Document:

EX-4.1

 Exhibit 4.1 

 
  

BANCO SANTANDER, S.A. 
 as
Issuer, 
 THE BANK OF NEW YORK MELLON, 

London Branch 
 as Trustee
and Principal Paying Agent 
 and 

THE BANK OF NEW YORK MELLON SA/NV, 

Luxembourg Branch 
 as
Senior Non Preferred Debt Securities Registrar 
  

 
 FIFTH
SUPPLEMENTAL INDENTURE 
 dated as of August 18, 2022 

to 
 SENIOR NON PREFERRED DEBT
SECURITIES INDENTURE 
 dated as of May 28, 2020 
  

 
  

 FIFTH SUPPLEMENTAL INDENTURE (“Fifth Supplemental Indenture”), dated as of
August 18, 2022, among BANCO SANTANDER, S.A., a sociedad anónima incorporated under the laws of The Kingdom of Spain (the “Company”), having its principal executive office located at Ciudad Grupo Santander,
Avenida de Cantabria s/n, 28660 Boadilla del Monte, Madrid, Spain, as Issuer, THE BANK OF NEW YORK MELLON, London Branch, a banking corporation duly organized and existing under the laws of the State of New York, as trustee (the
“Trustee,” which term includes any successor Trustee) and principal paying agent (the “Principal Paying Agent,” which term includes any successor Principal Paying Agent), having its Corporate Trust Office at One Canada
Square, London, E14 5AL, United Kingdom and THE BANK OF NEW YORK MELLON SA/NV, Luxembourg Branch, a société anonyme/naamloze vennootschap, incorporated under the laws of Belgium, as senior non preferred debt securities registrar
(the “Senior Non Preferred Debt Securities Registrar”), having its principal office at 2-4 Rue Eugène Ruppert, L-2453 Luxembourg,
Luxembourg. 
 WITNESSETH 

WHEREAS, the Company and the Trustee have executed and delivered a Senior Non Preferred Debt Securities Indenture dated as of May 28,
2020 (as heretofore supplemented and amended, the “Base Indenture” and, the Base Indenture, as supplemented and amended by this Fifth Supplemental Indenture, the “Senior Non Preferred Indenture”), to provide for the
issuance of the Company’s senior non preferred debt securities (the “Senior Non Preferred Debt Securities”), including the Senior Non Preferred Notes (as defined below). 

WHEREAS, Section 9.01(d) of the Base Indenture permits the Company and the Trustee to change or eliminate any provisions of the Base
Indenture without the consent of Holders, subject to certain conditions; 
 WHEREAS, Section 9.01(f) of the Base Indenture permits the
Company and the Trustee to enter into a supplemental indenture to establish the forms or terms of Senior Non Preferred Debt Securities of any series as permitted under Sections 2.01 and 3.01 of the Base Indenture without the consent of Holders; 

WHEREAS, there are no Outstanding Senior Non Preferred Debt Securities of any series created prior to the execution of this Fifth Supplemental
Indenture that are entitled to the benefit of the provisions set forth herein or that would be adversely affected by such provisions; 

WHEREAS, the Executive Committee of the Company has authorized the entry into this Fifth Supplemental Indenture and the establishment of the
Senior Non Preferred Notes (as defined below), as required by Section 9.01 of the Base Indenture; 

  
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 WHEREAS, the parties hereto desire to establish : (i) a series of Senior Non Preferred Debt
Securities to be known as the Series 164 5.147% Senior Non Preferred Fixed Rate Notes due 2025 (the “2025 Fixed Rate Notes”); and (ii) a series of Senior Non Preferred Debt Securities to be known as the Series 162 5.294% Senior
Non Preferred Fixed Rate Notes due 2027 (the “2027 Fixed Rate Notes” and, together with the 2025 Fixed Rate Notes, the “Senior Non Preferred Notes”), each pursuant to Sections 2.01 and 3.01 of the Base Indenture.
Each of the 2025 Fixed Rate Notes and the 2027 Fixed Rate Notes may be issued from time to time, and any 2025 Fixed Rate Notes and 2027 Fixed Rate Notes issued as part of the relevant series created herein will constitute a single series of Senior
Non Preferred Debt Securities under the Senior Non Preferred Indenture and shall be included in the definition of “2025 Fixed Rate Notes” or “2027 Fixed Rate Notes”, as applicable, where the context requires; 

WHEREAS, the Company has requested and hereby requests that the Trustee execute and deliver this Fifth Supplemental Indenture and the Company
has provided the Trustee with an Executive Committee Resolution authorizing the execution of this Fifth Supplemental Indenture; 
 WHEREAS,
all actions required by the Company to be taken in order to make this Fifth Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been taken and performed, and the execution and delivery of this Fifth
Supplemental Indenture has been duly authorized in all respects; and 
 WHEREAS, where indicated, this Fifth Supplemental Indenture shall
amend and supplement the Base Indenture; and to the extent that the terms of the Base Indenture are inconsistent with such provisions of this Fifth Supplemental Indenture, the terms of this Fifth Supplemental Indenture shall govern. 

NOW, THEREFORE, the Company and the Trustee mutually covenant and agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01. Definition of Terms. For all purposes of this Fifth Supplemental Indenture: 

(a) a term defined anywhere in this Fifth Supplemental Indenture has the same meaning throughout; 

(b) capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Base Indenture; 

(c) the singular includes the plural and vice versa; 

(d) headings are for convenience of reference only and do not affect interpretation; and 

(e) for the purposes of this Fifth Supplemental Indenture and the Base Indenture, the term “series” shall mean a series of the
Senior Non Preferred Debt Securities. 

  
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 ARTICLE 2 

FORM OF SENIOR NON PREFERRED NOTES 

Section 2.01. Terms of the 2025 Fixed Rate Notes. The following terms relating to the 2025 Fixed Rate Notes are hereby established
pursuant to Section 3.01 of the Base Indenture: 
 (a) The 2025 Fixed Rate Notes shall be designated as: the Series 164 5.147% Senior
Non Preferred Fixed Rate Notes due 2025; 
 (b) The price at which the 2025 Fixed Rate Notes shall be issued is 100.000% of the principal
amount thereof; 
 (c) The aggregate principal amount of the 2025 Fixed Rate Notes that may be authenticated and delivered under the Senior
Non Preferred Indenture shall not exceed $1,750,000,000, except as otherwise provided in the Senior Non Preferred Indenture, including Section 2.01(t) hereof; 

(d) Principal on the 2025 Fixed Rate Notes shall be payable on August 18, 2025 (the “2025 Fixed Rate Notes Maturity
Date”); 
 (e) The 2025 Fixed Rate Notes shall be issued in global registered form on August 18, 2022 and shall bear interest
from and including August 18, 2022 payable semi-annually in arrears on February 18 and August 18 (each, a “2025 Fixed Rate Interest Payment Date”), commencing on February 18, 2023, up to and including the 2025
Fixed Rate Notes Maturity Date or any date of earlier redemption. The 2025 Fixed Rate Notes shall bear an annual interest rate of 5.147%; 

Interest on the 2025 Fixed Rate Notes will be calculated on the basis of a 360-day year divided into
twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. The Regular Record Dates for the 2025 Fixed Rate Notes will be 15 calendar days immediately preceding the relevant 2025 Fixed
Rate Interest Payment Date, whether or not a Business Day; 
 (f) No premium, upon redemption or otherwise, shall be payable by the Company
on the 2025 Fixed Rate Notes; 
 (g) Principal of and any interest on the 2025 Fixed Rate Notes shall be paid to the Holder through The Bank
of New York Mellon, as paying agent of the Company having offices in London, United Kingdom and the Borough of Manhattan, The City of New York; 

(h) The 2025 Fixed Rate Notes shall not be redeemable except as provided in Article 11 of the Senior Non Preferred Indenture, as amended by
this Fifth Supplemental Indenture; 

  
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 (i) The Company shall have no obligation to redeem or purchase the 2025 Fixed Rate Notes
pursuant to any sinking fund or analogous provision; 
 (j) The 2025 Fixed Rate Notes shall be issued only in minimum denominations of
$200,000 and integral multiples of $200,000 in excess thereof; 
 (k) The principal amount of the 2025 Fixed Rate Notes shall be payable,
subject to the conditions set forth in Section 3.08 hereto, upon the declaration of acceleration thereof pursuant to Section 5.02 of the Base Indenture, as amended by Section 3.08 hereto; 

(l) Additional Amounts in respect of the 2025 Fixed Rate Notes shall be payable as set forth in the Senior Non Preferred Indenture; 

(m) The 2025 Fixed Rate Notes shall be denominated in, and payments thereon shall be made in, U.S. Dollars only; 

(n) The payment of principal of or interest, if any, on the 2025 Fixed Rate Notes shall be payable only in the coin or currency in which the
2025 Fixed Rate Notes are denominated; 
 (o) 2025 Fixed Rate Notes will be issued in the form of one or more global securities in
registered form, without coupons attached, and initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, the Depositary; 

(p) The 2025 Fixed Rate Notes will not be initially issued in definitive form; 

(q) The Events of Default on the 2025 Fixed Rate Notes are as provided for in the Senior Non Preferred Indenture; 

(r) The Company agrees with respect to the 2025 Fixed Rate Notes and each Holder of the 2025 Fixed Rate Notes, by his or her acquisition of
the 2025 Fixed Rate Notes will be deemed to have agreed to the ranking as described in Section 12.01 of the Senior Non Preferred Indenture, as amended by Section 3.17 hereto. Each such Holder will be deemed to have irrevocably waived his
or her rights of priority which would otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2025 Fixed Rate Notes. In addition, each Holder of the 2025 Fixed Rate Notes by
his or her acquisition of such 2025 Fixed Rate Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2025 Fixed Rate Notes as provided in the Senior Non
Preferred Indenture, and appoints the Trustee as his or her attorney-in-fact for any and all such purposes; 

(s) The form of the 2025 Fixed Rate Notes to be issued on the date hereof shall be substantially in the form of Exhibit A hereto; 

  
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 (t) The Company may issue additional 2025 Fixed Rate Notes (“Additional 2025 Fixed
Rate Notes”) after the date hereof having the same ranking and same interest rate, maturity date, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first 2025 Fixed Rate
Interest Payment Date, as the 2025 Fixed Rate Notes; provided, however, that such Additional 2025 Fixed Rate Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2025 Fixed Rate Notes unless the Additional
2025 Fixed Rate Notes are fungible with the 2025 Fixed Rate Notes for U.S. federal income tax purposes. Any such Additional 2025 Fixed Rate Notes, together with the 2025 Fixed Rate Notes, will constitute a single series of securities under the
Senior Non Preferred Indenture; 
 (u) There is no Calculation Agent for the 2025 Fixed Rate Notes; 

(v) The Company appoints The Bank of New York Mellon, London Branch, as the Principal Paying Agent for the 2025 Fixed Rate Notes; 

(w) The Company appoints The Bank of New York Mellon SA/NV, Luxembourg Branch as the Senior Non Preferred Debt Securities Registrar for the
2025 Fixed Rate Notes pursuant to Section 3.05 of the Base Indenture; 
 (x) If (i) a TLAC/MREL Disqualification Event or
(ii) a tax event that would entitle the Company to redeem the 2025 Fixed Rate Notes as set forth in Section 11.08 and Section 11.09 of the Base Indenture occurs and is continuing, the Company may substitute all (but not some) of the
2025 Fixed Rate Notes or modify the terms of all (but not some) of the 2025 Fixed Rate Notes as provided for in Section 8.04 of the Senior Non Preferred Indenture; 

(y) Subject to applicable law, neither any Holder or beneficial owner of the 2025 Fixed Rate Notes nor the Trustee acting on behalf of the
Holders of the 2025 Fixed Rate Notes may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect of, or arising under, or
in connection with, the 2025 Fixed Rate Notes as provided for in Section 12.04 of the Senior Non Preferred Indenture; 
 (z) Each
Holder of the 2025 Fixed Rate Notes acknowledges, accepts, consents to and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority as provided for in Article
13 of the Senior Non Preferred Indenture; and 
 (aa) The Bank of New York Mellon SA/NV, Luxembourg Branch, as the Senior Non Preferred Debt
Securities Registrar for the 2025 Fixed Rate Notes acknowledges, accepts, consents to and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority as provided
for in Article 13 of the Senior Non Preferred Indenture. 

  
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 Section 2.02. Terms of the 2027 Fixed Rate Notes. The following terms relating
to the 2027 Fixed Rate Notes are hereby established pursuant to Section 3.01 of the Base Indenture: 
 (a) The 2027 Fixed Rate Notes
shall be designated as: the Series 162 5.294% Senior Non Preferred Fixed Rate Notes due 2027; 
 (b) The price at which the 2027 Fixed Rate
Notes shall be issued is 100.000% of the principal amount thereof; 
 (c) The aggregate principal amount of the 2027 Fixed Rate Notes that
may be authenticated and delivered under the Senior Non Preferred Indenture shall not exceed $1,750,000,000, except as otherwise provided in the Senior Non Preferred Indenture, including Section 2.02(t) hereof; 

(d) Principal on the 2027 Fixed Rate Notes shall be payable on August 18, 2027 (the “2027 Fixed Rate Notes Maturity
Date”); 
 (e) The 2027 Fixed Rate Notes shall be issued in global registered form on August 18, 2022 and shall bear interest
from and including August 18, 2022 payable semi-annually in arrears on February 18 and August 18 (each, a “2027 Fixed Rate Interest Payment Date”), commencing on February 18, 2023, up to and including the 2027 Fixed
Rate Notes Maturity Date or any date of earlier redemption. The 2027 Fixed Rate Notes shall bear an annual interest rate of 5.294%; 

Interest on the 2027 Fixed Rate Notes will be calculated on the basis of a 360-day year divided into
twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. The Regular Record Dates for the 2027 Fixed Rate Notes will be 15 calendar days immediately preceding the relevant 2027 Fixed
Rate Interest Payment Date, whether or not a Business Day; 
 (f) No premium, upon redemption or otherwise, shall be payable by the Company
on the 2027 Fixed Rate Notes; 
 (g) Principal of and any interest on the 2027 Fixed Rate Notes shall be paid to the Holder through The Bank
of New York Mellon, as paying agent of the Company having offices in London, United Kingdom and the Borough of Manhattan, The City of New York; 

(h) The 2027 Fixed Rate Notes shall not be redeemable except as provided in Article 11 of the Senior Non Preferred Indenture, as amended by
this Fifth Supplemental Indenture; 
 (i) The Company shall have no obligation to redeem or purchase the 2027 Fixed Rate Notes pursuant to
any sinking fund or analogous provision; 

  
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 (j) The 2027 Fixed Rate Notes shall be issued only in minimum denominations of $200,000 and
integral multiples of $200,000 in excess thereof; 
 (k) The principal amount of the 2027 Fixed Rate Notes shall be payable, subject to the
conditions set forth in Section 3.08 hereto, upon the declaration of acceleration thereof pursuant to Section 5.02 of the Base Indenture, as amended by Section 3.08 hereto; 

(l) Additional Amounts in respect of the 2027 Fixed Rate Notes shall be payable as set forth in the Senior Non Preferred Indenture; 

(m) The 2027 Fixed Rate Notes shall be denominated in, and payments thereon shall be made in, U.S. Dollars only; 

(n) The payment of principal of or interest, if any, on the 2027 Fixed Rate Notes shall be payable only in the coin or currency in which the
2027 Fixed Rate Notes are denominated; 
 (o) 2027 Fixed Rate Notes will be issued in the form of one or more global securities in
registered form, without coupons attached, and initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, the Depositary; 

(p) The 2027 Fixed Rate Notes will not be initially issued in definitive form; 

(q) The Events of Default on the 2027 Fixed Rate Notes are as provided for in the Senior Non Preferred Indenture; 

(r) The Company agrees with respect to the 2027 Fixed Rate Notes and each Holder of the 2027 Fixed Rate Notes, by his or her acquisition of
the 2027 Fixed Rate Notes will be deemed to have agreed to the ranking as described in Section 12.01 of the Senior Non Preferred Indenture. Each such Holder will be deemed to have irrevocably waived his or her rights of priority which would
otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the 2027 Fixed Rate Notes. In addition, each Holder of the 2027 Fixed Rate Notes by his or her acquisition of such 2027
Fixed Rate Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2027 Fixed Rate Notes as provided in the Senior Non Preferred Indenture, and appoints
the Trustee as his or her attorney-in-fact for any and all such purposes; 

(s) The form of the 2027 Fixed Rate Notes to be issued on the date hereof shall be substantially in the form of Exhibit B hereto; 

  
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 (t) The Company may issue additional 2027 Fixed Rate Notes (“Additional 2027 Fixed
Rate Notes”) after the date hereof having the same ranking and same interest rate, maturity date, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first 2027 Fixed Rate
Interest Payment Date, as the 2027 Fixed Rate Notes; provided, however, that such Additional 2027 Fixed Rate Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2027 Fixed Rate Notes unless the Additional
2027 Fixed Rate Notes are fungible with the 2027 Fixed Rate Notes for U.S. federal income tax purposes. Any such Additional 2027 Fixed Rate Notes, together with the 2027 Fixed Rate Notes, will constitute a single series of securities under the
Senior Non Preferred Indenture; 
 (u) There is no Calculation Agent for the 2027 Fixed Rate Notes; 

(v) The Company appoints The Bank of New York Mellon, London Branch, as the Principal Paying Agent for the 2027 Fixed Rate Notes; 

(w) The Company appoints The Bank of New York Mellon SA/NV, Luxembourg Branch as the Senior Non Preferred Debt Securities Registrar for the
2027 Fixed Rate Notes pursuant to Section 3.05 of the Base Indenture; 
 (x) If (i) a TLAC/MREL Disqualification Event or
(ii) a tax event that would entitle the Company to redeem the 2027 Fixed Rate Notes as set forth in Section 11.08 and Section 11.09 of the Base Indenture occurs and is continuing, the Company may substitute all (but not some) of the
2027 Fixed Rate Notes or modify the terms of all (but not some) of the 2027 Fixed Rate Notes as provided for in Section 8.04 of the Senior Non Preferred Indenture; 

(y) Subject to applicable law, neither any Holder or beneficial owner of the 2027 Fixed Rate Notes nor the Trustee acting on behalf of the
Holders of the 2027 Fixed Rate Notes may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect of, or arising under, or
in connection with, the 2027 Fixed Rate Notes as provided for in Section 12.04 of the Senior Non Preferred Indenture; 
 (z) Each
Holder of the 2027 Fixed Rate Notes acknowledges, accepts, consents to and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority as provided for in Article
13 of the Senior Non Preferred Indenture; and 
 (aa) The Bank of New York Mellon SA/NV, Luxembourg Branch, as the Senior Non Preferred Debt
Securities Registrar for the 2027 Fixed Rate Notes acknowledges, accepts, consents to and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority as provided
for in Article 13 of the Senior Non Preferred Indenture. 

  
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 ARTICLE 3 

ADDITIONAL TERMS APPLICABLE TO THE SENIOR NON PREFERRED NOTES 

Section 3.01. Addition of Definitions. With respect to the Senior Non Preferred Notes only, Section 1.01 of the Base
Indenture is amended to include the following definitions (which shall be deemed to arise in Section 1.01 in their proper alphabetical order): 

“2025 Fixed Rate Interest Payment Date” shall have the meaning provided in Section 2.01(e) hereof. 

