as Property Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ L. Garcia
	 

	 	 	 	 	 	 

Name:   L. Garcia
	 
	 

	 	 	 	 	 	Title:     Vice President 

Stock Purchase Contract AgreementEX-4.10

 

Exhibit
4.10

CERTIFICATE
OF DESIGNATIONS

OF

NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES E,

WITHOUT PAR VALUE

OF

NATIONAL CITY CORPORATION

 

Pursuant to Section 151(g) of the

General Corporation Law

of the State of Delaware

 

          National City Corporation, a corporation organized and existing under the General
Corporation Law of the State of Delaware (the “Corporation”), in accordance with the provisions of
Sections 103 and 151 thereof, Does Hereby Certify:

          First: The Amended and Restated Certificate of Incorporation of the Corporation
authorizes the issuance of 5,000,000 shares of preferred stock, without par value, of the
Corporation (“Preferred Stock”) in one or more series, and authorizes the Board of Directors to fix
by resolution or resolutions the designation of each series of Preferred Stock and the voting and
other powers, designations, preferences and relative, participating, optional or other rights, and
the qualifications, limitations or restrictions thereof.

          Second: The Pricing Committee (the “Committee”) of the Board of Directors of the
Corporation (the “Board of Directors”), in accordance with the resolutions of the Board of
Directors dated October 22, 2007 and the unanimous written consent of the Board of Directors
effective as of January 16, 2008, the provisions of the Amended and Restated Certificate of
Incorporation, as amended, the First Restatement of By-laws of the Corporation and applicable law,
adopted the following resolution as of January 23, 2008 creating a series of 5,751 shares of
Preferred Stock of the Corporation designated as “Non-Cumulative Perpetual Preferred Stock, Series
E”.

          Resolved, that pursuant to the authority vested in the Committee and in accordance
with the resolutions of the Board of Directors dated October 22, 2007 and the unanimous written
consent of the Board of Directors effective as of January 16, 2008, the provisions of the Amended
and Restated Certificate of Incorporation, the First Restatement of By-laws of the Corporation and
applicable law, a series of Preferred Stock, no par value, of the Corporation be and hereby is
created, and that the designation and number of shares of such series, and the voting and other
powers, designations, preferences and relative, participating, optional or other rights, and the
qualifications, limitations and restrictions thereof, of the shares of such series, are as follows:

Rights and Preferences

     (a) Designation of Series and Number of Shares. The shares of such series of
Preferred Stock shall be designated “Non-Cumulative Perpetual Preferred Stock, Series E”

 

 

(“Series E Preferred Stock”), and the authorized number of shares that shall constitute such
series shall be 5,751 shares, without par value, which may be decreased (but not below the number
of shares of Series E Preferred Stock then outstanding) from time to time by resolution of the
Board of Directors by a certificate executed and acknowledged by the corporation and filed with the
Secretary of State of the State of Delaware. Shares of outstanding Series E Preferred Stock that
are redeemed, purchased or otherwise acquired by the Corporation, or converted into another series
of Preferred Stock, shall be cancelled and shall revert to authorized but unissued shares of
Preferred Stock undesignated as to series.

     (b) Definitions. As used herein with respect to the Series E Preferred Stock:

     (i) “Board of Directors” means the board of directors of the Corporation.

     (ii) “By-laws” means the First Restatement of By-laws of the Corporation, as may be amended
from time to time.

     (iii) “Business Day” means any day other than a Saturday, Sunday, or any other day on which
banking institutions and trust companies in New York, New York, Cleveland, Ohio or Wilmington,
Delaware are permitted or required by any applicable law to close.

     (iv) “Calculation Agent” means, at any time, the person or entity appointed by the Corporation
and serving as such agent at such time. The Corporation may terminate any such appointment and may
appoint a successor agent at any time and from time to time; provided that the Corporation shall
use its best efforts to ensure that there is at all relevant times when the Series E Preferred
Stock is outstanding a person or entity appointed and serving as such agent. The Calculation Agent
may be a person or entity affiliated with the Corporation.

     (v) “Certificate of Designations” means this Certificate of Designations relating to the
Series E Preferred Stock, as it may be amended from time to time.