“2027 Fixed Rate Interest Payment Date” shall have the meaning provided in Section 2.02(e) hereof. 

“2025 Fixed Rate Notes Maturity Date” shall have the meaning provided in Section 2.01(d) hereof. 

“2027 Fixed Rate Notes Maturity Date” shall have the meaning provided in Section 2.02(d) hereof. 

“Additional 2025 Fixed Rate Notes” shall have the meaning provided in Section 2.01(t) hereof. 

“Additional 2027 Fixed Rate Notes” shall have the meaning provided in Section 2.02(t) hereof. 

“Issue Date” means August 18, 2022, being the date of the initial issue of the Senior Non Preferred
Notes. 
 “RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended
or superseded from time to time. 
 Section. 3.02. [Reserved]. 

Section 3.03. Replacement of Definitions. With respect to the Senior Non Preferred Notes only, Section 1.01 of the Base
Indenture is amended to replace in their entirety the following definitions: 
 “Applicable Banking
Regulations” means at any time the laws, regulations, requirements, guidelines and policies relating to capital adequacy, resolution and/or solvency including, among others, those giving effect to the MREL and the TLAC or any equivalent or
successor principles, then applicable to the Company and/or the Group including, without limitation to the generality of the foregoing, the CRD IV, the BRRD, the SRM Regulation and those regulations, requirements, guidelines and policies relating to
capital adequacy, resolution and/or solvency of the Regulator then applicable to the Company and/or the Group including, among others, those giving effect to the MREL and the TLAC or any equivalent or successor principles, in each case to the extent
then in effect in the Kingdom of Spain (whether or not such regulations, requirements, guidelines or policies have the force of law and whether or not they are applied generally or specifically to the Company and/or the Group). 

  
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 “Bail-in Power”
means any power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the transposition of the BRRD, and in particular its article 59
(including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity
(or an affiliate of such Regulated Entity) can be reduced, cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“Business Day” means any day, other than Saturday or Sunday, that is not a Legal Holiday nor a day on
which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York or London nor a day when the Trans-European Automated Real-time Gross Settlement Express Transfer system (the “TARGET2
System”), or any successor thereto, is closed for business. 
 “CRR” means Regulation (EU)
No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on the prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012 or such other regulation as may come into
effect in place thereof, as amended from time to time. 
 “Qualifying Notes” means, with respect to each
series of Senior Non Preferred Debt Securities, at any time, any securities issued directly by the Company that have terms not otherwise materially less favorable to the Holders of the Senior Non Preferred Debt Securities of such series than the
terms of the Senior Non Preferred Debt Securities of such series, provided that such securities shall: 
 (i) contain terms
which comply with the then current requirements for TLAC/MREL-Eligible Instruments as embodied in the Applicable Banking Regulations; 

(ii) carry the same rate of interest as the Senior Non Preferred Debt Securities of such series prior to the relevant
substitution or variation pursuant to Section 8.04; 
 (iii) have the same denomination and aggregate outstanding
principal amount as the Senior Non Preferred Debt Securities of such series prior to the relevant substitution or variation pursuant to Section 8.04; 

(iv) have the same date of maturity and the same dates for payment of interest as the Senior Non Preferred Debt Securities of
such series prior to the relevant substitution or variation pursuant to Section 8.04; 

  
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 (v) have at least the same ranking as the Senior Non Preferred Debt
Securities of such series; 
 (vi) not, immediately following such substitution or variation, be subject to (i) a
TLAC/MREL Disqualification Event and/or (ii) a tax event that would entitle the Company to redeem the Senior Non Preferred Debt Securities of such series as set forth under Section 11.08 and Section 11.09; and 

(vii) be listed or admitted to trading on any stock exchange as selected by the Company, if the Senior Non Preferred Debt
Securities of such series were listed or admitted to trading on a stock exchange immediately prior to the relevant substitution or variation pursuant to Section 8.04. 

“Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain (including but not
limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions, investment firms,
and certain of their parent or holding companies. 
 “Regular Record Date” means the date that is 15
calendar days immediately preceding the relevant Interest Payment Date, whether or not a Business Day. 

“Regulator” means the European Central Bank, the Bank of Spain, the Relevant Resolution Authority or such
other or successor authority exercising primary bank supervisory authority or the role of primary bank resolution authority, in each case with respect to prudential matters in relation to the Company and/or the Group. 

“Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of Banks, the Bank of
Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power from time to time.

 “Spanish Insolvency Law” means the restated text of the Spanish Insolvency Law (Ley Concursal)
approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended from time to time. 
 “SRM
Regulation” means Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment
firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation (EU) No. 1093/2010, as amended or replaced from time to time. 

  
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 “Supervisory Permission” means, in relation to any action,
such supervisory permission (or, as appropriate, waiver) from the Regulator as is required therefor under Applicable Banking Regulations. 

A “TLAC/MREL Disqualification Event” shall have occurred at any time that all or part of the outstanding
nominal amount of a series of Senior Non Preferred Debt Securities does not fully qualify as TLAC/MREL Eligible Instruments of the Company and/or the Group, except where such non-qualification (i) is due
solely to the remaining maturity of the Senior Non Preferred Debt Securities of such series being less than any period prescribed for TLAC/MREL Eligible Instruments by the Applicable Banking Regulations as at the issue date of the relevant series of
Senior Non Preferred Debt Securities or (ii) is as a result of the Senior Non Preferred Debt Securities of such series being bought back by or on behalf of the Company or a buy back of the Senior Non Preferred Debt Securities of such series
which is funded by or on behalf of the Company. 
 Section 3.04. [Reserved]. 

Section 3.05. Payment. Notwithstanding Section 3.07 of the Base Indenture, payments of interest, if any, and any Additional
Amounts on the Senior Non Preferred Notes may be made by wire transfer of immediately available funds. 
 Section 3.06. Deletion of
Satisfaction and Discharge Provisions. With respect to the Senior Non Preferred Notes only, Article 4 of the Base Indenture is deleted in its entirety. 

Section 3.07. Replacement of Provisions with Respect to Events of Default. With respect to the Senior Non Preferred Notes only,
Section 5.01(a)(ii) of the Base Indenture is hereby replaced with the following: 
 Winding up: any order is made
by any competent court or resolution passed for the winding up or liquidation of the Company (except in any such case for the purpose of reconstruction or amalgamation or a merger, spin-off or any other
structural modification (modificación estructural), provided that any entity that survives or is created as a result of such merger, spin-off or other structural modification is given a rating by
an internationally recognized rating agency at least equal to the then current rating of the Company at the time of such transaction). 

  
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 Section 3.08. Replacement of Provisions with Respect to Enforcement of Remedies.
With respect to the Senior Non Preferred Notes only, Section 5.02(a) of the Base Indenture is hereby replaced with the following: 

If an Event of Default occurs as set forth in paragraph (a)(i) of Section 5.01, then the Trustee or the Holders of at
least 25% in outstanding principal amount of the Senior Non Preferred Debt Securities of that series may institute proceedings for the winding up or liquidation of the Company but may take no further action in respect of such default. 

Section 3.09. Collection of Indebtedness and Suits for Enforcement by the Trustee. With respect to the Senior Non Preferred Notes
only, Section 5.03 of the Base Indenture is amended in part to add the following sentences at the end of the section: 

No remedy against the Company other than as referred to in this Article 5 shall be available to the Holders, whether for the
recovery of amounts owing to the Holders in respect of the Senior Non Preferred Debt Securities or under this Senior Non Preferred Debt Securities Indenture or in respect of any breach by the Company of any of its other obligations under or in
respect of the Senior Non Preferred Debt Securities or under this Senior Non Preferred Debt Securities Indenture, except that the Holders shall have such rights and powers as they are required to have under the Trust Indenture Act. 

Section 3.10. Replacement of Provisions with Respect to Substitution and Variation. With respect to the Senior Non Preferred Notes
only, the first paragraph of Section 8.04 of the Base Indenture is hereby replaced with the following: 

Substitution and Variation. If (i) a TLAC/MREL Disqualification Event or (ii) a tax event that would entitle
the Company to redeem the Senior Non Preferred Debt Securities of any series as set forth in Section 11.08 and Section 11.09 occurs and is continuing, the Company may substitute all (but not some) of the Senior Non Preferred Debt
Securities of any series or modify the terms of all (but not some) of the Senior Non Preferred Debt Securities of such series, without any requirement for the consent or approval of the Holders of the Senior Non Preferred Debt Securities of such
series, so that they are substituted for, or varied to, become, or remain, Qualifying Notes, subject to having given not less than 15 nor more than 30 days’ notice to the Holders of such series in accordance with Section 1.06 and to the
Trustee (which notice shall be irrevocable and shall specify the date for substitution or, as applicable, variation), and subject to obtaining Supervisory Permission therefor, if and as required under Applicable Banking Regulations. 

Section 3.11. Replacement of Provisions with Respect to Election to Redeem; Notice to Trustee. With respect to the Senior Non
Preferred Notes only, Section 11.02 of the Base Indenture is hereby replaced with the following: 
 Election to
Redeem; Notice to Trustee. The election of the Company to redeem any Senior Non Preferred Debt Securities shall be evidenced by a Board Resolution. The Company shall, at least 15 days prior, but not nor more than 30 days prior to the Redemption
Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such 

  
 13 

 
Redemption Date, of the principal amount of Senior Non Preferred Debt Securities of such series to be redeemed and, if applicable, the tenor of the Senior Non Preferred Debt Securities to be
redeemed. In the case of any redemption of Senior Non Preferred Debt Securities of any series prior to the expiration of any provision restricting such redemption provided in the terms of such Senior Non Preferred Debt Securities or elsewhere in
this Senior Non Preferred Debt Securities Indenture, the Company shall furnish the Trustee with respect to such Senior Non Preferred Debt Securities with an Officer’s Certificate evidencing compliance with or waiver of such provision. 

Section 3.12. Deletion of Provisions with Respect to Selection by the Trustee of Senior Non Preferred Debt Securities to Be
Redeemed. With respect to the Senior Non Preferred Notes only, the first paragraph of Section 11.03 of the Base Indenture is deleted in its entirety. 

Section 3.13. Replacement of Provisions with Respect to Notice of Redemption. With respect to the Senior Non Preferred Notes only,
the first paragraph of Section 11.04 of the Base Indenture is hereby replaced with the following: 
 Notice of
Redemption. Notice of redemption shall be given not less than 15 days nor more than 30 days prior to the Redemption Date to each Holder of Senior Non Preferred Debt Securities to be redeemed in the manner and to the extent provided in
Section 1.06. 
 Section 3.14. Replacement of Provisions with Respect to Optional Redemption Due to Changes in Tax
Treatment. With respect to the Senior Non Preferred Notes only, Section 11.08 of the Base Indenture is hereby replaced with the following: 

Optional Redemption Due to Changes in Tax Treatment. If (i) as a result of any change in, or amendment to,
the laws or regulations of Spain or of any political subdivision thereof or any authority or agency therein or thereof having power to tax or in the interpretation or administration of any such laws or regulations which becomes effective on or after
the date of issue of the first issued Senior Non Preferred Debt Securities of such series, the Company shall determine that (a) the Company would be required to pay Additional Amounts pursuant to Section 10.04 or (b) the Company would
not be entitled to claim a deduction in computing tax liabilities in Spain in respect of any interest to be paid on the next interest payment date on such series of Senior Non Preferred Debt Securities or the value of such deduction to the Company
would be materially reduced or (c) the applicable tax treatment of the Senior Non Preferred Debt Securities of such series changes in a material way that was not reasonably foreseeable at the issue date and (ii) such circumstances are
evidenced by the delivery by the Company to the Trustee of a copy of the Supervisory Permission for the redemption, if and as required, the Company may, at its option and having given no less than 15 nor more than 30 days’ notice to the Holders
of the Senior Non Preferred Debt Securities of such series in accordance with Section 11.04 (which notice shall be irrevocable) and a 

  
 14 

 
concurrent copy thereof to the Trustee, redeem in whole, but not in part, the Outstanding Senior Non Preferred Debt Securities of such series (in accordance with the requirements of Applicable
Banking Regulations in force at the relevant time) at their early tax redemption amount (the “Early Redemption Amount (Tax)”) (which shall be their principal amount), together with any accrued interest thereon to (but excluding) the
date fixed for redemption; provided, however, that (i) in the case of (i)(a) above, no such notice of redemption may be given earlier than 90 days prior to the earliest date on which the Company would be obliged to pay such Additional Amounts
were a payment in respect of the Senior Non Preferred Debt Securities of such series then due and (ii) redemption due to changes in tax treatment pursuant to this Section 11.08 may only take place in accordance with Applicable Banking
Regulations in force at the relevant time and subject to the Company obtaining Supervisory Permission therefor, if and as required. 

Section 3.15. Replacement of Provisions with Respect to Optional Redemption For TLAC/MREL Disqualification Event. With respect to
the Senior Non Preferred Notes only, Section 11.09 of the Base Indenture is hereby replaced with the following: 

Optional Redemption For TLAC/MREL Disqualification Event. If, in relation to the Senior Non Preferred Debt
Securities of any series, a TLAC/MREL Disqualification Event has occurred and is continuing, then the Company may, at its option and having given not less than 15 nor more than 30 days’ notice to the Holders of the Senior Non Preferred Debt
Securities of such series in accordance with Section 11.04 above (which notice shall be irrevocable and shall specify the date for redemption) and a concurrent copy thereof to the Trustee, elect to redeem in whole but not in part the
Outstanding Senior Non Preferred Debt Securities of such series at their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date fixed for redemption (“Early Redemption Amount (TLAC/MREL
Disqualification Event)”). 
 Redemption for a TLAC/MREL Disqualification Event is subject to the Company obtaining
Supervisory Permission, if and as required under Applicable Banking Regulations, and may only take place in accordance with Applicable Banking Regulations in force at the relevant time. 

Section 3.16. Deletion of Provisions with Respect to Optional Early Redemption (Call). With respect to the Senior Non Preferred
Notes only, Section 11.10 of the Base Indenture is deleted in its entirety. 

  
 15 

 Section 3.17. Replacement of Provisions with Respect to Ranking of Senior Non
Preferred Debt Securities. With respect to the Senior Non Preferred Notes only, Section 12.01 of the Base Indenture is hereby replaced with the following: 

Ranking of Senior Non Preferred Debt Securities. The Company, for itself, its successors and assigns, covenants and
agrees, and each Holder of the Senior Non Preferred Debt Securities of any series by his acceptance thereof, likewise covenants and agrees, that the payment obligations of the Company under the Senior Non Preferred Debt Securities of such series on
account of principal constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with the second
sub-section of the Fourteenth Additional Provision of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the
Company, such payment obligations in respect of principal rank (i) pari passu among themselves and with any Senior Non Preferred Liabilities, (ii) junior to the Senior Higher Priority Liabilities (and, accordingly, upon the
insolvency of the Company, the claims in respect of principal under the Senior Non Preferred Debt Securities will be met after payment in full of the Senior Higher Priority Liabilities) and (iii) senior to any present and future subordinated
obligations (créditos subordinados) of the Company in accordance with Article 281 of the Spanish Insolvency Law. 

Claims of Holders of Senior Non Preferred Debt Securities of any series in respect of interest accrued but unpaid as of the
commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 281.1.3o of the Spanish
Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 
 The
provisions of this Article 12 shall apply only to rights or claims payable under any Senior Non Preferred Debt Securities of any series and nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity
or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 hereof, or the rights and remedies of the Trustee in respect thereof. 

Section 3.18. Replacement of Provisions with Respect to Waiver of Right of Set-off. With
respect to the Senior Non Preferred Notes only, Section 12.04 of the Base Indenture is hereby replaced with the following: 

Waiver of Right of Set-off. Subject to applicable law, neither any Holder or
beneficial owner of the Senior Non Preferred Debt Securities of any series nor the Trustee acting on behalf of the Holders of the Senior Non Preferred Debt Securities of such series may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect of, or arising under, or in connection with, the Senior Non Preferred Debt Securities of such series or this
Senior Non Preferred Debt Securities Indenture and each Holder and beneficial owner of the Senior Non Preferred Debt Securities of such series, by virtue of its holding of any Senior Non Preferred Debt Securities of such series or any interest
therein, and the Trustee acting on behalf of the Holders of the Senior Non Preferred Debt 

  
 16 

 
Securities of such series, shall be deemed to have waived all such rights of set-off, netting, compensation or retention. If, notwithstanding the above,
any amounts due and payable to any Holder or beneficial owner of a Senior Non Preferred Debt Security of any series or any interest therein by the Company in respect of, or arising under, the Senior Non Preferred Debt Securities of such series are
discharged by set-off, such Holder or beneficial owner shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, if the event of any voluntary or
involuntary liquidation of the Company shall have occurred, the liquidator or administrator of the Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust (where possible) or otherwise
for the Company (or the liquidator or administrator of the Company, as the case may be) and, accordingly, any such discharge shall be deemed not to have taken place. 

Section 3.19. Replacement of Provisions with Respect to Agreement and Acknowledgement with Respect to the Exercise of the Bail-in Power. With respect to the Senior Non Preferred Notes only, Section 13.01(a)(i) of the Base Indenture is hereby replaced with the following: 

 

	 	(i)	 to be bound by the effect of the exercise of the Bail-in Power by the
Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: 

  

	 	•	 	 the reduction of all, or a portion, of the Amounts Due on a permanent basis; 

 

	 	•	 	 the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities
or other obligations of the Company or another person (and the issue to the Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the Senior Non
Preferred Debt Securities, in which case the Holder agrees to accept in lieu of its rights under such Senior Non Preferred Debt Securities any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another
person; 

  

	 	•	 	 the cancellation of the Senior Non Preferred Debt Securities or Amounts Due; 

 

	 	•	 	 the amendment or alteration of the maturity of the Senior Non Preferred Debt Securities or amendment of the
interest payable on the Senior Non Preferred Debt Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and 

  
 17 

 ARTICLE 4 

MISCELLANEOUS 
 Section 4.01.
Effect of Supplemental Indenture. Upon the execution and delivery of this Fifth Supplemental Indenture by each of the Company and the Trustee, the Base Indenture shall be supplemented in accordance herewith, and this Fifth Supplemental
Indenture shall form a part of the Base Indenture for all purposes in respect of the Senior Non Preferred Notes or otherwise as applicable. 

Section 4.02. Confirmation of Indenture. The Senior Non Preferred Indenture with respect to the Senior Non Preferred Notes or
otherwise as applicable, is in all respects ratified and confirmed, and the Base Indenture, this Fifth Supplemental Indenture and all indentures supplemental thereto shall, in respect of the Senior Non Preferred Notes or otherwise as applicable, be
read, taken and construed as one and the same instrument. This Fifth Supplemental Indenture constitutes an integral part of the Senior Non Preferred Indenture and, where applicable, with respect to the Senior Non Preferred Notes. In the event of a
conflict between the terms and conditions of the Base Indenture and the terms and conditions of this Fifth Supplemental Indenture, the terms and conditions of this Fifth Supplemental Indenture shall prevail where applicable. 

Section 4.03. Concerning the Trustee. The Trustee does not make any representations as to the validity, sufficiency or adequacy of
this Fifth Supplemental Indenture or the Senior Non Preferred Notes. The recitals and statements herein and in the Senior Non Preferred Notes are deemed to be those of the Company and not the Trustee. In entering into this Fifth Supplemental
Indenture, the Trustee shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee. 

Section 4.04. Governing Law. The Senior Non Preferred Indenture and the Senior Non Preferred Notes shall be governed by and
construed in accordance with the laws of the State of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Senior Non Preferred Indenture, Sections 2.01(r) and 2.02(r) of this Fifth Supplemental
Indenture and the status provisions of the Senior Non Preferred Notes, which shall be governed by and construed in accordance with the laws of the Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non
Preferred Indenture and the Senior Non Preferred Notes shall be governed by (in addition to the laws of the State of New York relevant to execution) the respective jurisdictions of organization of the Company and the Trustee, as the case may be.

 Section 4.05. Separability. In case any provision contained in this Fifth Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 18 

 Section 4.06. Counterparts. This Fifth Supplemental Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Fifth Supplemental Indenture and of
signature pages by facsimile, e-mail or other electronic format (e.g., “pdf”, “tif” or “jpg”) transmission and other electronically imaged signatures (including, without
limitation, DocuSign and AdobeSign) shall constitute effective execution and delivery of this Fifth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Fifth Supplemental Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile, e-mail or other electronic format (e.g., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. This Fifth
Supplemental Indenture and any indenture supplemental hereto and any other document, certificate or opinion delivered in connection with this Fifth Supplemental Indenture, such supplemental indenture or the issuance and delivery of the Senior Non
Preferred Debt Securities may be signed by or on behalf of the Company and the Trustee by manual, facsimile or pdf or other electronically imaged signature (including, without limitation, DocuSign and AdobeSign). 

Section 4.07. Electronic Means. The Trustee shall have the right to accept and act upon instructions, including funds transfer
instructions (“Instructions”) given pursuant to this Fifth Supplemental Indenture and related financing documents and delivered using e-mail, facsimile transmission, secure electronic
transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder (collectively,
the “Electronic Means”); provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the
Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the
Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to
the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to
safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from
the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all risks arising out of the use of
Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the
protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company;

  
 19 

 
(iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its
particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

Section 4.08. Recognition of Bail-In. Notwithstanding and to the exclusion of any other
term of this Fifth Supplemental Indenture or any other agreements, arrangements, or understanding between the Senior Non Preferred Debt Securities Registrar and the Company or any Holder, the Company and each Holder acknowledges and accepts that a
BRRD Liability arising under this Fifth Supplemental Indenture may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be bound by: 

(a) the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to
any BRRD Liability of the Senior Non Preferred Debt Securities Registrar to the Company or to any Holder under this Fifth Supplemental Indenture, that (without limitation) may include and result in any of the following, or some combination thereof:

 (i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; 

(ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the
Senior Non Preferred Debt Securities Registrar or another person, and the issue to or conferral on the Company or on any Holder of such shares, securities or obligations; 

(iii) the cancellation of the BRRD Liability; 

(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are
due, including by suspending payment for a temporary period; 
 (b) the variation of the terms of this Fifth Supplemental Indenture, as
deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority in respect of the Senior Non Preferred Debt Securities Registrar.

 Solely as used in this Section 4.08: 

“Bail-in Legislation” means in relation to a member state of the European Economic Area which
has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time. 

“Bail-in Powers” means any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation. 

  
 20 

 “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and
resolution of credit institutions and investment firms or such other directive as may amend or come into effect in place thereof, as amended or replaced from time to time and including any other relevant implementing regulatory provisions. 

“BRRD Liability” means a liability in respect of which the relevant Write-down and Conversion Powers in the applicable Bail-in Legislation may be exercised. 
 “EU Bail-in
Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499. 

“Relevant Resolution Authority” means the resolution authority with the ability to exercise any
Bail-in Powers in relation to the Senior Non Preferred Debt Securities Registrar. 
 [Signature Pages
Follow] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly executed as
of the date first written above. 
  

			
	BANCO SANTANDER, S.A., as Issuer
		
	By:	 	/s/ Juan Urigoen Irusta
	Name:	 	Juan Urigoen Irusta
	Title:	 	Authorized Signatory

 
			
	THE BANK OF NEW YORK MELLON, London Branch, as Trustee and Principal Paying Agent
		
	By:	 	/s/ Thomas Bolton
	Name:	 	Thomas Bolton
	Title:	 	Vice President

 
			
	THE BANK OF NEW YORK MELLON SA/NV, Luxembourg Branch, as Registrar
		
	By:	 	/s/ Thomas Bolton
	Name:	 	Thomas Bolton
	Title:	 	Vice President

 EXHIBIT A 

FORM OF GLOBAL NOTE 
 THIS NOTE IS A
GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY AS THE DEPOSITARY (AS DEFINED IN THE SENIOR NON PREFERRED INDENTURE GOVERNING THIS NOTE), OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE BASE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 3.05 OF THE BASE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE
PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NON PREFERRED NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE RANKING OF THIS NOTE IS SET FORTH IN
SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, AND SECTION 2.01(r) OF THE FIFTH SUPPLEMENTAL INDENTURE, AND THIS NOTE IS ISSUED SUBJECT TO THE PROVISIONS OF SUCH SECTIONS 12.01 AND 2.01(r), RESPECTIVELY, AND THE HOLDER OF THIS NOTE, BY
ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, SECTION 2.01(r) OF THE FIFTH SUPPLEMENTAL INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND
SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE KINGDOM OF SPAIN. 

 CUSIP No. 05964H AR6 

ISIN No. US05964HAR66 
 SERIES 164
5.147% SENIOR NON PREFERRED FIXED RATE NOTES DUE 2025 
 Issued by 

BANCO SANTANDER, S.A. 
  

			
	No.	  	$

 BANCO SANTANDER, S.A., a sociedad anónima, incorporated under the laws of the Kingdom of Spain (herein called
the “Company”, which term includes any successor person under the Senior Non Preferred Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal
sum of $                 (                 dollars) on August 18, 2025 (the
“Maturity Date”) or on such earlier date as the principal hereof may become due in accordance with the terms hereof and to pay interest thereon semi-annually in arrears on February 18 and August 18 of each year, commencing on
February 18, 2023, and ending on the Maturity Date (each, an “Interest Payment Date”). Interest so payable on any Interest Payment Date shall be paid to the Holder in whose name this Note is registered at the close of business on the
15th calendar day immediately preceding the relevant Interest Payment Date, whether or not such day is a Business Day, as defined in the Senior Non Preferred Indenture (each a “Regular Record Date”). 

Interest shall accrue on this Note from day to day from the date of issuance hereof or from the most recent Payment Date at the rate of 5.147%
per annum, until the principal amount hereof is paid or made available for payment. 
 Payments of interest on this Note shall be computed
on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. 

Payment of the principal amount of and any interest on, this Note will be made by wire transfer of immediately available funds in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including through a Paying Agent of the Company for collection by the Holder. If the
date for payment of the principal amount hereof or interest thereon is not a Business Day, then (subject as provided in the Senior Non Preferred Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect
as if made on such date for payment, provided that no interest shall accrue on such payment for the period from and after such payment date. 

The 2025 Fixed Rate Notes are issuable in minimum denominations of $200,000 and integral multiples of $200,000 in excess thereof. 

  
 A-2 

 For information purposes only, without any substantive effect whatsoever and solely in order
to comply with Article 413(d) of the Spanish Companies Law (Ley de Sociedades de Capital), approved by Royal Decree 1/2010, of July 2, to the extent applicable, it is hereby noted that the initial aggregate principal amount of the 2025
Fixed Rate Notes, i.e., US$1,750,000,000, was equivalent to approximately €1,700,019,428.79, at the Bloomberg reference exchange rate as of August 11, 2022 of US $1.0294 per €1.00. Amounts due on the Notes shall not under any
circumstances whatsoever be payable in any currency other than U.S. Dollars. 
 Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner of such Note for the purpose of receiving payment of principal and interest, if any, on and any
Additional Amounts with respect to such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee referred to on the reverse hereof by manual, PDF or other electronically imaged signature (including, without limitation, DocuSign and AdobeSign), this Note shall not be entitled to any benefit under the Senior Non Preferred
Indenture or be valid or obligatory for any purpose. 
 Notwithstanding any other term of this Note or any other agreements, arrangements,
or understandings between the Company and any Holder of the 2025 Fixed Rate Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees:
(i) to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: the reduction of
all, or a portion, of the Amounts Due on a permanent basis; the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person (and the issue to the
Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the 2025 Fixed Rate Notes, in which case the Holder agrees to accept in lieu of its rights
under this Note, any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of the maturity of this Note or amendment
of the interest payable on this Note, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may be varied, if necessary, to give
effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority. 
 “Amounts
Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2025 Fixed Rate Notes. References to such amounts will include amounts that have become due and
payable, but which have not been paid, prior to the exercise of the Bail-in Power by the Relevant Resolution Authority. 

  
 A-3 

 “Bail-in Power” means any power existing
from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not
limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of
such Regulated Entity) can be reduced, cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“Business Day” means any day, other than Saturday or Sunday, that is not a Legal Holiday nor a day on which banking institutions are
authorized or required by law, regulation or executive order to close in the City of New York or London nor a day when the Trans-European Automated Real-time Gross Settlement Express Transfer system (the “TARGET2 System”), or any successor
thereto, is closed for business. 
 “BRRD” means Directive 2014/59/EU of 15 May establishing the framework for the recovery
and resolution of credit institutions and investment firms or such other directive as may amend or come into effect in place thereof , as implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including
any other relevant implementing regulatory provisions. 
 “Law 11/2015” means Law 11/2015 of 18 June, on recovery and
resolution of credit institutions and investment firms (Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) as amended or replaced from
time to time. 
 “RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or superseded
from time to time. 
 “Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain (including but not
limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions, investment firms,
and certain of their parent or holding companies. 
 “Relevant Resolution Authority” means the Spanish Fund for the Orderly
Restructuring of Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other
resolution power from time to time. 
 “SRM Regulation” means Regulation (EU) No. 806/2014 of the European Parliament and of
the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and
amending Regulation (EU) No. 1093/2010, as amended or replaced from time to time. 
 The public deed of issuance (escritura de
emisión) related to the 2025 Fixed Rate Notes represented hereby was executed on August 17, 2022 before Mr. Carlos García Viada with the number 3,985 of his records. 

  
 A-4 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: 
  

			
	BANCO SANTANDER, S.A., as Issuer
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 A-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Senior Non Preferred Debt Securities of the series designated herein referred to in the within-mentioned Senior Non
Preferred Debt Securities Indenture. 
 Dated: 
  

			
	THE BANK OF NEW YORK MELLON,
	London Branch, as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-6 

 [REVERSE OF SECURITY] 

This Note is one of a duly authorized issue of securities of the Company of the series designated Series 164 5.147% Senior Non Preferred Fixed
Rate Notes due 2025 (herein called the “2025 Fixed Rate Notes”) issued and to be issued in one or more series under a Senior Non Preferred Debt Securities Indenture, dated as of May 28, 2020, as heretofore supplemented and amended
(herein called the “Base Indenture”), between the Company, as issuer, and The Bank of New York Mellon, London Branch, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture),
as amended and supplemented by the Fifth Supplemental Indenture, dated as of August 18, 2022, among the Company, The Bank of New York Mellon, London Branch, as Trustee and The Bank of New York Mellon SA/NV, Luxembourg Branch, as Senior Non
Preferred Debt Securities Registrar (the “Fifth Supplemental Indenture”, and, the Base Indenture, as amended and supplemented by the Fifth Supplemental Indenture, the “Senior Non Preferred Indenture”) to which Senior Non
Preferred Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company and the Trustee and the Holders of the 2025 Fixed
Rate Notes and of the terms upon which the 2025 Fixed Rate Notes are, and are to be, authenticated and delivered. Capitalized terms used herein are used as defined in the Senior Non Preferred Indenture unless otherwise indicated. The terms of the
2025 Fixed Rate Notes include those stated in the Senior Non Preferred Indenture. The 2025 Fixed Rate Notes are subject to all such terms, and Holders are referred to the Senior Non Preferred Indenture for a statement of all such terms. To
the extent permitted by applicable law, in the event of any inconsistency between the terms of this 2025 Fixed Rate Note and the terms of the Senior Non Preferred Indenture, the terms of the Senior Non Preferred Indenture will control. 

This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,750,000,000; provided,
that the Company may, from time to time, without the consent of the Holders of the 2025 Fixed Rate Notes, issue additional Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture, having the same ranking and same interest rate,
maturity, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first interest payment date, as the 2025 Fixed Rate Notes; provided, however, that such additional 2025 Fixed Rate
Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2025 Fixed Rate Notes unless the additional 2025 Fixed Rate Notes are fungible with the 2025 Fixed Rate Notes for U.S. federal income tax purposes. Any such
additional 2025 Fixed Rate Notes, together with the 2025 Fixed Rate Notes, will constitute a single series of 2025 Fixed Rate Notes under the Senior Non Preferred Indenture and shall be included in the definition of “Senior Non Preferred Debt
Securities” in the Base Indenture where the context requires. 
 The payment obligations of the Company under the 2025 Fixed Rate Notes
on account of principal constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with the second sub-section of the Fourteenth Additional Provision of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company,
such payment obligations in respect of principal rank (i) pari passu among themselves and with any Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher Priority Liabilities (as defined below) (and,
accordingly, upon the insolvency of the Company, the claims in respect of principal under the 2025 Fixed Rate Notes will be met after payment in full of the Senior Higher Priority Liabilities) and (iii) senior to any present and future
subordinated obligations (créditos subordinados) of the Company in accordance with Article 281 of the Spanish Insolvency Law (as defined below). 

  
 A-7 

 Claims of Holders of 2025 Fixed Rate Notes in respect of interest accrued but unpaid as
of the commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 281.1.3o of the Spanish
Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 
 The obligations
of the Company under the 2025 Fixed Rate Notes are subject to the Bail-in Power. 
 “Law
11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment firms (Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de
servicios de inversión) as amended or replaced from time to time. 
 “Senior Higher Priority Liabilities” means the
unsubordinated and unsecured obligations (créditos ordinarios) of the Company (including senior preferred debt securities ), other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under the second sub-section of the Fourteenth Additional Provision of Law 11/2015 (including the 2025 Fixed Rate Notes) and any other obligations which, by law
and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred Liabilities. 

“Spanish Insolvency Law” means the restated text of the Spanish Insolvency Law (Ley Concursal) approved by the Royal
Decree-Legislative 1/2020, of 5 May, as amended from time to time. 
 The provisions of Section 12.01 of the Senior Non Preferred
Indenture, and Section 2.01(r) of the Fifth Supplemental Indenture shall apply only to rights or claims payable with respect to the 2025 Fixed Rate Notes and nothing herein shall affect or prejudice the payment of the costs, charges, expenses,
liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture, or the rights and remedies of the Trustee in respect thereof. 

The Company agrees with respect to the 2025 Fixed Rate Notes and each Holder of the 2025 Fixed Rate Notes, by his or her acquisition of the
2025 Fixed Rate Notes will be deemed to have agreed to the ranking as described herein. Each such Holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be accorded to him or her under the laws of Spain,
to the extent necessary to effectuate the ranking provisions of the 2025 Fixed Rate Notes. In addition, each Holder of the 2025 Fixed Rate Notes by his or her acquisition of such 2025 Fixed Rate Notes authorizes and directs the Trustee on his or her
behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2025 Fixed Rate Notes as provided in the Senior Non Preferred Indenture, and as summarized herein and appoints the Trustee as his or her attorney-in-fact for any and all such purposes. 

  
 A-8 

 Notwithstanding any other term of this Note or any other agreements, arrangements, or
understandings between the Company and any Holder of the 2025 Fixed Rate Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees:
(i) to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: the reduction of
all, or a portion, of the Amounts Due on a permanent basis; the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person (and the issue to the
Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the 2025 Fixed Rate Notes, in which case the Holder agrees to accept in lieu of its rights
under this Note, any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of the maturity of this Note or amendment
of the interest payable on this Note, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may be varied, if necessary, to give
effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority. 
 “Amounts
Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2025 Fixed Rate Notes. References to such amounts will include amounts that have become due and
payable, but which have not been paid, prior to the exercise of the Bail-in Power by the Relevant Resolution Authority. 

“Bail-in Power” means any power existing from time to time under, and exercised in
compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not limited to, Law 11/2015, RD 1012/2015 and any
other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced,
cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“BRRD” means Directive 2014/59/EU of 15 May establishing the framework for the recovery and resolution of credit institutions
and investment firms or such other directive as may amend or come into effect in place thereof, as implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including any other relevant implementing
regulatory provisions. 
 “RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or
superseded from time to time. 
 “Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain
(including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions,
investment firms, and certain of their parent or holding companies. 
 “Relevant Resolution Authority” means the Spanish Fund for
the Orderly Restructuring of Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power
or any other resolution power from time to time. 

  
 A-9 

 “SRM Regulation” means Regulation (EU) No. 806/2014 of the European
Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single
Resolution Fund and amending Regulation (EU) No. 1093/2010, as amended or replaced from time to time. 
 The exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the 2025 Fixed Rate Notes shall not constitute an event of default and the terms and conditions of the 2025 Fixed Rate Notes shall continue to apply
in relation to the residual principal amount of, or outstanding amount payable with respect to, the 2025 Fixed Rate Notes subject to any modification of the amount of distributions payable to reflect the reduction of the principal amount, and any
further modification of the terms that the Relevant Resolution Authority may decide in accordance with applicable laws and regulations relating to the resolution of credit institutions, investment firms and/or Company entities incorporated in the
relevant member state. 
 No repayment or payment of Amounts Due, if any, on the 2025 Fixed Rate Notes, will become due and payable or be
paid after the exercise of any Bail-in Power by the Relevant Resolution Authority if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise.

 By its acquisition of this Note, each Holder of this Note, (which, for the purposes of this clause, includes each Holder of a beneficial
interest in this Note), to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of, and agree that the Trustee
will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to this
Note. 
 Additionally, by its acquisition of this Note, each Holder of this Note acknowledges and agrees that, upon the exercise of the Bail-in Power by the Relevant Resolution Authority: 
 (i) the Trustee will not be required to take any
further directions from the Holders of the 2025 Fixed Rate Notes with respect to any portion of the 2025 Fixed Rate Notes that are written-down, converted to equity and/or cancelled under the Senior Non Preferred Indenture, which authorizes Holders
of a majority in aggregate outstanding principal amount of the outstanding 2025 Fixed Rate Notes to direct certain actions relating to the 2025 Fixed Rate Notes; and 

(ii) the Senior Non Preferred Indenture will not impose any duties upon the Trustee whatsoever with respect to the exercise of the Bail-in Power by the Relevant Resolution Authority; 
 provided, however, that notwithstanding the
exercise of the Bail-in Power by the Relevant Resolution Authority, so long as the 2025 Fixed Rate Notes remain outstanding, there will at all times be a Trustee for the 2025 Fixed Rate Notes in accordance
with the Senior Non Preferred Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by the Base Indenture, including to the extent no additional supplemental indenture or
amendment is agreed upon in the event the 2025 Fixed Rate Notes remain outstanding following the completion of the exercise of the Bail-in Power. 