     (vi) “Certificate of Incorporation” means the Amended and Restated Certificate of
Incorporation of the Corporation, as may be amended from time to time, and shall include this
Certificate of Designations.

     (vii) “Common Stock” means the common stock, par value $4.00 per share, of the Corporation.

     (viii) “Dividend Determination Date” means the second London Banking Day immediately preceding
the first day of the relevant Dividend Period.

     (ix) “Dividend Payment Date” has the meaning specified in Section 3(a).

     (x) “Dividend Parity Stock” has the meaning specified in Section 3(b).

     (xi) “Dividend Period” has the meaning specified in Section 3(a).

     (xii) “Dividend Record Date” has the meaning specified in Section 3(a).

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     (xiii) “Excluded Class” means any class or series of Preferred Stock with a liquidation
preference that is less than $100,000 per share, unless the Certificate of Incorporation requires
such class or series of Preferred Stock to vote in proportion to their respective liquidation
preferences when voting together with the Series E Preferred Stock as a single class.

     (xiv) “Junior Stock” means the Common Stock and any other class or series of stock of the
Corporation (other than the Series E Preferred Stock) that ranks junior to the Series E Preferred
Stock either or both as to the payment of dividends and/or as to the distribution of assets on any
liquidation, dissolution or winding up of the Corporation.

     (xv) “Liquidation Parity Stock” means any class or series of stock of the Corporation (other
than the Series E Preferred Stock) that ranks equally with the Series E Preferred Stock in the
distribution of assets on any liquidation, dissolution or winding up of the Corporation.

     (xvi) “London Banking Day” means any day on which commercial banks are open for general
business (including dealings in deposits in U.S. dollars) in London, England.

     (xvii) “Normal APEX” means the 12.000% Fixed-to-Floating Rate Normal APEX (liquidation amount
$1,000 per security) issued by the Trust and fully and unconditionally guaranteed by the
Corporation.

     (xviii) “Preferred Stock” means any and all series of Preferred Stock, having no par value, of
the Corporation, including the Series E Preferred Stock.

     (xix) “Preferred Stock Directors” has the meaning specified in Section 6(b).

     (xx) “Reuters Screen LIBOR01” means the display designated on the Reuters 3000 Xtra (or such
other page as may replace that page on that service or such other service as may be nominated by
the British Bankers’ Association for the purpose of displaying London interbank offered rates for
U.S. dollar deposits).

     (xxi) “Series D Preferred Stock” means the Preferred Stock of the Corporation designated as
the “Series D Non-Voting Convertible Preferred Stock Without Par Value”.

     (xxii) “Series E Preferred Stock Liquidation Amount” has the meaning specified in Section
4(a).

     (xxiii) “Stock Purchase Contract Agreement” means the Stock Purchase Contract Agreement, dated
as of January 30, 2008, between the Corporation and The Bank of New York Trust Company, N.A. as
Property Trustee (acting on behalf of the Trust)

     (xxiv) “Stock Purchase Contracts” means the Stock Purchase Contracts issued pursuant to the
Stock Purchase Contract Agreement.

     (xxv) “Three-Month LIBOR”, with respect to any Dividend Period beginning on or after the later
of December 10, 2012 and the Stock Purchase Date (as defined in the Stock Purchase Contract
Agreement), the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a
three-month period commencing on the first day of that Dividend Period that appears on

 - 3 - 

 