  
 A-10 

 By its acquisition of this Note, each Holder of this Note acknowledges and agrees that
neither a cancellation or deemed cancellation of the principal or interest (in each case, in whole or in part), nor the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the
2025 Fixed Rate Notes will give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

By purchasing this Note, each Holder (including each beneficial owner) of this Note shall be deemed to have authorized, directed and requested
DTC and any direct participant in DTC or other intermediary through which it holds this Note to take any and all necessary action, if required, to implement the exercise of the Bail-in Power with respect to
the 2025 Fixed Rate Notes as it may be imposed, without any further action or direction on the part of such Holder. 
 Each Holder of this
Note also acknowledges and agrees that the foregoing description of the Bail-in Power and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or
understandings relating to the application of any Bail-in Power to the 2025 Fixed Rate Notes. 

Each Holder of this Note that acquires such 2025 Fixed Rate Notes in the secondary market (including each beneficial owner) shall be deemed to
acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders of the 2025 Fixed Rate Notes that acquire the 2025 Fixed Rate Notes upon their initial issuance, including, without limitation,
with respect to the acknowledgment and agreement to be bound by and consent to the terms of the 2025 Fixed Rate Notes, including in relation to the Bail-in-Power. 

Additional terms of the 2025 Fixed Rate Notes, including but not limited to events of default, remedies, payment of additional amounts in
respect of withholding tax, substitution and variation of the 2025 Fixed Rate Notes upon certain regulatory events, and amendment are set forth in the Senior Non Preferred Indenture. 

The Senior Non Preferred Indenture and the 2025 Fixed Rate Notes shall be governed by and construed in accordance with the laws of the State
of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Senior Non Preferred Indenture, Section 2.01(r) of the Fifth Supplemental Indenture and the status of the 2025 Fixed Rate Notes, which
shall be governed by and construed in accordance with the laws of The Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred Indenture and the 2025 Fixed Rate Notes shall be governed by (in
addition to the laws of the State of New York relevant to execution) the respective jurisdictions of organization of the Company and the Trustee, as the case may be. 

The 2025 Fixed Rate Notes and this Note have been issued in the State of New York. 

  
 A-11 

 EXHIBIT B 

FORM OF GLOBAL NOTE 
 THIS NOTE IS A
GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY AS THE DEPOSITARY (AS DEFINED IN THE SENIOR NON PREFERRED INDENTURE GOVERNING THIS NOTE), OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE BASE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 3.05 OF THE BASE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE
PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NON PREFERRED NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE RANKING OF THIS NOTE IS SET FORTH IN
SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, AND SECTION 2.02(r) OF THE FIFTH SUPPLEMENTAL INDENTURE, AND THIS NOTE IS ISSUED SUBJECT TO THE PROVISIONS OF SUCH SECTIONS 12.01 AND 2.02(r), RESPECTIVELY, AND THE HOLDER OF THIS NOTE, BY
ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, SECTION 2.02(r) OF THE FIFTH SUPPLEMENTAL INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND
SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE KINGDOM OF SPAIN. 

 CUSIP No. 05964H AS4 

ISIN No. US05964HAS40 
 SERIES 162
5.294% SENIOR NON PREFERRED FIXED RATE NOTES DUE 2027 
 Issued by 

BANCO SANTANDER, S.A. 
  

			
	 No.
	  	$

 BANCO SANTANDER, S.A., a sociedad anónima, incorporated under the laws of the Kingdom of Spain (herein called
the “Company”, which term includes any successor person under the Senior Non Preferred Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal
sum of $                 (                 dollars) on August 18, 2027 (the
“Maturity Date”) or on such earlier date as the principal hereof may become due in accordance with the terms hereof and to pay interest thereon semi-annually in arrears on February 18 and August 18 of each year, commencing on
February 18, 2023, and ending on the Maturity Date (each, an “Interest Payment Date”). Interest so payable on any Interest Payment Date shall be paid to the Holder in whose name this Note is registered at the close of business on the
15th calendar day immediately preceding the relevant Interest Payment Date, whether or not such day is a Business Day, as defined in the Senior Non Preferred Indenture (each a “Regular Record Date”). 

Interest shall accrue on this Note from day to day from the date of issuance hereof or from the most recent Payment Date at the rate of 5.294%
per annum, until the principal amount hereof is paid or made available for payment. 
 Payments of interest on this Note shall be computed
on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. 

Payment of the principal amount of and any interest on, this Note will be made by wire transfer of immediately available funds in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such payment shall be made to the Holder including through a Paying Agent of the Company for collection by the Holder. If the
date for payment of the principal amount hereof or interest thereon is not a Business Day, then (subject as provided in the Senior Non Preferred Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect
as if made on such date for payment, provided that no interest shall accrue on such payment for the period from and after such payment date. 

The 2027 Fixed Rate Notes are issuable in minimum denominations of $200,000 and integral multiples of $200,000 in excess thereof. 

  
 B-2 

 For information purposes only, without any substantive effect whatsoever and solely in order
to comply with Article 413(d) of the Spanish Companies Law (Ley de Sociedades de Capital), approved by Royal Decree 1/2010, of July 2, to the extent applicable, it is hereby noted that the initial aggregate principal amount of the 2027 Fixed
Rate Notes, i.e., US$1,750,000,000, was equivalent to approximately €1,700,019,428.79, at the Bloomberg reference exchange rate as of August 11, 2022 of US $1.0294 per €1.00. Amounts due on the Notes shall not under any circumstances
whatsoever be payable in any currency other than U.S. Dollars. 
 Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner of such Note for the purpose of receiving payment of principal and interest, if any, on and any Additional
Amounts with respect to such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee referred to on the reverse hereof by manual, PDF or other electronically imaged signature (including, without limitation, DocuSign and AdobeSign), this Note shall not be entitled to any benefit under the Senior Non Preferred
Indenture or be valid or obligatory for any purpose. 
 Notwithstanding any other term of this Note or any other agreements, arrangements,
or understandings between the Company and any Holder of the 2027 Fixed Rate Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees:
(i) to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: the reduction of
all, or a portion, of the Amounts Due on a permanent basis; the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person (and the issue to the
Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the 2027 Fixed Rate Notes, in which case the Holder agrees to accept in lieu of its rights
under this Note, any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of the maturity of this Note or amendment
of the interest payable on this Note, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may be varied, if necessary, to give
effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority. 
 “Amounts
Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2027 Fixed Rate Notes. References to such amounts will include amounts that have become due and
payable, but which have not been paid, prior to the exercise of the Bail-in Power by the Relevant Resolution Authority. 

  
 B-3 

 “Bail-in Power” means any power existing
from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not
limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of
such Regulated Entity) can be reduced, cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“Business Day” means any day, other than Saturday or Sunday, that is not a Legal Holiday nor a day on which banking institutions are
authorized or required by law, regulation or executive order to close in the City of New York or London nor a day when the Trans-European Automated Real-time Gross Settlement Express Transfer system (the “TARGET2 System”), or any successor
thereto, is closed for business. 
 “BRRD” means Directive 2014/59/EU of 15 May establishing the framework for the recovery
and resolution of credit institutions and investment firms or such other directive as may amend or come into effect in place thereof , as implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including
any other relevant implementing regulatory provisions. 
 “Law 11/2015” means Law 11/2015 of 18 June, on recovery and
resolution of credit institutions and investment firms (Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) as amended or replaced from
time to time. 
 “RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or superseded
from time to time. 
 “Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain (including but not
limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions, investment firms,
and certain of their parent or holding companies. 
 “Relevant Resolution Authority” means the Spanish Fund for the Orderly
Restructuring of Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other
resolution power from time to time. 
 “SRM Regulation” means Regulation (EU) No. 806/2014 of the European Parliament and of
the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and
amending Regulation (EU) No. 1093/2010, as amended or replaced from time to time. 
 The public deed of issuance (escritura de
emisión) related to the 2027 Fixed Rate Notes represented hereby was executed on August 17, 2022 before Mr. Carlos García Viada with the number 3,985 of his records. 

  
 B-4 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: 
  

			
	BANCO SANTANDER, S.A., as Issuer
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 B-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Senior Non Preferred Debt Securities of the series designated herein referred to in the within-mentioned Senior Non
Preferred Debt Securities Indenture. 
 Dated: 
  

			
	THE BANK OF NEW YORK MELLON,
	London Branch, as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 B-6 

 [REVERSE OF SECURITY] 

This Note is one of a duly authorized issue of securities of the Company of the series designated Series 162 5.294% Senior Non Preferred Fixed
Rate Notes due 2027 (herein called the “2027 Fixed Rate Notes”) issued and to be issued in one or more series under a Senior Non Preferred Debt Securities Indenture, dated as of May 28, 2020, as heretofore supplemented and amended
(herein called the “Base Indenture”), between the Company, as issuer, and The Bank of New York Mellon, London Branch, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture),
as amended and supplemented by the Fifth Supplemental Indenture, dated as of August 18, 2022, among the Company, The Bank of New York Mellon, London Branch, as Trustee and The Bank of New York Mellon SA/NV, Luxembourg Branch, as Senior Non
Preferred Debt Securities Registrar (the “Fifth Supplemental Indenture”, and, the Base Indenture, as amended and supplemented by the Fifth Supplemental Indenture, the “Senior Non Preferred Indenture”) to which Senior Non
Preferred Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company and the Trustee and the Holders of the 2027 Fixed
Rate Notes and of the terms upon which the 2027 Fixed Rate Notes are, and are to be, authenticated and delivered. Capitalized terms used herein are used as defined in the Senior Non Preferred Indenture unless otherwise indicated. The terms of the
2027 Fixed Rate Notes include those stated in the Senior Non Preferred Indenture. The 2027 Fixed Rate Notes are subject to all such terms, and Holders are referred to the Senior Non Preferred Indenture for a statement of all such terms. To
the extent permitted by applicable law, in the event of any inconsistency between the terms of this 2027 Fixed Rate Note and the terms of the Senior Non Preferred Indenture, the terms of the Senior Non Preferred Indenture will control. 

This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,750,000,000; provided,
that the Company may, from time to time, without the consent of the Holders of the 2027 Fixed Rate Notes, issue additional Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture, having the same ranking and same interest rate,
maturity, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first interest payment date, as the 2027 Fixed Rate Notes; provided, however, that such additional 2027 Fixed Rate
Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding 2027 Fixed Rate Notes unless the additional 2027 Fixed Rate Notes are fungible with the 2027 Fixed Rate Notes for U.S. federal income tax purposes. Any such
additional 2027 Fixed Rate Notes, together with the 2027 Fixed Rate Notes, will constitute a single series of 2027 Fixed Rate Notes under the Senior Non Preferred Indenture and shall be included in the definition of “Senior Non Preferred Debt
Securities” in the Base Indenture where the context requires. 
 The payment obligations of the Company under the 2027 Fixed Rate Notes
on account of principal constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with the second sub-section of the Fourteenth Additional Provision of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company,
such payment obligations in respect of principal rank (i) pari passu among themselves and with any Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher Priority Liabilities (as defined below) (and,
accordingly, upon the insolvency of the Company, the claims in respect of principal under the 2027 Fixed Rate Notes will be met after payment in full of the Senior Higher Priority Liabilities) and (iii) senior to any present and future
subordinated obligations (créditos subordinados) of the Company in accordance with Article 281 of the Spanish Insolvency Law (as defined below). 

  
 B-7 

 Claims of Holders of 2027 Fixed Rate Notes in respect of interest accrued but unpaid as
of the commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of Article 281.1.3o of the Spanish
Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 
 The obligations
of the Company under the 2027 Fixed Rate Notes are subject to the Bail-in Power. 
 “Law
11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment firms (Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de
servicios de inversión) as amended or replaced from time to time. 
 “Senior Higher Priority Liabilities” means the
unsubordinated and unsecured obligations (créditos ordinarios) of the Company (including senior preferred debt securities ), other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under the second sub-section of the Fourteenth Additional Provision of Law 11/2015 (including the 2027 Fixed Rate Notes) and any other obligations which, by law
and/or by their terms, and to the extent permitted by Spanish law, rank pari passu with the Senior Non Preferred Liabilities. 

“Spanish Insolvency Law” means the restated text of the Spanish Insolvency Law (Ley Concursal) approved by the Royal
Decree-Legislative 1/2020, of 5 May, as amended from time to time. 
 The provisions of Section 12.01 of the Senior Non Preferred
Indenture, and Section 2.02(r) of the Fifth Supplemental Indenture shall apply only to rights or claims payable with respect to the 2027 Fixed Rate Notes and nothing herein shall affect or prejudice the payment of the costs, charges, expenses,
liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture, or the rights and remedies of the Trustee in respect thereof. 

The Company agrees with respect to the 2027 Fixed Rate Notes and each Holder of the 2027 Fixed Rate Notes, by his or her acquisition of the
2027 Fixed Rate Notes will be deemed to have agreed to the ranking as described herein. Each such Holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be accorded to him or her under the laws of Spain,
to the extent necessary to effectuate the ranking provisions of the 2027 Fixed Rate Notes. In addition, each Holder of the 2027 Fixed Rate Notes by his or her acquisition of such 2027 Fixed Rate Notes authorizes and directs the Trustee on his or her
behalf to take such action as may be necessary or appropriate to effectuate the ranking of such 2027 Fixed Rate Notes as provided in the Senior Non Preferred Indenture, and as summarized herein and appoints the Trustee as his or her attorney-in-fact for any and all such purposes. 

  
 B-8 

 Notwithstanding any other term of this Note or any other agreements, arrangements, or
understandings between the Company and any Holder of the 2027 Fixed Rate Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts, consents to and agrees:
(i) to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: the reduction of
all, or a portion, of the Amounts Due on a permanent basis; the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person (and the issue to the
Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the 2027 Fixed Rate Notes, in which case the Holder agrees to accept in lieu of its rights
under this Note, any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of the maturity of this Note or amendment
of the interest payable on this Note, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may be varied, if necessary, to give
effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority. 
 “Amounts
Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts, if any, due on the 2027 Fixed Rate Notes. References to such amounts will include amounts that have become due and
payable, but which have not been paid, prior to the exercise of the Bail-in Power by the Relevant Resolution Authority. 

“Bail-in Power” means any power existing from time to time under, and exercised in
compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not limited to, Law 11/2015, RD 1012/2015 and any
other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced,
cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“BRRD” means Directive 2014/59/EU of 15 May establishing the framework for the recovery and resolution of credit institutions
and investment firms or such other directive as may amend or come into effect in place thereof, as implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including any other relevant implementing
regulatory provisions. 
 “RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or
superseded from time to time. 
 “Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain
(including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions,
investment firms, and certain of their parent or holding companies. 
 “Relevant Resolution Authority” means the Spanish Fund for
the Orderly Restructuring of Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power
or any other resolution power from time to time. 

  
 B-9 

 “SRM Regulation” means Regulation (EU) No. 806/2014 of the European
Parliament and of the Council of 15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single
Resolution Fund and amending Regulation (EU) No. 1093/2010, as amended or replaced from time to time. 
 The exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the 2027 Fixed Rate Notes shall not constitute an event of default and the terms and conditions of the 2027 Fixed Rate Notes shall continue to apply
in relation to the residual principal amount of, or outstanding amount payable with respect to, the 2027 Fixed Rate Notes subject to any modification of the amount of distributions payable to reflect the reduction of the principal amount, and any
further modification of the terms that the Relevant Resolution Authority may decide in accordance with applicable laws and regulations relating to the resolution of credit institutions, investment firms and/or Company entities incorporated in the
relevant member state. 
 No repayment or payment of Amounts Due, if any, on the 2027 Fixed Rate Notes, will become due and payable or be
paid after the exercise of any Bail-in Power by the Relevant Resolution Authority if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise.

 By its acquisition of this Note, each Holder of this Note, (which, for the purposes of this clause, includes each Holder of a beneficial
interest in this Note), to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of, and agree that the Trustee
will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to this
Note. 
 Additionally, by its acquisition of this Note, each Holder of this Note acknowledges and agrees that, upon the exercise of the Bail-in Power by the Relevant Resolution Authority: 
 (i) the Trustee will not be required to take any
further directions from the Holders of the 2027 Fixed Rate Notes with respect to any portion of the 2027 Fixed Rate Notes that are written-down, converted to equity and/or cancelled under the Senior Non Preferred Indenture, which authorizes Holders
of a majority in aggregate outstanding principal amount of the outstanding 2027 Fixed Rate Notes to direct certain actions relating to the 2027 Fixed Rate Notes; and 

(ii) the Senior Non Preferred Indenture will not impose any duties upon the Trustee whatsoever with respect to the exercise of the Bail-in Power by the Relevant Resolution Authority; 
 provided, however, that notwithstanding the
exercise of the Bail-in Power by the Relevant Resolution Authority, so long as the 2027 Fixed Rate Notes remain outstanding, there will at all times be a Trustee for the 2027 Fixed Rate Notes in accordance
with the Senior Non Preferred Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by the Base Indenture, including to the extent no additional supplemental indenture or
amendment is agreed upon in the event the 2027 Fixed Rate Notes remain outstanding following the completion of the exercise of the Bail-in Power. 

  
 B-10 

 By its acquisition of this Note, each Holder of this Note acknowledges and agrees that
neither a cancellation or deemed cancellation of the principal or interest (in each case, in whole or in part), nor the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the
2027 Fixed Rate Notes will give rise to a default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

By purchasing this Note, each Holder (including each beneficial owner) of this Note shall be deemed to have authorized, directed and requested
DTC and any direct participant in DTC or other intermediary through which it holds this Note to take any and all necessary action, if required, to implement the exercise of the Bail-in Power with respect to
the 2027 Fixed Rate Notes as it may be imposed, without any further action or direction on the part of such Holder. 
 Each Holder of this
Note also acknowledges and agrees that the foregoing description of the Bail-in Power and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements or
understandings relating to the application of any Bail-in Power to the 2027 Fixed Rate Notes. 

Each Holder of this Note that acquires such 2027 Fixed Rate Notes in the secondary market (including each beneficial owner) shall be deemed to
acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders of the 2027 Fixed Rate Notes that acquire the 2027 Fixed Rate Notes upon their initial issuance, including, without limitation,
with respect to the acknowledgment and agreement to be bound by and consent to the terms of the 2027 Fixed Rate Notes, including in relation to the Bail-in-Power. 

Additional terms of the 2027 Fixed Rate Notes, including but not limited to events of default, remedies, payment of additional amounts in
respect of withholding tax, substitution and variation of the 2027 Fixed Rate Notes upon certain regulatory events, and amendment are set forth in the Senior Non Preferred Indenture. 

The Senior Non Preferred Indenture and the 2027 Fixed Rate Notes shall be governed by and construed in accordance with the laws of the State
of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Senior Non Preferred Indenture, Section 2.02(r) of the Fifth Supplemental Indenture and the status of the 2027 Fixed Rate Notes, which
shall be governed by and construed in accordance with the laws of The Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred Indenture and the 2027 Fixed Rate Notes shall be governed by (in
addition to the laws of the State of New York relevant to execution) the respective jurisdictions of organization of the Company and the Trustee, as the case may be. 

The 2027 Fixed Rate Notes and this Note have been issued in the State of New York. 

  
 B-11Exhibit 4.2

 

QCR HOLDINGS, INC.

 

and

 

Wilmington Trust, National Association

 

as Trustee, Paying Agent and Security Registrar

 

SECOND SUPPLEMENTAL INDENTURE

 

Dated as of August 18, 2022

 

to

 

INDENTURE

 

Dated as of February 12, 2019

 

Fixed-to-Floating Rate Subordinated Notes due
2032

 

SECOND SUPPLEMENTAL INDENTURE (this “Second
Supplemental Indenture”), dated as of August 18, 2022, between QCR HOLDINGS, INC., a Delaware corporation (the “Company”),
and Wilmington Trust, National Association, a national banking association, organized and existing under the laws of the United States
of America, as trustee (the “Trustee”), as Security Registrar and Paying Agent.

 

RECITALS

 

WHEREAS, the Company and the Trustee have heretofore
executed and delivered the Indenture, dated as of February 12, 2019 (the “Base Indenture” and, as hereby supplemented
and amended, the “Indenture”), providing for the establishment from time to time of series of the Company’s unsecured
debt securities, which may be debentures, notes, bonds or other evidences of indebtedness (hereinafter called the “Securities”)
and the issuance from time to time of Securities under the Indenture; and

 

WHEREAS, Section 9.01(g) of the Base
Indenture provides that the Company and the Trustee may enter into a supplemental indenture to the Base Indenture to establish the form
or terms of Securities of a series thereunder as permitted by Article II and Article III of the Base Indenture; and

 

WHEREAS, pursuant to Section 3.01 of the
Base Indenture, the Company desires to establish a new series of Securities under the Indenture to be known as its “Fixed-to-Floating
Rate Subordinated Notes due 2032” (the “Notes”), to establish the form and terms and conditions of the Notes,
as provided in this Second Supplemental Indenture, and to provide for the initial issuance of Notes in the aggregate principal amount
of $45,000,000; and

 

WHEREAS, the Company has requested that the Trustee
execute and deliver this Second Supplemental Indenture; and all requirements necessary to make (i) this Second Supplemental Indenture
a valid, binding and enforceable instrument in accordance with its terms, and (ii) the Notes, when executed by the Company and authenticated
and delivered by the Trustee in accordance with the Indenture, the valid, binding and enforceable obligations of the Company, have been
satisfied; and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects; and

 

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

 

     

     

    

 

ARTICLE 1 

DEFINITIONS

 

Section 1.1. Relation to Base Indenture.
This Second Supplemental Indenture constitutes an integral part of the Base Indenture.

 

Section 1.2. Definition of Terms.
For all purposes of this Second Supplemental Indenture:

 

(a) Capitalized terms used herein without
definition shall have the meanings set forth in the Base Indenture, provided that, if the definition of a capitalized
term defined in this Second Supplemental Indenture conflicts with the definition of that capitalized term in the Base Indenture, the definition
of that capitalized term in this Second Supplemental Indenture shall control for purposes of this Second Supplemental Indenture and the
Notes and (in respect of the Notes but not any other series of Securities) the Base Indenture;

 

(b) a term defined anywhere in this Second
Supplemental Indenture has the same meaning throughout;

 

(c) the singular includes the plural and
vice versa;

 

(d) headings are for convenience of reference
only and do not affect interpretation;

 

(e) unless otherwise specified or unless
the context requires otherwise, (i) all references in this Second Supplemental Indenture to Sections refer to the corresponding Sections
of this Second Supplemental Indenture, and (ii) the terms “herein,” “hereof,” “hereunder” and
any other word of similar import refer to this Second Supplemental Indenture; and

 

(f) for purposes of this Second Supplemental
Indenture and the Notes, the following terms have the meanings given to them in this Section 1.2(f):

 

“1940 Act Event” means an event
requiring the Company to register as an investment company pursuant to the Investment Company Act of 1940, as amended.

 

“Additional Interest” has the
meaning set forth in the Registration Rights Agreement.

 

“Benchmark” means, initially,
Three-Month Term SOFR; provided that if the Calculation Agent determines on or prior to the Reference Time that a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then
 “Benchmark” means the applicable Benchmark Replacement.

 

“Benchmark Replacement” means
the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided
that if: (i) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date, or (ii) the
then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined),
then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation
Agent as of the Benchmark Replacement Date: (i) Compounded SOFR; (ii) the sum of: (a) the alternate rate that has been
selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding
Tenor and (b) the Benchmark Replacement Adjustment; (iii) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark
Replacement Adjustment; and (iv) the sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement
for the then-current Benchmark for U.S. Dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement
Adjustment. If the Benchmark Replacement, as determined pursuant to clause (i), (ii), (iii) or (iv) above would be less
than zero, the Benchmark Replacement will be deemed to be zero.

 

“Benchmark Replacement Adjustment”
means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement
Date: (i) the spread adjustment to the then-existing spread, or method for calculating or determining such spread adjustment (which
may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable
Unadjusted Benchmark Replacement; (ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate,
then the ISDA Fallback Adjustment; and (iii) the spread adjustment to the then-existing spread (which may be a positive or negative
value or zero) that has been selected by the Calculation Agent giving due consideration to any industry-accepted spread adjustment or
method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted
Benchmark Replacement for U.S. Dollar-denominated floating rate securities at such time.

 

    2

     

    

 

“Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including, without limitation,
changes to the definition of “interest period,” timing and frequency of determining rates with respect to each interest period
and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may
be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if
the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation
Agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Calculation Agent determines
is reasonably necessary).

 

“Benchmark Replacement Date”
means the earliest to occur of the following events with respect to the then-current Benchmark: (i) in the case of clause (i) of
the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination; (ii) in
the case of clause (ii) or (iii) of the definition of “Benchmark Transition Event,” the later of (a) the
date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the
Benchmark permanently or indefinitely ceases to provide the Benchmark; or (iii) in the case of clause (iv) of the definition
of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. For the
avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference
Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such
determination. Further, for the avoidance of doubt, for purposes of this definition, references to the Benchmark also include any reference
rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the then-current Benchmark: (i) if the Benchmark is Three-Month
Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months
based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended
or selected by the Relevant Governmental Body is not complete or (c) the Calculation Agent determines that the use of a forward-looking
rate for a tenor of three months based on SOFR is not administratively feasible; (ii) a public statement or publication of information
by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark,
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark; (iii) a public statement or publication of information by the regulatory supervisor for the administrator
of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator
for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar
insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has
ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark; or (iv) a public statement or publication of information
by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. For the
avoidance of doubt, for purposes of this definition, references to the Benchmark also include any reference rate underlying the Benchmark
(for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).

 

“Business Day” any day other
than a Saturday or Sunday that is neither a federal holiday nor a day on which banking institutions or trust companies are authorized
or required by law, regulation, or executive order to be closed.

 

“Calculation Agent” means the
Person appointed by the Company prior to the commencement of the Floating Rate Period to act in accordance with Section 2.5. The
Company shall initially act as the Calculation Agent.

 

“Compounded SOFR” means the
compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this
rate being established by the Calculation Agent in accordance with: (i) the rate, or methodology for this rate, and conventions for
this rate selected or recommended by the Relevant Governmental Body for determining Compounded SOFR; provided that: (ii) if, and
to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause (i) above,
then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due
consideration to any industry-accepted market practice for U.S. Dollar-denominated floating rate securities at such time.

 

    3

     

    

 

“Corporate Trust Office” means
the corporate trust office of the Trustee at which at any particular time this Second Supplemental Indenture is administered, which office,
at the date of the execution of this Second Supplemental Indenture, is located at Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890, Attention: QCR Holdings, Inc. Administrator.

 

“Corresponding Tenor” with
respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day
adjustment) as the applicable tenor for the then-current Benchmark.

 

“DTC” has the meaning set forth
in Section 2.3 hereof.

 

“Exchange Offer” has the meaning
set forth in the Registration Rights Agreement.

 

“Federal Reserve Board” means
the Board of Governors of the Federal Reserve System or any successor regulatory authority with jurisdiction over bank holding companies.

 

“Fixed Rate Interest Payment Date”
has the meaning set forth in Section 2.5(b)(i) hereof.

 

“Fixed Rate Interest Record Date”
means, with respect to each Fixed Rate Interest Payment Date, the close of business on the fifteenth (15th) calendar day (whether
or not a Business Day) immediately preceding such Fixed Rate Interest Payment Date, through September 1, 2027.

 

“Fixed Rate Period” has the
meaning set forth in Section 2.5(b)(i) hereof.

 

“Floating Rate Interest Payment Date”
has the meaning set forth in Section 2.5(b)(ii) hereof.

 

“Floating Rate Interest Record Date”
means, with respect to each Floating Rate Interest Payment Date, the close of business on the fifteenth (15th) calendar day
(whether or not a Business Day) immediately preceding such Floating Rate Interest Payment Date.

 

“Floating Rate Period” has
the meaning set forth in section 2.5(b)(ii) hereof.

 

“FRBNY” means the Federal Reserve
Bank of New York.

 

“FRBNY’s Website” means
the website of the FRBNY at http://www.newyorkfed.org, or any successor source.

 

“Global Note” has the meaning
set forth in Section 2.3 hereof.

 

“Independent
Bank Regulatory Counsel” means a law firm, a member of a law firm or an independent practitioner that is experienced in matters
of federal bank holding company and banking regulatory law, including the laws, rules and the guidelines of the Federal Reserve
Board relating to regulatory capital, and shall include any Person who, under the standards of professional
conduct then prevailing and applicable to such counsel, would not have a conflict of interest in representing the Company or the Trustee
in connection with providing the legal opinion contemplated by the definition of the term “Tier 2 Capital Event.”

 

“Independent Tax Counsel” means
a law firm, a member of a law firm or an independent practitioner that is experienced in matters of federal income taxation law, including
the deductibility of interest payments made with respect to corporate debt instruments, and shall include any Person who, under the standards
of professional conduct then prevailing and applicable to such counsel, would not have a conflict of interest in representing the Company
or the Trustee in connection with providing the legal opinion contemplated by the definition of the term “Tax Event.”

 

“Interest Payment Date” has
the meaning set forth in Section 2.5(b)(ii) hereof.

 

“Interpolated Benchmark” with
respect to the Benchmark means the rate determined by the Calculation Agent for the Corresponding Tenor by interpolating on a linear basis
between: (i) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor,
and (ii) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.

 

“ISDA” means the International
Swaps and Derivatives Association, Inc. or any successor.

 

    4

     

    

 

“ISDA Definitions” means the
2006 ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any successor definitional booklet for interest
rate derivatives published from time to time.

 

“ISDA Fallback Adjustment”
means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing
the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable
tenor.

 

“ISDA Fallback Rate” means
the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index
cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

 

“Reference Time” with respect
to any determination of the Benchmark means: (i) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation
Agent after giving effect to the Three-Month Term SOFR Conventions, and (ii) if the Benchmark is not Three-Month Term SOFR, the time
determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes.

 

“Relevant Governmental Body”
means the Federal Reserve and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or
any successor thereto.

 

“Registration Rights Agreement”
means the Registration Rights Agreement in the form attached as Exhibit B to the Purchase Agreement with respect to the Notes,
dated as of the date of this Indenture, by and among the Company and the purchasers of the Initial Notes identified therein.

 

“Representative” means the
indenture trustee or other trustee, agent or representative for an issue of Senior Indebtedness.

 

“Senior Indebtedness” means:

 

(a) any of the Company’s indebtedness
(including the principal of and premium, if any, and unpaid interest on such indebtedness) for borrowed or purchased money including overdrafts,
foreign exchange contracts, currency exchange agreements, interest rate protection agreements, and any loans or advances from banks, whether
or not evidenced by bonds, debentures, notes, or other written instruments, including any obligations of the Company to general creditors,
depositors or trade creditors;

 

(b) the Company’s obligations under
letters of credit, bank guarantees or bankers’ acceptances;

 

(c) any of the Company’s indebtedness
or other obligations with respect to commodity contracts, interest rate and currency swap agreements, cap, floor, and collar agreements,
currency spot and forward contracts, and other similar agreements or arrangements designed to protect against fluctuations in currency
exchange or interest rates;

 

(d) any guarantees, endorsements (other than
by endorsement of negotiable instruments for collection in the ordinary course of business), or other similar contingent obligations in
respect of obligations of others of a type described in clauses (a), (b), and (c), whether or not such obligation is classified as a liability
on a balance sheet prepared in accordance with accounting principles generally accepted in the United States;

 

(e) all obligations and liabilities in respect
of leases required in conformity with generally accepted accounting principles to be accounted for as capitalized lease obligations on
the Company’s balance sheet;

 

(f) all obligations and other liabilities
under any lease or related document in connection with the lease of real property which provides that the Company is contractually obligated
to purchase or cause a third party to purchase the leased property and thereby guarantee a minimum residual value of the leased property
to the lessor;

 

(g) all direct or indirect guarantees or
similar agreements in respect of, and the Company’s obligations or liabilities to purchase, acquire or otherwise assure a creditor
against loss in respect of, indebtedness, obligations or liabilities of others of the type described in clauses (a) through (f) above;
and

 

(h) any and all refinancings, replacements,
deferrals, renewals, extensions and refundings of, or amendments, modifications or supplements to, any indebtedness, obligation or liability
of the kind described in clauses (a) through (g) above, other than obligations ranking on a parity with the Notes or ranking
junior to the Notes.

 

    5

     

    

 

Notwithstanding the foregoing, if the Federal
Reserve Board (or other competent regulatory agency or authority) promulgates any rule or issues any interpretation that defines
general creditor(s), the main purpose of which is to establish a criteria for determining whether the subordinated debt of a bank holding
company is to be included in its capital, then the term “general creditors” as used herein the definition of Senior Indebtedness
will have the meaning as described in that rule or interpretation.

 

The term “Senior Indebtedness” does
not include: (i) any indebtedness of the Company which when incurred, and without respect to any election under Section 1111(b) of
the U.S. Bankruptcy Code, was without recourse to the Company; (ii) any indebtedness of the Company to any of its Subsidiaries; (iii) indebtedness
to any employee of the Company; (iv) any liability for taxes; (v) any indebtedness of the Company which is expressly subordinate
in right of payment to any other indebtedness of the Company; or (vi) renewals, extensions, modifications and refundings of any such
indebtedness.

 

“SOFR” means the secured overnight
financing rate published by the FRBNY, as the administrator of the Benchmark (or a successor administrator), on the FRBNY’s Website.

 

“Stated Maturity Date” has
the meaning set forth in Section 2.2 hereof.

 

“Tax Event” means the receipt
by the Company of an opinion of Independent Tax Counsel to the effect that, as a result of:

 

(a) an amendment to or change (including
any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its
political subdivisions or taxing authorities;

 

(b) a judicial decision, administrative action,
official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or announcement
of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “administrative or
judicial action”);

 

(c) an amendment to or change in any official
position with respect to, or any interpretation of, an administrative or judicial action or a law or regulation of the United States that
differs from the previously generally accepted position or interpretation; or

 

(d) a threatened challenge asserted in writing
in connection with an audit of the Company’s federal income tax returns or positions or a similar audit of any of its Subsidiaries,
or a publicly known threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of
securities that are substantially similar to the Notes, in each case, occurring or becoming publicly known on or after the original issue
date of the Notes, there is more than an insubstantial risk that interest payable by the Company on the Notes is not, or, within 90 days
of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes.

 

“Term SOFR” means the forward-looking
term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Term SOFR Administrator” means
any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator).

 

“Three-Month Term SOFR” means
the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any Floating
Rate Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. All percentages
used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth
of a percentage point, with 0.000005% rounded up to 0.00001%.

 

“Three-Month Term SOFR Conventions”
means any determination, decision or election with respect to any technical, administrative or operational matter (including with respect
to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing
and frequency of determining Three-Month Term SOFR with respect to each interest period and making payments of interest, rounding of amounts
or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term
SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent decides that adoption of
any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for
the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary).

 

    6

     

    

 

“Tier 2 Capital Event” shall
mean the receipt by the Company of an opinion of Independent Bank Regulatory Counsel to the effect that, as a result of:

 

(a) any amendment to, or change (including
any announced prospective amendment or change) in, the laws or any regulations thereunder of the United States or any rules, guidelines
or policies of an applicable regulatory authority for the Company; or

 

(b) any official administrative pronouncement
or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement
or decision is announced on or after the original issue date of the Notes,

 

the Notes do not constitute, or within 90 days
of the date of such opinion will not constitute, Tier 2 capital (or its then-equivalent if the Company were subject to such capital requirement)
for purposes of capital adequacy guidelines of the Federal Reserve Board, as then in effect and applicable to the Company.

 

“Unadjusted Benchmark Replacement”
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

The terms “Company,” “Trustee,”
 “Base Indenture,” “Second Supplemental Indenture,” “Indenture,” “Securities”
and “Notes” shall have the respective meanings set forth in the recitals to this Second Supplemental Indenture and
the paragraph preceding such recitals.

 

ARTICLE 2 

ESTABLISHMENT OF THE NOTES AND

GENERAL TERMS AND CONDITIONS OF THE NOTES

 

Section 2.1. Establishment of the
Series of the Notes and Designation. There is hereby authorized and established a series of Securities designated as the “Fixed-to-Floating
Rate Subordinated Notes due 2032.” The Securities that are a part of such series shall be in the form and have the terms,
provisions and conditions as set forth in the Base Indenture, this Second Supplemental Indenture and the Notes in the forms attached hereto
as Exhibit A and Exhibit B.

 

Section 2.2. Payment of Principal;
Issue Price; Additional Interest.

 

(a) Except as earlier redeemed in accordance
with this Second Supplemental Indenture, the date upon which the entire principal amount of the Notes shall become due and payable, together
with any accrued and unpaid interest then owing, shall be September 1, 2032 (the “Stated Maturity Date”). The
Notes issued on the date hereof will be issued at a price equal to 100% of the principal amount thereof.

 

(b) The Company will pay all Additional Interest,
if any, on the dates and in the amounts set forth in the Registration Rights Agreement. If Additional Interest is payable by the Company
in accordance with the Registration Rights Agreement and paragraph 2 of the Notes, the Company will deliver to the Trustee a certificate
to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional
Interest is payable. Unless and until a Responsible Officer of the Trustee receives such a certificate or instruction or direction from
the Holders in accordance with the terms of this Indenture, the Trustee may assume without inquiry that no Additional Interest is payable.
The foregoing will not prejudice the rights of the Holders with respect to their entitlement to Additional Interest as otherwise set forth
in this Indenture or the Notes and pursuing any action against the Company directly or otherwise directing the Trustee to take such action
in accordance with the terms of this Indenture and the Notes. If the Company has paid Additional Interest directly to persons entitled
to it, the Company will deliver to the Trustee a certificate setting forth the particulars of such payment.

 

    7

     

    

 

Section 2.3. Form, Payment and Appointment.
The Notes will be issued in book-entry form and definitive form, as determined by the Company, which shall notify the Trustee prior to
the issuance of the Notes. The Notes issued in book-entry form will be represented by one or more fully registered Global Securities (each
such Global Security, a “Global Note”) registered in the name of The Depository Trust Company or any successor thereto
(“DTC”) or its nominee and deposited with DTC or its designated custodian as the Depositary therefor or such other
depository as any officer of the Company may from time to time designate. So long as DTC or its nominee is the registered owner of Global
Notes, DTC or its nominee, as the case may be, will be considered the Holder of the Notes represented by such Global Notes for all purposes
under the Indenture. The Company will make payments of principal of, and premium, if any, and interest on the Global Notes to DTC or its
nominee, as the case may be, as the registered Holder of the Notes. The Notes issued in definitive form will be represented by one or
more physical securities (“Individual Securities”) and will be registered in the name of the Holder of the Note. The
principal of any Notes in the form of Individual Securities will be payable at the place of payment set forth below. Except as provided
in Section 3.05 of the Base Indenture, beneficial owners of Global Notes will not be entitled to receive physical delivery of Notes
in the form of Individual Securities, and no Global Note will be exchangeable except for another Global Note of like denomination and
tenor to be registered in the name of DTC or its nominee.