Reuters Screen LIBOR01 as of 11:00 A.M. (London time) on the Dividend Determination Date for
that Dividend Period. If that rate does not appear on Reuters Screen LIBOR01, Three-Month LIBOR
shall be determined on the basis of the rates at which deposits in U.S. dollars for a three-month
period commencing on the first day of that Dividend Period and in a principal amount of not less
than $1,000,000 are offered to prime banks in the London interbank market by four major banks in
that market selected by the Calculation Agent at approximately 11:00 A.M. (London time) on the
Dividend Determination Date for that Dividend Period. The Calculation Agent shall request the
principal London office of each of these banks to provide a quotation of its rate. If at least two
such quotations are provided, Three-Month LIBOR with respect to such Dividend Period shall be the
arithmetic mean (rounded upward if necessary to the nearest 0.00001 of 1%) of such quotations. If
fewer than two quotations are provided, Three-Month LIBOR with respect to that Dividend Period
shall be the arithmetic mean (rounded upward if necessary to the nearest 0.00001 of 1%) of the
rates quoted by three major banks in New York City selected by the Calculation Agent at
approximately 11:00 A.M., New York City time, on the first day of that Dividend Period for loans in
U.S. dollars to leading European banks for a three-month period commencing on the first day of that
Dividend Period, and in a principal amount of not less than $1,000,000. However, if fewer than
three banks selected by the Calculation Agent to provide quotations are quoting as described in the
immediately preceding sentence, Three-Month LIBOR for that Dividend Period shall be the same as
Three-Month LIBOR as determined for the previous Dividend Period, or in the case of the first
Dividend Period, the most recent Three-Month LIBOR that could have been determined in accordance
with the first sentence of this definition had the Preferred Stock been outstanding.

     (xxvi) “Total Liquidation Amount” has the meaning specified in Section 4(a).

     (xxvii) “Trust” means National City Preferred Capital Trust I.

     (xxviii) “Voting Parity Stock” means any and all classes or series of the Corporation’s stock
(other than the Series E Preferred Stock), whether bearing dividends on a non-cumulative or
cumulative basis but otherwise ranking on a parity with the Series E Preferred Stock as to the
payment of dividends, and having voting rights equivalent to those described in Section 6(b).

     (c) Dividends.

     (i) Rate. Dividends on shares of Series E Preferred Stock will not be mandatory.
Holders of the Series E Preferred Stock, in preference to the holders of Common Stock and of any
other shares of stock ranking junior to the Series E Preferred Stock as to payment of dividends,
shall be entitled to receive, only when, as and if declared by the Board of Directors or a duly
authorized committee of the Board of Directors out of funds legally available therefor, cash
dividends at the rate determined as set forth below in this Section 3 applied to the Series E
Preferred Stock Liquidation Amount. These dividends shall be payable in arrears (as provided below
in this Section 3(a)), but only when, as and if declared by the Board of Directors or a duly
authorized committee of the Board of Directors, (a) if the Series E Preferred Stock is issued prior
to December 10, 2012, on June 10 and December 10 of each year (commencing on the first such date to
occur after the initial issuance of the Series E Preferred Stock) until December 10, 2012, and (b)
thereafter, on March 10, June 10, September 10 and December 10 of each year (each a “Dividend
Payment Date”); provided that if any such Dividend Payment Date on or after

 - 4 - 

 

December 10, 2012 would otherwise occur on a day that is not a Business Day, such Dividend
Payment Date shall instead be (and any dividend payable on the Series E Preferred Stock on such
Dividend Payment Date shall instead be payable on) the immediately succeeding Business Day. If a
Dividend Payment Date before December 10, 2012 is not a Business Day, the applicable dividend shall
be paid on the first Business Day following that day without adjustment. Dividends on the Series E
Preferred Stock shall not be cumulative; holders of Series E Preferred Stock shall not be entitled
to receive any dividends not declared by the Board of Directors or a duly authorized committee of
the Board of Directors and no interest, or sum of money or other property in lieu of interest,
shall be payable in respect of any dividend not so declared.

          Dividends that are payable on the Series E Preferred Stock on any Dividend Payment Date will
be payable to holders of record of the Series E Preferred Stock as they appear on the stock
register maintained by the transfer agent and registrar for the Series E Preferred Stock on the
applicable record date, which shall be such date fixed by the Board of Directors (or a duly
authorized committee of the Board of Directors) in advance of such Dividend Payment Date (each, a
“Dividend Record Date”). Any such day that is a Dividend Record Date shall be a Dividend Record
Date whether or not such day is a Business Day; provided that the holders of record of the Series E
Preferred Stock shall be the holders of record at the close of the immediately preceding Business
Day.