 

The terms and conditions contained in the Notes
shall constitute, and are hereby expressly made, a part of the Indenture, and the Company and the Trustee, by their execution and delivery
of this Second Supplemental Indenture, and the Holders, by their acceptance of the Notes, expressly agree to such terms and conditions
and to be bound thereby.

 

The Security Registrar and Paying Agent for the
Notes shall initially be the Trustee. The Company will appoint a Person to act as the Calculation Agent as provided under the definition
of Calculation Agent and Section 2.5.

 

The Place of Payment for the Notes shall be an
office or agency of the Company maintained for such purpose, which shall initially be the Corporate Trust Office.

 

The Notes will be issuable and may be transferred
only in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. The amounts payable with respect to the
Notes shall be payable in U.S. Dollars.

 

Section 2.4. Global Note. Unless
and until a Global Note is exchanged for Individual Securities, such Global Note may be transferred, in whole but not in part, and any
payments on the Notes shall be made, only to DTC or a nominee of DTC, or to a successor Depositary selected or approved by the Company
or to a nominee of such successor Depositary as provided in the Indenture.

 

Section 2.5. Interest.

 

(a) Interest payable on any Interest Payment
Date, the Stated Maturity Date or the Redemption Date, if any, with respect to the Notes shall be the amount of interest accrued from,
and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from
and including the original issue date of Notes if no interest has previously been paid or duly provided for with respect to the Notes)
to, but excluding, such Interest Payment Date, Stated Maturity Date or the Redemption Date, if any, as the case may be.

 

(b) (i) From, and including,
the original issue date of the Notes to, but excluding, September 1, 2027, unless redeemed prior to such date pursuant to Article 3
hereof, the Notes will bear interest at the annual rate of 5.50%, computed on the basis of a 360-day year consisting of twelve 30-day
months, and payable semi-annually in arrears on each March 1 and September 1, beginning on March 1, 2023 and ending on
September 1, 2027 (each such payment date, a “Fixed Rate Interest Payment Date,” with the period from, and including,
the original issue date of the Notes to, but excluding, the first Fixed Rate Interest Payment Date and each successive period from, and
including, a Fixed Rate Interest Payment Date to, but excluding, the next Fixed Rate Interest Payment Date being a “Fixed Rate
Period”). In the event that any scheduled Fixed Rate Interest Payment Date for the Notes falls on a day that is not a Business
Day, then payment of interest payable on such Fixed Rate Interest Payment Date will be postponed to the next succeeding day that is a
Business Day (and no interest on such payment will accrue for the period from and after such scheduled Fixed Rate Interest Payment Date).

 

    8

     

    

 

(ii) From, and including
September 1, 2027 to, but excluding, the Stated Maturity Date, unless redeemed subsequent to September 1, 2027 but prior
to the Stated Maturity Date pursuant to Article 3 hereof, the Notes will bear interest at an annual rate equal to the
then-current Three-Month Term SOFR, reset quarterly, plus 279 basis points (2.79%), payable quarterly in arrears on each
March 1, June 1, September 1, and December 1, beginning on December 1, 2027 (each such payment date, a
 “Floating Rate Interest Payment Date,” and, together with the Fixed Rate Interest Payment Dates, collectively the
 “Interest Payment Dates,” with the period from, and including, September 1, 2027 to, but excluding, the
first Floating Rate Interest Payment Date and each successive period from, and including, a Floating Rate Interest Payment Date to,
but excluding, the next Floating Rate Interest Payment Date being a “Floating Rate Period”). Interest payable on
the Notes for a Floating Rate Period shall be computed on the basis of a 360-day year and the actual number of days in such Floating
Rate Period. The Calculation Agent shall notify the Trustee (if the Trustee is not the Calculation Agent) in writing of the interest
rate for each Floating Rate Period on the applicable Determination Date and the Trustee shall have no duty to confirm or verify such
calculation. In the event that any scheduled Floating Rate Interest Payment Date for the Notes falls on a day that is not a Business
Day, then payment of interest payable on such Floating Rate Interest Payment Date will be postponed to the next succeeding day that
is a Business Day, unless such day falls in the next succeeding calendar month, in which case such Floating Rate Interest Payment
Date will be accelerated to the immediately preceding day that is a Business Day, and, in each such case, the amounts payable on
such Business Day will include interest accrued to, but excluding, such Business Day.

 

(c) Interest due on the Stated Maturity Date
(whether or not an Interest Payment Date) of the Notes will be paid to the Person to whom principal of the Notes is payable, subject in
the case of Global Notes to DTC’s applicable procedures.

 

(d) The Company shall appoint a Calculation
Agent prior to the commencement of the Floating Rate Period and shall take such actions as are necessary to ensure that from the commencement
of the Floating Rate Period for so long as any of the Notes remain outstanding there will at all times be a Calculation Agent appointed
to calculate Three-Month Term SOFR in respect of each Floating Rate Period. The Company shall act as the initial Calculation Agent. The
calculation of Three-Month Term SOFR or any other interest rate for each applicable Floating Rate Period by the Calculation Agent will
(in the absence of manifest error) be final and binding upon the beneficial owners and the Holders of the Notes, the Company (if the Company
is not also the Calculation Agent) and the Trustee. The Calculation Agent’s determination of any interest rate and its calculation
of interest payments for any interest period will be maintained on file at the Calculation Agent’s principal offices, will be made
available to any Holder of the Notes upon request and will be provided to the Trustee. The Calculation Agent shall have all the rights,
protections and indemnities afforded to the Trustee under the Base Indenture and hereunder. The Calculation Agent may be removed by the
Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Company, the Company
will promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign its duties without a successor having been
duly appointed; provided, that if a successor Calculation Agent has not been appointed by the Company and such successor accepted such
position within 30 days after the giving of notice of resignation by the Calculation Agent, then the resigning Calculation Agent may petition,
at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Calculation Agent with respect to
such series. The Trustee shall not be under any duty to succeed to, assume or otherwise perform, any duties of the Calculation Agent,
or to appoint a successor or replacement in the event of the Calculation Agent’s resignation or removal or to replace the Calculation
Agent in the event of a default, breach or failure of performance on the part of the Calculation Agent with respect to the Calculation
Agent’s duties and obligations hereunder. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by
the Company, then the Company shall be the Calculation Agent. The Company may appoint itself or any of its affiliates to be the Calculation
Agent. By its acquisition of the Notes, each Holder (including, for the avoidance of doubt, each beneficial owner) acknowledges, accepts,
consents to, and agrees to be bound by the Company’s and the Calculation Agent’s determination of the interest rate for each
Floating Rate Period, including the Company’s and the Calculation Agent’s determination of any Benchmark Replacement Conforming
Changes, Benchmark Replacement Date, Benchmark Replacement Adjustment, and Benchmark Transition Event, including as may occur without
any prior written notice from the Company or the calculation Agent and without the need for the Company or the Calculation Agent to obtain
any further consent from any Holder of the Notes. Under no circumstances will the Trustee be responsible for selecting or determining
any Benchmark Replacement if the Benchmark will no longer be available following a Benchmark Transition Event and its related Benchmark
Replacement Date. In the case of a Benchmark Transition Event, the Company will select the Benchmark Replacement prior to the Benchmark
Replacement Date and in consultation with the Calculation Agent, ensuring that the Calculation Agent will be able to meet its obligations
and requirements under the Base Indenture, as supplemented by this Second Supplemental Indenture, with respect to the Benchmark Replacement.
No such replacement (including any conforming changes to the Indenture) shall affect the Trustee’s own rights, duties or immunities
under the Indenture or otherwise.

 

    9

     

    

 

Section 2.6. Effect of Benchmark
Transition Event.

 

(a) If the Calculation Agent determines that
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior to the Reference Time in respect of
any determination of the Benchmark on any date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes
relating to the Notes during the Floating Rate Period in respect of such determination on such date and all determinations on all subsequent
dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time.

 

(b) Notwithstanding anything set forth in
Section 2.5, if the Calculation Agent determines on or prior to the relevant Reference Time that a Benchmark Transition Event and
its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, then the provisions set forth in this Section 2.6
will thereafter apply to all determinations of the interest rate on the Notes during the Floating Rate Period. After a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred, the interest rate on the Notes for each interest period during the Floating
Rate Period will be an annual rate equal to the Benchmark Replacement plus 279 basis points.

 

(c) The Calculation Agent is expressly
authorized to make certain determinations, decisions and elections under the terms of the Notes, including with respect to the use
of Three-Month Term SOFR as the Benchmark and under this Section 2.6. Any determination, decision or election that may be made
by the Calculation Agent under the terms of the Notes, including any determination with respect to a tenor, rate or adjustment or of
the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or
selection (i) will be conclusive and binding on the Holders of the Notes, the Company (if the Company is not also the
Calculation Agent) and the Trustee absent manifest error, (ii) if made by the Company as Calculation Agent, will be made in the
Company’s sole discretion, (iii) if made by a Calculation Agent other than the Company, will be made after consultation
with the Company, and the Calculation Agent will not make any such determination, decision or election to which the Company
reasonably objects and (iv) notwithstanding anything to the contrary herein or in the Base Indenture, shall become effective
without consent from the Holders of the Notes, the Trustee or any other party. If the Calculation Agent fails to make any
determination, decision or election that it is required to make under the terms of the Notes, then the Company will make such
determination, decision or election on the same basis as described above.

 

(d) The Company (or its Calculation Agent)
shall notify the Trustee in writing (i) upon the occurrence of the Benchmark Transition Event or the Benchmark Replacement Date,
and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other items affecting the interest rate on the
Notes after a Benchmark Transition Event.

 

(e) The Trustee (including in its capacity
as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month Term SOFR Conventions, (B) selection
of an alternative reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the designation of
such rate have been satisfied or whether such rate is a Benchmark Replacement or an Unadjusted Benchmark Replacement), (C) determination
or calculation of a Benchmark Replacement, or (D) determination of whether a Benchmark Transition Event or Benchmark Replacement
Date has occurred, and in each such case under clauses (A) through (D) above shall be entitled to conclusively rely upon the
selection, determination, and/or calculation thereof as provided by the Company or its Calculation Agent, as applicable, and (ii) liability
for any failure or delay in performing its duties hereunder as a result of the unavailability of a Benchmark rate as described in the
definition thereof, including, without limitation, as a result of the Company’s or Calculation Agent’s failure to select a
Benchmark Replacement or the Calculation Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively
on all notices from the Company or its Calculation Agent regarding any Benchmark or Benchmark Replacement, including, without limitation,
in regards to Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming
Changes. The Trustee shall not be responsible or liable for the actions or omissions of the Calculation Agent, or any failure or delay
in the performance of the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee
the performance of the Calculation Agent. The Trustee shall be entitled to conclusively rely on any determination made, and any instruction,
notice, Officers’ Certificate or other instruction or information provided by the Calculation Agent without independent verification,
investigation or inquiry of any kind. The Trustee shall not be obligated to enter into any amendment or supplement hereto that adversely
impacts its rights, duties, obligations, immunities or liabilities (including, without limitation, in connection with the adoption of
any Benchmark Replacement Conforming Changes).

 

    10

     

    

 

(f) If the then-current Benchmark is Three-Month
Term SOFR, the Calculation Agent will have the right to establish the Three-Month Term SOFR Conventions, and if any of the foregoing provisions
concerning the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any
of the Three-Month Term SOFR Conventions determined by the Calculation Agent, then the relevant Three-Month Term SOFR Conventions will
apply.

 

Section 2.7. Subordination.

 

(a) Except as otherwise specified, the Company
agrees, and each Holder of the Notes by accepting the Notes agrees, that the indebtedness evidenced by the Notes is subordinated in right
of payment, to the extent and in the manner provided in this Section 2.7, to the prior payment in full of all Senior Indebtedness
and that the subordination is for the benefit of the holders of Senior Indebtedness.

 

(b) In the event of (a) any insolvency
or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith,
relative to the Company or to its creditors, as such, or to its assets, or (b) any liquidation, dissolution or other winding up of
the Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c) any assignment for the
benefit of creditors or any other marshalling of assets and liabilities of the Company:

 

(i) holders of Senior Indebtedness
shall be entitled to receive payment in full in cash of the principal thereof, premium, if any, additional amounts owing in respect thereof,
if any, and interest (including interest accruing after the commencement of any such proceeding) to the date of payment on the Senior
Indebtedness before Holders shall be entitled to receive any payment of principal of or interest on Notes;

 

(ii) until the Senior Indebtedness
is paid in full in cash, any indebtedness to which Holders of the Notes or the Trustee would be entitled but for this Section 2.7
shall be made to holders of Senior Indebtedness as their interests may appear for the application to the payment thereof, except that
Holders of the Notes may receive securities that are subordinated to Senior Indebtedness to at least the same extent as the Notes; and

 

(iii) the Trustee is entitled to
conclusively rely upon an order or decree of a court of competent jurisdiction or a certificate of a bankruptcy trustee or other similar
official for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of Senior Indebtedness
and other Company debt, the amount thereof or payable thereon and all other pertinent facts relating to the Trustee’s obligations
under this Section 2.7.

 

In the event that, notwithstanding the foregoing provisions of
this Section 2.7, the Trustee or the Holder of any of the Notes shall have received any payment or distribution of assets of
the Company of any kind or character, whether in cash, property or securities, including by way of set-off or any such payment or
distribution which may be payable or deliverable by reason of the payment of any other indebtedness of the Company being
subordinated to the payment of the Notes, before all Senior Indebtedness is paid in full or payment thereof provided for, and if
such fact shall, at or prior to the time of such payment or distribution, have been made known to a Responsible Officer of the
Trustee in writing or, as the case may be, such Holder of the Notes, then and in such event such payment or distribution shall be
paid over or delivered forthwith to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other
Person making payment or distribution of assets of the Company for application to the payment of all Senior Indebtedness remaining
unpaid, to the extent necessary to pay all Senior Indebtedness in full, after giving effect to any concurrent payment or
distribution to or for the holders of Senior Indebtedness. Any taxes that have been withheld or deducted from any payment or
distribution in respect of the Notes, or any taxes that ought to have been withheld or deducted from any such payment or
distribution that have been remitted to the relevant taxing authority, shall not be considered to be an amount that the Trustee or
the Holder of any of the Notes receives for purposes of this Section 2.7.

 

    11

     

    

 

(c) The Company may not pay principal, premium,
interest or additional amounts owing with respect to the Notes and may not acquire any Notes for cash or property other than capital stock
of the Company if:

 

(i) any default in the payment
of principal, premium, if any, or interest on any Senior Indebtedness beyond any applicable grace period with respect thereto occurs and
is continuing;

 

(ii) a default on Senior Indebtedness
occurs and is continuing that permits holders of such Senior Indebtedness (or a trustee on their behalf) to accelerate its maturity, or

 

(iii) a default under any Senior
Indebtedness is the subject of judicial proceedings or the Company receives a notice of the default from a person who may give it pursuant
to Section 2.7(k) hereof.

 

The Company may resume payments on the Notes and may acquire them when:

 

(i) the default is cured or waiver;
or

 

(ii) this Section 2.7 otherwise
permits the payments or acquisition at that time.

 

(d) In the event that any Notes are declared
due and payable before their Stated Maturity Date, then and in such event the holders of Senior Indebtedness shall be entitled to receive
payment in full of all amounts due or to become due on or in respect of all Senior Indebtedness or provision shall be made for such payment
in cash, before the Holders of the Notes are entitled to receive any payment (including any payment which may be payable by reason of
the payment of any other indebtedness of the Company being subordinated to the payment of the Notes) by the Company on account of the
principal of, premium, if any, additional amounts owing in respect thereof, if any or interest on the Notes or on account of the purchase
or other acquisition of Notes; provided, that any money deposited pursuant to Article IV of the Base Indenture not in violation of
the Indenture shall not be subject to the claims of holders of Senior Indebtedness.

 

In the event that, notwithstanding the foregoing, the Company shall
make any payment to the Trustee or the Holder of any Note prohibited by the foregoing provisions of this Section 2.7, and if such
fact shall, at or prior to the time of such payment, have been made known to a Responsible Officer of the Trustee in writing or, as the
case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Representative with respect
to such Senior Indebtedness.

 

(e) If payment or distribution on account
of the Notes of any character or security, whether in cash, securities or other property, is received by Holder, including any applicable
Trustee, in contravention of any of the terms of this Section 2.7 and before all Senior Indebtedness has been paid in full, such
payment or distribution or security will be received in trust for the benefit of, and must be paid over or delivered and transferred to
the Representative with respect to such Senior Indebtedness for application, in accordance with the priorities then existing among those
holders of Senior Indebtedness for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay
all Senior Indebtedness in full.

 

(f) The Company shall promptly notify the
Trustee, in writing, and any Paying Agent of any facts known to the Company that would cause a payment on the Notes to violate this Section 2.7.
The Company shall provide all relevant contact, wiring and other information as the Trustee may require in order to pay over or deliver
to the Representative representing the Senior Indebtedness any funds or other payment or distribution in accordance with this Section 2.7.
The Trustee shall be entitled to conclusively rely on any such information provided by the Company.

 

(g) After all Senior Indebtedness is paid
in full and until the Notes are paid in full, Holders shall be subrogated to the rights of holders of Senior Indebtedness to receive payments
or distributions applicable to Senior Indebtedness to the extent that distributions otherwise payable to the Holders have been applied
to the payment of Senior Indebtedness. A payment or distribution made under this Section 2.7 to holders of Senior Indebtedness which
otherwise would have been made to Holders is not, as among the Company, its creditors other than the holders of Senior Indebtedness and
Holders, a payment or distribution by the Company on account of the Senior Indebtedness.

 

    12

     

    

 

(h) This Section 2.7 is intended solely
to define the relative rights of Holders on the one hand and the holders of Senior Indebtedness on the other hand. Nothing in the Indenture
or in the Notes shall:

 

(i) impair, as among the Company,
its creditors other than holders of Senior Indebtedness and the Holders of the Notes, the obligation of the Company, which is absolute
and unconditional, to pay to the Holders of the Notes the principal of, premium, if any, additional amounts in respect thereof, if any,
and interest on the Notes as and when the same shall become due and payable in accordance with their terms;

 

(ii) affect the relative rights
of Holders and creditors of the Company other than holders of Senior Indebtedness; or

 

(iii) prevent the Trustee or any
Holder from exercising its available remedies upon an Event of Default, subject to the rights of holders of Senior Indebtedness to receive
payments or distributions otherwise payable to Holders or the Trustee.

 

If the Company fails because of this Section 2.7 to pay principal,
premium, if any, additional amounts in respect thereof, if any, or interest on any of the Notes on the due date, such failure shall constitute
a default hereunder.

 

(i) No right of any holder of Senior Indebtedness
to enforce the subordination of the indebtedness evidenced by the Notes shall be impaired by any act or failure to act by the Company
or by its failure to comply with the Indenture.

 

(j) Whenever a distribution is to be made
or a notice given to holders of Senior Indebtedness, the distribution may be made and the notice given to their Representative.