          Each dividend period (a “Dividend Period”) shall commence on and include a Dividend Payment
Date (other than the initial Dividend Period, which shall commence on and include the date of
original issue of the Series E Preferred Stock) and shall end on and include the calendar day
immediately preceding the next Dividend Payment Date. Dividends payable on each share of the
Series E Preferred Stock in respect of a Dividend Period shall be computed by the Calculation Agent
(i) if shares of Series E Preferred Stock are issued prior to December 10, 2012, on the basis of a
360-day year consisting of twelve-30 day months until the Dividend Payment Date in December 2012
and (ii) thereafter, for each Dividend Period, by multiplying the per annum dividend rate in effect
for that Dividend Period by a fraction, the numerator of which will be the actual number of days in
that Dividend Period and the denominator of which will be 360. Dividends payable in respect of a
Dividend Period shall be payable in arrears - i.e., on the first Dividend Payment Date after such
Dividend Period.

          The dividend rate on the Series E Preferred Stock, for each Dividend Period, shall be (a) if
the shares of Series E Preferred Stock are issued prior to December 10, 2012, a rate per annum
equal to 12.000% until the Dividend Payment Date in December 2012, and (b) thereafter, a rate per
annum that will be reset quarterly and shall be equal to Three-Month LIBOR for such Dividend Period
plus 8.610%.

          The Calculation Agent’s determination of any dividend rate, and its calculation of the amount
of dividends for any Dividend Period, will be maintained on file at the Corporation’s principal
offices and will be available to any shareholder upon request and will be final and binding in the
absence of manifest error.

          Holders of the Series E Preferred Stock shall not be entitled to any dividends, whether
payable in cash, securities or other property, other than dividends (if any) declared and payable
on the Series E Preferred Stock as specified in this Section 3.

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     (ii) Priority of Dividends. So long as any shares of Series E Preferred Stock remain
outstanding, no dividend whatsoever shall be declared or paid on the Common Stock or other Junior
Stock, other than a dividend payable solely in shares of Junior Stock, and neither the Corporation
nor any of its subsidiaries may purchase, redeem or otherwise acquire for consideration (other than
as a result of reclassification of Junior Stock for or into other Junior Stock, or the exchange or
conversion of one share of Junior Stock for or into another share of Junior Stock and other than
through the use of the proceeds of a substantially contemporaneous sale of other shares of Junior
Stock), and the Corporation will not pay to or make available any monies for a sinking fund for the
redemption of, any Common Stock or any other Junior Stock unless (a) the full dividends for the
most-recently completed Dividend Period on all outstanding shares of Series E Preferred Stock shall
have been paid, or declared and funds set aside therefor, and (b) the Corporation is not in default
on its obligation to redeem any shares of Series E Preferred Stock that have been called for
redemption. However, the foregoing provisions shall not restrict the ability of any affiliate of
the Corporation to engage in any market-making transactions in Junior Stock in the ordinary course
of business.

          On any Dividend Payment Date for which full dividends are not paid, or declared and funds set
aside therefor, upon the Preferred Stock and other classes or series of capital stock designated as
ranking on a parity with the Series E Preferred Stock as to payment of dividends (“Dividend Parity
Stock”), all dividends paid or declared for payment on that Dividend Payment Date with respect to
the Series E Preferred Stock and the Dividend Parity Stock shall be shared:

	 	•	 	first ratably by the holders of any shares of such other series of Dividend Parity
Stock who have the right to receive dividends with respect to Dividend Periods prior to
the then-current Dividend Period, in proportion to the respective amounts of the
undeclared and unpaid dividends relating to prior Dividend Periods; and

	 	•	 	thereafter by the holders of the shares of Series E Preferred Stock and the Dividend
Parity Stock on a pro rata basis.

          Subject to the foregoing, such dividends (payable in cash, stock or otherwise) as may be
determined by the Board of Directors or a duly authorized committee of the Board of Directors may
be declared and paid on the Common Stock and any other stock that is Dividend Parity Stock or that
ranks junior to the Series E Preferred Stock, from time to time out of any funds legally available
for such payment, and the Series E Preferred Stock shall not be entitled to participate in any such
dividends.

          Any class or series of preferred stock hereafter authorized and issued at any time by the
Corporation that is entitled to receive dividends when, as and if declared by the Board of
Directors or a duly authorized committee of the Board of Directors shall not have, for any period
when any shares of Series E Preferred Stock are outstanding, any dividend payment date that is not
also a Dividend Payment Date of the Series E Preferred Stock.

          The Series E Preferred Stock shall rank on a parity with the Series D Preferred Stock with
respect to the payment of dividends.

 - 6 - 

 

     (d) Liquidation Rights.

     (i) Voluntary or Involuntary Liquidation. In the event of any voluntary or
involuntary liquidation, dissolution or winding up of the affairs of the Corporation, holders of
Series E Preferred Stock shall be entitled to receive an amount per share (the “Total Liquidation
Amount”) equal to the fixed liquidation preference of $100,000 per share (the “Series E Preferred
Stock Liquidation Amount”), plus any declared but unpaid dividends including, if applicable, a pro
rata portion of any declared and unpaid dividends for the then-current Dividend Period to the date
of liquidation, without regard to any undeclared dividends. Holders of the Series E Preferred
Stock will be entitled to receive the Total Liquidation Amount out of the assets of the Corporation
that are available for distribution to shareholders of capital stock ranking on a parity on
liquidation to the Series E Preferred Stock, after payment or provision for payment of the
Corporation’s debts and other liabilities but before any distribution of assets is made to holders
of Common Stock or any other shares ranking, as to such distribution, junior to the Series E
Preferred Stock.

          The Series E Preferred Stock ranks on a parity with the Series D Preferred Stock as to
distributions of assets upon any liquidation, dissolution or winding-up of the Corporation.

     (ii) Partial Payment. If the Corporation’s assets are not sufficient to pay the Total
Liquidation Amount in full to all holders of Series E Preferred Stock and to pay the aggregate
liquidation amount to all holders of any shares of the Corporation’s Liquidation Parity Stock, the
amounts paid to the holders of Series E Preferred Stock and to the such other shares of Liquidation
Parity Stock shall be paid pro rata in accordance with the respective aggregate Total Liquidation
Amount and the aggregate liquidation amount of any such outstanding shares of Liquidation Parity
Stock. If the Total Liquidation Amount per share of Series E Preferred Stock has been paid in full
to all holders of Series E Preferred Stock and the liquidation amount of all other shares of
Liquidation Parity Stock has been paid in full, the holders of Common Stock or any other shares
ranking, as to such distribution, junior to the Series E Preferred Stock will be entitled to
receive remaining assets of the Corporation according to their respective rights and preferences.

     (iii) Merger, Consolidation and Sale of Assets Not Liquidation. For purposes of this
Section 4, neither the sale, conveyance, exchange or transfer of all or substantially all of the
Corporation’s property and assets, nor the consolidation or merger by the Corporation with or into
any other corporation or by another corporation with or into the Corporation, shall constitute a
liquidation, dissolution or winding up of the Corporation’s affairs.

     (e) Redemption.

     (i) Optional Redemption. The Series E Preferred Stock may not be redeemed by the
Corporation prior to the later of December 10, 2012 and the date of original issue of the Series E
Preferred Stock. On that date or on any date after that date, the Series E Preferred Stock may be
redeemed, in whole or in part, at the option of the Corporation. Any such redemption will be at a
cash redemption price of $100,000 per share, plus any declared and unpaid dividends, without regard
to any undeclared dividends. The redemption price for any shares of Series E Preferred Stock shall
be payable on the redemption date to the holder of such shares against surrender of the
certificate(s) evidencing such shares to the Corporation or its agent. Any declared but unpaid

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dividends payable on a redemption date that occurs subsequent to the Dividend Record Date for
a Dividend Period shall not be paid to the holder entitled to receive the redemption price on the
redemption date, but rather shall be paid to the holder of record of the redeemed shares on such
Dividend Record Date relating to the Dividend Payment Date as provided in Section 3 above.

     (ii) No Sinking Fund or Redemption by Holders. The Series E Preferred Stock will not
be subject to any mandatory redemption, sinking fund or other similar provisions. Holders of
Series E Preferred Stock have no right to require the redemption or repurchase of the Series E
Preferred Stock.