 

(k) The Trustee or any Paying Agent may continue
to make payments on the Notes until it receives written notice of facts that would cause a payment of principal of or interest on the
Notes to violate this Section 2.7. Only the Company, a Representative or a holder of an issue of Senior Indebtedness that has no
Representative may give the written notice.

 

The Trustee in its individual or any other capacity may hold Senior
Indebtedness with the same rights it would have if it were not Trustee.

 

Notwithstanding anything herein to the contrary, the Company’s
obligation to pay, and the Company’s payment of, the amounts required by Section 6.07 of the Base Indenture are excluded from
the operation of this Section 2.7. For the sake of clarity, such payments are not subordinated to the Company’s Senior Indebtedness.

 

(l) Nothing contained in this Section 2.7
or elsewhere in the Indenture or in any of the Notes shall prevent (a) the Company, at any time except during the pendency of any
case, proceeding, dissolution, liquidation or other winding up, assignment for the benefit of creditors or other marshalling of assets
and liabilities of the Company referred to in Section 2.7(b) hereof or under the conditions described in Section 2.7(c) or
2.7(d) hereof, from making payments at any time of or on account of the principal of, premium, if any, additional amounts owing in
respect thereof, if any or interest on the Notes or on account of the purchase or other acquisition of the Notes, or (b) the application
by the Trustee of any money deposited with it hereunder to the payment of or on account of the principal of, premium, if any, additional
amounts owing in respect thereof, if any, or interest on the Notes or the retention of such payment by the Holders, if, at the time of
such application by the Trustee, it did not have knowledge (in accordance with Section 2.7(f) hereof) that such payment would
have been prohibited by the provisions of this Section 2.7.

 

(m) Each Holder of a Note by his acceptance
thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination
provided in this Section 2.7 and appoints the Trustee his attorney-in-fact for any and all such purposes.

 

(n) Upon any payment or distribution of assets
of the Company referred to in this Section 2.7, the Trustee, subject to the provisions of Section 6.02 of the Base Indenture,
and the Holders of the Notes shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction
in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding
is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors,
agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of the Notes, for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness 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 this Section 2.7.

 

    13

     

    

 

(o) In case at any time any Paying Agent
other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in
this Section 2.7 shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Section 2.7 in addition
to or in place of the Trustee.

 

Section 2.8. Events of Default; Acceleration.
Neither the Trustee nor the Holders of the Notes shall have the right to accelerate the maturity of the Notes unless there is an Event
of Default specified under clause (e) or (f) of Section 5.01 of the Base Indenture. If an Event of Default specified in
clause (e) or (f) of Section 5.01 of the Base Indenture occurs, then the principal amount of all of the Outstanding Notes,
including any accrued and unpaid interest on the Notes and premium, if any, shall become and be immediately due and payable without any
declaration or other act on the part of the Trustee or the Holders of the Notes in accordance with the provisions of Section 5.02
of the Base Indenture.

 

Section 2.9. No Sinking Fund.
The Notes are not entitled to the benefit of any sinking fund.

 

Section 2.10. No Conversion or Exchange
Rights. Except in connection with the Exchange Offer, the Notes shall not be convertible into or exchangeable for any other securities
or property of the Company or any Subsidiary of the Company.

 

Section 2.11. Defeasance; No Covenant
Defeasance. Section 4.02 of the Base Indenture shall be applicable to the Notes. Section 4.03 of the Base Indenture shall
not be applicable to the Notes.

 

ARTICLE 3 

REDEMPTION OF THE NOTES

 

Section 3.1. Optional
Redemption. The Company may, at its option, redeem the Notes, in whole or in part, on any Interest Payment Date on or after
September 1, 2027, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and
unpaid interest and Additional Interest, if any, to, but excluding, the Redemption Date fixed by the
Company; provided that, for the avoidance of doubt, the payment of such accrued and unpaid interest and Additional
Interest, if any, paid as a part of the Redemption Price shall satisfy in full the obligation of the Company to pay accrued and
unpaid interest on the Notes redeemed from and including the most recent Interest Payment Date on which all accrued and unpaid
interest on the Notes was paid or provided for to, but excluding, the Redemption Date. Any partial redemption will be made in
accordance with the Base Indenture. The Company’s election to redeem any Notes shall be provided to the Trustee in the form of
an Officers’ Certificate at least 60 days prior to the Redemption Date, or such shorter notice as may be acceptable to the
Trustee, and, in the event of a partial redemption, such Officers’ Certificate shall specify the amount of Global Notes to be
redeemed and the amount of Individual Securities to be redeemed.

 

Section 3.2. Redemption Upon Special
Events. The Company may also, at its option, redeem the Notes before the Stated Maturity Date in whole, but not in part, at any time,
upon the occurrence of a Tier 2 Capital Event, a Tax Event or a 1940 Act Event. Any such redemption will be at a Redemption Price equal
to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest and Additional Interest, if any, to, but
excluding, the Redemption Date fixed by the Company; provided that, for the avoidance of doubt, the payment of such accrued
and unpaid interest and Additional Interest, if any, paid as a part of the Redemption Price shall satisfy in full the obligation of the
Company to pay accrued and unpaid interest on the Notes redeemed from and including the most recent Interest Payment Date on which all
accrued and unpaid interest on the Notes was paid or provided for through, but excluding, the Redemption Date. The Company’s election
to redeem any Notes shall be provided to the Trustee in the form of an Officers’ Certificate at least 60 days prior to the Redemption
Date, or such shorter notice as may be acceptable to the Trustee. If any conditions precedent to such optional redemption have not been
satisfied, the Company shall provide written notice to the Trustee and each Holder of the Notes prior to the close of business prior to
the Redemption Date fixed by the Company in the same manner in which the notice of redemption was given. Upon receipt of such notice,
the notice of redemption shall be rescinded or delayed as provided in such notice. In no event shall the Trustee be responsible to satisfy
any such conditions precedent, including making a deposit of money required to effectuate the redemption.

 

    14

     

    

 

Section 3.3. Redemption Approval.
No redemption of the Notes by the Company prior to the Stated Maturity Date pursuant to this Article 3 shall be made without the
prior approval of the Federal Reserve Board if such prior approval is or will be required at the scheduled Redemption Date. To the extent
that the approval of the Federal Reserve Board is required for the Company’s redemption of the Notes pursuant to this Article 3,
the Trustee shall not have any duty or obligation to determine whether such approval is required or any duty or obligation to obtain such
approval. Prior to the delivery of the notice of redemption to the Holders of the Notes, the Company shall deliver to the Trustee an Officers’
Certificate stating (i) whether or not the approval of the Federal Reserve Board is required for the Company’s redemption of
the Notes and (ii) if such approval is required, whether or not such approval has been obtained by the Company.

 

Section 3.4. Redemption Procedures.
Notice of redemption must be provided to the Holders of the Notes to be redeemed not less than 30 days nor more than 60 days prior to
the applicable Redemption Date. The provisions of Article XI of the Base Indenture shall apply to any redemption of the Notes pursuant
to this Article 3.

 

ARTICLE 4 

FORM OF NOTES

 

The Notes and the Trustee’s certificate
of authentication thereon are to be substantially in the form attached as Exhibit A and Exhibit B hereto,
with such changes therein as the officers of the Company executing the Notes (by manual, electronic or facsimile signature) may approve,
such approval to be conclusively evidenced by their execution thereof.

 

ARTICLE 5 

ISSUE OF NOTES

 

Section 5.1. Additional Issues of
Notes. The Company may, from time to time, without notice to or the consent of the Holders of the Notes, issue an unlimited amount
of additional subordinated Securities of the same series as the Notes, which Securities will rank pari passu with the
Notes and be identical in all respects to the Notes previously issued except for their issuance date, the offering price, the interest
commencement date and the first payment of interest following the issue date of such additional subordinated Securities in order that
such additional subordinated Securities may be consolidated and form a single series with the Notes outstanding immediately prior to the
issuance of such additional subordinated Securities and have the same terms as to status, redemption or otherwise as the Notes; provided that,
if any additional subordinated Securities are not fungible with the initial Notes for U.S. income tax purposes, such additional subordinated
Securities will have a separate CUSIP number.

 

ARTICLE 6 

IMMUNITY OF STOCKHOLDERS, EMPLOYEES, AGENTS,
OFFICERS AND DIRECTORS

 

No director, officer, employee or shareholder
of the Company, as such, shall have any liability for any obligations of the Company under the Notes or this Second Supplemental Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting the Notes, each Holder waives
and releases all such liability.

 

    15

     

    

 

ARTICLE 7 

AMENDMENTS TO THE BASE INDENTURE

 

Section 7.1. Amendments to Article 1
of the Base Indenture.

 

		(a)	The following sentence is hereby added to the last sentence of Section 1.12 of the Base Indenture: “THE PARTIES HERETO
HEREBY (I) IRREVOCABLE SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, (II) WAIVE
ANY OBJECTION TO LAYING OF VENUE IN ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS, AND (III) WAIVE ANY OBJECTION THAT SUCH COURTS
ARE AN INCONVENIENT FORUM OR DO NOT HAVE JURSIDICTION OVER ANY PARTY.”

 

Section 7.2. Amendments to Article 6
of the Base Indenture.

 

		(a)	Section 6.03, paragraph (n) of the Base Indenture is hereby amended by deleting such paragraph (n) in its entirety
and replacing it with the following:

 

(n) the
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, any act or provision of
any present or future law or regulation or governmental authority; acts of God; earthquakes; fire; flood; terrorism; wars and other military
disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication
services; accidents; labor disputes; acts of civil or military authority and governmental action or the unavailability of the Federal
Reserve Bank wire or telex or other wire or communication facility.

 

		(b)	The following paragraph shall be added to the end of Section 6.03 of the Base Indenture:

 

(q) The permissive rights of the Trustee to do things
enumerated in this Indenture shall not be construed as duties.

 

ARTICLE 8 

MISCELLANEOUS

 

Section 8.1. Ratification of Base
Indenture. The Base Indenture, as amended and supplemented by this Second Supplemental Indenture, is in all respects ratified and
confirmed, and this Second Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and
therein; provided that the provisions of this Second Supplemental Indenture apply solely with respect to the Notes.

 

Section 8.2. Trustee Not Responsible
for Recitals. The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be
taken as statements of the Company and not those of the Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture or of the Notes. The Trustee
shall not be accountable for the use or application by the Company of the Notes or of the proceeds thereof.

 

Section 8.3. Governing Law; Waiver
of Jury Trial; Jurisdiction. THIS SECOND SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. THE ISSUER, THE TRUSTEE AND THE HOLDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. THE PARTIES HERETO HEREBY (I) IRREVOCABLE SUBMIT TO THE NON-EXCLUSIVE JURISDICTION
OF ANY FEDERAL OR STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, (II) WAIVE ANY OBJECTION TO LAYING OF VENUE IN ANY SUCH ACTION
OR PROCEEDING IN SUCH COURTS, AND (III) WAIVE ANY OBJECTION THAT SUCH COURTS ARE AN INCONVENIENT FORUM OR DO NOT HAVE JURSIDICTION
OVER ANY PARTY.

 

    16

     

    

 

Section 8.4. Separability Clause.
In case any provision in this Second Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby

 

Section 8.5. Counterparts. This
Second Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Second Supplemental
Indenture and of signature pages by facsimile transmission or by transmission as a PDF e-mail attachment shall constitute effective
execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF e-mail attachment shall be deemed to be their
original signatures for all purposes. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to this Second Supplemental Indenture or any document to be signed in connection with this Second
Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each
of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or
the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the
Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. §§ 7001-7006), the Electronic Signatures and Records
Act of 1999 (N.Y. State Tech. §§ 301-309), or any other similar state laws based on the Uniform Electronic Transactions Act,
and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

Section 8.6. Benefits of Second Supplemental
Indenture. Nothing in this Second Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than
the parties to this Second Supplemental Indenture and their successors under this Second Supplemental Indenture and the Persons in whose
names the Notes are registered from time to time, any benefit or any legal or equitable right, remedy or claim under this Second Supplemental
Indenture.

 

Section 8.7. Conflict with Base Indenture.
To the extent that any provision of this Second Supplemental Indenture relating to the Notes is inconsistent with any provision of the
Base Indenture, such provision of this Second Supplemental Indenture shall control with respect to the Notes.

 

Section 8.8. Trust Indenture Act
Controls. This Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part
of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision of this Second Supplemental Indenture
limits, qualifies or conflicts with another provision that is required or deemed to be included in this Second Supplemental Indenture
by the Trust Indenture Act, such required or deemed provision shall control.

 

Section 8.9. Rights, Protections
and Immunities of the Trustee. All of the rights, protections, benefits, immunities and indemnities afforded or given to the Trustee,
the Security Registrar and the Paying Agent pursuant to the Base Indenture shall apply to and be enforceable by the Trustee, the Security
Registrar and the Paying Agent acting in their respective capacities relating to the Notes and pursuant to this Second Supplemental Indenture mutatis
mutandi as if set forth and incorporated herein. The Trustee, the Security Registrar and the Paying Agent is acting hereunder,
not in its individual capacity, but solely in its capacity as Trustee, Security Registrar or Paying Agent, as applicable, for the Notes
under the Indenture.

 

Section 8.10. USA PATRIOT Act.
The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions
and in order to help the government fight the funding of terrorism and money laundering, are required to obtain, verify and record information
that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this agreement agree that
they will provide the Trustee with such information as it may request to satisfy the requirements of the USA PATRIOT Act.

 

    17

     

    

 

Section 8.11 Tax Withholding. Each
Holder agrees to provide the Company and its agents with certified tax identification numbers by furnishing appropriate forms W-9 or W-8
and such other forms and documents that the Company or its agents may request. Each Holder understands that if such tax reporting documentation
is not provided and certified to the Company or agents, the Company or its agents may be required by the Internal Revenue Code of 1986,
as amended, and the regulations promulgated thereunder, to withhold a portion of any interest or other income earned on the Notes. The
Company shall provide to the Paying Agent any information that the Paying Agent needs to comply to with any tax reporting obligations
that it may have under any applicable law.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

    18

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Second Supplemental Indenture to be duly executed as of the day and year first written above.

 

	 	QCR Holdings, Inc.
	 	 	 
	 	By:	/s/ Todd A. Gipple 
	 	Name:	Todd A. Gipple 
	 	Title:	President, Chief Operating Officer and Chief Financial Officer
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, 
	 	as Trustee, Security Registrar and Paying Agent
	 	 	 
	 	By:	/s/ Michael H. Wass 
	 	Name:	Michael H. Wass 
	 	Title:	Vice President

 

[Signature Page to Second Supplemental
Indenture]

 

     

     

    

 

EXHIBIT A

 

THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY (AS DEFINED HEREIN)
AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING,
WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO THE SENIOR INDEBTEDNESS
(AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).

 

GLOBAL NOTE

 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’) OR UNDER ANY APPLICABLE STATE SECURITIES
LAW. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN
EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, INCLUDING
(BUT NOT LIMITED TO) IN ACCORDANCE AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO QCR HOLDINGS, INC. (THE “COMPANY”), IF
REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER SAID ACT.

 

THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE
COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL
SECURITIES REPRESENTED HEREBY, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

    A-1

     

    

 

QCR HOLDINGS, INC.

 

Fixed-to-Floating Rate Subordinated Note due 2032

 

	
    No. R-1

    $42,500,000
	 	
    CUSIP: 74727A AB0

    ISIN: US74727AAB08

 

QCR Holdings, Inc., a Delaware corporation (hereinafter called
the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal sum of Forty-Two Million Five Hundred
Thousand dollars ($42,500,000) (or such other amount as set forth in the Schedule of Increases or Decreases in Global Note attached hereto)
on September 1, 2032 (such date is hereinafter referred to as the “Stated Maturity Date”), unless redeemed prior
to such date, and to pay interest thereon (i) from, and including, August 18, 2022, to, but excluding, September 1, 2027
or any early redemption date, at a rate of 5.50% per annum, semi-annually in arrears on March 1 and September 1 of each
year, commencing March 1, 2023 (each such date, a “Fixed Rate Interest Payment Date,” with the period from, and
including, August 18, 2022 to, but excluding, the first Fixed Rate Interest Payment Date and each successive period from, and including,
a Fixed Rate Interest Payment Date to, but excluding, the next Fixed Rate Interest Payment Date being a “Fixed Rate Period”)
and (ii) from, and including, September 1, 2027 to, but excluding, the Stated Maturity Date or any early redemption date, at
a rate equal to the then-current Three-Month Term SOFR, reset quarterly, plus 279 basis points (2.79%), payable quarterly in arrears on
March 1, June 1, September 1 and December 1 of each year, commencing December 1, 2027 through the Stated Maturity
Date or earlier redemption date (each, a “Floating Rate Interest Payment Date,” and together with the Fixed Rate Interest
Payment Dates, the “Interest Payment Dates,” with the period from, and including, September 1, 2027 to, but excluding,
the first Floating Rate Interest Payment Date and each successive period from, and including a Floating Rate Interest Payment Date to,
but excluding, the next Floating Rate Interest Payment Date being a “Floating Rate Period”). Interest payable on this
Note during any Fixed Rate Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months. In the event that
any scheduled Fixed Rate Interest Payment date on this Note falls on a day that is not a Business Day (as defined in the Indenture), then
payment of interest payable on such Fixed Rate Interest Payment Date will be postponed to the next succeeding day that is a Business Day
and no additional interest shall accrue. Interest payable on this Note during any Floating Rate Period shall be computed on the basis
of a 360-day year and the actual number of days in such Floating Rate Period. All percentages used in or resulting from any calculation
of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005% rounded
up to 0.00001%. In the event that any scheduled Floating Rate Interest Payment Date on this Note falls on a day that is not a Business
Day, then payment of interest payable on such Floating Rate Interest Payment Date will be postponed to the next succeeding day that is
a Business Day, unless such day falls in the next succeeding calendar month, in which case such Floating Rate Interest Payment Date will
be accelerated to the immediately preceding day that is a Business Day, and, in each case, the amounts payable on such Business Day will
include interest accrued to, but excluding, such Business Day.

 

Any principal and premium, and any such installment of interest, which
is overdue shall bear interest at the applicable rate set forth in the previous paragraph (to the extent that the payment of such interest
shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest
shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Fixed Rate Interest Payment Date
will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Fixed
Rate Interest Record Date for such interest, which shall be the close of business on the fifteenth (15th) calendar day (whether
or not a Business Day) immediately preceding such Fixed Rate Interest Payment Date, through September 1, 2027, and thereafter, on
any Floating Rate Interest Payment Date, on the Floating Rate Interest Record Date for such interest, which shall be the close of business
on the fifteenth (15th) calendar day (whether or not a Business Day) immediately preceding such Floating Rate Interest Payment
Date.

 

    A-2

     

    

 

Payment of the principal of and interest on this Note will be made
at the office or agency of the Company maintained for that purpose, which shall initially be the Corporate Trust Office of the Trustee,
in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 

Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

 

[SIGNATURE PAGE FOLLOWS]

 

    A-3

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Note to be signed manually or by facsimile by its duly authorized officer.

 

	 	QCR Holdings, Inc.
	 	 	 
	 	By: 	 
	 	Name:	Todd A. Gipple 
	 	Title:	President, Chief Operating Officer and Chief Financial Officer

 

    A-4

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, 
	 	as Trustee
	 	 
	 	By: 	 
	 	 	Authorized Officer
	 	 
	 	Date:

 

    A-5

     

    

 

REVERSE OF NOTE

 

QCR HOLDINGS, INC.

 

Fixed-to-Floating Rate Subordinated Notes due 2032

 

This Note is one of a duly authorized issue of
Securities of the Company of a series designated as the “Fixed-to-Floating Rate Subordinated Notes due 2032” (herein called
the “Notes”) initially issued in an aggregate principal amount of $45,000,000 on August 18, 2022. Such series
of Securities has been established pursuant to, and is one of an indefinite number of series of subordinated debt securities of the Company
issued or issuable under and pursuant to the Indenture, dated as of February 12, 2019 (the “Base Indenture”),
between the Company and Wilmington Trust, National Association, as Trustee (herein called the “Trustee,” which term
includes any successor trustee), as supplemented and amended by the Second Supplemental Indenture between the Company and the Trustee,
dated as of August 18, 2022 (the “Second Supplemental Indenture,” and the Base Indenture as supplemented and amended
by the Second Supplemental Indenture, the “Indenture”), to which Indenture and any other indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Persons in whose names Notes are registered from time to time and of the terms upon which the Notes are, and are to
be, authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part
of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and those
set forth in this Note. To the extent that the terms, conditions and provisions of this Note modify, supplement or are inconsistent with
those of the Indenture, then the terms, conditions and other provisions of this Note shall govern to the extent that such terms, conditions
and other provisions of this Note are not inconsistent with the terms, conditions and provisions made part of the Indenture by reference
to the Trust Indenture Act.

 

All capitalized terms used in this Note and not
defined herein that are defined in the Indenture shall have the meanings assigned to them in the Indenture. To the extent that any capitalized
term used in this Note and defined herein is also defined in the Indenture but conflicts with the definition provided in the Indenture,
the definition of the capitalized term in this Note shall control.

 

The indebtedness of the Company evidenced by the
Notes, including the principal thereof, premium, if any, and interest thereon, is, to the extent and in the manner set forth in the Indenture,
subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date hereof
or hereafter incurred, and on the terms and subject to the terms and conditions set forth in the Indenture, and shall rank pari passu
in right of payment with all other Securities and with all other unsecured subordinated indebtedness of the Company and not by its terms
subordinate and subject in right of payment to the prior payment in full of debentures, notes, bonds or other evidences of indebtedness
of types that include the Notes. Each Holder of this Note, by the acceptance hereof, agrees to and shall be bound by such provisions of
the Indenture and authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate
the subordination so provided.

 

The Notes are intended to be treated as Tier 2
capital (or its then-equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of
the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction over bank holding companies)
(the “Federal Reserve Board”) as then in effect and applicable to the Company. If an Event of Default with respect to Notes
shall occur and be continuing, the principal and interest owed on the Notes shall only become due and payable in accordance with the terms
and conditions set forth in Sections 5.01(e) and (f) of the Base Indenture and Section 2.8 of the Second Supplemental Indenture. Accordingly,
the Holder of this Note has no right to accelerate the maturity of this Note in the event that the Company fails to pay interest on any
of the Notes, or fails to perform any other obligations under the Notes or in the Indenture that are applicable to the Notes.

 

The Company may, at its option, redeem the Notes,
in whole or in part, on any Interest Payment Date on or after September 1, 2027. The Company may also, at its option, redeem the
Notes before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier 2 Capital Event, a Tax Event
or a 1940 Act Event. Any such redemption will be at a redemption price equal to 100% of the principal amount of the Notes to be redeemed,
plus accrued and unpaid interest and Additional Interest, if any, to, but excluding, the Redemption Date fixed by the Company. No redemption
of the Notes by the Company prior to the Stated Maturity Date shall be made without the prior approval of the Federal Reserve Board if
such prior approval is or will be required at the scheduled Redemption Date. The provisions of Article XI of the Base Indenture and
Article 3 of the Second Supplemental Indenture shall apply to the redemption of any Notes by the Company.

 

    A-6

     

    

 

The Notes are not entitled to the benefit of any
sinking fund. The Notes are not convertible into or exchangeable for any other securities or property of the Company or any Subsidiary
of the Company.

 

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

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registrable in the Security Register described in Section 3.05 of the
Base Indenture, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the
principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

The Notes are issuable only in registered form
without coupons in minimum denominations of $100,000 and any integral multiples of $1,000 in excess thereof.

 

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

 

This Security is a global note, represented
by one or more permanent global certificates registered in the name of the nominee of The Depository Trust Company (each a “Global
Note” and collectively, the “Global Notes”). Accordingly, unless and until it is exchanged for Individual Securities,
this Note may not be transferred except as a whole by The Depository Trust Company (the “Depositary”) to a nominee of such
Depositary or by a nominee of such Depositary or by the Depositary or any nominee to a successor Depositary or any nominee of such successor.
Ownership of beneficial interests in this Security will be shown on, and the transfer of that ownership will be effected only through,
records maintained by the applicable Depositary or its nominee (with respect to interest of persons that have accounts with the Depositary
(“Participants”)) and the records of Participants (with respect to interests of persons other than Participants). Beneficial
interests in Notes owned by persons that hold through Participants will be evidenced only by, and transfers of such beneficial interests
with such Participants will be effected only through, records maintained by such Participants. Except as provided below, owners of beneficial
interests in this Note will not be entitled to have any Individual Securities and will not be considered the owners or Holders thereof
under the Indenture.

 

Except in the limited circumstances set forth
in the Base Indenture, Participants and owners of beneficial interests in the Global Notes will not be entitled to receive Notes in the
form of Individual Securities and will not be considered Holders of Notes. None of the Company, the Trustee, the Security Registrar,
the Paying Agent or any of their respective agents will be liable for any delay by the Depositary, its nominee or any direct or indirect
Participant in identifying the beneficial owners of the related Notes. The Company, the Trustee, the Security Registrar, the Paying Agent
and each of their respective agents may conclusively rely on, and will be protected in relying on, instructions from the Depositary or
its nominee for all purposes, including with respect to the registration and delivery, and the respective principal amounts, of the Notes
to be issued.

 

    A-7

     

    

 

Except as provided in Section 3.05 of
the Base Indenture, beneficial owners of Global Notes will not be entitled to receive physical delivery of Notes in the form of Individual
Securities, and no Global Note will be exchangeable except for another Global Note of like denomination and tenor to be registered in
the name of the Depositary or its nominee. Accordingly, each person owning a beneficial interest in a Global Note must rely on the procedures
of the Depositary and, if such person is not a Participant, on the procedures of the Participant through which such person owns its interest,
to exercise any rights of a Holder under the Notes.

 

The laws of some jurisdictions may require that
certain purchasers of securities take physical delivery of those securities in definitive form. Accordingly, the ability to transfer interests
in the Notes represented by a Global Note to those persons may be limited. In addition, because the Depositary can act only on behalf
of its Participants, who in turn act on behalf of persons who hold interests through Participants, the ability of a person having an interest
in Notes represented by a Global Note to pledge or transfer such interest to persons or entities that do not participate in the Depositary’s
system, or otherwise to take actions in respect of such interest, may be affected by the lack of a physical definitive security in respect
of such interest. None of the Company, the Trustee, the Paying Agent and the Security Registrar will have any responsibility or liability
for any aspect of the records relating to or payments made on account of Notes by the Depositary, or for maintaining, supervising or reviewing
any records of the Depositary relating to the Notes.

 

Wilmington Trust, National Association will act
as the Company’s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at Rodney Square North,
1100 North Market Street, Wilmington, Delaware 19890. The Company may at any time rescind the designation of a Paying Agent, appoint a
successor Paying Agent, or approve a change in the office through which any Paying Agent acts.

 

Notices to the Holders of registered Notes in
the form of Individual Securities will be given to such Holders at their respective addresses in the Security Register, or in the case
of Global Notes, electronic delivery in accordance with DTC’s applicable procedures. The Indenture contains provisions setting forth
certain conditions to the institution of proceedings by the Holders of Notes with respect to the Indenture or for any remedy under the
Indenture.

 

THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE
UNDER THE LAWS OF THE STATE OF NEW YORK.

 

    A-8

     

    

 

ASSIGNMENT FORM

 

To assign the within Security, fill in the form
below: I or we assign and transfer the within Security to:

 

	 
	 
	(Insert assignee’s legal name)
	 
	 
	(Insert assignee’s social security or tax I.D. no.)
	 
	 
	(Print or type assignee’s name, address and zip code)        

 

and irrevocably appoint                     
as agent to transfer this Security on the books of . The agent may substitute another to act for it.

 

Your Signature:

 

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

 

Your Name:

 

Date:

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    A-9

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The initial principal amount of this Global Note
is $42,500,000. The following increases or decreases in the principal amount of this Global Note have been made:

 

	Date	 	Amount of increase

 in principal amount

 of this Global Note	 	Amount of decrease

 in principal amount 

of this Global Note	 	Principal amount of 

This Global Note

 following such

 increase or decrease	 	Signature of authorized
 signatory of Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-10

     

    

 

EXHIBIT B

 

THIS SECURITY AND THE OBLIGATIONS OF THE COMPANY (AS DEFINED HEREIN)
AS EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED OR GUARANTEED BY ANY FEDERAL AGENCY OR INSTRUMENTALITY, INCLUDING,
WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO THE SENIOR INDEBTEDNESS
(AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).

 

DEFINITIVE NOTE

 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT’) OR UNDER ANY APPLICABLE STATE SECURITIES LAW. THESE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION FROM, INCLUDING (BUT NOT LIMITED TO) IN ACCORDANCE
AND IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY
TO QCR HOLDINGS, INC. (THE “COMPANY”), IF REQUESTED, OR (II) UNLESS SOLD IN ACCORDANCE WITH RULE 144 UNDER
SAID ACT.

 

    B-1

     

    

 

QCR HOLDINGS, INC.

 

Fixed-to-Floating Rate Subordinated Note due 2032

 

	
    No. 2022-[●]

    $[●]
	 	
    CUSIP: 74727A AC8

    ISIN: US74727AAC80

 

QCR Holdings, Inc., a Delaware corporation (hereinafter called
the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to [●], or its registered assigns, the principal sum of [●] dollars ($[●]) on September 1,
2032 (such date is hereinafter referred to as the “Stated Maturity Date”), unless redeemed prior to such date, and
to pay interest thereon (i) from, and including, August 18, 2022, to, but excluding, September 1, 2027 or any early redemption
date, at a rate of 5.50% per annum, semi-annually in arrears on March 1 and September 1 of each year, commencing March 1,
2023 (each such date, a “Fixed Rate Interest Payment Date,” with the period from, and including, August 18, 2022
to, but excluding, the first Fixed Rate Interest Payment Date and each successive period from, and including, a Fixed Rate Interest Payment
Date to, but excluding, the next Fixed Rate Interest Payment Date being a “Fixed Rate Period”) and (ii) from,
and including, September 1, 2027 to, but excluding, the Stated Maturity Date or any early redemption date, at a rate equal to the
then-current Three-Month Term SOFR, reset quarterly, plus 279 basis points (2.79%), payable quarterly in arrears on March 1, June 1,
September 1 and December 1 of each year, commencing December 1, 2027 through the Stated Maturity Date or earlier redemption
date (each, a “Floating Rate Interest Payment Date,” and together with the Fixed Rate Interest Payment Dates, the “Interest
Payment Dates,” with the period from, and including, September 1, 2027 to, but excluding, the first Floating Rate Interest
Payment Date and each successive period from, and including a Floating Rate Interest Payment Date to, but excluding, the next Floating
Rate Interest Payment Date being a “Floating Rate Period”). Interest payable on this Note during any Fixed Rate Period
shall be computed on the basis of a 360-day year consisting of twelve 30-day months. In the event that any scheduled Fixed Rate Interest
Payment date on this Note falls on a day that is not a Business Day (as defined in the Indenture), then payment of interest payable on
such Fixed Rate Interest Payment Date will be postponed to the next succeeding day that is a Business Day and no additional interest shall
accrue. Interest payable on this Note during any Floating Rate Period shall be computed on the basis of a 360-day year and the actual
number of days in such Floating Rate Period. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall
be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%. In the event
that any scheduled Floating Rate Interest Payment Date on this Note falls on a day that is not a Business Day, then payment of interest
payable on such Floating Rate Interest Payment Date will be postponed to the next succeeding day that is a Business Day, unless such day
falls in the next succeeding calendar month, in which case such Floating Rate Interest Payment Date will be accelerated to the immediately
preceding day that is a Business Day, and, in each case, the amounts payable on such Business Day will include interest accrued to, but
excluding, such Business Day.

 

Any principal and premium, and any such installment of interest,
which is overdue shall bear interest at the applicable rate set forth in the previous paragraph (to the extent that the payment of
such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment,
and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Fixed Rate
Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close
of business on the Fixed Rate Interest Record Date for such interest, which shall be the close of business on the fifteenth
(15th) calendar day (whether or not a Business Day) immediately preceding such Fixed Rate Interest Payment Date, through
September 1, 2027, and thereafter, on any Floating Rate Interest Payment Date, on the Floating Rate Interest Record Date for
such interest, which shall be the close of business on the fifteenth (15th) calendar day (whether or not a Business Day)
immediately preceding such Floating Rate Interest Payment Date.

 

Payment of the principal of and interest on this Note will be made
at the office or agency of the Company maintained for that purpose, which shall initially be the Corporate Trust Office of the Trustee,
in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 

    B-2

     

    

 

Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

 

[SIGNATURE PAGE FOLLOWS]

 

    B-3

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Note to be signed manually or by facsimile by its duly authorized officer.

 

	 	QCR Holdings, Inc.
	 	 	 
	 	By: 	 
	 	Name:	Todd A. Gipple 
	 	Title:	President, Chief Operating Officer
    and Chief Financial Officer

 

    B-4

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, 
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Officer
	 	 
	 	Date:

 

    B-5

     

    

 

REVERSE OF NOTE

 

QCR HOLDINGS, INC.

 

Fixed-to-Floating Rate Subordinated Notes due 2032

 

This Note is one of a duly authorized issue
of Securities of the Company of a series designated as the “Fixed-to-Floating Rate Subordinated Notes due 2032” (herein
called the “Notes”) initially issued in an aggregate principal amount of $45,000,000 on August 18, 2022.
Such series of Securities has been established pursuant to, and is one of an indefinite number of series of subordinated debt
securities of the Company issued or issuable under and pursuant to the Indenture, dated as of February 12, 2019 (the
 “Base Indenture”), between the Company and Wilmington Trust, National Association, as Trustee (herein called the
 “Trustee,” which term includes any successor trustee), as supplemented and amended by the Second Supplemental
Indenture between the Company and the Trustee, dated as of August 18, 2022 (the “Second Supplemental
Indenture,” and the Base Indenture as supplemented and amended by the Second Supplemental Indenture, the
 “Indenture”), to which Indenture and any other indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Persons in whose names Notes are registered from time to time and of the terms upon which the Notes are, and are to be,
authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and those
set forth in this Note. To the extent that the terms, conditions and provisions of this Note modify, supplement or are inconsistent
with those of the Indenture, then the terms, conditions and other provisions of this Note shall govern to the extent that such
terms, conditions and other provisions of this Note are not inconsistent with the terms, conditions and provisions made part of the
Indenture by reference to the Trust Indenture Act.

 

All capitalized terms used in this Note and not
defined herein that are defined in the Indenture shall have the meanings assigned to them in the Indenture. To the extent that any capitalized
term used in this Note and defined herein is also defined in the Indenture but conflicts with the definition provided in the Indenture,
the definition of the capitalized term in this Note shall control.

 

The indebtedness of the Company evidenced by the
Notes, including the principal thereof, premium, if any, and interest thereon, is, to the extent and in the manner set forth in the Indenture,
subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date hereof
or hereafter incurred, and on the terms and subject to the terms and conditions set forth in the Indenture, and shall rank pari passu
in right of payment with all other Securities and with all other unsecured subordinated indebtedness of the Company and not by its terms
subordinate and subject in right of payment to the prior payment in full of debentures, notes, bonds or other evidences of indebtedness
of types that include the Notes. Each Holder of this Note, by the acceptance hereof, agrees to and shall be bound by such provisions of
the Indenture and authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate
the subordination so provided.

 

The Notes are intended to be treated as Tier 2
capital (or its then-equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of
the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction over bank holding companies)
(the “Federal Reserve Board”) as then in effect and applicable to the Company. If an Event of Default with respect to Notes
shall occur and be continuing, the principal and interest owed on the Notes shall only become due and payable in accordance with the terms
and conditions set forth in Sections 5.01(e) and (f) of the Base Indenture and Section 2.8 of the Second Supplemental Indenture. Accordingly,
the Holder of this Note has no right to accelerate the maturity of this Note in the event that the Company fails to pay interest on any
of the Notes, or fails to perform any other obligations under the Notes or in the Indenture that are applicable to the Notes.

 

The Company may, at its option, redeem the Notes,
in whole or in part, on any Interest Payment Date on or after September 1, 2027. The Company may also, at its option, redeem the
Notes before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier 2 Capital Event, a Tax Event
or a 1940 Act Event. Any such redemption will be at a redemption price equal to 100% of the principal amount of the Notes to be redeemed,
plus accrued and unpaid interest and Additional Interest, if any, to, but excluding, the Redemption Date fixed by the Company. No redemption
of the Notes by the Company prior to the Stated Maturity Date shall be made without the prior approval of the Federal Reserve Board if
such prior approval is or will be required at the scheduled Redemption Date. The provisions of Article XI of the Base Indenture and
Article 3 of the Second Supplemental Indenture shall apply to the redemption of any Notes by the Company.

 

    B-6

     

    

 

The Notes are not entitled to the benefit of any
sinking fund. The Notes are not convertible into or exchangeable for any other securities or property of the Company or any Subsidiary
of the Company.

 

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

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registrable in the Security Register described in Section 3.05 of the
Base Indenture, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the
principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

The Notes are issuable only in registered form
without coupons in minimum denominations of $100,000 and any integral multiples of $1,000 in excess thereof.

 

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

 

Wilmington Trust, National Association will act
as the Company’s Paying Agent with respect to the Notes through its Corporate Trust Office presently located at Rodney Square North,
1100 North Market Street, Wilmington, Delaware 19890. The Company may at any time rescind the designation of a Paying Agent, appoint a
successor Paying Agent, or approve a change in the office through which any Paying Agent acts.

 

Notices to the Holders of registered Notes in
the form of Individual Securities will be given to such Holders at their respective addresses in the Security Register. The Indenture
contains provisions setting forth certain conditions to the institution of proceedings by the Holders of Notes with respect to the Indenture
or for any remedy under the Indenture.

 

THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE
UNDER THE LAWS OF THE STATE OF NEW YORK.

 

    B-7

     

    

 

ASSIGNMENT FORM

 

To assign the within Security, fill in the form
below: I or we assign and transfer the within Security to:

 

	 
	 
	(Insert assignee’s legal name)
	 
	 
	(Insert assignee’s social security or tax I.D. no.)
	 
	 
	(Print or type assignee’s name, address and zip code)        

 

and irrevocably appoint                     
as agent to transfer this Security on the books of . The agent may substitute another to act for it.

 

Your Signature:

 

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

 

Your Name:

 

Date:

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    B-8

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