     (iii) Notice of Redemption. Notice of every redemption by the Corporation of Series E
Preferred Stock shall be given by first class mail, postage prepaid, addressed to the holders of
record of the Series E Preferred Stock to be redeemed at their respective last addresses appearing
on the books of the Corporation not less than 30 days and not more than 60 days before the date of
redemption; provided that the Series E Preferred Stock may be redeemed on the date the notice of
redemption is delivered to holders of record of the shares if (1) each holder of Normal APEX shall
have received notice of such redemption on or prior to the date of issuance of the Series E
Preferred Stock and (2) each holder of record of the shares on the date the Series E Preferred
Stock is issued shall have received notice, not less 30 days and not more than 60 days before such
date, of the Corporation’s intention to redeem the Series E Preferred Stock on the date of its
issuance (provided that if the Series E Preferred Stock, or any depositary shares representing
interests in the Series E Preferred Stock, are issued in book-entry form through The Depository
Trust Company or any other similar facility, notice of redemption may be given to the holders of
Series E Preferred Stock at such time and in any manner permitted by such facility). Any notice
mailed or otherwise given as provided in this subsection shall be conclusively presumed to have
been duly given, whether or not the holder receives such notice, and failure duly to give such
notice by mail, or any defect in such notice or in the mailing or provision thereof, to any holder
of Series E Preferred Stock designated for redemption shall not affect the validity of the
proceedings for the redemption of any other shares of Series E Preferred Stock.

     Each such notice given to a holder shall state:

	 	•	 	the redemption date;
	 
	 	•	 	the number of shares of Series E Preferred Stock to be redeemed and, if less than
all the shares held by such holder are to be redeemed, the number of such shares to be
redeemed from such holder;
	 
	 	•	 	the redemption price; and
	 
	 	•	 	the place or places where the shares are to be redeemed.

     (iv) Partial Redemption. In case of any redemption of only part of the shares of
Series E Preferred Stock at the time outstanding, the shares to be redeemed shall be selected
either pro rata from the holders of record of shares of Series E Preferred Stock in proportion to
the number of shares held by those holders or by lot or in such other manner as the Board of
Directors (or a duly authorized committee of the Board of Directors) may determine to be fair

 - 8 - 

 

and equitable.
Subject to the provisions hereof, the Corporation shall have full power and authority to prescribe
the terms and conditions upon which shares of Series E Preferred Stock may be redeemed at the
Corporation’s option, from time to time. If fewer than all the shares represented by any
certificate are redeemed, a new certificate shall be issued representing the unredeemed shares
without charge to the holder thereof.

     (v) Effectiveness of Redemption. If notice of redemption of any shares of Series E
Preferred Stock has been given and if funds necessary for the redemption have been set aside by the
Corporation for the benefit of the holders of any shares of Series E Preferred Stock so called for
redemption, then, from and after the date of the redemption notice and the deposit of such funds,
those shares shall no longer be deemed outstanding and all rights of the holders of those shares
(including the right to receive any dividends) will terminate, except for the right to receive the
redemption price. Any funds unclaimed at the end of two years from the redemption date, to the
extent permitted by law, shall be released to the Corporation, after which time the holders of the
shares so called for redemption shall look only to the Corporation for payment of the redemption
price of such shares.

     (f) Voting Rights.

     (i) General. The holders of Series E Preferred Stock shall not have any voting rights
except as set forth below or as otherwise from time to time required by applicable law.

     (ii) Right To Elect Two Directors Upon Nonpayment Events. If and when the dividends
on the Series E Preferred Stock or on any other class or series of Voting Parity Stock have not
been declared and paid (i) in the case of the Series E Preferred Stock and any other class or
series of Voting Parity Stock bearing non-cumulative dividends, in full for at least six quarterly
dividend periods or their equivalents (whether or not consecutive), or (ii) in the case of Voting
Parity Stock bearing cumulative dividends, in an aggregate amount equal to full dividends for at
least six quarterly dividend periods or their equivalent (whether or not consecutive), the
authorized number of directors then constituting the Board of Directors shall automatically be
increased by two. Holders of Series E Preferred Stock, together with the holders of all other
affected classes and series of Voting Parity Stock, voting as a single class, shall be entitled to
elect the two additional members of the Board of Directors (the “Preferred Stock Directors”) at any
annual or special meeting of shareholders at which directors are to be elected or any special
meeting of the holders of the Series E Preferred Stock and any Voting Parity Stock for which
dividends have not been paid, called as provided below, but only if the election of any Preferred
Stock Directors would not cause the Corporation to violate the corporate governance requirements of
the New York Stock Exchange, Inc. (or any other exchange on which securities of the Corporation may
then be listed) that listed companies must have a majority of independent directors. In addition,
the Board of Directors shall at no time have more than two Preferred Stock Directors.

          At any time after the holders of Series E Preferred Stock have the vested power to vote for
Preferred Stock Directors, the Secretary of the Corporation may, and upon the written request of
holders of record of at least 20% of the outstanding shares of Series E Preferred Stock and Voting
Parity Stock (addressed to the Secretary of the Corporation) must, call a special meeting of the
holders of Series E Preferred Stock and Voting Parity Stock for the for the

 - 9 - 

 

election of the Preferred Stock Directors. Notice for a special meeting will be given in a similar
manner to that provided in the By-laws for a special meeting of the shareholders, which the
Corporation will provide upon request, or as required by law. If the Secretary of the Corporation
is required to call a meeting but does not do so within 20 days after receipt of any such request,
then any holder of shares of Series E Preferred Stock may (at the Corporation’s expense) call such
meeting, upon notice as provided in this section, and for that purpose will have access to the
Corporation’s stock books. The Preferred Stock Directors elected at any such special meeting shall
hold office until the next annual meeting of the shareholders unless they have been previously
terminated as described below. In case any vacancy occurs among the Preferred Stock Directors, a
successor shall be elected by the Board of Directors to serve until the next annual meeting of the
shareholders upon the nomination of the then remaining Preferred Stock Director or, if none remains
in office, by the vote of the holders of record of a majority of the voting power of the
outstanding shares of Series E Preferred Stock and all Voting Parity Stock, voting as a single
class. The Preferred Stock Directors shall each be entitled to one vote per director on any
matter.

          Whenever full dividends have been paid on the Series E Preferred Stock and any non-cumulative
Voting Parity Stock for at least one year and all dividends on any cumulative Voting Parity Stock
have been paid in full, then the right of the holders of Series E Preferred Stock to elect the
Preferred Stock Directors shall cease (but subject always to the same provisions for the vesting of
these voting rights in the case of any similar non-payment of dividends in respect of future
Dividend Periods), the terms of office of all Preferred Stock Directors will immediately terminate
and the number of directors constituting the Board of Directors shall automatically be reduced
accordingly.

          Unless the Certificate of Incorporation is amended to require different classes and series of
Preferred Stock to vote in proportion to their respective liquidation preferences when voting
together with the Series E Preferred Stock as a single class, so long as the Stock Purchase
Contracts have not been terminated or any shares of Series E Preferred Stock have been issued and
are outstanding, any class or series of Voting Parity Stock hereafter authorized and issued at any
time by the Corporation shall have a liquidation preference that is not less than $100,000 per
share.

     (iii) Other Voting Rights. So long as any shares of Series E Preferred Stock are
outstanding, in addition to any other vote or consent of shareholders required by law or by the
Certificate of Incorporation, the vote or consent of the holders of at least a majority of the
shares of Series E Preferred Stock at the time outstanding, voting separately as a single class,
given in person or by proxy, either in writing without a meeting or by vote at any meeting called
for the purpose, shall be necessary for effecting or validating:

          (A) Amendment of Certificate of Incorporation. Any amendment of the Certificate of
Incorporation to authorize, or increase the authorized amount of, any shares of any class or series
of capital stock ranking senior to the Series E Preferred Stock with respect to payment of
dividends or distribution of assets on the Corporation’s liquidation; as well as any amendment of
the Certificate of Incorporation or By-laws that would alter or change the voting powers,
preferences or special rights of the Series E Preferred Stock so as to affect them adversely;
provided that (i) the holders of the Series E Preferred Stock and each other class or series of
Preferred Stock ranking on a parity with, or junior to, the Series E Preferred Stock with

 - 10 - 

 

respect to the payment of dividends and distribution of assets on the Corporation’s liquidation
(other than the Series D Preferred Stock and any Excluded Class) shall vote together as a single
class with respect to the authorization, or increase in the authorized amount, of any class or
series of capital stock ranking senior to the Series E Preferred Stock and (ii) the amendment of
the Certificate of Incorporation so as to authorize or create, or to increase the authorized amount
of, any shares of any class or series or any securities convertible into shares of any class or
series of Dividend Parity Stock, junior stock or other capital stock of the Corporation ranking on
a parity with the Series E Preferred Stock in the distribution of assets on liquidation,
dissolution or winding-up shall not be deemed to affect adversely the voting powers, preferences or
special rights of the Series E Preferred Stock; or

          (B) Certain Mergers and Consolidations. Any merger or consolidation of the Corporation
with or into any entity other than a corporation, or any merger or consolidation of the Corporation
with or into any other corporation if the Corporation is not the surviving corporation in such
merger or consolidation and if the Series E Preferred Stock is changed in such merger or
consolidation into anything other than a class or series of preferred stock of the surviving or
resulting corporation, or a corporation controlling such corporation, having voting powers,
preferences and special rights that, if such change were effected by amendment of the Certificate
of Incorporation, would not require a vote of the holders of the Series E Preferred Stock under the
preceding paragraph.

          Each holder of Series E Preferred Stock will have one vote per share on any matter on which
holders of Series E Preferred Stock are entitled to vote, including any action by written consent.

     (iv) Changes after Provision for Redemption. No vote or consent of the holders of
Series E Preferred Stock shall be required pursuant to Section 6(b) or (c) above if, at or prior to
the time when any such vote or consent would otherwise be required pursuant to such Section, all
outstanding shares of Series E Preferred Stock shall have been redeemed, or shall have been called
for redemption upon proper notice and sufficient funds shall have been set aside for such
redemption, in each case pursuant to Section 5 above.

     (g) Record Holders. To the fullest extent permitted by applicable law, the Corporation
and the transfer agent for the Series E Preferred Stock may deem and treat the record holder of any
share of Series E Preferred Stock as the true and lawful owner thereof for all purposes, and
neither the Corporation nor such transfer agent shall be affected by any notice to the contrary.

     (h) Notices. All notices or communications in respect of the Series E Preferred Stock
shall be sufficiently given if given in writing and delivered in person or by first class mail,
postage prepaid, or if given in such other manner as may be permitted in this Certificate of
Designations, in the Certificate of Incorporation or By-laws or by applicable law.

     (i) No Preemptive Rights. No share of Series E Preferred Stock shall have any rights
of preemption whatsoever as to any securities of the Corporation, or any warrants, rights or
options issued or granted with respect thereto, regardless of how such securities, or such
warrants, rights or options, may be designated, issued or granted.

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     (j) Other Rights. The shares of Series E Preferred Stock shall not have any voting
powers, preferences or relative, participating, optional or other special rights, or
qualifications, limitations or restrictions thereof, other than as set forth herein or in the
Certificate of Incorporation or as provided by applicable law.

          Resolved, that all actions taken by the officers and directors of the Corporation or
any of them in connection with the foregoing resolutions through the date hereof be, and they
hereby are, ratified and approved.

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          In Witness Whereof, National City Corporation has caused this Certificate of
Designation to be signed by Thomas R. Richlovsky, its Vice President
and Treasurer and Carlton Langer, its Assistant Secretary, and its Corporate Seal to be
hereunder affixed this 29th day of January, 2008.

	 	 	 	 	 
	 	National City Corporation

 	 
	 	By:  	/s/ Thomas R. Richlovsky	 
	 	 	 	 
	 	 	 	 
	 

/s/ Carlton
Langer, Assistant Secretary

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